Taaleri Plc · OMXHEX:TAALA
Taaleri — Q2 2026 Earnings Presentation
41 slides from Taaleri's earnings presentation, Aug 12, 2026
Slide 1: Taaleri Half-Year Financial Report Q2 2026
Taaleri Half-Year Financial Report Q2 2026 CEO Ilkka Laurila 12 August 2026 CFO Lauri Lipsanen
Slide 2: Q2 highlights
HALF-YEAR FINANCIAL REPORT Q2 2026 Q2 highlights Growth in RMG and corporate Net income from investment Private Asset Management guarantees operations was strong progressed according to plan Garantia’s guarantee insurance portfolio and Garantia’s investment returns were very In the renewable energy
Slide 3: Progress of strategic priorities in 2026
HALF-YEAR FINANCIAL REPORT Q2 2026 Progress of strategic priorities in 2026 Capture Garantia’s growth Expansion of private asset Attractive return on potential management development capital • Growth in the utilisation rate of • Completion of the acquisition of a • Follow-on investment in Fintoil (a
Slide 4: Nordic Science Investments in a nutshell
HALF-YEAR FINANCIAL REPORT Q2 2026 Nordic Science Investments in a nutshell Taaleri acquires 51% of Nordic Science Investments (NSI) to develop a scalable platform and leverage international growth potential NSI • NSI is a Nordic venture capital manager with a focus on early- stage investments in sc
Slide 5: Expansion into Nordic private credit
HALF-YEAR FINANCIAL REPORT Q2 2026 Expansion into Nordic private credit Taaleri is establishing a new private credit business, primarily focused on direct lending to small and medium-sized enterprises in the Nordic countries and other neighbouring markets • Synergies in fundraising and fund manageme
Slide 6: Key figures
HALF-YEAR FINANCIAL REPORT Q2 2026 Key figures Continuing earnings Revenue Operating profit Investments at fair value Q2 2026 Q2 2026 Q2 2026 30 Jun 2026 €9.8m €13.2m €4.4m €236.1m Q2 2025: €10.6m Q2 2025: €12.9m Q2 2025: €4.5m 31 Dec 2025: €234.9m Continuing earnings Revenue Operating profit Operat
Slide 7: Garantia
Garantia 12 August 2026
Slide 8: Garantia continued its strong performance
HALF-YEAR FINANCIAL REPORT Q2 2026 Q2 2026 Insurance service Net investment Garantia continued its result income in PL €3.0m €7.3m strong performance (Q2 2025: €2.4m) (Q2 2025: €2.8m) Total net income from Net investment • Insurance service result increased by 26.5% from the investment operations in
Slide 9: Garantia's guarantee insurance and investment portfolio 30 Jun 2026
HALF-YEAR FINANCIAL REPORT Q2 2026 Garantia’s guarantee insurance and investment portfolio 30 Jun 2026 The guarantee insurance portfolio expanded Guarantee insurance portfolio split (30 Jun 2026) Investment portfolio split (30 Jun 2026) 1% Shares and funds 17% 26% Private equity funds Real estate fu
Slide 10: Private Asset Management
Private Asset Management 12 August 2026
Slide 11: Renewable energy business results
HALF-YEAR FINANCIAL REPORT Q2 2026 Q2 2026 Continuing earnings from the renewable energy business decreased due to retroactive fees in the comparison period €5.3m Continuing earnings (Q2 2025: €6.6m) • Operations focused on the active fund management and investment activities. Taaleri SolarWind III
Slide 12: Other private asset management results
HALF-YEAR FINANCIAL REPORT Q2 2026 Q2 2026 NSI consolidated into Other private asset management in May €1.5m Continuing earnings (Q2 2025: €1.6m) Bioindustry • Focus on value creation and the preparation of follow-on and financing rounds for the Taaleri Bioindustry I Fund’s portfolio companies. €1.6
Slide 13: Investments
TAALERI AP. Investments | / ae 12 August 2026
Slide 14: Fair value of investments €67m; follow-ons executed after the review period
HALF-YEAR FINANCIAL REPORT Q2 2026 Q2 2026 Fair value of investments €67m; Changes in fair values follow-ons executed after the -€2.9m recognised in PL (Q2 2025: -€1.2m) review period • The largest individual negative fair value change was -€2.8m Revenue (Q2 2025: -€1.2m) recognised in the Truscott
