Mandatum Oyj

Good morning everyone and thank you for joining Mandatum's Q2 2026 audiocast. 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 Saaravikivi. During this audiocast 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 Kliens, 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. And 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 Mandattu, with good results across the board. Our capital-like 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 tax is 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 rate 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 maturity of net flows while corporate also continued to contribute positively. In corporate business, sales of pension insurance products and personal funds remained at the good level. In retail, our cooperation with Pohjan Tahti 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 continue 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 asset 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 strategy 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 cost, we believe they will accelerate growth and strengthen our position in the coming years. We also made excellent process 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 rates remained at healthy level of 49%. On a rolling 12-month basis, the rates 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 fee margin remains stable at 1.12%. While business 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's worth noting that the overall cost control remains good. Our total cost income ratio continued to improve and we're 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. And the result related to risk policies at 5.1 million euros in Q1 was a significant improvement compared to last year. As you know, one of our key financial targets is to grow the capital like 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 2025. Although the comparison number in Q2 2025 was maybe a bit low, we are 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% grow 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. And 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 ratios to the 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. And 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 clients. Glies 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 managed 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 increased 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 client's 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 Clience is an excellent strategy and cultural fit for Mandatum. Client's active investment management approach, quality of operations and strong client focus were important factors behind this transaction. The transaction is expected to complete 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 clients 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 entered 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 clients and our asset management business in general as well. Please dial in or submit your questions via the chat.

If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Vashka Salya from Goldman Sachs. Please go ahead.

Hi, good morning, and thank you for the opportunity. I have two questions, please. The first one on clients and the acquisition there. So could you give us a little bit more color on how much it would add to your EPS? So I roughly calculate it's like 9 million euros of bottom line, but then do you see any upfront synergies from this acquisition? and also the other point I was quite curious on getting your inputs on is the fee margin in clients appears to be around 60 basis points as opposed to your around 1.12 percentage points. So 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? So 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 look to. Thank you.

Hi, Vash. It's Matti here. I'll take some of the questions on the financials of clients. 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 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? So I think that's probably the explanation. But 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, Vash, you asked about the synergies. This is not an acquisition that we've made targeting cost synergies in the first instance. So that's not going to be a main concern for us. We're looking for sales synergies, top line synergies and ways to cooperate. But cost synergies are not a central part of the calculation here. And then I think you had a question about Europe as well and our ambitions there. We intend to grow our business there in the 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? So 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. So how do you then sort of create that proposal or proposition and compete with like larger international asset managers?

Petri here, so you're right with that, so basically our brand recognition is extremely high in Finland and somewhat also an increasing after this acquisition of course also in Sweden, but 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. So once we are competing with a lot of really big players and local players in Central Europe, It's just the performance and the track and the return what we can offer and the stability on our businesses and teams. And that's what have already turned to business in those countries. So it's clear thing that we have to be better than others in many ways in order to open the doors in the first place.

It's really product excellence there. I mean, 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. So our sales force needs to be very competent, which of course they are. So it's a combination of product excellence and then having the right connections. But it's not brand recognition, as you correctly pointed out.

Got it, that's very helpful. Thank you so much.

The next question comes from Michelle Balatore from KBW. Please go ahead.

Yes, thank you for taking my question. So, the first question is about the impact on the solvency from the acquisition of clients in Sweden. I mean, of course, my second question is, how should we look about the dividend expectation? Because I believe, I mean, current expectation seems dividend, let's say, be also part of your excess capital. So, I mean, the 64 million will go out fund. So, if you help us understand how to frame all these moving parts ahead of this the completion of this acquisition and then my second question is about the distribution abilities. I think we have discussed this that you know any M&A opportunity will primarily target distribution even outside Finland so what kind of and Attractive Distribution Capabilities we saw in this acquisition in this asset manager. And then the third question, which is, you know, more curiosity, you know, as I'm Italian and I'm very surprised you acquired clients in Italy, I mean, how did this happen in terms of the 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.

