Good morning everyone and thank you for joining Mandatum's Q2 2026 audio cast. My name is Lotta Borgström from Investor Relations and I am pleased to be joined today by our CEO Petri Niemisvirta, our CFO Matti Ahokas and as a special guest, the head of asset and wealth management Janne Sarvikivi.

During this audio cast we will begin by presenting the highlights and key developments from Mandatum's second quarter of 2026. We will also comment on the announced acquisition of the Swedish asset manager Cliens, which was communicated earlier this morning.

Following the presentation, we will proceed to the Q&A session, where you will have the opportunity to dial in with any questions you may have. Participants can also submit questions through the chat, which we will review within the available time after the dial-in Q&A.

As stated, Janne Sarvikivi is joining us for today's call and will be available to comment in particular on the transaction and answer related questions later in this audio cast. With these remarks, I will hand over to Petri.

Please go ahead.

Thank you, Lotta, and thank you all for joining us today. The second quarter was a strong one for Mandatum, with good results across the board.

Our capital-light profit before taxes increased by 32% year on year to 27.1 million euros. This demonstrates the strength of our strategy and the continued growth of our core businesses.

The market environment was supportive during the quarter. As a result, our client assets under management increased by 16% year on year to a record 16.7 billion euros.

Net flow remained solid at 164 million euros and stayed at the same level as a year ago. The strong growth in assets supported our fee result, which increased by 21% to 22.4 million euros.

The group's profit before taxes more than doubled from the comparison period and reached 79.1 million euros. The result was supported by a strong net finance result and good investment returns from our own with-profit balance sheet investments, particularly fixed income assets benefiting from tightening credit spreads.

Alternative investments, and especially private equity investments, also performed well. Let me then move on to client assets under management and net flow.

Client assets under management reached a new record of 16.7 billion euros at the end of June. Client assets increased not only in asset and wealth management, but also in our corporate and retail businesses, in which the equity weight of investment is typically higher.

This broad-based growth highlights the importance of all our business areas for Mandatum's profitability and demonstrates the strength of our diversified business model. Net flow remained positive in all our key business areas during the first half of the year.

Asset and wealth management generated the majority of net flows, while corporate also continued to contribute positively. In corporate business, sales of pension insurance products and personnel funds remained at a good level.

In retail, our cooperation with Pohjantähti continued to support risk insurance sales and investment product sales returned to growth. Retail assets under management increased to more than 4 billion euros.

We are also encouraged by early signs of improving economic activity in Finland. A gradual recovery in the economy, including increasing M&A activity, is expected to support both our asset and wealth management business and our corporate customer business going forward.

This creates new opportunities for client growth and advisory services. Asset and wealth management continued to deliver strong growth during the quarter.

A particularly positive development was the continued success of our international institutional business. International institutional asset increased by 19% year on year, driven mainly by growth in Sweden.

During the quarter, we also won our first clients in Italy, further strengthening our position in Europe. Private wealth management assets increased by 18% year on year and exceeded 5 billion euros for the first time.

Growth was supported by strong sales of discretionary mandates and continued client confidence. We are pleased with the strong momentum in this business.

One of our strategic ambitions is to double our market share in Finnish private wealth management during the strategy period, and the current development shows that we are moving in the right direction. We have continued to invest in future growth through new hires, among others.

While these investments temporarily increase costs, we believe they will accelerate growth and strengthen our position in the coming years. We also made excellent progress in fundraising.

During the quarter, Mandatum Credit Opportunities 2 raised more than 300 million euros in its first closing, and Private Debt 8 secured over 100 million euros of commitments. This demonstrates investors' trust in our expertise and long-term track record.

Finally, a few words on profitability and efficiency. Our cost-income ratio remained at a healthy level of 49%.

On a rolling 12-month basis, the ratio improved by 4 percentage points year on year. We have continued to invest in selected growth areas, especially within asset and wealth management.

Despite these investments, we have maintained a very strong level of efficiency. Our free margin remains stable at 1.12%, while business mix effects continue as asset and wealth management grows faster than other businesses, underlying product margins remain stable.

