Taaleri (TAALA) Q3 2025 earnings summary

Executive summary

• Strategic priorities updated for 2026–2028, focusing on growth in mortgage and credit guarantees, expanding distribution, and international opportunities.

• Continuing earnings rose 4.2% year-over-year to EUR 10.1 million, driven by Private Asset Management, while Garantia earnings remained stable.

• Revenue increased to EUR 23.0 million from EUR 21.6 million in Q3 2025, with operating profit up to EUR 15.3 million, reflecting strong fair value gains, especially from a Texas wind farm.

• Market share and position in core businesses strengthened, with new processes and team members in development capital.

• M&A activity ongoing, with dialogues in Finland and neighboring markets.

Financial highlights

• Q3 2025: Revenue EUR 23.0m (+6.5% y/y), operating profit EUR 15.3m (+4.5% y/y), EPS EUR 0.43 (+10.3% y/y).

• 9M 2025: Revenue EUR 44.5m (-12.0% y/y), operating profit EUR 20.3m (-29.2% y/y), EPS EUR 0.52 (-31.6% y/y).

• Net income from investment operations Q3: EUR 10.5m (-8.1% y/y); 9M: EUR 11.0m (-41.6% y/y).

• Dividend for 2024 was EUR 0.50 per share, paid in two instalments in 2025.

• Equity ratio at 72% in Q3; net cash EUR 25.1m; no interest-bearing liabilities.

Outlook and guidance

• Growth in private asset management earnings depends on the final size of SolarWind III Fund; exits for Wind II and III likely postponed to next year.

• Operating profit in investment activities for 2025 will depend on fair value changes, especially in development capital.

• Garantia’s continuing earnings expected to remain slightly below prior period due to weak Finnish housing market; investment income to decrease.

• Long-term targets: 12% average annual growth in operating profit from continuing earnings (2026–2028), ROE at fair value above 15%, and at least 50% dividend payout.