Slide 1: Taaleri Interim Statement Q3 2025
Taaleri Interim Statement Q3 2025 CEO Ilkka Laurila 28 October 2025 CFO Lauri Lipsanen
Slide 2: Our strategic priorities for 2026–2028
INTERIM STATEMENT Q3 2025 Our strategic priorities for 2026–2028 Capture Garantia’s growth Expansion of private asset Attractive return on potential management development capital Increased awareness that drives growth in Grow fund sizes within existing strategies. Achieve a return that exceeds the
Slide 3: Q3 highlights
INTERIM STATEMENT Q3 2025 Q3 highlights Solid development of continuing Garantia delivers a stable Increased transparency of the earnings performance Investments segment Continuing earnings increased by 4.2% to The volume of new residential mortgages Starting from Q3 2025, Taaleri classifies its €10
Slide 4: Key figures
INTERIM STATEMENT Q3 2025 Key figures Continuing earnings Revenue Operating profit Earnings per share Q3 2025 Q3 2025 Q3 2025 Q3 2025 €10.1m €23.0m €15.3m €0.43 Q3 2024: €9.7m Q3 2024: €21.6m Q3 2024: €14.7m Q3 2024: €0.39 Continuing earnings, Revenue, Operating profit, Operating profit from previou
Slide 5: Garantia
Garantia 28 October 2025
Slide 6: Garantia's share of residential mortgage guarantees increased and investment operations were solid
INTERIM STATEMENT Q3 2025 Q3 2025 Insurance service Net investment result income in PL Garantia’s share of residential €3.5m €3.1m mortgage guarantees increased and (Q3 2024: €3.4m) (Q3 2024: €3.5m) investment operations were solid Total net income from Net investment investment operations income in
Slide 7: Garantia's guarantee insurance and investment portfolio September 2025
INTERIM STATEMENT Q3 2025 Garantia’s guarantee insurance and investment portfolio 30 September 2025 The guarantee insurance portfolio grew by 3.5% from the beginning of the year Guarantee insurance portfolio split (Q3/2025) Investment portfolio split (Q3/2025) 3% Shares and funds 17% 22% Private equ
Slide 8: Private Asset Management
Private Asset Management 28 October 2025
Slide 9: Renewable energy business's continuing earnings grew due to SolarWind III fundraising
INTERIM STATEMENT Q3 2025 Q3 2025 Renewable energy business’s continuing earnings grew due to fundraising for Taaleri SolarWind III €6.9m Revenue (Q3 2024: €5.2m) Fund • Continuing earnings grew during the third quarter as the fundraising of the Taaleri SolarWind III Fund progressed €2.1m Operating
Slide 10: Other private asset management's operating profit developed positively
INTERIM STATEMENT Q3 2025 Q3 2025 Other private asset management’s operating profit developed positively €1.5m Continuing earnings (Q3 2024: €1.3m) Bioindustry • Taaleri Bioindustry I Fund executed its sixth investment. • Joensuu Biocoal Oy continued to ramp up torrefied biomass production and is se
Slide 11: Investments
T, eee te rane Invest iments |" TAALERI
Slide 12: Reclassification of Investments segment's investments
INTERIM STATEMENT Q3 2025 Q3 2025 Changes in fair values Reclassification of Investments €7.4m recognised in PL (Q3 2024: -€0.4m) segment’s investments • Taaleri updated its investment organisation and €8.0m Revenue (Q3 2024: €7.9m) introduced development capital investments, which includes investme
Slide 13: Investments segment's investments at fair value September 2025
INTERIM STATEMENT Q3 2025 Investments segment’s investments at fair value 30 September 2025 Investment portfolio split 30 September 2025 Other investments 15% • Development capital investments accounted for 69% Truscott Gilliland of the portfolio at fair value. East Wind 26% • Fair values of investm
Slide 14: Development capital investment highlights
INTERIM STATEMENT Q3 2025 Development capital investment highlights Truscott Gilliland East Wind Turun Toriparkki TG East Wind is a windfarm located in Knox County, Turun Toriparkki is an underground parking facility situated Texas. The wind farm has a capacity of 336MW, consisting of 45 pcs of 5.6M
Slide 15: Results and balance sheet
Results and balance sheet 28 October 2025
Slide 16: Updated long-term financial targets 2026–2028
INTERIM STATEMENT Q3 2025 Updated long-term financial targets 2026–2028 Profitability growth Return on equity (ROE) Dividend policy Growth in operating 12% profit from continuing earnings* >15% ROE at fair value** ≥ 50% Dividend payout ratio*** *) Average growth p.a. (CAGR) in operating profit, excl
Slide 17: The development of Taaleri's operating profit, Q3 2025
INTERIM STATEMENT Q3 2025 The development of Taaleri’s operating profit, Q3 2025 Operating profit for the third quarter increased slightly compared to the strong reference period, primarily due to growth in continuing earnings within the Private Asset Management segment and changes in the fair value
Slide 18: Investments segment's investment portfolio
