Mandatum (MANTA) Investor presentation summary

Solvency position and ratio development

• Solvency II ratio improved to 220% by Q1 2026, driven by the sale of Saxo Bank shares, which reduced SCR by around EUR 140 million and increased the ratio by 33 percentage points.

• Own funds increased by EUR 10 million in Q1 2026, with no impact from IFRS discount rate changes.

• SCR for capital-light business exceeded that of with-profit business, with capital-light SCR at EUR 396 million and with-profit at EUR 390 million at the end of Q1 2026.

• Sensitivity analysis shows the solvency ratio remains robust under various market scenarios, including interest rate and equity shocks.

Capital generation and key drivers

• Organic capital generation in Q1 2026 totaled EUR 50 million, with capital-light business contributing EUR 52 million and with-profit segment at -2 million.

• Key drivers included stable fee result growth, predictable run-off of with-profit liabilities, and the positive impact of the Saxo Bank share sale.

• Dividend accrual based on EUR 0.40 per share was assumed for capital management.

• Own funds were affected by unwinding of transitional measures and sectoral rule adjustments.

SCR and own funds breakdown

• SCR decreased from EUR 994 million at end-2025 to EUR 810 million at end-Q1 2026, mainly due to the Saxo Bank transaction and lower symmetrical adjustment factor.

• Own funds at end-Q1 2026 were EUR 1,785 million, with breakdowns showing strong contributions from CSM + RA and IFRS equity.

• Capital-light business continues to generate own funds exceeding its SCR.