Slide 1: Strong growth in capital-light business
Strong growth in capital-light business Q4 2025 INVESTOR PRESENTATION Mandatum Group
Slide 2: October–December 2025
October–December 2025 • Capital-light profit before taxes up by 28% y/y to EUR 26.8 million • Fee result up by 18% y/y to EUR 21.9 million – Client AuM increased by 3% q/q to EUR 15.3 billion – Net flow EUR 141 million decreased y/y due to a few larger client distributions related to alternative inv
Slide 3: January–December 2025
January–December 2025 • Capital-light profit before taxes up by 5% y/y to EUR 91.8 million • Fee result up by 21% y/y to EUR 80.9 million – Client AuM increased by 10% y/y to EUR 15.3 billion – Net flow EUR 723 million – Operational efficiency improved further – C/I-ratio down by 9 p.p. y/y to 49% •
Slide 4: Mandatum’s financial targets 2025–2028
Mandatum’s financial targets 2025–2028 TARGET BY 2028 2025 Return on equity above 20% 10% CAGR in capital-light profit before taxes above 10% 5% Solvency margin1 160–180% 169% (31 Dec 2025) Cumulative shareholder payouts Dividend proposal over EUR 1 billion for 2025–2028 EUR 427 million for 2025 (1)
Slide 5: Financial performance
INVESTOR PRESENTATION Financial performance 5
Slide 6: 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 7: 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 8: Result by segments
Result by segments 10–12/2025 10–12/2024 EURm Capital- Capital- Group, Group, I&WM3 Corporate Retail light, With-profit Other4 light, total total total total Fee result 9.9 6.9 5.1 21.9 - - 21.9 18.6 18.6 Insurance service result - 4.4 2.7 7.1 - - 7.1 7.1 7.1 Fee result from investment and asset 9.9
Slide 9: Quarterly results since Q1 2022
Quarterly results since Q1 2022 Profit before taxes (EURm) 84 76 63 62 56 56 48 46 47 45 32 35 34 30 -21 -22 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EURm 2022 2022
Slide 10: Capital-light segments
INVESTOR PRESENTATION Capital-light segments 10
Slide 11: 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 12: Net flow affected by a few larger client distributions
Net flow affected by a few larger client distributions 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) 12% 14.9 15.3 14.4 1,200 14.0 14.0 983 993 974 13.0 13.3 1,000 925 10% 11.9 12.5 3.7
Slide 13: Client AuM and net flow in 2025
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 14: Continued growth in I&WM business
Continued growth in I&WM business Client AuM by client segment (EURm) Client AuM by product (EURm) Comments Private wealth management Growth Credit Equity Growth • 11% AuM growth y/y in the I&WM Institution International y/y Alternative Allocation products y/y business area driven by positive net fl
Slide 15: 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 16: With-profit segment
INVESTOR PRESENTATION With-profit segment 16
Slide 17: 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 18: 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 19: 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 EUR Real estate Real estate 2,626m 627m Private equity Other Private credit 76% 95% • No material changes in asset allocation – fixed income weight 7
Slide 20: 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 21: Solvency and capital generation
INVESTOR PRESENTATION Solvency and capital generation 21
Slide 22: 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 23: SCR reflects the shift towards capital-light business model
SCR reflects the shift towards capital-light business model Breakdown of own funds (EURm) Comments 127 299 • Own funds increased by EUR 67 million 563 1,825 1,682 during Q4, prior assumed foreseen 1,430 -167 -427 -143 dividend • Solvency capital requirement (SCR) increased during the quarter partly
Slide 24: Strong organic capital generation continued to exceed earnings
Strong organic capital generation continued to exceed earnings Components of organic capital generation (EURm), 1–12/2025 Segmental contribution of organic capital generation (EURm), 1–12/2025 35 301 104 301 23 243 At 200% 198 Solvency II ratio for with-profit and 150% for capital-light Own funds SC
Slide 25: 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 26: Outlook
INVESTOR PRESENTATION Outlook 26
Slide 27: Outlook for 2026
Outlook for 2026 • The fee result is expected to increase from year 2025. • The with-profit portfolio is expected to decrease further. Factors affecting Mandatum’s financial performance • The fee result for year 2026 is dependent on several factors, such as client behaviour and client asset allocati
Slide 28: Appendix
INVESTOR PRESENTATION Appendix 28
Slide 29: Top ranked wealth manager with high customer satisfaction
Top ranked wealth manager with high customer satisfaction Best private wealth manager in Finland1 Excellent development of customer satisfaction 83 80 77 75 73 66 2020 2021 2022 2023 2024 2025 NPS (wealth management) (1) Kantar Prospera Private Banking 2025 Finland -research 29
Slide 30: Sustainability highlights in Q4 2025
Sustainability highlights in Q4 2025 Climate targets Employee satisfaction Responsible investment • Mandatum’s first Climate Transition • Mandatum was awarded • Mandatum received excellent scores Plan was published in November the Great Place to Work® in the UN Principles for Responsible 2025 certif
Slide 31: Result by segments
Result by segments 1–12/2025 1–12/2024 EURm Capital- Capital- Group, Group, I&WM3 Corporate Retail light, With-profit Other4 light, total total total total Fee result 35.4 28.4 17.1 80.9 - - 80.9 66.6 66.6 Insurance service result - 18.2 9.9 28.1 - - 28.1 30.1 30.1 Fee result from investment and ass
Slide 32: Policy savings (original portfolio) down 8% y/y
Policy savings1 (original portfolio) down 8% y/y With-profit policy savings (EURm) Comments Rate 4.5% Rate 3.5% Rate 2.5% or lower • With-profit portfolios decreased in line with expectations • Policy savings with highest 2,583 (3.5% and 4.5%) guarantees down 2,294 by EUR 117 million YTD 422 2,105 a
Slide 33: CSM development
CSM development CSM1 development, 1–12/2025 (EURm) CSM1 sensitivity, 12/2025 (EURm) 51 499 10 2 514 Expenses +10% -34 -8 -40 Credit spreads +50bps 5 Equity markets +20% 61 31 Dec New Accreted Experience Assumption CSM 31 Dec 2024 business CSM interest variance changes release 2025 Equity markets -20
Slide 34: Investor contacts
Investor contacts: Lotta Borgström VP, Investor Relations Tel. +358 50 022 1027 lotta.borgstrom@mandatum.fi MANDATUM Bulevardi 56 00120 Helsinki mandatum.fi