Slide 1: Half-Year Financial Report H1 2025
CEO Ilkka Laurila CFO Lauri Lipsanen 13 August 2025
Slide 2: Continuing earnings of the Private Asset Management segment grew by 34.5%
Continuing earnings of the Private Asset Taaleri SolarWind III Fund exceeded The Eden Living partnership invested in a Management segment grew by 34.5% and EUR 500 million making it Finland’s largest build-to-rent residential project in the profitability improved, boosted by the infrastructure fund,
Slide 3: Taaleri SolarWind III Fund reached EUR 503 million in Q2 2025
Taaleri SolarWind III Fund reached EUR 503 million in Q2 2025, making it Finland’s largest infrastructure fund Re-ups from most existing Taaleri SolarWind II Fund investors Several new European institutional investors from Austria, Belgium, Bulgaria, and Switzerland, among others Currently +42% larg
Slide 4: Finnish market development charts
8.0 600 7.0 1.3 500 144 124 6.0 2.2 400 114 129 5.0 1.5 99 140 4.0 1-6/25 vs. 300 1-4/25 vs. 2.1 116 1-6/24 107 1-4/24 2.2 3.0 +11% +31% 200 153 123 0.8 129 105 2.0 1.8 0.5 59 0.4 0.4 100 1.0 2.2 1.1 1.0 0.8 140 131 119 125 104 1.0 0.4 0.5 0.6 0.0 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
Slide 5: New appointments
started as CFO on 8 May appointed Managing Director, Bioindustry appointed Head of Institutional Sales on 7 May on 13 June Swappie Oy 2019–2025 Rytömaa, Executive Coach and Business Mandatum Asset Management 2023–2025 Mentor 2023– Touhula Varhaiskasvatus Group 2017–2019 Handelsbanken Finland Asset S
Slide 6: Taaleri Q2 2025 key figures
Q2 2024: €10.0 million Q2 2024: €11.9 million Q2 2024: €4.4 million 31.12.2024: €2.7 billion Growth in continuing earnings 1.5% Growth in revenue 5.6% Growth in operating profit 9.2% Q2 2024: €0.11 (LTM) (LTM) (LTM) 6 Taaleri Q2 2025
Slide 7: Performance varied across business segments
Performance varied across business segments EUR million 10.0 9.0 8.0 1.4 7.0 2.1 -0.9 6.0 -1.1 5.0 4.5 4.4 4.0 -1.5 3.0 2.0 1.0 0.5 0.0 Operating Change in Change in Change in investment Change in Other changes Operating profit Q2 2024 Private Asset Management Garantia's operations other than Garant
Slide 8: Private Asset Management
TAALERI Private Asset Management
Slide 9: Continuing earnings of the renewable energy business grew in the second quarter
(Q2 2024: 5.4) million (Q2 2024: 1.9) million (Q2 2024: 34.7) (31.12.2024: 1.7) bn • Continuing earnings of the renewable energy business grew in the second quarter as fundraising for the Taaleri SolarWind III Fund progressed from the comparison period. • The fund has raised EUR 503 million in commi
Slide 10: Continuing earnings of bioindustry, real estate and other fund businesses grew
(Q2 2024: 1.3) million (Q2 2024: 1.4) million (Q2 2024: -0.7) million (31.12.2024: 1.0) bn • Continuing earnings of Taaleri’s bioindustry, real estate and other fund businesses grew in the second quarter. The period included management fees from one fund that were recognised retroactively. • The bio
Slide 11: Garantia
TAALERI nal mia la Garant
Slide 12: Garantia's share of residential mortgage guarantees has increased
(Q2 2024: 3.5) million (Q2 2024: 1.4) million • Garantia’s share of residential mortgage guarantees in new housing loans in Finland has increased significantly (Q2 2024: 2.4) million (Q2 2024: 1.1) million during 2025. • Garantia’s insurance service result decreased from the comparison period due to
Slide 13: Garantia's investment portfolio
Shares and funds Private equity funds Real estate property funds Consumer exposure Debt instruments, fair EUR m value through PL EUR bn Corporate exposure Debt instruments, fair value through OCI Debt funds, exchange traded Cash and cash equivalents Change from 31 December 2024 13 Taaleri Q2 2025
Slide 14: Investments
TAALERI *) 4 Cc O ‘- J 0“) 0) > Cc
Slide 15: Exchange rate fluctuations related to one USD investment and receivable
(Q2 2024: -0.2) million (Q2 2024: -0.4) million • Exchange rate fluctuations were related to one USD Direct investments, fair value 36.4 36.1 0.9% investment and one USD receivable. Renewable energy 18.7 19.1 -2.0% Bioindustry 17.6 16.9 4.1% • Joensuu Biocoal Oy, owned by Taaleri’s co-investment Non
Slide 16: Three largest holdings account for more than 50%
Fintoil Oy Three largest holdings Truscott Gilliland East Wind account for more than 50% Turun Toriparkki Oy Taaleri SolarWind II Fund Wastewise Group Oy EUR m Taaleri SolarWind III Fund Sepos Oy Alisa Bank Plc Taaleri Biocoal Development Ky Other investments 16 Taaleri Q2 2025
Slide 17: Result and balance sheet
TAALERI Result and balance sheet
Slide 18: Taaleri's revenue increased by 8.3% to EUR 12.9 million
