Taaleri Plc’s Financial Statements Bulletin 1 January–31 December 2025: Taaleri’s continuing earnings increased by 17.0% in the last quarter
Idag, 07:00
Idag, 07:00
11.2.2026 08:00:01 EET | Taaleri Oyj | Financial Statement Release
TAALERI PLC | STOCK EXCHANGE RELEASE | 11 FEBRUARY 2026 AT 8:00 (EET)
Taaleri Plc’s Financial Statements Bulletin 1 January–31 December 2025: Taaleri’s continuing earnings increased by 17.0% in the last quarter
October–December 2025
January–December 2025
This Financial Statements Bulletin has been prepared in accordance with IAS 34. The Financial Statements Bulletin is based on the audited Financial Statements of 2025. The auditor's report has been issued on 11 February 2026. Unless otherwise stated, the figures in parentheses in the Financial Statements Bulletin refer to the corresponding period of the previous year. The financial figures in the explanatory section of the Financial Statements Bulletin are based on Taaleri's segment reporting unless otherwise stated.
Review by CEO Ilkka Laurila
In the final quarter of the year, we advanced our key strategic initiatives. Our first priority is to grow Garantia by increasing awareness and strengthening partnerships. Our second priority is to expand private asset management through both expanding products under the existing strategies and launching new products. The third priority is to efficiently exploit revenue opportunities in development capital investments, as well as to assess selected new investment opportunities in order to optimise the use of capital. The result for the final quarter of the year demonstrates the impact of the work that we have begun.
The Group’s continuing earnings grew by 17% in the final quarter of the year to a total of EUR 12.2 million. This growth was due mainly to the renewable energy business’s continuing earnings, which grew by 28% as a result of the growth in Taaleri SolarWind III Fund. Garantia’s continuing earnings and return on investments also developed positively. However, operating profit for the final quarter of the year fell from the comparison period, which was due mainly to a lower net income from investment operations than in the comparison period as well as due to performance fees recorded for the comparison period. No performance fees were recorded for the quarter ended. Operating profit for the review period was EUR 5.7 million, and the operating profit margin was 34%.
Taaleri SolarWind III Fund grew to EUR 630 million
I am very happy about the successful conclusion of fundraising for the Taaleri SolarWind III Fund. The fund achieved its final EUR 630 million investment capacity, including EUR 74 million in co-investments, and remains Finland’s largest private equity fund investing in infrastructure. It is particularly encouraging that many previous fund investors increased their commitments and that we also succeeded to attract new, chiefly international investors. Overall, 64% of the fund’s commitments come from investors outside Finland.
Our real estate business continued the investment activities of the Eden Living joint venture and sold a ground rent holding from Taaleri Property Fund I, which is in the exit phase. The gradual recovery of the real estate market is supporting the business’s investment operations and the launching of new funds.
Our bioindustry business continued planning follow‑on and interim financing rounds for the portfolio companies of the Taaleri Bioindustry I Fund and analysed new potential target markets. Joensuu Biocoal Oy’s torrefied biomass production plant focused on production test runs and analysis of production parameters. The test runs have revealed shortcomings in the plant’s energy efficiency and the need for additional financing to address them. Financing discussions continue.
Garantia has strengthened its position in a challenging market
Garantia further strengthened its market position during the final quarter of the year. In late 2025, more than one in eight housing transactions completed in Finland made use of Garantia’s residential mortgage guarantee. In addition, Garantia completed the first international non-payment insurance transaction. Garantia’s insurance service result grew by 8%, and in the final quarter it was EUR 3.6 million. Net investment income recognised through profit or loss was EUR 3.0 million, and this development was impacted by the positive momentum on the stock market at the end of the year.
First direct investment under the new strategy
In the Investments segment, we made a new development capital investment in Ren-Gas. The Power-to-Gas (P2G) solutions for producing renewable e-methane that the company develops deliver innovative and sustainable technology for reducing emissions from heavy road transport and shipping, and the company represents exactly the type of expertise and positioning in which we want to invest. Furthermore, we are still reviewing a wide range of other interesting initiatives.
The good result of the final quarter of the year marked a successful conclusion to 2025. I want to extend a warm thank you to our shareholders, clients and personnel, whose input made it possible for us to pursue our key projects and strengthen the basis for future results.
