Solidium Oy’s financial statements review: Solidium invested in ICEYE and divested Mandatum and Kemira holdings, paid approximately EUR 580 million as dividend to the Finnish State

"The past 18-month financial period has been exceptionally challenging for Finnish listed companies compared to international peers. The subdued performance of the domestic stock market has had a direct impact on Solidium’s returns," commented Solidium’s CEO Reima Rytsölä.

Ownership aligned with the updated strategy

During the financial period, Solidium sold all its shares in Mandatum Oyj for approximately EUR 131 million and divested its remaining shares in Kemira Oyj for approximately EUR 125 million. Solidium had been gradually reducing its stake in Kemira, as the company already had a strong Finnish anchor owner, Oras Invest. Mandatum had previously been separated from Sampo, and Solidium no longer needed to hold a stake in an individual asset management company.

During the financial period, Solidium invested a total of EUR 55 million in ICEYE, a Finnish SAR satellite imaging company. In April 2024, Solidium acted as the lead investor in a funding round, contributing approximately EUR 40 million—half of the total EUR 80 million funding. In December 2024, Solidium made an additional follow-on investment of EUR 15 million under the same terms as the spring funding round. These investments were made in the form of convertible bonds and involved both new investors and existing shareholders on the same commercial terms as Solidium.

"The investment, which we further increased at the end of the year, is the first under our new strategy. We will continue to support nationally significant companies requiring a strong domestic anchor owner, while also seeking companies like ICEYE that have the potential to become nationally significant in the coming years," Rytsölä said.

Change of Solidium’s CEO

At the end of the financial period, CEO Reima Rytsölä submitted his resignation and will transition to another employer no later than 1 June 2025. Rytsölä has led the company since August 2022.

" I want to thank all stakeholders and staff for their cooperation. Solidium’s mission continues. In a rapidly changing world, it remains in Finland’s national interest to maintain domestic ownership in nationally significant companies. This ensures the stability and predictability of our society. Our operations provide significant income to society and reduce the need for taxation. In line with our new strategy, we aim to identify new companies of national significance for Finland and, as owners, support their value creation and responsibility," Rytsölä commented.

Decision on dividend distribution and capital repayment

On 30 January 2025, Solidium Oy's sole shareholder, the State of Finland, decided to distribute a total of EUR 312 million to the State of Finland. This amount consists of: (i) a dividend of EUR 90 million from dividends received by Solidium during the period 1 July 2024 – 31 December 2024 and (ii) an additional capital repayment of EUR 222 million from the proceeds of divestments of Mandatum Oyj and Kemira Oyj.

Further information:

CEO Reima Rytsölä, call-back requests, Jaana Lahti, tel. +358 50 339 8801

Attachment:

Solidium’s financial statements and half-year report 1.7.2023-31.12.2024

Link:

Solidium's annual report

Solidium is a limited liability company wholly owned by the State of Finland. Its mission is to strengthen and stabilise Finnish ownership in nationally important companies and increase the value of its holdings in the long term. The market value of Solidium’s total investments is approximately 7.5 billion euros. Further information: www.solidium.fi/en.