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Taaleri Interim Statement CEO Ilkka Laurila CFO Lauri Lipsanen 28 October 2026 Q3 2026
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Q3 highlights Continuing earnings grew 18% Garantia’s insurance profitability remained excellent €25m follow - on investment in Fintoil completed Continuing earnings were €12.0m (€10.1m), driven mainly by Taaleri Kapitaali’s €1.6m success fee from the Fintoil financing arrangement. The combined ratio was 25.7% (27.6%), the residential mortgage guarantee utilisation rate rose by more than 18%, and the guarantee insurance portfolio grew to €1.9 bn. Taaleri completed a €25m investment in Fintoil following a €30m commitment to its €105m financing round. Taaleri invested alongside Norwegian HitecVision as part of active capital allocation. Taaleri SolarWind III projects progressed according to plan Venture Capital and Private Credit as part of the broader private asset offering Preparations to raise the next generations of funds The 154 MW Cibuk 2 wind farm in Serbia and the 129 MWp Hallanvahti solar project are now operational, and the fund invested in the 192 MW / 420 MWh Raudsepa battery storage project in Estonia. Private asset offering broadens into venture capital and private credit. NSI made five follow-on investments, including a contribution to Kasvu Therapeutics’ €30m financing round. Taaleri Private Credit will launch in November following the announcement of the new team. Fundraising preparations for Taaleri SolarWind IV and the next NSI venture capital fund continued. 28 October 2026 IN T E R IM ST AT E M E N T Q3 20 26
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Progress of strategic priorities in 2026 28 October 2026 IN T E R IM ST AT E M E N T Q3 20 26 Capture Garantia’s growth potential Expansion of private asset management Attractive return on development capital Selectively utilise inorganic growth opportunities Selective M&A and partnerships as part of the toolbox to maximise value creation for all business units and to provide best-in-class solutions to our customers. • Growth in the utilisation rate of residential mortgage guarantees • Growth in the insurance service result • New international non-payment insurance initiatives • Completion of the acquisition of a majority stake in Nordic Science Investments (Venture Capital) • Private Credit strategy launched and team to start operations in November • Completion of the acquisition of a majority stake in Nordic Science Investments • Follow-on investment in Fintoil completed • Follow-on investments in Ren-Gas completed
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Taaleri Private Credit starts operations in November Strong team • Marjo Koivisto is a seasoned private credit professional. Previous leadership roles include World Economic Forum, Danske Bank, Aktia and P Capital Partners. • Helen Taflin brings private debt, VC and PE experience across Europe. Previously at P Capital Partners, Almi Invest Greentech and Lagercrantz Group. Advisor network • Christian Reiner has 20+ years in European private credit . • Antti Salmela, Investment Director at Taaleri Investments, advises on the middle market. 28 October 2026 New strategy for direct lending to Nordic SMEs as a flexible, long-term financing partner IN T E R IM ST AT E M E N T Q3 20 26 Marjo Koivisto Managing Director Helsinki Helen Taflin Head of Investments Stockholm Welcome to Taaleri!
