Taaleri (TAALA) Q3 2026 earnings summary

Executive summary

• Q3 continuing earnings rose 18.4% YoY to €12.0m, helped by a €1.6m Fintoil financing success fee; revenue fell 26.3% to €17.0m and operating profit fell 38.9% 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 2025 comparatives were revenue of €23.0m, operating profit of €15.3m and continuing earnings of €10.1m; Q3 2026 operating margin was 55.3% versus 66.6%.

• 9M segment-reporting revenue declined 3.9% to €42.8m and operating profit fell 21.3% to €16.0m; margin was 37.3% versus 45.6%.

• 9M IFRS revenue was €43.3m versus €46.4m; net profit was €11.9m versus €16.9m, and total comprehensive income was €7.1m versus €19.1m.

• 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%.

• Basic EPS was €0.23 in Q3 versus €0.43 and €0.40 for 9M versus €0.52; performance fees were €0.6m in Q3 and -€1.1m for 9M.

Outlook and guidance

• 2026 renewable-energy continuing earnings are expected to decline YoY, reflecting prior-year SolarWind III subsequent fees and planned exits that reduce AUM and the fee base; operating profit depends on exit timing and final performance fees.

• Garantia insurance revenue is expected to grow in 2026 with stable insurance profitability; investment returns depend on interest-rate and equity-market developments.

• Other private asset management operating profit is expected to remain negative in 2026; Group operating expenses are expected to remain near the corresponding-period level.

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