Mandatum plc, Stock exchange release, 10 November 2026 at 8.30 a.m. EET
July–September 2026 in brief
- Capital-light profit before taxes increased by 18% year-on-year and totalled EUR 28.9 (30 Sep 2025: 24.5) million. Fee result increased by 11% to EUR 24.0 (21.7) million, driven by higher client assets under management (AuM).
- Client assets under management increased by 13% year-on-year and 1% during the quarter to EUR 16.8 (14.9) billion. Financial market uncertainty was reflected in lower net flow compared with the previous year, amounting to EUR 55 (163) million.
- The Group's profit before taxes was EUR 44.1 (55.7) million. The result decreased as higher interest rates weighed on the net finance result, which amounted to EUR 26.9 (39.4) million.
January–September 2026 in brief
- Capital-light profit before taxes increased by 27% and totalled EUR 82.8 (65.0) million. Fee result increased by 13% and amounted to EUR 66.9 (59.0) million.
- Cost/income ratio related to client AuM1 improved further and decreased by 2 p.p. year-on-year to 48 (50)% supported by an increase in client assets under management and moderate cost development.
- The Group's profit before taxes was EUR 97.3 (151.8) million and it included a one-off negative earnings impact of EUR 36.2 million on the net finance result in the first quarter arising from the change in the discount rate assumption. The Group's profit before taxes excluding the change in the discount rate assumption was EUR 133.5 million.
- Return on equity2 (ROE) was 8.8 (11.2)%.
- Organic capital generation exceeded the result for the period. Organic capital generation (OCG) per share was EUR 0.43 (0.48) while earnings per share (EPS) was EUR 0.17 (0.25) and EPS excluding the change in the discount rate assumption EUR 0.22.
- The Solvency II ratio adjusted for dividend accrual and without the transitional measure increased to 198 (31 Dec 2025: 169)% mainly as a result of the completion of the sale of the Saxo Bank A/S shares.
1) Trailing twelve months
2) Annualised
Outlook for 2026 (unchanged)
- The fee result is expected to increase from year 2025.
- The with-profit portfolio is expected to decrease further.
Factors affecting Mandatum's financial performance
- The fee result for year 2026 is dependent on several factors, such as client behaviour and client asset allocation, competition and capital market conditions.
- The unwinding rate, which has an impact on the insurance finance expenses, is 2.0 per cent in 2026 (2.4 per cent in 2025). In addition to the unwinding rate, changes in the discount rate will affect the amount of the insurance finance expense. Movements in the investment market can create relatively high volatility in the net finance result.
- In addition, and as typical for the industry, the overall results of Mandatum will be impacted by actuarial assumptions that are updated regularly.
Key figures
|
EUR million |
7–9/2026 |
7–9/2025 |
Change |
1–9/2026 |
1–9/2025 |
Change |
1–12/2025 |
|
Fee result |
24.0 |
21.7 |
11% |
66.9 |
59.0 |
13% |
80.9 |
|
Net finance result3 |
26.9 |
39.4 |
-32% |
35.4 |
112.8 |
-69% |
131.6 |
|
Result related to risk policies |
4.4 |
2.6 |
69% |
15.8 |
7.0 |
n.m. |
10.9 |
|
Other result |
-11.1 |
-8.0 |
-39% |
-20.8 |
-26.9 |
23 % |
-41.4 |
|
Profit before taxes for the period |
44.1 |
55.7 |
-21% |
97.3 |
151.8 |
-36 % |
182.1 |
|
Profit before taxes for the period excluding the change in discount rate assumption3 |
– |
– |
– |
133.5 |
151.8 |
-12% |
– |
|
|
|
|
|
|
|
|
|
|
Capital-light profit before taxes |
28.9 |
24.5 |
18% |
82.8 |
65.0 |
27% |
91.8 |
|
Net flow |
55 |
163 |
-66% |
468 |
583 |
-20% |
723 |
|
|
|
|
|
|
|
|
|
|
Earnings per share, EUR |
0.06 |
0.09 |
-33% |
0.17 |
0.25 |
-34% |
0.31 |
|
Equity per share, EUR |
– |
– |
– |
2.15 |
2.78 |
-23% |
2.84 |
|
Organic capital generation per share, EUR |
0.15 |
0.14 |
7% |
0.43 |
0.48 |
-12% |
0.60 |
|
Return on equity1 |
11.7% |
13.6% |
-1.9 p.p. |
8.8% |
11.2% |
-2.3 p.p. |
10.3% |
|
Cost/income ratio related to client AuM2 |
– |
– |
– |
48% |
50% |
-2 p.p. |
49% |
1) Annualised
2) Trailing twelve months
3) Mandatum changed the discount rate curve used in its IFRS 17 reporting as of 31 March 2026. The change in discount rate assumption increased the present value of the expected cash flows included in insurance contract liabilities, resulting in a one‑off increase of EUR 36.2 million in insurance finance expenses in the first quarter of 2026.
