Slide 1: Taaleri H1 2024 results, CEO Peter Ramsay and CFO Ilkka Laurila
CEO Peter Ramsay CFO Ilkka Laurila 20 August 2024
Slide 2: Taaleri Q2 2024
Q2 2023: €9.9 million Q2 2023: €26.3 million Q2 2023: €17.8 million 31.12.2023: €2.6 billion Growth in continuing earnings 2.3% Growth in income -23.0% Growth in operating profit -40.8% 85% of the assets under management by (LTM) (LTM) (LTM) Taaleri are sustainable fund products classified in accord
Slide 3: Continuing earnings grew by 3% to EUR 10.1 million in the second quarter
Taaleri Group’s continuing earnings grew by The renewable energy business continued Taaleri Bioindustry I Fund made its fourth 3% to EUR 10.1 million in the second quarter, the fundraising for Taaleri SolarWind III investment, and the venture capital fund especially due to the development of the Fun
Slide 4: Change in the composition of reportable segments
• On 7 August 2024, Taaleri announced that it had changed the composition of its reportable segments by transferring its shareholding in Aktia Bank Plc from the Strategic Investments segment to the Other group. • As of the reporting period beginning on 1 April 2024, the former Strategic Investments
Slide 5: Private Asset Management
TAALERI -« _— . = -- Private * ® ~ Asset “S “a | Managem ent;
Slide 6: Renewable energy business continued SolarWind III fundraising
• During the second quarter, the renewable energy business continued the fundraising for Taaleri SolarWind III Fund and the active development of the fund’s project development portfolio. Investors launched new due diligence processes during the second quarter. • By the end of the review period, con
Slide 7: Real estate and bioindustry businesses progressed new products and investments
• The real estate business continued the structuring of new products and investment activities in line with its updated strategy. • The Taaleri Bioindustry I Fund made its fourth investment in eniferBio. Fundraising preparations for the new venture capital fund continued and fundraising will commenc
Slide 8: Globally 6% less private capital raised in H1 2024
• Globally, 6% less private capital has been raised in H1 2024 compared to the first half of last year. $bn % 1,600 5 • The European Central Bank started interest rate cuts as expected in the summer, and the first rate 1,400 4 cuts by the Federal Reserve are being priced in 1,200 for autumn. 1,000 3
Slide 9: Garantia
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Slide 10: Garantia's insurance service result remained at EUR 3.5 million
• Garantia’s insurance service result remained at the corresponding period’s level at EUR 3.5 million. Insurance revenue decreased slightly, and insurance service expenses remained at the level of the comparison 60 55% period. The combined ratio improved to 26.5%. 50 • Garantia’s net income from inv
Slide 11: Risk level of investment activities moderately increased
• The risk level of investment 9% activities was moderately 20% increased in the first half of the year by increasing allocation into equity index funds and by extending the duration of fixed-income investments. • The majority of fixed- income investments are placed in bonds issued by creditworthy N
Slide 12: Other
TAALERI Other
Slide 13: Aktia Bank shareholdings transferred to non-strategic investments
• The shareholdings in Aktia Bank Plc were transferred to non-strategic investments as of 1 April 2024 and during the review period, EUR 1.4 million in shares were sold. As of 30 June 2024, Taaleri’s non-strategic investments totalled EUR 26.1 (31 December 2023: 35.5) million. • The net income from
Slide 14: Result and balance sheet
TAALERI Result a balanc® sheet ~~ .)
