Mandatum Oyj · OMXHEX:MANTA
Mandatum Oyj — Investor Day (June 2025)
66 slides from Mandatum Oyj's investor day presentation, Jun 4, 2025
Slide 1: Mandatum Capital Markets Day 2025
Mandatum Capital Markets Day 2025 4 June 2025
Slide 2: Disclaimer
Disclaimer The following applies to this presentation, the oral presentation of the information in this presentation by Mandatum Oyj (the “Company” or “Mandatum”) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the “Inform
Slide 3: Mandatum Capital Markets Day 2025 – Agenda
Mandatum Capital Markets Day 2025 – Agenda Time (EEST) Program Presenter 12:30 Opening of the CMD 2025 & Practicalities Lotta Borgström, VP, Investor Relations Opening words Patrick Lapveteläinen, Chair of the Board of Directors CEO: Strategy 2025–2028 Petri Niemisvirta, CEO CFO: Targets and outlook
Slide 4: Presenters
Presenters Lotta Borgström Patrick Lapveteläinen Petri Niemisvirta Matti Ahokas VP, Investor Relations Chair of the Board of Directors CEO CFO Janne Sarvikivi Juhani Lehtonen Tarja Tyni Jukka Kurki Head of Institutional and wealth Chief Investment Head of Corporate Head of With-profit management bus
Slide 5: Opening remarks
Opening remarks Patrick Lapveteläinen Chair of the Board of Directors
Slide 6: Strategy 2025–2028: Building growth on a strong heritage
Strategy 2025–2028: Building growth on a strong heritage Petri Niemisvirta CEO
Slide 7: Mandatum at a glance
Mandatum at a glance1 Customer satisfaction (NPS): RANKED #1 INSTITUTIONAL Market cap 5/2025: 78.5 ASSET MANAGER IN FINLAND EUR 2.6 billion Second most valuable financial MARKET LEADER IN Profit before taxes brand in Finland2 SUPPLEMENTARY PENSIONS #2 AND PERSONNEL FUNDS EUR 203 million IN FINLAND E
Slide 8: 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 9: Financial targets met ahead of schedule
Financial targets met ahead of schedule Group targets 2024 EUR 500 million EUR 498 million Dividend (2024–2026) (2024–2025) Solvency ratio 170–200% 210% Capital-light targets Net flow of client assets under management (AuM)1 5% 8% Disciplined pricing Fee margin2 1.2% (1.2% in 2022) Improving Cost/in
Slide 10: Target markets growing
Target markets 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 2027E 2028E 2023 2024 2
Slide 11: 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 12: Building growth on a strong heritage
Building growth on a strong heritage Strong heritage Mandatum is well positioned for growth WITH-PROFIT CREATED CAPABILITIES CAPITAL-LIGHT BUSINESS PORTFOLIO AND COMPETENCES PORTFOLIO High satisfaction among professional and demanding customer segments Large and tight With-profit portfolio Leading
Slide 13: Sustainability performance among the top peers
Sustainability performance among the top peers RESPONSIBLE Low risk 13.6 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 14: 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 Capital Operational Optimised growth Scalable growth release efficiency FIN Profitability by ROE* FIN Wealth Nordic management Life&Pension Asset FIN Non-Nordic Corporate m
Slide 15: Strategic Priorities 2025–2028
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 MANAGEMENT POSITION
Slide 16: Mandatum's Vision 2028
Mandatum’s Vision 2028 The fastest growing Nordic asset and wealth manager with optimised growth in Finnish life and pension
Slide 17: New Financial Targets 2025–2028
New 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 18: Financial targets and 2025–2028 outlook
Financial targets and 2025–2028 outlook Matti Ahokas CFO
Slide 19: 2022–2024: Delivering strong growth in Capital-light profits
2022–2024: Delivering strong growth in Capital-light profits Fee result (EURm) Capital-light PBT (EURm) Consistent client AuM growth 66.6 88 43.3 CAGR CAGR +24% 47 +37% Disciplined margins 2022 2024 2022 2024 Client assets under management (EURbn) Cost/income ratio* (%) Increased cost efficiency
Slide 20: 2022–2024: Lower net finance result volatility
2022–2024: Lower net finance result volatility Net finance result per quarter (EURm) Lower income volatility 100 Increased interest rate 80 liability hedging from ~30% in 2022 to 78% in 2024 60 40 20 Lower share of listed equities in own balance sheet investments 0 -20 -40 Lower result sensitivi
Slide 21: Financial targets 2028
Financial targets 2028 Delivering a step change in profitability by ROE Return on equity (ROE), %4 Key assumptions underpinning the targets Return on equity 25 • Client AuM growth and net flow2 in line with above 20% Mandatum’s historical average (10% p.a. and 5% p.a. respectively) 20 • Scalable bus
