Slide 1: Evli Swedish Small Cap B
EVLI SWEDISH SMALL CAP B 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: FI0008813142
Slide 2: Evli in brief
2 EVLI IN BRIEF “We see wealth as an engine to drive sustainable progress.” CONFIDENTIAL
Slide 3: Evli in brief
3 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 4: Evli's investment funds
4 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 5: Award-winning asset management from Evli
5 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 6: Successful equity management
6 SUCCESSFUL EQUITY MANAGEMENT Evli Swedish Small Cap CONFIDENTIAL
Slide 7: Swedish Small Caps have delivered stellar returns
7 Swedish Small Caps have delivered stellar returns Historical returns are no guarantee of future returns Indexed total returns 12/2005-12/2024 in EUR CAGRs 12/2005-12/2024 in EUR 10,7% 1000 900 800 8,6% 700 7,2% 600 500 400 300 200 100 0 Swedish Small Caps Helsinki All Cap Stockholm All Cap Swedish
Slide 8: Fund's investable universe
8 Fund’s investable universe – Fund’s benchmark is Carnegie Small Cap index with market cap of ~SEK 3.4tr (~EUR 300bn) – Fund invests mainly in companies that are listed on Main Market or FN Stockholm. Investments in Spotlight and Nordic Growth Market are also possible but rare. – Discretionary micr
Slide 9: Thinner sell-side analyst coverage enables alpha creation through our own work
9 Thinner sell-side analyst coverage enables alpha creation through our own work Number of companies per size bucket Average number of analysts following a company per market cap bucket 42 93 202 20 666 32% have no analyst 7 90% have coverage no analyst coverage 2 0,1 < SEK 1bn SEK 1-10bn SEK 10-60b
Slide 10: Investment philosophy and process
11 INVESTMENT PHILOSOPHY AND PROCESS Evli Swedish Small Cap CONFIDENTIAL
Slide 11: Fund management team
12 Fund management team Janne Kujala Ville Tiainen CFA, PORTFOLIO MANAGER, HEAD OF CFA. ANALYST, NORDIC EQUITIES NORDIC EQUITIES - Born 1972. M.Sc. (Econ.) from - Born 1987, M.Sc. Finance, Aalto University of Tampere. CFA University School of Business. designation in 2004. - CFA designation in 2021
Slide 12: Philosophy (1/2)
13 Philosophy (1/2) Markets are – The stock market is pretty good at incorporating information in stock prices. But not all the time and efficient on everywhere – especially not in the stock prices of smaller companies average – not – In our experience it is possible to consistently create added val
Slide 13: Philosophy (2/2)
14 Philosophy (2/2) – Bigger active weights – every stock contributes to performance Concentrated portfolio – Common sense: easier portfolio manager oversight with a limited number of companies …but with adequate diversification – One in, one out principle enforces discipline – Know your companies,
Slide 14: The Ideal company should have…
15 The Ideal company should have… Large and structurally growing addressable market with high entry barriers Sustainable strategy that’s based on company’s competitive advantages Entrepreneurial culture Strong growth prospects High profitability, ROIC and Free Cash Flow Solid balance sheet CONFIDENT
Slide 15: However, we are investing in stocks, not in companies
16 However, we are investing in stocks, not in companies • The marginal benefit of the fundamental research decreases as a function of expended time. It can even turn negative as additional information tends to lead overconfidence, not better investment decisions • Corporate management is a good sou
Slide 16: Investment process
21 Investment process Portfolio construction 100+ management meetings per year - Concentrated portfolio of ~40 stocks - Meaningful active weights 50+ sell-side research meetings per year - “One in – One out” –principle - Exits based on deteriorating 10+ small-cap seminars per year fundamentals or un
Slide 17: Skill in fundamental analysis forms the base – but that's just table stakes
23 Skill in fundamental analysis forms the base – but that’s just table stakes in small cap investing • Thinner, or non-existent, analyst coverage creates a possibility to really add value through fundamental analysis. Market efficiency is a relative concept. • We focus underlying market, company’s
Slide 18: Excellence in business analysis and stock picking – real edge from portfolio management
24 Excellence in business analysis and stock picking – but the real edge comes from portfolio management Portfolio management Stock picking Fundamental analysis CONFIDENTIAL
Slide 19: Track record and portfolio composition
25 TRACK RECORD AND PORTFOLIO COMPOSITION Evli Swedish Small Cap CONFIDENTIAL
Slide 20: Net of fee returns - YTD
26 Net of fee returns - YTD Portfolio Benchmark Difference YTD 3.73% 2.56% 1.17% Portfolio Benchmark Difference Volatility 16.60% 16.19% 0.42% Sharpe 0.13 0.06 0.07 Tracking Error 7.26% - - Information Ratio 0.16 - - Beta 0.93 - - CONFIDENTIAL
