Finland's Mandatum posts Q1 pretax loss on one-off charge, AUM rises 10% yr/yr

Mandatum Oyj

08/05/2026 06:38

Overview

Finland asset and wealth manager's Q1 profit before taxes turned negative on one-off discount rate charge

Client assets under management rose 10% yr/yr to EUR 15.4 bln

Company says accounting change does not impact cash flows or solvency

Outlook

Mandatum expects fee result to increase from yr 2025

Company expects with-profit portfolio to decrease further in 2026

Fee result for 2026 depends on client behaviour, asset allocation, competition and market conditions

Result Drivers

FEE RESULT GROWTH - Fee result rose 10% yr/yr, supported by higher client assets under management and strong net flows, especially in asset and wealth management and corporate client business

DISCOUNT RATE IMPACT - One-off negative impact of EUR 36.2 mln from change in discount rate assumption weighed on net finance result and profit before taxes

COST EFFICIENCY - Cost/income ratio related to client AuM improved to 49% from 55% as higher AuM supported operational efficiency

Company press release: ID:nWkr3sHkMx

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
-EUR 0.02
Q1 Pretax Profit
-EUR 25.90 mln
Q1 ROE
-3.50%


Analyst Coverage

The current average analyst rating on the shares is "sell" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and 5 "sell" or "strong sell"

The average consensus recommendation for the life & health insurance peer group is "buy."

Wall Street's median 12-month price target for Mandatum Oyj is €5.80, about 11.5% below its May 7 closing price of €6.56

The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 22 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)