This reflects good pricing discipline across our operation. Overall, we continue to see clear evidence that our business model is scalable.

We are growing assets, increasing earnings, maintaining efficiency and investing for future growth at the same time. With that, I will now hand over to Matti, who will go through the financials in more detail.

Thank you, Petri. Let's now take a closer look at the second quarter result components.

As pointed out, our fee result was up by 21% year on year, with assets under management up by 16%, and both of these are at all-time high levels. Compared to Q1, our AUM was up by 8%, or 1.3 billion euros, to 16.7 billion.

The main driver for this quarter was the strong market performance of our corporate and retail assets, which have a higher equity weight than our asset and wealth management segment. As Petri mentioned, the cost-income ratio of our client AUM was 49%, actually slightly down quarter on quarter.

Our income was up in Q2, but the increased growth initiatives in the capital-light business meant that costs in this area increased as well. This is in line with our business plan, as you know.

It is worth noting that the overall cost control remains good. Our group total cost-income ratio continued to improve, and we were well in line with our overall annual cost growth target of around 1% until 2028.

The net finance result was strong across the board in Q2, and I'll talk a bit more about this later on. The result related to risk policies at 5.1 million euros in Q1 was a significant improvement compared to last year.

As one of our key financial targets is to grow the capital-light profit before taxes by more than 10% annually by 2028 compared to 2024. Looking at the second quarter, the reported profit before tax was 27.1 million euros, or 32% growth versus Q2 25.

Although the comparison number in Q2 25 was maybe a bit low, we're at the run rate above our long-term target growth. Looking at the segments, asset and wealth management profit grew by 19% year on year, driven by a 20% growth in the fee result.

The corporate segment saw a significant profitability jump as the result related to risk policies increased due to a higher CSM release. In addition, the AUM increased by 18%.

The retail segment saw the largest increase in fee result, or 32%. The fee result was positively impacted by the very strong AUM development in the quarter.

Actually, the AUM was up by some 400 million euros compared to Q1. Then let's take a closer look at the group net finance result, which came in at 55 million euros.

As you all know, Q2 was a positive quarter in the financial markets, and this is also reflected in our client AUM. The with-profit investment return in the quarter at 2.5 was above the expected level.

Fixed income credit makes up now as much as 79% of our own investment portfolio. In Q2, the return was positively impacted by mark-to-market adjustments from lower rates and tighter spreads.

The portfolio mark-to-market yield was down by 20 basis points in the quarter to 4.7%, but is significantly still above the cost of liabilities. Our equity portfolio return was 5.5% in the quarter, broadly in line with the market.

We continued the portfolio de-risking in line with our strategy, and now listed equities amount to only 2% of the portfolio. One specific thing in the quarter was that private equity returns were very strong in the quarter, actually at 7%, and we are seeing clearly higher capital distributions from the portfolio.

In Q2, the PE capital distributions were over 40 million euros, much higher than the level in previous quarters. This supports the capital release in line with our plan.

Our private credit portfolio has also continued a positive trend, like we've seen in previous quarter. The real estate portfolio return was negative, and this was mainly due to a write-down of a single lease contract.

Turning then to the other part of the net finance result, or discounting and cost of liabilities. As you saw, market interest rates decreased slightly in Q2, and this had a 21 million negative discounting impact.

Remember also that this item also includes the profit sharing impact from the segregated portfolio, and the impact was unusually high in Q2 as the investment return from the segregated portfolio was unusually high here as well. As in previous quarters, it's nice to say that we continue to consistently generate capital.

Organic capital generation was 90 million euros, or 18 cents per share in Q2. This was the highest quarterly figure in the history of the group.

Q2 was the third quarter in the history of Mandatum when the SCR from the with-profit business is smaller than the capital light SCR, and this confirms and shows our clear transformation journey towards a high ROE capital light group. The group fully loaded solvency ratio stood at 195%.

