Evli Plc Class B · OMXHEX:EVLI
Evli Plc Class B — Investor Presentation (September 2026)
72 slides from Evli Plc Class B's investor presentation, Sep 30, 2026
Slide 1: Evli Hannibal
EVLI HANNIBAL 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: Evli Hannibal
6 Evli Hannibal – Evli Hannibal is a European Equities fund that derives its investment strategy from markets lifelong tendency to overreact and eventually revert towards the mean Europe – The fund follows a “no-compromise” deep value/contrarian strategy and starts its’ screening process with shares
Slide 7: Same lead portfolio manager, same strategy since launch
7 Same lead portfolio manager, same strategy since launch Petter Langenskiöld Henrik Kyynäräinen Wilhelm Törrönen PORTFOLIO MANAGER PORTFOLIO MANAGER ANALYST Licentiate of Science (Economics and Business M.Sc. (Finance), Hanken. Henrik has over 25 years M.Sc. (Finance), Hanken. Wilhelm has over 5 ye
Slide 8: Team track record
8 TEAM TRACK RECORD Same lead portfolio manager, same strategy since launch CONFIDENTIAL
Slide 9: Team's funds: Europe, Precious metals and UK
9 Team’s funds: Europe, Precious metals and UK Evli Hannibal - launched March 2007 Evli Silver and Gold - launched January 2016 Evli UK Value Fund - launched April 2021 Launch of Evli Hannibal, a deep value/contrarian -European Launch of Evli Silver and Gold, after the historical PM equities Launch
Slide 10: Contrarian investing
10 CONTRARIAN INVESTING Evli Hannibal CONFIDENTIAL
Slide 11: Since 1.1.2016 Evli Hannibal's unit price is up 3.8x
11 Since 1.1.2016 Evli Hannibals unit price is up . . . but the shares the fund hold TODAY are 3.8x (30.9.2026) . . . down -67 % since 2016. + 275 % -67 % CONFIDENTIAL
Slide 12: The logic and aim of Evli Hannibal's strategy
12 The logic and aim of Evli Hannibal’s strategy Before investment Search for, research and invest in companies: 1) with a (remarkably) low valuation 2) that is (clearly) lower than before And nothing else. 3 After investment Our trading discipline: ▪ Winners are sold after partial or full mean reve
Slide 13: 2 x 10 year graphs
13 2 x 10 year graphs Fund performance since 2016 . . . . . . performance of CURRENT holdings since 2016 Evli Hannibal per 30.9.2026 This is about historical returns for the fund This is about future returns for the fund Source: Evli Plc & Zenostock.com CONFIDENTIAL
Slide 14: The core of Evli Hannibal's strategy
14 The core of Evli Hannibal’s strategy A portfolio of European equities valued and . . . with a significant normalisation potential acquired at or close to historical lows . . . to historical valuation levels. Evli Hannibal per 30.9.2026 Evli Hannibal per 30.9.2026 Source: Zenostock.com CONFIDENTIA
Slide 15: Low prices are often explained by this
15 Low prices are often explained by this Poor current earnings sinking share prices, on the other hand . . . creating a sharp contrast between historical earnings capacity resulting in (very) low multiples to ‘normalised earnings’ . . . and the market’s expectations for the future Evli Hannibal per
Slide 16: Portfolio characteristics compared to common factor-portfolios
16 Our strategy leads to a portfolio with very different characteristics compared to common factor-portfolios 10-year development of market value and shareholders’ equity of the current holdings of 4 different portfolios (9-2026) Evli Hannibal MSCI Europe Growth (top 10) MSCI Europe Value (top 10) M
Slide 17: Hannibal holds multiples of assets and normalized earnings per euro invested
