Q: CALCULATION FORMULAS FOR PERFORMANCE MEASURES

Solvency ratio = Own funds / Solvency capital requirement Leverage ratio = Calculated by dividing the Group's financial liabilities by the sum of IFRS equity, the contractual service margin (CSM) less deferred tax liabilities and financial liabilities. Financial liabilities exclude the effect of derivatives when calculating the leverage ratio. Return on equity, % = [Profit for the period attributable to shareholders / Equity (average of values at 1 Jan and 31 Dec)] x 100 Earnings per share, EUR = Profit for the period attributable to shareholders / Adjusted average number of shares Equity per share, EUR = Equity attributable to shareholders / Adjusted average number of shares Dividend per share, % = (Dividend for the accounting period / Adjusted number of shares at balance sheet date) x 100 Dividend per earnings, % = (Dividend per share / Earnings per share) x 100 Effective dividend yield, % = (Dividend per share / Adjusted closing share price at balance sheet date) x 100

Q: CALCULATION FORMULAS FOR ALTERNATIVE PERFORMANCE MEASURES

Capital-light profit before taxes = Institutional and wealth management business area's profit before taxes + Corporate client business area's profit before taxes + Retail clients business area's profit before taxes. Fee result = Insurance service result for unit-linked insurance contracts + fee income from investment contracts + other income for the management of client assets – expenses from investment contracts – other expenses for the management of client assets. Net finance result excluding unit-linked related result = Net investment income from investments covering with-profit insurance portfolio and risk policies and Mandatum equity +/- unwinding of the discounting effect of with-profit and risk policies insurance contract liability and change in with-profit and risk policies insurance contract liability caused by changes in discount rates. Result related to risk policies = Insurance service result related to risk insurance policies. Other result = Other than the fee result, the net finance result excluding the unit-linked related result, and the result related to risk policies. This includes e.g. the insurance service result from with-profit portfolios, interest expenses on subordinated and other loans and the result from other services.

Q: CALCULATION FORMULAS FOR OTHER ALTERNATIVE PERFORMANCE MEASURES

Net flow = Net flow consists of client AuM inflow, client AuM outflow and transfers between with-profit and unit-linked sections. Client assets under management (AuM) = Assets related to unit-linked policies and other client assets under management. Cost/income ratio related to client AuM = Expenses related to management of client assets / Income related to the management of client assets Organic capital generation (OCG) = OCG reflects Solvency II Own funds generation from business’s ongoing activities (e.g. net finance result, fee result) and release of the capital due to the movements in the solvency capital requirement arising from business evolvement reflecting the focus to move away from capital intensive business to capital-light business

Question 1

CALCULATION FORMULAS FOR PERFORMANCE MEASURES

Accepted Answer

Solvency ratio = Own funds / Solvency capital requirement

Leverage ratio = Calculated by dividing the Group's financial liabilities by the sum of IFRS equity, the contractual service margin (CSM) less deferred tax liabilities and financial liabilities. Financial liabilities exclude the effect of derivatives when calculating the leverage ratio.

Return on equity, % = [Profit for the period attributable to shareholders / Equity (average of values at 1 Jan and 31 Dec)] x 100

Earnings per share, EUR = Profit for the period attributable to shareholders / Adjusted average number of shares

Equity per share, EUR = Equity attributable to shareholders / Adjusted average number of shares

Dividend per share, % = (Dividend for the accounting period / Adjusted number of shares at balance sheet date) x 100

Dividend per earnings, % = (Dividend per share / Earnings per share) x 100

Effective dividend yield, % = (Dividend per share / Adjusted closing share price at balance sheet date) x 100

Question 2

CALCULATION FORMULAS FOR ALTERNATIVE PERFORMANCE MEASURES

Accepted Answer

Capital-light profit before taxes =

Institutional and wealth management business area's profit before taxes + Corporate client business area's profit before taxes + Retail clients business area's profit before taxes.

Fee result =

Insurance service result for unit-linked insurance contracts + fee income from investment contracts + other income for the management of client assets – expenses from investment contracts – other expenses for the management of client assets.

Net finance result excluding unit-linked related result =

Net investment income from investments covering with-profit insurance portfolio and risk policies and Mandatum equity +/- unwinding of the discounting effect of with-profit and risk policies insurance contract liability and change in with-profit and risk policies insurance contract liability caused by changes in discount rates.

Result related to risk policies =

Insurance service result related to risk insurance policies.

Other result =

Other than the fee result, the net finance result excluding the unit-linked related result, and the result related to risk policies. This includes e.g. the insurance service result from with-profit portfolios, interest expenses on subordinated and other loans and the result from other services.

Question 3

CALCULATION FORMULAS FOR OTHER ALTERNATIVE PERFORMANCE MEASURES

Accepted Answer

Net flow =

Net flow consists of client AuM inflow, client AuM outflow and transfers between with-profit and unit-linked sections.

Client assets under management (AuM) =

Assets related to unit-linked policies and other client assets under management.

Cost/income ratio related to client AuM =

Expenses related to management of client assets / Income related to the management of client assets

Organic capital generation (OCG) =

OCG reflects Solvency II Own funds generation from business’s ongoing activities (e.g. net finance result, fee result) and release of the capital due to the movements in the solvency capital requirement arising from business evolvement reflecting the focus to move away from capital intensive business to capital-light business

Question 4

Accoun­ting poli­cies

Accepted Answer

In the preparation of Mandatum’s consolidated financial statements, all International Financial Reporting Standards (IFRS) relating to the Group’s business and effective at each time, are applied.

The most significant accounting policies for 2024 are explained in Mandatum’s Annual Report 2024:

Summary of significant accounting policies 2024

EUR million	10–12/2025	10–12/2024	Change, %	1–12/2025	1–12/2024	Change, %
Fee result	21.9	18.6	18 %	80.9	66.6	21 %
Net finance result	18.8	23.7	-21%	131.6	135.6	-3%
Result related to risk policies	4.0	2.2	83%	10.9	25.4	-57%
Other result	-14.4	-9.4	-53%	-41.4	-24.7	-67%
Profit before taxes for the period	30.3	35.1	-14%	182.1	202.9	-10 %

Capital-light profit before taxes	26.8	21.0	28%	91.8	87.8	5%
Net flow	141	392	-64%	723	983	-26%

Earnings per share, EUR	0.06	0.07	-8%	0.31	0.33	-6 %
Equity per share, EUR	0.06	0.07	-0.02	2.84	3.19	-11%
Organic capital generation per share, EUR	0.12	0.10	20 %	0.60	0.44	36%
Return on equity-%1	8.6%	8.3 %	0.3 p.p.	10.3%	10.3%	0.0 p.p.
Cost/income ratio related to client AuM, %2	–	–	–	49 %	58 %	-9 p.p.

EUR million	31 Dec 2025	31 Dec 2024	Change, %
Client assets under management (AuM)	15,323	13,957	10%
Solvency ratio, %	184%	210 %	-27 p.p.
Solvency ratio, w/o transitional measure, %	169%	193 %	-24 p.p.

Key figures

Key figures

Key figures 1-12/2025

Calculation formulas

Accounting policies

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Reports and presentations

Financial targets

Solvency

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Key figu­res

Key figu­res

Key figures 1-12/2025

Calculation formulas

Accounting policies

Find out more

Reports and presentations

Financial targets

Solvency

Read more

Key figures

Key figures