Slide 1: Evli Nordic High Yield FIB
EVLI NORDIC HIGH YIELD FIB 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: FI400058630
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 fixed income management from Evli
6 SUCCESSFUL FIXED INCOME MANAGEMENT FROM EVLI The results of Evli’s corporate bonds family of funds CONFIDENTIAL
Slide 7: Evli's excellent corporate bond track record
7 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 8: Evli's Nordic fixed income funds vs. the market
8 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 C
Slide 9: Evli's Nordic corporate bond and loan funds in a nutshell
9 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 bonds
Slide 10: Why invest in Nordic high yield?
10 WHY INVEST IN NORDIC HIGH YIELD? CONFIDENTIAL
Slide 11: Why invest in Nordic High Yield
11 Why invest in NORDIC HIGH YIELD – Nordic Issuers offer higher credit spread for similar credit risk 8,0 7,2 compared to European HY 7,0 6,7 – Typically, Nordic HY has some 100-200bps higher credit spread 6,0 at issue vs EUR HY 5,0 4,0 – Nordic issuers have the same number of defaults compared to
Slide 12: Nordic HY, historically higher spreads compared to EUR or US HY
12 Nordic HY, Historically Higher spreads compared to EUR or US HY 1400 1200 1000 800 600 400 200 0 US HY European HY Nordic HY Source: DNB
Slide 13: Nordic HY, low historical default rate outside the Energy sector
13 Nordic HY, low historical default rate outside the Energy sector Nordic default rate 50% 45% Both Nordic non-energy HY and EUR HY have similar historical default rates of 40% around 2% 35% 30% 25% 20% 15% 10% 5% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Energy
Slide 14: Nordic HY recovery rates have been high
14 Nordic HY rates Recovery rates have been high Nordic HY Implied nominal recovery 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% N/A N/A 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: DNB CONFIDENTIAL
Slide 15: HY: 3-4% annual default rate expected by YE26
15 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
Slide 16: Nordic HY Market is Growing
Nordic HY Market is Growing – Very active Nordic HY primary market in 2025 – Industrial, Shipping and IT sectors with largest increase in offering – Figures are not including XS-ISINs (typically from Finland/Denmark) CONFIDENTIAL
Slide 17: Nordic High Yield market size and sectors
17 Nordic High Yield market size and sectors Source: Arctic, Stamdata CONFIDENTIAL
Slide 18: Nordic HY Market
18 Nordic HY Market 75bn EUR outstanding Denmark 4% Finland 11% Sweden 50% Nor a S eden ther Nor a S eden ther Denmar Finland Other 12% Finland S eden Norway 23% Finland Nor a Source: Stamdata, Evli CONFIDENTIAL
Slide 19: General Nordic HY vs. EUR HY comparison
19 General Nordic HY vs. EUR HY comparison Nordic HY bond EUR HY bond Result Issues size 75meur 300meur Local market Currency SEK/NOK/EUR/USD EUR Fully hedged to EUR Coupon Floating rate Fixed coupon Less interest rate risk Rating ~75% unrated Public ratings Extra yield, No passives Secondary Market
Slide 20: Evli Nordic High Yield Fund
EVLI NORDIC HIGH YIELD FUND “Evli is your gateway to the Nordic High Yield Market” CONFIDENTIAL
Slide 21: What Makes Evli Nordic HY Unique
21 What Makes Evli Nordic HY Unique Impressive Returns Enhanced Risk-Return Incorporation of ESG Trusted Expertise A spread exceeding Profile Factors 40 years of experience +200bps compared to Carefully diversified Integrated into all in institutional asset EUR HY markets. across various sectors inv
Slide 22: Evli Nordic High Yield Fund
22 Evli Nordic High Yield Fund Past returns are no guarantee of future returns. Portfolio 30.9.2026 YTM (hedged to EUR) 6.74% YTM (local currency) 6.95% Modified duration 0.86 Credit duration 2.43 Credit quality B+ * Credit spread (OAS) 369 bps Unrated bonds 61% Floating rate bonds 68% Number of iss
