Shareholder center

Marel is committed to being open and transparent in all matters, and that includes information related to shares.

Share monitor

Marel hf. is listed on Nasdaq OMX Iceland and Euronext Amsterdam under the symbol MAREL ISIN IS0000000388.

<p>Over the past five years, the dividend payout ratio has been between 20-40%</p>

<p><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qoxvz75zfz122z1z69zxeilz79zbu2rb91z83zz86z2z89zez77zz77z1halz69zz80z">Shareholder meetings</span></p>

<p>Annual general meetings and other shareholder meetings are some of the most important events in the company’s calendar. The AGM enables shareholders to discuss performance, make proposals, vote, and agree upon the company’s future objectives, ambitions and direction.</p>


Marel’s dividend policy was first disclosed at Marel’s annual general meeting in March 2011 and can be found below. Over the past few years, the dividend payout ratio has been between 20-40%.

Dividend policy

  • Target of 2-3 times Net debt/EBITDA ratio
  • Excess capital used to stimulate growth and value creation, as well as paying dividends
  • Dividend or share buy-back targeted at 20-40% of net profits

Dividend history

Year of payment (for previous year of operations)2020201920182017201620152014*2013
Dividend per share EUR cents5.795.574.192.141.580.480.000.97
Dividend yield, %**1.27% 2.0%1.6%1.0%0.9%0.5%-
Payout ratio, %***40%30%30%20%20%30%-
Ex. Dividend date20 March7 MarchMarch 73 March3 March
5 March
7 March
Record date
23 March8 March8 March6 March
4 March
6 March-
11 March
Payment date
8 April27 March27 March23 March23 March27 March-5 April

*No dividend was paid 2014 for the operational year 2013.
**Dividend yield, %: Dividend per share / Price per share at previous year-end
***Payout Ratio: Total dividend paid / Net income of previous year

Withholding tax on dividends

Shareholders who are residents in Iceland for tax purposes

Shareholders that are residents in Iceland for tax purposes are subject to income tax in Iceland on any income from shares in Marel in accordance with Icelandic tax laws. The applicable tax rate depends on the tax status of the shareholders.

The Company is required to withhold a 22% tax on dividend payments made to shareholders that are Icelandic tax residents, subject to certain exemptions. Such withholding is considered a preliminary tax payment, but does not necessarily constitute the final tax liability of the shareholder.

  • Individuals are subject to a final 22% tax on dividend payments.
  • Limited companies (e.g. ehf. and hf.) enjoy an effective participation exemption, allowing them to deduct the full amount of the dividend payments received. As a result, limited companies may recover the tax on dividend payments withheld upon tax assessment.

Shareholders who are not residents in Iceland for tax purposes

Income received from shares in Marel by any person or entity not a resident in Iceland for tax purposes constitutes taxable income in Iceland. The Company is required to withhold the applicable tax on dividend payments and for shares listed on Nasdaq Iceland held by shareholders who are not resident in Iceland for tax purposes the withheld tax percentages are as follows:

  • Individuals are subject to 22% tax on dividend payments.
  • Legal entities are subject to 20% tax on dividend payments.

The tax liability may be reduced under applicable tax treaties.

Individuals and legal entities holding shares listed on Euronext Amsterdam

Shareholders holding shares listed on Euronext Amsterdam hold their shares under the Dutch giro system and are not registered in Marel’s share register in their own name. The Company will therefore withhold 22% withholding tax on all dividend payments to shareholders/beneficial owners of shares listed on Euronext Amsterdam.

Refund process for non-resident shareholders

Shareholders that are subject to a lower tax rate than 22% according to a double-taxation treaty can obtain a confirmation from the Icelandic Tax Authorities (Icel. Ríkisskattstjóri or RSK) regarding the applicable treaty protection. The confirmation is obtained via a filing of the Icelandic tax form RSK 5.42. Relief via a refund in line with an applicable tax treaty is carried out via a filing of Icelandic tax form RSK 5.43.

Limited liability companies resident in the EEA, a state party to EFTA or in the Faroe Islands

Irrespective of the availability of any tax treaty relief, limited companies resident in the EEA, a state party to EFTA or in the Faroe Islands enjoy an effective statutory participation exemption comparable to the one applicable to Icelandic entities, allowing them to deduct the full amount of the dividend payments received. This exemption does not apply at source, but requires the filing of a tax return in Iceland to obtain a refund of taxes withheld.

