Evli Plc Class B · OMXHEX:EVLI
Evli Plc Class B — Debt Investor Presentation (September 2026)
91 slides from Evli Plc Class B's debt investor presentation, Sep 30, 2026
Slide 1: Evli Nordic Corporate Bond IB
EVLI NORDIC CORPORATE BOND IB This is marketing material for the fund and is not intended as investment advice or recommendation. Before making an investment decision, the investor must read the fund's key information document and other statutory information about the fund. 30.09.2026 ISIN: FI000881
Slide 2: Evli Nordic Corporate Bond - Key Differentiators
EXECUTIVE SUMMARY 2 Evli Nordic Corporate Bond - Key Differentiators - Four countries and four currencies mean no indices, no passive instruments, less “hot Unique Asset money” - Half of issuers and one third of volumes unrated, local knowledge mandatory Class - Bonds in crossover space (BBB-BB-B) o
Slide 3: Evli Nordic Corporate Bond – Strong ESG profile
EXECUTIVE SUMMARY 3 Evli Nordic Corporate Bond – Strong ESG profile Responsibility Scores ESG Integration Exclusions -Fund Responsibility (ESG) score AA -External ESG Databases integrated -All ordinary Evli exclusions (scale AAA-CCC) into in-house PM tool - Revenue threshold 0%: Controversial weapon
Slide 4: Table of Contents
4 Table of Contents 01 EVLI PLC 02 NORDIC CORPORATE BONDS 03 CURRENT INVESTMENT OPPORTUNITY 04 FUND SUMMARY AND PERFORMANCE 05 PORTFOLIO COMPOSITION 06 CONSIDERATIONS AND RISK FACTORS 07 INVESTMENT PROCESS AND RESPONSIBLE INVESTING 08 APPENDIX CONFIDENTIAL
Slide 5: Evli Plc
EVLI Q1 EVLI PLC CONFIDENTIAL
Slide 6: Evli in brief
6 ASSETS UNDER MANAGEMENT (EUR MARKET POSITION AS INSTITUTIONAL Evli in brief BILLION) JUNE 30, 2026 ASSET MANAGER (KANTAR PROSPERA 2026) We are a Finnish independent investment 22.6 1. service company with a 40-year operating history. NET REVENUE (EUR MILLION) IN 2025 FINLAND’S THIRD LARGEST FUND M
Slide 7: Evli’s investment funds
7 Evli’s investment funds FUND AUM (EUR BILLION) NUMBER OF FUNDS Funds are managed by Evli Fund Management JUNE 30, 2026 Company Ltd. The company is part of Evli Group whose parent company is Evli Plc. 17.1 70 Morningstar, an independent fund research firm, awarded Evli Fund Management Company the b
Slide 8: Award-winning asset management from Evli
8 Award-winning asset management from Evli Evli has consistently ranked at the very top of Kantar Prospera’s client survey for 14 consecutive years. In the SFR Research’s Institutional Investment Services survey, Evli has been ranked first for six years and second for four, based on the overall qual
Slide 9: Responsible investing with 20 years of experience
9 Responsible investing with 20 Review of Evli’s climate targets years of experience Signatory of a COP15 initiative ’Moving Together on Nature’ Signatory of a joint TNFD Signatory of Open Letter to Joining the PRI statement on Nature EU leaders from investors Advance initiative as European Report o
Slide 10: Four pillars of responsible investing at Evli
10 Four pillars of responsible investing at Evli #1 in Sustainable investing according to Finnish institutions2 Principles for ESG 1 -integration in Engagement and Reporting Responsible Investment Team Responsible Investment investment process active ownership – Decided by Evli’s – Portfolio – Manag
Slide 11: Nordic Corporate Bonds
