Due to Saxo Bank's administrative fine, purchase price received by Mandatum adjusted downward

Translation: Original published in Finnish on 1/26/2026 at 8:32 am EET.

Mandatum announced on Friday that due to an administrative fine imposed on Saxo Bank, the purchase price of the ownership would be approximately 8 MEUR lower than previously estimated.

Administrative fine reduces purchase price received by Mandatum

The Danish Financial Supervisory Authority (Finanstilsynet) has imposed an administrative fine of 313 MDKK (approx. 42 MEUR) on Saxo Bank. The fine relates to an inspection focused on the anti-money laundering area. The inspection did not find any actual instances of money laundering.

In March 2025, Mandatum agreed to sell its 19.83% stake in Saxo Bank for approximately 319 MEUR. According to the terms of the sales agreement, the fine will affect the final purchase price proportionately to the ownership share, so based on current information, Mandatum will receive a purchase price that is 8 MEUR lower than the company's previous estimate.

News has no impact on profit distribution outlook

There has been no change to the schedule for the sale of Saxo Bank shares, and Mandatum still expects the transaction to be completed in early 2026. Therefore, the announcement has no impact on our profit distribution estimates. However, this news will cause a slight adjustment to our investment return forecasts. Mandatum will provide a separate announcement on the completion of the transaction and the final purchase price, indicating that other minor adjustments in one direction or another may still occur.

In our interpretation, the negative impact on earnings (8 MEUR) reported now will be recognized for the year 2026. Nevertheless, the impact will remain moderate, as the negative change in value is approximately 5% relative to our EBIT forecast for 2026.