Mandatum (MANTA) Q4 2025 earnings summary

Executive summary

• Profit before taxes for 2025 decreased by 10% to EUR 182.1 million, mainly due to lower net finance result and risk policy outcomes, while capital-light profit before taxes rose 5% to EUR 91.8 million, with Q4 up 28% year-over-year, driven by strong fee income and operational efficiency.

• Fee result increased 21% year-over-year to EUR 80.9 million for 2025, with Q4 up 18%, supported by higher client assets under management (AuM), which grew 10% to EUR 15.3 billion.

• Operational efficiency improved, with the cost/income ratio down 9 percentage points to 49%.

• The Board proposed a dividend of EUR 0.85 per share for 2025, up from EUR 0.66, totaling EUR 427 million, supported by robust capital and liquidity.

Financial highlights

• Q4 profit before taxes fell 14% year-over-year to EUR 13.3 million, while Q4 net finance result was EUR 18.8 million, impacted by higher rates and lower illiquidity premium.

• EPS for 2025 was EUR 0.31, down 6% year-over-year; Q4 EPS was EUR 0.06.

• Organic capital generation for 2025 was EUR 301 million, or EUR 0.60 per share, up 36% year-over-year.

• Return on equity for 2025 was 10.3%; Q4 ROE was 8.6%.

• Investment return for 2025 was 3.7%; Q4 investment return was 0.7%, including a EUR 4 million real estate write-down.

Outlook and guidance

• Fee result is expected to grow in 2026, while the with-profit portfolio is expected to decrease.

• The unwinding rate for 2026 is set at 2.0%, down from 2.4% in 2025, reducing annual unwinding costs to around EUR 40 million.

• The announced sale of Saxo Bank shares is expected to increase the solvency margin by 28 percentage points once finalized.

• 2026 performance will depend on client behavior, asset allocation, competition, and market conditions.