02 NORDIC CORPORATE BONDS CONFIDENTIAL
Slide 12: Evli’s excellent corporate bond track record
12 Evli’s excellent corporate bond track record Quartile Rankings 3Q 2026* Historical returns are no guarantee of future returns. Morningstar Peer 3 5 10 15 Evli Fund Group Years Years Years Years EUR Ultra Short-Term Evli Euro Liquidity 1 1 1 1 Bond – The first credit fund, Evli Corporate Bond Fund
Slide 13: Nordic Bonds – Unique Asset Class
02 NORDIC CORPORATE BONDS 13 NORDIC BONDS – UNIQUE ASSET CLASS Sizeable market and growing Excess yield vs European credit Limited access – No ETFs CONFIDENTIAL
Slide 14: Nordic Bonds: Already a Number of Issuers
02 NORDIC CORPORATE BONDS 14 Nordic Bonds: Already a Number of Issuers Sizeable Market (non-financials) – Professional investor base 554 vs 572 EUR IG – Floating rate bonds – Many bonds without official credit Market Size (non-financials) rating – Volume equivalent to EUR HY €347 bn – Diverse corpor
Slide 15: Current Investment Opportunity
03 CURRENT INVESTMENT OPPORTUNITY CONFIDENTIAL
Slide 16: Different Risk/Reward Profiles in Nordic Corporate Bond Segments
03 CURRENT INVESTMENT OPPORTUNITY 16 Different Risk/Reward Profiles in Different Nordic Corporate Bond Market Segments Publicly quoted but unrated companies Private Equity Rated owned HY Companies (& Norwegian HY) Evli Nordic Corporate Bond focus BBB / BB type of credit risk CONFIDENTIAL
Slide 17: Nordic Corporate Bond Market Segments
03 CURRENT INVESTMENT OPPORTUNITY 17 Nordic Corporate Bond Market Segments CORE+ CORE SATELLITE Rated companies Publicly quoted Private Equity but unrated owned HY (& companies Norwegian HY) - Small pick up to core - Best relative value vs. index - Relative value varies vs. index European names name
Slide 18: Nordic Issuers Have Value Compared to EUR BBB
03 CURRENT INVESTMENT OPPORTUNITY 18 Nordic Issuers Have Value Compared to EUR BBB = Nordic unrated corporate bond (senior) holdings that we think have IG credit risk profiles EUR BBB spread curve CONFIDENTIAL
Slide 19: Arla first time rating, S&P BBB
03 CURRENT INVESTMENT OPPORTUNITY 19 Arla first time rating, S&P BBB Old 2yr Arla SEK bond Spread tightening after –Arla, a Danish issuer of Nordic unrated bonds rating news –Arla got a first-time credit rating in May 2026 –Existing short SEK bonds tightened significantly –Then the company issued th
Slide 20: Thule & Tieto new unrated bonds
03 CURRENT INVESTMENT OPPORTUNITY 20 Thule & Tieto new unrated bonds Thule AB Tieto Oyj Sweden Finland Equity listed Equity listed Mcap EUR 2.3bn Mcap EUR 2.4bn Leverage 2.0x Leverage 1.3x Ebitda margin 20% Ebitda margin 16% Source: Bloomberg CONFIDENTIAL
Slide 21: Nordic Corporates vs EUR Investment Grade - Higher return without adding volatility
03 CURRENT INVESTMENT OPPORTUNITY 21 Nordic Corporates vs EUR Investment Grade - Higher return without adding volatility Evli Nordic Corporate Bond EUR Corp 1-5yr (ER0V) Fund BM, similar duration with the Nordic Corporate Bond fund EUR IG Non-Fin Corporate (EN00) ECB Corp QE Interest rates decline C
Slide 22: Portfolio Fundamentals in the Nordic Corporate Bond fund
03 CURRENT INVESTMENT OPPORTUNITY 22 Portfolio Fundamentals in the Nordic Corporate Bond fund Portfolio Leverage: Net debt / EBITDA 5 4,5 – Company debt leverage has been stable at 4 healthy levels despite two crisis, covid and inflation. 3,5 3 Market median BB – 2026 Q2 results were better than exp
