Slide 1: Evli Europe
EVLI EUROPE 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 European equities?
8 WHY INVEST IN EUROPEAN EQUITIES? Evli Europe CONFIDENTIAL
Slide 9: Evli Europe – key figures
9 Evli Europe – key figures FUND SIZE, EUR MILLION CURRENT STRATEGY LAUNCHED 30.9.2026 Past returns are no guarantee of future returns. 351.9 31.3.2010 – Evli Europe is an equity fund that invests its assets primarily in European equities NUMBER OF HOLDINGS ACTIVE SHARE % – The fund has a 16-year hi
Slide 10: Investment philosophy and process
10 INVESTMENT PHILOSOPHY AND PROCESS Evli Europe 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 European 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 Europe 1. Time 5. Debt coverage – Disciplined and re
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 Europe. Sector and country Active weights are a result of stock selection. Company positions
Slide 14: Workflow
14 Workflow SCREENING RESEARCH PORTFOLIO ~ 7,000 75-125 Equal weights companies companies Investment universe: Share liquidity analysis Construction and risk control: – European companies Cash flow analysis: – Adequate diversification with a minimum of 20 holdings Stock screen: – Stability – Stock p
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 Europe in a nutshell
18 Evli Europe in a nutshell Type of Fund Equity fund investing in Europe (UCITS) Benchmark MSCI Europe TR Net (EUR), starting from 1.2.2012 Fund Units Both distribution (A) and growth units (B), institutional share class available (IB) Bloomberg/Reuters/ B-units: EVLEGRB FH / LP60080980/ FI00088020
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 Europe 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: Valuation – European research list
24 Valuation – European research list European Research List 14 13 12 Free Cash Flow Yield 11 10 9 8 7 6 5 4 3 Research list - quarterly median Research list - period average MSCI Europe ex Financials Our fundamental screen evaluates past ability Our fundamental to generate screen cash evaluates ove
Slide 25: Track record and portfolio composition
25 TRACK RECORD AND PORTFOLIO COMPOSITION Evli Europe CONFIDENTIAL
Slide 26: Net of fee returns - Since current strategy launch
26 Net of fee returns - Since current strategy launch Portfolio Benchmark Difference 1 Year 23.51% 16.49% 7.01% 3 Years 37.38% 51.28% -13.90% 5 Years 33.14% 60.45% -27.31% 10 Years 92.67% 137.71% -45.04% Since current 319.75% 266.23% 53.52% strategy launch Since current strategy launch, 9.08% 8.18%
Slide 27: Annual returns, after fees
27 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 9.88% -22.25% 31.97% 3.36% 27.14% -16.77% 13.96% -0.52% 10.94% 17.83% Benchmark 10.24% -10.57% 26.05% -3.02% 24.97% -8.49% 14.36% 8.00% 20.13% 9.55%
Slide 28: Net of fee returns - YTD
28 Net of fee returns - YTD Portfolio Benchmark Difference YTD 17.83% 9.55% 8.28% Portfolio Benchmark Difference Volatility 13.84% 12.90% 0.94% Sharpe 1.17 0.62 0.56 Tracking Error 10.40% - - Information Ratio 0.80 - - Beta 0.75 - - CONFIDENTIAL
Slide 29: Net of fee returns - 10 Years
29 Net of fee returns - 10 Years Portfolio Benchmark Difference 1 Year 23.51% 16.49% 7.01% 3 Years 37.38% 51.28% -13.90% 5 Years 33.14% 60.45% -27.31% 10 Years 92.67% 137.71% -45.04% 10 Years, 6.78% 9.04% -2.26% annualized return Portfolio Benchmark Difference Volatility 18.14% 15.55% 2.60% Sharpe 0
Slide 30: European stock markets YTD (EUR) - by sector
30 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 -40 -20 0 2
Slide 31: Attribution by sector YTD
31 Attribution by sector YTD ATTRIBUTION EFFECTS AVERAGE WEIGHTS Total Allocation Selection Currency Industrials Portfolio weight Health Care Energy Active weight Consumer Discretionary Consumer Staples Information Technology Real Estate Communication Services Utilities Financials Materials Other an
Slide 32: European stock markets YTD (EUR) - by country
32 European stock markets YTD (EUR) Past returns are no guarantee of future returns. RETURNS BY COUNTRY (%) Index Fund Netherlands Austria Norway Portugal Fund Finland Spain Ireland Italy Belgium United Kingdom Index Sweden Switzerland Germany France Denmark -20 0 20 40 60 80 100 Index data is deriv
Slide 33: Attribution by country YTD
33 Attribution by country YTD ATTRIBUTION EFFECTS AVERAGE WEIGHTS Total Allocation Selection Currency Norway Portfolio weight United Kingdom Switzerland Active weight France Italy Finland Germany Ireland Portugal Austria Sweden Belgium Spain Denmark Netherlands Other and Cash Excess return (GoF) Fee
Slide 34: Top/Bottom attributors YTD
34 Top/Bottom attributors YTD Past returns are no guarantee of future returns. TOP ATTRIBUTORS TOP ATTRIBUTORS % Port % Active Return, % Attrib., % Wallenius Wilhelmsen Asa 2.67 2.67 112.06 1.95 Computacenter Plc 2.68 2.68 88.41 1.79 Aker Solutions Asa 2.36 2.36 67.34 1.31 Tecan Group Ag-Reg 1.16 1.