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Taaleri strengthens its Executive Management Team • Nearly 20 years of experience in private equity • 2025– Taaleri Investments • Investment Director • 2007–2024 Vaaka Partners • Partner since 2013 • Analyst, Investment Manager and Investment Director • Several portfolio company board positions • 2024 – Taaleri • Head of IR, Communications and Sustainability • Director, IR & Communications • 2012–2024 CapMan • Director, Investor Relations and Communications • Director, Investor Relations and Sustainability 28 October 2026 Antti Salmela Investment Director Linda Tierala Head of Investor Relations, Communications and Sustainability IN T E R IM ST AT E M E N T Q3 20 26
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Key figures 28 October 2026 IN T E R IM ST AT E M E N T Q3 20 26 Continuing earnings Q3 2026 €12.0m Q3 2025: €10.1m Continuing earnings LTM €44. 5 m Growth in continuing earnings 10.0% (from previous 12M) €17.0m €9.4m €12. 4 m Revenue Q3 2026 Q3 2025: €23.0m Operating profit Q3 2026 Q3 2025: €15.3m Operating profit from continuing earnings LTM Growth in operating profit from cont. earnings 16.6% (from previous 12M) Revenue LTM € 59 .5m Growth in revenue -7.7% (from previous 12M) Operating profit LTM €21.6m Growth in operating profit -27.1% (from previous 12M) Investments at fair value 30 Sep 2026 €256.8m 31 Dec 2025: €234.9m
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Garantia 28 October 2026
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Garantia continued its strong performance • Insurance service result grew 2.2% from the comparison period. • Insurance income was down slightly due to a significant decrease in the rental guarantee insurance portfolio. The rental guarantee business was discontinued in 2025. Excluding rental guarantee insurance, insurance income increased YoY. • Market share in residential mortgage guarantees increased: Utilisation rate of Garantia’s residential mortgage guarantees grew by over 18% from the comparison period. • Non-payment insurance transaction activity continued in the Nordic countries. • Profitability remained very strong: combined ratio of 25.7%. • Total net income from investment operations was adversely impacted by the increase in interest rates. 28 October 2026 IN T E R IM ST AT E M E N T Q3 20 26 Premiums received and insurance revenue, €m €3.5m Insurance service result (Q3 2025: €3.5m) - € 1 .4m Total net income from investment operations (Q3 2025: €3.7m) €1.5m Net investment income in PL (Q3 2025: €3.1m) - € 2 .9m Net investment income in OCI (Q3 2025: €0.6m) Q3 2026 18.3 16.9 21.6 20.2 22.8 19.0 18.9 19.4 18.8 19.5 0.0 5.0 10.0 15.0 20.0 25.0 30.0 2023 2024 2025 Q3'25 LTM Q3'26 LTM Premiums received (cash basis) Insurance revenue Growth in premiums received Q3 2026 LTM 12.5%
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Garantia’s guarantee insurance and investment portfolio 30 Sep 2026 28 October 2026 The guarantee insurance portfolio expanded IN T E R IM ST AT E M E N T Q3 20 26 Guarantee insurance portfolio split (30 Sep 2026) 83% 17% Consumer exposure Corporate exposure €1.9 bn 26% 2% 2% 7% 63% 0% Shares and funds Private equity funds Real estate funds Debt instruments, FV through PL Debt instruments, FV through OCI Cash and cash equivalents 31 Dec 2025: €166 m Investment portfolio split (30 Sep 2026) €162m 31 Dec 2025: €1.8 bn
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Private Asset Management 28 October 2026
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Continuing earnings of the renewable energy business grew • Continuing earnings increased by 4.1%, following management fees related to the final closing of the Taaleri SolarWind III Fund in December 2025. • Operations focused on active fund management and investment activities. The Taaleri SolarWind III Fund invested in the 192 MW / 420 MWh Raudsepa BESS in Estonia and Cibuk 2 windfarm in Serbia became operational. • Previously recognised unrealised performance fees were written down to an estimated €13.6m (previously €14.2m) due to changed return expectations and are based on the funds’ updated valuations. • Exit processes within the funds (Taaleri Wind II & III, Taaleri SolarWind I & II) continued. 28 October 2026 IN T E R IM ST AT E M E N T Q3 20 26 € 5 .5m Continuing earnings (Q3 2025: €5.3m) €5.4m Revenue (Q3 2025: €6.9m) €1.6m Operating profit (Q3 2025: €2.1m) €1.8bn AUM (31 Dec 2025: €1.8bn) Q3 2026