Slide 23: Net Debt to EBITDA
03 CURRENT INVESTMENT OPPORTUNITY 23 Credit and interest rate risk, Nordic vs. rated market Credit risk (leverage) and Interest rate risk (mod. duration) 5 B m.dur 3,46, leverage 4,7x 4 BB Evli Nordic High Yield m.dur 3,37, Net Debt to EBITDA m.dur 0,9, leverage 3,6x leverage 3,1x BBB 3 m.dur 4,39,
Slide 24: Evli Nordic Bond Interest Rate Duration
03 CURRENT INVESTMENT OPPORTUNITY 24 Evli Nordic Bond Interest Rate Duration – Evli Nordic corporate bond fund duration risk – NOK & SEK rates do not have a major effect comes mainly from the intermediate term on the hedged returns as bonds are typically EUR fixed notes FRNs Evli Nordic Corporate Bo
Slide 25: Spread Comparison NCB fund vs. similar EUR Index composite
03 CURRENT INVESTMENT OPPORTUNITY 25 Spread Comparison NCB fund vs. similar EUR Index composite 500 - Nordic better relative value remains 450 stable 400 - Current spread +165* bps without 350 cash 300 - Company credit fundamentals 250 improving 200 - Yield to maturity about 4.86%, 150 (30.9.2026),
Slide 26: Evli Nordic Corporate Fund spread and YTM since start
03 CURRENT INVESTMENT OPPORTUNITY 26 Evli Nordic Corporate Fund spread and YTM since start Evli Nordic Corporate Bond YTM and spread 7 - Credit quality has improved in the 6 Evli Nordic bond fund (higher pure 5 IG weight) 4 - Current spread +165* bps without 3 cash 2 - Yield to maturity about 4.86 %
Slide 27: Evli Nordic Corporate Bond Indicative spreads and Yields
03 CURRENT INVESTMENT OPPORTUNITY 27 Evli Nordic Corporate Bond Indicative spreads and Yields German Govt EUR 1-5Y Corp Index Spread Nordic Spread 7 6 - Credit quality has improved in the Evli Nordic bond fund (higher pure 5 IG weight) 4 - Yield to maturity about 4.86 %, (30.9.2026), hedged to EUR,
Slide 28: Evli Nordic Corporate Bond statistics
03 CURRENT INVESTMENT OPPORTUNITY 28 Evli Nordic Corporate Bond statistics Statistics 30.9.2026 Fund Yield (YTM) 4.86% Yield to worst (YTW) 4.82% Modified duration 2.12 Spread duration 3.36 Average rating BBB- Credit spread (OAS) 163 bps Floating rate notes 45% HY exposure 29% Green bonds 32% Respon
Slide 29: Fund Summary and Performance
04 FUND SUMMARY AND PERFORMANCE CONFIDENTIAL
Slide 30: Portfolio Management: Nordic Corporate Bonds
04 FUND SUMMARY AND PERFORMANCE 30 Portfolio Management: Nordic Corporate Bonds Evli’s team analyzing Nordic corporates Evli’s equity PMs following Nordic Co’s Mikael Lundström Janne Kujala Chief Investment Head of Nordic Officer Finnish equities Nordic High Yield Equities Nordic Small Caps In the I
Slide 31: Evli’s fixed income team
31 Evli’s fixed income team Mikael Lundström Juhamatti Pukka Jussi Hyyppä Juhana Heikkilä Jani Kurppa Juha Mäntykorpi CHIEF INVESTMENT HEAD OF FIXED INCOME HEAD OF LOAN SENIOR PORTFOLIO SENIOR PORTFOLIO PORTFOLIO MANAGER OFFICER STRATEGIES MANAGER MANAGER AT EVLI SINCE 1996, AT EVLI SINCE 2008, AT E
Slide 32: Evli Nordic Corporate Bond Fund Characteristics
04 FUND SUMMARY AND PERFORMANCE 32 Evli Nordic Corporate Bond Fund Characteristics – 100% Nordic: corporate bonds from Finland, Sweden, Norway, Denmark – Currencies: EUR, SEK, NOK, USD, DKK (all hedged to EUR) – Rating independent: unrated & BB/BBB rated bonds – High grade benchmark: BofA ML 1-5 yr.
