Mandatum Oyj · OMXHEX:MANTA
Mandatum Oyj — Investor Presentation (November 2025)
41 slides from Mandatum Oyj's investor presentation, November 2025
Slide 1: Mandatum – A winning Asset & Wealth Manager with further expansion potential
Mandatum – A winning Asset & Wealth Manager with further expansion potential Investor presentation November 2025 – January 2026
Slide 2: Content
Content I. Mandatum at a glance II. Business model and strategy III. Business areas IV. Financial overview V. Q3 2025 financials VI. Mandatum as an investment Confidential 2
Slide 3: Mandatum at a glance: Value through expertise in wealth management and life insurance
Mandatum at a glance: Value through expertise in wealth management and life insurance MANDATUM IN BRIEF PRODUCTS AND SERVICES Private wealth management Mandatum is a major financial service provider offering services to corporate clients, and asset management private customers and institutional and
Slide 4: Over 150 years of experience
Over 150 years of experience NORDIC ASSET MANAGEMENT ASSET AND WEALTH MANAGEMENT IN FINLAND UNIT-LINKED INVESTMENT PRODUCTS OWN BALANCE SHEET INVESTING LIFE & PENSION 1874 1996 2008 2023 2025 Foundation of Sampo Life Ltd Asset and wealth Listing and life insurance established management established
Slide 5: Business model and strategy
Business model and strategy
Slide 6: Transformation towards capital-light business
Transformation towards capital-light business INSTITUTIONAL AND WEALTH MANAGEMENT Growth engine CORPORATE CLIENTS Capital-light The backbone of CAPITAL- PROFITABLE LIGHT business the customer base GROWTH RETAIL CLIENTS Effective partnership model With-profit business CAPITAL WITH-PROFIT RELEASE Eff
Slide 7: Growth from capital-light business – run-off of the with-profit book
Growth from capital-light business – run-off of the with-profit book FOCUS ON STRONG AND PROFITABLE MANAGING WITH-PROFIT PORTFOLIO FOR GROWTH OF CAPITAL-LIGHT OFFERING PROFITS AND CAPITAL RELEASE Capital-light With-profit Institutional & Corporate Retail wealth management Unit-linked liabilities (EU
Slide 8: All Mandatum's target markets are growing
All Mandatum’s target markets are growing Asset management Wealth management Corporate life & unit-linked market (EURbn) market (EURbn) pension market (EURm) AuM AuM GWP2 CAGR1 1,500 200 600 ~8% CAGR1 CAGR1 ~6% ~5% 1,000 400 100 500 200 0 0 0 2023 2024 2025E2026E2027E2028E 2023 2024 2025E 2026E 2027
Slide 9: Growth opportunities across all capital-light business areas
Growth opportunities across all capital-light business areas Profit before taxes growth and profitability ambition towards 2028 Mandatum is well positioned for growth Capital Operational Optimised growth Scalable growth High satisfaction among professional release efficiency and demanding customer
Slide 10: 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 11: Business areas
Business areas
Slide 12: Award-winning products and own distribution in wealth and asset management business driving growth
Award-winning products and own distribution in wealth and asset management business driving growth Mandatum has sticky and satisfied customer base benefitting from own direct distribution network Fastest AuM growth y/y in international Comprehensive product offering Credit and allocation products dr
Slide 13: Harvesting growth opportunities in the Nordic asset and wealth management market
Harvesting growth opportunities in the Nordic asset and wealth management market Mandatum’s market share less than 1% of the addressable market in the Nordics of >EUR 1,000bn International expansion progressing well Solid track record in Finland, Mandatum’s AuM (EURbn) Roots in Finland / 10 sales lo
Slide 14: Top ranked asset and wealth manager with strong investment expertise
Top ranked asset and wealth manager with strong investment expertise, proven track record and high customer satisfaction Award-winning products Excellent development of customer satisfaction MANDATUM NORDIC HIGH MANDATUM MANAGED YIELD TOTAL RETURN FUND FUTURES FUND 83 77 75 73 66 MANDATUM FIXED INCO
Slide 15: Example: Credit strategies have solid track records
Example: Credit strategies have solid track records Floating-rate as well as low and actively managed duration fixed-rate investments have performed well Returns from EUR gov. and corporate bonds, and Mandatum's credit products (31 Oct 2025) Total Return (Total return; 1/2022-10/2025; %; indexed) YT
Slide 16: Best European High Yield Fund
Best European High Yield Fund* Mandatum Nordic High Yield Total Return Fund * LSEG Lipper Fund Awards 2025, best bond Europe high yield fund over 3 years and 5 years.