Slide 23: Net of fee returns - Since launch
23 Net of fee returns - Since launch Portfolio 1 Year 5.25% 3 Years 20.93% 5 Years 27.11% Since launch 27.11% Since launch, 4.91% annualized return Portfolio Volatility 1.77% Sharpe 1.62 CONFIDENTIAL
Slide 24: Evli Nordic HY Fund portfolio leverage
24 Evli Nordic HY Fund portfolio leverage* Evli NHY fund Net debt / EBITDA: 3.6x** – Unrated bonds: 3.5x – Rated bonds: 3.8x – Fund’s unrated part has better metrics than single B rated – EUR HY B Index rating leverage is: 4.6x*** *Indicative leverage numbers based on 2025 Q4 results ** Excluding fi
Slide 25: Net Debt to EBITDA
03 CURRENT INVESTMENT OPPORTUNITY 25 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 26: Evli Nordic HY Manager Capability
26 Evli Nordic HY Manager Capability Carve-out is actual Nordic HY bond holdings in Evli Nordic Senior Secured Loan fund (AIF, ISIN FI4000507264) 25% Evli Nordic Senior Secured Loan fund bonds only Carve-out 20% Nordic HY Peer Group Average 15% 10% Bloomberg Pan-European High Yield Total Return Inde
Slide 27: Nordic HY Index vs. EUR HY, returns
Nordic HY Index* vs. EUR HY, returns *Indication of returns and volatility only and not to be used as a benchmark. EURSEK hedging cost 0.09% on average during the 2016-2026 Source: Bloomberg and DNB. Past returns are no guarantee of future returns.
Slide 28: Evli's strategy for credit investments in the Nordic high-yield market
28 Evli's strategy for credit investments in the Nordic high-yield market Evli Nordic HY bond Nordic HY Peer Group Geo dispersion Balanced across Nordic countries Focus on single country “Conservative” high yield - “Opportunistic” high yield – Credit quality focus on steady cash-flow higher risk, mo
Slide 29: Net of fee returns - YTD
29 Net of fee returns - YTD Portfolio YTD 3.37% Portfolio Volatility 0.78% Sharpe 2.29 CONFIDENTIAL
Slide 30: Net of fee returns - Since current strategy launch
30 Net of fee returns - Since current strategy launch Portfolio 1 Year 4.66% Since current 8.91% strategy launch Since current strategy launch, 5.29% annualized return Portfolio Volatility 1.88% Sharpe 1.62 CONFIDENTIAL
Slide 31: Return (IB series) vs. EUR HY Index
31 Return (IB series) vs. EUR HY Index Source Bloomberg CONFIDENTIAL
Slide 32: Annual returns, after fees
32 Annual returns, after fees, 30.09.2026 Past returns are no guarantee of future returns. 2025 2026 Portfolio 5.36% 3.37% Volatility 2.34% 1.08% Evli Nordic High Yield FIB CONFIDENTIAL
Slide 33: Portfolio structure
33 Portfolio structure 30.09.2026 Evli Nordic High Yield FIB CONFIDENTIAL
Slide 34: Top holdings
34 Top holdings 30.09.2026 10 LARGEST INVESTMENTS 10 LARGEST ISSUERS % % Accru Partners 30.9.2030 Callable FRN 2.12% Mehilainen Yhtiot Oy 2.70% Mehilainen Yhtio 30.6.2032 5.125% Callable Fixed 1.84% Assemblin Caverion Group AB 2.58% Bewi Asa 12.9.2029 Callable FRN 1.49% Cibus Real Estate AB publ 2.3
Slide 35: Evli Nordic High Yield fund in a Nutshell
35 Evli Nordic High Yield fund in a Nutshell Type of Fund Nordic High Yield fund (UCITS) Benchmark The fund has no benchmark as there is no Nordic HY index available Annual distribution (A) and growth units (B) available. Clean (C) and institutional share classes available (I). Fund Units Currency s
Slide 36: Evli's European and Emerging Markets corporate bond funds in a nutshell
36 Evli’s European and Emerging Mar ets 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 37: Evli's funds vs. the market
37 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 38: Considerations and Risk Factors
38 Considerations and Risk Factors The fund’s goal is to provide best possible risk adjusted return in the Nordic High Yield market 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
Slide 39: Investment philosophy and process
