Slide 1: Mandatum – A winning Asset & Wealth Manager with further expansion potential
Mandatum – A winning Asset & Wealth Manager with further expansion potential Investor presentation August–October 2026
Slide 2: Content
Content I. Mandatum at a glance II. Business model and strategy III. Business areas IV. Acquisition of Cliens V. Q2/2026 financials VI. Mandatum as an investment Confidential 2
Slide 3: Mandatum at a glance
Mandatum at a glance: Value through expertise in asset & wealth management and life insurance Mandatum is a major financial service provider offering services to PRODUCTS AND SERVICES corporate clients, private customers, and institutional and wealth Private wealth management management customers in
Slide 4: Over 150 years of experience in financial services
Over 150 years of experience in financial services INTERNATIONAL ASSET MANAGEMENT ASSET AND WEALTH MANAGEMENT IN FINLAND UNIT-LINKED INVESTMENT PRODUCTS OWN BALANCE SHEET INVESTING LIFE & PENSION 1874 1996 2008 2023 2025 Foundation of Sampo Life Ltd Asset and wealth Listing and New financial life in
Slide 5: Business model and strategy
Business model and strategy
Slide 6: 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 7: Growth from capital-light business – run-off of the with-profit book
Growth from capital-light business – run-off of the with-profit book FOCUS ON STRONG AND PROFITABLE MANAGING WITH-PROFIT PORTFOLIO FOR GROWTH OF CAPITAL-LIGHT OFFERING PROFITS AND CAPITAL RELEASE Capital-light With-profit Asset & wealth Corporate Retail management Unit-linked liabilities (EURbn) Ass
Slide 8: All Mandatum's target markets are growing
All Mandatum’s target markets are growing Asset management Wealth management Corporate life & unit-linked market (EURbn) market (EURbn) pension market (EURm) AuM AuM GWP2 CAGR1 1,500 200 600 ~8% CAGR1 CAGR1 ~6% ~5% 1,000 400 100 500 200 0 0 0 2023 2024 2025E2026E2027E2028E 2023 2024 2025E 2026E 2027
Slide 9: Financial Targets 2025–2028
Financial Targets 2025–2028 SOLVENCY MARGIN >10% CAGR 160–180% RETURN ON EQUITY IN CAPITAL-LIGHT WITH CUMULATIVE ABOVE 20% PROFIT BEFORE TAXES SHAREHOLDER PAYOUTS EXCEEDING EUR 1 BILLION
Slide 10: Strong solvency position enables attractive capital distribution
Strong solvency position enables attractive capital distribution – reducing capital excess, lower solvency margin target Solvency position (%) Dividend distribution (EURm)2, 3 Solvency ratio w/o transitional measure Shareholder payout target > EUR 1 bn 500 Sale of Saxo Bank 250% shares, completed in
Slide 11: Vision and Strategic priorities 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 EFFICIENCY MANAGEMENT MANAGEMENT
Slide 12: Mandatum brand has a strong legacy in Finland
Mandatum brand has a strong legacy in Finland 12
Slide 13: Excellent employee experience and high customer satisfaction
Excellent employee experience and high customer satisfaction Excellent development of customer satisfaction 79 80 78 77 70 70 66 2019 2020 2021 2022 2023 2024 2025 NPS (Mandatum Group) 13
Slide 14: Sustainability performance among the top peers
Sustainability performance among the top peers RESPONSIBLE Low risk 12.3 INVESTMENT Among top 2 per cent in the industry Scale: high risk 100–negligible risk 0 SUSTAINABLE A INSURANCE AND Among industry average COMPENSATION Scale: CCC–AAA Prime SUSTAINABLE BUSINESS Among industry leaders (C+) Scale:
Slide 15: Business areas
Business areas
Slide 16: Asset and wealth management business: Award-winning products and own distribution driving growth
Asset and wealth management business: Award-winning products and own distribution driving growth Mandatum has sticky and satisfied customer base benefitting from own direct distribution network Solid AuM growth in private wealth Comprehensive product offering Allocation products driving growth manag
Slide 17: 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 18: 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 19: Broad expertise across different credit segments
Broad expertise across different credit segments Investment grade Opportunistic Private debt High yield bonds Leveraged loans credit credit (PD) Focus areas Direct IG corporate and financial Direct high yield bond Direct European and Nordic Direct opportunistic or Indirect investments Own balance bo
Slide 20: Mandatum's credit strategies have solid track records
Mandatum’s credit strategies have solid track records Floating-rate as well as low and actively managed duration fixed-rate investments have performed well Returns from EUR gov. and corporate bonds, and Mandatum's credit products (31 Jul 2026) Total Return (Total return; 1/2022-7/2026; %; indexed) Y
Slide 21: Awarded European High Yield Fund
Awarded European High Yield Fund Mandatum Nordic High Yield Total Return Fund* * LSEG Lipper Fund Awards 2025, best bond Europe high yield fund over 3 years and 5 years.
