Mandatum lifts pre-tax profit from capital-light businesses 18% to €28.9 million
Key Facts
Mandatum lifted pre-tax profit from its capital-light businesses 18% year on year to €28.9 million in the third quarter of 2026, compared with €24.5 million in the corresponding period of 2025. The company reported the results in its January-to-September report, published on November 10, 2026. The performance highlights growth in the company’s fee-based activity and asset management, while group profit as a whole declined. Group profit before taxes was €44.1 million, compared with €55.7 million a year earlier. Mandatum attributed the decline to higher interest rates weighing on net finance result.
Fee result rose 11% in the quarter to €24.0 million, from €21.7 million in the third quarter of 2025. The company said the increase was driven by higher customer assets under management. Those assets stood at €16.8 billion at the end of the quarter, up 13% from €14.9 billion a year earlier and 1% during the quarter. The figures show that asset growth coincided with an improvement in fee income, which the company described as one of its capital-light sources of profit. But growth in the asset base did not prevent new flows from declining compared with the corresponding period.
Net customer asset flows were €55 million in the third quarter, down from €163 million in the same period a year earlier. Mandatum said uncertainty in financial markets was reflected in lower net flows. In the first nine months of 2026, fee result rose 13% to €66.9 million, compared with €59.0 million in the corresponding period. Pre-tax profit from capital-light businesses also increased 27% to €82.8 million, from €65.0 million. Growth in both activities therefore extended beyond the quarter, despite a slowdown in customer flows in the three months ended in September.
At group level, profit before taxes for the first nine months was €97.3 million, compared with €151.8 million in the corresponding period of 2025. The company said the figure would have been €133.5 million excluding the effect of the discount-rate assumption adjustment. Mandatum began using the adjusted discount-rate curve in its “IFRS 17” reporting from March 31, 2026. The change added €36.2 million to insurance finance expenses in the first quarter, according to the company. In the third quarter alone, net finance result fell to €26.9 million from €39.4 million, with the company attributing the decline in group profit to the impact of higher interest rates.
Management said the rapid rise in interest rates near the end of the quarter weighed on earnings, but said a higher-rate environment was positive for Mandatum’s business over the long term. The company left its 2026 outlook unchanged, expecting fee result to increase compared with 2025. It also expected the with-profits portfolio to continue contracting. Mandatum completed its acquisition of Swedish asset manager Cliens on October 16. Cliens’ results are scheduled to be included in the group’s results for the first time in the fourth quarter of 2026.
Mandatum set February 11, 2027, as the date for publishing its 2026 financial results. The company was scheduled to hold a call for analysts and investors on November 10, 2026, at 11:00 a.m. Finland time. The chief executive, chief financial officer and investor relations officer took part in the results presentation, according to the company. The published outlook for the year remains based on an increase in fee result compared with 2025, alongside a decline in the with-profits portfolio. Full-year results will be released on the date set by the company in February.