In 2026, we will be focusing particularly on completing new growth projects in Garantia, direct investments and new private equity funds. At the same time, we will be continuing the implementation and value creation of investments of the current funds while furthering the planned exits.
Key figures
Group key figures | 10–12/2025 | 10–12/2024 | Change, % | 1–12/2025 | 1–12/2024 | Change, % |
Earnings key figures | ||||||
Continuing earnings, EUR million | 12.2 | 10.4 | 17.0 | 42.2 | 40.4 | 4.4 |
Performance fees, EUR million | -0.0 | 1.8 | n/a | -0.0 | 1.8 | n/a |
Insurance service result, Garantia, EUR million | 3.6 | 3.3 | 8.0 | 12.6 | 14.2 | -11.4 |
Net income from investment operations, EUR million | 3.4 | 7.2 | -52.3 | 14.4 | 25.9 | -44.6 |
Revenue, EUR million | 16.7 | 20.0 | -16.3 | 61.2 | 70.5 | -13.2 |
Operating profit, EUR million | 5.7 | 9.4 | -39.6 | 25.9 | 38.0 | -31.8 |
Operating profit, % | 33.9 | 47.0 | 42.4 | 53.9 | ||
Operating profit from continuing earnings, EUR million | 2.8 | 1.6 | 79.1 | 11.9 | 11.5 | 3.1 |
Combined ratio (IFRS), Garantia, % | 30.2 | 26.2 | 35.3 | 24.9 | ||
Profit for the period, EUR million | 3.9 | 8.4 | -54.2 | 20.8 | 32.5 | -36.1 |
Return on equity, annualised % | 7.0 | 16.0 | 9.5 | 15.3 | ||
Return on equity at fair value, annualised % | 8.1 | 15.0 | 10.7 | 16.7 | ||
Balance sheet key figures | ||||||
Equity ratio, % | 72.8 | 73.8 | 72.8 | 73.8 | ||
Other key figures | ||||||
FTE (full-time equivalents), at the end of the period | 128 | 129 | -0.2 | 128 | 129 | -0.2 |
Assets under management in Private Asset Management segment, BEUR | 2.7 | 2.7 | 1.0 | 2.7 | 2.7 | 1.0 |
Guarantee insurance portfolio, BEUR | 1.8 | 1.7 | 6.1 | 1.8 | 1.7 | 6.1 |
Dividend proposal of the Board of Directors
The Board proposes to the Annual General Meeting that a dividend of EUR 0.30 per share be paid for 2025, totalling EUR 8,450,698.50. The parent company’s distributable assets at the balance sheet date were EUR 117,544,185.44, of which the profit for the financial year was EUR 17,361,355.13. The Board proposes that the dividend for 2025 is paid in two equal instalments.
The Board proposes that the first instalment of EUR 0.15 per share be paid to shareholders who are registered in the shareholder register held by Euroclear Finland Oy on the dividend record date of 10 April 2026. The Board proposes that the first instalment of the dividend be paid on 17 April 2026.
The Board proposes that the second instalment of EUR 0.15 per share be paid to shareholders who are registered in the shareholder register held by Euroclear Finland Oy on the dividend record date of 9 October 2026. The Board proposes that the second instalment of the dividend be paid on 16 October 2026.
The Board of Directors’ report and Financial Statements for 2025 will be available at www.taaleri.com on 11 March 2026 at the latest.
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.
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.
Garantia
Garantia’s insurance revenue is expected to grow moderately in 2026, and profitability is expected to remain stable. In a prevailing interest rate environment, the return on Garantia’s investments at fair value is expected to remain steady.
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:
Webcast presentation for analysts, investors and media
An analyst, investor and media conference will be held in English on 11 February 2026 at 11:00 am EET at Event Venue Stage located in Ruoholahti, Itämerentori 2, Helsinki. The webcast can be followed online at https://taaleri.events.inderes.com/q4-2025/ .The event will be recorded and available later on Taaleri's investor pages at https://taaleri.com/reports-and-presentations/ .
Helsinki, 11 February 2026
Taaleri Plc
Board 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 Helsinki
Principal media
taaleri.com
This stock exchange release is an abbreviation of Taaleri Plc’s Financial Statements Bulletin for the period 1 January–31 December 2025. The complete Bulletin 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.
