Announcement • Sep 11

Sampo Oyj (HLSE:SAMPO) completed the acquisition of remaining 51.71% stake in Topdanmark A/S (CPSE:TOP) from 1832 Asset Management L.P. and others.

Sampo Oyj (HLSE:SAMPO) entered into a combination agreement to acquire remaining 51.71% stake in Topdanmark A/S (CPSE:TOP) from 1832 Asset Management L.P. and others for DKK 16.8 billion on June 17, 2024. Pursuant to the agreement, Sampo will make a recommended public tender offer to the shareholders of Topdanmark for up to all shares (except treasury shares and shares already held by Sampo) in Topdanmark with consideration consisting of new A shares of Sampo. The shareholders of Topdanmark (disregarding Sampo and shareholders in certain excluded jurisdictions) will upon completion of the Exchange Offer receive 1.25 new A shares in Sampo as consideration for each share in Topdanmark owned by them, reflecting a value per Topdanmark share of DKK 366.38. The share of Topdanmark owned by current shareholders will contribute in aggregate with approximately 7.6% of operational 2024 illustrative earnings post-transaction with current Topdanmark shareholders receiving approximately 10.3% ownership of Sampo, implying a growth in 2024 illustrative operational earnings per share of approximately 35% for Topdanmark shareholders and approximately 42% when including run -rate operational synergies post-tax estimated by Sampo. No fractions of Sampo A shares will be delivered to shareholders in Topdanmark accepting the Exchange Offer. Following completion of the Offer, Sampo plans to integrate Topdanmark’s P&C operations into If P&C’s pan-Nordic business organisation, based on pan-Nordic customer groups and support functions, while maintaining the current Topdanmark main office in Ballerup. The planned integration would enable the combined group to take full advantage of the complementary business models and distribution channels, providing opportunities for cross-selling and future growth. The transaction values the entire share capital of Topdanmark at DKK 33 billion based on the agreed exchange ratio and the closing price of the Sampo share on Nasdaq Helsinki on 14 June 2024. Topdanmark’s Board of Directors finds that the consideration represents attractive financial value to Topdanmark’s shareholders (disregarding Sampo) and has unanimously decided, subject to its fiduciary duties, to rec-ommend that Topdanmark shareholders accept the Exchange Offer when made. After completion of the Exchange Offer, the shareholders of Topdanmark are expected to own 10.3% and the existing share-holders of Sampo 89.7%, respectively, of Sampo. Also, Sampo intends to seek to have Topdanmark’s shares removed from trading and official listing on Nasdaq at an appropriate time following completion of the Offer. If the combination agreement is terminated due to a material breach by a party, resulting in the failure of the completion to occur, then such party shall, without prejudice to any other remedies available to the non-breaching party, reimburse the other party for its actual reasonable costs incurred in connection with the entering into of the combination agreement and the preparation of the Exchange Offer, however not more than DKK 74.59 million. Topdanmark is entitled to a similar reimbursement of costs if the general meeting of Sampo does not approve the resolutions necessary for Sampo to deliver the consideration shares or if Sampo is not able to obtain the regulatory approvals resulting in the failure of the completion of the Exchange Offer by 13 March 2025 subject to certain exceptions. The Board of Directors of Sampo intends to appoint Peter Hermann, Group CEO of Topdanmark, as Deputy CEO of If P&C Insurance Holding, and member of the Sampo Group Executive Committee, subject to completion of the Offer. Peter Hermann has worked as Group CEO of Topdanmark since 2018 and as CEO of Topdanmark Livsforsikring from 2016 to 2018 and will remain as Group CEO of Topdanmark until the integration into If P&C is completed. Morten Thorsrud will continue as CEO of If P&C Insurance Holding Ltd (publ). The making of the Exchange Offer is subject to certain pre-conditions, including that the shareholders of Sampo at an extraordinary general meeting, expected to take place on or around 9 July 2024, resolve to authorise Sampo’s Board of Directors to issue the consideration shares. Sampo’s Board of Directors recommends that the shareholders vote in favour of and adopt such resolution. Completion of the Exchange Offer, when made will be subject to certain conditions being satisfied or waived at expiry of the offer period, including