This was down from 207% in Q1, but clearly still above our target range. The decline was mainly driven by the increased SCR from significant increase in client equity AUM and then the increase in the symmetrical adjustment factor, which was at the maximum level in Q2.

Now back to you, Petri.

Thank you, Matti. Before we conclude today's presentation, I would like to briefly comment on our announced acquisition of the Swedish asset manager Cliens.

Cliens is a well-established Swedish asset manager with a strong investment performance track record and a highly respected brand among a broad client base. The company manages approximately 36 billion Swedish kronor of client assets and serves around 100 institutional clients and 30 distribution partners through a team of experienced investment professionals.

The transaction will increase Mandatum's footprint in the Swedish asset management market and supports our Nordic expansion ambitions. Sweden is the largest asset management market in the Nordics, and the acquisition strengthens our local presence and client reach there.

The acquisition also enhances our product offering through complementary actively managed equity products. One of Cliens' particular strengths is its strong expertise and long track record in small and mid-cap equities.

This complements Mandatum's existing strengths and broadens the range of investment solutions we can offer our clients. Also, we will look for opportunities over time to further broaden the distribution of Mandatum's own products.

In addition, we believe that Cliens is an excellent strategic and cultural fit for Mandatum. Cliens' active investment management approach, quality of operations, and strong client focus were important factors behind this transaction.

The transaction is expected to be completed by the end of year 2026, provided that we get the necessary approvals from the regulators. The announced acquisition does not change our financial outlook for 2026 or our shareholder payout target.

This transaction is a very good example of how we are executing our strategy in practice. At our capital markets day last year, we highlighted the international growth in asset management and the enhancement of our product offering as two key strategic priorities.

The acquisition of Cliens supports both of these objectives and is a natural next step in this journey. Overall, second quarter confirms that our business is developing well and that we continue to execute successfully on our strategy.

We enter the second half of the year from a very good position and continue to work towards our vision of becoming the fastest-growing asset and wealth manager in the Nordics. With that, I will hand back to Lotta.

Thank you, Petri. We will now move on to the Q&A session.

Joining Petri and Matti, we also have Janne Sarvikivi available to answer questions, particularly regarding the announced acquisition of Cliens and our asset management business in general as well. Please dial in or submit your questions via the chat.

Hi, good morning, and thank you for the opportunity. I have two questions, please.

The first one on Cliens and the acquisition there. Could you give us a little bit more color on how much it would add to your EPS?

I roughly calculate it's 9 million euros of bottom line. Then do you see any upfront synergies from this acquisition?

Also the other point I was quite curious on getting your inputs on is the fee margin. Cliens appears to be around 60 basis points as opposed to your around 1.12 percentage points.

Could you just give us some sense of how does your fee margin then develop, or do you basically see upside to the 60 basis points? That was the first part.

Second just on Europe, could you give us a sense of what's your near-term ambition over there and any other countries outside of Italy that you're looking to? Thank you.

Hi Vash. It's Matti here.

I'll take some of the questions on the financials of Cliens. Altogether, I think your numbers sound quite realistic on the financial impact.

You should, however, remember that there's probably going to be some amount of purchase price adjustments regarding that, so that might be a couple of millions. I think the ballpark is correct.

In terms of the margins, the margins are actually pretty close to what we are reporting at the moment. Of course, it's a kind of definition question: how do you look at the kind of distribution costs?

Are they a reduction of the margin, or are they actually a cost? I think that's probably the explanation.

The way we look at it, the margins should be fairly similar to what we're seeing at the moment on that side.

I think, as you asked about the synergies, this is not an acquisition that we've made targeting cost synergies in the first instance. That's not going to be a main concern for us.

We're looking for sales synergies, top-line synergies, and ways to cooperate. Cost synergies are not a central part of the calculation here.

Then I think you had a question about Europe as well and our ambitions there. We intend to grow our business there in a similar fashion that we've done so far, taking it one step at a time and looking at the opportunities as we go along.

