Taaleri Oyj: Taaleri Plc's Interim Statement 1 January-30 September 2026: Taaleri's operational development was good - Garantia grew residential mortgage guarantee sales in a subdued housing market during the third quarter

28.10.2026 08:00:11 EET | Taaleri Oyj | Interim report (Q1 and Q3)

TAALERI PLC | STOCK EXCHANGE RELEASE | 28 OCTOBER 2026 AT 8:00 (EET)

Taaleri Plc's Interim Statement 1 January-30 September 2026: Taaleri's operational development was good - Garantia grew residential mortgage guarantee sales in a subdued housing market during the third quarter

July-September 2026

• Continuing earnings increased by 18.4% to EUR 12.0 (10.1) million. The Private Asset Management segment's continuing earnings increased by 4.7% to EUR 7.1 (6.7) million, and the Garantia segment's continuing earnings remained at the level of the comparison period, EUR 3.3 million. The increase in continuing earnings was driven in particular by a EUR 1.6 million success fee at Taaleri Kapitaali.
• Garantia's insurance revenue remained at the level of the comparison period, EUR 4.8 million.
• Performance fees were EUR 0.6 (0.0) million.
• Net income from investment operations was EUR 3.7 (10.5) million, of which the Garantia segment accounted for EUR 1.5 (3.1) million. Changes in fair value in the Investments segment were EUR 2.2 (7.4) million.
• Revenue decreased by 26.3% to EUR 17.0 (23.0) million.
• Operating profit was EUR 9.4 (15.3) million, corresponding to 55.3% (66.6) of revenue.
• Earnings per share were EUR 0.23 (0.43).

January-September 2026

• Continuing earnings increased by 7.6% to EUR 32.3 (30.0) million. The Private Asset Management segment's continuing earnings decreased by 2.4% to EUR 20.6 (21.1) million, and the Garantia segment's continuing earnings increased by 14.1% to EUR 9.7 (8.5) million.
• Garantia's insurance revenue remained at the level of the comparison period, EUR 14.4 million.
• Performance fees were EUR -1.1 (0.0) million.
• Net income from investment operations was EUR 8.5 (11.0) million, of which the Garantia segment accounted for EUR 9.6 (5.3) million. Changes in fair value in the Investments segment were EUR -1.3 (5.6) million.
• Revenue decreased by 3.9% to EUR 42.8 (44.5) million.
• Operating profit was EUR 16.0 (20.3) million, corresponding to 37.3% (45.6) of revenue.
• Earnings per share were EUR 0.40 (0.52).

This Interim Statement has not been prepared in accordance with IAS 34. The information presented is unaudited. Unless otherwise stated, the figures in parentheses in the Interim Statement refer to the corresponding period of the previous year. The financial figures regarding the Consolidated Income Statement presented in the explanatory part of this Interim Statement have been calculated on the basis of the Group's segment reporting, unless otherwise stated. See page 25 for further information on the accounting policies of this Interim Statement.

Review by CEO Ilkka Laurila

We continued to execute our strategy with determination in the third quarter. The Group's continuing earnings increased by 18% year-on-year, mainly driven by fees from Taaleri Kapitaali. Garantia's insurance business maintained its excellent profitability. In Private Asset Management, we continued to drive investment activity and value creation in our funds and advanced the exit processes of our more mature renewable energy funds. At the same time, we laid the foundations for future growth by preparing our next renewable energy and venture capital funds and developing our private credit strategy. During the review period, we also made a follow-on investment in Fintoil.

The Group's operating profit for the third quarter was EUR 9.4 million. The result was weighed down in particular by lower income from investment operations than a year earlier. Nevertheless, the growth in continuing earnings and the operational development of our businesses show that our strategy is on the right track.

Garantia's insurance business maintained its excellent profitability

Garantia's insurance business continued to develop steadily, and the company increased sales of residential mortgage guarantees despite the subdued housing market. The utilisation rate of residential mortgage guarantees, meaning Garantia's share of residential mortgage guarantees in new mortgages issued in Finland, rose by more than 18% year-on-year in the third quarter. Demand for corporate guarantees developed positively, and Garantia signed new non-payment insurance contracts and prepared further ones in Finland and elsewhere in the Nordics.

Garantia's total net income from investment operations was negative in the third quarter due to changes in the fair value of fixed-income investments caused by higher interest rates. Nevertheless, Garantia's strong insurance profitability, stable cash flow and low risk profile support the Group's earnings capacity and predictability.

Investments and value creation in Private Asset Management

In Private Asset Management, we continued to actively manage our funds, make new investments and create value in our portfolio companies. In the renewable energy business, the projects of the Taaleri SolarWind III Fund progressed as planned. We also continued preparing to raise the Taaleri SolarWind IV Fund.

We advanced the exit processes of the Taaleri Wind II, Taaleri Wind III and Taaleri SolarWind I Funds and continued preparations for the first exits from the Taaleri SolarWind II Fund. The timing and valuations of exits are affected by electricity price expectations in different markets, higher interest rates and buyers' return requirements.

In the venture capital business, Nordic Science Investments (NSI) focused on the active management of its portfolio companies and the evaluation of new investment opportunities. During the review period, NSI made five follow-on investments in its portfolio companies, the largest of which was the participation in Kasvu Therapeutics' EUR 30 million financing round. We also continued preparing to raise NSI's next fund.

At the beginning of November, we will welcome the new team that will develop our private credit strategy. Venture capital and private credit expand our private equity fund offering and lay the foundation for future growth in continuing earnings.