INTERIM STATEMENT Q3 2025 Investments segment’s investment portfolio Balance Investment Basis of Acquisition Fair sheet Change in Background of the 30.9.2025, €m Year type accounting 1 cost value 2 value Holding fair value 3 fair value change Truscott Gilliland East Wind 2018 Equity FV PL 11.0 17.2
Slide 19: Investments segment's investment portfolio fair value changes
INTERIM STATEMENT Q3 2025 Investments segment’s investment portfolio Investments segment’s fair value changes amounted to €13.1m, of which the balance sheet impact was €8.3m further resulting in directly to P&L by €7.4m and via OCI by €0.8m Most significant fair value changes in Q3 2025, €m Truscott
Slide 20: The development of Taaleri's quarterly revenue and operating profit
INTERIM STATEMENT Q3 2025 The development of Taaleri’s quarterly revenue and operating profit Continuing earnings are developing steadily Revenue, €m Operating profit, €m 25.0 20.0 90% 67.9% 66.6% 20.0 70% 16.0 47.0% 12.9 50% 15.0 11.9 9.6 12.0 34.8% 2.3 11.4 30% 11.4 10.0 8.0 5.3% 10% 7.8 5.0 9.7 1
Slide 21: The development of Taaleri's revenue and operating profit, 12M
INTERIM STATEMENT Q3 2025 The development of Taaleri’s revenue and operating profit, 12M Over a longer period, the composition of revenue is more balanced Revenue previous 12M, €m Operating profit previous 12M, €m Growth in continuing earnings 1.8% LTM Growth in operating profit -10.4% LTM 80.0 50.0
Slide 22: The development of Garantia segment's revenue and operating profit, 12M
INTERIM STATEMENT Q3 2025 The development of Garantia segment’s revenue and operating profit, 12M Market movements in general are reflected in Garantia’s results with a delay due to IFRS accounting principles Insurance service result previous 12M, €m Operating profit previous 12M, €m Growth in insur
Slide 23: The development of Garantia segment's combined ratio and solvency
INTERIM STATEMENT Q3 2025 The development of Garantia segment’s combined ratio and solvency The profitability of the insurance business has remained at a good level and solvency has remained strong Combined annual ratio (IFRS), % Solvency ratio, % 50.0 300.0 % 262.7 % 245.7 % 247.4 % 40.0 37% 250.0
Slide 24: Private Asset Management segment's revenue and operating profit, 12M
INTERIM STATEMENT Q3 2025 The development of Private Asset Management segment’s revenue and operating profit, 12M In parallel with the growth in continuing earnings, the business has scaled, and profitability has improved Revenue previous 12M, €m Operating profit previous 12M, €m Growth in continuin
Slide 25: Taaleri Group's balance sheet September 2025
INTERIM STATEMENT Q3 2025 Taaleri Group’s balance sheet 30 September 2025 Development capital Assets total Net cash* Dividend for 2024 per share paid in two investments instalments in April and October 2025 (balance sheet value) €40.6m €303.1m €25.1m €0.50 31.12.2024: €29.9m 31.12.2024: €291.9m 31.1
Slide 26: Outlook
Outlook 28 October 2025
Slide 27: Outlook for 2025
INTERIM STATEMENT Q3 2025 Outlook for 2025 Private Asset Management Investments The growth in continuing earnings from the The operating profit for 2025 will depend, among other renewable energy business for 2025 will be clarified factors, on changes in the fair value of development as the final siz
Slide 28: Q & A
TAALERI 28 October 2025
Slide 29: Appendix
Appendix 28 October 2025
Slide 30: Taaleri's private equity funds
INTERIM STATEMENT Q3 2025 Taaleri’s private equity funds AUM €2.7bn by business area Renewable energy, €m Founded Product AUM Q3 2025 Stage of the fund Taaleri Wind Fund II Ky 2014 Private equity fund 319 Invested 52 5% Taaleri Wind Fund III Ky 2016 Private equity fund Invested Taaleri SolarWind I K
Slide 31: Group balance sheet
INTERIM STATEMENT Q3 2025 Group balance sheet Assets, €k 30.9.2025 31.12.2024 Equity and liabilities, €k 30.9.2025 31.12.2024 Non-current assets 230,282 237,282 Equity 218,162 215,332 Tangible assets 1,599 1,842 Share capital 125 125 Intangible assets 568 574 Reserve for invested unrestricted equity
Slide 32: Taaleri's result Q3 2025
INTERIM STATEMENT Q3 2025 Taaleri’s result Q3 2025 Other Private Asset Renewable private asset €k Management energy management Investments Garantia Other Total Continuing earnings 6,740 5,257 1,484 5 3,286 105 10,136 Performance fees - - - - - - - Investment operations* 11 11 -1 7,339 3,110 45 10,50
Slide 33: Taaleri's result Q3 2024
INTERIM STATEMENT Q3 2025 Taaleri’s result Q3 2024 Other Private Asset Renewable private asset €k Management energy management Investments Garantia Other Total Continuing earnings 6,234 4,921 1,313 22 3,291 180 9,727 Performance fees - - - - - - - Investment operations* -1 1 7,920 3,486 21 11,428 Ot
Slide 34: More information Taaleri Plc
More information Linda Tierala, Head of IR, Communications and Sustainability +358 40 571 7895 linda.tierala@taaleri.com Taaleri Plc Kasarmikatu 21 B FI-00130 Helsinki www.taaleri.com 28 October 2025