Mandatum Oyj · OMXHEX:MANTA
Mandatum Oyj — Investor Presentation (October 2025)
41 slides from Mandatum Oyj's investor presentation, October 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 August-October 2025
Slide 2: Content
Content I. Mandatum at a glance II. Business model and strategy III. Business areas IV. Financial overview V. Q2 2025 financials VI. Mandatum as an investment 2
Slide 3: Mandatum at a glance
Mandatum at a glance1 High customer satisfaction (NPS): RANKED #1 INSTITUTIONAL Market cap 8/2025: 78.5 ASSET MANAGER IN FINLAND EUR 3.0 billion High employee satisfaction Profit before taxes (Siqni index): CREDIT POWERHOUSE WITH 84 STRONG GROWTH AMBITIONS EUR 203 million INTERNATIONALLY Second most
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 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: 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 Jul 2025) Total Return (Total return; 1/2022-7/2025; %; indexed) YTD
Slide 15: 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 16: Top ranked asset and wealth manager with strong investment expertise
Top ranked asset and wealth manager with strong investment expertise and proven track record 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
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% Consists of guaranteed rate pension policies 6% 6% that have not been sold since 2000s. 9% 5% 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: 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 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 managements (EURbn) Net flow (QTD) Net flow (TTM) TTM Net flow % of BoP AuM Institutional & WM Corporate Retail 1,200 12% 14.4 14.0 14.0 993 13.0 13.3 983 1,000 10% 12.5 925 11.9 3.4 3.5 11.2 11.2 3.5 802 10.8 3.5
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 AuM) Q3 24 Q4 24 Q1 25 Q2 25 15% 10% 5% 0% -5% -10% -15% -20% Mandatum Peer 1 Peer 2 Peer 3 Peer 4 Source
Slide 25: Q2 2025 financials
Q2 2025 financials
Slide 26: 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 27: 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 28: 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 29: 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 30: Client AuM up 11% y/y, net flow
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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: Mandatum as an investment
Mandatum as an investment
Slide 39: 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 40: Sustainability performance among the top peers
Sustainability performance among the top peers RESPONSIBLE Low risk 12.3 INVESTMENT Among top 3 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 41: Investor contacts
Investor contacts: Lotta Borgström VP, Investor Relations Tel. +358 50 022 1027 lotta.borgstrom@mandatum.fi