Evli Plc Class B · OMXHEX:EVLI
Evli Plc Class B — Investor Presentation (January 2026)
30 slides from Evli Plc Class B's investor presentation, January 2026
Slide 1: Evli Emerging Frontier Investor Presentation
EVLI EMERGING FRONTIER INVESTOR PRESENTATION 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 investor information document and other statutory information about the fund. M
Slide 2: Introduction
EVLI INTRODUCTION
Slide 3: Fund is Managed by an Experienced Team
Fund is Managed by an Experienced Team Experienced Co-Leads with Complementary Expertise Team Leaders MATHIAS ALTHOFF ANTTI SIVONEN Co-Head / Senior Portfolio Manager Co-Head / Senior Portfolio Manager – 25+ years experience with emerging markets – 18 years in finance, 15 years at Evli as a portfoli
Slide 4: Fund is Managed by an Experienced Team
Fund is Managed by an Experienced Team Portfolio Management Execution MATHIAS ALTHOFF ANTTI SIVONEN LAURI VEHKALUOTO Co-Head / Senior Portfolio Manager Co-Head / Senior Portfolio Manager Head of Trading at Evli Plc – 25+ years experience with emerging – 18 years in banking, 15 years at Evli – Fund t
Slide 5: Keys to Success
5 Keys to Success Don’t fix what ain’t broken High Conviction, Benchmark-Agnostic Approach Committed to finding the diamonds in the rough … by ignoring the benchmarks and focusing purely on the best opportunities Battle-Tested Investment Strategy Searching for stocks that can double in the next 12 m
Slide 6: Strategy: Intersection of Value, Quality & Growth
Strategy: Intersection of Value, Quality & Growth Our stock selection framework High ROIC Competitive advantage Predictable growth drivers Staying power Reinvestment opportunities Healthy balance sheet Smart capital allocation Revenue visibility High Secular Quality Growth 2x Opportunities We target
Slide 7: Performance
EVLI PERFORMANCE
Slide 8: Evli Emerging Frontier Returned 93% in the Last 5 Years
Evli Emerging Frontier Returned 93% in the Last 5 Years Past performance is no guarantee of future performance Growth of €100 Evli Emerging $200 Frontier €193 (15.1% annualized) Frontier Markets $150 €153 (10.6% annualized) Emerging Markets €123 (5.4% annualized) $100 $50 2020 2021 2022 2023 2024 So
Slide 9: Volatility Tracked in the Bottom Decile of Peers
Volatility Tracked in the Bottom Decile of Peers Past performance is no guarantee of future performance 30% 25% Volatility 20% Evli 15% Emerging Frontier 10% -10% -5% 0% 5% 10% 15% 20% 25% 5-year annualized return (in EUR) Source: Bloomberg, 30.09.2020-30.09.2025. Note: All Equity Emerging Market St
Slide 10: Considerations and risk factors
10 Considerations and risk factors The aim is to increase the value of the investment in the long term. As the fund’s return expectation and risk level are high, we recommend the fund to experienced investors with long investment horizons. All the fund’s assets are invested in emerging and frontier
Slide 11: A Closer Look at the Investment Strategy
A CLOSER LOOK AT THE INVESTMENT STRATEGY
Slide 12: Investment Process
12 Investment Process Idea Sourcing Investigation & Analysis In 1. Screening 2. Initial Due Diligence 3. Watchlist 4. Deep Research 5. Portfolio Starting universe of around Evaluate ideas quickly so that The most interesting stocks • Understand the company • 30-40 holdings 15 000 stocks from 43 we c
Slide 13: Targeting the 5% Club
13 Targeting the 5% Club Step 1: Zeroing in on the Opportunities Value Profitability Growth EV / EBITDA below 10 ROIC above 15% 5-Year Earnings CAGR > 15% Opportunity is diversified across We focus on the 6 regions* and 24+ countries 5% Africa & Gulf 52 stocks out of ~1100 Latin America 52 out of ~8
Slide 14: Due Diligence
14 Due Diligence Steps 2 and 3: Going Beyond the Numbers Is the company investable? We pursue growth that is built to endure. In Emerging & Frontier Markets, even the most impressive financial metrics are unsustainable without the bedrock of sound governance and a defensible economic moat. Governanc
Slide 15: Fundamental Research
15 Fundamental Research Steps 3 and 4: Diving Deep Does the story & numbers add up? We target overlooked, economically viable companies where the long-term upside is mispriced by the market with a clear short-term trigger. Investment Thesis Valuation Analysis • Is the company economically • Understa