17 Hannibal holds multiples of assets and normalized earnings per every € invested compared to common factor portfolios (and to the market as a whole) Past performance is no guarantee of future returns. Share in portfolio companies Share in portfolio companies 'Theorethical upside’ Change in share p
Slide 18: Major differences compared to standard value strategies
18 Major differences compared to “standard value”-strategies "Standard value" Evli Hannibal Current or forecasted P/E-ratio Very important Not important Current profitability Very important Not important "Shiller P/E-ratio" Not important Very important Current P/B-ratio vs. historical mean Not impor
Slide 19: Performance
19 PERFORMANCE Evli Hannibal CONFIDENTIAL
Slide 20: The fund has outperformed the European markets and its peer group
20 The fund has outperformed the European markets (and its peer group) Past performance is no guarantee of future returns. Best relative years 2013, 2016, 2021 and 2025. Worst 2011, 2014, 2015 and 2024. Evli Hannibal vs. MSCI Europe, NR 60% 50,3 % 44,8 % 41,8 % 42,2 % 40% 2025-2026 YTD 31,6 % 31,4 %
Slide 21: Portfolio composition
21 PORTFOLIO COMPOSITION Evli Hannibal CONFIDENTIAL
Slide 22: Hannibal 10-year price charts of top holdings
22 Hannibal 10-year price charts of top 24 holdings as of Sept 30, 2026 (in descending order, together 73 % x AUM) Volkswagen AG Lanxess AG Imerys SA SEB SA IP Group Plc Stellantis NV Porsche Automobil Hold. SE Arkema SA Barrat Redrow Plc Schweiter Technologies AG Metsä Board Oyj Rémy Cointreau SA D
Slide 23: Holdings grouped by theme
23 As of 9/2026, 74 % of holdings of the fund could be grouped as follows 3 x Automotive, 13.5% 7x “Med, Bio & Tech tech”, 11.2% 4 x Chemical Industry, 11.0% Automotive Automotive “Med, Bio & Tech tech” “Med, Bio & Tech tech” Chemical Industry Chemical Industry 5 x UK Homebuilding, 9.7% 4 x Pulp & P
Slide 24: Investment process and shares sold
24 INVESTMENT PROCESS AND SHARES SOLD Evli Hannibal CONFIDENTIAL
Slide 25: Investment Process
25 Investment Process QUANTITATIVE SCREENING QUALITATIVE RESEARCH PORTFOLIO >4500 European equities in ~left with 1-3 % of ~40-60 positions research database population - Screening for stocks with beaten down share - Deep value investing leads to a larger 40-60 positions, currently 57 prices and val
Slide 26: Positions fully sold with a profit 2016-2026
26 Following positions fully sold with a profit 2016-2026, accounting for more than all of the funds 10y performance Net subscriptions AUM 1.1.2016 = 32 m€ + investment gains 98 m€ (fund 3.8x) + net inflow 122 m€ = AUM 30.9.2026 = 242 m€ (Total acquisition cost of portfolio at 30.9.2026 = 252 m€) Av
Slide 27: Realized gains account for all of fund performance since 2016
27 Following realized gains account for (more than) all of fund performance since 2016 2016 9 2017 4 2018 8 2019 13 2020 9 2021 12 Amara Mining Plc Aixtron SE Anglo American Plc A.P. Moeller & Maersk A/S B Centamin Plc Aggreko Plc Arnoldo Mondadori Editore Hapag-Lloyd AG ERAMET Acacia Mining PLC Dai
Slide 28: Our proprietary deep value screening and research tool
Our proprietary ‘deep value’ screening and research tool Source: Zenostock.com (2026) CONFIDENTIAL
Slide 29: Fund's strategy in comparison
29 FUND’S STRATEGY IN COMPARISON Evli Hannibal CONFIDENTIAL
Slide 30: Consistent, zero style drift
30 Consistent, zero style drift Start date End date Source: Morningstar Direct CONFIDENTIAL
Slide 31: Evli Hannibal is in the bottom-left-corner according to Morningstar
