Taaleri (TAALA) investor relations material

Executive summary

• Q3 continuing earnings rose 18.4% YoY to €12.0m, supported mainly by a €1.6m Fintoil financing success fee; revenue fell to €17.0m and operating profit to €9.4m.

• 9M continuing earnings grew 7.6% to €32.3m, while revenue and operating profit declined amid weaker investment income and performance-fee write-downs.

Financial highlights

• Q3 revenue was €17.0m and operating profit €9.4m, down from €23.0m and €15.3m in Q3 2025; operating margin was 55.3% versus 66.6%.

• LTM continuing earnings reached €44.5m, up 10.0%; LTM revenue was €59.5m, down 7.7%, and operating profit €21.6m, down 27.1%.

• Operating profit from continuing earnings grew 16.6% LTM to €12.4m; investments at fair value were €256.8m at 30 September.

• 9M segment-reporting revenue declined 3.9% to €42.8m and operating profit fell 21.3% to €16.0m; IFRS net profit was €11.9m versus €16.9m.

Outlook and guidance

• 2026 renewable-energy continuing earnings are expected to decline YoY due to 2025 SolarWind III subsequent fees and planned exits that reduce AUM and the fee base; profit also depends on exit timing and performance fees.

• Other private asset management operating profit is expected to remain negative in 2026; Garantia insurance revenue is expected to grow with stable insurance profitability.

• Investments segment profit depends on fair-value changes and exit timing; group operating expenses are expected to remain near the corresponding-period level.

• 2026–2028 targets include 12% average annual operating-profit growth from continuing earnings, fair-value ROE above 15%, and dividends of at least 50% of annual profit, subject to capital needs.

• SolarWind IV, Nordic Science Investments and private credit fundraising is planned; private credit targets a three-digit-million-euro fund.