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Analyst Comment

Mandatum appointed a new Head of its Institutional and Wealth Management Segment

Mandatum

Translation: Original published in Finnish on 04/14/2025 at 08:43 am EEST

Mandatum announced it has appointed Janne Sarvikivi (MSc. Econ.) as Head of Mandatum's Institutional and Wealth Management segment. The position has been vacant since October when the previous head left their post. We originally expected a replacement appointment from within Mandatum, but after almost half a year of waiting, it was unsurprising that the new head was eventually found outside the company.

Sarvikivi comes to Mandatum from Nordea, where he has worked for over 15 years as Head of Equities Finland and, in recent years, as Managing Director of Equities Finland. We are neutral about the appointment at this point, as Sarvikivi seems to know the domestic customer base well based on his resume, even though he does not have actual asset management experience.

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Mandatum operates in the financial sector. The company offers various financial services to both private savers and corporate customers. The range is broad and mainly includes capital and wealth management, savings and investments, compensation, pension plans and personal risk insurance. The largest operations are in Finland.

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Key Estimate Figures11.04.2025

202425e26e
Revenue153.0173.8190.2
growth-%13.3 %13.6 %9.5 %
EBIT (adj.)202.9182.4178.5
EBIT-% (adj.)132.6 %105.0 %93.9 %
EPS (adj.)0.330.290.28
Dividend0.660.460.43
Dividend %12.2 %6.9 %6.5 %
P/E (adj.)16.522.923.5
EV/EBITDA10.516.117.0

Forum discussions

Nominee register -17.7M. Osakkeenomistajat - Mandatum
3/2/2026, 5:33 PM
by Ari
9
News Powered by Cision Mandatum Oyj: Mandatumin omistamien Saxo Bank -osakkeiden myynti on toteutunut Mandatum Oyj, Lehdistötiedote, 2.3.2026...
3/2/2026, 7:21 AM
by Cadel
32
As long as money keeps flowing in at the previous and/or an accelerating rate, there will still be funds to distribute. They decided, moderately...
2/25/2026, 2:03 PM
by Ari
25
It will be interesting to see if there will be any flagging notifications. For example, Varma is quite close to the 5% threshold (as of Jan ...
2/25/2026, 10:37 AM
by Roni
6
“Go ahead and call, you won’t get any money from there” – This sentence launched Mandatum’s international expansion Tärkeimmät talousuutiset...
2/25/2026, 5:12 AM
by Bösaboi
22
Good point, but I think the technical interest rate provision will be enough to be distributed even after 2035. In other words, excess capital...
2/24/2026, 1:09 PM
by Ari
12
The decline in the share value should be taken into account here.
2/24/2026, 12:31 PM
by Kirjain
28
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