Slide 1: Q2 2025 Investor presentation
Q2 2025 Investor presentation Mandatum Group
Slide 2: April–June 2025
April–June 2025 Fee result up by 26% y/y to EUR 18.5 million − Client AuM increased by 11% y/y to EUR 14.4 billion − Net flow EUR 164 million, down by 29% y/y − Improved cost-efficiency – C/I ratio down by 11 p.p. to 53% Net finance result down to EUR 21.6 million − Quarterly investment return 1
Slide 3: Vision, Strategic priorities and Financial targets 2025–2028
Vision THE FASTEST GROWING NORDIC ASSET AND WEALTH MANAGER WITH OPTIMISED GROWTH IN FINNISH LIFE AND PENSION Strategic priorities 2025–2028 EXPAND ACCELERATE LEVERAGE FOCUS ON THE NORDIC THE GROWTH OF THE LEADING OPERATIONAL FOOTHOLD IN ASSET FINNISH WEALTH CORPORATE MARKET EFFICIENCY MANAGEMENT MAN
Slide 4: Financial performance
Financial performance
Slide 5: Overview of the 4–6/2025 results
Overview of the 4–6/2025 results RESULTS EURm 4–6/2025 4–6/2024 Change, % 1–6/2025 1–6/2024 Change, % 1–12/2024 Fee result 18.5 14.7 26% 37.3 29.9 25% 66.6 Net finance result 21.6 55.1 -61% 73.4 85.0 -14% 135.6 Result related to risk policies 2.0 11.9 -83% 4.3 14.1 -69% 25.4 Other result -8.0 -5.9 -
Slide 6: Continued growth in fee result
Continued growth in fee result PROFIT BEFORE TAXES (EURm) FEE RESULT (EURm) NET FINANCE RESULT (EURm) 75.8 18.5 55.1 14.7 34.2 21.6 Q2/2024 Q2/2025 Q2/2024 Q2/2025 Q2/2024 Q2/2025 PBT down 55% mainly due to weaker Fee result up 26% driven by Investment return on original portfolio at net finan
Slide 7: Result by segments
Result by segments RESULTS 4–6/2025 Capital-light Total EURm I&WM3 Corporate Retail Capital-light With-profit Other Total 4–6/2024 4–6/2024 Fee result 8.0 7.1 3.4 18.5 - - 18.5 14.7 14.7 Insurance service result - 4.7 2.4 7.1 - - 7.1 7.4 7.4 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 34 20 0 -20 -21 -22 -40 Q1/2022 Q2/2022 Q3/2022 Q4/2022 Q1/2023 Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 EURm 1–3/22 4–6/22 7–9/22 10–12/22 1–3/23 4–6/23 7–9/23 10–12
Slide 9: Capital-light segments
Capital-light segments
Slide 10: Good underlying growth in capital-light PBT
Good underlying growth in capital-light PBT CAPITAL-LIGHT PROFIT BEFORE TAXES CAPITAL-LIGHT PROFIT BEFORE TAXES BY RESULT ITEM (EURm)1 BY BUSINESS AREA (EURm)1 Fee result Result related to risk policies Other result TTM (right axis) I&WM Corporate Retail TTM (right axis) 40 100 40 100 80 80 30 25 25
Slide 11: Continued growth in client assets under management
Continued growth in client assets under management 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 14.4 14.0 983 993 13.0 13.3 1,000 925 10% 12.5 11.9 3.5 11.2 11.2 3.5 3.4 802 10.8 3.5
Slide 12: Corporate client AuM up 11% y/y
Client AuM up 11% y/y, net flow reached EUR 164 million CLIENT ASSETS UNDER MANAGEMENT (EURbn) NET FLOW (EURm) Institutional & WM Corporate Retail 1–6/2025 13 0.7% Retail 14.4 Growth 13.0 y/y 1–6/2024 11 0.7% 3.5 1% 3.5 1–6/2025 168 13.0% Corporate 2.8 12% 2.5 1–6/2024 68 6.0% 8.1 1–6/2025 239 6.1%
Slide 13: Continued growth in Institutional and wealth management
Continued growth in Institutional and wealth management AUM BY CLIENT SEGMENT (EURm) AUM BY PRODUCT (EURm) COMMENTS Private wealth management Credit Equity Institution International Alternative Allocation products 16% AuM growth y/y in the I&WM Institution Finland External products business area d
Slide 14: Cost/income ratio down by 11 p.p.
