Evli Plc Class B · OMXHEX:EVLI
Evli Plc Class B — Investor Presentation (September 2026)
53 slides from Evli Plc Class B's investor presentation, Sep 30, 2026
Slide 1: Evli Nordic
EVLI NORDIC 30.09.2026 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.
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 fund management
6 SUCCESSFUL EQUITY FUND MANAGEMENT The Results of Evli’s Global equities family of funds CONFIDENTIAL
Slide 7: Strong track record
7 Strong track record Past returns are no guarantee of future returns. – Award-winning portfolio management: Quartile rankings 30.09.2026* – Nine consecutive years as an Awards nominee 2015-2023 (Morningstar/ Lipper) 3 years 5 years 10 years – Awards winner in 2017, 2018, 2020, 2021, Evli Europe B/I
Slide 8: Why invest in Nordic equities?
8 WHY INVEST IN NORDIC EQUITIES? Evli Nordic CONFIDENTIAL
Slide 9: Evli Nordic – key figures
9 Evli Nordic – key figures FUND SIZE, EUR MILLION CURRENT STRATEGY STARTING DATE 30.9.2026 Past returns are no guarantee of future returns. 29.7 1.11.2012 – Evli Nordic is an equity fund that invests its assets primarily in Nordic equities NUMBER OF HOLDINGS ACTIVE SHARE % – Bottom-up stock selecti
Slide 10: Investment philosophy and process
10 INVESTMENT PHILOSOPHY AND PROCESS Evli Nordic CONFIDENTIAL
Slide 11: Investment philosophy
11 Investment philosophy – Cash is King. Invest in companies with good long-term cash flow characteristics and strong debt coverage – See the world as it is. Focus on what company management has done, not what they say they will do – Don’t overpay. In company valuation, use cautious assumptions. It
Slide 12: Investment strategy
12 Investment strategy – Focus on Nordic companies that 3. Growth –Generate cash flow 4. Caution* 2. Cash flows –Have strong debt coverage –Are underpriced – Bottom-up approach –No benchmark, sector, geographical or market cap constraints within Nordics 1. Time 5. Debt coverage – Disciplined and rep
Slide 13: Find free cash flow and don't overpay
13 Find free cash flow and don’t overpay We invest in companies that generate cash flow, have strong debt coverage, and are Stock selection underpriced No benchmark, sector or geographical constraints within Nordics. Sector and country Active weights are a result of stock selection. Company position
Slide 14: Workflow
14 Workflow SCREENING RESEARCH PORTFOLIO ~ 1,100 ~ 40-70 Equal weights companies companies Investment universe: Share liquidity analysis Construction and risk control: – Nordic companies Cash flow analysis: – Adequate diversification with a minimum of 20 holdings Stock screen: – Stability – Stock po
Slide 15: ESG integration
15 ESG integration – Focus on companies that generate free cash flow, have strong debt coverage, and are underpriced – Integration of ESG related cash outflows that are material, probable and quantifiable ENVIRONMENT Restoration, rehabilitation, possible engagement within FINANCIAL STATEMENT ANALYSI
Slide 16: ESG examples - Evli Global Equities Team
16 ESG examples - Evli Global Equities Team ENVIRONMENTAL Researching a mining company, PM became aware of serious environmental violations and handed the company over to RI Team for further analysis. Process led to conduct-based exclusion of company from Evli’s investment universe. SOCIAL A large r
Slide 17: Portfolio management team
17 Portfolio management team Hans-Kristian Sjöholm Wilhelm Bruun Marjaana Haataja Kati Viljakainen PORTFOLIO MANAGER, PORTFOLIO MANAGER, PORTFOLIO MANAGER, PORTFOLIO MANAGER, GLOBAL EQUITIES, SINCE 2010 GLOBAL EQUITIES, SINCE 2010 GLOBAL EQUITIES, SINCE 2011 GLOBAL EQUITIES, SINCE 2011 M.Soc.Sc. (Ec
Slide 18: Evli Nordic in a nutshell
18 Evli Nordic in a nutshell Type of Fund Equity fund investing in Nordics (UCITS) Benchmark VINX Benchmark Cap EUR_NI Fund Units Both distribution (A) and growth units (B), institutional share class available (IB) Bloomberg/Reuters/ B units: EVDIBBB FH/ LP65035387/ FI0008810908 (no dividend) ISIN I
Slide 19: Evli's Global Equities family of funds
19 Evli’s Global Equities family of funds – Our family of funds using the same investment philosophy consists of eight funds investing in different geographical areas: – Evli Europe (current strategy since 1 April 2010) – Evli Global (current strategy since 31 May 2011) – Evli North America (current
Slide 20: Considerations and risk factors
20 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. As the fund’s assets are invested in equities or equity-linked securities, the fund unit value can fluctuate significantly within a short perio
Slide 21: What opportunities does the market currently offer?
