Slide 1: Fee result increased, cost/income ratio continued to improve
Fee result increased, cost/income ratio continued to improve Q3 2025 INVESTOR PRESENTATION Mandatum Group
Slide 2: July–September 2025
July–September 2025 Profit before taxes up by 23% y/y to EUR 55.7 million Capital-light profit before taxes EUR 24.5 million, the comparison period included a profit of EUR 3.3 million related to portfolio transfer to If in 2024 Fee result up by 20% y/y to EUR 21.7 million • Client AuM increased by
Slide 3: Financial performance
INVESTOR PRESENTATION Financial performance 3
Slide 4: Overview of the 7–9/2025 results
Overview of the 7–9/2025 results EURm 7–9/2025 7–9/2024 Change, % 1–9/2025 1–9/2024 Change, % 1–12/2024 Fee result 21.7 18.1 20% 59.0 48.0 23% 66.6 Net finance result 39.4 26.9 47% 112.8 111.9 1% 135.6 Result related to risk policies 2.6 9.1 -71% 7.0 23.2 -70% 25.4 Other result -8.0 -9.0 11% -26.9 -
Slide 5: Fee result grew by 20% y/y
Fee result grew by 20% y/y Profit before taxes (EURm) Fee result (EURm) Net finance result (EURm) 55.7 21.7 39.4 18.1 45.2 26.9 Q3/2024 Q3/2025 Q3/2024 Q3/2025 Q3/2024 Q3/2025 • PBT up 23% mainly due to growth in fee • Fee result up 20% driven by steady 12% • Investment return on original portfolio
Slide 6: Result by segments
Result by segments 7–9/2025 7–9/2024 EURm Capital- Capital- Group, Group, I&WM3 Corporate Retail light, With-profit Other light, total total total total Fee result 9.2 7.6 4.8 21.7 - - 21.7 18.1 18.1 Insurance service result 0.0 4.2 2.6 6.7 - - 6.7 8.4 8.4 Fee result from investment and asset 9.2 3.
Slide 7: Quarterly results since Q1 2022
Quarterly results since Q1 2022 Profit before taxes (EURm) 84 76 63 62 56 56 48 46 47 45 32 35 34 -21 -22 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 EURm 2022 2022 2022 2022 2023
Slide 8: Capital-light segments
INVESTOR PRESENTATION Capital-light segments 8
Slide 9: Good underlying growth in capital-light PBT
Good underlying growth in capital-light PBT Capital-light profit before taxes by business area (EURm)12 Comments Institutional & WM Corporate Retail TTM (right axis) Institutional & wealth management • The activity and business operations continued strong after 40.0 100 the market uncertainty at the
Slide 10: Strong net flow of EUR 163 million for seasonally lower Q3
Strong net flow of EUR 163 million for seasonally lower Q3 Net flow (EURm) Client assets under management (EURbn) Net flow (QTD) Net flow (TTM) TTM Net flow % of BoP AuM Institutional & WM Corporate Retail (right axis) 14.4 14.9 14.0 14.0 1,200 12% 13.0 13.3 12.5 983 993 974 11.9 3.6 925 10% 11.2 11
Slide 11: Client AuM up 12% y/y, YTD net flow
Client AuM up 12% y/y, YTD net flow reached EUR 583 million Client assets under management (EURbn) Net flow (EURm) Institutional & WM Corporate Retail Growth y/y 9 0.3% 1–9/2025 Retail 14.9 Retail 12% 1–9/2024 9 0.4% 13.3 3.6 3.5 4% 164 8.5% Corporate 2.8 1–9/2025 Corporate 2.5 1–9/2024 70 4.1
Slide 12: Continued growth in I&WM business
Continued growth in I&WM business Client AuM by client segment (EURm) Client AuM by product (EURm) Comments Private wealth management Growth Credit Equity Growth • 16% AuM growth y/y in the I&WM Institution International y/y Alternative Allocation products y/y business area due to positive net flow
Slide 13: Cost/income ratio down by 13 p.p. y/y
Cost/income ratio down by 13 p.p. y/y Client AuM cost/income ratio1 Fee margin1 70% 1.5% 63% 1.20% 1.19% 1.17% 1.14% 1.13% 60% 58% 55% 53% 1.0% 50% 50% 0.5% 40% 30% 0.0% Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 • Improved operational leverage 12 months C/I-ra
Slide 14: With-profit segment
INVESTOR PRESENTATION With-profit segment 14
Slide 15: With-profit net finance result positively impacted by discount rates
With-profit net finance result positively impacted by discount rates Investment return (EURm)1 Cost of liabilities i.e. unwinding & With-profit net finance result (EURm) discounting (EURm) Investment +2.4% return (%) +0.9% 39 98 18 39 0 -81 Q3/2024 Q3/2025 Q3/2024 Q3/2025 Q3/2024 Q3/2025 • Quarterly
