Evli Plc Class B · OMXHEX:EVLI
Evli Plc Class B — Investor Presentation (September 2026)
39 slides from Evli Plc Class B's investor presentation, Sep 30, 2026
Slide 1: Evli Finnish Small Cap B
EVLI FINNISH SMALL CAP B This is marketing material for the fund and is not intended as investment advice or recommendation. Before making an investment decision, the investor must read the fund's key information document and other statutory information about the fund. 30.09.2026 ISIN: FI0008804422
Slide 2: Evli in Brief
2 EVLI IN BRIEF “We see wealth as an engine to drive sustainable progress.” CONFIDENTIAL
Slide 3: Evli in brief
3 ASSETS UNDER MANAGEMENT (EUR MARKET POSITION AS INSTITUTIONAL Evli in brief BILLION) JUNE 30, 2026 ASSET MANAGER (KANTAR PROSPERA 2026) We are a Finnish independent investment 22.6 1. service company with a 40-year operating history. NET REVENUE (EUR MILLION) IN 2025 FINLAND’S THIRD LARGEST FUND M
Slide 4: Evli's investment funds
4 Evli’s investment funds FUND AUM (EUR BILLION) NUMBER OF FUNDS Funds are managed by Evli Fund Management JUNE 30, 2026 Company Ltd. The company is part of Evli Group whose parent company is Evli Plc. 17.1 70 Morningstar, an independent fund research firm, awarded Evli Fund Management Company the b
Slide 5: Award-winning asset management from Evli
5 Award-winning asset management from Evli Evli has consistently ranked at the very top of Kantar Prospera’s client survey for 14 consecutive years. In the SFR Research’s Institutional Investment Services survey, Evli has been ranked first for six years and second for four, based on the overall qual
Slide 6: Successful Equity Management
6 SUCCESSFUL EQUITY MANAGEMENT Evli Finnish Small Cap CONFIDENTIAL
Slide 7: Fund management team
7 Fund management team Janne Kujala Ville Tiainen CFA, PORTFOLIO MANAGER, HEAD OF CFA. ANALYST, NORDIC EQUITIES NORDIC EQUITIES - Born 1972. M.Sc. (Econ.) from - Born 1987, M.Sc. Finance, Aalto University of Tampere. CFA University School of Business. designation in 2004. - CFA designation in 2021.
Slide 8: Among the Best Finnish Equity Funds in the Nordics
8 Among the Best Finnish Equity Funds in the Nordics Historical returns are no guarantee of future returns. Morningstar RatingTM – Strong performance over 10 years net of retail fees* – vs. benchmark +1.6% p.a. – Absolute return +11.2% p.a. – Over 10 years with current portfolio manager, in bull and
Slide 9: Strong 10-year rolling returns among peers
9 Strong 10-year rolling returns among peers 10 YR ROLLING RETURNS EVLI FINNISH SMALL CAP 600% AKTIA MICRO MARKKA-K SEB FU 3-FIN SMAL CAP-CEURA Carnegie Small Return RT 500% SAASTOPANKKI PIENYHTIOT-B NORD INDEKSIRAHASTOSUOMI ESG EQ SUOMI-1 K OMX Helsinki Cap GI 400% OMX HELSINKI 25 EXCH TR FUND HAND
Slide 10: Peer analysis – 5 years
10 Peer analysis – 5 years Past returns are no guarantee of future returns. Return (cum.) Beta Bear Beta Bull Beta Down Capture Ratio Up Capture Ratio Max Drawdown Evli Finnish Small Cap B -16,24 1,03 1,02 0,93 120,34 88,36 -37,83 The upper quartile 33,92 1,01 1,05 1,00 103,73 107,10 -22,80 Median 2
Slide 11: Investment Philosophy and Process
11 INVESTMENT PHILOSOPHY AND PROCESS Evli Finnish Small Cap CONFIDENTIAL
Slide 12: Philosophy (1/2)
12 Philosophy (1/2) Markets are – The stock market is pretty good at incorporating information in stock prices. But not all the time and efficient on everywhere – especially not in the stock prices of smaller companies average – not – In our experience it is possible to consistently create added val
Slide 13: Philosophy (2/2)
13 Philosophy (2/2) – Bigger active weights – every stock contributes to performance Concentrated portfolio – Common sense: easier portfolio manager oversight with a limited number of companies …but with adequate diversification – One in, one out principle enforces discipline – Know your companies,
Slide 14: The Ideal company should have…
