Mandatum completes sale of Saxo Bank shares
Summary
- Mandatum has completed the sale of its Saxo Bank shares for approximately 308 MEUR, aligning with prior announcements.
- The transaction significantly boosts Mandatum's solvency, with the Solvency II ratio rising to 197%, exceeding the target range of 160-180%.
- The strengthened solvency supports expectations of strong dividend distributions in the coming years, with excess capital likely to be returned to shareholders.
- Proceeds from the sale will also be used to repay a 200 MEUR bank loan.
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Translation: Original published in Finnish on 3/3/2026 at 8:29 am EET.
Mandatum announced on Monday that the sale of its Saxo Bank holding has been completed. The final transaction price was approximately 308 MEUR, which is well in line with the previously announced figure. The completion of the transaction was a fully anticipated step, strengthening the company's solvency and supporting our view of strong dividend distribution in the coming years.
Strengthening solvency underscores dividend potential
The completion of the transaction will significantly strengthen Mandatum's solvency, as the company's Solvency II ratio would have increased by almost 30 percentage points at the end of 2025 had the transaction occurred before the financial statements. Thus, the new solvency level (197%) is clearly above the company's target range (160-180%), and we expect Mandatum to distribute this excess capital to its shareholders as dividends next year. The company also intends to use the proceeds from the transaction to repay a 200 MEUR bank loan.
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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.
Read more on company pageKey Estimate Figures13.02.
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 163.7 | 181.9 | 196.2 |
| growth-% | 7.0 % | 11.2 % | 7.8 % |
| EBIT (adj.) | 182.0 | 178.2 | 190.5 |
| EBIT-% (adj.) | 111.2 % | 97.9 % | 97.1 % |
| EPS (adj.) | 0.31 | 0.28 | 0.31 |
| Dividend | 0.85 | 0.85 | 0.57 |
| Dividend % | 12.4 % | 12.7 % | 8.6 % |
| P/E (adj.) | 22.2 | 23.6 | 21.5 |
| EV/EBITDA | 19.7 | 18.1 | 18.4 |
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