Slide 21: Net of fee returns - 10 Years
27 Net of fee returns - 10 Years Portfolio Benchmark Difference 1 Year 2.53% 5.23% -2.69% 3 Years 29.85% 34.46% -4.61% 5 Years -10.80% 1.34% -12.15% 10 Years 142.31% 134.45% 7.86% 10 Years, 9.25% 8.89% 0.36% annualized return Portfolio Benchmark Difference Volatility 20.35% 19.28% 1.07% Sharpe 0.41
Slide 22: Annual returns, after fees
28 Annual returns, after fees, 30.09.2026 Past returns are no guarantee of future returns. 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Portfolio 8.38% -3.06% 41.58% 57.25% 40.46% -38.99% 11.54% 7.04% 0.16% 3.73% Benchmark 8.82% -0.17% 43.16% 23.00% 37.14% -31.44% 14.69% 8.83% 1.88% 2.56% Diffe
Slide 23: Portfolio structure
29 Portfolio structure 30.09.2026 Evli Swedish Small Cap B CONFIDENTIAL
Slide 24: Top holdings
30 Top holdings 30.09.2026 10 LARGEST INVESTMENTS % Modern Times Group MTG AB 5.24% Ambea AB 5.22% Nordnet AB publ 4.69% Bravida Holding AB 4.14% Loomis AB 4.11% XACT OMXS30 3.87% Attendo AB 3.81% Instalco AB 3.61% Avanza Bank Holding AB 3.47% Dynavox Group AB 3.21% Evli Swedish Small Cap B CONFIDEN
Slide 25: Top/Bottom Attributors YTD
31 Top/Bottom Attributors YTD 30.6.2025 Historical returns are no guarantee of future returns B iggest positive attributors YTD, June 30th 2025 % Port, avg % Active Re tu rn , % Attrib ., % Dynavox Group 4.9 4.7 77.3 3.0 Clas Ohlson 2.2 1.8 54.7 0.9 Modern Times Group 4.1 3.7 26.5 0.8 Volvo Car 0.0
Slide 26: Peer analysis – 5 years
32 Peer analysis – 5 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 Swedish Small Cap B -11,45 1,01 1,15 1,03 103,32 93,23 -43,59 The upper quartile 9,35 1,07 1,17 1,14 108,30 105,74 -35,89 Median -2
Slide 27: Evli Swedish Small Cap Fund in a Nutshell
45 Evli Swedish Small Cap Fund in a Nutshell Type of Fund Swedish Smaller Companies fund (UCITS) Benchmark Carnegie Small Cap Return Index Sweden (CSRXSE) Fund Units Both distribution (A) and growth units (B) Bloomberg/Reuters/ISIN A-units SEK: EVSWSCA FH/ LP65163349/ FI0008813134 (4%, annual) B-uni
Slide 28: Considerations and Risk Factors
46 Considerations and Risk Factors The fund’s investment activities aim to earn a return which, in the long term, exceeds the return of the benchmark index. All the fund's assets will be invested in equities and equity-linked securities, and therefore the net asset value of a fund unit may fluctuate
Slide 29: ESG Metrics
47 EVLI SWEDISH SMALL CAP ESG Metrics 30.06.2026 Responsibility score AA Carbon footprint 46 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 INVESTMENTS E
Slide 30: Ambition
48 AMBITION “We want to be the forerunner in responsible wealth management in the Nordics, and in this way help our clients in managing their wealth to support a sustainable future.” CONFIDENTIAL
Slide 31: Responsible investing with 20 years of experience
49 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
Slide 32: Four pillars of responsible investing at Evli
50 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 33: Monitoring, engagement and active ownership
51 Monitoring, engagement and active ownership ENGAGEMENT ACTIVITIES 2025 UN Global Compact, the UN Guiding Principles on Business and Human COLLABORATIVE ENGAGEMENT PARTICIPATING IN GENERAL Rights, the OECD Guidelines for Multinational Enterprises and Evli’s Climate INITIATIVES MEETINGS and Nature
Slide 34: Exclusions in practice in all Evli funds
52 Exclusions in practice in all Evli funds – With 0% revenue threshold: – Controversial weapon manufacturers – Companies manufacturing peat for energy production – With 5% revenue threshold: – Tobacco producers, adult entertainment producers and companies practicing controversial lending – With 10%
Slide 35: Evli's Climate and Nature Principles
53 Evli’s Climate and Nature Principles 1. Analysis – Monitoring the emissions of companies in Evli’s funds through fund- specific carbon footprints and companies’ emission reduction targets. – Evli’s Responsible Investment team utilizes available tools and data to identify nature-related risks, dep
Slide 36: Evli's climate targets
54 Evli’s climate targets Evli aims to achieve net zero by 2050 at the latest. The interim target for the investments -50% reduction in indirect emissions from investments by 2030 (compared to 2019). 1 We are aware that a credible long-term net zero goal requires systematic work and sufficiently amb
Slide 37: Important information
55 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 38: Disclaimer statement
56 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 39: LinkedIn – Evli Funds Facebook – Evli Funds Message Service X – Evli Funds
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