Mandatum Oyj (MANDF) Q2 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.037 Good morning and thank you for joining Mandatum's Q2 2025 00:00:04.037 -- 00:00:10.365 audio cast. My name is Lotta Burström and I lead investor relations here at Mandatum. 00:00:10.365 -- 00:00:15.612 I am pleased to be joined by our CEO Petri Niemisvirta and CFO Matti Ahokas 00:00:15.612 -- 00:00:19.898 who will walk you through the highlights of our second quarter after which we'll take 00:00:19.898 -- 00:00:24.736 the Q&A where you have the possibility to dial in for any questions. 00:00:24.736 -- 00:00:28.980 Without further ado, I would now like to hand over to our CEO, Petri Niemisvirta, who 00:00:28.980 -- 00:00:33.525 will take you through Mandatum's key achievements and developments for the second quarter. 00:00:33.525 -- 00:00:35.947 Petri, the floor is yours. 00:00:35.947 -- 00:00:40.612 Thank you, Lotta. And now let's move on to the second quarter. 00:00:40.612 -- 00:00:45.657 The start for the second quarter was somewhat shaky due to planned tariffs and aggressive 00:00:45.657 -- 00:00:50.723 trade policy in the US, leading to a widespread market uncertainty. 00:00:50.723 -- 00:00:57.391 However, the sentiment rebounded swiftly after April and the markets stabilized. 00:00:57.391 -- 00:01:00.575 Fee result grew by 26% year-on-year, 00:01:00.575 -- 00:01:05.701 reaching 18.5 million euros, reflecting mainly improved cost efficiency and an 00:01:05.701 -- 00:01:10.486 increase of 11% in client assets under management. 00:01:10.486 -- 00:01:16.313 Cost efficiency improved significantly, with the cost-to-income ratio dropping by 11%, 00:01:16.313 -- 00:01:19.495 which points to 53%. 00:01:19.833 -- 00:01:25.739 The result related to risk policies in the second quarter decreased to 2 million euros. 00:01:25.739 -- 00:01:30...