Lotta Borgström
Vice President of Investor Relations

A very good morning from sunny Helsinki, and welcome to Mandatum's Q1 Audiocast. I am Lotta Borgstrom from Investor Relations. And I am pleased to be joined by our CEO, Petri Niemisvirta; and CFO, Matti Ahokas, who will guide you through today's results. During this audiocast, we will begin by presenting the highlights and key developments of Mandatum's first quarter of 2026.

Following this, 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 given time frame after the dial-in Q&A.

With these remarks, I will hand over to Petri. Please go ahead.

Petri Niemisvirta
President & CEO

Thank you, Lotta. And now let me walk you through our first quarter of 2026. The start of the year was good in our core businesses, even though the reported result was clearly impacted by changes in interest rates and our discount rate curve. Market sentiment was mixed in the first quarter. Geopolitical tensions, especially in the Middle East, affected the markets. Uncertainty increased towards the end of the quarter, resulting in a decline in our assets under management in March. However, market confidence has mostly recovered