Taaleri Plc · OMXHEX:TAALA
Taaleri — Q3 2026 Earnings Presentation
36 slides from Taaleri's earnings presentation, Oct 28, 2026
Slide 1: Taaleri Interim Statement Q3 2026
Taaleri Interim Statement Q3 2026 CEO Ilkka Laurila 28 October 2026 CFO Lauri Lipsanen
Slide 2: Q3 highlights
INTERIM STATEMENT Q3 2026 Q3 highlights Continuing earnings grew 18% Garantia’s insurance profitability €25m follow-on investment in remained excellent Fintoil completed Continuing earnings were €12.0m (€10.1m), The combined ratio was 25.7% (27.6%), the Taaleri completed a €25m investment in driven
Slide 3: Progress of strategic priorities in 2026
INTERIM STATEMENT Q3 2026 Progress of strategic priorities in 2026 Capture Garantia’s growth Expansion of private asset Attractive return on potential management development capital • Growth in the utilisation rate of • Completion of the acquisition of a • Follow-on investment in Fintoil residential
Slide 4: Taaleri Private Credit starts operations in November
INTERIM STATEMENT Q3 2026 Taaleri Private Credit starts operations in November New strategy for direct lending to Nordic SMEs as a Welcome to Taaleri! flexible, long-term financing partner Strong team • Marjo Koivisto is a seasoned private credit professional. Previous leadership roles include World
Slide 5: Taaleri strengthens its Executive Management Team
INTERIM STATEMENT Q3 2026 Taaleri strengthens its Executive Management Team Antti Salmela Linda Tierala Investment Director Head of Investor Relations, Communications and Sustainability • Nearly 20 years of experience in private equity • 2024 – Taaleri • 2025– Taaleri Investments • Head of IR, Commu
Slide 6: Key figures
INTERIM STATEMENT Q3 2026 Key figures Continuing earnings Revenue Operating profit Investments at fair value Q3 2026 Q3 2026 Q3 2026 30 Sep 2026 €12.0m €17.0m €9.4m €256.8m Q3 2025: €10.1m Q3 2025: €23.0m Q3 2025: €15.3m 31 Dec 2025: €234.9m Continuing earnings Revenue Operating profit Operating pro
Slide 7: Garantia
Garantia 28 October 2026
Slide 8: Garantia continued its strong performance
INTERIM STATEMENT Q3 2026 Q3 2026 Insurance service Net investment result income in PL Garantia continued its strong €3.5m €1.5m performance (Q3 2025: €3.5m) (Q3 2025: €3.1m) Total net income from Net investment • Insurance service result grew 2.2% from the comparison investment operations income in
Slide 9: Garantia's guarantee insurance and investment portfolio 30 Sep 2026
INTERIM STATEMENT Q3 2026 Garantia’s guarantee insurance and investment portfolio 30 Sep 2026 The guarantee insurance portfolio expanded Guarantee insurance portfolio split (30 Sep 2026) Investment portfolio split (30 Sep 2026) 0% Shares and funds 17% 26% Private equity funds Real estate funds €1.9b
Slide 10: Private Asset Management
Private Asset Management 28 October 2026
Slide 11: Continuing earnings of the renewable energy business grew
INTERIM STATEMENT Q3 2026 Q3 2026 Continuing earnings of the renewable energy business grew €5.5m Continuing earnings (Q3 2025: €5.3m) • Continuing earnings increased by 4.1%, following management fees related to the final closing of the Taaleri SolarWind III Fund in December 2025. €5.4m Revenue (Q3
Slide 12: Continuing earnings from other private asset management increased
INTERIM STATEMENT Q3 2026 Q3 2026 Continuing earnings from other private asset management increased €1.6m Continuing earnings (Q3 2025: €1.5m) Bioindustry • Value creation and the preparation of follow-on and financing rounds for Taaleri Bioindustry I Fund’s portfolio companies. • Taaleri received a
Slide 13: Investments
TAALERI AP. Investments | / ae 28 October 2026
Slide 14: Fair value of investments increased to €95m following the investment in Fintoil
INTERIM STATEMENT Q3 2026 Q3 2026 Fair value of investments Changes in fair values increased to €95m following €2.2m recognised in PL (Q3 2025: €7.4m) the investment in Fintoil • The largest positive fair value change (€1.7m) was €2.1m Revenue (Q3 2025: €8.0m) recognised in Fintoil whose latest fina
Slide 15: Investments segment's investments at fair value 30 Sep 2026
INTERIM STATEMENT Q3 2026 Investments segment’s investments at fair value 30 Sep 2026 Investment portfolio split 30 Sep 2026 Other investments 7% Fund investments 13% • Development capital investments accounted for 79% Oribalt Group Fintoil of the portfolio at fair value 2% 39% • The largest holding
Slide 16: Development capital investment highlights
INTERIM STATEMENT Q3 2026 Development capital investment highlights Truscott Gilliland East Wind Key highlights Key highlights Key highlights Key highlights Key highlights • HitecVision and Taaleri • Electricity demand in Texas • Parking volumes have grown • The online pharmacy business • Ren-Gas si
Slide 17: Results and balance sheet
Results and balance sheet 28 October 2026
Slide 18: The components of Taaleri's operating profit, Q3 2026
INTERIM STATEMENT Q3 2026 The components of Taaleri’s operating profit, Q3 2026 Continuing earnings create a strong foundation for profitability, while other revenue sources are more fluctuating – performance fees included €1.2m in realised performance fees from the exit of Taaleri Biorefinery and -
Slide 19: The development of Taaleri's operating profit, Q1–Q3 2026 compared to Q1–Q3 2025
INTERIM STATEMENT Q3 2026 The development of Taaleri’s operating profit, Q1–Q3 2026 compared to Q1–Q3 2025 Despite the comparison period including €1.6m in retroactive Taaleri SolarWind III Fund management fees, continuing earnings have increased by 7.6% this year driven by Garantia, supported by a
Slide 20: The development of Taaleri's quarterly revenue and operating profit
INTERIM STATEMENT Q3 2026 The development of Taaleri’s quarterly revenue and operating profit Continuing earnings are developing steadily Revenue, €m Operating profit, €m 25.0 20.0 90% 66.6% 16.0 70% 20.0 55.3% 50% 12.9 12.0 33.9% 33.5% 15.0 5.0 4.5 11.4 30% 17.0% 8.0 2.1 3.4 4.2 10% 10.0 4.0 2.9 2.
