Mandatum Oyj · OMXHEX:MANTA
Mandatum Oyj — Investor Presentation (February 2026)
42 slides from Mandatum Oyj's investor presentation, February 2026
Slide 1: Mandatum – A winning Asset & Wealth Manager with further expansion potential
Mandatum – A winning Asset & Wealth Manager with further expansion potential Investor presentation February–April 2026
Slide 2: Content
Content I. Mandatum at a glance II. Business model and strategy III. Business areas IV. Q4/2025 financials V. Mandatum as an investment Confidential 2
Slide 3: Mandatum at a glance: Value through expertise in asset & wealth management and life insurance
Mandatum at a glance: Value through expertise in asset & wealth management and life insurance MANDATUM IN BRIEF PRODUCTS AND SERVICES Mandatum is a major financial service provider offering services to corporate clients, Private wealth management private customers and institutional and wealth manage
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 ASSET 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 Effective i
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 Asset & wealth Corporate Retail management Unit-linked liabilities (EURbn) Ass
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: 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 11: Strong solvency position enables attractive capital distribution
Strong solvency position enables attractive capital distribution – reducing capital excess, lower solvency margin target Solvency position (%) Dividend distribution (EURm)3 Solvency ratio w/o transitional measure Shareholder payout target > EUR 1 bn 500 250% Pro forma Solvency II ratio w/o Saxo Bank
Slide 12: Vision and Strategic priorities 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 EFFICIENCY MANAGEMENT MANAGEMENT
Slide 13: Mandatum brand has a strong legacy in Finland
Mandatum brand has a strong legacy in Finland 13
Slide 14: Excellent employee experience and high customer satisfaction
Excellent employee experience and high customer satisfaction Excellent development of customer satisfaction 79 80 78 77 70 70 66 2019 2020 2021 2022 2023 2024 2025 NPS (Mandatum Group) 14
Slide 15: 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 16: Business areas
Business areas
Slide 17: Asset and wealth management business: Award-winning products and own distribution driving growth
Asset and wealth management business: Award-winning products and own distribution 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 driv
Slide 18: 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 Finnish institutions and private wealth management, Mandatum’s
Slide 19: 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 Best private banking provider in Finland1 MANDATUM NORDIC HIGH MANDATUM MANAGED YIELD TOTAL RETURN FUND FUTURES FUND MANDATUM FIXED INCOME TOTAL RETURN FUND
Slide 20: Broad expertise across different credit segments
Broad expertise across different credit segments Investment grade Opportunistic Private debt High yield bonds Leveraged loans credit credit (PD) Focus areas Direct IG corporate and financial Direct high yield bond Direct European and Nordic Direct opportunistic or Indirect investments Own balance bo
Slide 21: Mandatum’s credit strategies have solid track records
Mandatum’s 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 Dec 2025) Total Return (Total return; 1/2022-12/2025; %; indexed)
Slide 22: 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 23: 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 24: 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 6% 7% 10% 6% • Consists of guaranteed rate pension policies that have not been sold since 2000s 5% 3% 4%
Slide 25: Decreasing with-profit portfolio supporting capital release
Decreasing with-profit portfolio supporting capital release Policy savings (EURm) 5,000 -55% 4,000 3,000 2,000 1,000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E 2032 E 2033E 2034E Original portfolio Segregated portfolio 25