Cost/income ratio down by 11 p.p. CLIENT AUM C/I RATIO (%)1 FEE MARGIN (%)1 COST/INCOME RATIO 70% 1.6% Improved operational leverage 64% 63% 12 months C/I-ratio down by 11 p.p. 1.4% 60% 58% 55% 1.20% 1.20% 1.19% 1.17% 53% 1.2% 1.14% FEE MARGIN 50% 1.0% Fee margin down to 1.14% due to mix effec
Slide 15: With-profit segment
With-profit segment
Slide 16: With-profit net finance result negatively impacted by lower long rates
With-profit net finance result negatively impacted by lower long rates COST OF LIABILITIES I.E. WITH-PROFIT NET FINANCE INVESTMENT RETURN (EURm)1 UNWINDING & DISCOUNT (EURm) RESULT (EURm) Investment 0.7% 1.3% return (%) 46 14 42 + = 28 9 -38 Q2/2024 Q2/2025 Q2/2024 Q2/2025 Q2/2024 Q2/2025 Quarterl
Slide 17: With-profit IFRS liabilities decreased by 5% YTD
With-profit IFRS liabilities decreased by 5% YTD IFRS 17 DISCOUNT CURVE WITH-PROFIT IFRS LIABILITES (EURm) The movement in discount curve increased with-profit liabilities by EUR 25 million in Q2 Actual Forecast Unwinding rate 2.4% for year 2025 and full-year 2,256 unwinding cost EUR 37 million
Slide 18: With-profit investment portfolio by asset class
With-profit investment portfolio by asset class ORIGINAL PORTFOLIO, SEGREGATED PORTFOLIO, EUR 2,964m EUR 649m Original portfolio Fixed income asset weight increased to 78 (76)% 3% 2% Listed equities weight down to 4 (5)% 6% Fixed income asset mark-to-market yield 9% 4.3% (4.7% in Q1 2025) 3% 4
Slide 19: 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 125% 152% 102% 26% 0% 97% Interest rate risk related to first eight ratio years of l
Slide 20: Solvency and capital generation
Solvency and capital generation
Slide 21: Solvency position remained at a strong level
Solvency position remained at a strong level QUARTERLY SOLVENCY POSITION (EURm)1 SOLVENCY II RATIO SENSITIVITY Base 222% Own funds SCR Solvency II ratio 3,500 260% Listed & private 237% equities (20%) 253% 233% 240% 3,000 222% 210% 212% 209% 220% Interest 2,500 2,323 rates (100)bps 210% 2,256 193% 2
Slide 22: Underlying market risk exposure decreased
Underlying market risk exposure decreased BREAKDOWN OF OWN FUNDS (EURm) Solvency II ratio COMMENTS 193% 299 0 2,137 Own funds increased by EUR 90 million during H1, 96 542 -155 1,856 prior assumed dividend accrual, of which EUR 55 -149 -126 million occurred during Q2 1,350 Underlying market risk
Slide 23: Organic capital generation increased driven by asset de-risking
Organic capital generation increased driven by asset de-risking COMPONENTS OF ORGANIC CAPITAL GENERATION, SEGMENTAL CONTRIBUTION, 1–6/2025 (EURm) 1–6/2025 (EURm) 34 173 52 173 37 121 102 At 200% Solvency II ratio for with-profit and 150% for capital-light Own funds SCR reduction Capital release Orga
Slide 24: Key drivers of capital generation (1–6/2025)
Key drivers of capital generation (1–6/2025) KEY DRIVERS Organic capital generation Own funds: Stable growth of fee 19% result and solid net finance result on 210% 209% -10% -11% SII basis SCR: Predictable, continuous run-off of with-profit liabilities Solvency II ratio Capital management Own
Slide 25: Outlook
Outlook
Slide 26: 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 27: Appendix
Appendix Supporting materials
Slide 28: Sustainability highlights Q2 2025
Sustainability highlights Q2 2025 NEW INTERIM CLIMATE TARGETS IN PURSUIT OF MARKET LEADING ESG-RATINGS NET ZERO EMISSIONS ESG rater Mandatum’s ESG rating Carbon intensity* of Greenhouse gas direct listed equities and emissions** corporate bonds of own operations 13.5 -75% -42% by 2030, compared to b
Slide 29: Result by segments
Result by segments RESULTS 1–6/2025 Capital-light Total EURm I&WM3 Corporate Retail Capital-light With-profit Other Total 1–6/2024 1–6/2024 Fee result 16.3 13.8 7.2 37.3 - - 37.3 29.9 29.9 Insurance service result - 9.6 4.6 14.3 - - 14.3 14.6 14.6 Fee result from investment and asset management serv
Slide 30: Policy savings (original portfolio) down 8% y/y
Policy savings1 (original portfolio) down 8% y/y WITH-PROFIT POLICY SAVINGS (EURm) COMMENTS Rate 4.5% Rate 3.5% Rate 2.5% or lower With-profit portfolios decreased 3,000 in line with expectations 2,583 Policy savings with highest (3.5% 2,500 2,294 and 4.5%) guarantees down YTD by 422 2,105 EUR 6
Slide 31: CSM development 1–6/2025
CSM development 1–6/2025 CSM 1 DEVELOPMENT, 1–6/2025 (EURm) CSM 1 SENSITIVITY, 6/2025 (EURm) 8 0 499 4 1 492 Discount rate (100)bps -16 -20 Discount rate +100bps 20 Equity markets (20)% -56 12/2024 New Accreted Experience Assumption CSM 6/2025 Equity markets +20% 56 business CSM interest variance ch
Slide 32: 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