Enento exit strengthens Mandatum's solvency

Translation: Original published in Finnish on 6/16/2025 at 9:03 am EEST.

Mandatum has sold its stake in Enento. The deal was revealed in Enento's flagging notification of a change in shareholding. The transaction was only a matter of time, as Mandatum has openly stated that it is seeking to divest its ownership. The sale has a positive impact on Mandatum's solvency.

The holding did not fit in with the Group's strategy

The Enento shares were part of Mandatum's holdings inherited from Sampo, which were not part of the Group's current strategy. Since its listing, Mandatum has flagged its intention to divest from these investments, which tie up a significant amount of capital. Earlier this year, the sale of Saxo Bank shares was announced, and after the sale of Enento shares, the divestment of PE investments is now mainly completed. Some smaller investments will remain on the balance sheet, but their significance is already very small on a Group scale. The sale of Enento shares strengthens Mandatum's solvency, although the impact is clearly more moderate than the sale of the Saxo holdings, which is expected to take place at the end of the year.

The transaction strengthens solvency

The transaction has a positive impact on earnings (+12 MEUR), as the selling price was higher than the previous quarter's closing price. The earnings impact is high in percentage terms, but quite normal considering the fluctuating nature of investment returns on a quarterly basis. In addition, the development in Q2 will ultimately also be affected by the value development of other investments. We will factor in the transaction in connection with the Q2 earnings forecast at the latest. The changes needed to solvency forecasts are purely related to the timing of the transaction, as we had previously estimated that the disposal would take place next year.

The price of the stock portfolio was 56.9 MEUR at the paid price of EUR 19.5 per share. This represents a premium of approximately 16% compared to the previous day's closing price. The buyer in the block trade was Otava, Enento's largest shareholder. A better price was unlikely to be offered in the near future, so we consider Mandatum's divestment to be reasonable, taking into account the strain on the balance sheet and the Group's focus on capital-light asset management. The transaction does not shake Mandatum's investment story either, as the completion of the transaction was only a matter of time.