|
EUR million |
30 Sep 2026 |
30 Sep 2025 |
Change |
31 Dec 2025 |
|
Client assets under management (AuM) |
16,820 |
14,913 |
13% |
15,323 |
|
Solvency ratio, adjusted for dividend accrual |
213% |
206% |
7 p.p. |
184% |
|
Solvency ratio, adjusted for dividend accrual, w/o transitional measure |
198% |
191% |
8 p.p. |
169% |
CEO comment
The third quarter, and September in particular, was an exceptional time for the fixed-income market. Increased inflationary pressures and concerns over governments’ increasing debt altered the markets’ interest rate expectations and quickly raised long-term rates in both Europe and other key markets.
Mandatum’s client assets under management grew year-on-year by an excellent 13 per cent and, as a result of the sharp rise in interest rates, from the previous quarter by a more subdued one per cent to EUR 16.8 billion. With regard to fixed-income investments, it is worth noting that their market values will recover, i.e. they will move towards their face value as they near maturity, presuming that the loan is repaid normally. Fluctuations in market values are thus typically temporary, which sets fixed-income apart from many other asset classes.
The positive increase in client assets year-on-year drove growth in our strategically important result line items: the fee result increased by 11 per cent and the capital-light profit before taxes by 18 per cent. Alongside growth, we continuously keep an eye on operational efficiency. The cost/income ratio related to client assets further improved and was 48 per cent. This means that in our core business, we are well on our way to achieving our targets, for which a key driver is profitable growth in fee-based business.
In the third quarter, net flows are typically lower than in other quarters due to the holiday period, and this year was no exception. Net flow in the quarter was EUR 55 million and clearly below the levels seen in previous years. The rapidly rallying interest rate environment was reflected in client behaviour as both delayed investment decisions and increased redemptions; a small portion of institutional assets are by nature particularly sensitive to major market movements. It is also good to bear in mind that net flow is not evenly distributed across all four quarters. At the same time, it goes without saying that we are not happy with our performance in the quarter and can do better. I am confident that our sales-driven culture and active work with clients will bear fruit.
During the quarter, international institutional sales performed well especially in Sweden, and client assets under management increased by 16 per cent year-on-year. In addition, we continued to expand our international distribution network in Central Europe. Sales of discretionary mandates, in particular, continued to be strong, supporting the 15 per cent year-on-year growth in client assets under management in private wealth management and further increasing Mandatum’s market share. The steady development of our corporate clients business continued: the sales of unit-linked pensions remained at a good level and risk life insurance sales grew year-on-year.
The Group’s profit before taxes was EUR 44 million, down from last year mainly due to the net finance result. The majority of the with-profit portfolio is invested in fixed-income, whose result was weighed down by the sharp rise in interest rates during the quarter. On the other hand, the higher interest rate environment has improved the expected return on bonds and created attractive investment opportunities in the long run, particularly when it comes to capital-efficient government bonds. Alternative investments and especially private equity investments performed well once again, but they make up a significantly smaller share of our investments than fixed-income.
