Translation: Original published in Finnish on 10/28/2026 at 8:50 am EET.

Taaleri's third-quarter operational figures were well in line with our estimates, and at first glance, the report did not offer any significant surprises. The strategy continues to advance at a brisk pace, and based on the report, there is reason to expect exits from older funds during the remainder of the year. We see no initial need for estimate changes.

Result well in line with expectations

Taaleri’s EBIT was 9.4 MEUR, fully in line with our forecast of 9.1 MEUR. The EBIT breakdown differed somewhat from our expectations as the company booked notably higher performance and success fees from Fintoil for its Taaleri Kapitaali investment bank, and correspondingly lower fees for the Private Asset Management segment. In addition, changes in the fair value of the company's own investments were slightly higher than we expected. Overall, however, the earnings lines are well in line with our expectations.

Garantia's insurance revenue remained at the level of the comparison period, which disappointed us slightly. Nevertheless, insurance premiums received grew by 7.5%, and the guarantee insurance portfolio continued to grow. The company's market share in Finnish mortgages also continued to grow. This clearly mitigates the disappointment caused by the shortfall in insurance revenue, as it is partly due to accounting-related technicalities. As expected, Garantia's insurance technical result was once again at an excellent level (combined ratio of 25.7%). Investment income recognized in the income statement was also in line with our estimates, and overall, Garantia's result of 4.6 MEUR was fully in line with our expectation of 4.4 MEUR.

Recognition of performance fees impacted segment figures

In Private Asset Management, continuing fees were exactly in line with our expectations, growing by 5% year-on-year. Regarding performance fees, Taaleri recognized a write-down of 0.6 MEUR on performance-based fees from old wind funds (of which 13.6 MEUR are recorded on the balance sheet). We interpret the write-down as having two meanings. On the one hand, it shows that there are hardly any buffers left and there is a risk of new write-downs. On the other hand, we believe the company is quite advanced in its exit processes, and a small adjustment to performance fees suggests the company likely has some insight into realizing the fees currently on the balance sheet. As we have previously stated, the sale of old wind funds and the recovery of related receivables are among the key drivers of Taaleri's share in the short term. The result of Private Asset Management was clearly below our expectations (2.8 vs. 4.8 MEUR), but this is fully explained by performance fees (a write-down of wind power funds and the distribution of Fintoil fees).

The size of the investment portfolio increased slightly more than we expected, to 95 MEUR. During the review period, the company executed a major Fintoil transaction and, in addition, made a follow-on investment of around 3 MEUR in Ren-Gas. The value of the investment portfolio increased by ~2 MEUR, mainly thanks to Fintoil.

Focus on fundraising and fund exits

Taaleri does not provide traditional group-level numerical guidance for the current year, and the company did not change its verbal outlook. Regarding the progress of the strategy, the company reported that it is advancing several exit processes or preparations in Renewable energy (Wind II & III, SolarWind I, and SolarWind II). In addition, the company is preparing to raise capital for the SolarWind IV and NSI II funds. Based on the comments, we believe there is reason to assume that the company will announce exits during the remainder of the year. We also consider it possible that fundraising for one of the funds will kick off in Q4.