31 According to Morningstar Evli Hannibal is in the bottom-left-corner (and has always been) P/B for European Equity Funds Weighted average P/B of all stocks in a portfolio (2,931 funds) as of August 31, 2026 9 8 7 6 5 4 Median P/B 2,37 3 2 1 Evli Hannibal P/B 0,52 0 0 500 1000 1500 2000 2500 3000 S
Slide 32: Evli Hannibal is in the opposite corner compared to popular strategies
32 Evli Hannibal is in the “opposite corner” compared to popular strategies (e.g. ’Granolas’) Portfolio P/B & Mean reversion potential Evli Hannibal vs. MSCI Europe Top 10, "Granolas", MSCI Europe Value Top 10 (as of 21.8.2026) 120 % Evli Hannibal P/B = 0.61 Mean reversion-potential = 111 % 100 % 80
Slide 33: Recent exits and collection of current stock picks
33 RECENT EXITS AND COLLECTION OF CURRENT STOCK PICKS CONFIDENTIAL
Slide 34: Collection of recently successfully exited holdings
Collection of recently successfully exited holdings ThyssenKrupp AG Largest position Salzgitter AG Large position Vodafone PLC Share price Siltronic AG World #4 going into 2025. going into 2025. low point semiconductor Textbook sum-of Negative implicit of 2024 wafer -parts case with valuation of cor
Slide 35: Jury out 1(2): Passed the bottom
Jury out 1(2): Passed the bottom (for now), above funds acquisition cost (approx. 40% x AUM) SES SA World leading Schweiter Techologies AG Leading, debt free Carl Zeiss Meditech AG World leading Remy Cointreau SA In 2025 Remy’s EV kitchen Swiss composite oophthalmology reached the book appliances fi
Slide 36: Jury out 2(2): Continuing down
Jury out 2(2): Continuing down (for now), below funds acquisition cost (approx. 1/3 x AUM) Volkswagen AG Several Lanxess AG Among the hardest hit Stellantis NV Shareholders equity Porsche Holding AG See Volkswagen assets/subsidiaries (net stocks within the hard 4x in 28 years and and deduct an cash,
Slide 37: 20+ year valuation graphs of some H1 26 additions
1998 2006 2001 2008 2004 2010 2012 2007 P/S P/B 2014 2010 2016 P/S P/B 2013 2018 Stellantis 2016 1998-2026 2006-2026 2020 2019 2022 (FiatChrysler, Fiat) median median Carl Zeiss Meditec AG 2022 2024 2026 12 kk 2006 1991 2008 1994 1997 2010 2000 37 2012 2003 P/S 2014 2006 2016 median 2009 P/S 2018 20
Slide 38: Volkswagen AG
38 Radical sum-of-parts Volkswagen AG undervaluation getting larger VW market cap € 35 bn: Volkswagen Group AG market cap: ▪ Value of 75%xPorsche = 31 bn€ For the first time ever (far) ▪ Automotive net cash = 34 bn€ lower than shareholders equity of the wholly own ▪ Everllence transaction = 9 bn€ Vo
Slide 39: ThyssenKrupp AG
39 ThyssenKrupp AG Known by all in autumn 2024: Radical sum-of-parts Market cap = 1 994m undervaluation corrected Net cash = 3 361m Preparing for spin off of submarine subsidiary TKMS AG (6 % of sales) Sales of rest of group 33 bn The ratio of market value to Very valuable 17% TK Elevator- net asset
Slide 40: Salzgitter AG
40 Salzgitter AG Autumn 2024: Radical sum-of-parts MCAP = 859 m€ undervaluation corrected Value of 30 % in Aurubis AG = 886 m€ Technology division (KHS AG) = 750 - 1000+ m€ ? P/B-ratio 0.19 => 0.64 What’s left for the actual steel operations with sales of 9000 m€ and an approaching production of arm
Slide 41: Track record and portfolio composition
41 TRACK RECORD AND PORTFOLIO COMPOSITION Evli Hannibal CONFIDENTIAL
Slide 42: Net of fee returns - YTD
42 Net of fee returns - YTD Portfolio Benchmark Difference YTD 17.96% 9.55% 8.41% Portfolio Benchmark Difference Volatility 18.19% 12.94% 5.26% Sharpe 0.90 0.62 0.28 Tracking Error 13.74% - - Information Ratio 0.61 - - Beta 0.92 - - CONFIDENTIAL
Slide 43: Net of fee returns - 1 Year