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Continuing earnings from other private asset management increased Bioindustry • Value creation and the preparation of follow-on and financing rounds for Taaleri Bioindustry I Fund’s portfolio companies. •Taaleri received a performance fee of €1.2m from the exit of Taaleri Biorefinery JV. Real estate • Maintenance and improvement of the operational performance of existing funds and preparing refinancing for the funds. • New construction activity remained limited, and the real estate transaction market was subdued following increased interest rates. Venture capital • Continuing earnings grew due to the inclusion of management fees from the NSI Nordic Science I Fund. • The NSI Nordic Science I fund made five follow-on investments, of which the largest was a participation in the €30m financing round of Kasvu Therapeutics. 28 October 2026 IN T E R IM ST AT E M E N T Q3 20 26 €1.6m Continuing earnings (Q3 2025: €1.5m) €2.9m Revenue (Q3 2025: €1.6m) € 1 .2m Operating profit (Q3 2025: €0.1m) €0.9bn AUM (31.12.2025: €0.9bn) Q3 2026
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Investments 28 October 2026
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Fair value of investments increased to €95m following the investment in Fintoil •The largest positive fair value change (€1.7m) was recognised in Fintoil whose latest financing round was completed in the third quarter. The financing round was carried out together with HitecVision, a leading Norwegian private equity investor in the energy sector. HitecVision will invest €75m and Taaleri €30m. • The largest negative fair value change came from Turun Toriparkki, which had no effect in profit and loss. • The comparison period included a significant positive fair value change in Truscott Gilliland East Wind wind farm. 28 October 2026 IN T E R IM ST AT E M E N T Q3 20 26 75.5 12.7 7.0 Development capital investments Fund investments Other investments Fair value of investments 30 Sep 2026, €m €2.1m Revenue (Q3 2025: €8.0m) € 2 .0m Operating profit (Q3 2025: €8.2m) Q3 2026 €2.2m Changes in fair values recognised in PL (Q3 2025: €7.4m) € 95 m
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Fintoil 39% Truscott Gilliland East Wind 18% Turun Toriparkki Oy 16% Nordic Ren-Gas Oy 5% Oribalt Group 2% Fund investments 13% Other investments 7% 31 Dec 2025: €69m Investments segment’s investments at fair value 30 Sep 2026 28 October 2026 IN T E R IM ST AT E M E N T Q3 20 26 Investment portfolio split 30 Sep 2026 € 95 m • Development capital investments accounted for 79% of the portfolio at fair value • The largest holding is Fintoil. Taaleri holds indirectly 38% of the operating company, Fintoil Hamina Oy.
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Development capital investment highlights 28 October 2026 IN T E R IM ST AT E M E N T Q3 20 26 Truscott Gilliland East Wind Key highlights • Electricity demand in Texas is expected to increase due to new data centre projects, but the increase has been delayed due to construction delays. €13.4m Revenue (6/2026 LTM) Key highlights • HitecVision and Taaleri completed a €75m equity investment in August 2026. • An additional €30m has been committed to support strategy execution. • Preparations are ongoing for an investment at the Hamina site that would substantially increase renewable diesel feedstock volumes. €151.2m Revenue (6/2026 LTM) Key highlights • Parking volumes have grown at a double-digit rate in 2026. • Revenue and EBITDA are clearly ahead of the same period last year. €3.1m Revenue (2025) Key highlights • The online pharmacy business has continued its strong growth in 2026. • Logistics services have developed as planned, with particularly strong performance in recent months. €71.2m Revenue (2025) - €8.1m EBITDA (2025) Key highlights • Ren-Gas signed a long-term supply agreement with avanca/Alternoil, valued at over €1bn over its term. • The European Investment Bank (EIB) increased its framework financing mandate for Ren-Gas's projects from €230m to €680m. • Ren-Gas announced the main technology partners and power purchase agreements for its Tampere project.
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Results and balance sheet 28 October 2026