39 INVESTMENT PHILOSOPHY AND PROCESS Evli Nordic High Yield CONFIDENTIAL
Slide 40: Investment Philosophy and Strategy
40 Investment Philosophy and Strategy Creditworthiness is the most important - We assess the TRUE credit quality, NOT relying on official rating factor in selecting investment targets. - Corporate bonds have limited upside but, in extreme cases, can lose Credit is about capital protection. their val
Slide 41: Nordic HY Investment Process
41 Nordic HY Investment Process SCREENING COMPANY ANALYSIS PORTFOLIO Market screening Analysis of fundamentals ~60-100 and pricing companies Investment universe: Company analysis Overview and diversity: - Nordic HY bonds – Financial Statement Analysis – Diverse portfolio with 60-100 - Unrated and ra
Slide 42: Company analysis
42 Company analysis – 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 other Interest Groups - Management’s abilities and future
Slide 43: How ESG is taken into account in investment decisions?
43 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 quality - For example: Damage to brands, lega
Slide 44: Portfolio Management: Evli Nordic High Yield
44 Portfolio Management: Evli Nordic High Yield Evli’s team analyzing Nordic corporates Evli’s equity PMs following Nordic Co’s Mikael Lundström Janne Kujala Chief Investment Nordic High Yield Finnish equities Head of Nordic Officer Nordic Small Caps Equities Jani Kurppa In the industry Experience 2
Slide 45: Evli's fixed income team
45 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 46: Nordic High Yield Market Outlook (January 2025)
46 Nordic High Yield Market Outlook (January 2025) – Record high unrated new issuance of >€17bn (equiv.) in 2024 – January has started busy, and we expect a healthy and active pipeline to continue during Q1/2025 – Existing and first-time issuers active in Q4/24, more debut issuer expected to come –
Slide 47: Ambition
47 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 48: Responsible investing with 20 years of experience
48 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 49: Four pillars of responsible investing at Evli
49 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 50: Monitoring, engagement and active ownership
50 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 51: Exclusions in practice in all Evli funds
51 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 52: Evli's Climate and Nature Principles
52 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 53: Evli's climate targets
53 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 54: What opportunities does the market currently offer?
54 WHAT OPPORTUNITIES DOES THE MARKET CURRENTLY OFFER? Evli Nordic High Yield - Overview of the market CONFIDENTIAL
Slide 55: Market outlook
55 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 56: Spreads: BBB-rated IG in Europe
56 Spreads: BBB-rated IG in Europe (02/10/2026) Last 5 years Since 1999 Source: ICE BofAML, EVLI CONFIDENTIAL
Slide 57: Spreads: B-rated HY in Europe
57 Spreads: B-rated HY in Europe (02/10/2026) Last 5 years Since 1999 Source: ICE BofAML, EVLI CONFIDENTIAL
Slide 58: Credit metrics (IG + HY)
58 Credit metrics (IG + HY) Investment Grade High Yield Source: ICE BofAML, Bloomberg, Cognitive CONFIDENTIAL
Slide 59: Credit metrics (IG + HY)
59 Credit metrics (IG + HY) Source: FactSet, Bloomberg, S&P Capital IQ, company data, Morgan Stanley Research CONFIDENTIAL
Slide 60: Benchmark total return % YTD 2026
60 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 61: Defaults
61 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 costs; 0 2010 20
Slide 62: Important information
62 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 63: Disclaimer statement
63 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 64: Evli contact and social media
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