Slide 16: Portfolio Composition & Risk Management
16 Portfolio Composition & Risk Management High-Level Guidelines Stock-level criteria Portfolio-level risk Country-level risk What we invest in How we combine and size our bets Where we’re exposed ▪ Fundamental quality ▪ Diversification ▪ Country diversification Immediate sale of any companies with
Slide 17: Strategy in Action
17 Strategy in Action Company examples Gemadept Airlink Communication Leading retailer and electronics manufacturer in Leading port/logistics operator in Pakistan Vietnam Operates 6 ports and container deposits Capacity: 12m smartphones, 360k Smart TV 4.1m TEU Capacity Collaboration with global bran
Slide 18: Current Portfolio
EVLI CURRENT PORTFOLIO
Slide 19: Portfolio Top Holdings Attributes
19 Portfolio Top Holdings Attributes HOLDING COUNTRY GICS WEIGHT MCAP USDm PE FY1 PE FY2 PB DVD % 2025 Perf. HARTADINATA ABADI INDONESIA CONSUMER DISC. 6,7% 651 15,2 12,6 3,8 - 508% GFH FINANCIAL GROUP BAHRAIN FINANCIALS 4,8% 2 293 15,0 15,0 2,2 - 106% MINTH GROUP TAIWAN CONSUMER DISC: 4,6% 4 680 11
Slide 20: The portfolio is diversified geographically
The portfolio is diversified geographically Current country exposure Evli Emerging Frontier (number of holdings in each country) sector breakdown (%) 100 % Brazil 5 stocks 90 % Pakistan 5 1 5.3% 14.4% 80 % Turkey 4 4 70 % 14.6% 15.7% Kuwait 3 30.2% 3 21.5% South Korea 3 60 % 19.8% Indonesia 1 50 % H
Slide 21: Countries and sectors are a function of bottom up
Countries and sectors are a function of bottom up Evli Emerging Frontier geographical region breakdown (%) Year-End 2025 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0% 2019 2020 2021 2022 2023 2024 2025 ASEAN Asia ex-ASEAN Middle East Africa Latin America Europe Cash Other Source: Evli, 31.12
Slide 22: Appendix
EVLI APPENDIX
Slide 23: EM/FM Valuation vs DM
15 10 20 25 0 5 35 30 2006-01-01 2006-11-01 2007-09-01 Source: Bloomberg, Evli 2008-07-01 2009-05-01 2010-03-01 2011-01-01 Discounts at highs 2011-11-01 2012-09-01 EM vs DM (rhs) 2013-07-01 M1WO INDEX (lhs) 2014-05-01 2015-03-01 2016-01-01 23 2016-11-01 2017-09-01 2018-07-01 2019-05-01 2020-03-01 PE
Slide 24: Current Valuation PE
24 Current Valuation PE Most markets below average PEx FY1 vs 5Y HIGH & LOW 39.2 39.8 37.8 40 36.0 33.3 1 555,2 33.3 35 31.4 31.0 30.7 29.8 29.9 29.0 27.1 27.1 30 26.8 26.6 26.1 26.1 25.3 24.3 25.1 23.8 24.2 23.3 23.3 25 21.8 22.5 20.9 21.1 18.9 19.5 18.9 18.5 18.0 20 16.9 16.8 16.8 17.4 17.4 21.0 1
Slide 25: Current Valuation PB
25 Current Valuation PB Most markets below average PBx FY1 vs 5Y HIGH & LOW 5.6 6 5.4 5 4.5 4.0 4.0 3.8 3.9 3.6 4 3.4 3.5 3.5 3.2 3.3 3.3 3.1 3.0 3.1 2.9 3.6 2.7 3 2.6 3.2 2.6 2.5 2.6 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.2 2.2 2.2 2.22.3 2.2 2.1 2.1 2.0 1.9 2.1 2.1 2.0 2.0 1.8 1.8 1.9 1.9 1.9 1.8 1.8 1.8 1
Slide 26: 2025 Performance by Market
MSCI World MSCI FM MSCI EM EU United States Argentina Saudi Arabia Bangladesh Philippines Turkey Thailand India Qatar U.A.E. - Abu Dhabi 2025 Performance % (EUR) Malaysia Kuwait Indonesia U.A.E. - Dubai YTD 2026 Botswana China FM (+29.5%) outperformed DM (+6.8%) & EM (+17.8%) HK Red Chips Kazakhstan
Slide 27: The Asymmetric Opportunity
27 The Asymmetric Opportunity Case Study Developed market downside, frontier market upside Regional breakdown % of stocks that doubled/halved in 12 months between 2015-2025 Historical 12m doubling rates for the period 2015-2025 USA/Europe EM/FM EM/FM Screened 14% 13% Region Doubling Rate 12% Emergin
Slide 28: Evli Emerging Frontier in a nutshell
Evli Emerging Frontier in a nutshell Type of Fund Emerging equity fund (UCITS) Benchmark The fund has no benchmark index Fund Units Distribution (A), growth units (B), institutional (IB2) Bloomberg/ISIN B series (retail accumulating): EVEMFRB FH / FI4000066915 IB2 series (institutional accumulating,
Slide 29: Disclaimer statement
Disclaimer statement Evli Plc This report is intended only for the client’s personal and private use. This report is based on sources that Evli Plc considers correct and reliable. However, neither Evli Plc nor its employees give any guarantee concerning the correctness, accuracy or completeness of a
Slide 30: Evli 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