Taaleri Plc's Half-Year Financial Report 1 January-30 June 2026: Strategy implementation progressed as planned in the second quarter, net income from investment operations increased from the comparison period
12.8.2026 08:00:09 EEST | Taaleri Oyj | Half Year financial report
TAALERI PLC | STOCK EXCHANGE RELEASE | 12 AUGUST 2026 AT 8:00 (EEST)
Taaleri Plc’s Half-Year Financial Report 1 January–30 June 2026: Strategy implementation progressed as planned in the second quarter, net income from investment operations increased from the comparison period
April–June 2026
- Continuing earnings decreased by 7.1% to EUR 9.8 (10.6) million. Continuing earnings in the Private Asset Management segment decreased by 16.4% to EUR 6.8 (8.2) million, and continuing earnings in the Garantia segment increased by 24.8% to EUR 2.8 (2.3) million.
- Garantia’s insurance revenue decreased by 2.2% to EUR 4.7 (4.9) million.
- Performance fees were EUR -1.7 (0.0) million.
- Net income from investment operations was EUR 4.6 (1.6) million, of which the Garantia segment accounted for EUR 7.3 (2.8) million. Changes in fair value in the Investments segment amounted to EUR -2.9 (-1.2) million.
- Revenue increased by 2.7% to EUR 13.2 (12.9) million.
- Operating profit was EUR 4.4 (4.5) million, corresponding to 33.5% (34.8%) of revenue.
- Earnings per share were EUR 0.13 (0.07).
January–June 2026
- Continuing earnings increased by 2.2% to EUR 20.3 (19.9) million. Continuing earnings in the Private Asset Management segment decreased by 5.7% to EUR 13.6 (14.4) million, and continuing earnings in the Garantia segment increased by 23.2% to EUR 6.5 (5.3) million.
- Garantia’s insurance revenue increased by 0.9% to EUR 9.7 (9.6) million.
- Performance fees were EUR -1.7 (0.0) million.
- Net income from investment operations was EUR 4.8 (0.4) million, of which the Garantia segment accounted for EUR 8.1 (2.2) million. Changes in fair value in the Investments segment amounted to EUR -3.5 (-1.9) million.
- Revenue increased by 20.2% to EUR 25.8 (21.5) million.
- Operating profit was EUR 6.6 (4.9) million, corresponding to 25.5% (23.0%) of revenue.
- Earnings per share were EUR 0.17 (0.09).
This Half-Year Financial Report has been prepared in accordance with IAS 34. The information presented is unaudited. Unless otherwise stated, the figures in parentheses in the Half-Year Financial Report refer to the corresponding period of the previous year. The key figures regarding the Consolidated Income Statement presented in the explanatory part of this Half-Year Financial Report have been calculated on the basis of the Group's segment reporting, unless otherwise stated. See page 25 for further information of the accounting policies of this Half-Year Financial Report. The financial figures in the explanatory section of the Half-Year Financial Report are based on Taaleri's segment reporting unless otherwise stated.
Review by CEO Ilkka Laurila
We continued the determined execution of our strategy during the second quarter of the year. Demand for guarantee insurance, measures to increase assets under management and the active management of our funds supported our earnings capacity. Net income from investment operations was strong.
Garantia continued its strong performance
The operational development of the Garantia segment was excellent during the second quarter of the year. Garantia’s guarantee insurance portfolio and market share in residential mortgage guarantees continued to increase, while demand for corporate guarantees remained strong. During the second quarter, Garantia’s residential mortgage guarantee utilisation rate, measured as the share of residential mortgage guarantees issued by Garantia of all new mortgages drawn down in Finland, increased by more than 24% from the comparison period. Although the housing market has remained subdued, Garantia’s performance demonstrates that marketing efforts have delivered results and that residential mortgage guarantees have further strengthened their position as an attractive financing solution for homebuyers.
In line with our international growth strategy, we also continued to execute and develop new Nordic non-payment insurance contracts during the second quarter. Claims expenses remained at a moderate level, both in absolute terms and relative to the guarantee insurance portfolio, and the combined ratio remained at an excellent level. Net income from investment operations in Garantia was very strong, driven mainly by favourable equity market development. The segment’s strong profitability, stable cash flow and low risk profile support the Group’s earnings capacity and improve the predictability of earnings.
Private Asset Management progressed as planned
Within Private Asset Management, our focus was on advancing investment activities across the funds, preparing for exits and developing new products. In the renewable energy business, we concentrated on the active management of operating funds, value creation in investments and the advancement of new investment opportunities, while exit processes for several assets progressed across different geographic markets and funds. Projects within the Taaleri SolarWind III Fund advanced as planned, and we have begun preparations for fundraising for the next generation of SolarWind funds. In the real estate business, we took advantage of the current attractive market environment and continued investing in residential properties through the Eden Living joint venture, while maintaining high occupancy rates across the existing properties in our funds.
New growth initiatives strengthen the foundation of continuing earnings
We made progress in several strategic initiatives that support Taaleri’s long-term growth objectives and strengthen our position as a provider of alternative investments. During the review period, we completed the acquisition of a majority stake in Nordic Science Investments (NSI) and announced our expansion into the Nordic private credit market. Both initiatives support our objective of increasing assets under management, broadening our private equity fund offering and building an even stronger foundation of continuing earnings for the years ahead.
