Mandatum Oyj (MANDF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Mandantum's Q3 Audiocast. I am Lotta Burström from Investor Relations and it is my pleasure to introduce you our CEO Petri Niemi-Svirta and our CFO Matti Ahokas who will guide you through today's presentation. During this audio cast, we will begin by presenting the highlights and key developments of Mandantum's third quarter of 2025. 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. As a new feature, participants can also submit questions through the chat, which we will review 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 give you an overview of Mandatum's third quarter of 2025. In Q3, we saw another period of solid growth, which reflects our strong momentum. Our profit before taxes increased by 23% compared to the same time last year. The good earnings growth was supported by the fee result, which increased by 20% from the last year, in line with our guidance. On top of that, our net finance result increased significantly from last year due to the favorable interest rate movements. The capital light result before taxes, including institutional wealth management, corporate and retail businesses, was roughly at last year's level. However, the comparison period included a profit of 3.3 million euros related to portfolio transfer to IF in 2024. Since becoming a listed company, we have made operational efficiency a top priority. One clear sign of this is our cost-income ratio, which has improved to 50%, a 13 percentage point improvement from a year ago. This shows that our scalable business model is working. We are able to grow our income without a large increase in costs, which put us in a ...