21 WHAT OPPORTUNITIES DOES THE MARKET CURRENTLY OFFER? Evli Nordic CONFIDENTIAL
Slide 22: Characteristics 30.09.2026
22 Characteristics 30.09.2026 Past returns are no guarantee of future returns. Fund Evli Global Evli Europe Evli N. America Evli Japan Evli Nordic Evli GEM Return on Equity, % 20.8 13.7 16.5 11.9 14.1 16.2 Debt-to-Equity, % 77.9 63.2 59.7 13.2 83.7 27.2 Price-to-Earnings 16.5 16.2 17.3 14.7 17.1 12.
Slide 23: Characteristics 30.09.2026
23 Characteristics 30.09.2026 Lightly colored circles denote MSCI benchmarks ex Financials. Price and company data: Bloomberg. Index member data: MSCI. Fundamental data as of latest reported period if available, else latest reported fiscal year, 12-month rolling basis where applicable. Data aggregat
Slide 24: Track record and portfolio composition
24 TRACK RECORD AND PORTFOLIO COMPOSITION Evli Nordic CONFIDENTIAL
Slide 25: Net of fee returns - Since current strategy launch
25 Net of fee returns - Since current strategy launch Portfolio Benchmark Difference 1 Year 15.32% 18.02% -2.70% 3 Years 23.36% 39.55% -16.19% 5 Years 1.29% 27.82% -26.53% 10 Years 74.93% 138.68% -63.74% Since current 242.75% 277.80% -35.05% strategy launch Since current strategy launch, 9.26% 10.02
Slide 26: Annual returns, after fees
26 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 9.35% -9.07% 22.29% 25.42% 19.32% -24.54% 6.96% -3.93% 10.33% 9.22% Benchmark 10.25% -7.28% 25.30% 17.53% 29.85% -17.18% 13.12% 2.26% 13.76% 8.51% Di
Slide 27: Net of fee returns - YTD
27 Net of fee returns - YTD Portfolio Benchmark Difference YTD 9.22% 8.51% 0.71% Portfolio Benchmark Difference Volatility 14.26% 14.87% -0.61% Sharpe 0.54 0.47 0.07 Tracking Error 7.33% - - Information Ratio 0.10 - - Beta 0.84 - - CONFIDENTIAL
Slide 28: Net of fee returns - 10 Years
28 Net of fee returns - 10 Years Portfolio Benchmark Difference 1 Year 15.32% 18.02% -2.70% 3 Years 23.36% 39.55% -16.19% 5 Years 1.29% 27.82% -26.53% 10 Years 74.93% 138.68% -63.74% 10 Years, 5.75% 9.08% -3.33% annualized return Portfolio Benchmark Difference Volatility 18.52% 17.29% 1.23% Sharpe 0
Slide 29: Nordic stock markets YTD (EUR)
29 Nordic stock markets YTD (EUR) Past returns are no guarantee of future returns. RETURNS BY SECTOR (%) Index Fund Energy Information Technology Utilities Financials Fund Index Industrials Materials Consumer Discretionary Communication Services Consumer Staples Health Care Real Estate -40 -20 0 20
Slide 30: Attribution by sector YTD
30 Attribution by sector YTD ATTRIBUTION EFFECTS AVERAGE WEIGHTS Total Allocation Selection Currency Health Care Portfolio weight Energy Active weight Real Estate Consumer Staples Information Technology Materials Utilities Consumer Discretionary Communication Services Industrials Financials Other an
Slide 31: Nordic stock markets YTD (EUR)
31 Nordic stock markets YTD (EUR) Past returns are no guarantee of future returns. RETURNS BY COUNTRY (%) Index Fund Norway Finland Fund Index Sweden -10 0 10 20 30 40 Index data is derived from the components of the VINX Benchmark Cap Net Index (EUR). Data as of 30.12.2025 – 30.9.2026 Sources: Evli
Slide 32: Attribution by country YTD
32 Attribution by country YTD ATTRIBUTION EFFECTS AVERAGE WEIGHTS Total Allocation Selection Currency Denmark Portfolio weight Active weight Norway Finland Sweden Other and Cash Excess return (GoF) Fee Impact Excess return (NoF) -6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% -20% -10% 0% 10% 20% 30% 4
Slide 33: Top/Bottom attributors YTD
33 Top/Bottom attributors YTD Past returns are no guarantee of future returns. TOP ATTRIBUTORS TOP ATTRIBUTORS % Port % Active Return, % Attrib., % Wallenius Wilhelmsen Asa 3.34 3.34 114.04 2.39 Qt Group Oyj 2.14 2.13 75.49 1.80 Novo Nordisk A/S-B 0.89 -7.08 -5.62 1.77 Hafnia Ltd 1.63 1.63 71.54 1.7