Sampo owning or having received acceptances with respect to shares representing at least 90% of the voting rights and share capital of Topdanmark (except treasury shares) plus share, that the Topdanmark Board of Directors has published and not subsequently withdrawn or adversely amended its recommendation to the Topdanmark shareholders to accept the Exchange Offer, regulatory approvals from relevant authorities having been obtained, (iv) the non-occurrence of certain material adverse effects related to Topdanmark, that the combination agreement between the parties has not been terminated and certain other customary conditions. The offer period for the Exchange Offer is expected to commence in July/Aug and expire not less than 20 business days after publication of the offer document, subject to any extension of the offer period by Sampo. To facilitate trading for current Danish Topdanmark shareholders, Sampo will apply for a secondary listing of the Sampo A shares on Nasdaq Copenhagen to take effect on or around completion of the Exchange Offer. Completion of the Offer is also subject to obtaining necessary regulatory approvals, namely permission by the Danish Financial Supervisory Authority pursuant to the Danish Insurance Business Act, and authorisation for a foreign direct investment pursuant to the DIS Act. Completion of the Offer is not subject to any competition clearances. It is a condition for the completion of the Exchange Offer that such secondary listing is approved by Nasdaq Copenhagen. Sampo will continue to have its A shares listed on Nasdaq Helsinki and its Swedish Depository Receipts listed on Nasdaq Stockholm, while it is intended that Topdanmark’s shares will be delisted from Nasdaq Copenhagen. The offer period is initially expected to commence in July/Aug 2024, and settlement and it is expected that the completion of the Exchange Offer will take place during Sept 2024, subject to all conditions for completion being fulfilled. The proceeds will be distributed in DKK on a pro rata basis to the Topdanmark shareholders entitled to such fractions, net of any transfer taxes or similar duties and without interest. Sampo expects to be able to realize significant potential synergies through the Offer and planned integration as it strengthens its overall scale and competitive position in the Danish P&C insurance market. As of 19 June 2024, Topdanmark’s shareholder 1832 Asset Management L.P., representing 4.9% stake in Topdanmark to accept the offer. Irrevocable commitments and support together with Sampo’s ownership in Topdanmark now represent 57.2% stake in Topdanmark. As on July 8, 2024, Sampo is pleased to announce that it has received the necessary authorisation from the Danish Business Authority to complete the Offer pursuant to the DIS Act. Carnegie Investment Bank and ABG Sundal Collier provided fairness opinion to Topdanmark’s BOD. Carnegie Investment Bank, advised to Topdanmark’s Board of Directors. Topdanmark is being advised by Kromann Reumert as legal advisor and Borenius Attorneys Ltd as Finnish legal advisor and Allen Overy Shearman Sterling LLP as legal advisor. Plesner Advokatpartnerselskab, Hannes Snellman Attorneys Ltd. and Denis Klimentchenko of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor and Goldman Sachs International acted as financial advisor and delivered a fairness opinion to Sampo. Cleary Gottlieb acted as advisor to Goldman Sachs. Nordea Danmark, Stikeman Elliott and Deloitte acted as advisor to Offeror. Sampo Oyj (HLSE:SAMPO) completed the acquisition of remaining 51.71% stake in Topdanmark A/S (CPSE:TOP) from 1832 Asset Management L.P. and others on September 9, 2024. The offer period for the recommended best and final public exchange offer made by Sampo plc to acquire all of the outstanding shares in Topdanmark has expired on September 9, 2024. Accordingly, Sampo considers all conditions satisfied and will proceed to complete the Offer. Based on the preliminary result and non-binding summation of acceptances, Sampo would together with its current Topdanmark holding, as a result of the Offer hold approximately 92.6% of the shares in Topdanmark. It is expected that the squeeze-out will consume the majority of the DKK 2.9 billion allocated for the squeeze-out and buybacks, as part of the DKK 5.9 billion total capital deployment communicated on June 17, 2024. The squeeze-out is expected to be settled in cash. Expected announcement of the final result of the Offer will be on September 16, 2024. On or about September 17, 2024, Trading in the Sampo offer shares commences on the official list of Nasdaq Helsinki.