Linda Tierala, Head of Investor Relations, Communications and Sustainability, +358 40 571 7895, linda.tierala@taaleri.com
Idag, 07:00
11.2.2026 08:00:01 EET | Taaleri Oyj | Financial Statement Release
TAALERI PLC | STOCK EXCHANGE RELEASE | 11 FEBRUARY 2026 AT 8:00 (EET)
Taaleri Plc’s Financial Statements Bulletin 1 January–31 December 2025: Taaleri’s continuing earnings increased by 17.0% in the last quarter
October–December 2025
January–December 2025
This Financial Statements Bulletin has been prepared in accordance with IAS 34. The Financial Statements Bulletin is based on the audited Financial Statements of 2025. The auditor's report has been issued on 11 February 2026. Unless otherwise stated, the figures in parentheses in the Financial Statements Bulletin refer to the corresponding period of the previous year. The financial figures in the explanatory section of the Financial Statements Bulletin are based on Taaleri's segment reporting unless otherwise stated.
Review by CEO Ilkka Laurila
In the final quarter of the year, we advanced our key strategic initiatives. Our first priority is to grow Garantia by increasing awareness and strengthening partnerships. Our second priority is to expand private asset management through both expanding products under the existing strategies and launching new products. The third priority is to efficiently exploit revenue opportunities in development capital investments, as well as to assess selected new investment opportunities in order to optimise the use of capital. The result for the final quarter of the year demonstrates the impact of the work that we have begun.
The Group’s continuing earnings grew by 17% in the final quarter of the year to a total of EUR 12.2 million. This growth was due mainly to the renewable energy business’s continuing earnings, which grew by 28% as a result of the growth in Taaleri SolarWind III Fund. Garantia’s continuing earnings and return on investments also developed positively. However, operating profit for the final quarter of the year fell from the comparison period, which was due mainly to a lower net income from investment operations than in the comparison period as well as due to performance fees recorded for the comparison period. No performance fees were recorded for the quarter ended. Operating profit for the review period was EUR 5.7 million, and the operating profit margin was 34%.
Taaleri SolarWind III Fund grew to EUR 630 million
I am very happy about the successful conclusion of fundraising for the Taaleri SolarWind III Fund. The fund achieved its final EUR 630 million investment capacity, including EUR 74 million in co-investments, and remains Finland’s largest private equity fund investing in infrastructure. It is particularly encouraging that many previous fund investors increased their commitments and that we also succeeded to attract new, chiefly international investors. Overall, 64% of the fund’s commitments come from investors outside Finland.
Our real estate business continued the investment activities of the Eden Living joint venture and sold a ground rent holding from Taaleri Property Fund I, which is in the exit phase. The gradual recovery of the real estate market is supporting the business’s investment operations and the launching of new funds.
Our bioindustry business continued planning follow‑on and interim financing rounds for the portfolio companies of the Taaleri Bioindustry I Fund and analysed new potential target markets. Joensuu Biocoal Oy’s torrefied biomass production plant focused on production test runs and analysis of production parameters. The test runs have revealed shortcomings in the plant’s energy efficiency and the need for additional financing to address them. Financing discussions continue.
Garantia has strengthened its position in a challenging market
Garantia further strengthened its market position during the final quarter of the year. In late 2025, more than one in eight housing transactions completed in Finland made use of Garantia’s residential mortgage guarantee. In addition, Garantia completed the first international non-payment insurance transaction. Garantia’s insurance service result grew by 8%, and in the final quarter it was EUR 3.6 million. Net investment income recognised through profit or loss was EUR 3.0 million, and this development was impacted by the positive momentum on the stock market at the end of the year.
First direct investment under the new strategy
In the Investments segment, we made a new development capital investment in Ren-Gas. The Power-to-Gas (P2G) solutions for producing renewable e-methane that the company develops deliver innovative and sustainable technology for reducing emissions from heavy road transport and shipping, and the company represents exactly the type of expertise and positioning in which we want to invest. Furthermore, we are still reviewing a wide range of other interesting initiatives.
The good result of the final quarter of the year marked a successful conclusion to 2025. I want to extend a warm thank you to our shareholders, clients and personnel, whose input made it possible for us to pursue our key projects and strengthen the basis for future results.
In 2026, we will be focusing particularly on completing new growth projects in Garantia, direct investments and new private equity funds. At the same time, we will be continuing the implementation and value creation of investments of the current funds while furthering the planned exits.
