Slide 1: Strong earnings growth in the second quarter
Strong earnings growth in the second quarter Q2 2026 INVESTOR PRESENTATION Mandatum Group
Slide 2: Summary of Mandatum’s Q2 2026
Summary of Mandatum’s Q2 2026 Capital-light profit before taxes continued to grow, +32% y/y Fee result +21% y/y. Record-high AuM at EUR 16.7 billion, net flow EUR 164 million Net finance result, EUR 55.4 million, was supported by strong investment return 2
Slide 3: April–June 2026
April–June 2026 • Capital-light profit before taxes up by 32% y/y to EUR 27.1 million • Fee result up by 21% y/y to EUR 22.4 million – Client AuM increased by 16% y/y to EUR 16.7 billion – Net flow flat y/y at EUR 164 million – Cost/income ratio remained stable q/q at 49% • Net finance result up to
Slide 4: Financial performance
INVESTOR PRESENTATION Financial performance 4
Slide 5: Overview of the results
Overview of the results EURm 4–6/2026 4–6/2025 Change 1–6/2026 1–6/2025 Change 1–12/2025 Fee result 22.4 18.5 21% 42.9 37.3 15% 80.9 Net finance result1 55.4 21.6 n.m. 8.6 73.4 -88% 131.6 Result related to risk policies 5.1 2.0 n.m. 11.4 4.3 n.m. 10.9 Other result -3.8 -8.0 53% -9.7 -18.9 49% -41.4
Slide 6: Fee result increased by 21% y/y
Fee result increased by 21% y/y Profit before taxes (EURm) Fee result (EURm) Net finance result (EURm) 79.1 22.4 55.4 18.5 34.2 21.6 Q2/2025 Q2/2026 Q2/2025 Q2/2026 Q2/2025 Q2/2026 • Strong growth in PBT supported by net • Fee result up 21% driven by 16% AuM • Investment return at a high level, fina
Slide 7: Result by segments
Result by segments 4–6/2026 4–6/2025 EURm Asset and Capital- Capital- Group, Group, wealth Corporate Retail light, With-profit Other3 light, total total management total total Fee result 9.6 8.3 4.5 22.3 - 0.0 22.4 18.5 18.5 Insurance service result - 5.7 2.6 8.3 - - 8.3 7.1 7.1 Fee result from inve
Slide 8: Capital-light segments
INVESTOR PRESENTATION Capital-light segments 8
Slide 9: Capital-light growth +32% y/y
Capital-light growth +32% y/y Capital-light profit before taxes by business area (EURm)1,2 Comments Asset & wealth management Corporate Retail TTM (right axis) Asset and wealth management • Sales to international clients were strong, particularly in Sweden. 40.0 120 Client base expansion progressed,
Slide 10: Record-high client AuM at EUR 16.7 billion
Record-high client AuM at EUR 16.7 billion Net flow (EURm) Client assets under management (EURbn) Net flow (QTD) Net flow (TTM) TTM Net flow % of BoP AuM Asset & wealth management Corporate Retail (right axis) 16.7 1,200 12% 14.9 15.3 15.4 14.0 14.0 14.4 983 993 974 13.3 4.0 925 10% 12.5 13.0 3.6 1,
Slide 11: Client AuM grew in all business areas
Client AuM grew in all business areas Client assets under management (EURbn) Net flow (EURm) Asset & wealth management Corporate Retail Growth y/y 8 0.5% 1–6/2026 Retail 16.7 Retail 16% 1–6/2025 13 0.7% 14.4 4.0 3.5 15% Corporate 3.2 129 8.9% 1–6/2026 2.8 Corporate 1–6/2025 168 13.0% 18% 9.4 8
Slide 12: Solid growth in international client AuM at 19% y/y
Solid growth in international client AuM at 19% y/y Client AuM by client segment (EURm) Client AuM by product (EURm) Comments Private wealth management Growth Credit Equity Growth • 15% AuM growth y/y in the A&WM Institutions, International y/y Alternative Allocation products y/y business area drive
Slide 13: Cost/income ratio stable q/q at 49%
Cost/income ratio stable q/q at 49% Client AuM cost/income ratio1 Fee margin1 70% 1.5% 1.17% 1.14% 1.13% 1.13% 1.12% 1.12% 60% 55% 53% 1.0% 50% 49% 49% 49% 50% 0.5% 40% 30% 0.0% Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026 • Improved operational lev
Slide 14: With-profit segment
INVESTOR PRESENTATION With-profit segment 14
Slide 15: With-profit net finance result driven by strong investment return
With-profit net finance result driven by strong investment return Investment return (EURm) Unwinding & discounting of liabilities (EURm) With-profit net finance result (EURm) Investment 53 +1.3% return1 (%) +2.5% 83 46 -31 9 -38 Q2/2025 Q2/2026 Q2/2025 Q2/2026 Q2/2025 Q2/2026 • Quarterly investment
Slide 16: With-profit IFRS liabilities decreased by 4% YTD
With-profit IFRS liabilities decreased by 4% YTD IFRS 17 discount curve (%) With-profit IFRS liabilities (EURm) Old IFRS curve 31.12.2025 IFRS curve 31.3.2026 IFRS curve 30.6.2026 Original portfolio Segregated portfolio 4.5% 2,256 4.0% 2,042 1,958 3.5% 600 1,830 553 1,668 3.0% 534 1,518 487 1,387 44
