TAALERI PLC | STOCK EXCHANGE RELEASE | 29 APRIL 2026 AT 8:00 (EEST)
Taaleri Plc’s Interim Statement 1 January–31 March 2026: Taaleri’s continuing earnings continued to grow in the first quarter of the year – strategy progressed through new business initiatives
January–March 2026
- Continuing earnings increased by 12.6% to EUR 10.5 (9.3) million. Continuing earnings in the Private Asset Management segment increased by 8.5% to EUR 6.7 (6.2) million, and continuing earnings in the Garantia segment increased by 22.0% to EUR 3.7 (3.0) million.
- Garantia’s insurance revenue increased by 4.2% to EUR 4.9 (4.7) million.
- Net income from investment operations was EUR 0.2 (-1.2) million, of which the Garantia segment accounted for EUR 0.8 (-0.6) million. Changes in fair value in the Investments segment amounted to EUR -0.7 (-0.6) million.
- Revenue increased by 46.4% to EUR 12.6 (8.6) million.
- Operating profit was EUR 2.1 (0.5) million, corresponding to 17.0% (5.3) of revenue.
- Earnings per share were EUR 0.04 (0.02).
This Interim Statement has not been prepared in accordance with IAS 34. The information presented is unaudited. Unless otherwise stated, the figures in parentheses in the Interim Statement refer to the corresponding period of the previous year. The key figures regarding the Consolidated Income Statement presented in the explanatory part of this Interim Statement have been calculated on the basis of the Group's segment reporting, unless otherwise stated. See page 20 for further information of the accounting policies of this Interim Statement. The financial figures in the explanatory section of the Interim Statement are based on Taaleri's segment reporting unless otherwise stated.
Review by CEO Ilkka Laurila
Taaleri’s first quarter of 2026 progressed largely in line with expectations and supported the achievement of the Group’s long-term strategic objectives. The Group’s continuing earnings increased compared with the reference period, driven by higher insurance service result at Garantia and growth in the private asset management business. Demand for guarantee insurance, new assets under management and the active management of funds supported the Group’s earnings capacity.
In the first quarter of the year, the Group’s continuing earnings increased by 13 per cent to a total of EUR 10.5 million. The growth was mainly attributable to insurance service result at Garantia and continuing earnings from the renewable energy business. Operating profit improved clearly from the weak comparison period and amounted to EUR 2.1 million.
Implementation of the strategy progressed during the review period
During the review period, we continued the determined execution of our strategy. In the private asset management business, the focus was on advancing investment activities within the funds, preparing exits and developing new products. In the renewable energy business, we concentrated on the active management of operating funds and the progression of investments. At the same time, exit processes for several assets were advanced across different regions and funds. As the investment activities of the Taaleri SolarWind III Fund are progressing rapidly, we have started preparations for fundraising for the next SolarWind fund.
In the real estate business, activities focused on executing transactions, arranging financing and improving operational performance. A clear improvement in occupancy rates across the most significant funds’ rental properties, together with the successful financing of Eden Living, supported business development in a challenging but gradually recovering transaction market.
The operating profit and result of the Investments segment declined compared with the reference period, mainly due to the write down of the Joensuu Biocoal project. The case highlights the inherent risk profile of industrial and technology-focused projects. However, the other investments on the balance sheet developed largely positively and partly offset the impacts of the impairment.
Garantia’s development remained strong
The operational performance of the Garantia segment was solid during the review period. Garantia’s market share in residential mortgage guarantees increased despite a subdued residential mortgage market, and demand for corporate guarantees grew by approximately 50 per cent compared with the final quarter of the previous year. Garantia continued to strengthen its position in residential mortgage guarantees, and the volume of new residential mortgage guarantees continued to increase. Claims expenses remained at a low level, both in absolute terms and relative to the guarantee insurance portfolio.
The combined ratio remained at an excellent level. The segment’s strong profitability and stable cash flow support the Group’s risk profile and improve the predictability of earnings.
New business initiatives advance the strategy
After the first quarter, we implemented a significant strategy-aligned initiative by acquiring a majority stake in Nordic Science Investments (NSI). Through the acquisition, we are expanding Taaleri’s operations into science-driven venture capital investments in the Nordic countries and the Baltics. NSI complements our existing private equity fund offering and strengthens our position as a financier of early-stage growth companies. NSI’s expertise, strong networks and experience in the commercialisation of science-based technologies provide an excellent foundation for building international operations and a broader investor base.
In addition, during the current year we will expand our private assets offering into the Nordic private credit market, with a primary focus on direct lending to small and medium-sized businesses. Demand for debt-based growth financing is increasing, particularly in situations where bank financing is not available. This offering provides investors with an attractive European alternative to US private credit funds.
The expansions represent a strategic step into growing asset classes. They diversify the structure of assets under management and complement Taaleri’s strong expertise in private equity, infrastructure and credit risk assessment alongside our subsidiary Garantia.
Overall, I am satisfied with the start of 2026. The new business initiatives reflect our strong growth ambition and our determined goal to become the preferred partner for our investors and stakeholders. A new financing arrangement agreed on after the reporting period supports the implementation of our strategy. Our solid financial position, strong balance sheet and strategic initiatives provide a strong foundation for responding to challenges in the market environment and for continuing disciplined growth investments.