Slide 15: Group continuing earnings grew by 3% to EUR 10.1 million
Taaleri Group’s continuing earnings grew by 3% to EUR 10.1 million in the second quarter, especially due to the development of the renewable energy business. Income was EUR 11.9 million, down from the corresponding period as a result of lower returns on investment operations. The operating profit ma
Slide 16: Continuing earnings grew and profitability remained good
Taaleri’s continuing earnings grew and profitability remained on a good level in the second quarter of the year EUR million 4.4 4,4 16 Taaleri Q2 2024
Slide 17: Stable income development from four different sources
Stable income development from four different sources EUR million 71.4 4,4 17 Taaleri Q2 2024
Slide 18: Continuing earnings are developing steadily
Continuing earnings are developing steadily 30.0 20.0 80.0 % 67.5% 25.0 70.0 % 15.0 56.2% 60.0 % 20.0 16.4 43.5% 50.0 % 38.9% 15.0 10.0 36.9% 40.0 % 7.8 6.8 17.8 2.8 1.8 30.0 % 10.0 5.0 9.6 20.0 % 5.0 9.9 10.3 9.9 10.3 10.1 6.9 5.7 10.0 % 4.4 0.0 0.0 0.0 % Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q2
Slide 19: Continuing earnings are developing steadily
Continuing earnings are developing steadily 18.0 10.0 55.9% 60.00% 16.0 9.0 14.0 50.00% 8.0 12.0 7.0 40.00% 10.4 10.0 6.0 32.3% 31.7% 6.0 8.0 5.0 30.00% 1.9 9.0 4.0 6.0 0.8 0.4 20.00% 3.0 4.0 6.5 6.7 5.9 6.1 2.0 4.0 7.0% 5.6 4.8% 10.00% 2.0 2.7 1.0 0.0 0.0 0.5 0.3 0.00% Q2 2023 Q3 2023 Q4 2023 Q1 20
Slide 20: Taaleri Q2 2024
100.0 60.0 80.00% 90.0 Growth in continuing earnings 2.3% LTM Growth in operating profit -40.8% LTM 57.8% 70.00% 80.0 50.0 70.0 53.8% 60.00% 40.0 49.7% 48.1% 60.0 37.9 44.4% 50.00% 33.8 24.3 26.5 50.0 19.2 30.0 40.00% 40.0 44.8 30.00% 30.0 20.0 39.9 32.2 31.9 20.00% 20.0 39.6 40.6 39.9 40.3 40.6 26.
Slide 21: Taaleri Q2 2024
70.0 Growth in continuing earnings 13.3% LTM 40.0 Growth in income -72.8% LTM 70.00% 60.0 35.0 52.2% 60.00% 50.0 30.0 47.9% 50.00% 40.0 25.0 35.2% 36.9% 40.00% 30.6 25.2 18.0 19.1 20.0 30.0 9.0 30.00% 15.0 21.9% 27.5 20.0 23.2 20.00% 10.0 24.4 24.7 25.1 14.9 16.2 10.0 22.2 23.3 5.0 10.00% 7.5 0.0 0.
Slide 22: Aktia Bank shares sold; non-strategic investment portfolio
Taaleri sold a total of 150,000 Aktia Bank Plc shares during the period from 1 April to 30 June 2024 and classifies the shares henceforth to Taaleri’s non-strategic investment portfolio. The information for the corresponding period has been adjusted accordingly. 31.12.2023: €32.3 million 31.12.2023:
Slide 23: Summary
TAALERI summary TAALERI
Slide 24: Continuing earnings grew by 3% to EUR 10.1 million
Taaleri Group’s continuing earnings grew by The renewable energy business continued Taaleri Bioindustry I Fund made its fourth 3% to EUR 10.1 million in the second quarter, the fundraising for Taaleri SolarWind III investment, and the venture capital fund especially due to the development of the Fun
Slide 25: Outlook for 2024
• Continuing earnings from the renewable energy business are expected to develop positively during the financial year 2024. The operating profit for 2024 will depend on, among other things, the net income from the investment operations and the revision of the estimated performance fees of the exit-p
Slide 26: Taaleri Q2 2024
26 Taaleri Q2 2024
Slide 27: Half-Year Financial Report and further information
The Half-Year Financial Report is found on our website Further information: Director, Investor Relations and Communications Linda Tierala, +358 40 571 7895, linda.tierala@taaleri.com
Slide 28: Appendix
TAALERI C O O 4 4 <q
Slide 29: Balance sheet items and largest investments
Cash at bank at the end of June EUR 23.2 Receivables from credit institutions 23,225 38,302 million. In April, a dividend of EUR 28.2 million Receivables from the public and general government 5,090 5,142 was distributed to owners of the parent Shares and units 42,992 38,708 company. Participating i
Slide 30: Segment results Q2 2024
Continuing earnings 6,052 4,846 1,206 3,333 727 10,111 Performance fees - - - - - - Investment operations 395 658 -262 1,376 14 1,785 Income* 6,447 5,503 944 4,709 741 11,897 Fee and commission expense -1,408 -1,038 -370 - -8 -1,416 Personnel costs -2,765 -1,534 -1,231 -11 -627 -3,404 Direct expense
Slide 31: Segment results Q2 2023
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 1,707 4,296 14,955 Income* 16,088 12,919 3,169 5,197 5,023 26,308 Fee and commission expense -1,847 -1,057 -790 - -7 -1,854 Personnel costs -3,268 -2,399 -868 -265 -423
Slide 32: Taaleri 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 6% Taaleri SolarWind I Ky 2016 Private equity fund Renewable energy Invested Taaleri SolarWind II Feeder Fund Ky 2019 Feeder fund Renewable energy In