Slide 1: Solid performance in capital-light business
Solid performance in capital-light business Q1 2026 INVESTOR PRESENTATION Mandatum Group
Slide 2: Summary of Mandatum’s Q1 2026
Summary of Mandatum’s Q1 2026 Good business performance in an uncertain market environment, net flow at EUR 248 million Capital-light profit before taxes continued to grow ahead of the long-term target level, +35% y/y Net finance result and Group PBT impacted negatively by change of the discount rat
Slide 3: January–March 2026
January–March 2026 • Capital-light profit before taxes up by 35% y/y to EUR 26.8 million • Fee result up by 10% y/y to EUR 20.6 million – Client AuM increased by 10% y/y to EUR 15.4 billion – Net flow on a strong level at EUR 248 million – Cost/income ratio down by 6 p.p. y/y to 49% • Net finance re
Slide 4: Financial performance
INVESTOR PRESENTATION Financial performance 4
Slide 5: Overview of the 1–3/2026 results
Overview of the 1–3/2026 results EURm 1–3/2026 1–3/2025 Change, % 1–12/2025 Fee result 20.6 18.8 10% 80.9 Net finance result1 -46.8 51.8 n.m. 131.6 Result related to risk policies 6.2 2.3 n.m. 10.9 Other result -6.0 -10.9 45% -41.4 Total profit before taxes -25.9 62.0 n.m. 182.1 Total profit before
Slide 6: Fee result grew by 10% y/y, net finance result impacted by discount rate assumption
Fee result grew by 10% y/y, net finance result impacted by the change in discount rate assumption Profit before taxes (EURm) Fee result (EURm) Net finance result (EURm) 62.0 51.8 20.6 18.8 10.3 -10.6 -25.9 -46.8 Q1/2025 . Q1/2026 Q1/2026 Q1/2025 Q1/2026 Q1/2025 . Q1/2026 Q1/2026 excl. excl. the chan
Slide 7: Result by segments
Result by segments 1–3/2026 1–3/2025 EURm Asset and Capital- Capital- Group, Group, wealth Corporate Retail light, With-profit Other3 light, total total management total total Fee result 9.7 7.3 3.6 20.6 - - 20.6 18.8 18.8 Insurance service result - 5.7 2.1 7.9 - - 7.9 7.2 7.2 Fee result from invest
Slide 8: Capital-light segments
INVESTOR PRESENTATION Capital-light segments 8
Slide 9: Strong growth in capital-light PBT, +35% y/y
Strong growth in capital-light PBT, +35% y/y Capital-light profit before taxes by business area (EURm)1,2 Comments Asset & wealth management Corporate Retail TTM (right axis) Asset and wealth management • Strong growth in private wealth management continued boosted by 40.0 120 sales of discretionary
Slide 10: Strong net flow in an uncertain market environment
Strong net flow in an uncertain market environment Net flow (EURm) Client assets under management (EURbn) Net flow (QTD) Net flow (TTM) TTM Net flow % of BoP AuM Asset & wealth management Corporate Retail (right axis) 12% 14.9 15.3 15.4 14.0 14.0 14.4 1,200 983 993 974 13.0 13.3 1,000 925 10% 11.9 1
Slide 11: Client AuM at EUR 15.4 billion, net flow EUR million in Q1
Client AuM at EUR 15.4 billion, net flow EUR 248 million in Q1 Client assets under management (EURbn) Net flow (EURm) Asset & wealth management Corporate Retail Growth y/y 2 0.3% 1–3/2026 Retail Retail 15.4 10% 1–3/2025 9 1.0% 14.0 3.6 3.4 6% Corporate 86 11.9% 2.9 1–3/2026 Corporate 2.7 1–3/2
Slide 12: Continued growth in Asset & wealth management
Continued growth in Asset & wealth management Client AuM by client segment (EURm) Client AuM by product (EURm) Comments Private wealth management Growth Credit Equity Growth • 12% AuM growth y/y in the A&WM Institutions, International y/y Alternative Allocation products y/y business area driven by p
Slide 13: Cost/income ratio down by 6 p.p. y/y
Cost/income ratio down by 6 p.p. y/y Client AuM cost/income ratio1 Fee margin1 70% 1.5% 1.17% 1.14% 1.13% 1.13% 1.12% 60% 55% 53% 1.0% 50% 49% 49% 50% 0.5% 40% 30% 0.0% Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q1/2026 • Improved operational leverage 12 months C/I-rat
Slide 14: With-profit segment
INVESTOR PRESENTATION With-profit segment 14
Slide 15: With-profit net finance result