Key figures
Group key figures | 10–12/2025 | 10–12/2024 | Change, % | 1–12/2025 | 1–12/2024 | Change, % |
Earnings key figures | ||||||
Continuing earnings, EUR million | 12.2 | 10.4 | 17.0 | 42.2 | 40.4 | 4.4 |
Performance fees, EUR million | -0.0 | 1.8 | n/a | -0.0 | 1.8 | n/a |
Insurance service result, Garantia, EUR million | 3.6 | 3.3 | 8.0 | 12.6 | 14.2 | -11.4 |
Net income from investment operations, EUR million | 3.4 | 7.2 | -52.3 | 14.4 | 25.9 | -44.6 |
Revenue, EUR million | 16.7 | 20.0 | -16.3 | 61.2 | 70.5 | -13.2 |
Operating profit, EUR million | 5.7 | 9.4 | -39.6 | 25.9 | 38.0 | -31.8 |
Operating profit, % | 33.9 | 47.0 | 42.4 | 53.9 | ||
Operating profit from continuing earnings, EUR million | 2.8 | 1.6 | 79.1 | 11.9 | 11.5 | 3.1 |
Combined ratio (IFRS), Garantia, % | 30.2 | 26.2 | 35.3 | 24.9 | ||
Profit for the period, EUR million | 3.9 | 8.4 | -54.2 | 20.8 | 32.5 | -36.1 |
Return on equity, annualised % | 7.0 | 16.0 | 9.5 | 15.3 | ||
Return on equity at fair value, annualised % | 8.1 | 15.0 | 10.7 | 16.7 | ||
Balance sheet key figures | ||||||
Equity ratio, % | 72.8 | 73.8 | 72.8 | 73.8 | ||
Other key figures | ||||||
FTE (full-time equivalents), at the end of the period | 128 | 129 | -0.2 | 128 | 129 | -0.2 |
Assets under management in Private Asset Management segment, BEUR | 2.7 | 2.7 | 1.0 | 2.7 | 2.7 | 1.0 |
Guarantee insurance portfolio, BEUR | 1.8 | 1.7 | 6.1 | 1.8 | 1.7 | 6.1 |
Dividend proposal of the Board of Directors
The Board proposes to the Annual General Meeting that a dividend of EUR 0.30 per share be paid for 2025, totalling EUR 8,450,698.50. The parent company’s distributable assets at the balance sheet date were EUR 117,544,185.44, of which the profit for the financial year was EUR 17,361,355.13. The Board proposes that the dividend for 2025 is paid in two equal instalments.
The Board proposes that the first instalment of EUR 0.15 per share be paid to shareholders who are registered in the shareholder register held by Euroclear Finland Oy on the dividend record date of 10 April 2026. The Board proposes that the first instalment of the dividend be paid on 17 April 2026.
The Board proposes that the second instalment of EUR 0.15 per share be paid to shareholders who are registered in the shareholder register held by Euroclear Finland Oy on the dividend record date of 9 October 2026. The Board proposes that the second instalment of the dividend be paid on 16 October 2026.
The Board of Directors’ report and Financial Statements for 2025 will be available at www.taaleri.com on 11 March 2026 at the latest.
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.
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.
Garantia
Garantia’s insurance revenue is expected to grow moderately in 2026, and profitability is expected to remain stable. In a prevailing interest rate environment, the return on Garantia’s investments at fair value is expected to remain steady.
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:
Webcast presentation for analysts, investors and media
An analyst, investor and media conference will be held in English on 11 February 2026 at 11:00 am EET at Event Venue Stage located in Ruoholahti, Itämerentori 2, Helsinki. The webcast can be followed online at https://taaleri.events.inderes.com/q4-2025/ .The event will be recorded and available later on Taaleri's investor pages at https://taaleri.com/reports-and-presentations/ .
Helsinki, 11 February 2026
Taaleri Plc
Board 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 Helsinki
Principal media
taaleri.com
This stock exchange release is an abbreviation of Taaleri Plc’s Financial Statements Bulletin for the period 1 January–31 December 2025. The complete Bulletin 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.
Linda Tierala, Head of Investor Relations, Communications and Sustainability, +358 40 571 7895, linda.tierala@taaleri.com
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