Slide 33: Evli Nordic Corporate Bond Fund in a Nutshell
04 FUND SUMMARY AND PERFORMANCE 33 Evli Nordic Corporate Bond Fund in a Nutshell Type of Fund Nordic Corporate Bond Fund (UCITS) Benchmark ICE BofAML 1-5 Year Euro Corporate Index Distribution (A) and growth units (B) available. Fund Units Clean (C) and institutional share classes available (I). Cur
Slide 34: Evli Nordic Corporate Bond Fund history
04 FUND SUMMARY AND PERFORMANCE 34 Evli Nordic Corporate Bond Fund history Jani Kurppa as PM from Current 2013 Nordic ISIN launched 04/2007 strategy from Nordics as a 3/2016 part of fund Fund launched 04/2007 Current fund manager Mr. In 2016 the fund strategy under name Evli Alpha Bond Jani Kurppa t
Slide 35: Net of fee returns - 1 Year
35 Net of fee returns - 1 Year The ICE BofA 1-5 Year Euro Corporate Index (ER0V) has been the fund's official benchmark since 31.08.2017. Before that date, the funds official benchmark was the 3-month Euribor Return Index. Portfolio Benchmark Difference 1 Month -0.65% -0.83% 0.18% 3 Months -0.62% -1
Slide 36: Net of fee returns - 10 Years
36 Net of fee returns - 10 Years The ICE BofA 1-5 Year Euro Corporate Index (ER0V) has been the fund's official benchmark since 31.08.2017. Before that date, the funds official benchmark was the 3-month Euribor Return Index. Portfolio Benchmark Difference 1 Year 2.09% 0.12% 1.97% 3 Years 17.72% 12.0
Slide 37: Net of fee returns - Since current strategy launch
37 Net of fee returns - Since current strategy launch The ICE BofA 1-5 Year Euro Corporate Index (ER0V) has been the fund's official benchmark since 31.08.2017. Before that date, the funds official benchmark was the 3-month Euribor Return Index. Portfolio Benchmark Difference 1 Year 2.09% 0.12% 1.97
Slide 38: Annual returns, after fees, 30.09.2026
38 Annual returns, after fees, 30.09.2026 ICE BofA 1-5 Year Euro Corporate Index (ER0V) has been the official benchmark for the fund since 31.8.2017. Until 31.8.2017, the official benchmark for the fund has been 3-month Euribor Return Index. 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Portfoli
Slide 39: Portfolio Composition
05 PORTFOLIO COMPOSITION CONFIDENTIAL
Slide 40: Portfolio trends & positioning 9/2026
05 PORTFOLIO COMPOSITION 40 Portfolio trends & positioning 9/2026 Portfolio weights (%) – Nordic primary activity was very active in September. 60 The fund participated in more than 10 new issues 50 – Rated issuers have dominated the new issue market and both rated IG & HY weights have increased 40
Slide 41: Portfolio Composition by Rating and Internal Classification
05 PORTFOLIO COMPOSITION 41 Evli Nordic Corporate Bond, Portfolio Composition by Rating and Internal Classification, 28.02.2026 In February 2026, the fund held 46% of bonds issued Credit class allocation of the full fund after taking into by unrated companies account the internal classification for
Slide 42: Unrated part of the portfolio
05 PORTFOLIO COMPOSITION 42 Evli Nordic Corporate Bond, Unrated part of the portfolio, 28.02.2026 Unrated bonds – Country allocation Utility Unrated bonds – Sector allocation Denmark 2,1% Insurance Financial Services Energy Banking 1,5% 7,0% 2,0% 0,8% 2,9% Basic Industry 11,4% Telecommunications 3,7
Slide 43: S&P Capital IQ Credit Score for the full portfolio
05 PORTFOLIO COMPOSITION 43 S&P Capital IQ Credit Score for the full portfolio, 28.2.2026 - In addition to internally analyzing all the companies based on credit fundamental, we are also employing S&P Capital IQ for credit assessments - S&P Capital IQ puts fundamental data into Standard & Poor’s rat