Fintoil investment as part of active capital allocation

During the review period, we made a EUR 25 million follow-on investment in Fintoil as part of the company's financing round. The investment is a concrete example of our active capital allocation: we deploy our balance sheet selectively in investments where we see potential for significant long-term value creation.

Strong foundations for strategy execution

Our strategy progressed in several key areas during the third quarter. Garantia's strong insurance profitability and progress towards its strategic growth targets support the Group's earnings capacity. In Private Asset Management, we made new investments, developed our existing investments and advanced exit processes. At the same time, we are preparing the next funds in our renewable energy and venture capital strategies and building our private credit business. The Fintoil investment demonstrates our ability to actively deploy our balance sheet in new value creation opportunities.

We continue to execute our strategy with determination. We are growing our strong businesses, actively creating value in our investments, realising the value created in mature investments and building new sources of growth for the years ahead.

Key figures

Group key figures	7-9/2026	7-9/2025	Change, %	1-9/2026	1-9/2025	Change, %	1-12/2025
Earnings and balance sheet key figures
Continuing earnings, EUR million	12.0	10.1	18.4	32.3	30.0	7.6	42.2
Performance fees, EUR million	0.6	-	n/a	-1.1	-	n/a	-0.0
Insurance service result, Garantia, EUR million	3.5	3.5	2.2	10.4	9.0	15.1	12.6
Net income from investment operations, EUR million	3.7	10.5	-65.2	8.5	11.0	-22.5	14.4
Revenue, EUR million	17.0	23.0	-26.3	42.8	44.5	-3.9	61.2
Operating profit, EUR million	9.4	15.3	-38.9	16.0	20.3	-21.3	25.9
Operating profit, %	55.3	66.6		37.3	45.6		42.4
Operating profit from continuing earnings, EUR million	5.1	3.9	30.8	9.6	9.1	5.8	11.9
Combined ratio (IFRS), Garantia, %	25.7	27.6		28.0	37.2		35.3
Return on equity at fair value, annualised %	9.3	28.8		4.3	11.7		10.7
Basic earnings per share, EUR	0.23	0.43	-45.4	0.40	0.52	-22.2	0.59
Equity ratio, %	66.9	72.0		66.9	72.0		72.8
Other key figures
FTE (full-time equivalents), at the end of the period	142	129	10.1	142	129	10.1	128
Assets under management in Private Asset Management segment, BEUR	2.7	2.7		2.7	2.7		2.7
Guarantee insurance portfolio, BEUR	1.9	1.7		1.9	1.7		1.8

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 renewable energy business's continuing earnings for 2026 are expected to decline compared to 2025 due to the subsequent management fees recognised in 2025 in connection with the closing of the Taaleri SolarWind III Fund. In addition, planned exits from funds approaching the end of their lifecycle in 2026 will reduce assets under management and thereby the fee base. The operating profit for 2026 will also depend, among other factors, on the clarification of the estimated performance fees for the funds in the exit phase, including their final amount and the timings of the exits.

Taaleri's bioindustry, real estate and other fund businesses focus on developing new products according to Taaleri's updated strategy, which burdens the profitability of Other private asset management. The operating profit for 2026 is expected to remain negative in Other private asset management.

Garantia

Garantia's insurance revenue is expected to grow in 2026, and profitability of the insurance operations is expected to remain stable. The returns on Garantia's investment operations depend on developments in the interest rate and equity markets.

Investments

Investment segment's operating profit for 2026 will depend, among other factors, on changes in the fair value of development capital investments, fund investments and other investments, and on final exits in particular.

Other group

The level of operating expenses in Group operations is expected to remain at approximately the level of the corresponding period.

Long-term targets

Taaleri has in 2025 set targets related to continuing earnings profit growth, return on equity and dividend payout. Taaleri's long-term targets for 2026-2028 are:

• Growth in operating profit from continuing earnings 12% p.a. on average.
• Return on equity (ROE) at fair value above 15% p.a. on average over the strategy period.
• At least 50% of the financial year's profit to be paid as dividends, taking into account any potential capital requirements.

Webcast presentation for analysts, investors and media

An analyst, investor and media conference will be held in English today at 13:00 EET at event studio Valla located in Ruoholahti (Itämerentori 2, Helsinki). The webcast can be followed online at https://taaleri.events.inderes.com/q3-2026. The event will be recorded and available later on Taaleri's investor pages at https://taaleri.com/reports-and-presentations/.

Helsinki, 28 October 2026
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
taaleri.com

This stock exchange release is an abbreviation of Taaleri Plc's Interim Statement for the period 1 January-30 September 2026. The complete Statement is attached to this release and also available at https://taaleri.com/reports-and-presentations/.

Taaleri in brief

Taaleri is a specialist in investments, private asset management and non-life insurance, powering change with capital. We focus on selected private assets strategies in renewable energy, real estate, growth and venture capital investments. Our subsidiary Garantia provides credit risk insurance solutions for households, businesses and lenders. We combine capital with expertise, deep industry knowledge and an entrepreneurial approach.

Taaleri has three business segments: Private Asset Management, Garantia and Investments. The Private Asset Management segment comprises the renewable energy, bioindustry, real estate and venture capital businesses. The Garantia segment consists of Insurance Company Garantia. The Investments segment comprises development capital investments, fund investments and other direct investments.

Taaleri has EUR 2.7 bn of assets under management. The company employs approximately 140 people. Taaleri Plc is listed on Nasdaq Helsinki.

taaleri.com

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