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The components of Taaleri’s operating profit, Q3 2026 9.4 0.6 3.3 3.7 -1.5 -3.8 -2.3 -0.1 Continuing earnings (other than Garantia) and other income Performance fees Garantia's net result from insurance Net income from investment operations of whole Group Fee and commission expenses Personnel costs Other expenses Depreciation and impairment losses Operating profit 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 28 October 2026 Continuing earnings create a strong foundation for profitability, while other revenue sources are more fluctuating – performance fees included €1.2m in realised performance fees from the exit of Taaleri Biorefinery and -€0.6m in write- downs of unrealised performance fees from the Taaleri Wind II and Taaleri Wind III Funds IN T E R IM ST AT E M E N T Q3 20 26 €m 9.4
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The development of Taaleri’s operating profit, Q1–Q3 2026 compared to Q1–Q3 2025 20.3 0.6 1.2 -1.1 -2.5 -2.5 Operating profit Q1-Q3 2025 Continuing earnings (other than Garantia) Garantia's net result from insurance Performance fees Net income from investment operations of whole Group Expenses (without billed expenses) Operating profit Q1-Q3 2026 0.0 5.0 10.0 15.0 20.0 25.0 30.0 28 October 2026 Despite the comparison period including €1.6m in retroactive Taaleri SolarWind III Fund management fees, c ontinuing earnings have increased by 7.6% this year driven by Garantia, supported by a €1.6m success fee earned by Taaleri Kapitaali IN T E R IM ST AT E M E N T Q3 20 26 €m 16.0
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The development of Taaleri’s quarterly revenue and operating profit 3.9 2.8 2.7 1.7 5.1 11.4 2.9 -0.6 2.7 4.2 66.6% 33.9% 17.0% 33.5% 55.3% -50% -30% -10% 10% 30% 50% 70% 90% -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Operating profit from other than continuing earnings Operating profit from continuing earnings Operating profit, % 28 October 2026 Revenue, €m Operating profit, €m IN T E R IM ST AT E M E N T Q3 20 26 Continuing earnings are developing steadily 10.1 12.2 10.5 9.8 12.0 12.9 4.5 2.1 3.4 5.0 0.0 5.0 10.0 15.0 20.0 25.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Continuing earnings Other than continuing earnings
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10.6 11.9 12.7 11.2 12.4 19.0 14.1 14.9 16.4 9.2 46.0% 42.4% 42.4% 42.1% 36.3% -50% -30% -10% 10% 30% 50% 70% 0.0 10.0 20.0 30.0 40.0 50.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Operating profit from other than continuing earnings Operating profit from continuing earnings Operating profit, % The development of Taaleri’s revenue and operating profit, 12M 28 October 2026 Revenue previous 12M, €m Operating profit previous 12M, €m IN T E R IM ST AT E M E N T Q3 20 26 40.4 42.2 43.3 42.6 44.5 24.1 19.1 21.9 23.0 15.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Continuing earnings Other than continuing earnings Growth in continuing earnings 10.0% LTM Growth in operating profit from cont. earnings 16.6% LTM Over the longer term, both continuing earnings and profitability based on continuing earnings have increased
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7.5 8.3 9.8 14.2 12.6 10.8 11.2 11.9 12.2 11.81.6 1.9 -1.2 -0.5 -4.0 95.9% 96.1% 96.6% 96.5% 95.0% 70% 75% 80% 85% 90% 95% 100% 105% -10.0 0.0 10.0 20.0 30.0 40.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Investment income in OCI (reported below operating profit) Operating profit from other than investment income in PL Investment income in PL Operating profit, % The development of Garantia segment’s revenue and operating profit, 12M 28 October 2026 Insurance service result previous 12M, €m Operating profit previous 12M, €m IN T E R IM ST AT E M E N T Q3 20 26 18.8 19.4 19.6 19.5 19.5 -6.2 -6.5 -6.0 -5.4 -5.4 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Insurance revenue Insurance service expenses Net expenses from reinsurance Insurance service result Growth in insurance revenue 3.8% LTM Growth in operating profit 33.1% LTM Insurance revenue remained stable and insurance service result developed positively – total investment returns were negatively affected by negative fair value changes in fixed-income investments driven by higher interest rates
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The development of Garantia segment’s premiums received and combined ratio 28 October 2026 Premiums received and insurance revenue, €m IN T E R IM ST AT E M E N T Q3 20 26 The growth in premiums received is reflected in Garantia’s insurance revenue with a delay due to IFRS accounting principles – the profitability of the insurance business has remained at a good level 18.3 16.9 21.6 20.2 22.8 19.0 18.9 19.4 18.8 19.5 0.0 5.0 10.0 15.0 20.0 25.0 30.0 2023 2024 2025 LTM Q3 2025 LTM Q3 2026 Premiums received (cash basis) Insurance revenue Growth in premiums received 12.5% LTM 2% 5% -1% 9% 4% 21% 22% 24% 24% 23%4% 3% 2% 2% 1% -10% 0% 10% 20% 30% 40% 50% 2022 2023 2024 2025 Q1-Q3 2026 Claims ratio (IFRS), % Expense ratio (IFRS), % Reinsurance ratio (IFRS), % Combined annual ratio (IFRS), % 26% 29% 25% 35% 28%
