[Earnings wrap] Mandatum rises, Tokmanni slides after quarterly reports

Business

[Earnings wrap] Mandatum rises, Tokmanni slides after quarterly reports

May 8, 2026

Mandatum, the Finnish financial services group, rose 0.8% in the afternoon while Tokmanni Group, the Nordic discount retailer, plunged 16.5%, as investors reacted to sharply different first-quarter earnings reports against a 2.6% decline in the OMX Helsinki 25 index.

Mandatum reported a first-quarter pretax loss of EUR 25.9 million compared with a EUR 62 million profit a year earlier, mainly due to a EUR 36.2 million one-off negative impact from a change in discount rate assumptions. Excluding the accounting-related item, pretax profit totaled EUR 10.3 million.

The company’s capital-light pretax profit increased 35% to EUR 26.8 million, while fee result rose 10% to EUR 20.6 million as client assets under management climbed 10% to EUR 15.4 billion. CEO Petri Niemisvirta said the quarter was “successful despite the unstable environment,” citing strong net inflows and growth in private wealth management. Mandatum kept its 2026 outlook unchanged and still expects fee result growth this year.

Our Pulse newsletter

Your weekly leadership intelligence briefing

By signing up, you agree to our Privacy Policy

Our Pulse newsletter

Your weekly leadership intelligence briefing

By signing up, you agree to our Privacy Policy

Tokmanni’s first-quarter revenue rose 6.4% to EUR 363.6 million from EUR 341.8 million a year earlier, helped by low-price campaigns, new store openings in Sweden, and the timing of Easter. Comparable EBIT widened to a loss of EUR 13.7 million from a loss of EUR 11.2 million, while diluted earnings per share stayed at negative EUR 0.32.

CEO Mika Rautiainen said the Tokmanni segment improved for a third straight quarter, but the Dollarstore business remained weak. “The challenges in Dollarstore are primarily company-specific and relate to customer traffic and perceived attractiveness of the concept,” he said.

Dollarstore’s comparable EBIT loss widened to EUR 10.5 million from EUR 7.8 million despite revenue growth of 7.3%. Tokmanni maintained its 2026 guidance, expecting revenue of EUR 1.78 billion to EUR 1.86 billion and comparable EBIT of EUR 85 million to EUR 105 million.

Authors

Emmi Laine

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.