Slide 16: With-profit IFRS liabilities decreased by 9% YTD
With-profit IFRS liabilities decreased by 9% YTD IFRS 17 discount curve (%) With-profit IFRS liabilities (EURm) Dec 2024 Jun 2025 Sep 2025 Original portfolio Segregated portfolio 4.5% 2,256 4.0% 2,056 2,015 3.5% 600 1,830 565 1,668 533 3.0% 1,518 487 1,387 2.5% 444 1,263 405 1,158 369 2.0% 337 306 1
Slide 17: With-profit investment portfolio by asset class
With-profit investment portfolio by asset class Original portfolio Segregated portfolio 6% 3% 2% 9% 3% 4% Fixed income Listed equity Fixed income EUR EUR Real estate Real estate 2,925m 639m Private equity Other Private credit 78% 95% • No changes in asset allocation – fixed income weight 78% of the
Slide 18: 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 • Interest rate risk of liability cash flows covered mainly by fixed income assets Hedging 108
Slide 19: Solvency and capital generation
INVESTOR PRESENTATION Solvency and capital generation 19
Slide 20: Own funds have increased steadily during the year
Own funds have increased steadily during the year Quarterly solvency position1 Solvency II ratio sensitivity 150% 200% 250% Own funds (EURm) SCR (EURm) Solvency II ratio (%) Base 226% 3,000 237% 250% 222% 226% 210% 212% 206% Listed & private 242% 2,500 2,323 191% equity -20% 200% 2,137 2,185 2,048 2
Slide 21: Solvency capital requirement (SCR) stable during the quarter
Solvency capital requirement (SCR) stable during the quarter Breakdown of own funds (EURm) Comments 91 299 0 2,185 • Own funds increased by EUR 48 million 561 1,847 -162 -149 during Q3, prior assumed dividend accrual 1,397 -189 • There were no significant changes in SCR during Q3 • SCR for with-prof
Slide 22: Organic capital generation continued to exceed earnings
Organic capital generation continued to exceed earnings Components of organic capital generation (EURm), 1–9/2025 Segmental contribution of organic capital generation (EURm), 1–9/2025 34 242 90 242 37 171 At 200% Solvency II ratio 151 for with-profit and 150% for capital-light Own funds SCR reductio
Slide 23: Key drivers of capital generation
Key drivers of capital generation Organic capital generation, 1–9/2025 Key drivers Organic capital generation 26% • Own funds: Stable growth of fee result 210% 206% and solid net finance result on SII basis -17% -14% • SCR: Predictable, continuous run-off of with-profit liabilities Solvency II Capit
Slide 24: Outlook
INVESTOR PRESENTATION Outlook 24
Slide 25: Outlook for year 2025 (unchanged)
Outlook for year 2025 (unchanged) The fee result is expected to increase from year 2024. While Mandatum has been able to maintain disciplined pricing and stable fee margins within capital-light customer segments during years 2022, 2023 and 2024, the fee result for year 2025 is dependent on several f
Slide 26: Appendix
INVESTOR PRESENTATION Appendix 26
Slide 27: Result by segments
Result by segments 1–9/2025 1–9/2024 EURm Capital- Capital- Group, Group, I&WM3 Corporate Retail light, With-profit Other light, total total total total Fee result 25.5 21.4 12.0 59.0 - - 59.0 48.0 66.6 Insurance service result 0.0 13.8 7.2 21.0 - - 21.0 23.0 30.1 Fee result from investment and asse
Slide 28: Policy savings (original portfolio) down 9% y/y
Policy savings1 (original portfolio) down 9% y/y With-profit policy savings (EURm) Comments Rate 4.5% Rate 3.5% Rate 2.5% or lower • With-profit portfolios decreased in line with expectations 2,583 • Policy savings with highest (3.5% and 4.5%) guarantees down 2,294 by EUR 106 million YTD 422 2,105 a
Slide 29: CSM development
CSM development CSM1 development, 1–9/2025 (EURm) CSM1 sensitivity, 9/2025 (EURm) 33 0 499 7 1 511 Expenses +10% -32 -30 Credit spreads +50bps 5 Equity markets +20% 59 31 Dec New Accreted Experience Assumption CSM 30 Sep 2024 business CSM interest variance changes release 2025 Equity markets -20% -5
Slide 30: Investor contacts
Investor contacts: Lotta Borgström VP, Investor Relations Tel. +358 50 022 1027 lotta.borgstrom@mandatum.fi MANDATUM Bulevardi 56 00120 Helsinki mandatum.fi