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10.0 15.0 15.0 18,0 -4.4% 18.5% 21.4% 15.7% 15.7% -10.0 % -5.0 % 0.0 % 5.0 % 10.0 % 15.0 % 20.0 % 25.0 % 0.0 5.0 10.0 15.0 20.0 25.0 30.0 2022 2023 2024 2025 LTM Q3 2026 Garantia's dividend for Taaleri Plc, €m Garantia's ROE at fair value, % The development of Garantia segment’s ROE at fair value and solvency 28 October 2026 Garantia’s ROE at fair value (%) and annual dividends (€m) Solvency ratio, % IN T E R IM ST AT E M E N T Q3 20 26 Garantia’s ROE at fair value is at an excellent level and solvency has remained strong – Garantia’s dividend to the parent company Taaleri Plc for the financial year 2025 was €18m 105 109 113 114 109 46 44 43 47 48 231.3% 245.7% 262.7% 243.2% 229.2% 0% 50% 100% 150% 200% 250% 300% 0 40 80 120 160 200 31.12.2022 31.12.2023 31.122024 31.12.2025 30.9.2026 Basic own funds (BOF), €m Solvency Capital Requirement (SCR), €m Solvency ratio, % €m €m
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7.7 8.5 8.3 6.3 6.3 1.9 -1.6 -0.9 28.7% 25.3% 23.4% 14.5% 16.6% -18% -8% 2% 12% 22% 32% 42% -2.0 3.0 8.0 13.0 18.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Operating profit from other than continuing earnings Operating profit from continuing earnings Operating profit margin, % The development of Private Asset Management segment’s revenue and operating profit, 12M 28 October 2026 Revenue previous 12M, €m Operating profit previous 12M, €m IN T E R IM ST AT E M E N T Q3 20 26 28.3 29.8 30.4 29.0 29.3 5.0 3.9 5.3 3.5 3.0 0.0 10.0 20.0 30.0 40.0 50.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Continuing earnings Other than continuing earnings Growth in continuing earnings 3.6% LTM Growth in operating profit from cont. earnings -18.4% LTM Retroactive management fees related to the closings of the Taaleri SolarWind III Fund increased continuing earnings in 2024–2025, while write-downs of unrealised performance fees have weighed on operating profit in 2026
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30.9.2026, €m Year Investment type Basis of accounting 1 Acquisition cost Fair value 2 Balance sheet value Holding Change in fair value 3 Background of the fair value change Fintoil (Fintoil Hamina Oy)* 2019 Equity FV PL 33.1 36.6 36.6 38.3% 1.7 Net debt Truscott Gilliland East Wind 2018 Equity FV PL 11.0 17.4 17.4 7.0% 0.2 Fund NAV Turun Toriparkki Oy 2019 Equity EM 7.3 15.1 10.6 39.3% -1.5 Yield Nordic Ren-Gas Oy 2025 Equity FV PL 5.1 5.1 5.1 4.0% 0.0 n/a Galubaltis Ky (Oribalt Group)** 2017 Equity FV PL 0.2 1.3 1.3 9.8% -0.1 Net cash Others fair value <€1m 0.3 0.0 0.0 0.0 Development capital investments total 57.1 75.5 71.0 0.3 Taaleri SolarWind III 2023 Equity FV PL 6.3 7.0 7.0 1.5% 0.1 Fund NAV Taaleri SolarWind II 2019 Equity FV PL 2.3 3.1 3.1 0.9% 0.1 Fund NAV Others fair value <€1m 9.3 2.6 2.6 0.0 Fund investments total 17.9 12.7 12.7 0.3 Sepos Oy 2022 Loan AC 2.0 2.1 2.1 - 0.0 Accrued interest Sepos Oy 2020 Equity EM 2.8 0.8 0.8 30.0% 0.0 Profit for the period Alisa Bank Plc 2015 Equity FV OCI 5.5 2.0 2.0 10.2% 0.0 Closing price Others fair value <€1m 10.8 2.1 2.1 -0.3 Other investments total 21.2 7.0 7.0 -0.2 Investments segment total 96.1 95.2 90.8 0.3 28 October 2026 1 Basis of accounting FV PL = Fair value through profit and loss FV OCI = Fair value through other comprehensive income EM = Equity method (a positive change in fair value does not affect the balance sheet value of the investment and has no impa ct on profit or loss) AC= Amortised cost 2 Describes management’s view of the fair value of the investee. The impact of changes in fair value on the income statement and balance sheet depend on the basis of accounting applied to the investment. 3 From previous quarter IN T E R IM ST AT E M E N T Q3 20 26 Investments segment’s investment portfolio *Taaleri’s Fintoil investment consists of the combined investments in Fintoil Oy and Fintoil Holding Ky. The holding percentage presented in the table reflects Taaleri’s indirect ownership interest in the underlying operating company, Fintoil Hamina Oy. **The holding percentage presented in the table for Galubaltis Ky represents Taaleri’s indirect ownership interest in the underlying operating company, Oribalt Group.