Slide 17: Corporate business: Market leader in supplementary pensions and personnel funds
Corporate business: Market leader in supplementary pensions and personnel funds Insurance wrapper model supports customer retention and benefits the customer Cross-selling opportunities with wealth Widest product offering in the market Leading market position management PENSION PRODUCTS Unit-linked
Slide 18: Mandatum's With-profit portfolio is a profitable business
Mandatum’s With-profit portfolio is a profitable business With-profit portfolio1 fixed income MtoM Run-off portfolio since 2004 With-profit portfolio2 by asset class yield and avg guaranteed rate 7% 6% 9% 6% • Consists of guaranteed rate pension policies that have not been sold since 2000s 5% 3% 4%
Slide 19: Decreasing with-profit portfolio supporting capital release
Decreasing with-profit portfolio supporting capital release Policy savings (EURm) 5,000 -50% 4,000 3,000 -55% 2,000 1,000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032 E 2033E 2034E Original portfolio Segregated portfolio 19
Slide 20: Financial overview
Financial overview
Slide 21: Financial Targets 2025–2028
Financial Targets 2025–2028 SOLVENCY MARGIN >10% CAGR 160–180% RETURN ON EQUITY IN CAPITAL-LIGHT WITH CUMULATIVE ABOVE 20% PROFIT BEFORE TAXES SHAREHOLDER PAYOUTS EXCEEDING EUR 1 BILLION
Slide 22: Strong solvency position enables attractive capital distribution
Strong solvency position enables attractive capital distribution – reducing capital excess, lower solvency margin target Dividend (EURm) and solvency (%) 2020–2028* 350 280% > EUR 1 bn 300 260% 250 240% Solvency margin without transition measures 200 220% 160–180% (170–200%) with cumulative 150 200%
Slide 23: Net flow positive for over three consecutive years
Net flow positive for over three consecutive years Net flow (EURm) Client assets under management (EURbn) Net flow (QTD) Net flow (TTM) TTM Net flow % of BoP AuM Institutional & WM Corporate Retail (right axis) 14.9 14.0 14.4 1,200 12% 14.0 13.0 13.3 12.5 983 993 974 11.9 3.6 10% 11.2 11.2 3.4 3.5 1
Slide 24: Net flow higher and more stable than the peer group
Net flow higher and more stable than the peer group Sales-oriented culture coupled with quality products translates to consistent market share gains Annualised quarterly net flow vs. peers (% of AuM1) Q4/2024 Q1/2025 Q2/2025 Q3/2025 15% 10% 5% 0% -5% -10% -15% -20% Mandatum Peer 1 Peer 2 Peer 3 Peer
Slide 25: Q3 2025 financials
Q3 2025 financials
Slide 26: Overview of the 7–9/2025 results
Overview of the 7–9/2025 results EURm 7–9/2025 7–9/2024 Change, % 1–9/2025 1–9/2024 Change, % 1–12/2024 Fee result 21.7 18.1 20% 59.0 48.0 23% 66.6 Net finance result 39.4 26.9 47% 112.8 111.9 1% 135.6 Result related to risk policies 2.6 9.1 -71% 7.0 23.2 -70% 25.4 Other result -8.0 -9.0 11% -26.9 -
Slide 27: Fee result grew by 20% y/y
Fee result grew by 20% y/y Profit before taxes (EURm) Fee result (EURm) Net finance result (EURm) 55.7 21.7 39.4 18.1 45.2 26.9 Q3/2024 Q3/2025 Q3/2024 Q3/2025 Q3/2024 Q3/2025 • PBT up 23% mainly due to growth in fee • Fee result up 20% driven by steady 12% • Investment return on original portfolio
Slide 28: Good underlying growth in capital-light PBT
Good underlying growth in capital-light PBT Capital-light profit before taxes by business area (EURm)12 Comments Institutional & WM Corporate Retail TTM (right axis) Institutional & wealth management • The activity and business operations continued strong after 40.0 100 the market uncertainty at the
Slide 29: Client AuM up 12% y/y
