Taaleri’s comparable profit rises 18.4% to 12 million euros despite revenue decline

Key Facts

Taaleri increased comparable profit 18.4% year on year to 12.0 million euros in the July-September 2026 period, from 10.1 million euros a year earlier, according to its interim report published on October 28. But the increase did not reflect a broad improvement in quarterly results, as revenue, operating profit, investment income and earnings per share fell compared with the same period in 2025. The company attributed the growth in comparable profit mainly to a 1.6 million euro success fee recorded by Taaleri Kapitaali. The company said the fee helped support profit despite lower income from investment operations. The results therefore combined growth in comparable profit with declines in other key financial indicators, while the company’s report did not include data on share price movements in the market.

Revenue fell 26.3% to 17.0 million euros, compared with 23.0 million euros in the third quarter of 2025. Operating profit dropped to 9.4 million euros from 15.3 million euros, and its margin declined to 55.3% from 66.6%. Net income from investment operations was 3.7 million euros, down from 10.5 million euros a year earlier. Taaleri said the result was affected particularly by lower income from investment operations compared with the previous year. Earnings per share fell to 0.23 euros from 0.43 euros, showing that growth in comparable profit did not extend to quarterly earnings per share.

The private asset management and Garantia segments performed differently during the quarter. Comparable profit in private asset management rose 4.7% to 7.1 million euros, from 6.7 million euros in the comparable period. Garantia’s comparable profit remained at 3.3 million euros, unchanged from a year earlier. In Garantia’s business, the share of new housing loans in Finland using residential mortgage guarantees rose by more than 18% year on year during the quarter, despite a stagnant housing market. But Garantia’s net income from investment operations was negative for the quarter, as the company said higher interest rates caused fair-value changes in fixed-income investments.

During the review period, the company made an additional 25 million euro investment in Fintoil as part of a funding round for the company. For the first nine months of 2026, comparable profit increased 7.6% to 32.3 million euros from 30.0 million euros in the comparable period. But operating profit for the nine months fell to 16.0 million euros from 20.3 million euros. Second-quarter comparable profit had declined 7.1% to 9.8 million euros from 10.6 million euros, while operating profit was 4.4 million euros compared with 4.5 million euros. This quarterly comparison provides context for the growth in comparable profit in the third quarter, alongside continued year-on-year weakness in operating profit.

Taaleri expects Garantia’s insurance revenue to grow during 2026, with the profitability of insurance operations remaining stable, while it expects operating losses to continue in its other private asset management activities. In renewable energy, the company said comparable profit in 2026 would decline compared with 2025, partly because of subsequent management fees recorded in the previous year. It added that planned exits from funds approaching the end of their life cycles would reduce assets under management and, in turn, the fee base. It said it had made progress on exit processes for the Wind II, Wind III and SolarWind I funds, and continued preparations for the first exits from SolarWind II. The company said the timing and valuations of exits are affected by electricity price expectations in different markets, higher interest rates and buyers’ return requirements.

Taaleri’s 2026–2028 targets remain average annual growth of 12% in operating profit from comparable profit, and an average fair-value return on equity exceeding 15% a year. The interim report presenting the nine-month results was unaudited, according to the company. After its publication, Taaleri scheduled a webcast for analysts, investors and media on October 28, 2026, at 13:00 Eastern European Time. The webcast is set to allow the company to present and discuss its third-quarter results with its audience. The company’s 2026 outlook and progress on exits remain among the key points in the report for the coming period.