Mandatum acquired Swedish asset manager Cliens
In August, we reported that Mandatum had agreed to acquire the Swedish asset manager Cliens and to strengthen its position in Sweden. Cliens’ assets under management came to approximately EUR 3.2 billion at the end of September. The transaction was completed on 16 October once all of the necessary authorisations had been granted. Cliens will be reported as part of Mandatum for the first time in the fourth quarter of this year.
The acquisition is a strategically significant step in terms of our objective of accelerating the growth of our international institutional asset management and, as a result, growing our capital-light business. Sweden is the largest asset management market in the Nordics and a key market area for us. Cliens’ established position in Sweden, its strong long-term performance track record and a similar corporate culture to Mandatum’s were important factors behind the transaction. A key consideration in the arrangement was also Cliens’ strong expertise in small and mid caps, which complements our equity offering exceptionally well. These factors, together with Mandatum’s own distribution network, open up new growth opportunities for us in both the Nordics and internationally.
On 3 November 2026, an unauthorised access was detected in the Trader trading service, involving unauthorised trades on the accounts of a few dozen customers. The affected customers have been contacted, and their accounts have since been restored. We take the incident very seriously and are continuing to investigate it thoroughly. Information security threats targeting the financial sector are a growing challenge, highlighting the need to stay prepared. We are working systematically to further strengthen our information security and ways of working.
Mandatum is strongly positioned to succeed in different market conditions. Although the rapid increase in interest rates towards the end of the third quarter weighed on the company’s earnings, I would like to highlight that the higher interest rate environment is primarily positive for Mandatum’s business over the long term. We are making steady progress in implementing our strategy, and our key result line items are growing in line with our targets. Our job is to ensure that this continues.
Petri Niemisvirta
Chief Executive Officer
Conference call 10 November 2026 at 11.00 a.m. EET
A conference call in English for analysts and investors is scheduled for 10 November 2026 at 11.00 a.m. (EET, Finnish time). In the conference call held in English, CEO Petri Niemisvirta, CFO Matti Ahokas and VP, Investor Relations Lotta Borgström will present the company’s results and answer investors’ questions.
The conference call can be followed live at www.mandatum.fi/en/result.
It is possible to ask questions by phone or via the conference call chat function. To ask questions by phone, please register by using the following link: https://events.inderes.com/mandatum/q3-2026/dial-in. After the registration, you will be provided with phone numbers as well as a conference ID that you can use to join the conference call. If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue.
The recording of the conference call will be available on the company’s website after the event.
Additional information:
Matti Ahokas
CFO
Tel. +358 40 575 1978
matti.ahokas[a]mandatum.fi
Lotta Borgström
VP, Investor Relations
Tel. +358 50 022 1027
lotta.borgstrom[a]mandatum.fi
Niina Riihelä
SVP, Communications, Brand and Sustainability
Tel. +358 40 728 1548
niina.riihela[a]mandatum.fi
The Interim Report can be found as an attachment to this stock exchange release. The supplementary presentation material for investors accompanying the report is available at mandatum.fi/en/result.
Mandatum plc will publish its Financial Statements Release for 2026 on 11 February 2027.
Mandatum in brief
Mandatum is a major financial services provider, combining expertise in asset and wealth management and life insurance. Clients include institutional investors, companies and private individuals. Mandatum offers a broad range of services encompassing asset and wealth management, compensation and rewards, supplementary pensions and personal risk insurance. Skilled personnel, strong brand and proven investment track record are at the centre of Mandatum’s success. The company has been listed on Nasdaq Helsinki since 2023. mandatum.fi/en/group/
Distribution:
Nasdaq Helsinki
Financial Supervisory Authority
Key media
www.mandatum.fi
Show all releases and news