Mandatum plc's Half-Year Financial Report 1 January-30 June 2026: Strong earnings growth in the second quarter
Mandatum plc, Stock exchange release, 13 August 2026 at 8.30 a.m. EEST
April–June 2026 in brief
- Earnings growth was strong across all result line items. The Group's profit before taxes was EUR 79.1 (30 Jun 2025: 34.2) million. The increase was driven in particular by the net finance result, which increased to EUR 55.4 (21.6) million, mainly due to higher investment returns than in the comparison period.
- Capital-light profit before taxes increased by 32% from the previous year and totalled EUR 27.1 (20.6) million. Fee result increased by 21% to EUR 22.4 (18.5) million, driven by higher client assets under management (AuM).
- Client assets under management increased by 16% year-on-year and 8% during the quarter to EUR 16.7 (14.4) billion, supported by positive market performance and net flow. Net flow for the quarter was EUR 164 (164) million.
January–June 2026 in brief
- The Group's profit before taxes was EUR 53.2 (96.1) 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 89.4 million.
- Capital-light profit before taxes increased by 33% and totalled EUR 54.0 (40.6) million. Fee result increased by 15% and amounted to EUR 42.9 (37.3) million.
- Cost/income ratio related to client AuM1 decreased by 4 p.p. and improved to 49 (53)% as client assets under management increased.
- Return on equity2 (ROE) was 8.4 (10.7)%.
- Organic capital generation exceeded the result for the period. Organic capital generation (OCG) per share was EUR 0.28 (0.34) while earnings per share (EPS) was EUR 0.10 (0.16) and EPS excluding the change in the discount rate assumption EUR 0.16.
- The Solvency II ratio adjusted for dividend accrual and without the transitional measure was 195 (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 |
4–6/2026 |
4–6/2025 |
Change |
1–6/2026 |
1–6/2025 |
Change |
1–12/2025 |
|
Fee result |
22.4 |
18.5 |
21% |
42.9 |
37.3 |
15% |
80.9 |
|
Net finance result3 |
55.4 |
21.6 |
n.m. |
8.6 |
73.4 |
-88% |
131.6 |
|
Result related to risk policies |
5.1 |
2.0 |
n.m. |
11.4 |
4.3 |
n.m. |
10.9 |
|
Other result |
-3.8 |
-8.0 |
53% |
-9.7 |
-18.9 |
49% |
-41.4 |
|
Profit before taxes for the period |
79.1 |
34.2 |
n.m. |
53.2 |
96.1 |
-45% |
182.1 |
|
Profit before taxes for the period excluding the change in discount rate assumption3 |
– |
– |
– |
89.4 |
96.1 |
-7% |
– |
|
Capital-light profit before taxes |
27.1 |
20.6 |
32% |
54.0 |
40.6 |
33% |
91.8 |
|
Net flow |
164 |
164 |
0% |
412 |
420 |
-2% |
723 |
|
Earnings per share, EUR |
0.13 |
0.06 |
n.m. |
0.10 |
0.16 |
-34% |
0.31 |
|
Equity per share, EUR |
– |
– |
– |
2.09 |
2.69 |
-22% |
2.84 |
|
Organic capital generation per share, EUR |
0.18 |
0.17 |
6% |
0.28 |
0.34 |
-19% |
0.60 |
|
Return on equity1 |
20.9% |
7.6% |
13.4 p.p. |
8.4% |
10.7% |
-2.3 p.p. |
10.3% |
|
Cost/income ratio related to client AuM2 |
– |
– |
– |
49% |
53% |
-4 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 Jun 2026 |
30 Jun 2025 |
Change |
31 Dec 2025 |
|
Client assets under management (AuM) |
16,660 |
14,413 |
16% |
15,323 |
|
Solvency ratio, adjusted for dividend accrual |
210% |
209% |
1 p.p. |
184% |
|
Solvency ratio, adjusted for dividend accrual, w/o transitional measure |
195% |
193% |
2 p.p. |
169% |
CEO comment
We delivered a solid performance in the second quarter and results were strong across the board. The profit before taxes of the capital-light business at the core of our strategy increased by 32 per cent year-on-year, which I am very pleased with. The favourable market environment was reflected in Mandatum’s client assets under management, which increased by 16 per cent from last year to a record EUR 16.7 billion. We have succeeded in increasing the client assets under management from one quarter to the next, and the rise in assets was directly reflected in the fee result, which grew by 21 per cent during the quarter. Net flow remained on par with the previous year at EUR 164 million.
