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Mandatum
Mandatum (MANTA) investor relations material
Mandatum Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Profit before taxes for 2025 decreased by 10% to EUR 182.1 million, mainly due to lower net finance result and risk policy outcomes, while capital-light profit before taxes rose 5% to EUR 91.8 million, with Q4 up 28% year-over-year, driven by strong fee income and operational efficiency.
Fee result increased 21% year-over-year to EUR 80.9 million for 2025, with Q4 up 18%, supported by higher client assets under management (AuM), which grew 10% to EUR 15.3 billion.
Operational efficiency improved, with the cost/income ratio down 9 percentage points to 49%.
The Board proposed a dividend of EUR 0.85 per share for 2025, up from EUR 0.66, totaling EUR 427 million, supported by robust capital and liquidity.
Financial highlights
Q4 profit before taxes fell 14% year-over-year to EUR 13.3 million, while Q4 net finance result was EUR 18.8 million, impacted by higher rates and lower illiquidity premium.
EPS for 2025 was EUR 0.31, down 6% year-over-year; Q4 EPS was EUR 0.06.
Organic capital generation for 2025 was EUR 301 million, or EUR 0.60 per share, up 36% year-over-year.
Return on equity for 2025 was 10.3%; Q4 ROE was 8.6%.
Investment return for 2025 was 3.7%; Q4 investment return was 0.7%, including a EUR 4 million real estate write-down.
Outlook and guidance
Fee result is expected to grow in 2026, while the with-profit portfolio is expected to decrease.
The unwinding rate for 2026 is set at 2.0%, down from 2.4% in 2025, reducing annual unwinding costs to around EUR 40 million.
The announced sale of Saxo Bank shares is expected to increase the solvency margin by 28 percentage points once finalized.
2026 performance will depend on client behavior, asset allocation, competition, and market conditions.
Capital-light growth strategy and fee margin
Dividend payout vs. solvency target range
With-profit de-risking and market volatility
Capital-light profit growth drivers for >10% target?
Mitigate net finance result volatility?
Mainframe removal's broader impact?
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Next Mandatum earnings date
Q1 20268 May, 2026
Mandatum
Next Mandatum earnings date
Q1 20268 May, 2026
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Frequently asked questions
Finnish Life Insurance and Wealth Management
Mandatum is a Finnish financial services company specializing in life insurance and wealth management. It offers a range of services including investment solutions, retirement planning, and risk management. The company is focused on three core customer types: corporate clients, private customers, and institutional & wealth management customers. The company is one of the leading players in Finland's life insurance and asset management sectors, with a history spanning over 150 years. Mandatum is headquartered in Helsinki, and its shares are listed on the Nasdaq Helsinki Exchange.
Over 150 Years of History
Mandatum has been an important player in the development of Finland's finance sector. The company’s roots can be traced back roughly 150 years to the foundation of Kaleva, a life insurance company. The modern story of Mandatum began in 2008 when the life insurance company Sampo (which had taken over Kaleva’s life insurance segment during the late 1990s) became Mandatum Life. During the same period, the Money and Life divisions were launched and the company initiated its wealth management together with its offerings in life insurance.
Wealth Management
Mandatum is a financial services company that specializes in wealth management. Their offerings in this sector typically include personalized investment strategies, asset management, and financial planning services. Mandatum focuses on understanding individual client needs to tailor investment portfolios, balancing risk and return according to specific goals and timelines. Its wealth management services are generally aimed at high-net-worth individuals, families, and institutional clients, seeking to preserve and grow their wealth over the long term. In wealth management, the company competes with large Nordic banks such as SEB and Nordea.
Life Insurance
Mandatum provides a range of life insurance products that are designed to offer financial security to policyholders' beneficiaries in the event of the policyholder's untimely death. These policies can be customized to include flexible premium payment options and varying coverage levels. Mandatum's life insurance solutions are aimed at individuals and families seeking to ensure financial stability and peace of mind for their loved ones in case of unforeseen circumstances.
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