Slide 35: Portfolio structure 30.09.2026
35 Portfolio structure 30.09.2026 Evli Europe B CONFIDENTIAL
Slide 36: Top holdings 30.09.2026
36 Top holdings 30.09.2026 10 LARGEST INVESTMENTS % Computacenter PLC 2.91% Keller Group PLC 2.86% QT GROUP OYJ 2.80% Tecan Group AG 2.73% Edenred 2.69% Bytes Technology Group PLC 2.61% Wallenius Wilhelmsen ASA 2.51% Alten SA 2.51% Teleperformance 2.33% Costain Group PLC 2.33% Evli Europe B CONFIDEN
Slide 37: Companies 30.09.2026 (51 stocks)
37 Companies 30.09.2026 (51 stocks) Communication Consumer Consumer Health Information MSCI Active Energy Financials Industrials Materials Utilities Other Portfolio Services Discretionary Staples Care Technology Europe Weight Belgium Bekaert 1.6% 1.7% -0.2% Qt Group Finland Elisa 5.7% 1.9% 3.8% Tiet
Slide 38: Portfolio changes YTD
38 Portfolio changes YTD SECTOR COUNTRY Industrials United Kingdom France Information Technology Italy Communication Services Sweden Consumer Discretionary Netherlands Norway Health Care Finland Energy Denmark Consumer Staples Switzerland Belgium Materials Portugal Financials Austria Utilities Spain
Slide 39: Portfolio changes YTD
39 Portfolio changes YTD SIZE NUMBER OF POSITIONS < 2 bn EUR 49 At Beginning of Period 23 Sold 2 - 5 bn EUR 26 Held > 5 bn EUR 25 Bought Other and Cash 51 At End of Period -75% -50% -25% 0% 25% 50% 75% 0 20 40 60 Weight at end of period Weight at beginning of period Active weight at end of period Ac
Slide 40: Portfolio changes YTD
40 Portfolio changes YTD BOUGHT (25) SOLD (23) Arcadis (NL, Industrials) Amrize (CH, Materials) Autotrader Group (GB, Communication Services) ANDRITZ (AT, Industrials) Balfour Beatty (GB, Industrials) B&M European Value Retail (GB, Consumer Discretionary) Bekaert (BE, Materials) Betsson (SE, Consume
Slide 41: Holdings-based style map
41 Holdings-based style map CONFIDENTIAL
Slide 42: Peer analysis – 5 years
42 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 Europe B 33,14 1,05 1,04 1,03 101,83 107,46 -27,34 The upper quartile 49,15 1,04 1,05 1,08 107,97 107,81 -19,61 Median 32,50 0,99 0
Slide 43: ESG Metrics 30.06.2026
43 EVLI EUROPE ESG Metrics 30.06.2026 Responsibility score AA Carbon footprint 124 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 44: Ambition
44 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 45: Responsible investing with 20 years of experience
45 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 46: Four pillars of responsible investing at Evli
46 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 47: Monitoring, engagement and active ownership
47 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 48: Exclusions in practice in all Evli funds
48 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 49: Evli's Climate and Nature Principles
49 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 50: Evli's climate targets
50 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 51: Important information
51 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 52: Disclaimer statement
52 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 53: Disclaimer statement
53 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 54: Evli contact details and social media
Twitter - Evli Twitter - Evli Twitter - Evli Facebook - Evli Facebook - Evli LinkedIn - Evli LinkedIn - Evli Instagram Evli Oyj Instagram Evli Oyj Instagram Evli Oyj evli.com evli.com evli.com Evli Plc | Aleksanterinkatu 19 | P.O. Box 1081 | FI-00101 Helsinki, Finland | Tel. +358 (0)9 476 690 | evli