Mandatum targets profitable growth in the capital-light business, particularly in asset and wealth management and corporate business, which are core to its strategy.

During the strategy period 2025–2028, growth is sought from:

• International institutional asset management, where strong growth ambitions are supported by strong investment expertise and awardwinning fixed income products.
  
  
• Private wealth management with an aim to double the market share by 2028.
  
  
• Corporate business, where growth continues to be pursued across all products by leveraging an extensive contact network and increasing sales resources.

TARGET: above 10% growth (CAGR) in profit before taxes for the capital-light business during 2025–2028.

Mandatum’s key profitability metrics is return on equity (ROE), for which the company targets a pronounced step-up.

The drivers of Mandatum’s ROE are:

• Earnings growth in the capital-light business which is supported by growth in business volumes and further strengthening of operational leverage.
  
  
• The capital released from the run-off of the with-profit insurance portfolio, as this business ties up a significant amount of capital and therefore weighs on return on equity.

TARGET: above 20% return on equity (ROE) by the end of 2028.

Mandatum aims to be an attractive dividend payer – now and in the future.

Mandatum’s unique balance sheet position, and especially the capital released from the run-off with-profit business, enables an attractive shareholder distribution.

The company’s capacity for shareholder distribution is driven by:

• Strong solvency position, which was 169 per cent* at the end of 2025.
  
  
• Distributable funds which are supported by the capital release from the run-off of the with-profit business and profitable earnings growth of the capital-light business.

TARGET: cumulative shareholder distribution of more than EUR 1 billion for years 2025–2028 and the solvency margin target range is 160–180% by the end of 2028.

* Solvency margin excluding transitional measure

What sets Mandatum apart from its competitors is its strong brand, supported by the competitive advantage created by high customer and employee satisfaction.

• A strong and reputable brand serves as a distinctive competitive advantage, supports sales particularly in private wealth management and creates added value compared to competitors.
  
  
• Customer satisfaction is demonstrably high across all business areas, and Mandatum has, among other recognitions, been ranked the best private wealth manager in Finland*.
  
  
• Skilled and professional personnel are essential to Mandatum's success. The company has notably satisfied employees and has, for example, received the Great Place to Work certification numerous times.

* Kantar Prospera Private Banking 2025 Finland customer study