Announcement • Jun 18

Sampo Oyj (HLSE:SAMPO) entered into a combination agreement to acquire remaining 51.71% stake in Topdanmark A/S (CPSE:TOP) for DKK 16.8 billion .

Sampo Oyj (HLSE:SAMPO) entered into a combination agreement to acquire remaining 51.71% stake in Topdanmark A/S (CPSE:TOP) for DKK 16.8 billion on June 17, 2024. Pursuant to the agreement, Sampo will make a recommended public tender offer (share exchange offer) to the shareholders of Topdanmark for up to all shares (except treasury shares and shares already held by Sampo) in Topdanmark with consideration consisting of new A shares of Sampo (the “Ex-change Offer”). The shareholders of Topdanmark (disregarding Sampo and shareholders in certain excluded jurisdictions) will upon completion of the Exchange Offer receive 1.25 new A shares in Sampo as consideration for each share in Topdanmark owned by them, reflecting a value per Topdanmark share of DKK 366.38. The share of Topdanmark owned by current minority shareholders will con-tribute in aggregate with approximately 7.6% of operational 2024 illustrative earnings2 post-transaction with current Topdanmark minority shareholders receiving approximately 10.3% ownership of Sampo3, implying a growth in 2024 illustrative operational earnings per share of approximately 35% for Topdanmark minority shareholders and approximately 42% when including run -rate operational synergies post-tax estimated by Sampo. No fractions of Sampo A shares will be delivered to shareholders in Topdanmark accepting the Exchange Offer. Following completion of the Offer, Sampo plans to integrate Topdanmark’s P&C operations into If P&C’s pan-Nordic business organisation, based on pan-Nordic customer groups and support functions, while maintaining the current Topdanmark main office in Ballerup. The planned integration would enable the combined group to take full advantage of the complementary business models and distribution channels, providing opportunities for cross-selling and future growth. The transaction values the entire share capital of Topdanmark at approxi-mately DKK 33 billion based on the agreed exchange ratio between Topdanmark and Sampo shares and the closing price of the Sampo share on Nasdaq Helsinki on 14 June 2024. Topdanmark’s Board of Directors4 finds that the consideration represents attractive financial value to Topdanmark’s shareholders (disregarding Sampo) and has unanimously decided, subject to its fiduciary duties, to rec-ommend that Topdanmark shareholders accept the Exchange Offer when made. After completion of the Exchange Offer, the shareholders of Topdanmark (disregarding Sampo) are expected to own 10.3% and the existing share-holders of Sampo 89.7%, respectively, of Sampo. Also, Sampo intends to seek to have Topdanmark’s shares removed from trading and official listing on Nasdaq Copenhagen A/S at an appropriate time following completion of the Offer. If the combination agreement is terminated due to a material breach by a party, resulting in the failure of the completion to occur, then such party shall, without prejudice to any other remedies available to the non-breaching party, reimburse the other party for its actual reasonable costs incurred in connection with the entering into of the combination agreement and the preparation of the Exchange Offer, however not more than DKK 74.59 million (€10,000,000). Topdanmark is entitled to a similar reimbursement of costs (i) if the general meeting of Sampo does not approve the resolutions necessary for Sampo to deliver the consideration shares or (ii) if Sampo is not able to obtain the regulatory approvals resulting in the failure of the completion of the Exchange Offer by 13 March 2025 (or a later date if postponed as set out above) subject to certain exceptions. The Board of Directors of Sampo intends to appoint Peter Hermann, Group Chief Executive Officer of Topdanmark, as Deputy Chief Executive Officer of If P&C Insurance Holding Ltd (publ), and member of the Sampo Group Executive Committee, subject to completion of the Offer. Peter Hermann has worked as Group Chief Executive Officer of Topdanmark since 2018 and as Chief Executive Officer of Topdanmark Livsforsikring from 2016 to 2018. Peter Hermann will remain as Group Chief Executive Officer of Topdanmark until the integration into If P&C is completed. Morten Thorsrud will continue as Chief Executive Officer of If P&C Insurance Holding Ltd (publ). The making of the Exchange Offer is subject to certain pre-conditions, including that the shareholders of Sampo at an extraordinary general meeting, expected to take place on or around 9 July 2024, resolve to authorise Sampo’s Board of Directors to issue the consideration shares. Sampo’s Board of Directors recommends that the Sampo shareholders vote in favour of and adopt such resolution. Completion of the Exchange Offer, when made, will be subject to certain conditions being satisfied or waived at expiry of the offer period, including (i) Sampo owning or having received acceptances with respect to shares representing at least 90% of the voting rights and share capital of Topdanmark (except treasury shares) plus 1 share, (ii) that the Topdanmark Board of Directors has published and not subsequently withdrawn or adversely amended its recommendation to the Topdanmark shareholders to accept the Exchange Offer, (iii) regulatory approvals from relevant authorities having been obtained, (iv) the non-occurrence of certain material adverse effects related to Topdanmark, (v) that the combination agreement between the parties has not been terminated and (vi) certain other customary conditions. The offer period for the Exchange Offer is expected to commence in July/August and expire not less than 20 business days after publication of the offer document, subject to any extension of the offer period by Sampo. To facilitate trading for current Danish Topdanmark shareholders, Sampo will apply for a secondary listing of the Sampo A shares on Nasdaq Copenhagen to take effect on or around completion of the Exchange Offer. Completion of the Offer is also subject to obtaining necessary regulatory approvals, namely permission by the Danish Financial Supervisory Authority pursuant to the Danish Insurance Business Act, and authorisation for a foreign direct investment pursuant to the Danish Investment Screening Act. Completion of the Offer is not subject to any competition clearances. It is a condition for the completion of the Exchange Offer that such secondary listing is approved by Nasdaq Copenhagen. Sampo will continue to have its A shares listed on Nasdaq Helsinki and its Swedish Depository Receipts listed on Nasdaq Stockholm, while it is intended that Topdanmark’s shares will be delisted from Nasdaq Copenhagen. The offer period is initially expected to commence in July/August 2024, and settlement and it is expected that the completion of the Exchange Offer will take place during September 2024, subject to all conditions for completion being fulfilled. The proceeds will be distributed in DKK on a pro rata basis to the Topdanmark shareholders entitled to such fractions, net of any transfer taxes or similar du-ties and without interest. Sampo expects to be able to realize significant potential synergies through the Offer and planned integration as it strengthens its overall scale and competitive position in the Danish P&C insurance market. Carnegie Investment Bank and ABG Sundal Collier provided fairness opinion to Topdanmark’s Board of Directors. Carnegie Investment Bank, acting as exclusive financial advisor to Topdanmark’s Board of Directors. Topdanmark is being advised by Kromann Reumert as lead legal advisor and Borenius Attorneys Ltd as Finnish legal advisor and Allen Overy Shearman Sterling LLP acted as legal advisor to Topdanmark. Plesner Advokatpartnerselskab, Hannes Snellman Attorneys Ltd. and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Sampo and Goldman Sachs International acted as lead financial advisor to Sampo.

