Slide 1: Taaleri Interim Statement Q1 2026
Taaleri Interim Statement Q1 2026 CEO Ilkka Laurila 29 April 2026 CFO Lauri Lipsanen
Slide 2: Q1 highlights
INTERIM STATEMENT Q1 2026 Q1 highlights Continuing earnings grew 13% Operating profit improved Garantia’s performance remained significantly strong Group’s continuing earnings increased to Operating profit increased to €2.1m The insurance service result increased by €10.5m (+12.6%), driven by Garant
Slide 3: Progress of strategic priorities in 2026
INTERIM STATEMENT Q1 2026 Progress of strategic priorities in 2026 Capture Garantia’s growth Expansion of private asset Attractive return on potential management development capital • Continued growth of insurance revenue • Expansion into Venture Capital • Establishment of a Private Credit business
Slide 4: Our offering is specialised compared to the total private asset universe
Our offering is specialised compared to the total private asset universe Growth through the expansion of the offering to adjacent sectors and products Venture Growth Private equity capital Growth Thematic: Bioindustry Buyout Secondaries Value-add to core Infrastructure Opportunistic Thematic: Core M
Slide 5: Nordic Science Investments in a nutshell
INTERIM STATEMENT Q1 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 science-bas
Slide 6: Expansion into Nordic private credit
INTERIM STATEMENT Q1 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 management, as we
Slide 7: Key figures
INTERIM STATEMENT Q1 2026 Key figures Continuing earnings Revenue Operating profit Investments at fair value Q1 2026 Q1 2026 Q1 2026 31 Mar 2026 €10.5m €12.6m €2.1m €226.3m Q1 2025: €9.3m Q1 2025: €8.6m Q1 2025: €0.5m 31 Dec 2025: €234.9m Continuing earnings Revenue Operating profit Operating profit
Slide 8: Garantia
Garantia 29 April 2026
Slide 9: Garantia continued its strong performance
INTERIM STATEMENT Q1 2026 Q1 2026 Insurance service Net investment Garantia continued its result income in PL €3.8m €0.8m strong performance (Q1 2025: €3.2m) (Q1 2025: -€0.6m) Total net income from Net investment • Insurance service result increased by 20.8% from the investment operations income in
Slide 10: Garantia's guarantee insurance and investment portfolio 31 March 2026
INTERIM STATEMENT Q1 2026 Garantia’s guarantee insurance and investment portfolio 31 March 2026 The guarantee insurance portfolio remained at the same level as at the end of last year Guarantee insurance portfolio split (31 Mar 2026) Investment portfolio split (31 Mar 2026) 0% Shares and funds 16% 2
Slide 11: Private Asset Management
Private Asset Management 29 April 2026
Slide 12: Renewable energy: continuing earnings, revenue and operating profit
INTERIM STATEMENT Q1 2026 Q1 2026 Continuing earnings from the renewable energy business grew by 9% due to Taaleri SolarWind III Fund €5.4m Continuing earnings (Q1 2025: €4.9m) • Continuing earnings increased following the final close of the Taaleri SolarWind III Fund €7.1m Revenue (Q1 2025: €5.2m)
Slide 13: Other private asset management results
INTERIM STATEMENT Q1 2026 Q1 2026 Other private asset management’s continuing earnings developed positively €1.4m Continuing earnings (Q1 2025: €1.3m) Bioindustry • Focus on value creation and the preparation of follow-on and financing rounds for the Taaleri Bioindustry I Fund’s portfolio companies
Slide 14: Investments
TAALERI AP. Investments | / ae 29 April 2026
Slide 15: The net income of the Investments segment declined partly due to write-downs
INTERIM STATEMENT Q1 2026 Q1 2026 The net income of the Changes in fair values Investments segment declined -€0.7m recognised in PL (Q1 2025: -€0.6m) partly due to write-downs • No significant new investments were made during the -€0.6m Revenue (Q1 2025: -€0.6m) review period • Changes in fair value
Slide 16: Investments segment's investments at fair value 31 Mar 2026
INTERIM STATEMENT Q1 2026 Investments segment’s investments at fair value 31 Mar 2026 Investment portfolio split 31 Mar 2026 Other investments 12% Truscott Gilliland East Wind • Development capital investments accounted for 72% 29% of the portfolio at fair value. Fund investments 17% • Fair value ch
Slide 17: Development capital investment highlights
INTERIM STATEMENT Q1 2026 Development capital investment highlights Truscott Gilliland East Wind Key highlights Key highlights Key highlights Key highlights Key highlights • Electricity demand in Texas • The demand for fatty acids • Short-term parking volumes • The online pharmacy sales has • EU mem
Slide 18: Results and balance sheet
Results and balance sheet 29 April 2026
Slide 19: The components of Taaleri's operating profit, Q1 2026
INTERIM STATEMENT Q1 2026 The components of Taaleri’s operating profit, Q1 2026 Continuing earnings create a strong foundation for profitability, while other revenue sources are more fluctuating – interest rate and equity market movements, as well as the impairments on biocoal projects impacted Q1 o
Slide 20: The development of Taaleri's operating profit, Q1 2026 compared to Q1 2025
INTERIM STATEMENT Q1 2026 The development of Taaleri’s operating profit, Q1 2026 compared to Q1 2025 Continuing earnings grew by 12.6% in the first quarter – the net income from investment operations nevertheless exceeded the weak comparison period, and operating profit increased significantly €m 4.