Slide 22: Corporate business: Market leader in supplementary pensions and personnel funds
Corporate business: Market leader in supplementary pensions and personnel funds Insurance wrapper model supports customer retention and benefits the customer Cross-selling opportunities with wealth Widest product offering in the market Leading market position management PENSION PRODUCTS Unit-linked
Slide 23: With-profit business: Mandatum's with-profit portfolio is a profitable business
With-profit business: Mandatum’s with-profit portfolio is a profitable business With-profit portfolio1 fixed income MtoM Run-off portfolio since 2004 With-profit portfolio2 by asset class yield and avg guaranteed rate 5% 7% • Consists of guaranteed rate pension policies 11% 6% that have not been sol
Slide 24: Decreasing with-profit portfolio supporting capital release
Decreasing with-profit portfolio supporting capital release Policy savings (EURm) 5,000 -55% 4,000 3,000 2,000 1,000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E 2032 E 2033E 2034E Original portfolio Segregated portfolio 24
Slide 25: Acquisition of Cliens
Acquisition of Cliens
Slide 26: 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 27: Q2 2026 financials
Q2 2026 financials
Slide 28: Overview of the results
Overview of the results EURm 4–6/2026 4–6/2025 Change 1–6/2026 1–6/2025 Change 1–12/2025 Fee result 22.4 18.5 21% 42.9 37.3 15% 80.9 Net finance result1 55.4 21.6 n.m. 8.6 73.4 -88% 131.6 Result related to risk policies 5.1 2.0 n.m. 11.4 4.3 n.m. 10.9 Other result -3.8 -8.0 53% -9.7 -18.9 49% -41.4
Slide 29: Q2 result by segments
Q2 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 i
Slide 30: Fee result increased by 21% y/y
Fee result increased by 21% y/y Profit before taxes (EURm) Fee result (EURm) Net finance result (EURm) 79.1 22.4 55.4 18.5 34.2 21.6 Q2/2025 Q2/2026 Q2/2025 Q2/2026 Q2/2025 Q2/2026 • Strong growth in PBT supported by net • Fee result up 21% driven by 16% AuM • Investment return at a high level, fina
Slide 31: 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 32: 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 33: Client AuM grew in all business areas
Client AuM grew in all business areas Client assets under management (EURbn) Net flow (EURm) Asset & wealth management Corporate Retail Growth y/y 8 0.5% 1–6/2026 Retail 16.7 Retail 16% 1–6/2025 13 0.7% 14.4 4.0 3.5 15% Corporate 3.2 129 8.9% 1–6/2026 2.8 Corporate 1–6/2025 168 13.0% 18% 9.4 8
Slide 34: 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 35: 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 36: With-profit IFRS liabilities decreased by 4% YTD
With-profit IFRS liabilities decreased by 4% YTD IFRS 17 discount curve (%) With-profit IFRS liabilities (EURm) Old IFRS curve 31.12.2025 IFRS curve 31.3.2026 IFRS curve 30.6.2026 Original portfolio Segregated portfolio 4.5% 2,256 4.0% 2,042 1,958 3.5% 600 1,830 553 1,668 3.0% 534 1,518 487 1,387 44
Slide 37: With-profit investment portfolio by asset class
With-profit investment portfolio by asset class Original portfolio Segregated portfolio 5% 3% 2% 11% 3% 2% Fixed income Listed equity Fixed income EUR EUR Real estate Real estate 2,594m 615m Private equity Other Private credit 79% 95% • De-risking progressed further – weight of fixed-income assets u
Slide 38: 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 • With-profit business area’s (original 104 % portfolio) fixed-income asset inve
Slide 39: 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 40: 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 41: Mandatum as an investment
Mandatum as an investment
Slide 42: Mandatum as an investment
Mandatum as an investment Ambitious growth targets in capital-light business >10% driven mainly by Significant profitability >20% CAGR in capital-light PBT improvement ahead ROE by 2028 international asset by 2028 management Attractive #1 capital distributions > EUR 1 bn Strong brand and Best privat
Slide 43: Disclaimer
Disclamer Unit-linked insurances are issued, and investment baskets owned by Mandatum Life Insurance Company Limited. Mandatum Asset Management Company Ltd acts as a portfolio manager and insurance agent for and on behalf of Mandatum Life Insurance Company Limited. Neither Mandatum Life Insurance Co
Slide 44: Investor contacts
Investor contacts: Lotta Borgström VP, Investor Relations Tel. +358 50 022 1027 lotta.borgstrom@mandatum.fi