Finland · Delayed Price · Currency is EUR Mandatum Oyj Earnings Call Transcripts
Fiscal Year 2025
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Q4 profit before taxes declined 14% year-over-year, but capital-light profit rose 28% on strong fee income and operational efficiency. AUM hit EUR 15.3 billion, and the Board proposed a EUR 0.85 dividend per share. The solvency ratio remains robust, with further improvement expected after the Saxo Bank sale.
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Profit before taxes rose 23% year-over-year, with strong fee growth and improved cost efficiency. AUM reached a record EUR 14.9 billion, and organic capital generation was robust. International expansion and product innovation continue to drive growth.
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Fee result rose 26% year-over-year, driven by higher AUM and cost efficiency, while profit before taxes declined due to lower net finance result. Strong organic capital generation and a robust solvency ratio support ambitious new financial targets and continued international expansion.
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Ambitious 2028 targets include doubling ROE to over 20%, >10% annual Capital-Light profit growth, and EUR 1 billion+ in shareholder payouts. Growth will be driven by scalable Capital-Light Businesses, Nordic expansion, and operational efficiency, with strong focus on disciplined hiring and product excellence.
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Fee result rose 23% year-over-year, with assets under management up 12% to EUR 14 billion and net flow at EUR 256 million. Profit before taxes increased 32%, cost income ratio improved to 55%, and solvency ratio stood at 207%.
Fiscal Year 2024
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Q4 saw strong fee growth and record net flows, with AuM up 17% year-over-year and robust capital generation. Profit before taxes declined due to actuarial updates, but solvency and liquidity remain strong, supporting a proposed total dividend of EUR 0.66 per share.
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Fee result surged 42% year-over-year, with AUM up 18% to €13.3 billion and net flows exceeding targets. Profit before tax fell 46% to €45 million, but strong capital generation and a robust solvency ratio support a positive outlook for dividends and growth.
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Profit before tax surged 57% year-over-year, with AUM up 16% to EUR 13 billion and net flows annualizing at 8%, well above targets. Institutional wealth management and international expansion drove growth, while solvency and capital generation remained robust.