Slide 1: CEO Ilkka Laurila, 29 April 2025
CEO Ilkka Laurila 29 April 2025
Slide 2: Q1 2025 highlights across segments
Continuing earnings of the Private Asset The renewable energy business continued The production plant in Joensuu produced Management segment grew and profitability the fundraising for Taaleri SolarWind III its first batches of torrefied biomass and has improved, boosted by the renewable energy Fund.
Slide 3: Private Asset Management, Investments, Garantia
Private Asset Management Investments Garantia 3 Taaleri Q1 2025
Slide 4: Operating environment: geopolitics, macroeconomics, energy, housing
Geopolitics Electricity prices Wars and crises in Europe Stabilised lower prices Threat of trade war New support mechanisms Energy consumption Regulatory environment Investment appetite Unpredictability Transition towards Slow implementation renewable energy Macroeconomics Emission trading schemes I
Slide 5: Taaleri Q1 2025
Q1 2024: €10.2 million Q1 2024: €17.0 million Q1 2024: €9.6 million 31.12.2024: €2.7 billion Growth in continuing earnings 2.0% Growth in revenue -16.2% Growth in operating profit -27.6% Q1 2024: €0.26 (LTM) (LTM) (LTM) 5 Taaleri Q1 2025
Slide 6: Operating profit bridge Q1 2024 to Q1 2025
The overall result in the first quarter of the year fell below the strong corresponding period, mainly due to lower investment income EUR million 12.0 10.0 9.6 Non-strategic investments: Profits from associated 8.0 companies, change in fair value of Aktia shares 6.0 Direct investments: Fx-changes 4.
Slide 7: Private markets assets under management forecast
USD bn Forecast 5,327 +10% 4,786 Other* 15% 9% 4,525 Venture capital 11% 10% 4,056 Fund of funds 10% 10% 3,555 +12% 3,245 Real estate 5% 9% 2,938 2,678 2,776 Private debt 11% 8% +10% 2,182 Infrastructure 16% 10% 1,841 1,638 Private equity 14% 12% 1,507 1,189 1,274 1,373 879 976 1,073 808 *) Other in
Slide 8: Private Asset Management
TAALERI Private Asset Management
Slide 9: Renewable energy business continuing earnings grew
Continuing earnings 4.9 4.5 8.2% Performance fees - - - Investment operations -0.0 -0.0 53.9% Other income 0.3 0.5 -40.9% Revenue 5.2 5.0 2.5% Personnel costs -1.8 -1.6 9.4% Other costs -1.7 -1.9 -13.7% Operating profit 1.7 1.5 16.0% FTE, at the end of the period 51 48 7.5% Assets under management,
Slide 10: Bioindustry, real estate and other fund businesses
Continuing earnings 1.3 1.5 -10.6% Performance fees - - - Investment operations 0.0 0.0 -92.7% Other income 0.1 0.0 39.0% Revenue 1.4 1.5 -9.6% Personnel costs -1.1 -1.2 -8.2% Other costs -0.6 -0.7 -15.4% Operating profit -0.3 -0.4 -15.8% FTE, at the end of the period 34 38 -10.0% Assets under manag
Slide 11: Private Asset Management Q1 2025
40.0 Growth in continuing earnings 6.9% LTM 16.0 Growth in operating profit 51.7% LTM 40.00% 35.0 14.0 35.00% 30.0 12.0 30.00% 5.3 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% 17.3% 15.0 6.0 15.00% 24.0 24.7 25.0 25.5 25.7 10.0 4.0 7.7 10.00% 7.4 5.1 5.2 5.8 5.0 2.0 5.00%
Slide 12: Investments
TAALERI *) ms) Cc O ‘= ) 0“) Vo) > Cc
Slide 13: Investments: torrefied biomass and direct investments
Continuing earnings 0.0 0.1 -84.5% Performance fees - - - Investment operations -0.6 0.9 n/a Other income - - - Revenue -0.6 0.9 n/a Personnel costs -0.2 -0.1 75.8% Other expenses -0.1 0.1 n/a Operating profit -0.9 0.9 n/a FTE, at the end of the period 2 1 100.0% Direct investments, fair value 36.6
Slide 14: Investments Q1 2025
25.0 20.0 93.4% 100.00% 86.1% 88.2% 84.6% 90.00% 20.0 77.3% 16.0 80.00% 70.00% 15.0 12.0 60.00% 19.2 50.00% 10.0 20.4 8.0 40.00% 13.1 13.5 11.4 12.0 30.00% 12.0 10.2 5.0 4.0 20.00% 7.3 5.8 10.00% 0.0 0.2 0.2 0.2 0.1 0.1 0.0 0.00% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 202
Slide 15: Garantia
TAALERI nal mia la Garant
Slide 16: Garantia insurance service result decreased
Insurance service result 3.2 4.0 -20.6% Net finance income and expense -0.2 -0.1 75.4% Net income from investment operations -0.6 4.8 n/a Other income 0.0 0.0 -99.8% Revenue 2.4 8.7 -72.8% Personnel costs -0.3 -0.2 31.1% Other costs -0.0 -0.0 -17.7% Operating profit 2.1 8.5 -75.3% FTE, at the end of
Slide 17: Garantia investment portfolio and guarantee exposure
Shares and funds Private equity funds Real estate property funds Consumer exposure Debt instruments, fair Corporate exposure EUR m EUR bn value through PL Debt instruments, fair value through OCI Cash and cash equivalents 17
Slide 18: Result and balance sheet
TAALERI Result and balance sheet
Slide 19: Taaleri has four different sources of income
Taaleri has four different sources of income EUR million 140.0 48.4 120.0 -12.4 100.0 26.3 -31.9 80.0 68.8 58.2 3.3 -22.5 -0.6 60.0 4,4 40.0 20.0 0.0 Continuing earnings Performance Garantia's net result Net investment Fee and Personnel costs Other expenses Depreciation and Operating profit and othe
Slide 20: Taaleri Group Q1 2025
100.0 60.0 80.00% 90.0 Growth in continuing earnings 2.0% LTM Growth in operating profit -27.6% LTM 70.00% 80.0 50.0 70.0 53.8% 53.9% 60.00% 52.1% 40.0 46.5% 60.0 44.4% 50.00% 35.5 30.1 28.6 50.0 20.3 22.6 30.0 40.00% 40.0 30.00% 30.0 20.0 39.9 38.0 35.5 28.9 20.00% 20.0 38.7 39.4 39.7 40.4 39.5 26.