43 Net of fee returns - 1 Year Portfolio Benchmark Difference 1 Month -4.82% -2.40% -2.42% 3 Months 13.04% -1.00% 14.05% 6 Months 15.16% 10.68% 4.48% 1 Year 22.35% 16.49% 5.86% Portfolio Benchmark Difference Volatility 20.71% 12.26% 8.45% Sharpe 0.98 1.17 -0.20 Tracking Error 14.51% - - Information
Slide 44: Net of fee returns - 5 Years
44 Net of fee returns - 5 Years Portfolio Benchmark Difference 1 Year 22.35% 16.49% 5.86% 3 Years 51.34% 51.28% 0.06% 5 Years 69.52% 60.45% 9.07% 5 Years, 11.13% 9.91% 1.22% annualized return Portfolio Benchmark Difference Volatility 18.21% 13.62% 4.59% Sharpe 0.50 0.57 -0.08 Tracking Error 12.57% -
Slide 45: Net of fee returns - 10 Years
45 Net of fee returns - 10 Years Portfolio Benchmark Difference 1 Year 22.35% 16.49% 5.86% 3 Years 51.34% 51.28% 0.06% 5 Years 69.52% 60.45% 9.07% 10 Years 210.24% 137.71% 72.53% 10 Years, 11.99% 9.04% 2.95% annualized return Portfolio Benchmark Difference Volatility 21.81% 15.57% 6.24% Sharpe 0.51
Slide 46: Annual returns, after fees, 30.09.2026
46 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 15.02% -11.91% 25.03% -2.60% 41.82% -1.76% 10.92% -10.66% 42.16% 17.96% Benchmark 10.24% -10.57% 26.05% -3.32% 25.13% -9.49% 15.83% 8.00% 20.13% 9.55
Slide 47: Portfolio structure 30.09.2026
47 Portfolio structure 30.09.2026 Evli Hannibal B CONFIDENTIAL
Slide 48: Top holdings 30.09.2026
48 Top holdings 30.09.2026 10 LARGEST INVESTMENTS % Volkswagen AG 6.70% LANXESS AG 5.21% Imerys SA 4.77% SEB SA 3.90% IP Group PLC 3.65% Stellantis NV 3.58% Porsche Automobil Holding SE 3.18% Arkema SA 2.98% Barratt Developments PLC 2.90% Schweiter Technologies AG 2.86% Evli Hannibal B CONFIDENTIAL
Slide 49: Peer analysis – 5 years
49 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 Hannibal 70,13 0,90 0,62 0,68 67,03 121,58 -17,92 The upper quartile 17,42 1,06 1,09 1,18 109,72 111,37 -28,35 Median -3,46 1,00 0,
Slide 50: Peer analysis – Since launch
50 Peer analysis – Since launch Past returns are no guarantee of future returns. Return (cum.) Beta Bear Beta Bull Beta Down Capture Ratio Up Capture Ratio Max Drawdown Evli Hannibal 325,15 1,04 1,01 1,03 94,93 107,25 -62,30 The upper quartile 219,25 1,05 1,07 1,08 106,84 106,02 -55,36 Median 154,17
Slide 51: ESG Metrics 30.06.2026
51 EVLI HANNIBAL ESG Metrics 30.06.2026 Responsibility score A Carbon footprint 90 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 (
Slide 52: European stock markets YTD (EUR) - by sector
52 European stock markets YTD (EUR) Past returns are no guarantee of future returns. RETURNS BY SECTOR (%) Index Fund Energy Information Technology Fund Materials Financials Utilities Index Industrials Consumer Staples Health Care Communication Services Real Estate Consumer Discretionary -50 0 50 10
Slide 53: Attribution by sector YTD
53 Attribution by sector YTD ATTRIBUTION EFFECTS AVERAGE WEIGHTS Total Allocation Selection Currency Industrials Portfolio weight Consumer Staples Health Care Active weight Materials Information Technology Communication Services Real Estate Utilities Financials Energy Consumer Discretionary Other an
Slide 54: European stock markets YTD (EUR) - by country
54 European stock markets YTD (EUR) Past returns are no guarantee of future returns. RETURNS BY COUNTRY (%) Index Fund Netherlands Luxembourg South Africa Norway Austria Ireland Fund Finland Belgium United States Sweden Index United Kingdom Switzerland Germany Eurozone France Denmark -120 -100 -80 -
Slide 55: Attribution by country YTD