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Taaleri Group’s balance sheet 30 Sep 2026 28 October 2026 In addition, Taaleri has unrecognised contractual contingent receivables from, among other things, the sale of Taaleri Forest III Fund announced on 26 June 2023. Taaleri records contingent receivables if they are likely to be realised. * Taaleri has a €30.0m revolving credit facility (RCF) maturing in 2027, a €10.0m overdraft facility, and a new €30.0m financin g arrangement agreed in the second quarter, of which €18.0m had been drawn by the end of September. Taaleri’s total liquidity, comprising cash and cash equivalents and undrawn financing facilities, amounted to €65.9m (31 Dec 2025: €50. 7m) at the end of the reporting period. IN T E R IM ST AT E M E N T Q3 20 26 Dividend for 2025 € 0 .30 Assets total €328.0m 31.12.2025: €306.0m - €4.6m €250 .1 m Net cash* 31.12.2025: €10.7m Total investments (balance sheet value) 31.12.2025: €227.3m Equity €219.5m 31.12.2025: €222.7m €203.4m Market cap 31.12.2025: €220.0m Second instalment (€0.15) was paid in October Net cash* 250 17 -5 -48 -219 Net assets breakdown as per 30 Sep 2026 NWC Investments Net insurance liabilities Equity
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Outlook 28 October 2026
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Outlook for 2026 28 October 2026 IN T E R IM ST AT E M E N T Q3 20 26 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.
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Q & A 28 October 2026
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Appendix 28 October 2026
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Taaleri’s private equity funds 28 October 2026 The assets under management of the Private Asset Management segment reported by Taaleri Group are assets that generate continuing earnings. In some of the funds, the assets that generate continuing earnings includ es both Fund’s equity and debt financing. If Taaleri's earnings are based on the amount of investment commitments, the assets under management are also based on the investment comm itments. Assets under management in real estate mandates are gross assets under management in portfolio management mandates and market value of real estate portfolios under management in other real estate management mandates. IN T E R IM ST AT E M E N T Q3 20 26 Renewable energy, €m Founded Product AUM Q3 2026 Stage of the fund Taaleri Wind Fund II Ky 2014 Private equity fund 319 Invested Taaleri Wind Fund III Ky 2016 Private equity fund 52 Invested Taaleri SolarWind I Ky 2016 Private equity fund 169 Invested Taaleri SolarWind II Feeder Fund Ky 2019 Feeder fund 185 Invested Taaleri Wind Fund IV Ky 2019 Co-investment fund 167 Invested Taaleri SolarWind II 2019 Private equity fund 292 Invested Taaleri SolarWind III 2023 Private equity fund 557 Investing period Managed accounts 2019- Managed accounts 54 Invested Renewable energy total 1,795 Other private asset management, €m Founded Product AUM Q3 2026 Stage of the fund Taaleri Real Estate Development Fund Ky 2015 Private equity fund 5 Invested Taaleri Multifunctional Properties Ky 2018 Private equity fund 42 Invested Taaleri Property Fund I Ky 2015 Private equity fund 29 Invested Taaleri Property Fund II Ky 2016 Private equity fund 2 Invested Taaleri Rental Home Ky 2016 Private equity fund 169 Invested Taaleri Housing Fund VIII Ky 2021 Private equity fund 92 Invested Managed accounts 2021- Managed accounts 328 Investing period Real estate total 668 Taaleri Biorefinery Ky 2020 Co-investment - Exited Taaleri Bioindustry I Ky 2021 Private equity fund 107 Investing period Bioindustry total 107 NSI Nordic Science I Ky 2024 Private equity fund 45 Investing period Venture capital total 45 Other funds total 107 Other private asset management total 927 Private Asset Management segment total 2,722 66% 25% 4% 2% 4% AUM €2.7bn by business area Other Venture capital Bioindustry Real estate Renewable energy
