Source: Inderes

Translation: Original published in Finnish on 2/11/2026 at 9:17 am EET.

Taaleri's Q4 report, published on Wednesday, was overall well in line with our expectations. Garantia's performance was excellent once again, and operationally the quarter was good. Regarding strategy execution, the company appears to have achieved a clear change of pace, which is critical for unlocking the value of its parts. Our preliminary assessment is that the report will not lead to material revisions to our forecasts.

Growth in recurring revenue driven by renewable energy

Taaleri's recurring revenues grew by 17.0% in the last quarter of the year, totaling 12.2 MEUR (Q4'24: 10.4 MEUR). The growth was particularly driven by the Private Equity Funds segment, whose recurring revenues increased by 21.0% to 8.7 MEUR. Growth was boosted by retroactive management fees related to the final closing of the Taaleri SolarWind III fund. Garantia also turned to strong growth.

EBIT was 5.7 MEUR (Q4'24: 9.4 MEUR), which was well in line with our estimate. The higher result in the comparison period was due to performance fees recorded at that time and exceptionally high investment income. On the lower lines of the income statement, the minority interest in earnings was significantly higher than we expected, which is why the EPS of EUR 0.07 fell short of our forecast of EUR 0.13. The Board of Directors proposes a dividend of EUR 0.30 per share for 2025, which is slightly below our forecast of EUR 0.36. The dividend corresponds to slightly over 50% of the 2025 earnings (dividend policy is at least 50%), and it underscores the company's intention to focus its capital allocation on its own investment activities.

Another excellent quarter from Garantia

The Garantia segment performed steadily in the quarter. Its insurance premium income grew by a stronger-than-expected 14% in the quarter, and the company's measures to accelerate growth, together with a cautious recovery in the housing market, are starting to show in the numbers. The insurance-technical result was excellent, as usual, and investment income was at a good level. Overall, Garantia's result was a strong 5.9 MEUR, fully in line with our 5.8 MEUR estimate. Garantia also raised its dividend to 18 MEUR, while we had expected a 15 MEUR dividend (2024: 15 MEUR).

A change of pace has been achieved in strategy implementation

Taaleri took concrete steps in Q4 to implement its strategy, which was updated in September 2025. In the Investments segment, the first direct growth equity investment under the new strategy was made in Nordic Ren-Gas. The company's comments in the report clearly indicate a change of pace in strategy execution. Performance fees from old wind funds were not written down in Q4, which we consider a positive. The clearest negative in the report came from Joensuu, where pilot runs at the bio-industrial plant revealed additional funding needs to improve energy efficiency. As a result, the value of the investment on Taaleri's balance sheet halved. Although the size of the investment (0.9 MEUR) is tiny for Taaleri, it is an important reference for the future of the bioindustry business and for a similar plant that may be built in Canada.

The company issued segment-specific outlooks in its usual style, which contained no surprises. The focus areas for 2026 are Garantia's growth, finding a growth path for Other Private Equity Funds, and balance sheet investment activities.