Active capital allocation to support value creation at Fintoil
Revenue and operating profit in the Investments segment were negative during the second quarter, mainly due to a negative change in the fair value of the Truscott Gilliland East Wind project in Texas. One of our key priorities has been the efficient utilisation of our balance sheet and the active allocation of capital. After the review period, we agreed on a EUR 30 million investment in Fintoil as part of the company’s financing round, which also included the Norwegian energy investment firm HitecVision. The investment supports the execution of Fintoil’s growth strategy and strengthens its position in Europe’s growing biofuels market and serves as a concrete example of our active strategy execution: we selectively allocate capital to opportunities where we see the potential for significant value creation and attractive long-term returns. In addition, after the review period, Taaleri’s investment Nordic Ren-Gas entered into a long-term supply agreement with avanca Energy AG. The agreement represents a significant step towards the investment decision for Ren-Gas’s production facility in Tampere.
A strong foundation for the second half of the year
The first half of 2026 has progressed well. We have strengthened the Group’s earnings capacity, expanded the foundation of continuing earnings and executed several strategically important initiatives. During the second half of the year, our focus will be on preparing fundraising for the Taaleri SolarWind IV Fund, while continuing the determined development of our real estate and bioindustry businesses, as well as Garantia, through both existing and new partnerships and international growth opportunities. The integration of Nordic Science Investments, the launch of the private credit business and our other growth initiatives support our objective of increasing assets under management and building a more diversified and resilient earnings base over the longer term. Our strong balance sheet, which provides significant financial flexibility, together with our active approach to capital allocation, gives us a solid foundation for continuing disciplined growth investments. Our investments in existing businesses, combined with new business initiatives, reflect our strong growth ambition and our determined goal to become the partner of choice for investors and business partners in a rapidly evolving operating environment.
Key figures
|
Group key figures |
4–6/2026 |
4–6/2025 |
Change, % |
1–6/2026 |
1–6/2025 |
Change, % |
1–12/2025 |
|
Earnings and balance sheet key figures |
|||||||
|
Continuing earnings, EUR million |
9.8 |
10.6 |
-7.1 |
20.3 |
19.9 |
2.2 |
42.2 |
|
Performance fees, EUR million |
-1.7 |
- |
n/a |
-1.7 |
- |
n/a |
-0.0 |
|
Insurance service result, Garantia, EUR million |
3.0 |
2.4 |
26.5 |
6.8 |
5.6 |
23.2 |
12.6 |
|
Net income from investment operations, EUR million |
4.6 |
1.6 |
>100.0 |
4.8 |
0.4 |
>100.0 |
14.4 |
|
Revenue, EUR million |
13.2 |
12.9 |
2.7 |
25.8 |
21.5 |
20.2 |
61.2 |
|
Operating profit, EUR million |
4.4 |
4.5 |
-1.1 |
6.6 |
4.9 |
33.2 |
25.9 |
|
Operating profit, % |
33.5 |
34.8 |
25.5 |
23.0 |
42.4 |
||
|
Operating profit from continuing earnings, EUR million |
1.7 |
3.2 |
-47.3 |
4.4 |
5.1 |
-13.4 |
11.9 |
|
Combined ratio (IFRS), Garantia, % |
36.7 |
51.0 |
29.1 |
41.9 |
35.3 |
||
|
Return on equity at fair value, annualised % |
6.7 |
4.6 |
1.9 |
3.7 |
10.7 |
||
|
Basic earnings per share, EUR |
0.13 |
0.07 |
87.9 |
0.17 |
0.09 |
92.3 |
0.59 |
|
Equity ratio, % |
70.6 |
70.9 |
70.6 |
70.9 |
72.8 |
||
|
Other key figures |
|||||||
|
FTE (full-time equivalents), at the end of the period |
138 |
130 |
6.2 |
138 |
130 |
6.2 |
128 |
|
Assets under management in Private Asset Management segment, BEUR |
2.7 |
2.7 |
2.7 |
2.7 |
2.7 |
||
|
Guarantee insurance portfolio, BEUR |
1.8 |
1.7 |
1.8 |
1.7 |
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 11:00 EEST at Event Venue Eliel located in Sanomatalo (Töölönlahdenkatu 2, Helsinki). The webcast can be followed online at https://taaleri.events.inderes.com/2026-q2-results/. The event will be recorded and available later on Taaleri's investor pages at https://taaleri.com/reports-and-presentations/.
Helsinki, 12 August 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 Half-Year Financial Report for the period 1 January–30 June 2026. The complete Report 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 focus on selected private assets strategies in renewable energy, real estate, growth and venture capital investments. Our subsidiary Garantia provides credit risk insurance solutions for households, businesses and lenders. We combine capital with expertise, deep industry knowledge and an entrepreneurial approach.
Taaleri has three business segments: Private Asset Management, Garantia and Investments. The Private Asset Management segment comprises the renewable energy, bioindustry, real estate and venture capital businesses. The Garantia segment consists of Insurance Company Garantia. The Investments segment comprises development capital investments and other direct investments.
Taaleri has EUR 2.7 bn of assets under management. The company employs approximately 140 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