Mandatum Oyj (MANDF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

A very good morning from sunny Helsinki and welcome to Mandantum's Q1 audio cast. I am Lotta Burström from Investor Relations and I am pleased to be joined by our CEO Petri Niemisfirta and CFO Matti Ahokas, who will guide you through today's results. During this audio cast, we will begin by presenting the highlights and key developments of Mandato's first quarter of 2026. Following this, we will proceed to the Q&A session, where you will have the opportunity to dial in with any questions you may have. Participants can also submit questions through the chat, which we will review within the given timeframe after the dial-in Q&A. With these remarks, I will hand over to Petri. Please go ahead. Thank you, Lotta. And now let me walk you through our first quarter of 2026. The start of the year was good in our core businesses, even though the reported result was clearly impacted by changes in interest rates and our discount rate curve. Market sentiment was mixed in the first quarter. Geopolitical tensions, especially in the Middle East, affected the markets. Uncertainty increased towards the end of the quarter, resulting in a decline in our assets under management in March. However, market confidence has mostly recovered since then. Our capital-like business continues to develop very well. Capital-like profit before taxes increased by 35% year-on-year to €26.8 million. This shows that our strategy is working and that we continue to grow in the right areas. The fee result increased by 10% year-on-year to €20.6 million. The growth was supported by higher client assets under management and good client activity. Client assets under management increased by 10% year-on-year to 15.4 billion euros. Net flow remained strong at 248 million euros, which shows that our clients continue ...