Slide 15: Investments segment's investments at fair value 30 Jun 2026
HALF-YEAR FINANCIAL REPORT Q2 2026 Investments segment’s investments at fair value 30 Jun 2026 Investment portfolio split 30 Jun 2026 Other investments 11% Truscott Gilliland East Wind • Development capital investments accounted for 70% 26% of the portfolio at fair value. Fund investments 18% • The
Slide 16: Development capital investment highlights
HALF-YEAR FINANCIAL REPORT Q2 2026 Development capital investment highlights Truscott Gilliland East Wind Key highlights Key highlights Key highlights Key highlights Key highlights • Electricity demand in Texas • Q2 2026 gross revenue was • Parking volumes have • The online pharmacy sales • German B
Slide 17: Results and balance sheet
Results and balance sheet 12 August 2026
Slide 18: The components of Taaleri's operating profit, Q2 2026
HALF-YEAR FINANCIAL REPORT Q2 2026 The components of Taaleri’s operating profit, Q2 2026 Continuing earnings create a strong foundation for profitability, while other revenue sources are more fluctuating – the impairment of the performance fee related to the Taaleri SolarWind I Fund weighed on Q2 op
Slide 19: The development of Taaleri's operating profit, H1 2026 compared to H1 2025
HALF-YEAR FINANCIAL REPORT Q2 2026 The development of Taaleri’s operating profit, H1 2026 compared to H1 2025 Continuing earnings grew by 2.2% from the comparison period, supported by Garantia. Continuing earnings in the comparison period included €1.6m of retrospective management fees related to th
Slide 20: The development of Taaleri's quarterly revenue and operating profit
HALF-YEAR FINANCIAL REPORT Q2 2026 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% 66.6% 70% 20.0 16.0 50% 12.9 12.0 34.8% 33.9% 33.5% 15.0 4.5 11.4 30% 17.0% 2.3 2.1 3.4 8.0 10.0 10% 4.0 1
Slide 21: The development of Taaleri's revenue and operating profit, 12M
HALF-YEAR FINANCIAL REPORT Q2 2026 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 6.5% LTM Growth in operating profit from cont.
Slide 22: Garantia segment's revenue and operating profit, 12M
HALF-YEAR FINANCIAL REPORT Q2 2026 The development of Garantia segment’s revenue and operating profit, 12M Insurance revenue increased and insurance service result developed positively – net income from investment operations was strong, primarily driven by the recovery in equity markets following th
Slide 23: Garantia segment's premiums received and combined ratio
HALF-YEAR FINANCIAL REPORT Q2 2026 The development of Garantia segment’s premiums received and combined ratio The growth in premiums received is reflected in Garantia’s insurance revenue with a delay due to IFRS accounting principles – the profitability of the insurance business has remained at a go
Slide 24: Garantia segment's ROE at fair value and solvency
HALF-YEAR FINANCIAL REPORT Q2 2026 The development of Garantia segment’s ROE at fair value and solvency Garantia’s ROE at fair value is at an excellent level and solvency has remained strong – Garantia’s dividend to the parent company Taaleri Plc for the financial year 2025 is €18m, of which €9.0m w
Slide 25: Private Asset Management segment's revenue and operating profit, 12M
HALF-YEAR FINANCIAL REPORT Q2 2026 The development of Private Asset Management segment’s revenue and operating profit, 12M The business has scaled in parallel with the growth in continuing earnings, but the reversal of Taaleri SolarWind I performance fee and write-downs of the Joensuu biocoal projec
Slide 26: Investments segment's investment portfolio