Slide 44: Portfolio structure 30.09.2026
44 Portfolio structure 30.09.2026 Evli Nordic Corporate Bond IB CONFIDENTIAL
Slide 45: Top holdings 30.09.2026
45 Top holdings 30.09.2026 10 LARGEST INVESTMENTS 10 LARGEST ISSUERS % % Elenia Verkko 9.6.2033 3.375% Callable Fixed 1.88% Ellevio AB 2.78% Tornator Oyj 17.10.2031 3.75% Callable Fixed 1.75% HUHTAMAKI OYJ 2.54% Kesko Oyj 2.2.2030 3.5% Callable Fixed 1.74% TORNATOR OYJ 2.19% Tieto Oyj 28.5.2031 4.37
Slide 46: Currency Hedging Cost 6/2026
05 PORTFOLIO COMPOSITION 46 Currency Hedging Cost 6/2026 Hedging Total currency Hedging cost cost/gain per year exposure in fund contribution EUR 61.9% SEK 0.49% 26.8% 0.13% NOK -2.04% 10.0% -0.20% DKK 0.40% 0.7% 0.00% USD -1.52% 0.7% -0.01% Average hedging cost for the fund -0.08% Local yield 4.35%
Slide 47: Evli’s Nordic fixed income funds vs. the market
47 Evli’s Nordic fixed income funds vs. the market 30.9.2026 8,0 Evli’s Nordic credit fund Evli Nordic Senior Secured Loan (AIF; 6,96%) The Market 7,0 Evli Nordic High Yield (6,74%) European Developed Markets High Yield Constrained 6,0 5,0 Evli Nordic Corporate Bond (4,86%) Yield to maturity EMU IG
Slide 48: Evli’s Nordic corporate bond and loan funds in a nutshell
48 Evli’s Nordic corporate bond and loan funds in a nutshell Fund Evli Euro Liquidity Evli Nordic Corporate Bond Evli Nordic High Yield Evli Nordic Senior Secured Loan (AIF) Invests into Nordic ultra-short term corporate bonds Nordic crossover corporate bonds Nordic rated and unrated high yield bond
Slide 49: Peer analysis – 3 years
49 Peer analysis – 3 years Past returns are no guarantee of future returns. Return (cum.) Beta Bear Beta Bull Beta Down Capture Ratio Up Capture Ratio Max Drawdown Evli Nordic Corporate Bond B 16,34 0,87 0,72 0,47 19,40 83,89 -1,43 The upper quartile 12,19 1,02 1,09 1,10 112,45 103,38 -2,77 Median 1
Slide 50: Peer analysis – 10 years
50 Peer analysis – 10 years Past returns are no guarantee of future returns. Return (cum.) Beta Bear Beta Bull Beta Down Capture Ratio Up Capture Ratio Max Drawdown Evli Nordic Corporate Bond B 22,20 0,89 0,98 0,45 43,88 76,93 -11,31 The upper quartile 6,57 1,04 1,13 1,15 114,22 109,04 -15,94 Median
Slide 51: Nordic exposure of Evli’s fixed income funds
05 PORTFOLIO COMPOSITION 51 Nordic exposure of Evli’s fixed income funds CONFIDENTIAL
Slide 52: Considerations and Risk Factors
06 CONSIDERATIONS AND RISK FACTORS CONFIDENTIAL
Slide 53: Considerations and Risk Factors
06 CONSIDERATIONS AND RISK FACTORS 53 Considerations and Risk Factors The fund’s goal is to out-perform the benchmark index over the long term. The return expectation and risk of funds investing in corporate bonds are generally higher than the return expectation and risk of funds that invest solely
Slide 54: Investment Process & Responsible Investing
07 INVESTMENT PROCESS & RESPONSIBLE INVESTING CONFIDENTIAL
Slide 55: Investment Philosophy and Strategy
07 INVESTMENT PROCESS & RESPONSIBLE 55 INVESTING Investment Philosophy and Strategy - Creditworthiness is the most important factor in selecting investment targets DISCIPLINED - We assess the TRUE credit quality, NOT relying on official rating - The coupon is a central part of the return - We only i
Slide 56: Nordic Corporates Investment Process
07 INVESTMENT PROCESS & RESPONSIBLE 56 INVESTING Nordic Corporates Investment Process Idea Generation Credit Analysis Execution Screening (>500 name universe) Company Analysis (~200 names) Portfolio (100+ names) Investment Universe: - Financial Statement Analysis Overview and diversity: - Nordic Cor
Slide 57: Credit Analysis: Company