Slide 22: Targeting double-digit growth in Capital-light profits
Targeting double-digit growth in Capital-light profits Capital-light profit before taxes (EURm)1 Key drivers/assumptions 160 • Client AuM growth and net flow2 in line with Mandatum’s historical average (10% p.a. and 140 CAGR 5% p.a. respectively) >10% • Main driver Institutional & wealth 120 managem
Slide 23: Strict operating cost control
Strict operating cost control Decreasing legacy IT costs and lower need for platform investments offset costs from growth initiatives 2024–2028 operating costs1 (EURm)2 Key drivers/assumptions 250 Inflation: • 2% cost inflation assumption 200 Capital-light growth initiatives: • Investments in sales
Slide 24: With-profit capital release
With-profit capital release Lower earnings risk, better profit predictability and capital release translate to a higher ROE, fee-like earnings With-profit profit before taxes (EURm)* KPIs 200 EUR 3.6bn EUR 2.2bn Liabilities Assets under Liabilities expected to management (3/2025) decrease by 150 (3/
Slide 25: Increasing capital efficiency
Increasing capital efficiency The path to normalised solvency SCR development 2024–2028 (EURm)* Capital generation and uses of capital (%)* ~950 Other ~700 210% 160–180% With-profit Capital-light 2024 Saxo With- Business Own Dividends 2028E Bank profit trans- funds 2024 2028E exit de-risking formati
Slide 26: Reducing capital excess, lower solvency margin target
Reducing capital excess, lower solvency margin target Dividend (EURm) and solvency (%) 2020–2028* 350 280% > EUR 1 bn 300 260% 250 240% Solvency margin excluding transition measures 200 220% 160–180% (170–200%) with cumulative 150 200% shareholder payouts 100 180% exceeding EUR 1 bn 50 160% 0 140% 2
Slide 27: Transformation to a high-ROE, fee generating Group
Transformation to a high-ROE, fee generating Group Growing share of Capital-light profits… … in a business with a high marginal return Group profit before taxes 2023–2028 (EURm)* Return on allocated equity (%)* 250 80% 40% 200 60% 30% 150 40% 20% 100 20% 10% 50 0 0% 0% 2023 2024 2025E 2026E 2027E 20
Slide 28: Key Takeaways
Key Takeaways TRANSFORMATION LOWER CONTRIBUTION SIGNIFICANT TO A HIGH-ROE, BUT LOWER VOLATILITY SHAREHOLDER FEE-GENERATING GROUP FROM FEE-LIKE PAYOUTS TOWARDS 2028 WITH-PROFIT EARNINGS
Slide 29: Strengthening the Nordic foothold and accelerating growth
Strengthening the Nordic foothold and accelerating growth Janne Sarvikivi Head of Institutional and wealth management business area Juhani Lehtonen Chief Investment Officer
Slide 30: Leading Nordic credit and alternatives asset and wealth manager
Leading Nordic credit and alternatives asset and wealth manager Share of the Group’s client assets under management and Group’s profit Award-winning products and own distribution driving growth Client AuM WEALTH MANAGEMENT ASSET MANAGEMENT EUR 7.8bn in 2024 Finland Finland Nordic (Ultra) High-net-wo
Slide 31: More than 40 years of asset management experience
More than 40 years of asset management experience, transition from investing own funds to managing client assets Private Equity PRIVATE EQUITY PRIVATE REAL ESTATE DEBT LEVERAGED FINANCE ALLOCATION HIGH YIELD EQUITY FIXED INCOME 1980 2008 2021 2025 Own balance sheet Asset and wealth Sampo investment
Slide 32: Example: Broad expertise across different credit segments
Example: Broad expertise across different credit segments Mandatum credit Investment grade High yield bonds Leveraged loans Opportunistic credit Private debt platform credit CLIENT OFFERING MONEY ABS NORDIC HY FUND SENIOR LOAN OPPORTUNISTIC PRIVATE DEBT YTM1 (3/2025) 2.8% 6.8% STRATEGY LOAN STRATEGY
Slide 33: Example: Credit strategies have solid track records
Example: Credit strategies have solid track records Floating-rate as well as fixed-rate investments with low and actively managed duration have performed well Returns from EUR gov. and corporate bonds, and Mandatum's credit products (31 Mar 2025) (Total return; 1/2022-3/2025; %; indexed) Total Retur
Slide 34: 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 35: Top ranked expertise and client relations
Top ranked expertise and client relations Mandatum ranked the top institutional asset Excellent development of customer satisfaction in wealth management manager in Finland* Service Performance: Average of all criteria among large service providers 4.2 83 4.0 77 75 73 3.8 66 3.6 3.4 2020 2021 2022 2
Slide 36: Strong growth across customer and product segments