Slide 26: Q4 2025 financials
Q4 2025 financials
Slide 27: Overview of the 10–12/2025 results
Overview of the 10–12/2025 results EURm 10–12/2025 10–12/2024 Change, % 1–12/2025 1–12/2024 Change, % Fee result 21.9 18.6 18% 80.9 66.6 21% Net finance result 18.8 23.7 -21% 131.6 135.6 -3% Result related to risk policies 4.0 2.2 83% 10.9 25.4 -57% Other result -14.4 -9.4 -53% -41.4 -24.7 -67% Tota
Slide 28: Fee result grew by 18% y/y
Fee result grew by 18% y/y Profit before taxes (EURm) Fee result (EURm) Net finance result (EURm) 21.9 23.7 35.1 18.6 18.8 30.3 Q4/2024 Q4/2025 Q4/2024 Q4/2025 Q4/2024 Q4/2025 • Capital light PBT up by 28% to EUR 26.8 • Fee result up 18% driven by steady 10% • Investment return on original portfolio
Slide 29: 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) 1,200 12% 14.9 15.3 14.0 14.0 14.4 983 993 974 13.0 13.3 1,000 925 10% 12.5 3.7 11.9 3.5
Slide 30: Strong growth in capital-light PBT
Strong 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 • Strong growth in private wealth management continued boosted by 40.0 100 sales of discretionary mandates 35
Slide 31: Client AuM and net flow by business area
Client AuM over EUR 15 billion, net flow EUR 723 million in 2025 Client assets under management (EURbn) Net flow (EURm) Institutional & WM Corporate Retail Growth y/y -0.5% -19 1–12/2025 Retail Retail 15.3 10% 1–12/2024 -0.8% -24 14.0 3.7 3.5 5% 6.1% Corporate 1–12/2025 159 2.9 Corporate 2.6 4
Slide 32: Cost/income ratio down by 9 p.p. y/y
Cost/income ratio down by 9 p.p. y/y Client AuM cost/income ratio1 Fee margin1 70% 1.5% 1.19% 1.17% 1.14% 1.13% 1.13% 60% 58% 55% 53% 1.0% 50% 49% 50% 0.5% 40% 30% 0.0% Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 • Improved operational leverage 12 months C/I-rat
Slide 33: With-profit net finance result positively impacted by discount rates
With-profit net finance result positively impacted by discount rates Investment return (EURm) Cost of liabilities With-profit net finance result (EURm) i.e. unwinding & discounting (EURm) Investment +0.3% return1 (%) +0.7% 18 17 13 10 1 -3 Q4/2024 Q4/2025 Q4/2024 Q4/2025 Q4/2024 Q4/2025 • Quarterly
Slide 34: 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 Sep 2025 Dec 2025 Original portfolio Segregated portfolio 4.5% 2,256 4.0% 2,042 3.5% 600 1,830 553 1,668 3.0% 1,518 487 1,387 2.5% 444 1,263 405 1,158 369 2.0% 337 306 1.5% 1,656
Slide 35: With-profit investment portfolio by asset class
With-profit investment portfolio by asset class Original portfolio Segregated portfolio 6% 3% 2% 10% 3% Fixed income 4% Listed equity Fixed income EUR Real estate EUR Real estate 2,626m 627m Private equity Other Private credit 76% 95% • No material changes in asset allocation – fixed income weight 7
Slide 36: 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 85%
Slide 37: Solvency ratio impacted by dividend proposal
Solvency ratio impacted by dividend proposal Quarterly solvency position1 Solvency II ratio sensitivity 150% 200% 250% Own funds (EURm) SCR (EURm) Solvency II ratio (%) Pro forma Base 184% 3,000 Solvency II ratio250% 222% 226% 197% 210% 212% Listed & private w/o Saxo Bank 195% 2,500 equity -20% 2,18
Slide 38: Key drivers of capital generation
Key drivers of capital generation Organic capital generation, 1–12/2025 Key drivers Organic capital generation 31% • Own funds: Stable growth of fee result 210% and solid net finance result on SII basis -42% 184% -15% • SCR: Predictable, continuous run-off of with-profit liabilities Solvency II • Au
Slide 39: Mandatum as an investment
Mandatum as an investment
Slide 40: 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 #1 capital distributions Strong brand and > EUR 1 bn Best privat
Slide 41: 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 42: Investor contacts
Investor contacts: Lotta Borgström VP, Investor Relations Tel. +358 50 022 1027 lotta.borgstrom@mandatum.fi