Taaleri’s revenue increased by 8.3% to EUR 12.9 million, driven primarily by the continuing earnings growth in the Private Asset Management segment and a strong investment result from Garantia. These positive developments were partly offset by adverse EUR/USD exchange rate fluctuations and a decline
Slide 19: Group's continuing earnings, revenue and operating profit increased
The Group’s continuing earnings, revenue and operating profit increased, and operating profit margin was 34.8% Continuing earnings 10,553 10,023 5.3% 19,850 20,239 -1.9% 40,378 Performance fees - - - - - - 1,845 Investment operations 1,627 1,075 51.3% 447 7,339 -93.9% 25,925 Other income 698 799 -12
Slide 20: Continuing earnings are developing steadily
Continuing earnings are developing steadily 24.0 20.0 80.00% 67.9% 70.00% 19.0 15.0 60.00% 11.9 9.6 47.0% 50.00% 14.0 2.3 10.0 36.9% 40.00% 1.9 34.8% 9.0 30.00% 14.7 10.6 5.0 9.4 20.00% 10.0 9.7 10.4 9.3 4.0 4.4 5.3% 4.5 10.00% -0.7 0.5 0.0 0.00% -1.0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024
Slide 21: Taaleri Q2 2025 Private Asset Management
100.0 60.0 80.00% 90.0 Growth in continuing earnings 1.5% LTM Growth in operating profit 9.2% LTM 70.00% 80.0 50.0 70.0 53.9% 60.00% 52.1% 40.0 46.5% 60.0 44.4% 46.0% 50.00% 28.6 30.1 50.0 20.3 22.6 23.1 30.0 40.00% 40.0 30.00% 30.0 20.0 38.0 35.5 28.9 29.0 20.00% 20.0 39.4 39.7 40.4 39.5 40.0 26.5
Slide 22: Taaleri Q2 2025 Private Asset Management detail
40.0 Growth in continuing earnings 12.5% LTM 16.0 Growth in operating profit 83.8% LTM 40.00% 35.0 14.0 35.00% 30.2% 30.0 3.6 12.0 30.00% 3.7 3.0 3.9 3.7 25.2% 26.2% 25.0 10.0 25.00% 20.8% 20.0 8.0 18.2% 20.00% 15.0 6.0 15.00% 27.8 24.7 25.0 25.5 25.7 9.5 10.0 4.0 7.7 10.00% 7.4 5.2 5.8 5.0 2.0 5.00
Slide 23: Taaleri Q2 2025 Garantia
30.0 40.0 Growth in continuing earnings -13.3% LTM Growth in operating profit -12.1% LTM 120.00% 35.0 95.2% 25.0 95.2% 94.9% 93.3% 93.0% 100.00% 30.0 20.0 7.3 3.6 11.1 11.9 25.0 80.00% 8.3 6.1 6.5 7.9 20.0 3.7 15.0 4.1 60.00% 15.0 10.0 40.00% 23.2 24.3 10.0 20.7 13.4 13.3 13.6 12.7 17.9 18.2 11.6 5.
Slide 24: Garantia insurance revenue and guarantee portfolio
1,900 20.5 1,850 Guarantee insurance portfolio, EUR million 20.0 LTM insurance revenue, EUR million 1,800 19.5 1,750 1,700 19.0 1,650 18.5 1,600 18.0 1,550 1,500 17.5 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 Guarantee insurance porfolio LTM insurance re
Slide 25: Group's equity ratio stood at 70.9%
At the end of the review period, Taaleri Group’s equity ratio stood at 70.9%. Taaleri’s Annual General Meeting held in April resolved on a total dividend distribution of EUR 14.1 million, of which the first instalment of EUR 7.0 million was paid in April. 31.12.2024: €36.1 million 31.12.2024: €154.6
Slide 26: Outlook
TAALERI Outlook
Slide 27: Outlook for 2025
• The growth in continuing earnings from the renewable energy business for 2025 will be clarified as the final size of the Taaleri SolarWind III Fund is confirmed. The exits from the Taaleri Wind II and Taaleri Wind III Funds are likely to take place after 2025, thereby affecting the total amount of
Slide 28: Taaleri Q2 2025
28 Taaleri Q2 2025
Slide 29: Further information
The Half-Year Financial Report is found on our website Further information: Head of Investor Relations, Communications and Sustainability Linda Tierala, +358 40 571 7895, linda.tierala@taaleri.com
Slide 30: Attachments
TAALERI Attachments
Slide 31: Taaleri funds under management
Taaleri Wind Fund II Ky 2014 Private equity fund Renewable energy 319 Invested Taaleri Wind Fund III Ky 2016 Private equity fund Renewable energy 52 Invested Taaleri SolarWind I Ky 2016 Private equity fund Renewable energy 167 Invested Taaleri SolarWind II Feeder Fund Ky 2019 Feeder fund Renewable e
Slide 32: Consolidated balance sheet
Non-current assets 226,919 237,282 Equity 203,209 215,332 Tangible assets 1,839 1,842 Share capital 125 125 Intangible assets 575 574 Reserve for invested unrestricted equity 18,831 18,831 Investments accounted for using the equity method 12,560 12,884 Fair value reserve -7,103 -8,407 Investments me
Slide 33: Segment results Q2 2025
Continuing earnings 8,182 6,567 1,615 4 2,256 112 10,553 Performance fees - - - - - - - Investment operations 5 4 -1,216 2,807 31 1,627 Other income 665 598 67 - 19 15 698 Revenue* 8,851 7,169 1,682 -1,213 5,082 158 12,878 Fee and commission expense -1,848 -1,291 -557 - - - -1,848 Personnel costs -2
Slide 34: Segment results Q2 2024
Continuing earnings 6,081 4,774 1,307 62 3,315 565 10,023 Performance fees - - - - - - - Investment operations 4 - 4 -280 1,376 -24 1,075 Other income 733 672 61 1 18 47 799 Revenue* 6,818 5,446 1,372 -218 4,709 588 11,897 Fee and commission expense -1,408 -1,038 -370 -5 - -3 -1,416 Personnel costs