The good momentum in international institutional asset management continued with client assets under management increasing by 19 per cent. International sales accounted for the majority of Mandatum’s net sales in the second quarter. The growth once again came predominantly from Sweden. We also managed to secure our first clients from Italy during the quarter. Thanks to a new market and broader clientele, we are expanding our foothold in Europe even further. Finnish private wealth management client assets under management increased by 18 per cent from the previous year, reaching a new billion-euro milestone at over five billion euros.
We have recently invested in expanding our asset and wealth management business, including through new recruitments. These measures are currently reflected in higher costs, but we believe that they will accelerate growth and serve to further strengthen our position in the asset and wealth management field in upcoming years.
The Group’s profit before taxes more than doubled from the previous year to EUR 79 million. Earnings increased especially due to a EUR 55 million net finance result in which the return on fixed-income investments grew as a result of falling interest rates and tightening credit spreads. Alternative investments, and especially private equity investments, also performed well. However, we continued to reduce the risk level of with-profit balance sheet investments in line with our strategy during the quarter, which not only frees up extra capital but will also reduce the fluctuation of market values and earnings volatility in the future.
More than EUR 400 million in new funds
Past success in asset and wealth management gives a company credibility, but a good track record is no guarantee of future success. That is why we have continued to actively develop new products. During the first half of the year, the Mandatum Credit Opportunities II fund raised, in connection with its first closing, more than EUR 300 million, and the Private Debt VIII strategy raised more than EUR 100 million in investment commitments. The successful raising of assets is evidence of investors’ interest and confidence in our expertise. The investment commitments will affect Mandatum’s net flow as the investments are made and the capital is called – typically within a few years. The market volatility early in the year has already afforded us interesting investment opportunities.
The success of Mandatum’s funds continued to receive international recognition when the Mandatum Managed Futures fund received the UCITS Performance of the Year award at the Hedgeweek European Awards. This recognition adds to the accolades received by the company earlier this year. Mandatum’s various funds have received recognition in numerous international comparisons in recent years, raising our profile outside of Finland and thus accelerating our international growth.
In our corporate clients business, sales of both pension insurance and personnel funds remained at a good level. In the retail clients business, our continued co-operation with the Pohjantähti Mutual Insurance Company in particular supported risk insurance sales, and the sale of investment products also began to grow. Client assets under management increased in the favourable market environment not only in asset and wealth management but also in the corporate and retail clients businesses, in which the equity weight of investments is typically higher than in asset and wealth management. This is one proof of the strategic significance that these business areas hold for the company’s profitability.
All in all, we are headed into the second half of the year from a solid position and continue our ambitious efforts to achieve our vision of becoming the fastest growing asset and wealth manager in the Nordics.
Petri Niemisvirta
Chief Executive Officer
Conference call 13 August 2026 at 11.00 a.m. EEST
A conference call in English for analysts and investors is scheduled for 13 August 2026 at 11.00 a.m. (EEST, Finnish time). In the conference call held in English, CEOPetri Niemisvirta, CFOMatti Ahokasand VP, Investor RelationsLotta Borgströmwill present the company’s results and answer investors’ questions.
The conference call can be followed live atwww.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/q2-2026/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 websiteafter 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 Half-Year Financial Report can be found as an attachment to this stock exchange release. The supplementary presentation material for investors accompanying the report is available atmandatum.fi/en/result.
Mandatum plc will publish its Q3 Interim Report on 10 November 2026.
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