Taaleri (TAALA) Q4 2025 earnings summary

Executive summary

• Continuing earnings grew 17% in Q4 2025, mainly driven by renewable energy and the final close of the SolarWind III Fund at EUR 630 million, with 64% from international investors.

• Garantia expanded its market share in residential mortgage guarantees, completed its first non-payment insurance transaction outside Finland, and saw an 8% rise in Q4 insurance service result.

• First development capital investment made in Ren-Gas, a leading e-methane project developer, with a EUR 16 million financing round and first project ready-to-build.

• Eden Living joint venture with Keva launched, targeting EUR 300 million in residential property investments.

• CEO transition: Ilkka Laurila appointed as CEO in January 2025.

Financial highlights

• Full-year 2025 revenue: EUR 61.2 million, down 13.2% year-over-year; Q4 revenue: EUR 16.7 million, down 16.3%.

• Full-year operating profit: EUR 25.9 million, down 31.8%; Q4 operating profit: EUR 5.7 million, down 39.6%.

• EPS: EUR 0.59 for the year; Q4 EPS: EUR 0.07.

• Return on equity for 2025: 10.7%; equity ratio: 72.8%.

• Assets under management: EUR 2.7 billion at year-end.

Outlook and guidance

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

• Other private asset management to remain loss-making in 2026 as new products are developed.

• Garantia insurance revenue expected to grow moderately in 2026, with stable profitability.

• No major changes expected in cost structure for 2026; group operating expenses to remain stable.

• Long-term targets: 12% average annual growth in operating profit from continuing earnings and ROE at fair value above 15% for 2026–2028.