07 INVESTMENT PROCESS & RESPONSIBLE 57 INVESTING Credit Analysis: Company – Main focus on companies that over the cycle: – generate consistent positive free cash flow – debt leverage decreasing & debt coverage increasing – Are priced at an attractive spread compared to their risk Management and othe
Slide 58: How ESG is taken into account in investment decisions
07 INVESTMENT PROCESS & RESPONSIBLE 58 INVESTING How ESG is taken into account in investment decisions ESG factors will influence our analysis of the company, industry as well as our thoughts on the management and owners. Portfolio Managers - Focus on issues that are quantifiable in terms of credit
Slide 59: Bond Liquidity Analysis is a Part of Credit Analysis
07 INVESTMENT PROCESS & RESPONSIBLE 59 INVESTING Bond Liquidity Analysis is a Part of Credit Analysis – We only invest in bonds that we estimate to have good secondary market liquidity – Well-known companies in the Nordics with wide investor base – Unrated bonds but equity listed in the local stock
Slide 60: ESG integration in Investment Process
07 INVESTMENT PROCESS & RESPONSIBLE 60 INVESTING ESG integration in Investment Process – Daily activity on fund and company level 2. MONITORING AND ENGAGEMENT – Portfolio managers are responsible for the daily 1. ANALYSIS ESG integration and taking ESG issues into account in all investment decisions
Slide 61: Fund Exclusion in Practice
07 INVESTMENT PROCESS & RESPONSIBLE 61 INVESTING Fund Exclusion in Practice Evli’s general exclusion: Controversial weapons (landmines, cluster bombs, depleted uranium, nuclear weapons, chemical and biological weapons) with a 0% threshold and companies manufacturing tobacco, producing adult entertai
Slide 62: Best-in-class ESG reports provide a comprehensive and transparent view
07 INVESTMENT PROCESS & RESPONSIBLE 62 INVESTING Best-in-class ESG reports 1 provide a comprehensive and 3 transparent view – Quarterly ESG Reports on all Evli funds are published to the open public to add to transparency and improve industry best-practice. 2 4 – Main content in ESG Report 1. ESG ap
Slide 63: Evli’s key strengths on Responsible Investing
07 INVESTMENT PROCESS & RESPONSIBLE 63 INVESTING Evli’s key strengths on Responsible Investing ESG is deeply and thoroughly integrated in all daily investment activity in all portfolios managed by Evli Portfolio level ESG profile is reported in detail to add transparency and industry best-practice R
Slide 64: ESG Metrics 30.06.2026
64 EVLI NORDIC CORPORATE BOND ESG Metrics 30.06.2026 Responsibility score AA Carbon footprint 71 UN Global Compact 0.0 % SFDR classification: Article 8 (t CO2e/M$ sales) fails CURRENT RESPONSIBILITY SCORES CARBON FOOTPRINT AND FOSSIL FUEL RESERVES DEVELOPMENT OF CARBON INTENSITY OF CURRENT INVESTMEN
Slide 65: At Your Service
07 INVESTMENT PROCESS & RESPONSIBLE 65 INVESTING At Your Service Evli Plc Aleksanterinkatu 19, 4th floor P.O. Box 1081, 00101 Helsinki, Finland Petter von Bonsdorff Marco Granskog Ronny Ruohomaa DIRECTOR, INTERNATIONAL SALES DIRECTOR, INTERNATIONAL SALES DIRECTOR, INTERNATIONAL SALES tel. +358 9 476
Slide 66: Evli social media and contact
Twitter - Evli Twitter - Evli Twitter - Evli Facebook - Evli Facebook - Evli LinkedIn - Evli LinkedIn - Evli Instagram Evli Oyj Instagram Evli Oyj Instagram Evli Oyj evli.com evli.com evli.com Evli Oyj | Aleksanterinkatu 19 | PL 1081 | 00101 Helsinki | Vaihde (09) 476 690 | evli.com
Slide 67: Appendix
EVLI Os) APPENDIX CONFIDENTIAL
Slide 68: The Nordic Model
