Taaleri (TAALA) investor relations material

Executive summary

• Continuing earnings grew 13% year-over-year to EUR 10.5 million, driven by strong insurance and renewable energy results, with significant improvement over the prior year.

• Operating profit rose to EUR 2.1 million with a 17% margin, up from EUR 0.5 million, reflecting improved profitability.

• Strategic expansion included acquiring a majority stake in Nordic Science Investments and launching a private credit business targeting Nordic SMEs.

• Garantia's insurance revenue and service result grew, while the Investments segment was impacted by biocoal project write-downs.

• The group maintained a strong balance sheet and liquidity, with no interest-bearing liabilities and undrawn credit facilities.

Financial highlights

• Q1 2026 revenue was EUR 12.6 million, mainly from private asset management and Garantia, up from EUR 8.6 million in Q1 2025.

• Operating profit increased by EUR 1.6 million year-over-year to EUR 2.1 million (17% margin, up from 5.3%).

• LTM continuing earnings up 10% to EUR 43.3 million; revenue up 5% to EUR 65.2 million.

• Net income from investment operations was EUR 0.2 million, limited by biocoal write-downs and market volatility.

• Basic EPS doubled to EUR 0.04 (from EUR 0.02).

Outlook and guidance

• Renewable energy earnings expected to decline in 2026 due to lower management fees and planned fund exits.

• Other private asset management profitability to remain negative in 2026 as new products are developed.

• Garantia insurance revenue and profitability expected to grow or remain stable.

• Investment segment results will depend on fair value changes and potential exits.

• Long-term targets: 12% average annual growth in operating profit from continuing earnings, ROE above 15%, and at least 50% dividend payout.