Slide 21: Group equity EUR 215.2 million, equity ratio 74.0%
At the end of the review period, Taaleri Group’s equity was EUR 215.2 million. Group’s equity ratio strengthened to 74.0%. 31.12.2024: €36.1 million 31.12.2024: €154.6 million 31.12.2024: €291.9 million 31.12.2024: €215.3 million Garantia’s investment portfolio Non-strategic investments Direct inves
Slide 22: Outlook
TAALERI Outlook
Slide 23: 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 and the final exit timings for the Taaleri Wind II and Taaleri Wind III Funds become clear. The operating profit for 2025 will depend, among other fac
Slide 24: Taaleri Q1 2025
24 Taaleri Q1 2025
Slide 25: Interim Statement and further information
The Interim Statement 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 26: Attachments
TAALERI Attachments
Slide 27: Group revenue and operating profit bridge
Taaleri Group’s revenue was EUR 8.6 million in the first quarter of the year, falling by 49.5% from the corresponding period’s EUR 17.0 million. Operating profit was EUR 0.5 million, resulting in a modest operating profit margin of 5.3%. EUR million 12.0 10.0 3.0 8.0 -1.2 6.8 0.0 -1.4 6.0 4,4 4.0 2.
Slide 28: Group income statement
The overall result in the first quarter of the year fell below the strong corresponding period, mainly due to lower investment income. The key underlying factor was the recent market turbulence. Continuing earnings 9,297 10,216 -9.0% 40,378 Performance fees - - - 1,845 Investment operations -1,180 6
Slide 29: Taaleri funds and assets 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 171 Invested Taaleri SolarWind II Feeder Fund Ky 2019 Feeder fund Renewable e
Slide 30: Consolidated balance sheet
Non-current assets 221,989 237,282 Equity 215,226 215,332 Tangible assets 2,072 1,842 Share capital 125 125 Intangible assets 582 574 Reserve for invested unrestricted equity 18,831 18,831 Investments accounted for using the equity method 12,667 12,884 Fair value reserve -7,527 -8,407 Investments me
Slide 31: Segment results Q1 2025
Continuing earnings 6,209 4,903 1,306 8 3,004 75 9,297 Performance fees - - - - - - - Investment operations -5 -6 -634 -636 95 -1,180 Other income 328 276 52 - 168 496 Revenue* 6,532 5,173 1,359 -626 2,368 339 8,613 Fee and commission expense -1,381 -1,038 -342 - - -6 -1,386 Personnel costs -2,862 -
Slide 32: Segment results Q1 2024
Continuing earnings 5,993 4,533 1,461 52 3,903 268 10,216 Performance fees - - - - - - - Investment operations 1 -4 5 878 4,789 595 6,264 Other income 554 517 37 - 10 - 564 Revenue* 6,549 5,046 1,503 930 8,702 863 17,044 Fee and commission expense -1,485 -1,062 -423 -13 - -2 -1,500 Personnel costs -
Slide 33: Continuing earnings are developing steadily
Continuing earnings are developing steadily 24.0 20.0 80.0 % 67.9% 70.0 % 19.0 15.0 56.2% 60.0 % 11.9 9.6 47.0% 50.0 % 14.0 6.8 10.0 36.9% 40.0 % 1.9 9.0 30.0 % 14.7 5.0 9.6 9.4 20.0 % 10.2 10.0 9.7 10.4 9.3 4.0 4.4 5.3% 10.0 % 0.5 -0.7 0.0 0.0 % -1.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024
Slide 34: Continuing earnings are developing steadily
Continuing earnings are developing steadily 10.0 3.5 32.3% 35.00% 9.0 31.4% 2.3 3.0 30.00% 8.0 7.0 2.5 25.00% 0.6 0.7 0.3 0.3 21.4% 6.0 2.0 17.5% 20.00% 5.0 16.8% 4.0 1.5 3.1 15.00% 7.2 3.0 6.0 6.1 6.2 6.2 1.2 1.0 1.1 2.1 10.00% 2.0 1.4 0.5 5.00% 1.0 0.0 0.0 0.00% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1