55 Attribution by country YTD ATTRIBUTION EFFECTS AVERAGE WEIGHTS Total Allocation Selection Currency United Kingdom Portfolio weight France Denmark Active weight Germany Switzerland Finland Sweden Eurozone Norway Luxembourg South Africa Ireland Austria Belgium Netherlands United States Other and Ca
Slide 56: Top/Bottom attributors YTD
56 Top/Bottom attributors YTD Past returns are no guarantee of future returns. TOP ATTRIBUTORS % Port % Active Return, % Attrib., % Hays Plc 1.74 1.74 144.33 3.71 Siltronic Ag 1.55 1.55 90.34 2.22 Dfds A/S 2.69 2.69 74.57 1.74 Tate & Lyle Plc 0.39 0.39 50.95 1.51 S.O.I.T.E.C. 0.35 0.35 149.54 1.41 W
Slide 57: Contribution by sector and country YTD
57 Contribution by sector and country YTD Past returns are no guarantee of future returns. CONTRIBUTION BY SECTOR CONTRIBUTION BY COUNTRY Contribution Contribution United Kingdom Industrials France Materials Germany Denmark Consumer Staples Finland Information Technology Switzerland Financials Nethe
Slide 58: Top/Bottom contributors YTD
58 Top/Bottom contributors YTD Past returns are no guarantee of future returns. TOP CONTRIBUTORS % Port Return, % Contrib., % Hays Plc 1.74 144.33 3.86 Siltronic Ag 1.55 90.34 2.26 Dfds A/s 2.69 74.57 1.88 Wacker Chemie Ag 2.45 38.68 1.53 Tate & Lyle Plc 0.39 50.95 1.51 S.o.i.t.e.c. 0.35 149.54 1.30
Slide 59: Fund management team
59 Fund management team PETTER LANGENSKIÖLD Henrik Kyynäräinen PORTFOLIO MANAGER PORTFOLIO MANAGER Licentiate of Science (Economics and Business M.Sc. (Finance), Hanken. Henrik has over 25 years Administration). Petter has worked in the field of versatile experience in various investment since the e
Slide 60: Evli Hannibal in a nutshell
60 Evli Hannibal in a nutshell Type of Fund European equity fund (UCITS) Benchmark MSCI Daily Europe TR NET Index (EUR) Fund Units Growth unit B (min. investment EUR 5 000) ISIN FI0008811971 Management Fee, annual 0.63% (annually) A daily determined performance fee of 10% on the outperformance vs be
Slide 61: Considerations and risk factors 1/2
61 Considerations and risk factors 1/2 The aim of the fund's investment activities is to achieve the highest possible increase in value in the long term and at a reasonable level of risk by investing in shares that are estimated to be as undervalued as possible on the stock market. As the fund’s ass
Slide 62: Considerations and risk factors 2/2
62 Considerations and risk factors 2/2 Liquidity Management Tools—In exceptional circumstances, the fund management company may activate the following liquidity management tools specified in the fund rules to safeguard the fund's liquidity, where required by the interests of unitholders. The use of
Slide 63: Ambition
63 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 64: Responsible investing with 20 years of experience
64 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 65: Four pillars of responsible investing at Evli
65 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 66: Monitoring, engagement and active ownership
66 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 67: Exclusions in practice in all Evli funds
67 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 68: Evli's Climate and Nature Principles
68 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 69: Evli's climate targets
69 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 70: Important information
70 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 71: Disclaimer statement
71 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 72: Evli Funds contact 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