Taaleri Oyj: Taaleri Plc Half-Year Financial Report 1.1.-30.6.2025: Taaleri had a strong second quarter of the year - continuing earnings, revenue and operating profit increased, and operating profit margin was 34.8%

13.8.2025 08:00:00 EEST | Taaleri Oyj | Half Year financial report

TAALERI PLC STOCK EXCHANGE RELEASE 13 AUGUST 2025 AT 8:00 (EEST)

Taaleri Plc Half-Year Financial Report 1.1.-30.6.2025: Taaleri had a strong second quarter of the year - continuing earnings, revenue and operating profit increased, and operating profit margin was 34.8%

April-June 2025

• Continuing earnings increased by 5.3% to EUR 10.6 (10.0) million. The Private Asset Management segment's continuing earnings grew by 34.5% to EUR 8.2 (6.1) million, and the Garantia segment's continuing earnings decreased by 31.9% to EUR 2.3 (3.3) million.
• Performance fees were EUR 0.0 (0.0) million, and net income from investment operations was EUR 1.6 (1.1) million.
• Revenue increased by 8.3% to EUR 12.9 (11.9) million.
• Operating profit was EUR 4.5 (4.4) million, corresponding to 34.8% (36.9) of revenue.
• Earnings per share were EUR 0.07 (0.11).

January-June 2025

• Continuing earnings decreased by 1.9% to EUR 19.9 (20.2) million. The Private Asset Management segment's continuing earnings grew by 19.2% to EUR 14.4 (12.1) million, and the Garantia segment's continuing earnings decreased by 27.1% to EUR 5.3 (7.2) million.
• Performance fees were EUR 0.0 (0.0) million, and net income from investment operations was EUR 0.4 (7.3) million.
• Revenue decreased by 25.7% to EUR 21.5 (28.9) million.
• Operating profit was EUR 4.9 (14.0) million, corresponding to 23.0% (48.3) of revenue.
• The assets under management in the Private Asset Management segment remained at the level of the turn of the year at EUR 2.7 (31 December 2024: 2.7) billion.
• Earnings per share were EUR 0.09 (0.37).

This Half-Year Financial Report has been prepared in accordance with IAS 34. The information presented is unaudited. Unless otherwise stated, the figures in parentheses in the Half-Year Financial Report refer to the corresponding period of the previous year. The key figures regarding the Consolidated Income Statement presented in the explanatory part of this Half-Year Financial Report have been calculated on the basis of the Group's segment reporting, unless otherwise stated.

Review by CEO Ilkka Laurila

We improved our performance in the second quarter of 2025 compared to both the start of the year and the comparison period. The revenue of the Private Asset Management segment grew mainly due to the successful fundraising of the Taaleri SolarWind III Fund. Overall, the development of Taaleri Group's continuing earnings, revenue and operating profit was positive in the second quarter.

The Taaleri Group's revenue was EUR 12.9 million, which represents an increase of 8.3% compared to the EUR 11.9 million in the comparison period. This improvement is explained by the strong continuing earnings of the Private Asset Management segment and the net income of Garantia's investment operations, which was better than in the comparison period. Continuing earnings grew by 5.3% overall to EUR 10.6 million as Garantia's continuing income fell short of the comparison period. The operating profit was EUR 4.5 million and the operating profit margin was 34.8%.

I am happy with the success of the Taaleri SolarWind III Fund, raised by the renewable energy business, despite the challenging fundraising market. At the end of June, the size of the Fund exceeded EUR 500 million, significantly exceeding that of its predecessor and making it Finland's largest infrastructure fund. The Fund secured EUR 64 million in new capital during the second quarter of the year. The fundraising period has been extended to the second half of the year to enable the still pending decision-making process of one significant investor. The project development portfolio owned by the Fund facilitates the quick deployment of capital. The previous Taaleri Wind II, Taaleri Wind III and Taaleri SolarWind Funds are in the exit phase. The partial refinancing of the Taaleri Wind II and Taaleri Wind III Funds, confirmed after the review period, allows for improved timing of the exits in light of current market conditions.

Other private asset management focused on promoting their own strategies. Eden Living, a joint venture founded by Taaleri and Keva, the largest pension insurer in Finland, executed its first investment in a residential property to be built in Herttoniemi, Helsinki. The bioindustry business focused on the value creation of the existing investments of the Taaleri Bioindustry I Fund and prepared to make the sixth investment of the Fund under the leadership of the new Managing Director for the bioindustry business.

The Investments segment consists of Taaleri's direct investments, development projects and non-strategic investments. The segment's revenue fell to EUR -1.2 million, mainly as a result of changes in the EUR/USD exchange rate. We have continued to develop our direct investments and projects. During the review period, the production facility in Joensuu delivered the first test batches of torrefied biomass to our customers. The biorefinery of Taaleri's associated company Fintoil in Hamina has been operating at almost full capacity, and the financial development for this year seems promising.

The number of new mortgages in Finland has increased from the comparison period, and Garantia's market position in mortgage guarantees has clearly grown stronger during the first half of the year. However, Garantia's insurance service result decreased in the second quarter by 31.3% to EUR 2.4 million. The decrease was mainly due to technical accounting adjustments. The positive momentum in stock exchanges affected Garantia's investment activities, and Garantia's net income from investment operations, measured at fair value through profit or loss, amounted to EUR 2.8 million in the second quarter of the year.