Yeah, 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 all funds and I think it's probably in the magnitude of a 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. So quite manageable and all together 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. So 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. So no impact for that. And we have the sufficient funds ready in cash and marketable securities already.

It's Janne here. Hi. You had a question about the distribution and what this brings to the distribution of Mandatus products and otherwise. I think it goes in both directions. First of all, of course, clients gain a very good distribution channel. They have a Swedish business. They are very strong in Sweden, but they have limited or no clients. Thank you very much. We have a very good client base and very good client relationships in Sweden as it is. But of course, clients have been in the market for even a longer time. They have a bit of a different angle, different product palette. So 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? Well, both directly and through distribution platforms, if you talk about clients, how they distribute their products. 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 and 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 and this is the way we work and that's also the way we've succeeded in Italy now in the last quarter.

And if I may comment, so not customer name or client name but it's clearly what we are doing outside of Finland, it's only institutional business so it is It's an institution of course, the customer in Italy and like Janne said, we do have something special to offer to customers all over the Europe with certain asset classes which are not that commonly known and offered in certain markets and an extremely good track record on those products. So it's a combination of uniqueness and an extremely good track record. and of course, like Janne said, the right people to open the doors.

Thank you. Thank you very much.

The next question comes from Antti Saari from OpMarkets. Please go ahead.

Hello, it's Antti here. Well, most of my questions regarding clients have been asked, but I have one more to go. So, looking at the figures that you gave in this release, They have been weakening in last year, even though asset management industry in general has performed quite nicely and going upwards. On the other hand, assets management for Koreans were lower at the end of June than they were at the end of last year. What's behind this and have these clients seen weakening performance for several years or is this just a short-term issue?

Thanks Antti for the question, Janni 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 Kliens has done a very good job in retaining clients and making sure that their performance is as good as possible. And 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 Kliens has all of these and 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, Kliens can benefit from this.

Okay, 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 a report there was mentioned this symmetric assumption of equity holdings, but was there also something else that impacted your solvency requirement?

Yeah, hi. Hi Antti, that's absolutely correct that it actually came down quite a lot but then think about it that our assets under management and mainly on the equity side obviously in the in the client AUM increased by 1.3 billion during one quarter so 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 so this will even out in the in the coming quarters altogether but of course the main impact was that the now the symmetrical adjustment factor is at the maximum at 10 percentage points because the markets have been so strong so that of course hits it in instantly but over time this of course we hope to see as good AUM growth because that's probably the most single most important driver for our profitability but it's also kind of it will even out the impact altogether because then the own funds increase will compensate for for that as well but once you see a very high increase in the in the assets under management it will kind of temporary 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.

The next question comes from Jakob Tijervijnen from SEB. Please go ahead.

Good morning, Jakob, from SEB. The client questions have mostly been discussed, but if I may, I would like to ask about the incentives for the key employees. There is the 22% stake enough strong in your view for the key employees and 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 Kliens wanted to stay along for the ride that we have in front of us. And the incentive from their part is actually quite strong with the shareholding they have. So we absolutely believe that 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've found a structure that very much does so.

Thank you. And 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 PTC material 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 At the same time, our assets management has increased a lot, which means that even our customers are extremely happy with us. We have 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 and that means that the bigger assets under management also creates bigger net outflow no matter what in certain ways so you have to sell even more than than previous previously so that's one uh there's one a little bit bigger bigger outflow number in in a customer side which is nothing to do with the customers happiness without it was customers other reasoning and structuring. So 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 uh continuing on that one quite nice amount of new products commitments uh during the first half uh should we think that the good sales and commitments is somehow away from the from the kind of a sort of ordinary net flows you will get that money in later on but if it's kind of a should we kind of a uh think that the commitment sale has been done uh it's kind of a similar to the netball sales

Yeah, 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. And 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. But of course, it will show up in our net flow going forward once we call out that money. So Janne, if you want to add something to that.