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Group balance sheet 28 October 2026 IN T E R IM ST AT E M E N T Q3 20 26 Assets, €k 30.9.2026 31.12.2025 Non-current assets 270,346 244,680 Tangible assets 1,544 1,362 Intangible assets 2,572 560 Investments accounted for using the equity method 11,880 11,704 Investments measured at amortised cost 3,378 3,240 Investments measured at fair value 77,008 49,332 Insurance assets 159,504 163,716 Reinsurance contract assets 188 150 Investments 159,316 163,566 Other receivables 3,222 3,245 Accrued income and prepayments 237 2,407 Deferred tax assets 11,001 9,113 Current assets 57,659 61,273 Investments measured at amortised cost 193 193 Investments measured at fair value - 312 Accounts receivable and other current assets 23,783 25,689 Accrued income and prepayments 19,771 24,394 Cash and cash equivalents 13,912 10,685 Total assets 328,004 305,952 Equity and liabilities, €k 30.9.2026 31.12.2025 Equity 219,474 222,750 Share capital 125 125 Reserve for invested unrestricted equity 18,831 18,831 Fair value reserve -10,336 -5,418 Translation difference 28 -143 Retained earnings 192,064 183,685 Profit or loss for the period 11,319 16,617 Non-controlling interests 7,443 9,053 Liabilities 108,530 83,203 Non-current liabilities 78,881 60,267 Interest-bearing liabilities 15,513 - Insurance contract liabilities 48,155 45,769 Other liabilities 2,767 1,395 Accrued expenses and deferred income 1,075 1,035 Deferred tax liabilities 11,370 12,069 Current liabilities 29,649 22,935 Interest-bearing liabilities 3,000 - Accounts payable and other liabilities 6,459 3,015 Accrued expenses and deferred income 20,190 19,921 Total equity and liabilities 328,004 305,952
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Taaleri’s result Q3 2026 28 October 2026 * Segment revenue includes the Group’s share of profit from associated companies ** Segment revenue excludes transit items that have no impact on the result for the reporting period IN T E R IM ST AT E M E N T Q3 20 26 €k Private Asset Management Renewable energy Other private asset management Investments Garantia Other Total Continuing earnings 7,055 5,474 1,581 5 3,270 1,668 11,998 Performance fees 586 -602 1,188 - - - 586 Investment operations* -4 -5 1 2,115 1,521 19 3,651 Other operating income 666 513 152 1 3 51 720 Revenue** 8,302 5,379 2,923 2,121 4,794 1,738 16,955 Fee and commission expense -1,472 -1,104 -368 - - - -1,472 Personnel costs -2,635 -1,606 -1,029 -100 -194 -841 -3,769 Direct expenses -1,357 -1,066 -291 -59 -30 -840 -2,287 Depreciation, amortisation and impairment -34 -7 -27 - - -19 -53 Impairment losses on receivables - - - -1 - - -1 Operating profit 2,805 1,597 1,208 1,961 4,570 37 9,373 Operating profit % 33.8% 29.7% 41.3% 92.5% 95.3% 2.2% 55.3%
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Taaleri’s result Q3 2025 28 October 2026 IN T E R IM ST AT E M E N T Q3 20 26 * Segment revenue includes the Group’s share of profit from associated companies ** Segment revenue excludes transit items that have no impact on the result for the reporting period €k Private Asset Management Renewable energy Other private asset management Investments Garantia Other Total Continuing earnings 6,740 5,257 1,484 5 3,286 105 10,136 Performance fees - - - - - - - Investment operations* 11 11 -1 7,339 3,110 45 10,504 Other operating income 1,718 1,651 67 622 34 2,375 Revenue** 8,469 6,919 1,550 7,966 6,396 184 23,015 Fee and commission expense -1,517 -1,069 -448 - - - -1,517 Personnel costs -2,580 -1,763 -817 -170 138 -707 -3,319 Direct expenses -2,223 -2,012 -211 450 -25 -1,020 -2,817 Depreciation, amortisation and impairment -7 -3 -3 - - -15 -22 Impairment losses on receivables - - - -1 - - -1 Operating profit 2,143 2,072 72 8,244 6,510 -1,558 15,340 Operating profit % 25.3% 29.9% 4.6% 103.5% 101.8% neg 66.6%
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More information Linda Tierala, Head of IR, Communications and Sustainability +358 40 571 7895 linda.tierala@taaleri.com Taaleri Plc Kasarmikatu 21 B FI-00130 Helsinki www.taaleri.com 28 October 2026