Q1 2025 Mandatum Oyj Earnings Call Transcript
Key Points
- Mandatum PLC (MANDF) achieved a 23% year-over-year increase in fee result, reaching EUR18.8 million, driven by improved cost efficiency and higher client assets under management.
- The company's cost/income ratio improved by 10 percentage points to 55%, reflecting a strategic focus on profitability and operational efficiency.
- Net flow increased to EUR256 million during the quarter, indicating strong client activity despite market uncertainty.
- Profit before taxes increased by 32% year over year to EUR62 million, with significant growth in the capital-light business segment.
- Mandatum PLC (MANDF) maintained a strong Solvency II ratio of 207%, well above the mid-term target, indicating robust capitalization.
- The Solvency II ratio slightly decreased from 210% at the end of 2024 to 207% as of March 31, 2025.
- The total assets under management remained flat year to date due to negative market movements of EUR177 million, despite positive net flow development.
- The weaker US dollar negatively impacted the Q1 fee result, as 20-25% of client assets under management are denominated in US dollars.
- The net finance result was slightly softer due to weak investment markets in March, despite an overall increase.
- The market conditions were demanding, leading to less growth in net flow from the Institutional and wealth management business compared to the previous year.
Good morning, and welcome to Mandatum's Q1 audiocast. My name is Lotta Borgstrom from Mandatum's Investor Relations, and I am pleased to be joined today by our CEO, Petri Niemisvirta; and our CFO, Matti Ahokas.
During the audiocast, Petri Niemisvirta and Matti Ahokas will present the highlights and key developments of Mandatum's first quarter of 2025, after which we'll take the Q&A, where you have the possibility to dial in for any questions you might have. Also, please don't hesitate to contact us at Investor Relations should you have any further questions.
With these remarks, I will hand over to Petri. Please go ahead.
Thank you, Lotta. And now let's move on to the first quarter. Mandatum's first quarter went well despite turbulent market conditions. We achieved a 23% year-over-year increase in fee result, reaching EUR18.8 million. The increase was mainly driven by improved
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