Q3 2025 Mandatum Oyj Earnings Call Transcript
Key Points
- Mandatum PLC (MANDF) reported a 23% increase in profit before taxes compared to the same period last year, driven by a 20% rise in fee results.
- The company improved its cost income ratio to 50%, a 13-percentage-point improvement from the previous year, indicating enhanced operational efficiency.
- Client assets under management reached a new record of EUR14.9 billion, supported by strong net inflows and favorable market conditions.
- Mandatum PLC (MANDF) achieved a net flow of EUR163 million, despite the usual summer slowdown, showcasing strong client activity.
- The company is expanding its international presence, with significant growth in sales in Sweden and the establishment of a new sales office in Luxembourg.
- The capital-light profit before taxes was roughly at last year's level, with a 3% decrease compared to 2024, impacted by turbulent financial markets and FX headwinds.
- Net flow from the Institutional Wealth Management business year-to-date was lower than last year, despite being above the historical average.
- The fee margin decreased slightly to 1.13% due to growth in the lower-margin Institutional Wealth Management business.
- The solvency margin decreased by 16 percentage points to 206% when accounting for a larger dividend deduction compared to last year.
- The company's net finance result was impacted by negative mark-to-market effects from higher rates, although partially offset by positive spread movements.
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Good morning, and welcome to Mandatum's Q3 audiocast. I am Lotta Borgstrom from Investor Relations. And it is my pleasure to introduce you our CEO, Petri Niemisvirta; and our CFO, Matti Ahokas, who will guide you through today's presentation.
During this audiocast, we will begin by presenting the highlights and key developments of Mandatum's third quarter of 2025. Following this, we will proceed to the Q&A session, where you will have the opportunity to dial in with any questions you may have. As a new feature, participants can also submit questions through the chat, which we will review after the dial-in Q&A.
With these remarks, I will hand over to Petri. Please go ahead.
Thank you, Lotta. And now let me give you an overview of Mandatum's third quarter of 2025. In Q3, we saw another period of solid growth, which reflects our strong momentum. Our profit
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