HALF-YEAR FINANCIAL REPORT Q2 2026 Investments segment’s investment portfolio Balance Investment Basis of Acquisition Fair sheet Change in Background of the 30.6.2026, €m Year type accounting 1 cost value 2 value Holding fair value 3 fair value change Truscott Gilliland East Wind 2018 Equity FV PL 1
Slide 27: Taaleri Group's balance sheet 30 June 2026
HALF-YEAR FINANCIAL REPORT Q2 2026 Taaleri Group’s balance sheet 30 June 2026 Assets total Net cash* Dividend for 2025 Net assets breakdown as per €304.1m €15.4m €0.30 30 June 2026 15 Net cash* 16 NWC 31.12.2025: €306.0m 31.12.2025: €10.7m Second instalment (€0.15) to be paid in October 226 Investme
Slide 28: Outlook
Outlook 12 August 2026
Slide 29: Outlook for 2026
HALF-YEAR FINANCIAL REPORT Q2 2026 Outlook for 2026 Private Asset Management Garantia The renewable energy business’s continuing Garantia’s insurance revenue is expected to grow in 2026, earnings for 2026 are expected to decline compared and profitability of the insurance operations is expected to 2
Slide 30: Taaleri invests €30m in Fintoil as part of Fintoil's €105m financing round
HALF-YEAR FINANCIAL REPORT Q2 2026 Taaleri invests €30m in Fintoil as part of Fintoil’s €105m financing round Taaleri commits €30m of equity to Fintoil’s €105m financing round after the end of the review period €30m ~35% ~€2.5m Q3 2026 Total Taaleri equity Taaleri ownership of Fintoil Performance an
Slide 31: Ari-Pekka Määttänen, CEO, Fintoil Hamina Oy
Ari-Pekka Määttänen CEO, Fintoil Hamina Oy
Slide 32: Most modern crude tall oil refinery in the world
Most modern crude tall oil refinery in the world State-of-the-art refinery flexibly serving a wide range of customers Operations Turpentine Flexible, cost-efficient production of different products Fatty acid Located near leading pulp & biofuels producers Pipeline for loading/off-loading ocean-going
Slide 33: Fintoil in a nutshell
€m Gross revenue 200 Fintoil in a nutshell +23.0% 150 +43.0% N/A +14.8% 100 50 0 A drop of future 2023 2024 2025 LTM • Leading biofuel and biochemical feedstock producer with ~10% global crude tall oil fractionation capacity (200 ktpa at Port of HaminaKotka) Gross revenue / geography (2025) Other •
Slide 34: Fintoil strategic milestones
Fintoil strategic milestones Market and feedstock Differentiation stage 2027 → Optimisation stage • Develop the offering towards Start-up stage 2026–27 more value-added products 2022–24 • Right market & customer mix • Adaptation to the changing • Off-take • Right geographical footprint market enviro
Slide 35: Q & A
TAALERI 12 August 2026
Slide 36: Appendix
Appendix 12 August 2026
Slide 37: Taaleri's private equity funds
HALF-YEAR FINANCIAL REPORT Q2 2026 Taaleri’s private equity funds AUM €2.7bn by business area Renewable energy, €m Founded Product AUM Q2 2026 Stage of the fund Taaleri Wind Fund II Ky 2014 Private equity fund 319 Invested 4% Taaleri Wind Fund III Ky 2016 Private equity fund 52 Invested 2% Taaleri S
Slide 38: Group balance sheet
HALF-YEAR FINANCIAL REPORT Q2 2026 Group balance sheet Assets, €k 30.6.2026 31.12.2025 Equity and liabilities, €k 30.6.2026 31.12.2025 Non-current assets 245,693 244,680 Equity 214,731 222,750 Tangible assets 1,742 1,362 Share capital 125 125 Intangible assets 2,601 560 Reserve for invested unrestri
Slide 39: Taaleri's result Q2 2026
HALF-YEAR FINANCIAL REPORT Q2 2026 Taaleri’s result Q2 2026 Other Private Asset Renewable private asset €k Management energy management Investments Garantia Other Total Continuing earnings 6,843 5,339 1,503 4 2,815 148 9,809 Performance fees -1,725 -1,725 - - - - -1,725 Investment operations* 46 54
Slide 40: Taaleri's result Q2 2025
HALF-YEAR FINANCIAL REPORT Q2 2026 Taaleri’s result Q2 2025 Other Private Asset Renewable private asset €k Management energy management Investments Garantia Other Total 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
Slide 41: 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 12 August 2026