Half Year 2025 Mandatum Oyj Earnings Call Transcript
Key Points
- Fee result grew by 26% year on year, reflecting improved cost efficiency and an increase in client assets under management.
- Cost efficiency improved significantly, with the cost to income ratio dropping by 11 points to 53%.
- Organic capital generation was strong, with capital released through divestments, maintaining Mandatum PLC (MANDF) as a well-capitalized company.
- Client assets under management reached a new record high, driven by significant growth in institutional wealth management and corporate business.
- Mandatum PLC (MANDF) is establishing a new sales unit in Luxembourg to accelerate growth in continental Europe, indicating strategic expansion efforts.
- Profit before taxes fell to €34.2 million, impacted by a decline in net finance results.
- Net finance result decreased to €21.6 million, mainly due to the decline in long-term interest rates affecting insurance contract liabilities.
- The fee margin decreased slightly to 1.4% due to growth in lower-margin international institutional business.
- The net finance result was negatively impacted by a €25 million P&L impact due to changes in the IFRS discount rates.
- The weaker US dollar negatively impacted the fee result and client assets under management, particularly in higher-margin retail funds.
Good morning and thank you for joining Manatom's Q2 2025 audio cast. My name is Lotta Bostrom, and I lead investor relations here at Manatom. I am pleased to be joined by our CEO Petri Nesvita and CFO Matteocas, who will walk you through the highlights of our second quarter, after which we'll take the Q&A where you have the possibility to dial in for any questions.
Without further ado, I would now like to hand over to our CEO Petri Nesvierta, who will take you through Manatum's key achievements and developments for the 2nd quarter. Petri the floor is Yours.
Thank you a lot.
And now let's move on to the 2nd quarter. The start for the 2nd quarter was somewhat shaky to the planned tariffs and accuracy trade policies in the US, leading to a widespread market uncertainty.
However, the sentiment rebounded swiftly after April and the markets stabilized.
Fee result grew by 26% year on year, reaching â¬18.5 million reflecting mainly
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