Mandatum (MANTA) Q3 2025 earnings summary

Executive summary

• Profit before taxes rose 23% year-over-year to EUR 55.7 million in Q3 2025, driven by strong fee and net finance results.

• Fee result increased 20% year-over-year to EUR 21.7 million, supported by 12% growth in client assets under management (AuM).

• Operational efficiency improved, with the cost/income ratio down 13 percentage points year-over-year to 50%.

• Client assets under management reached a record EUR 14.9 billion, up 12% year-over-year, supported by strong net inflows and favorable markets.

• Organic capital generation per share was EUR 0.48 for the period, exceeding EPS.

Financial highlights

• Net finance result climbed 47% year-over-year to EUR 39.4 million, mainly due to increased discount rates and lower cost of liabilities.

• Return on equity (annualised) improved to 13.6% from 9.4% a year earlier.

• Earnings per share (EPS) was EUR 0.09, up 28% year-over-year.

• Organic capital generation totaled EUR 70 million in Q3 and EUR 242 million for the first nine months.

• Solvency II ratio, adjusted for dividend accrual and without transitional measure, stood at 191%.

Outlook and guidance

• Fee result is expected to increase from 2024, but is subject to client behavior, asset allocation, competition, and market conditions.

• With-profit portfolio is expected to continue decreasing, with potential volatility in net finance result due to market changes.

• Financial targets for 2025-2028 include ROE above 20%, capital-light profit before taxes CAGR above 10%, solvency margin 160-180%, and cumulative shareholder payouts exceeding EUR 1 billion.

• International expansion, especially in Central Europe, expected to contribute more materially from 2026.

• Expecting continued improvement in operational efficiency and sustainable profitability.