Mandatum Oyj (MANTA) Earnings Call Transcripts

Mandatum Oyj's Latest Earnings Call - Q1 FY2026

In Q1 2026, Mandatum Oyj reported a mixed performance, with a notable decline in reported profit before taxes to EUR -25.9 million, primarily due to a EUR 36 million negative impact from changes in the discount rate curve. However, the underlying profit before taxes was positive at EUR 10.3 million, signaling resilience in core operations. Revenue from fee results increased by 10% year-on-year to EUR 20.6 million, supported by a 10% rise in client assets under management to EUR 15.4 billion. Management maintained a positive outlook, indicating ongoing growth in capital-light business and operational efficiency improvements, while also highlighting a strong solvency position of 203%.

Reported metrics

Guidance from management

Management maintained a positive outlook for the year, emphasizing continued growth in capital-light business and operational efficiency, while also indicating that the investment returns should improve going forward as market conditions stabilize.

What management said

And maybe one could also add that if we look at the net flow that we also were able to produce in Q1, if the margins were significantly different to our competitors, I don't think that would really work. So the market is what it is and that I think is important to note.

Yes. Like it has been mainly -- it's even though corporate, especially personnel fund net flow has been really good in -- especially in H1 during the years. Of course, the fastest-growing area of our net flow and business and assets under management is coming from asset and wealth management side. That will be the case this year as well.

What analysts pressed on

Analysts expressed concerns regarding the impact of the discount rate changes on future earnings and the performance of the equity portfolio, particularly in light of the negative mark-to-market adjustments. There were also questions about the sustainability of net flows given recent deceleration trends.

Main topics on the call

• Capital-Light Business Growth — Mandatum's capital-light profit before taxes surged by 35% year-on-year to EUR 26.8 million, indicating effective strategic execution. CEO Petri Niemisvirta stated, "This shows that our strategy is working and that we ha...
• Impact of Discount Rate Changes — The reported profit before taxes was negatively impacted by a EUR 36 million one-off due to a change in the discount rate curve. CFO Matti Ahokas noted, "Although the change resulted in a fairly large accounting impact i...
• Strong Net Flows — Net flows remained robust at EUR 248 million, demonstrating client trust amid market uncertainties. Niemisvirta remarked, "This shows that our clients continue to trust us and invest with us also in more uncertain market...
• Operational Efficiency Improvement — The cost-income ratio improved to 49%, reflecting enhanced operational efficiency. Niemisvirta emphasized, "This shows that our business model is scalable and that we can grow income faster than costs."

Read the full Mandatum Oyj transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 11 Mandatum Oyj earnings call transcripts on record, spanning September 14, 2023 to May 8, 2026. Based on this history, Mandatum Oyj reports quarterly. The most recent call on file is dated May 8, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

MANTA

Exchange

HLSE

Country

FI

Sector

Financials

Industry

Insurance

Calls on record

11

First call

September 14, 2023

Most recent

May 8, 2026

Reporting cadence

quarterly