Petri already mentioned in his opening pitch about the first clients we've now had from Italy and so forth. It's a slow progression, but it will lead to the end result that we are after, which means growing our business there in a fashion that's favorable for the shareholders.

On Europe, could I just actually get a little bit more color on? What is your right to win, or your USP, when you're competing in the European market?

Because presumably there you do not have the same sort of heritage or history that you have in Finland. How do you then sort of create that proposal or proposition for them and compete with larger international asset managers?

Petri here. You're right with that.

Basically our brand recognition is extremely high in Finland, and somewhat also increasing after this acquisition, of course also in Sweden. When it comes to Central Europe, it's not the brand recognition which is leading our business and supporting our business.

I would say that it's a great expertise, long-term track, long-term team, which has been in place. Once we are competing with large, really big players and local players in Central Europe, it's just the performance and the track and the return that we can offer, and stability in our businesses and teams.

That's what have already turned to business in those countries. It's a clear thing that we have to be better than others in many ways in order to open the doors in the first place.

Our USP is really product excellence there. It's all about having a product that stands out, that has the track record Petri just described, and also, of course, then the fact that we have the right people opening up the right doors there.

Our sales force needs to be very competent, which of course they are. It's a combination of product excellence and then having the right connections.

It's not brand recognition, as you correctly pointed out.

Got it. That's very helpful.

Thank you so much.

Yes, thank you for taking my question. The first question is about the impact on the solvency from the acquisition of Cliens in Sweden.

Of course, my second question is how should we look about the dividend expectation? Because I believe, current expectation sees dividends, let's say, be also part of your excess capital.

The 64 million will go out. If you help us understand how to frame all these moving parts ahead of the completion of this acquisition.

Then my second question is about the distribution capabilities. I think we have discussed this, that any M&A opportunity will primarily target distribution, even outside Finland.

What kind of attractive distribution capabilities we can see in this acquisition, in this asset manager? Then the third question, which is more curiosity, as I'm Italian and I'm very surprised you acquired Cliens in Italy.

How did this happen in terms of the acquisition and what kind of client? I don't know if you can mention the name, but what kind of client you were able to acquire in Italy?

Thank you.

Hi, Michele. It's Matti here.

The solvency impact from the deal, obviously, as we've said, it's 64 million euros, and typically asset manager, the balance sheet is very small. The company has no debt, and that means that the real impact comes from the intangible assets and the deduction from own funds.

I think it's probably in the magnitude of roughly 50 million euro impact altogether, and if you put it in the model, would mean somewhere between five and maybe seven percentage points on the solvency ratio. Quite manageable altogether for that side.

In terms of the dividend payout, as said, this will have no impact. We have sufficient liquidity in our parent company to finance this when the deal is closed.

This is not an issue at all. We have a lot of liquidity, and we have very little debt as well, so that is not an issue for us at all.

No impact for that, and we have the sufficient funds ready in cash and marketable securities already.

Janne here. Hi.

You had a question about the distribution and what this brings to the distribution of Mandatum's products and otherwise. I think it goes in both directions.

Of course, Cliens gains a very good distribution channel. They have a Swedish business.

They are very strong in Sweden, but they have limited or no client exposure outside of Sweden. We are able then to give them a path to Finland, to the rest of the Nordics and to Europe at some stage, when we deepen our relationship and start distributing our products through our channels.

Then in the other direction, of course, we have a very good client base and very good client relationships in Sweden as it is. Of course, Cliens has been in the market for even a longer time.

They have a bit of a different angle, different product palette. They can now, of course, also then help us through opening doors, making sure that our products get the shelf life that they need to their customers, and that will help us to distribute our products.

How is distribution made? Sorry?

How is distribution made?

Yeah.

Both directly and through distribution platforms, if you talk about Cliens, how they distribute their products.

Thanks. And

then you had a question about Italy and the clients there. Of course, I can't comment on the name or the type of the clients or clients that we have gained there, but the way we do it is basically the same way we do it in all the countries, through our own excellent salespeople who have the right types of contacts, and then, of course, we also use partners in some of the markets to help us distribute these products.

