Slide 1: Good start to the year in an uncertain environment
Good start to the year in an uncertain environment Q1 2025 Investor presentation
Slide 2: January–March 2025
January–March 2025 ▪ Fee result up by 23% y/y to EUR 18.8 million − Client AuM increased by 12% y/y to EUR 14.0 billion − Net flow EUR 256 million, up by 4% y/y − Improved cost-efficiency – C/I ratio down by 10 p.p. to 55% ▪ Net finance result up by 73% y/y to EUR 51.8 million − Quarterly investment
Slide 3: Mandatum’s financial targets
Mandatum’s financial targets TARGET 1–3/2025 (1–3/2024) Annual net flows Net flow EUR 256 (246) million, (medium-term) 7 (8)% of Client AuM 5% of AuM2 Focus on strong and profitable growth of capital-light offering1 Disciplined Fee margin 1.2 (1.2)%3 Pricing and fee margin Improving Cost/income rati
Slide 4: Financial performance
Financial performance
Slide 5: Overview of the 1–3/2025 results
Overview of the 1–3/2025 results RESULTS EURm 1–3/2025 1–3/2024 Change, % 1–12/2024 Fee result 18.8 15.2 23% 66.6 Net finance result 51.8 29.9 73% 135.6 Result related to risk policies 2.3 2.2 5% 25.4 Other result -10.9 -0.5 n.m. -24.7 Total profit before taxes 62.0 46.9 32% 202.9 Capital-light prof
Slide 6: Continued growth in fee result
Continued growth in fee result PROFIT BEFORE TAXES (EURm) FEE RESULT (EURm) NET FINANCE RESULT (EURm) 18.8 62.0 51.8 15.2 46.9 29.9 1-3/2024 1-3/2025 1-3/2024 1-3/2025 1-3/2024 1-3/2025 ▪ Q1 PBT up 32% to EUR 62.0 million ▪ Q1 fee result up 23% driven by ▪ Q1 investment return on original portfolio
Slide 7: Result by segments
Result by segments RESULTS 1–3/2025 Capital-light Total EURm I&WM3 Corporate Retail Capital-light With-profit Other Total 1–3/2024 1–3/2024 Fee result 8.3 6.7 3.8 18.8 - - 18.8 15.2 15.2 Insurance service result - 4.9 2.3 7.2 - - 7.2 7.2 7.2 Fee result from investment and asset management services 8
Slide 8: Quarterly results since Q1/22
Quarterly results since Q1/22 PROFIT BEFORE TAXES (EURm) 100 84 80 76 63 62 60 56 48 46 47 45 40 32 35 20 0 -20 -21 -22 -40 1-3/2022 4-6/2022 7-9/2022 10-12/2022 1-3/2023 4-6/2023 7-9/2023 10-12/2023 1-3/2024 4-6/2024 7-9/2024 10-12/2024 1-3/2025 EURm 1–3/22 4–6/22 7–9/22 10–12/22 1–3/23 4–6/23 7–9/
Slide 9: Capital-light segments
Capital-light segments
Slide 10: Q1 net flow EUR 256m, up 4% y/y
Q1 net flow EUR 256m, up 4% y/y NET FLOW (EURm) CLIENT ASSETS UNDER MANAGEMENT (EURbn) Net Flow (QTD) Net Flow (TTM) TTM Net Flow % of BoP AuM Institutional & WM Corporate Retail 1,200 12% 14.0 14.0 983 993 13.0 13.3 1,000 10% 12.5 11.9 11.2 11.2 3.5 3.4 802 10.8 3.5 784 10.3 3.5 800 743 754 8% 3.4
Slide 11: Client AuM up 12% y/y, net flow by segment
Client AuM up 12% y/y, net flow reached EUR 256 million CLIENT ASSETS UNDER MANAGEMENT (EURbn) NET FLOW DEVELOPMENT (EURm) Institutional & WM Corporate Retail 1–3/2025 9 1.0% Retail 14.0 Growth y/y 1–3/2024 2 0.3% 12.5 3.4 1% 3.4 Corporate 1–3/2025 122 18.9% 2.7 11% 2.4 1–3/2024 32 5.6% 8.0 1–3/2025
Slide 12: Steady growth in Institutional and wealth management continued
Steady growth in Institutional and wealth management continued AUM BY CLIENT SEGMENT (EURm) AUM BY PRODUCT (EURm) COMMENTS Private wealth management Ultra-high-net-worth Credit Equity Alternative Allocation products ▪ 18% AuM growth y/y in the I&WM Institution International Institution Finland Exter
Slide 13: Fee income up 10% y/y – Cost/income ratio down by 10 p.p.
