Slide 1: Interim Statement Q1 2023
CEO Peter Ramsay CFO Minna Smedsten 3 May 2023
Slide 2: Both private asset management and Garantia developed well during the first quarter
Both the private asset management The fund will be based on a project The investee is Nordic Bioproducts business and Garantia’s guaranty development portfolio compiled Group, a company producing insurance operations developed by Taaleri Energia, which already cellulose-based materials with a high w
Slide 3: Q1 2023 key figures
• Continuing earnings grew by 23.6% to EUR 9.8 (8.0) million. The Private Asset Management segment’s continuing earnings grew by 13.8% to EUR 5.6 (4.9) million and the Strategic Investments segment’s continuing earnings by 52.2% to EUR 3.9 (2.5) million. • Performance fees were EUR 0.0 (0.5) million
Slide 4: Continuing earnings and operating profit
80.0 40.0 60.00% 70.0 35.0 48.0% 46.3% 50.00% 60.0 44.2% 29.0 30.0 50.0 23.7 40.00% 22.2 25.0 40.0 20.0 30.00% Long term 30.0 15.0 30.8 target >25% 29.9 27.3 20.00% 20.0 40.7 38.7 10.0 36.8 10.00% 10.0 5.0 0.0 0.0 0.00% FY 2021 FY 2022 LTM FY 2021 FY 2022 LTM Continuing earnings Other than continuin
Slide 5: Continuing earnings grew by 23.6%, fair value changes weighed on operating profit
Qi: Continuing earnings grew by 23.6%, but fair value changes of investment operations weighed on the operating profit 10.0 9.0 8.0 3.9 04 70 -0.6 60 5.0 40 0.0 40 3.0 43 0.0 1.0 18 | Ef 0.0 Net continuing Net Garantia's income Net investment Other income Personnel costs Depreciation and Other expen
Slide 6: The development of Taaleri's operating profit, 12M
The development of Taaleri’s operating profit, 12M 70.0 60.0 2.2 49 a 40.0 —<—<—- 14.8 “04 16.9 29.9 30.0 -9.0 20.0 15.1 10.0 0.0 Net continuing Net Garantia's income Net investment Other income Personnel costs Depreciation and Other expenses Operating profit earnings of performance from insurance o
Slide 7: Private Asset Management
TAALERI Private Asset
Slide 8: Renewable energy business and Taaleri SolarWind III fundraising
• The renewable energy business continued fundraising for the Taaleri SolarWind III fund, which is classified as a dark green fund under Article 9 of the EU’s Sustainable Finance Disclosure Regulation. The fund’s first closing is expected to take place in the second quarter. The fund will be based o
Slide 9: Real estate and bioindustry businesses
• The real estate business focused on the active development of new investment products. In addition, preparations for the exit of old funds and the identification of potential new acquisition targets continued during the review period. • The first fund of the bioindustry business, Taaleri Bioindust
Slide 10: Private Asset Management quarterly earnings and operating profit
45.0 20.0 43.8% 50.00% 40.0 42.0% 18.0 45.00% 35.0 16.0 40.00% 21.9 21.1 34.2% 30.0 19.4 14.0 35.00% 25.0 10.4 11.6 12.0 30.00% 10.0 22.5% 25.00% 20.0 20.4% 18.6 17.8 8.0 20.00% 15.0 13.6 6.0 15.00% 10.0 20.8 20.0 20.5 20.7 21.4 4.0 10.00% 7.0 6.4 5.0 2.0 5.00% 0.0 0.0 0.00% Q1 2022 Q2 2022 Q3 2022
Slide 11: Assets under management by fund
Taaleri SolarWind II 2019 Private equity fund Renewable energy Investing period Taaleri Wind Fund II Ky 2014 Private equity fund Renewable energy Invested Taaleri Wind Fund III Ky 2016 Private equity fund Renewable energy Invested 6% Taaleri SolarWind I Ky 2016 Private equity fund Renewable energy I
Slide 12: Garantia
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Slide 13: Garantia insurance service result grew by 43.8%
• Insurance service result grew by 43.8% to EUR 3.8 (2.7) million in the (0.2) MEUR (-0.0) MEUR (-4.4%) reporting period, and it was lifted by increased insurance revenue and a decrease in insurance service expenses. • The growth in insurance revenue was a result of the growth in guaranty insurance
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 -0.1 (1.7) million, consisting of continuing earnings of EUR 0.4 (0.5) million and net incom
Slide 16: Result and balance sheet
TAALERI Result a balanc® sheet ~~ .)
Slide 17: Changes in fair value weighed on income and operating profit
Changes in the fair value of investment activities weighed on income and operating profit. The Group’s operating profit excluding net income from investment operations was EUR 2.1 (1.6) million, corresponding to 21.8% (18.7) of income excluding investment operations. Continuing earnings 5,550 3,938
Slide 18: Group income statement
Continuing earnings 9,839 7,958 23.6% 36,770 41,049 Performance fees - 500 -100.0% 19,365 19,365 Investment operations -587 -2,635 -77.7% 2,812 2,811 Income* 9,252 5,823 58.9% 58,947 63,226 Fee and commission expense -1,561 -1,712 -8.8% -8,689 -8,876 Personnel costs -4,309 -3,540 21.7% -14,033
Slide 19: 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 20: Outlook
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Slide 21: Summary of the first quarter
• Taaleri’s continuing earnings increased by 23.6% to EUR 9.8 million. Both the private asset management business and Garantia’s guaranty insurance operations developed well during the first quarter. • The renewable energy business continued to raise funds for its sixth fund, Taaleri SolarWind III.
Slide 22: Outlook and focus areas
• The renewable energy business will continue the fundraising for Taaleri SolarWind III fund and the first closing is expected to take place in the second quarter. • The bioindustry business continues the investment activities and fundraising of Taaleri Bioindustry I fund and prepares its new fund.
Slide 23: Further information
The Interim Statement 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 24: Attachments
TAALERI Attachments
Slide 25: Garantia balance sheet and investments
52,405 46,817 Cash at bank at the end of March EUR 52.4 Receivables from credit institutions million, of which dividend of EUR 19.8 Receivables from the public and general government 7,756 6,243 million was paid in April. Shares and units 48,814 44,462 Participating interests 3,396 3,708 Insurance a
Slide 26: Segment income statement Q1 2022
Continuing earnings 4,878 3,524 1,354 2,545 534 7,958 Performance fees 500 - 500 - - 500 Investment operations -58 285 -343 -3,699 1,122 -2,635 Income* 5,320 3,809 1,511 -1,153 1,657 5,823 Fee and commission expense -1,638 -1,029 -609 - -74 -1,712 Personnel costs -2,630 -1,511 -1,118 -175 -735 -3,54