Slide 21: The development of Taaleri's quarterly revenue and operating profit
INTERIM STATEMENT Q1 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% 20.0 70% 16.0 12.9 50% 15.0 4.5 12.0 34.8% 33.9% 2.3 2.1 11.4 30% 17.0% 10.0 8.0 5.3% 10% 12.2 5.0 9.3 10.6 1
Slide 22: The development of Taaleri's revenue and operating profit, 12M
INTERIM STATEMENT Q1 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 9.8% LTM Growth in operating profit -4.4% LTM 70.0 50.0
Slide 23: The development of Garantia segment's revenue and operating profit, 12M
INTERIM STATEMENT Q1 2026 The development of Garantia segment’s revenue and operating profit, 12M Insurance revenue increased and insurance service result developed positively, while investment returns has been volatile due to fluctuations in interest rate and equity markets Insurance service result
Slide 24: The development of Garantia segment's premiums received and combined ratio
INTERIM STATEMENT Q1 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 good level
Slide 25: The development of Garantia segment's ROE at fair value and solvency
INTERIM STATEMENT Q1 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 was paid d
Slide 26: The development of Private Asset Management segment's revenue and operating profit, 12M
INTERIM STATEMENT Q1 2026 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 – however, the write-downs of the receivables related to Joensuu biocoal project weighed on operating profit i
Slide 27: Investments segment's investment portfolio
INTERIM STATEMENT Q1 2026 Investments segment’s investment portfolio Balance Investment Basis of Acquisition Fair sheet Change in Background of the 31.3.2026, €m Year type accounting 1 cost value 2 value Holding fair value 3 fair value change Truscott Gilliland East Wind 2018 Equity FV PL 11.0 19.6
Slide 28: Taaleri Group's balance sheet 31 Mar 2026
INTERIM STATEMENT Q1 2026 Taaleri Group’s balance sheet 31 Mar 2026 Development capital Assets total Net cash* Dividend for 2025, to be paid investments in two instalments (balance sheet value) €43.0m €304.3m €16.2m €0.30 31.12.2025: €43.8m 31.12.2025: €306.0m 31.12.2025: €10.7m Net assets breakdown
Slide 29: Outlook
Outlook 29 April 2026
Slide 30: Outlook for 2026
INTERIM STATEMENT Q1 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 2025 due t
Slide 31: Q & A 29 April 2026
TAALERI 29 April 2026
Slide 32: Appendix
Appendix 29 April 2026
Slide 33: Taaleri's private equity funds
INTERIM STATEMENT Q1 2026 Taaleri’s private equity funds AUM €2.7bn by business area Renewable energy, €m Founded Product AUM Q1 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 5% Taaleri SolarWind
Slide 34: Group balance sheet
INTERIM STATEMENT Q1 2026 Group balance sheet Assets, €k 31.3.2026 31.12.2025 Equity and liabilities, €k 31.3.2026 31.12.2025 Non-current assets 234,116 244,680 Equity 221,393 222,750 Tangible assets 1,286 1,362 Share capital 125 125 Intangible assets 553 560 Reserve for invested unrestricted equity
Slide 35: Taaleri's result Q1 2026
INTERIM STATEMENT Q1 2026 Taaleri’s result Q1 2026 Other Private Asset Renewable private asset €k Management energy management Investments Garantia Other Total Continuing earnings 6,735 5,361 1,373 4 3,665 67 10,471 Performance fees - - - - - - - Investment operations* 15 14 1 -606 826 6 241 Other o
Slide 36: Taaleri's result Q1 2025
INTERIM STATEMENT Q1 2026 Taaleri’s result Q1 2025 Other Private Asset Renewable private asset €k Management energy management Investments Garantia Other Total 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
Slide 37: 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 29 April 2026