14 The Ideal company should have… Large and structurally growing addressable market with high entry barriers Sustainable strategy that’s based on company’s competitive advantages Entrepreneurial culture Strong growth prospects High profitability, ROIC and Free Cash Flow Solid balance sheet CONFIDENT
Slide 15: However, we are investing in stocks, not in companies
15 However, we are investing in stocks, not in companies • The marginal benefit of the fundamental research decreases as a function of expended time. It can even turn negative as additional information tends to lead overconfidence, not better investment decisions • Corporate management is a good sou
Slide 16: Investment process
20 Investment process Portfolio construction 100+ management meetings per year - Concentrated portfolio of ~40 stocks - Meaningful active weights 50+ sell-side research meetings per year - “One in – One out” –principle - Exits based on deteriorating 10+ small-cap seminars per year fundamentals or un
Slide 17: Skill in fundamental analysis forms the base
22 Skill in fundamental analysis forms the base – but that’s just table stakes in small cap investing • Thinner, or non-existent, analyst coverage creates a possibility to really add value through fundamental analysis. Market efficiency is a relative concept. • We focus underlying market, company’s
Slide 18: Excellence in business analysis and stock picking
23 Excellence in business analysis and stock picking – but the real edge comes from portfolio management Portfolio management Stock picking Fundamental analysis CONFIDENTIAL
Slide 19: Fund's active ownership in 2024
24 Fund’s active ownership in 2024 HUHTAMÄKI HARVIA TOKMANNI Agenda: climate and Participation in shareholders’ Participation in shareholders’ biodiversity according to nomination committee nomination committee Evli’s responsible investing focus areas LUOTTAMUKSELLINEN
Slide 20: Track Record and Portfolio Composition
25 TRACK RECORD AND PORTFOLIO COMPOSITION Evli Finnish Small Cap CONFIDENTIAL
Slide 21: Net of fee returns - YTD
26 Net of fee returns - YTD Portfolio Benchmark Difference YTD -0.18% 7.22% -7.40% Portfolio Benchmark Difference Volatility 14.92% 14.28% 0.64% Sharpe -0.12 0.39 -0.51 Tracking Error 4.52% - - Information Ratio -1.64 - - Beta 1.00 - - CONFIDENTIAL
Slide 22: Net of fee returns - 10 Years
27 Net of fee returns - 10 Years Portfolio Benchmark Difference 1 Year -0.32% 12.57% -12.89% 3 Years 16.09% 39.22% -23.12% 5 Years -16.44% 10.25% -26.69% 10 Years 103.00% 112.77% -9.77% 10 Years, 7.34% 7.84% -0.50% annualized return Portfolio Benchmark Difference Volatility 16.44% 16.57% -0.13% Shar
Slide 23: Annual returns, after fees, 30.09.2026
28 Annual returns, after fees, 30.09.2026 Past returns are no guarantee of future returns. 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Portfolio 6.94% -10.05% 39.75% 35.91% 29.96% -34.61% 17.83% 2.58% 2.01% -0.18% Benchmark 11.86% -17.96% 34.04% 24.21% 25.09% -22.96% 6.55% 2.64% 15.96% 7.22% D
Slide 24: Portfolio structure 30.09.2026
29 Portfolio structure 30.09.2026 Evli Finnish Small Cap B CONFIDENTIAL
Slide 25: Top holdings 30.09.2026
30 Top holdings 30.09.2026 10 LARGEST INVESTMENTS % HIAB OYJ B 7.46% PUUILO OYJ 7.25% VAISALA OYJ A 5.91% MANDATUM OYJ 5.42% Harvia Oyj 4.87% NOKIAN RENKAAT OYJ 4.82% HUHTAMÄKI OYJ 4.78% TIETO OYJ 4.53% Sanoma OYJ 4.34% VALMET 4.18% Evli Finnish Small Cap B CONFIDENTIAL
Slide 26: Top/Bottom Attributors YTD 30.9.2025
31 Top/Bottom Attributors YTD 30.9.2025 Historical returns are no guarantee of future returns. B iggest positive attributors YTD, September 30th 2025 % Port, avg % Active Re tu rn , % Attrib ., % Dynavox Group 5.4 5.1 81.3 3.2 Ambea 5.2 4.9 42.8 1.6 Clas Ohlson 2.4 1.9 78.2 1.2 Implantica 1.4 1.4 88
Slide 27: Evli Finnish Small Cap in a nutshell
32 Evli Finnish Small Cap in a nutshell Type of Fund Finnish equity fund (UCITS) Benchmark Carnegie Small CSX Return Finland (CSRXFI) Fund Units Growth units retail B-series and institutional IB-series (min. 5m EUR) Bloomberg/Reuters/ISIN B-series: CARSUOS FH / FI0008804422 / IB-series: EVFSCIE FH /