Slide 34: Portfolio structure 30.09.2026
34 Portfolio structure 30.09.2026 Evli Nordic B CONFIDENTIAL
Slide 35: Top holdings 30.09.2026
35 Top holdings 30.09.2026 10 LARGEST INVESTMENTS % Pandora A/S 4.28% QT GROUP OYJ 4.17% Demant A/S 3.73% Wallenius Wilhelmsen ASA 3.61% Modern Times Group MTG AB 3.19% Instalco AB 3.15% Loomis AB 3.09% Evolution Gaming Group AB 3.02% Ambea AB 2.96% ISS A/S 2.88% Evli Nordic B CONFIDENTIAL
Slide 36: Companies 30.09.2026 (38 stocks)
36 Companies 30.09.2026 (38 stocks) Communication Consumer Consumer Information VINX Active Energy Health Care Industrials Materials Other Portfolio Services Discretionary Staples Technology Benchmark Weight Royal Unibrew Demant Denmark Pandora ISS 18.4% 21.5% -3.0% Schouw & Co H Lundbeck Kalmar Eli
Slide 37: Portfolio changes YTD
37 Portfolio changes YTD SECTOR COUNTRY Industrials Sweden Information Technology Health Care Consumer Discretionary Finland Communication Services Consumer Staples Energy Denmark Materials Utilities Norway Real Estate Financials Other and Cash Other and Cash -40% -20% 0% 20% 40% 60% -25% 0% 25% 50%
Slide 38: Portfolio changes YTD
38 Portfolio changes YTD SIZE NUMBER OF POSITIONS < 2 bn EUR 42 At Beginning of Period 18 Sold 2 - 5 bn EUR 24 Held > 5 bn EUR 14 Bought Other and Cash 38 At End of Period -80% -60% -40% -20% 0% 20% 40% 60% 0 10 20 30 40 50 Weight at end of period Weight at beginning of period Active weight at end o
Slide 39: Portfolio changes YTD
39 Portfolio changes YTD BOUGHT (14) SOLD (18) AcadeMedia (SE, Consumer Discretionary) Betsson (SE, Consumer Discretionary) Ambea (SE, Health Care) Bravida Holding (SE, Industrials) Huhtamäki (FI, Materials) DFDS (DK, Industrials) Lindab International (SE, Industrials) Fagerhult Group (SE, Industria
Slide 40: Holdings-based style map
40 Holdings-based style map CONFIDENTIAL
Slide 41: Peer analysis – 5 years
41 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 Nordic B 1,94 1,01 1,15 0,92 107,17 91,60 -32,62 The upper quartile 18,41 1,04 1,07 1,06 109,16 102,51 -23,44 Median 8,83 1,01 0,98
Slide 42: ESG Metrics 30.06.2026
42 EVLI NORDIC ESG Metrics 30.06.2026 Responsibility score AA Carbon footprint 40 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 Excellent (A
Slide 43: Ambition
43 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 44: Responsible investing with 20 years of experience
44 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 45: Four pillars of responsible investing at Evli
45 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 46: Monitoring, engagement and active ownership
46 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 47: Exclusions in practice in all Evli funds
47 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 48: Evli's Climate and Nature Principles
48 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 49: Evli's climate targets
49 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 50: Important information
50 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 51: Disclaimer statement
51 Disclaimer statement Morningstar Morningstar Awards 2015, 2016, 2017, 2018, 2019, 2023 (c). Morningstar, Inc. All Rights Reserved. Evli Global, managed by Hans-Kristian Sjöholm, received a Morningstar Award reward in 2017 and was chosen as the best Global Equity Fund in Finland and Sweden. 2015 E
Slide 52: Disclaimer statement
52 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 53: Evli contact details and social media
LinkedIn – Evli Funds LinkedIn – Evli Funds Facebook – Evli Funds Facebook – Evli Funds Facebook – Evli Funds Message Service X – Evli Funds Message Service X – Evli Funds Message Service X – Evli Funds evli.com evli.com evli.com Evli Plc | Aleksanterinkatu 19 | P.O. Box 1081 | FI-00101 Helsinki, Fi