Slide 1: Half-Year Financial Report H1 2023
CEO Peter Ramsay CFO Minna Smedsten 16 August 2023
Slide 2: Continuing earnings increased by 11% and net income from investment operations grew
Continuing earnings increased by In connection with the closing, the The bioindustry business continued to 11% and net income from investment fund acquired a project development map potential investees for the Taaleri operations grew to EUR 15.0 million. portfolio developed by Taaleri Bioindustry I
Slide 3: Q2 2023 key figures
• Continuing earnings grew by 11.3% to EUR 9.9 (8.9) million. The Private Asset Management segment’s continuing earnings grew by 16.7% to EUR 5.6 (4.8) million and the Strategic Investments segment’s continuing earnings by 6.0% to EUR 3.5 (3.3) million. • Performance fees were EUR 1.5 (0.0) million,
Slide 4: Continuing earnings and operating profit, FY 2021 to LTM
90.0 45.0 70.00% 80.0 40.0 57.8% 60.00% 70.0 35.0 44.2% 46.3% 50.00% 60.0 37.9 29.0 30.0 50.0 40.00% 22.2 25.0 44.8 40.0 20.0 30.00% 30.8 Long term 30.0 15.0 27.3 target >25% 20.00% 20.0 40.7 36.8 39.6 10.0 10.00% 10.0 5.0 0.0 0.0 0.00% FY 2021 FY 2022 LTM FY 2021 FY 2022 LTM Continuing earnings Oth
Slide 5: Operating profit development in Q2
Taaleri had a good Q2 due to an 11% increase in continuing earnings and a strong net income from investment operations 30.0 25.0 15.0 07 20.0 -4.0 “0.1 | ie -2.7 15.0 10.0 35 1.2 | | 50 41 | | 0.0 : | Net continuing Net Garantia's income _Net investment Other income Personnel costs Depreciation and
Slide 6: Development of Taaleri's operating profit, 12M
The development of Taaleri’s operating profit, 12M 700 175 — 600 50.0 15.2 -15.1 -0.1 44.8 9.2 40.0 18.2 300 20.0 16.0 10.0 00 Net continuing Net Garantia's income Net investment Other income Personnel costs Depreciation and Other expenses Operating profit earnings of performance from insurance oper
Slide 7: Private Asset Management
TAALERI Private Asset Management
Slide 8: Renewable energy business continued fundraising for SolarWind III Fund
• The renewable energy business continued fundraising for the Taaleri SolarWind III Fund, which held a technical first closing at the end of the review period. The actual first closing was held after the review period at the beginning of July, by which time EUR 286 million had been raised for the fu
Slide 9: Real estate and bioindustry business updates
• The real estate business focused on the active development of new investment products. In addition, the business continued the preparations to exit funds at the end of their lifecycle and successfully implemented the sale of Taaleri Forest Fund III and its forest estate portfolio. • The bioindustr
Slide 10: Private Asset Management quarterly earnings and operating profit
60.0 30.0 60.00% 52.2% 50.0 25.0 43.8% 50.00% 42.0% 40.0 30.6 20.0 40.00% 34.2% 21.9 21.1 30.0 19.4 15.0 30.00% 11.6 27.5 20.4% 20.0 10.0 20.00% 18.6 17.8 13.6 10.0 20.0 20.5 20.7 21.4 22.2 5.0 10.00% 6.4 0.0 0.0 0.00% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 C
Slide 11: Funds and assets under management
Taaleri Wind Fund II Ky 2014 Private equity fund Renewable energy Invested Taaleri Wind Fund III Ky 2016 Private equity fund Renewable energy Invested Taaleri SolarWind I Ky 2016 Private equity fund Renewable energy Invested 6% Taaleri SolarWind II Feeder Fund Ky 2019 Feeder fund Renewable energy In
Slide 12: a Lu = og <x -
a Lu = og <x -
Slide 13: Garantia's insurance service result and income
• Garantia’s insurance service result grew by 1.2% to EUR 3.5 (3.4) million. (-0.6) MEUR (-0.8) MEUR (-7.2%) • Insurance revenue grew as a result of increased volume and change in the product mix of the guaranty insurance portfolio. Insurance service expenses on the other hand grew due to increases
Slide 14: Other
TAALERI Other
Slide 15: Other group and non-strategic investments
• The group entitled Other is used to present the Group’s non-strategic investments, Taaleri Kapitaali and Group operations not included in the business segments. • The income of the Other group totalled EUR 4.8 (7.1) million, consisting of continuing earnings of EUR 0.7 (0.7) million and net income
Slide 16: Result and balance sheet
TAALERI Result a balanc® sheet ~~ .)