With-profit net finance result Investment return (EURm) Cost of liabilities With-profit net finance result (EURm) i.e. unwinding & discounting (EURm) Investment 12 37 +0.8% return1 (%) -0.6% 4 25 -12 -32 -48 -16 Q1/2025 . Q1/2026 Q1/2026 Q1/2025 . Q1/2026 Q1/2026 excl. the change in excl. excl. the
Slide 16: With-profit IFRS liabilities decreased by 2% YTD
With-profit IFRS liabilities decreased by 2% YTD IFRS 17 discount curve (%) With-profit IFRS liabilities (EURm) Old IFRS curve 31.12.2025 31 Dec 2025 Old IFRS curve 31.3.2026 31 Mar 2026 Original portfolio Segregated portfolio New IFRS curve 31.3.2026 31 Mar 2026 4.5% 2,042 2,000 4.0% 2 1,830 3.5% 1
Slide 17: With-profit investment portfolio by asset class
With-profit investment portfolio by asset class Original portfolio Segregated portfolio 5% 3% 2% 11% 3% Fixed income 4% Listed equity Fixed income EUR EUR Real estate Real estate 2,592m 611m Private equity Other Private credit 77% 95% • No material changes in asset allocation – weight of fixed-incom
Slide 18: 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 ratio • Mandatum’s own balance sheet fixed- 99% income asset investment strategy is tw
Slide 19: Solvency and capital generation
INVESTOR PRESENTATION Solvency and capital generation 19
Slide 20: Solvency ratio improved due to sale of Saxo Bank shares
Solvency ratio improved due to sale of Saxo Bank shares Saxo Bank transaction reduced SCR around EUR 140 million i.e. solvency ratio increased by 33 %-points Quarterly solvency position1 Solvency II ratio sensitivity 150% 200% 250% Own funds (EURm) SCR (EURm) Solvency II ratio incl. TM (%) Solvency
Slide 21: Own funds not impacted by IFRS discount rate change
Own funds not impacted by IFRS discount rate change Breakdown of own funds (EURm) Comments 184 299 • Own funds increased by EUR 10 million 529 1,836 -161 1,648 during Q1, prior assumed dividend accrual 1,412 -428 -137 -50 • Change in discount rate curve under IFRS accounting did not have any impact
Slide 22: Strong organic capital generation in capital-light business
Strong organic capital generation in capital-light business Components of organic capital generation (EURm), 1–3/2026 Segmental contribution of organic capital generation (EURm), 1–3/2026 52 50 12 50 23 At 200% Solvency II ratio for with-profit and 150% for capital-light 15 -2 Own funds SCR reductio
Slide 23: Key drivers of capital generation
Key drivers of capital generation Organic capital generation, 1–3/2026 Key drivers Organic capital generation 5% 220% • Own funds: Stable growth of fee result, 25% though general market sentiment 184% 6% caused net finance result to turn negative on SII basis Solvency II • SCR: Predictable, continuo
Slide 24: Outlook
INVESTOR PRESENTATION Outlook 24
Slide 25: Outlook for 2026 (unchanged)
Outlook for 2026 (unchanged) • 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 as
Slide 26: Appendix
INVESTOR PRESENTATION Appendix 26
Slide 27: Change in discount rate curve under IFRS
Change in discount rate curve under IFRS 17 New rate clearly lower in long end and closer to swap rates in 31 March 2026 Discount rates and swap rates as of 31 March 2026 Rationale behind the change • Mandatum started to use EIOPA risk-free rate with volatility adjustment 4.5% in IFRS 17 discounting
Slide 28: Policy savings (original portfolio) down 2.9% YTD
Policy savings1 (original portfolio) down 2.9% YTD 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 35 million YTD 422 2,105
Slide 29: CSM development
CSM development CSM1 development, 1–3/2026 (EURm) CSM1 sensitivity, 3/2026 (EURm) 514 5 1 Expenses +10% -35 476 -27 -5 -12 Credit spreads +50bps 4 Equity markets +20% 58 31 Dec New Accreted Experience Assumption CSM 31 Mar 2025 business CSM interest variance changes release 2026 Equity markets -20%
Slide 30: 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