Yeah, 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. And 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. But 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 for me.

The next question comes from Emil Immonen from DNB Carnegie. Please go ahead.

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. So is there then simultaneously some cost cutting in other places if you're hiring sales personnel or how should we think of it?

Yeah yeah you are right it's the top number of of the all employees is not increasing uh it's more or less the same than it has been in or in many quarters but it's it's the inside of the company said there has been a shift from let's say support functions to customer service and sales so so we we are here uh following the ratio of the number percent it's what is the number of sales people and customer service compared to A whole number of employees and that number is increasing. So 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 year ago. That is what has happened.

Okay sounds good and that's then I assume it's mostly focused on increasing the institutional sales because that has if we look year on year well it was flat in the net flow was flat in Q2 and it's not really accelerating right now at least so you're looking to accelerate that in at least the coming years but hopefully coming quarters as well.

Yeah 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 and as well as in our corporate business area. So quite a wide increase in our sales forces.

Okay, understood. And then maybe one more question on the acquisition of clients. As you described, it's not any cost synergies you're going for, it's more revenue synergies. So I want to ask, is there any overlap in your customers or is it completely synergistic?

Let's say Sweden is not that big country, 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 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, it's the key institutional customers, are typically people we also talk to, but the products we sell to them are completely different than what clients have been selling. So that is the overlap, but it's not a negative, it's a positive for us.

Okay, that's all from me. Thank you.

The next question comes from Vashka Salya from Goldman Sachs. Please go ahead.

Hi, I actually wanted to clarify on one of your answers from before. So you mentioned that your own funds, so in your capitalized business, your own funds is higher than the SCR. But can you give us a sense of how much own funds does your capitalized business generate on day one for per euro of SCR? So just trying to get a sense of the solvency ratio impact from new business. And the other question was, again, just on solvency too and the symmetrical adjustment. So 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 can perform well, the benefit to your solvency to ratio will be much higher than we've seen in the past?

Hi Vasi, it's Matti here. So basically how it works is that the on-funds is calculated by the kind of normalized equity market return or fund return, which is clearly lower what we've seen here now. So that of course is kind of kind of explaining part of the stuff and I said 10 percentage points it's actually nine percentage points the maximum but that's where the level is now because of the strong market performance and as you know that is the buffering in the system so that when markets come down then the solvency impact is smaller and when markets are very positive it is consuming more solvency margin altogether and sorry I forgot your other question.

So the other one was just how much of own funds does the capitalized business generate on day one versus the SCR? So you'd 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 have. So as you know, in our system, we have our products and funds are part of our insurance wrapper. So that is the main driver behind it. And then, of course, there is a solvency requirement because of that. But it's roughly the same or just ever so slightly above. But 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. Thank you.

The next question comes from Michelle Balatore from KBW. Please go ahead.

Yes, thanks for the follow-up question. It's still about Sweden. And just regarding, I mean, if we look at your offering, of course, you have part of your offering is more, let's say, less plain vanilla, like, you know... credit and things like that I mean where you have a strong know-how and probably quite unique know-how so what kind of appetite you think there would be for this kind of products that are presumably higher margin in Sweden? Thank you.

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

Also in light of position of client.

Right, so basically I mean it's a niche strategy and we have been able to generate a lot of interest and sales in Sweden already at the moment and if we think about how we can broaden that now through the acquisition it's of course a question of getting our foot 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. But 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 clients 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 client's employee shareholders have made a long-term commitment here to us, and we look forward to that partnership.

And then the following theme we've already touched upon, but just to make clear, are the key fund managers owners in clients?

They are owners and clients. Clients' 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, and 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.

And the last question, how worried are you that both flagship funds are underperforming their corresponding indices or indices on one-year and three-year periods?

Well, 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 than the small mid-cap market, you should look at for a longer period of time than just one or three years. and we all know how the market has been during the past one, two, three years in that particular segment. On a 10-year horizon, for example, the figures look very different.

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

Okay, 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.