Chesnara Plc · LSE:CSN

Chesnara — Investor Presentation (February 2026)

14 slides from Chesnara's investor presentation, February 2026

  1. Slide 1: The evolution of the Group's financial framework

    CHESNARA PLC The evolution of the Group’s financial framework

  2. Slide 2: Agenda

    AGENDA 01. Purpose of today’s discussion 02. FY 2024 financial results under the updated financial framework 03. Solvency II Metrics Tom Howard Group Chief Financial Officer 04. IFRS FY Metrics 2024 1

  3. Slide 3: Key Messages

    KEY MESSAGES Actions we’ve already taken Today’s update Cutting out A more concise A simplified complexity and and less complex financial framework moving to simplified, set of market-facing anchored to Cash, market-standard materials Capital and Value performance metrics 2

  4. Slide 4: Simplified Performance Metrics

    SIMPLIFIED PERFORMANCE METRICS What are we doing? Why are we doing it? We are removing* Group Base Cash Generation To make our investor story Divisional Base Cash Generation Group Commercial Cash Generation simpler to understand and Divisional Commercial Cash Generation Economic Value more closely a

  5. Slide 5: FY 2024 Results Under the Updated Financial Framework

    FY 2024 RESULTS UNDER THE UPDATED FINANCIAL FRAMEWORK CASH CAPITAL VALUE New APM Operating Capital Generation Solvency Coverage Ratio AuA £79m 203% £14bn New APM Cash Remittances Own Funds Adjusted Operating Profit £45m £643m £39m 4

  6. Slide 6: Defining the New Metrics - Solvency

    DEFINING THE NEW METRICS - SOLVENCY FY Non FY £m Operating Acquisitions Dividends Restrictions 2023 operating 2024 Own Funds 684 57 (38) 10 (37) (33) 643 Solvency Capital Requirement (SCR) 333 (22) (8) 13 - - 316 Surplus/Capital Generation 351 79 (30) (3) (37) (33) 327 Solvency Coverage Ratio % 205%

  7. Slide 7: Defining the New Metrics - IFRS

    DEFINING THE NEW METRICS - IFRS Adjusted Other FY Non CSM FY £m Operating Tax Comprehensive Dividends Other 2023 operating Movement 2024 Profit Income IFRS Equity 360 39 (18) (17) (15) (37) 2 314 CSM 119 15 135 Capital Base 479 39 (18) (17) (15) (37) 2 15 449 IFRS Profit Before Tax Adjusted Operatin

  8. Slide 8: Summary

    SUMMARY Metrics focus on OCG and AOP now These new metrics We’ve shifted to a Cash, Capital & sit at the core of will go live in the simpler, market- Value for a more how we describe FY 2025 ARA, standard consistent view of underlying published on 24 framework. performance. performance. March. 7

  9. Slide 9: Questions

    QUESTIONS

  10. Slide 10: Appendix

    APPENDIX

  11. Slide 11: Definitions

    DEFINITIONS CASH Metric Definition Alignment to Simplified Investment Story • OCG measures the sustainable level of Solvency II capital that • Core metric used to assess the ongoing level of the Group’s surplus generation Operating Capital the Group generates from operational activities into the • L

  12. Slide 12: Reconciliations

    RECONCILIATIONS Cash Generation to Operating Capital Generation FY FY Profit Before Tax to Adjusted Operating Profit (£m) (£m) 2024 2024 Cash Generation 60 Profit Before Tax 21 Add back in Symmetric Adjustment impact (7) Investment variances and economic assumption changes (4) Remove 40% Management

  13. Slide 13: Cautionary Statement

    Cautionary Statement The information contained in this document and the related verbal presentation ("Presentation") is for your information only and has been prepared by, and is the sole responsibility of, Chesnara plc (the "Company"). You acknowledge that this Presentation is confidential and is b

  14. Slide 14: Slide 14

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