Slide 17: With-profit investment portfolio by asset class
With-profit investment portfolio by asset class Original portfolio Segregated portfolio 5% 3% 2% 11% 3% 2% Fixed income Listed equity Fixed income EUR EUR Real estate Real estate 2,594m 615m Private equity Other Private credit 79% 95% • De-risking progressed further – weight of fixed-income assets u
Slide 18: IFRS Liability and asset sensitivity (original portfolio)
IFRS Liability and asset sensitivity (original portfolio) Assets and liabilities are managed by alignment of assets and active management actions Sensitivity by maturity buckets, rates down 100bps Comments Hedging ratio • With-profit business area’s (original 104 % portfolio) fixed-income asset inve
Slide 19: Solvency and capital generation
INVESTOR PRESENTATION Solvency and capital generation 19
Slide 20: Solvency ratio clearly above target
Solvency ratio clearly above target Quarterly solvency position1 Solvency II ratio sensitivity 150% 200% 250% Own funds (EURm) SCR (EURm) Solvency II ratio incl. TM (%) Solvency II ratio excl. TM (%) Base 222% 4,000 250% 222% 226% 226% 222% 210% Listed & private 3,500 235% equity -20% 184% 200% 3,00
Slide 21: Own funds supported by net finance result
Own funds supported by net finance result Breakdown of own funds (EURm) Comments • Own funds increased by EUR 101 million 299 0 1,937 577 189 1,705 during Q2, prior assumed dividend accrual -179 -131 -101 1,050 • Solvency capital requirement (SCR) increased during Q2. Main drivers were increased cli
Slide 22: Organic capital generation driven by own funds increase
Organic capital generation driven by own funds increase Components of organic capital generation (EURm), 1–6/2026 Segmental contribution of organic capital generation (EURm), 1–6/2026 10 140 66 140 130 0 At 200% Solvency II ratio for with-profit and 150% for 74 capital-light Own funds SCR reduction
Slide 23: Key drivers of capital generation
Key drivers of capital generation Organic capital generation, 1–6/2026 Key drivers Organic capital generation • Own funds: Stable growth of fee result 20% 210% 13% combined with good net finance result 184% -7% had positive impact on own funds • SCR: Predictable, continuous run-off of Solvency II wi
Slide 24: Outlook
INVESTOR PRESENTATION Outlook 24
Slide 25: Outlook for 2026 (unchanged)
Outlook for 2026 (unchanged) • The fee result is expected to increase from year 2025. • The with-profit portfolio is expected to decrease further. Factors affecting Mandatum’s financial performance • The fee result for year 2026 is dependent on several factors, such as client behaviour and client as
Slide 26: Acquisition of Cliens
INVESTOR PRESENTATION Acquisition of Cliens 26
Slide 27: Mandatum acquires Swedish asset manager Cliens
13 Aug 2026: Mandatum acquires Swedish asset manager Cliens STRATEGIC RATIONALE • Supports Mandatum’s Nordic expansion • Strengthens Mandatum’s footprint in the Swedish asset management market • Well-established, partner-owned Swedish asset • Enhances Mandatum’s product offering through complementar
Slide 28: Appendix
INVESTOR PRESENTATION Appendix 28
Slide 29: Result by segments YTD
Result by segments YTD 1–6/2026 1–6/2025 EURm Asset and Capital- Capital- Group, Group, wealth Corporate Retail light, With-profit Other3 light, total total management total total Fee result 19.3 15.5 8.1 42.9 - - 42.9 37.3 37.3 Insurance service result - 11.4 4.8 16.2 - - 16.2 14.3 14.3 Fee result
Slide 30: Policy savings down 6% YTD
Policy savings1 (original portfolio) down 6% YTD With-profit policy savings (EURm) Comments Rate 4.5% Rate 3.5% Rate 2.5% or lower • With-profit portfolios decreased in line with expectations • Policy savings with highest 2,583 (3.5% and 4.5%) guarantees down 2,294 by EUR 67 million YTD 422 2,105 •
Slide 31: CSM development
CSM development CSM1 development, 1–6/2026 (EURm) CSM1 sensitivity, 6/2026 (EURm) 31 Expenses +10% 514 8 1 523 -35 -5 -26 Credit spreads +50bps 6 Equity markets +20% 68 31 Dec New Accreted Experience Assumption CSM 30 Jun 2025 business CSM interest variance changes release 2026 Equity markets -20% -
Slide 32: Investor contacts
Investor contacts: Lotta Borgström VP, Investor Relations Tel. +358 50 022 1027 lotta.borgstrom@mandatum.fi MANDATUM Bulevardi 56 00120 Helsinki mandatum.fi