Slide 28: Considerations and Risk Factors
33 Considerations and Risk Factors The fund’s investment activities aim to earn a return which, in the long term, exceeds the return of the benchmark index. All the fund's assets will be invested in equities and equity-linked securities, and therefore the net asset value of a fund unit may fluctuate
Slide 29: ESG Metrics 30.06.2026
EVLI FINNISH SMALL CAP 34 ESG Metrics 30.06.2026 Responsibility score AA Carbon footprint 34 UN Global Compact 0.0 % SFDR classification: Article 8 (t CO2e/M$ sales) fails CURRENT RESPONSIBILITY SCORES CARBON FOOTPRINT AND FOSSIL FUEL RESERVES DEVELOPMENT OF CARBON INTENSITY OF CURRENT INVESTMENTS E
Slide 30: Ambition
35 AMBITION “We want to be the forerunner in responsible wealth management in the Nordics, and in this way help our clients in managing their wealth to support a sustainable future.” CONFIDENTIAL
Slide 31: Responsible investing with 20 years of experience
36 Responsible investing with 20 Review of Evli’s climate targets years of experience Signatory of a COP15 initiative ’Moving Together on Nature’ Signatory of a joint TNFD Signatory of Open Letter to Joining the PRI statement on Nature EU leaders from investors Advance initiative as European Report
Slide 32: Four pillars of responsible investing at Evli
37 Four pillars of responsible investing at Evli #1 in Sustainable investing according to Finnish institutions2 Principles for ESG 1 -integration in Engagement and Reporting Responsible Investment Team Responsible Investment investment process active ownership – Decided by Evli’s – Portfolio – Manag
Slide 33: Monitoring, engagement and active ownership
38 Monitoring, engagement and active ownership ENGAGEMENT ACTIVITIES 2025 UN Global Compact, the UN Guiding Principles on Business and Human COLLABORATIVE ENGAGEMENT PARTICIPATING IN GENERAL Rights, the OECD Guidelines for Multinational Enterprises and Evli’s Climate INITIATIVES MEETINGS and Nature
Slide 34: Exclusions in practice in all Evli funds
39 Exclusions in practice in all Evli funds – With 0% revenue threshold: – Controversial weapon manufacturers – Companies manufacturing peat for energy production – With 5% revenue threshold: – Tobacco producers, adult entertainment producers and companies practicing controversial lending – With 10%
Slide 35: Evli's Climate and Nature Principles
40 Evli’s Climate and Nature Principles 1. Analysis – Monitoring the emissions of companies in Evli’s funds through fund- specific carbon footprints and companies’ emission reduction targets. – Evli’s Responsible Investment team utilizes available tools and data to identify nature-related risks, dep
Slide 36: Evli's climate targets
41 Evli’s climate targets Evli aims to achieve net zero by 2050 at the latest. The interim target for the investments -50% reduction in indirect emissions from investments by 2030 (compared to 2019). 1 We are aware that a credible long-term net zero goal requires systematic work and sufficiently amb
Slide 37: Important information
42 Important information This marketing material is intended for non-professional and professional clients in Finland, Sweden, Lithuania, Latvia and Estonia. In other jurisdictions this Document is intended only for professional clients. The management company of the fund is Evli Fund Management Com
Slide 38: Disclaimer statement
43 Disclaimer statement Evli This presentation is intended only for the recipient's personal and private use. This material is based on sources that Evli Group (Evli) considers correct and reliable. However, neither Evli nor its employees give any guarantee concerning the correctness, accuracy or co
Slide 39: Evli contact details
Twitter - Evli Twitter - Evli Twitter - Evli Facebook - Evli Facebook - Evli LinkedIn - Evli LinkedIn - Evli Instagram Evli Oyj Instagram Evli Oyj Instagram Evli Oyj evli.com evli.com evli.com Evli Plc | Aleksanterinkatu 19 | P.O. Box 1081 | FI-00101 Helsinki, Finland | Tel. +358 (0)9 476 690 | evli