Slide 21: The development of Taaleri's revenue and operating profit, 12M
INTERIM STATEMENT Q3 2026 The development of Taaleri’s revenue and operating profit, 12M Over the longer term, both continuing earnings and profitability based on continuing earnings have increased Revenue previous 12M, €m Operating profit previous 12M, €m Growth in continuing earnings 10.0% LTM Gro
Slide 22: The development of Garantia segment's revenue and operating profit, 12M
INTERIM STATEMENT Q3 2026 The development of Garantia segment’s revenue and operating profit, 12M Insurance revenue remained stable and insurance service result developed positively – total investment returns were negatively affected by negative fair value changes in fixed-income investments driven
Slide 23: The development of Garantia segment's premiums received and combined ratio
INTERIM STATEMENT Q3 2026 The development of Garantia segment’s premiums received and combined ratio The growth in premiums received is reflected in Garantia’s insurance revenue with a delay due to IFRS accounting principles – the profitability of the insurance business has remained at a good level
Slide 24: The development of Garantia segment's ROE at fair value and solvency
INTERIM STATEMENT Q3 2026 The development of Garantia segment’s ROE at fair value and solvency Garantia’s ROE at fair value is at an excellent level and solvency has remained strong – Garantia’s dividend to the parent company Taaleri Plc for the financial year 2025 was €18m Garantia’s ROE at fair va
Slide 25: The development of Private Asset Management segment's revenue and operating profit, 12M
INTERIM STATEMENT Q3 2026 The development of Private Asset Management segment’s revenue and operating profit, 12M Retroactive management fees related to the closings of the Taaleri SolarWind III Fund increased continuing earnings in 2024–2025, while write-downs of unrealised performance fees have we
Slide 26: Investments segment's investment portfolio
INTERIM STATEMENT Q3 2026 Investments segment’s investment portfolio Balance Investment Basis of Acquisition Fair sheet Change in Background of the 30.9.2026, €m Year type accounting 1 cost value 2 value Holding fair value 3 fair value change Fintoil (Fintoil Hamina Oy)* 2019 Equity FV PL 33.1 36.6
Slide 27: Taaleri Group's balance sheet 30 Sep 2026
INTERIM STATEMENT Q3 2026 Taaleri Group’s balance sheet 30 Sep 2026 Assets total Net cash* Dividend for 2025 Net assets breakdown as per €328.0m -€4.6m €0.30 30 Sep 2026 17 NWC 31.12.2025: €306.0m 31.12.2025: €10.7m Second instalment (€0.15) was paid in October 250 Investments -5 Net cash* -48 Net i
Slide 28: Outlook
Outlook 28 October 2026
Slide 29: Outlook for 2026
INTERIM STATEMENT Q3 2026 Outlook for 2026 Private Asset Management Garantia The renewable energy business’s continuing Garantia’s insurance revenue is expected to grow in 2026, earnings for 2026 are expected to decline compared and profitability of the insurance operations is expected to 2025 due t
Slide 30: Q & A
TAALERI 28 October 2026
Slide 31: Appendix
Appendix 28 October 2026
Slide 32: Taaleri's private equity funds
INTERIM STATEMENT Q3 2026 Taaleri’s private equity funds AUM €2.7bn by business area Renewable energy, €m Founded Product AUM Q3 2026 Stage of the fund 4% Taaleri Wind Fund II Ky 2014 Private equity fund 319 Invested 2% Taaleri Wind Fund III Ky 2016 Private equity fund 52 Invested 4% Taaleri SolarWi
Slide 33: Group balance sheet
INTERIM STATEMENT Q3 2026 Group balance sheet Assets, €k 30.9.2026 31.12.2025 Equity and liabilities, €k 30.9.2026 31.12.2025 Non-current assets 270,346 244,680 Equity 219,474 222,750 Tangible assets 1,544 1,362 Share capital 125 125 Intangible assets 2,572 560 Reserve for invested unrestricted equi
Slide 34: Taaleri's result Q3 2026
INTERIM STATEMENT Q3 2026 Taaleri’s result Q3 2026 Other Private Asset Renewable private asset €k Management energy management Investments Garantia Other Total Continuing earnings 7,055 5,474 1,581 5 3,270 1,668 11,998 Performance fees 586 -602 1,188 - - - 586 Investment operations* -4 -5 1 2,115 1,
Slide 35: Taaleri's result Q3 2025
INTERIM STATEMENT Q3 2026 Taaleri’s result Q3 2025 Other Private Asset Renewable private asset €k Management energy management Investments Garantia Other Total Continuing earnings 6,740 5,257 1,484 5 3,286 105 10,136 Performance fees - - - - - - - Investment operations* 11 11 -1 7,339 3,110 45 10,50
Slide 36: More information Taaleri Plc
More information Linda Tierala, Head of IR, Communications and Sustainability +358 40 571 7895 [email protected] Taaleri Plc Kasarmikatu 21 B FI-00130 Helsinki www.taaleri.com 28 October 2026