Key figures
Group key figures
1–3/2026
1–3/2025
Change, %
1–12/2025
Earnings and balance sheet key figures
Continuing earnings, EUR million
10.5
9.3
12.6
42.2
Performance fees, EUR million
-
-
-
-0.0
Insurance service result, Garantia, EUR million
3.8
3.2
20.8
12.6
Net income from investment operations, EUR million
0.2
-1.2
n/a
14.4
Revenue, EUR million
12.6
8.6
46.4
61.2
Operating profit, EUR million
2.1
0.5
366.3
25.9
Operating profit, %
17.0
5.3
42.4
Operating profit from continuing earnings, EUR million
2.7
1.9
44.3
11.9
Combined ratio (IFRS), Garantia, %
21.8
32.6
35.3
Return on equity at fair value, annualised %
-2.8
2.8
10.7
Basic earnings per share, EUR
0.04
0.02
106.5
0.59
Equity ratio, %
72.8
74.0
72.8
Other key figures
FTE (full-time equivalents), at the end of the period
130
128
1.3
128
Assets under management in Private Asset Management segment, BEUR
2.7
2.7
2.7
Guarantee insurance portfolio, BEUR
1.8
1.6
1.8
Outlook and financial targets
Taaleri’s business outlook for the current financial year is described below. The outlook is based on Taaleri’s understanding of business developments during the current financial year and in relation to the corresponding period.
Private Asset Management
The renewable energy business’s continuing earnings for 2026 are expected to decline compared to 2025 due to the subsequent management fees recognised in 2025 in connection with the closing of the Taaleri SolarWind III Fund. In addition, planned exits from funds approaching the end of their lifecycle in 2026 will reduce assets under management and thereby the fee base. The operating profit for 2026 will also depend, among other factors, on the clarification of the estimated performance fees for the funds in the exit phase, including their final amount and the timings of the exits.
Taaleri’s bioindustry, real estate and other fund businesses focus on developing new products according to Taaleri’s updated strategy, which burdens the profitability of Other private asset management. The operating profit for 2026 is expected to remain negative in Other private asset management.
Garantia
Garantia’s insurance revenue is expected to grow in 2026, and profitability of the insurance operations is expected to remain stable. The returns on Garantia’s investment operations depend on developments in the interest rate and equity markets.
Investments
Investment segment’s operating profit for 2026 will depend, among other factors, on changes in the fair value of development capital investments, fund investments and other investments, and on final exits in particular.
Other group
The level of operating expenses in Group operations is expected to remain at approximately the level of the corresponding period.
Long-term targets
Taaleri has in 2025 set targets related to continuing earnings profit growth, return on equity and dividend payout. Taaleri’s long-term targets for 2026–2028 are:
- Growth in operating profit from continuing earnings 12% p.a. on average.
- Return on equity (ROE) at fair value above 15% p.a. on average over the strategy period.
- At least 50% of the financial year’s profit to be paid as dividends, taking into account any potential capital requirements.
Webcast presentation for analysts, investors and media
An analyst, investor and media conference will be held in English today at 14:00 EEST at Event Venue Eliel located in Sanomatalo (Töölönlahdenkatu 2, Helsinki). The webcast can be followed online at https://taaleri.events.inderes.com/taaleri-q1/. A replay of the event will be available later on Taaleri's investor pages at https://taaleri.com/reports-and-presentations/
Helsinki, 29 April 2026Taaleri PlcBoard of Directors
For further information, please contact:
CEO Ilkka Laurila, +358 40 076 1360, ilkka.laurila@taaleri.com CFO Lauri Lipsanen, +358 50 055 6221, lauri.lipsanen@taaleri.com Head of Investor Relations, Communications and Sustainability Linda Tierala, +358 40 571 7895, linda.tierala@taaleri.com
Distribution:
Nasdaq HelsinkiPrincipal mediataaleri.com
This stock exchange release is an abbreviation of Taaleri Plc’s Interim Statement for the period 1 January–31 March 2026. The complete Statement is attached to this release and also available at https://taaleri.com/reports-and-presentations/.
Taaleri in brief
Taaleri is a specialist in investments, private asset management and non-life insurance, powering change with capital. We are a frontrunner in renewable energy, bioindustry and housing investments as well as credit risk insurance. We create value by combining extensive know-how, deep expertise, entrepreneurship and capital through both funds under management and direct investments. We work in close cooperation with our credit risk insurance customers and partners.
Taaleri has three business segments: Private Asset Management, Garantia and Investments. The Private Asset Management segment includes the renewable energy, bioindustry and real estate businesses. The Garantia segment consists of Garantia Insurance Company. The Investments segment comprises development capital and other direct investments.
Taaleri has EUR 2.7 bn of assets under management in its private equity funds, co-investments and single-asset vehicles. The company employs approximately 130 people. Taaleri Plc is listed on Nasdaq Helsinki.
taaleri.com
Linda Tierala, Head of Investor Relations, Communications and Sustainability, +358 40 571 7895, linda.tierala@taaleri.com
Attachments
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Taaleri Plc Interim Statement Q1 2026.pdf