Fee income up 10% y/y – Cost/income ratio down by 10 p.p. FEE INCOME (EURm) 1 FEE INCOME MARGIN (%)2 FEE MARGIN UNCHANGED 40.4 36.6 1.2 % 1.2 % ▪ Fee income increased by 10% due to EUR 1.9 billion higher average AuM2 ▪ Fee margin unchanged at 1.2% 1-3/2024 1-3/2025 31 Mar 2024 31 Mar 2025 DECREASING
Slide 14: With-profit segment
ae By With-profit segment
Slide 15: With-profit segment: Net finance result
With-profit segment: Net finance result COST OF LIABILITIES I.E. WITH-PROFIT NET FINANCE INVESTMENT RETURN (EURm) 1 UNWINDING & DISCOUNT (EURm) RESULT (EURm) Investment 0.9% 0.8% return (%) 37 12 37 31 25 + = -6 1-3/2024 1-3/2025 1-3/2024 1-3/2025 1-3/2024 1-3/2025 ▪ Quarterly investment return +0.8
Slide 16: With-profit IFRS liabilities decreased by 4% q/q
With-profit IFRS liabilities decreased by 4% q/q IFRS 17 DISCOUNT CURVE WITH-PROFIT IFRS LIABILITES (EURm) ▪ The movement in discount curve decreased with-profit liabilities by EUR 25 million in Q1 Actual Forecast ▪ Unwinding rate 2.4% for year 2025 and full-year unwinding cost EUR 37 million in the
Slide 17: With-profit investment portfolio by asset class
With-profit investment portfolio by asset class ORIGINAL PORTFOLIO, SEGREGATED PORTFOLIO, EUR 2,972m EUR 654m Original Portfolio ▪ Underlying asset allocation largely unchanged while de-risking continued 3% 2% − Sale of listed equities EUR 46 million 6% ▪ Fixed income asset mark-to-market yield 10%
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 133% 134% 81% 30% 0% 88% ▪ Interest rate risk related to first eight ratio years of li
Slide 19: Solvency and capital generation
Solvency and capital generation
Slide 20: Solvency ratio remained strong
Solvency ratio remained strong QUARTERLY SOLVENCY POSITION (EURm) 1 SOLVENCY II RATIO SENSITIVITY Base 212% Own funds SCR Solvency II ratio 3,500 260% Listed & private 237% 241% equities (20%) 233% 240% 3,000 221% 221% 220% Interest 210% 201% 2,500 2,323 207% rates (100)bps 2,200 2,256 2,140 2,048 2
Slide 21: Stable development on Solvency Capital Requirement continued
Stable development on Solvency Capital Requirement continued BREAKDOWN OF OWN FUNDS (EURm) Solvency II ratio COMMENTS 207% ▪ Proposed dividend EUR 0.66 per share were fully 299 taken into account in the own funds already in Q4 525 73 2,082 2,041 2024. -135 -332 -41 1,652 ▪ Own funds increased by EUR
Slide 22: Organic capital generation exceeded the net profit
Organic capital generation exceeded the net profit COMPONENTS OF ORGANIC CAPITAL GENERATION, SEGMENTAL CONTRIBUTION, 1–3/2025 (EURm) 1–3/2025 (EURm) 21 88 16 88 72 26 At 200% Solvency II ratio 41 for with-profit and 150% for capital-light Own funds generations SCR reduction Capital release Organic c
Slide 23: Key drivers of capital generation (1–3/2025)
Key drivers of capital generation (1–3/2025) KEY DRIVERS Organic capital generation ▪ Own funds: Stable growth of fee 10% 210% 207% result and solid net finance result -4% -9% ▪ SCR: Predictable, continuous run-off of with-profit liabilities. Solvency II ratio Management actions ▪ Own funds: Propose
Slide 24: Outlook
Outlook
Slide 25: Outlook for year 2025 (unchanged)
Outlook for year 2025 (unchanged) ▪ The fee result is expected to increase from year 2024. While Mandatum has been able to maintain disciplined pricing and stable fee margins within capital- light customer segments during years 2022, 2023 and 2024, the fee result for year 2025 is dependent on severa
Slide 26: Appendix
Appendix Supporting materials
Slide 27: Market leading ESG-ratings
Market leading ESG-ratings ESG rater Mandatum’s ESG rating MSCI Disclamer statement available at www.mandatum.fi/en/group/investors/quarterly-reporting-and-presentations/latest-updates-for-investors/ 27
Slide 28: Development of policy savings (original portfolio)
Development of policy savings1 (original portfolio) WITH-PROFIT POLICY SAVINGS, 2019–Q1/2025 (EURm) COMMENTS Rate 4.5% Rate 3.5% Rate 2.5% or lower ▪ With-profit portfolios decreased in 3,000 line with expectations 2,583 ▪ Policy savings with highest (3.5% 2,500 and 4.5%) guarantees down YTD by 2,29
Slide 29: CSM development 1–3/2025
CSM development 1–3/2025 CSM 1 DEVELOPMENT, 1–3/2025 (EURm) CSM 1 SENSITIVITY, 3/2025 (EURm) 2 0 Discount rate (100)bps -16 499 0 - 17 474 - 10 Discount rate +100bps 21 Equity markets (20)% -54 Equity markets +20% 54 New business Experience CSM release 12/2024 CSM Accreted interest variance Assumpti
Slide 30: Investor contacts
Investor contacts: Lotta Borgström Vice President, Investor Relations Tel. +358 50 022 1027 lotta.borgstrom@mandatum.fi Mandatum Bulevardi 56, 00120 Helsinki www.mandatum.fi