The information provided in this summary is of a general nature. Shareholders are advised to consult their tax advisers as to their tax position, exemptions, reductions or other issues that may pertain to their payment of taxes on dividend. Marel takes no responsibility for the information herein, that can be incomplete, incorrect, outdated and subject to change. It relates only to the position of persons who are the absolute beneficial owners of shares in Marel.

Major shareholders

Eyrir Invest hf. is Marel’s largest shareholder holding 24.69% or 190.366.838 Marel shares as of 18 March 2020. Eyrir Invest has been a principal shareholder in Marel since 2005.

All Marel shares listed on Euronext Amsterdam including shares transferred from Nasdaq Iceland to Euronext Amsterdam are held in custody on behalf of Euroclear, with no single shareholder holding shares only in EUR currently exceeding the threshold of 5% of total share capital.

Marel shares were the most actively traded on NASDAQ Iceland in 2019. Free float following the dual listing is 75.31%.

The authorized share capital of the Company is 771,007,916 each with a par value of ISK 1.00. Marel's home Member State pursuant to article 2(1)(i) of Directive 2004/109/EC is Iceland.

ShareholdersTypeThreshold crossed
Eyrir Invest hf.Investment company20%
Lífeyrissjóður verslunarmannaPension fund5%
Capital GroupAsset manager5%

Disclosure obligations

Disclosure obligations of shareholders due to changes in significant proportions of voting rights

In accordance with the Icelandic Securities Transaction Act No. 108/2007 (the “Act”), Marel, as issuer, (the “Company”) and the Icelandic Financial Supervisory Authority (“FSA”) must be notified in a verifiable manner if, as a result of the acquisition or disposal of shares in Marel, the proportion of voting rights of the holder of shares reaches, exceeds or falls below the thresholds of: 5%, 10%, 15%, 20%, 25%, 30%, 35%, 40%, 50%, 66⅔% or 90% of the total share capital. “Holder of shares”, as defined by the Act, shall mean any natural or legal person directly or indirectly holding:

  1. Shares in the issuer in its own name and on its own account;
  2. Shares in the issuer in its own name but on behalf of another natural person or legal person;
  3. Depository receipts, in which case the holder of the depository receipt shall be considered as the holder of the underlying shares represented by the depository receipt.

In such events, following the notification being sent in a verifiable manner, the Company itself shall make such notification public (through the news system of NASDAQ Iceland stock exchange). Notification requirements by the Company are laid out below.

Exemption from the notification requirement may apply in relation to shares acquired for the sole purpose of clearing and settling within the usual short settlement cycle, or when a party holds shares in the capacity of custodian (provided that such custodian can only exercise the voting rights attaching to such shares under instructions given in writing or by electronic means).

It is highly recommended to seek advice on the disclosure obligations from local advisors or financial undertakings, such as those holding custody accounts on behalf of the shareholder/s in question. Please note the time limits of the notification stipulated in the Act.

Notwithstanding this, shareholders are encouraged to familiarize themselves with their obligations in relation to the aforementioned events, especially Chapter IX of the Act (Articles 77-98) [translation in English].

Notification procedures

The special notification form available from FSA’s website needs to be properly filled in, duly signed and submitted.

With regards to the notification to the Company, and to ensure it being aware of the notification in order to make it public as described above, Marel requests to be contacted through phone (see below) either prior to or concurrently following delivery of the notification, which shall be sent to and shall bear the indication “Notification - changes in significant proportions of voting rights”.

Marel’s Compliance Officer (regluvörður), his alternate (vararegluvörður) or Corporate Director of Investor Relations (fjárfestatengill) should be contacted through the number +354 563 8000 during business days and hours.


The FSA may impose administrative fines on any party that does not fulfill the disclosure requirements. Fines imposed on a legal person may range in amount from ISK 50,000 to ISK 50 million (which may be changed from time to time). According to Article 145 of the Act, the violation of Articles 78 and 79 is subject to fines or up to two years of imprisonment.


Marel collects data about all of its shareholders. This will include simple Personal Data like name, business email address, business contact details, job title, and attendance at shareholder meetings. When an individual is the shareholder, this may also include home address, personal email address, personal phone number, and number of shares held. For more information, please see Marel’s privacy policy.