Strong growth across customer and product segments Client assets under management by client segment (EURbn) Client assets under management by product area (EURbn) 7.8 7.8 CAGR CAGR 19% 19% 2.3 2.3 2017 2018 20219 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 Private WM Ultra-high-
Slide 37: The Nordics is a very attractive asset and wealth management market
The Nordics is a very attractive asset and wealth management market Mandatum has great growth potential in the Nordics in a market of over EUR 1,000bn Nordic asset management market (EURbn) Finnish private wealth management market (EURbn) AuM AuM 1,500 CAGR1 200 ~8% CAGR1 ~6% 150 1,000 100 500 50 0
Slide 38: Strategic Priorities 2025–2028
Strategic Priorities 2025–2028 ACCELERATE ENHANCE DOUBLE INTERNATIONAL THE PRODUCT OFFERING THE MARKET SHARE GROWTH IN ASSET TO SUPPORT GROWTH IN PRIVATE WEALTH MANAGEMENT MANAGEMENT
Slide 39: Accelerate international growth in asset management
Accelerate international growth in asset management Solid track record in Finland, Fastest growth in international Phased expansion AuM (EURbn) clients during 2024–2028 Roots in Finland / 10 sales locations 6.2 5.3 4.4 4.4 Current international presence and 3.4 3.6 2.8 Wealth source of growth / 1 sa
Slide 40: Enhance the product offering to support growth
Enhance the product offering to support growth Strong heritage in product development in all asset classes, resilient in all market environments Growth ambitions by product area Case example European High Yield Fund Current fee margin-%* Target size (EURm) 500–1,000 Fund launched 19 May 2025 Alterna
Slide 41: Double the market share in private wealth management
Double the market share in private wealth management Highly profitable growth Market share growth ambition* in wealth management Wealth management Current fee margin-%* Utilising the strong brand Utilising and high customer Asset management the network satisfaction Finland Increasing from Corporate
Slide 42: Accelerate scalable growth
Accelerate scalable growth Revenue growth will largely flow through to the bottom line Scalable operating model Profit before taxes (EURm) and cost/income ratio (%)* SCALABLE 27 OPERATING MODEL 19 2023 2024 2025E 2026E 2027E 2028E Profit before taxes C/I ratio * Illustrative 43
Slide 43: Key Takeaways
Key Takeaways GROWTH ENGINE ROOM FOR GROWTH EXCELLENT PRODUCTS OF THE GROUP IN THE MARKET FOUNDATION FOR SUCCESS
Slide 44: Leveraging the leading corporate market position
Leveraging the leading corporate market position Tarja Tyni Head of Corporate business area
Slide 45: Market leader with a unique customer network in Finland
Market leader with a unique customer network in Finland Share of the Group’s client assets under management and Group’s profit TARGETED CUSTOMER BASE Client AuM EUR 2.6bn Large & mid-size corporates Small corporates Entrepreneurs in 2024 Profitable and successful corporates in Finland Profit before
Slide 46: A market with attractive growth opportunities
A market with attractive growth opportunities Unit-linked group pension Corporate risk insurance Personnel fund market in Finland market in Finland market in Finland 5,000 200 2,000 4,000 GWP (EURm) 150 1,500 AuM (EURm) AuM (EURm) CAGR1 CAGR1 CAGR1 3,000 15% 7% 15% 100 1,000 2,000 50 500 1,000 0 0 0
Slide 47: Steady growth, sticky business
Steady growth, sticky business Mandatum - Unit-linked group pension Mandatum – Corporate risk products Mandatum - Personnel funds 2,000 35 CAGR 400 CAGR 13% 3% GWP (EURm) 1,500 30 300 AuM (EURm) AuM (EURm) CAGR 39% 1,000 25 200 500 20 100 0 15 0 2018 2020 2022 2024 2018 2020 2022 2024 2018 2020 2022
Slide 48: Targeted market reach and efficient customer-centric sales
Targeted market reach and efficient customer-centric sales Selective and targeted customer selection from Efficient sales network over 200,000 corporates in Finland 10 Locations Mandatum’s selected target corporates: Large & mid ~3,500 Entrepreneurs ~15,000 Mandatum’s current customers ~50 ~7,000 (1
Slide 49: Strategic Priorities 2025–2028
Strategic Priorities 2025–2028 UTILISE LEVERAGE THE FULL POTENTIAL THE UNIQUE CUSTOMER INCREASE OF A GROWING MARKET NETWORK TO SUPPORT THE SALES CAPACITY WITH LOW PRODUCT CORPORATE AND WEALTH AND PRODUCTIVITY PENETRATION MANAGEMENT
Slide 50: Utilise the full potential of a growing market with low product penetration
Utilise the full potential of a growing market with low product penetration Enhancing the excellent corporate relations Share of target companies with Mandatum’s products still Significant upselling potential to at low level – offers significant potential current customers 30% 25% Number of products