Client AuM up 12% y/y, YTD net flow reached EUR 583 million Client assets under management (EURbn) Net flow (EURm) Institutional & WM Corporate Retail Growth y/y 9 0.3% 1–9/2025 Retail 14.9 Retail 12% 1–9/2024 9 0.4% 13.3 3.6 3.5 4% 164 8.5% Corporate 2.8 1–9/2025 Corporate 2.5 1–9/2024 70 4.1
Slide 30: Cost/income ratio down by 13 p.p. y/y
Cost/income ratio down by 13 p.p. y/y Client AuM cost/income ratio1 Fee margin1 70% 1.5% 63% 1.20% 1.19% 1.17% 1.14% 1.13% 60% 58% 55% 53% 1.0% 50% 50% 0.5% 40% 30% 0.0% Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 • Improved operational leverage 12 months C/I-ra
Slide 31: With-profit net finance result positively impacted by discount rates
With-profit net finance result positively impacted by discount rates Investment return (EURm)1 Cost of liabilities i.e. unwinding & With-profit net finance result (EURm) discounting (EURm) Investment +2.4% return (%) +0.9% 39 98 18 39 0 -81 Q3/2024 Q3/2025 Q3/2024 Q3/2025 Q3/2024 Q3/2025 • Quarterly
Slide 32: With-profit IFRS liabilities decreased by 9% YTD
With-profit IFRS liabilities decreased by 9% YTD IFRS 17 discount curve (%) With-profit IFRS liabilities (EURm) Dec 2024 Jun 2025 Sep 2025 Original portfolio Segregated portfolio 4.5% 2,256 4.0% 2,056 2,015 3.5% 600 1,830 565 1,668 533 3.0% 1,518 487 1,387 2.5% 444 1,263 405 1,158 369 2.0% 337 306 1
Slide 33: With-profit investment portfolio by asset class
With-profit investment portfolio by asset class Original portfolio Segregated portfolio 6% 3% 2% 9% 3% 4% Fixed income Listed equity Fixed income EUR EUR Real estate Real estate 2,925m 639m Private equity Other Private credit 78% 95% • No changes in asset allocation – fixed income weight 78% of the
Slide 34: 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 • Interest rate risk of liability cash flows covered mainly by fixed income assets Hedging 108
Slide 35: Own funds have increased steadily during the year
Own funds have increased steadily during the year Quarterly solvency position1 Solvency II ratio sensitivity 150% 200% 250% Own funds (EURm) SCR (EURm) Solvency II ratio (%) Base 226% 3,000 237% 250% 222% 226% 210% 212% 206% Listed & private 242% 2,500 2,323 191% equity -20% 200% 2,137 2,185 2,048 2
Slide 36: Key drivers of capital generation
Key drivers of capital generation Organic capital generation, 1–9/2025 Key drivers Organic capital generation 26% • Own funds: Stable growth of fee result 210% 206% and solid net finance result on SII basis -17% -14% • SCR: Predictable, continuous run-off of with-profit liabilities Solvency II Capit
Slide 37: Mandatum as an investment
Mandatum as an investment
Slide 38: Mandatum as an investment
Mandatum as an investment Ambitious growth targets in capital-light business driven mainly by >10% Significant profitability >20% CAGR in capital-light PBT by improvement ahead ROE by 2028 international asset 2028 management Attractive #2 capital distributions Strong brand and > EUR 1 bn Second most
Slide 39: Sustainability performance among the top peers
Sustainability performance among the top peers RESPONSIBLE Low risk 12.3 INVESTMENT Among top 2 per cent in the industry Scale: high risk 100–negligible risk 0 SUSTAINABLE AA INSURANCE AND Among industry leaders COMPENSATION Scale: CCC–AAA Prime SUSTAINABLE BUSINESS Among industry leaders (C+) Scale
Slide 40: Disclaimer
Disclamer Unit-linked insurances are issued, and investment baskets owned by Mandatum Life Insurance Company Limited. Mandatum Asset Management Company Ltd acts as a portfolio manager and insurance agent for and on behalf of Mandatum Life Insurance Company Limited. Neither Mandatum Life Insurance Co
Slide 41: Investor contacts
Investor contacts: Lotta Borgström VP, Investor Relations Tel. +358 50 022 1027 lotta.borgstrom@mandatum.fi