Snowflake Score
Valuation	4/6
Future Growth	1/6
Past Performance	6/6
Financial Health	6/6
Dividends	2/6

Historical stock prices
Current Share Price	€8.88
52 Week High	€10.39
52 Week Low	€8.64
Beta	0.24
1 Month Change	-0.78%
3 Month Change	-2.78%
1 Year Change	-5.55%
3 Year Change	3.02%
5 Year Change	15.44%
Change since IPO	1,150.48%

	SAMPO	FI Insurance	FI Market
7D	-2.0%	-1.9%	0.3%
1Y	-5.6%	-0.9%	32.8%

SAMPO volatility
SAMPO Average Weekly Movement	2.4%
Insurance Industry Average Movement	3.5%
Market Average Movement	4.9%
10% most volatile stocks in FI Market	7.7%
10% least volatile stocks in FI Market	3.2%

SAMPO fundamental statistics
Market cap	€23.58b
Earnings (TTM)	€1.67b
Revenue (TTM)	€10.67b

SAMPO income statement (TTM)
Revenue	€10.67b
Cost of Revenue	€6.30b
Gross Profit	€4.37b
Other Expenses	€2.71b
Earnings	€1.67b

Earnings per share (EPS)	0.63
Gross Margin	40.98%
Net Profit Margin	15.62%
Debt/Equity Ratio	29.6%

Data	Last Updated (UTC time)
Company Analysis	2026/06/05 05:55
End of Day Share Price	2026/06/05 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
null null	ABG Sundal Collier
Claudia Gaspari	Barclays
Alessia Magni	Barclays

Sampo Oyj (SAMPO) Stock Overview

Rewards

Risk Analysis

Analyst Price Targets

Financial Performance Will Remain Steady Amid Defensive Sector Positioning And Measured Outlook

Top Analyst Narratives

Financial Performance Will Remain Steady Amid Defensive Sector Positioning And Measured Outlook

