Mandatum Oyj · OMXHEX:MANTA
Mandatum Oyj — Investor Day (August 2026)
35 slides from Mandatum Oyj's investor day presentation, Aug 25, 2026
Slide 1: Mandatum Analyst Day 2026
Mandatum Analyst Day 2026 Helsinki, 25 August 2026
Slide 2: Strategy and Q2 2026 business performance
Strategy and Q2 2026 business performance Petri Niemisvirta, CEO Matti Ahokas, CFO
Slide 3: Transformation towards capital-light business
Transformation towards capital-light business ASSET 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 Effective i
Slide 4: 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 5: Record-high client AuM at EUR 16.7 billion
Record-high client AuM at EUR 16.7 billion 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) 16.7 1,200 12% 14.9 15.3 15.4 14.0 14.0 14.4 983 993 974 13.3 4.0 925 10% 12.5 13.0 3.6 1,
Slide 6: Financial performance
@®MANDATUM Financial performance
Slide 7: Result by segments
Result by segments 4–6/2026 4–6/2025 EURm Asset and Capital- Capital- Group, Group, wealth Corporate Retail light, With-profit Other3 light, total total management total total Fee result 9.6 8.3 4.5 22.3 - 0.0 22.4 18.5 18.5 Insurance service result - 5.7 2.6 8.3 - - 8.3 7.1 7.1 Fee result from inve
Slide 8: Capital-light growth +32% y/y
Capital-light growth +32% 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 • Sales to international clients were strong, particularly in Sweden. 40.0 120 Client base expansion progressed,
Slide 9: Cost/income ratio stable q/q at 49%
Cost/income ratio stable q/q at 49% Client AuM cost/income ratio1 Fee margin1 70% 1.5% 1.17% 1.14% 1.13% 1.13% 1.12% 1.12% 60% 55% 53% 1.0% 50% 49% 49% 49% 50% 0.5% 40% 30% 0.0% Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026 • Improved operational lev
Slide 10: With-profit net finance result driven by strong investment return
With-profit net finance result driven by strong investment return Investment return (EURm) Unwinding & discounting of liabilities (EURm) With-profit net finance result (EURm) Investment 53 +1.3% return1 (%) +2.5% 83 46 -31 9 -38 Q2/2025 Q2/2026 Q2/2025 Q2/2026 Q2/2025 Q2/2026 • Quarterly investment
Slide 11: Group net finance result QTD
Group net finance result QTD Q2/2026 80 70 60 1.7 56.8 3.9 55.4 2.6 50 16.9 48.8 - 9.8 40 4.0 30 - 20.8 20 10 0 Hedges Discount rate change Alternatives* Group investments Total Fixed income Unwinding Equity Life Total Other
Slide 12: Business update and acquisition of Cliens
Business update and acquisition of Cliens Janne Sarvikivi, EVP, Asset and wealth management
Slide 13: Solid growth in international client AuM at 19% y/y
Solid growth in international client AuM at 19% y/y Client AuM by client segment (EURm) Client AuM by product (EURm) Comments Private wealth management Growth Credit Equity Growth • 15% AuM growth y/y in the A&WM Institutions, International y/y Alternative Allocation products y/y business area drive
Slide 14: Top ranked asset and wealth manager with strong investment expertise
Top ranked asset and wealth manager with strong investment expertise, proven track record and high customer satisfaction Award-winning products Best private banking provider in Finland1 MANDATUM MANAGED MANDATUM FIXED INCOME FUTURES FUND TOTAL RETURN FUND MANDATUM NORDIC HIGH YIELD TOTAL RETURN FUND
Slide 15: 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 Finnish institutions and private wealth management, Mandatum’s
Slide 16: Mandatum acquires Swedish asset manager Cliens
Mandatum acquires Swedish asset manager Cliens STRATEGIC RATIONALE • Supports Mandatum’s Nordic expansion • Strengthens Mandatum’s footprint in the Swedish asset management market • Well-established, partner-owned Swedish asset • Enhances Mandatum’s product offering through complementary equity prod
Slide 17: Key initiatives for the near future
Key initiatives for the near future Executing on product pipeline Accelerating international growth • Supports all our sales efforts from private • Continue to broaden our footprint wealth management to international institutional sales • Fine tuning products • Broadens our product palette • Cliens
Slide 18: Solvency and capital generation
Solvency and capital generation Kai Niemi, CRO
Slide 19: Solvency ratio clearly above target
Solvency ratio clearly above target Quarterly solvency position1 Solvency II ratio sensitivity 150% 200% 250% Own funds (EURm) SCR (EURm) Solvency II ratio incl. TM (%) Solvency II ratio excl. TM (%) Base 222% 4,000 250% 222% 226% 226% 222% 210% Listed & private 3,500 235% equity -20% 184% 200% 3,00
Slide 20: Own funds supported by net finance result
Own funds supported by net finance result Breakdown of own funds, 30 Jun 2026 (EURm) Comments • Own funds increased by EUR 101 million 299 0 1,937 577 189 1,705 during Q2, prior assumed dividend accrual -179 -131 -101 1,050 • Solvency capital requirement (SCR) increased during Q2. Main drivers were