This is the way we work, and that's also the way we've succeeded in Italy now in the last quarter.

If I may comment. Not customer name or client name, but it's clearly what we are doing outside of Finland.

It's only institutional business. It's the institution, of course, the customer in Italy, and like Janne said, we do have something special to offer to customers all over Europe with certain asset classes, which are not that commonly known and offered in certain markets, and extremely good track record on those products.

It's a combination of uniqueness and extremely good track record, and, of course, like Janne said, the right people to open the doors.

Thank you. Thank you very much.

Hi, Janne here. Most of my questions regarding Cliens have been asked, but I have one more to go.

Looking at the figures that you gave in this release, they have been weakening in the last year, even though asset management industry in general has performed quite nicely and going upwards. On the other hand, assets under management for Cliens were lower at the end of June than they were at the end of last year.

What's behind this, and has these clients seen weakening performance for several years, or is this just a short-term issue?

Thanks, Antti, for the question. Janne here.

You're correct in pointing out that the AUM has declined slightly from year-end and that figures have been slightly weakening. The main factor behind this is, of course, the phenomenon we've seen in the entire Nordic market regarding small and mid-cap companies and the performance of those companies relative then to the rest of the market.

It's been a tough market to be in for the past couple of years, and it's been maybe particularly tough in Sweden. Despite this, I think Cliens has done a very good job in retaining clients and making sure that their performance is as good as possible.

Of course, we think that that entire market segment of small and mid-cap companies is something where we can add value to customers because it requires research capabilities, it requires analytical knowledge, it requires a very high level of professionalism from the PMs and the analysts, and we think that Cliens has all of these. It's a market segment and sector that we think will come back, and we strongly think that when it does, and even in the face of some headwinds, Cliens can benefit from this.

That's clear. Then one a bit technical question for Matti.

I saw that your solvency requirement rose fairly clearly in Q2 compared to Q1, and in the report there was mentioned this symmetric assumption of equity holdings, but was there also something else that impacted your solvency requirement?

Hi Antti, that's absolutely correct that it actually came down quite a lot. Then think about it that our assets under management, and mainly on the equity side, obviously in the client AUM, increased by 1.3 billion during one quarter.

This meant that the solvency capital requirement came up, and the corresponding increase which you normally see in the own funds was lower than that. This will even out in the coming quarters altogether.

Of course the main impact was that now the symmetrical adjustment factor is at the maximum at 10 percentage points because the markets have been so strong. That of course hits it instantly.

Over time, this, of course, we hope to see as good AUM growth because that's probably the single most important driver for our profitability. It will even out the impact altogether because then the own funds increase will compensate for that as well.

Once you see a very high increase in the assets under management, it will kind of temporarily burden the solvency margin as well, even though it's in the capital-light business.

I see. Okay.

That's all from my side. Thanks.

Good morning, Jaakko from SEB. The Cliens' questions have most of been discussed, but for me I would like to ask about the incentives for the key employees.

Is 22% stake enough strong in your view for the key employees? Could you talk a bit more how you are planning to retain the key people in the business?

Thanks Jaakko. We think that it's a very strong vote of confidence that the key employees, and actually most of the employees at Cliens, wanted to stay along for the ride that we have in front of us.

The incentive from their part is actually quite strong with the shareholding they have. We absolutely believe that the kind of ownership they have is enough to align their interests with us and retain the key employees.

That was one of our main concerns and main points during the discussions that we absolutely want to retain the key employees, and we think that we have found a structure that very much does so.

Thank you. Then on the Q1 report and performance.

I know that you are talking about the net numbers in terms of flows, but could you elaborate, did you see some serial outflows during the quarter? Just trying to understand the underlying new business trends there.

Yes, Petri here. About the net flow and outflows and inflows, I would say that no one should be worried about our sales capability.

Our sales is going extremely well and our products are in order and there is no softening on that side. The fact of course is that we have now invested quite a lot of new sales people lately, and we haven't seen or got yet, let's say normal level of sales from them.