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Price History & Performance

Recent News & Updates

Sampo Announces €350 Million Share Buyback and Raises 2026 Underwriting Outlook

First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind

SAMPO: Buybacks And Dividend Policy Will Support Future Upside Potential

High number of new directors

Sampo Oyj Approves Dividend for the 2025, Payable on May 5, 2026

SAMPO: Buybacks And Dividend Policy Will Drive Future Return Potential

Recent updates

Sampo Announces €350 Million Share Buyback and Raises 2026 Underwriting Outlook

First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind

SAMPO: Buybacks And Dividend Policy Will Support Future Upside Potential

High number of new directors

Sampo Oyj Approves Dividend for the 2025, Payable on May 5, 2026

SAMPO: Buybacks And Dividend Policy Will Drive Future Return Potential

Upcoming dividend of €0.36 per share

SAMPO: Buybacks And Dividend Policy Will Support Future Share Returns

Sampo Oyj Announces Christian Clausen Will Not Stand for Re-Election for the Board of Directors

Sampo Oyj Proposes Dividend, Payable on May 5, 2026

Sampo plc Receives Approval for Extended Group Partial Internal Model

SAMPO: Buybacks And Higher Dividend Will Support Future Share Returns

Full year 2025 earnings: EPS exceeds analyst expectations

SAMPO: Share Buybacks And Higher Dividend Will Support Future Returns

SAMPO: Buybacks And Dividend Policy Will Support Future Shareholder Returns

Sampo Oyj's (HEL:SAMPO) Dividend Will Be Increased To €0.36

Dividend increased to €0.36

Full year 2025 earnings: EPS exceeds analyst expectations

Sampo Oyj Provides Revenue Guidance for the Year 2026

SAMPO: Neutral Stance And P/E Revisions Will Guide Steady Future Returns

SAMPO: Neutral Stance And Buybacks Will Shape Steady Future Cash Returns

SAMPO: Higher Fair Value Assumptions Will Shape Steady Future Cash Returns

SAMPO: Future Cash Returns And Leadership Transition Will Define Balanced Outlook

SAMPO: Revenue Outlook And Leadership Changes Will Shape Near-Term Stability

SAMPO: Price Forecast Will Reflect Stability Amid Shifts in Executive Team

Consensus EPS estimates increase by 15%

Third quarter 2025 earnings: EPS exceeds analyst expectations

Sampo Oyj Reaffirms Revenue Guidance for the Year 2025

Financial Performance Will Remain Steady Amid Defensive Sector Positioning And Measured Outlook

Digital Investments And Insurtech Adoption Will Shape Resilient Non-Life Markets

Sampo Oyj Announces CFO Changes

Sampo Oyj, Annual General Meeting, Apr 22, 2026

Digital Investments And Insurtech Adoption Will Shape Resilient Non-Life Markets

Key Executive recently sold €608k worth of stock

Independent Director recently sold €980k worth of stock

New minor risk - Dividend sustainability

There's Reason For Concern Over Sampo Oyj's (HEL:SAMPO) Price

Less than half of directors are independent

Sampo Group Announces CEO Changes, Effective October 1, 2025

First quarter 2025 earnings: EPS and revenues exceed analyst expectations

High number of new directors

Sampo Oyj Announces Board Changes

Upcoming dividend of €0.34 per share

Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat

Consensus EPS estimates increase by 27%, revenue downgraded

Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat

Sampo plc Proposes Regular Dividend, Payable May 6, 2025

Consensus revenue estimates increase by 12%

Consensus revenue estimates increase by 16%

Consensus revenue estimates decrease by 11%

Transformative Growth With Decisive Efficiencies Fuels Insurance Success

Third quarter 2024 earnings released: EPS: €0.59 (vs €0.59 in 3Q 2023)

Consensus revenue estimates increase by 15%, EPS downgraded

Consensus revenue estimates increase by 30%

New minor risk - Shareholder dilution

Sampo Oyj to Report Fiscal Year 2024 Results on Mar 17, 2025

Sampo Oyj to Report Q1, 2025 Results on May 07, 2025

Sampo Oyj to Report Fiscal Year 2024 Results on Feb 06, 2025

Sampo Oyj (HLSE:SAMPO) completed the acquisition of remaining 51.71% stake in Topdanmark A/S (CPSE:TOP) from 1832 Asset Management L.P. and others.