08 APPENDIX 68 The Nordic Model - The combination of social welfare and economic systems adopted by the region’s countries is called the Nordic model. It matches market economy and economic efficiency with social benefits and income distribution. CONFIDENTIAL
Slide 69: The Nordics – Strong and Stable Economies
08 APPENDIX 69 The Nordics – Strong and Stable Economies “The Nordics are known for high quality of Nordic Countries share the same life, innovativeness, democracy and virtues and traits stability. Here’s a look at what makes the region so successful.“ • Are small export oriented open economies • Ha
Slide 70: Nordics economies on healthy basis
08 APPENDIX 70 Nordics economies on healthy basis Source: Bloomberg 30.9.2024; Note: Nordics unemployment forecast excludes Denmark, for which a forecast was not available. CONFIDENTIAL
Slide 71: Nordics is a very business friendly environment
08 APPENDIX 71 Nordics is a very business friendly environment The Worldwide Governance Indicators (WGI) are a research dataset summarizing the views on the quality of governance provided by many enterprise, citizen and expert survey respondents in industrial and developing countries. WGI is a World
Slide 72: Nordic Bonds: Already a Sizeable Market
08 APPENDIX 72 Nordic Bonds: Already a Sizeable Market Q4 2024 Nordic EUR IG Index EUR HY Index Market Size (non-financials) 347 bn 1,998 bn 390 bn Number of Issuers (non-financials) 554 572 360 Number of Unrated Bonds 69% 0% 0% Unrated Amount 33% 0% 0% Source: Bloomberg 31.12.2025 ▪ Country of risk
Slide 73: Nordic Corporate Bond Market is still Growing
08 APPENDIX 73 Nordic Corporate Bond Market is still Growing Nordic Market Size, EUR bn Nordic Issuer Count 400 600 554 347 525 520 531 517 350 490 493 321 500 480 309 301 450 293 430 430 300 271 250 400 250 225 203 205 192 200 300 150 200 100 100 50 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 74: Many Big Bond Issues and Maturities to Choose From
08 APPENDIX 74 Nordic Corporate Bond Market: Many Big Bond Issues and Maturities to Choose From Amount outstanding per issue size Amount outstanding per maturity, (EUR, bn) 60 Over 250 mln 50 40 100-250 mln 30 Under 100 mln 20 10 0% 20% 40% 60% 80% - 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Slide 75: Nordic Corporate Bond Market - Defaults 2010-2022
08 APPENDIX 75 Nordic Corporate Bond Market - Defaults 2010-2022 Evli has compiled default data from Stamdata with historical bond data from Bloomberg from the years 2010- 2022. We have included all corporate and financial bonds, min €30m issue size and over 18 months of maturity. Default Rates Bond
Slide 76: Defaults
08 APPENDIX 76 Defaults 250 Nordic bond market volume and default rate by volume per year 2,0 % 200 1,5 % Billions (€) 150 1,0 % Nordic credit markets have remained 100 resilient through the cycles and default 50 0,5 % rate has remained low. Defaults peaked in 2024 due to sharply higher funding cost
Slide 77: Nordic Equity Markets – Consistent Excess Returns
08 APPENDIX 77 Nordic Equity Markets – Consistent Excess Returns • Nordic Real Equity Possible explanations behind the Returns have excess returns historically been consistently higher • Relatively strong and stable than those in rest of national governments and Europe economies • This trend is pers
Slide 78: Nordic countries top the 2023 SDG Index
08 APPENDIX 78 Nordic countries top the 2023 SDG Index All four main Nordic countries are in top positions of the global 2023 SDG Index. These leading countries have maintained their top rankings in the global SDG Index since 2015. Source: Europe Sustainable Development Report 2023; https://dashboar