At the same time our assets under management has increased a lot, which means that even our customers are extremely happy with us. We have a very high NPS, still we have a normal industry average outflow yearly basis.

Our customers need money back, reason or another, even though they are happy with us. That means that the bigger assets under management also creates bigger net outflow, no matter what, in certain way.

You have to sell even more than previously. That's one.

There was one a little bit bigger outflow number in customer side, which has nothing to do with the customers' happiness with us. It was customers' other reasoning and structuring.

I would say that it was a little bit more outflow side than sales inflow side, which affected that the number wasn't that high when it comes to net flow during the Q2.

Very good, thank you. Continuing on that one, we did quite nice amount of new product commitments during the first half.

Should we think that the good sales and commitments is somehow away from the kind of, sort of ordinary net flows? You will get that money in later on, but did we kind of think that the commitment sale has been done, is kind of similar to the net flow sales?

Of course those commitments, Janne will tell a little bit more details, but as a high level, those commitments, of course, are not seen immediately in our net flow, but at the same time they require resources from our sales organization. That's also the one explanation for our net flow maybe not be the level that somebody wanted it to have, because our resources and salespeople, they concentrated a lot for commitment-based sales and not having that much time to other products, because that was very important to get those commitments as much as possible before closing.

That money will come once we call those commitments in. Typically it's two to three years when everything we are planning to call in.

Of course it will show up in our net flow going forward once we call that money. Janne, if you want to add something to that?

Sure. Just adding to what Petri just said is that commitment-based sales is very important for us.

It's money that typically flows into products that are very specific to our expertise. Of course, like Petri said, it takes some resources away from selling other products.

That being said, I wouldn't say that our sales personnel are capacity constrained. They have capacity to sell other stuff as well.

It just so happens that during the first half of the year, we had two particularly excellent products that were in high demand among customers, and that took some of our resources, of course, then as well.

Very good, thank you all from me.

Hi, thanks for taking my questions. Just a couple more.

I want to push a little bit on the hiring of personnel, because when I look at the number of employees you have, it doesn't really look like it's increasing. Is there then simultaneously some cost cutting in other places if you're hiring sales personnel, or how should we think of it?

You are right. The top number of all employees is not increasing.

It's more or less the same than it has been in many quarters. It's the inside of the company that there has been a shift from, let's say, support functions to customer service and sales.

We are here following the ratio of the number of percent. What is the number of salespeople and customer service compared to whole number of employees, and that number is increasing.

There is less people in support functions than it used to be and more people in sales side than it was like a year ago or half a year ago. That is what has happened.

Sounds good. That's then, I assume, it's mostly focused on increasing the institutional sales, because, if we look year on year well, the net flow was flat in Q2, and it's not really accelerating right now at least.

You're looking to accelerate that in at least the coming years, but hopefully coming quarters as well.

The areas we have added people is international institutional sales. We have also changes in our institutional sales in Finland and also private wealth management in Finland.

We have new hires as well as in our corporate business area. Quite a wide increase in our sales force.

Understood. Then maybe one more question on the acquisition of Cliens.

As you described, it's not any cost synergies you're going for, it's more revenue synergies. I want to ask, any overlap in your customers, or is it completely synergistic?

Let's say, they are also

Sweden is not that big countries. Of course there are some common customers, but what is good news for all of us is that we are a little bit in different customer segments in certain way, even though both are in institutional customers.

That creates opportunities for both parties. We have a little bit different type of institutional customers portfolio.

Janne, if you want to add something to

this? Following up on that is of course that our product portfolios are exactly complementary.

Even though of course in Sweden, like Petri said, the key institutional customers are typically people we also talk to, but the products we sell to them are completely different than what Cliens has been selling. That is the overlap, but it's not a negative.

It's a positive for us.

That's all from me. Thank you.

Hi, I actually wanted to clarify on one of your answers from before. You mentioned that your own funds in your capital light business is higher than the SCR.