Slide 51: Leverage the unique customer network to support Corporate and Wealth Management
Leverage the unique customer network to support Corporate and Wealth Management Unique customer base among the wealthiest individuals in Finland 65% New wealth management clients came through corporate contacts in 2024 FOCUS CORPORATES ~30% Finland’s wealthiest people are Mandatum’s customers* * Man
Slide 52: Increase the sales capacity and productivity
Increase the sales capacity and productivity Active sales pipeline development Productivity improvements Advanced analytics Process development AI agents Digital services Increase the sales +50% Higher sales conversion rate Satisfied customers more and premium from the current 20% NPS over 84 sales
Slide 53: Enhance the scalable growth of profits
Enhance the scalable growth of profits Profit driven by higher income growth vs. costs Client assets under management (EURbn)* Profit before taxes (EURm) and cost/income ratio (%)* 2.6 2.3 31 2.0 18 2022 2023 2024 2025E 2026E 2027E 2028E 2023 2024 2025E 2026E 2027E 2028E Pension Personnel fund Profi
Slide 54: Key Takeaways
Key Takeaways KEY SOURCE TARGETING SIGNIFICANT ROOM FOR DOUBLING SIGNIFICANT INCREASE FOR GROWTH IN THE MARKET SHARE IN SALES ACTIVITY AND CORPORATE BUSINESS IN WEALTH MANAGEMENT PRODUCTIVITY
Slide 55: With-profit business enables dividend capacity
With-profit business enables dividend capacity Jukka Kurki Head of With-profit business area
Slide 56: With-profit business in brief
With-profit business in brief Background Share of the Group’s profit With-profit portfolio consists primarily of guaranteed-rate group and individual pension policies sold to corporate clients Profit before taxes No active new sales of policies since 2000s; Portfolio run-off actively managed by Mand
Slide 57: Executing on run-off strategy since listing
Executing on run-off strategy since listing Strategic targets set in the listing Q1 / 2025 Generation of material dividend capacity supported by good net financial result and • Listed equity allocation down to 5% De-risking of assets capital release • Hedging ratio increased Active liability manag
Slide 58: To enable dividend capacity via
Strategic Priority 2025–2028 To enable dividend capacity via DE-RISKING TOWARDS NET FINANCE CAPITAL MORE CAPITAL EFFICIENT RESULT RELEASE ASSET ALLOCATION
Slide 59: Good and more predictable net finance result from with-profit portfolio
Good and more predictable net finance result from with-profit portfolio Spread between fixed income Net finance result (EURm) asset mark-to-market yield and unwinding rate (%) 100 6% 80 5% 60 4% 40 3% 20 0 2% -20 1% -40 0% -60 -1% Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ 2022 2023 2024 20
Slide 60: De-risking continues through implementation of strategic asset allocation (SAA)
De-risking continues through implementation of strategic asset allocation (SAA) Asset allocation towards SAA* SAA impact on solvency capital requirement (SCR) (EURm) Risk charge 2024 Pro forma 2024 49% 49% 25% -35% 39% 90% EUR EUR 74% 428m 280m 51% 9% 2021 2024 2028E Fixed income Listed equity Real
Slide 61: 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 62
Slide 62: Meaningful dividend capacity supported by net finance result and capital release
Meaningful dividend capacity supported by net finance result and capital release IFRS liability1 and SCR2 (EURm)* Net finance result and capital release (EURm)4 3,000 500 2,500 -30% 400 Capital generation3 2,000 EUR 700–800m 300 1,500 200 1,000 -50% 500 100 0 0 2023 2024 2025E 2026E 2027E 2028E 2023
Slide 63: Key Takeaways
Key Takeaways STRATEGIC ASSET ALLOCATION ENABLES DE-RISKING AND SUBSTANTIAL GOOD NET FINANCE LIABILITY TREND DIVIDEND CAPACITY RESULT WITH LOWER RELEASING CAPITAL VOLATILITY
Slide 64: Mandatum as an investment
Mandatum as an investment Ambitious growth targets >10% Significant profitability >20% in capital-light business CAGR in capital-light PBT by 2028 improvement ahead ROE by 2028 Attractive #2 capital distributions Strong brand and > EUR 1 bn Second most valuable financial brand in Finland2 supported
Slide 65: Disclaimer statements
Disclaimer statements Sustainalytics disclaimer statement: Copyright ©2025 Sustainalytics, a Morningstar company. All rights reserved. This publication includes information and data provided by Sustainalytics and/or its content providers. Information provided by Sustainalytics is not directed to or
Slide 66: Mandatum, Bulevardi 56, Helsinki
MANDATUM Bulevardi 56 00120 Helsinki mandatum.fi