Slide 21: Key drivers of capital generation
Key drivers of capital generation Organic capital generation, 1–6/2026 Key drivers Organic capital generation • Own funds: Stable growth of fee result 20% 210% 13% combined with good net finance result 184% -7% had positive impact on own funds • SCR: Predictable, continuous run-off of Solvency II wi
Slide 22: Organic capital generation driven by own funds increase
Organic capital generation driven by own funds increase Components of organic capital generation (EURm), 1–6/2026 Segmental contribution of organic capital generation (EURm), 1–6/2026 10 140 66 140 130 0 At 200% Solvency II ratio for with-profit and 150% for 74 capital-light Own funds SCR reduction
Slide 23: Bridge between the own funds and the own funds generation
Bridge between the own funds and the own funds generation Change of own funds during 1–6/2026 Comments • Change of own funds in total EUR 112 million prior dividend accrual • Bridge between own funds generation EUR 130 million and change of own funds - 17 63 - 101 EUR 112 million 1 825 53 14 1 836 i
Slide 24: Bridge between the SCR and the SCR reduction
Bridge between the SCR and the SCR reduction Change of SCR during 1–6/2026 Comments 994 • Change of SCR in total EUR -120 million 46 874 15 3 1 • Bridge between the change of SCR EUR - 178 -7 -120 million and SCR reduction EUR 0 million i. Effect of Group asset are excluded, EUR +142 million SCR Mar
Slide 25: Decomposition of SCR to business segments
Decomposition of SCR to business segments Decomposition on 31 Dec 2025 Comments • SCR for capital-light business has 161 994 increased during 2026 from EUR 431 to 431 EUR 470 million. • Roughly one fourth of the increase was 403 due to the symmetrical adjustment and half due to AuM increase. Note th
Slide 26: De-risking continues through implementation of strategic asset allocation (SAA)
De-risking continues through implementation of strategic asset allocation (SAA) Asset allocation towards SAA* SAA impact on solvency capital requirement (SCR) (EURm) Risk charge 2024 Pro forma 2024 49% 49% 25% -35% 39% 90% EUR EUR 74% 428m 280m 51% 9% 2021 2024 2028E Fixed income Listed equity Real
Slide 27: Net finance result
Net finance result Janne Sorainen, EVP, With-profit business
Slide 28: Change in discount rate curve under IFRS 17
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 29: EIOPA curves in H1 2026
EIOPA curves in H1 2026 EIOPA risk-free rate with VA Comments Changes in EIOPA’s risk-free rate with volatility adjustment (VA) are 3.6% explained in practice by 3.4% • Changes in EURSWAP rates and • Changes in VA 3.2% • VA on 31 Dec 2025: 14 bps 3.0% • VA on 31 Mar 2026: 18 bps 2.8% • VA on 30 Jun
Slide 30: Contributors of Net Finance Result (NFR)
Contributors of Net Finance Result (NFR) Net finance result in segment result Components of NFR 1-6/2026 Net finance result is separately presented for With-profit segment and Other segment. EURm Group, With-profit Other3 total With-profit • The result is generated from Original and Segregated portf
Slide 31: NFR = Investment return – Unwinding & discounting of liabilities
NFR = Investment return – Unwinding & discounting of liabilities Investment return (EURm) Unwinding & discounting of liabilities (EURm) With-profit net finance result (EURm) Investment 53 +1.3% return1 (%) +2.5% 83 46 -31 9 -38 Q2/2025 Q2/2026 Q2/2025 Q2/2026 Q2/2025 Q2/2026 • Quarterly investment r
Slide 32: Insurance finance expense details
Insurance finance expense details Actuarial modeling Practical approximation world Insurance finance expense is result of a calculation process where Because original portfolio and segregated portfolio have materially different different changes of insurance contract liabilities are allocated to dif
Slide 33: NFR estimate for original portfolio: investment return
NFR estimate for original portfolio: investment return Estimate on investment return (original portfolio) Carry of fixed-income assets based on • Mark-to-market yield and • Amount of fixed-income assets + Impact of changes in discount curve based on • Changes in discount curve (EURSWAP) in selected
Slide 34: NFR estimate for original portfolio: insurance finance expense
NFR estimate for original portfolio: insurance finance expense Estimate on insurance finance expense (original portfolio) Unwinding expense (−) based on • Fixed unwinding rate and • Amount of liabilities + Impact of changes in discount curve based on • Changes in discount curve (EIOPA RFR with VA) i
Slide 35: Principle of fairness briefly
Principle of fairness briefly ORIGINAL PORTFOLIO SEGREGATED PORTFOLIO Mandatum Life aims to provide, in the long run and before expenses and taxes, When the realised investment return according to national accounting practice an overall bonus on insurance savings eligible for distribution of profit