Slide 79: Nordic companies have higher ESG scores and less ESG risk
08 APPENDIX 79 Nordic companies have higher ESG scores and less ESG risk Nordic companies (VINX) have higher MSCI ESG Ratings (AA-rating) than European companies (MSCI Europe, A-rating) and Global companies (MSCI World, A-rating) Nordic companies have also less Carbon, Reputational and Governance ri
Slide 80: Evli’s European and Emerging Markets corporate bond funds in a nutshell
80 Evli’s European and Emerging Markets corporate bond funds in a nutshell Fund Evli Short Corporate Bond Evli Corporate Bond Evli Green Corporate Bond Evli European Investment Grade Evli European High Yield Evli Emerging Markets Credit Invests into Short dated European European investment grade Eur
Slide 81: Evli’s funds vs. the market
81 Evli’s funds vs. the market 30.9.2026 8,0 Evli’s Nordic credit fund Evli European High Yield (6,92%) Evli Nordic Senior Secured Loan (AIF; 6,96%) Evli’s European credit fund 7,0 European Developed Markets High Yield Constrained Evli’s Global credit fund Evli Nordic High Yield (6,74%) Evli’s gover
Slide 82: Market outlook
82 Market outlook – The long-end sell-off has intensified over – Another solid earnings season: The Q2 – High all-in yields: Following the shift up in the past month. The 10-year OAT–Bund reporting season so far has been strong in the yield curve, the overall yield levels are spread has widened to a
Slide 83: Spreads: BBB-rated IG in Europe
83 Spreads: BBB-rated IG in Europe (02/10/2026) Last 5 years Since 1999 Source: ICE BofAML, EVLI CONFIDENTIAL
Slide 84: Spreads: B-rated HY in Europe
84 Spreads: B-rated HY in Europe (02/10/2026) Last 5 years Since 1999 Source: ICE BofAML, EVLI CONFIDENTIAL
Slide 85: Credit metrics (IG + HY)
85 Credit metrics (IG + HY) Investment Grade High Yield Source: ICE BofAML, Bloomberg, Cognitive CONFIDENTIAL
Slide 86: Credit metrics (IG + HY)
86 Credit metrics (IG + HY) Source: FactSet, Bloomberg, S&P Capital IQ, company data, Morgan Stanley Research CONFIDENTIAL
Slide 87: HY: 3-4% annual default rate expected by YE26
87 HY: 3-4% annual default rate expected by YE26 – Market default forecasts show around 3-4% default rates by year-end 2026. – For 2027, market expectations range from 2% to 4%. Healthy credit fundamentals and high balance sheet liquidity support lower default rate while prolonged war in Iran is a n
Slide 88: Benchmark total return % YTD 2026
88 Benchmark total return % YTD 2026 Past returns are no guarantee of future returns. Source: ICE BofAML, Evli. Returns are hedged to the EUR. CONFIDENTIAL
Slide 89: Important information
89 Important information This marketing material is intended for non-professional and professional clients in Finland, Sweden, Lithuania, Latvia and Estonia. In other jurisdictions this Document is intended only for professional clients. The management company of the fund is Evli Fund Management Com
Slide 90: Disclaimer statement
90 Disclaimer statement Evli This presentation is intended only for the recipient's personal and private use. This material is based on sources that Evli Group (Evli) considers correct and reliable. However, neither Evli nor its employees give any guarantee concerning the correctness, accuracy or co
Slide 91: Evli Funds social media and contact
LinkedIn – Evli Funds LinkedIn – Evli Funds Facebook – Evli Funds Facebook – Evli Funds Facebook – Evli Funds Message Service X – Evli Funds Message Service X – Evli Funds Message Service X – Evli Funds evli.com evli.com evli.com Evli Plc | Aleksanterinkatu 19 | P.O. Box 1081 | FI-00101 Helsinki, Fi