Our private asset management business is built on strong expertise and in today's economic climate, requires even closer collaboration with institutional investors. Therefore, during the review period, we renewed our distribution practices in Finland and consequently terminated our cooperation agreement with Aktia. We also strengthened our sales capabilities by appointing a new sales manager in charge of sales development and institutional customers, as well as by increasing the resourcing of international sales.

The second quarter of the year highlighted successes in both fundraising and Garantia's investment activities. Taaleri's business priorities are private asset management, investments and Garantia, which we are determined to develop based on our customers' needs. Learn more about our strategy at our Capital Markets Day on 2 September 2025.

Key figures

Group key figures	4-6/2025	4-6/2024	Change, %	1-6/2025	1-6/2024	Change, %	1-12/2024
Earnings key figures
Continuing earnings, MEUR	10.6	10.0	5.3	19.9	20.2	-1.9	40.4
Revenue, MEUR	12.9	11.9	8.3	21.5	28.9	-25.7	70.5
Operating profit, MEUR	4.5	4.4	2.1	4.9	14.0	-64.6	38.0
Operating profit, %	34.8	36.9		23.0	48.3		53.9
Profit for the period, MEUR	2.1	3.4	-38.6	2.9	10.9	-73.9	32.5
Return on equity, annualised %	4.0	6.7		2.7	10.9		15.3
Balance sheet key figures
Equity ratio, %	70.9	67.3		70.9	67.3		73.8
Other key figures
FTE (full-time equivalents), at the end of the period	130	127	2.0	130	127	2.0	129
Assets under management in Private Asset Management segment, BEUR	2.7	2.6		2.7	2.6		2.7
Guarantee insurance portfolio, BEUR	1.7	1.7		1.7	1.7		1.7

Outlook and financial targets

Taaleri's business outlook for the current financial year is described below. The outlook is based on Taaleri's understanding of business developments during the current financial year and in relation to the corresponding period.

Private Asset Management

The growth in continuing earnings from the renewable energy business for 2025 will be clarified as the final size of the Taaleri SolarWind III Fund is confirmed. The exits from the Taaleri Wind II and Taaleri Wind III Funds are likely to take place after 2025, thereby affecting the total amount of continuing earnings for the full year 2025. The operating profit for 2025 will depend, among other factors, on the clarification of the estimated performance fees for the funds in the exit phase or their final amount and timing of the exits.

Taaleri's bioindustry, real estate and other fund businesses focus on developing new products, which burdens the profitability of Other private asset management. The operating profit for 2025 is expected to remain negative in Other private asset management, but to develop positively compared to the previous period.

Investments

The operating profit for 2025 will depend, among other factors, on changes in the fair value of direct investments and non-strategic investments and final exits in particular.

Garantia

Garantia's continuing earnings are expected to remain slightly below the comparison period due to, in particular, the prolonged weak development of the Finnish housing market, which is reflected in the company's results with a delay. In a market environment in line with expectations, Garantia's net income from investment operations is expected to decrease compared to the exceptionally strong comparison period.

Other group

The cost level of Group operations is expected to remain at approximately the level of the corresponding period.

Long-term targets

Taaleri has set itself targets related to growth, return on invested capital and dividend payout. Taaleri's long-term targets are:

• Growth in Group's continuing earnings and performance fees at least 15 percent
• Return on equity at least 15 percent
• Dividend payout at least 50 percent of the FY profit.

Webcast presentation for analysts, investors and media

An analyst, investor and media conference will be held in English on 13 August 2025 at 11:00 a.m. EEST at Event Venue Eliel located at Sanomatalo, Töölönlahdenkatu 2, Helsinki. The webcast can be followed online at https://taaleri.events.inderes.com/q2-2025.The event will be recorded and available later on Taaleri's investor pages at www.taaleri.com/en/investors/reports-and-presentations.

Helsinki, 13 August 2025
Taaleri Plc
Board of Directors

For further information, please contact:

CEO Ilkka Laurila, [phone], [e-mail]
CFO Lauri Lipsanen, [phone], [e-mail]
Head of Investor Relations, Communications and Sustainability Linda Tierala, [phone], [e-mail]

Distribution:

Nasdaq Helsinki
Principal media
www.taaleri.com

This stock exchange release is an abbreviation of Taaleri Plc's Half-Year Financial Report for the period 1 January-30 June 2025. The complete report is attached to this release and also available at www.taaleri.com/en/investors/reports-and-presentations.

Taaleri in brief

Taaleri is a Nordic investment and asset manager that focuses on businesses with industrial-scale opportunities within bioindustry and renewable energy. We create value by combining extensive know-how, deep expertise, entrepreneurship and capital through both funds under management and direct investments. We have been a signatory of the UN Principles for Responsible Investment (PRI) since 2010, and we joined the Net Zero Asset Managers initiative in 2021. Taaleri's vision is to become a leading investment manager operating internationally in bioindustry and renewable energy.

Taaleri has three business segments: Private Asset Management, Investments and Garantia. The Private Asset Management consists of renewable energy, bioindustry and real estate businesses. The Investments segment consists of direct investments, project development and non-strategic investments. The Garantia segment consists of Garantia Insurance Company.

Taaleri has EUR 2.7 bn of assets under management in its private equity funds and co-investments. The company has approximately 130 employees. Taaleri Plc is listed on Nasdaq Helsinki.

www.taaleri.com

Linda Tierala, Head of Investor Relations, Communications and Sustainability, [phone], [e-mail]