Can you give us a sense of how much own funds does your capital light business generate on day one per euro of SCR? Just trying to get a sense of the solvency ratio impact from new business.

The other question was again just on Solvency 2 and the symmetrical adjustment. You mentioned that it's at the maximum level, which is 10%.

Does that mean if the markets continue to rally from here or if they perform well, the benefit to your solvency ratio will be much higher than we've seen in the past?

As I said, it's Matti here. Basically how it works is that the own funds is calculated by the kind of normalized equity market return or fund return, which is clearly lower what we've seen here now.

That, of course, is kind of explaining part of the stuff. I said 10 percentage points.

It's actually nine percentage points, the maximum. That's where the level is now because of the strong market performance.

As that is the buffering in the system, so that when markets come down, then the solvency impact is smaller. When markets are very positive, it is consuming more solvency margin altogether.

Sorry, I forgot your other question. So

the other one was just how much of own funds does the capital light business generate on day one versus the SCR? You had mentioned that your own funds on day one of writing business is higher than the SCR, but I'm just curious as to how much higher than the SCR is it?

The difference is not significant on day one, and it depends, of course, on the products that we are. As in our system, we have our products and funds are part of our insurance wrapper.

That is the main driver behind it, and then, of course, there is a solvency requirement because of that. It's roughly the same or just ever so slightly above.

Remember, then if you have a very big increase like we've had now in this quarter, it kind of consumes a bit more, but it evens out in the coming quarters.

Got it. That's helpful, thank you.

Yes, thanks for the follow-up question. It's still about Sweden, and if we look at your offering, of course you have part of your offering is, let's say, less plain vanilla, like credit and things like that, where you have a strong know-how and probably quite unique know-how.

What kind of appetite do you think there would be for this kind of products that are presumably higher margin in Sweden? Thank you.

You're asking about how our products sell in Sweden, the products we are currently offering, credit and other types of debt products, or?

Also in light of position of Cliens.

Right. Basically, it's a niche strategy, and we have been able to generate a lot of interest and sales in Sweden already at the moment.

If we think about how we can broaden that now through the acquisition, it's, of course, a question of getting our foot in the door for more clients and showing our product to them. As we have been executing on a very successful niche strategy, which is based on our competence in these products, I think we're going to be very successful if we have an opportunity to gain access to clients who already have a good experience with working with Cliens.

Thank you.

Then let's move over to the chat questions. We have several questions from Sauli Vilén at Inderes, and some of these we have already answered.

The first one would be: can you confirm that 2025 figures are purely continuous fees and do not include any notable performance fees or other one-time fees? I think Sauli is referring to Cliens here.

Yes, we can confirm that.

Then following, is there a put-call structure for the 21.6% stake held by the management? If there is, can you open up the details regarding this?

We won't go into the details of the shareholder agreement, but what I can say, of course, is that the Cliens employee shareholders have made a long-term commitment here to us, and we look forward to that partnership. Then

the following thing we've already touched upon, but just to make clear: are the key fund managers owners in Cliens?

They are owners in Cliens. Cliens' share ownership is very widely distributed in the company as well, but the key employees are all owners.

How much of the AUM comes from distribution partners and how much from institutions? What is the share of the largest distribution partner?

We're not going to disclose the shares of different partners from AUM, but distribution partners are important because a lot of the AUM is distributed through them. The last question:

how worried are you that both flagship funds are underperforming their corresponding indices on one-year and three-year periods?

We briefly touched upon that earlier when we got a question about the performance, but the short answer is we are not worried because we think that in particular this market segment, in particular the small mid-cap market, you should look at for a longer period of time than just one or three years. We all know how the market has been during the past one, two, three years in that particular segment.

On a ten-year horizon, for example, the figures look very different. And

if I may add, once we have done our DD and looked at the company, and it's people and knowledge, we believe the way of working and how they look at the market, and it's the same people who have done this long-term track, and we believe that it will come in good results going forward as well.

That concludes today's audiocast. If you have any further questions, please feel free to reach us at investor relations.

Thank you for joining us, and have a great day.