Slide 17: Q2 2023 result by segment
Exits during the review period and strong other net income from investment activities increased Group’s income. Operating profit was strong in in all business segments. Continuing earnings 5,643 3,976 1,667 3,491 727 9,860 Performance fees 1,494 - 1,494 - - 1,494 Investment operations 8,951 8,943 8
Slide 18: Group's continuing earnings grew by 17.1% in the first half
The Group’s continuing earnings grew by 17.1% in the first half of the year and the Group’s income doubled to EUR 35.6 million. Continuing earnings 9,860 8,862 11.3% 19,699 16,819 17.1% 36,770 Performance fees 1,494 - 100.0% 1,494 500 >100.0% 19,365 Investment operations 14,955 2,285 >100.0% 14,367
Slide 19: Operating profit excluding net income from investment operations
The Group’s operating profit excluding net income from investment operations was EUR 2.8 (0.5) million, corresponding to 24.7% (6.0) of income excluding investment operations. Q2 2022: €8.9 million Q2 2022: €0.5 million Q2 2022: €2.8 million 31.12.2022: €2.5 billion H1 2022: €16.8 million H1 2022: €
Slide 20: Balance sheet and investments
31.12.2022: €28.4 million 31.12.2022: €152.5 million 31.12.2022: €299.9 million 31.12.2022: €200.5 million Other assets Cash and cash equivalents Garantia’s investment portfolio Private Asset Management 31.12.2022: €25.2 million 31.12.2022: €46.8 million segment’s investments Non-strategic investmen
Slide 21: a Lu = og <x -
a Lu = og <x -
Slide 22: Taaleri's second quarter was strong by many measures
• Taaleri’s second quarter of the year was strong by many measures. Continuing earnings increased by 11% and net income from investment operations grew to EUR 15.0 million. Our operating profit was EUR 17.8 million, corresponding to a profit margin of 67%. • Renewable energy business raised EUR 286
Slide 23: Outlook: SolarWind III fundraising and business focus
• The renewable energy business will continue the fundraising for Taaleri SolarWind III Fund. With a significant number of investors in active due diligence, we expect that there will be continued strong demand in future closings. Our goal is to raise EUR 700 million from investors for the Taaleri S
Slide 24: Further information
The Half-Year Financial Report is found on our website Further information: Head of Investor Relations, Sustainability and Communications Siri Markula, siri.markula@taaleri.com, +358 40 743 2177
Slide 25: Attachments
TAALERI Attachments
Slide 26: Strategic Investments balance sheet items
31,138 46,817 Cash at bank at the end of June EUR 31.1 Receivables from credit institutions million. In April, a dividend of EUR 19.8 Receivables from the public and general government 6,013 6,243 million was paid to owners of the parent Shares and units 43,354 44,462 company. Participating interest
Slide 27: Q2 2022 result by segment
Continuing earnings 4,834 3,568 1,266 3,293 735 8,862 Performance fees - - - - - - Investment operations 961 774 188 -5,075 6,399 2,285 Income* 5,795 4,341 1,454 -1,782 7,133 11,147 Fee and commission expense -1,699 -1,250 -449 - -75 -1,774 Personnel costs -2,940 -1,691 -1,249 -129 -638 -3,707 Direc