Financial Statements Bulletin Q4 2023

1 January-

31 December 2023

The Board of Directors proposes that a dividend of EUR 1.00 per share, a total of EUR 28,285,593 will be paid for the financial year 2023. The dividend proposal is to distribute EUR 0.50 as a dividend based on the profit for the period of continuing operations, and EUR 0.50 as a dividend based on the sale of the wealth management operations. The parent company's distributable funds were EUR 129,588,048.17, which includes EUR 10,180,208.95 in net profit for the financial year. The dividend is to be paid in one instalment.

The dividend will be paid to shareholders who are registered in the list of shareholders maintained by Euroclear Finland Ltd on the record date, which is 12 April 2024. The dividend payment date proposed by the Board of Directors is 19 April 2024.

No dividend is paid to the shares held by the parent company. The amount of the proposed dividend distribution is based on the number of shares outstanding at the balance sheet date. The actual dividend payment is determined based on the number of shares outstanding on the record date.

The Board of Directors' report and financial statements for 2023 will be available at www.taaleri.com on 15 March 2024 at the latest.

Taaleri does not publish a short-term outlook. However, the company has set itself targets related to growth, retuon invested capital and dividend payout.

Taaleri's updated long-term targets are:

• Growth in Group's continuing earnings and performance fees at least 15 percent p.a.
• Retuon equity at least 15 percent
• Dividend payout at least 50 percent of the FY profit

The year 2023 was the last year of Taaleri's strategy period that began in 2021, and we can be satisfied with the implementation of the strategy. The aim for the strategy period was to drive growth through private equity funds focusing on renewable energy and other alternative investments. In 2023, the main priorities of the implementation of the strategy were the fundraising of the Taaleri SolarWind III Fund and the promotion of bioindustry business's private equity funds and co- investments. The objective of the strategy period was to increase the assets under management to more than EUR 3 billion. At the end of 2023, assets under management amounted to EUR 2.6 billion.

Taaleri had four strategic priorities during the strategy period ended. Below, we outline how we advanced each of the priorities during 2023.

1. We put impact and renewable energy at the heart of our operations

We develop and expand private equity funds that seek not only economic returns but also measurable benefits for the environment and society. In 2023, we managed nine private equity funds that fall under Articles 9 and 8 of the EU's Sustainable Finance Disclosure Regulation (SFDR), i.e. they either make only sustainable investments or contribute to select sustainability factors. Approximately 75% of our assets under management are in Article 9 and 8 funds.

All six of our renewable energy business's funds and Taaleri Bioindustry I Fund have been classified as dark green, i.e. Article 9 funds. In addition, two real estate funds, Taaleri Housing Fund VIII and Taaleri Rental Home, are classified as Article 8 funds.

2. We seek to scale up all our businesses

In our private equity funds, we aim to significantly increase the average size of funds and our assets under management, which will increase continuing earnings and improve the profitability of the funds. This increases our resources, enabling us to hire the best experts to ensure a good retufor our investors.

Assets under Taaleri's management increased during 2023 from EUR 2.5 billion to EUR 2.6 billion. During the year, we raised funds mainly for the Taaleri SolarWind III Fund. The assets under management were reduced by, among other things, the exit of Taaleri Forest Fund III in June and the ending of the asset management mandate of the real estate business in July.

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Taaleri's latest renewable energy fund, Taaleri SolarWind III, progressed as planned during the year. In July, the fund announced that it had raised EUR 286 million in the first closing, and the second closing in December increased the fund size to EUR 430 million. The fundraising was supported by a project development portfolio that included 61 projects at the end of the financial year.

At Garantia Insurance Company Ltd, we continued to advance a strategy based on a scalable business model, risk diversification and an extensive distribution network, which produced an extraordinarily strong performance in insurance operations despite the challenging operating environment.

3. We expand the sales and distribution of our private equity funds

In addition to our significant domestic cooperation with Aktia, we strengthened our own institutional and international sales during 2023. In the renewable energy business, Taaleri has its own sales organisation, which has focused on large domestic institutions as well as international investors. During the year, we entered into distribution partnerships for our funds in Europe, North America and Asia. We also met with a number of European institutional and family offices focusing on impact investing, to whom we presented Taaleri's operations and the SolarWind III Fund. This work will continue and expand as we focus on internationalisation under the updated strategy.

4. We optimise retuon capital and balance sheet usage

In accordance with our strategy, we enhanced the use of our equity and distributed to shareholders the capital that the company does not need for growth investments or to fulfil its solvency targets. Taaleri distributed a dividend of EUR 0.70 per share for 2022. The amount of the dividend was based on the distribution of EUR 0.45 as a dividend based on the operating profit of continuing operations and EUR 0.25 as a dividend based on the profit from the sale of the wealth management operations.

Development of the global economy and of the capital markets was still marked by a high degree of uncertainty in late 2023. Interest rate increases during the year curbed strong inflation, and the US and European central banks stopped their interest rate increases during the second half of the year. According to the prevailing market view, 2024 will bring a soft landing; the economy will slow down moderately while avoiding a more serious recession, and interest rates will start to decline in 2024.

The operating environment of the capital market has been challenging due to, for example, rising interest rates and inflation. The growth of alternative investments has slowed, but the asset class has become a significant part of the portfolios of institutional investors, as it offers the opportunity to diversify risks and smooth out returns. The EU's Sustainable Finance regulation guides both investors and financial actors towards sustainable investments. In particular, more private capital will be needed in the future to achieve the global emission reduction, energy self-sufficiency and circular economy targets. Europe's desire to break away from Russian energy sources and to increase its self-sufficiency will strengthen the operating environment for renewable energy and bioindustry, in particular.

The growth of alternative investments has slowed, but the asset class has become a significant part of the portfolios of institutional investors, as it offers the opportunity to diversify risks and smooth out returns

In the renewable energy business, the operating environment remained good, although the war in Ukraine, higher interest rates and inflation have all increased the costs of project construction. The war in Ukraine has contributed to the acceleration of the green transition, but it has also created uncertainty among investors. While Europe has succeeded in reducing its dependence on Russian energy, the price of energy is very sensitive to changes in the global market. The price of electricity has fallen significantly from the peak level of last year, but is still higher than in previous years, especially in Central and SoutheEurope. The lower price level of electricity has reduced uncertainty related to possible electricity price regulation and increased discussion on new support mechanisms that would increase investments in renewable energy in Europe.

In the operating environment of bioindustry business, the challenging financial situation has prolonged the implementation of financing arrangements. Schedules have stretched, but market valuation levels have declined. The poor availability and/or high price of certain raw materials and tightened loan conditions of banks continue to create uncertainty. Uncertainty in the market complicates and slows down the emergence of new products and solutions of companies in the scale-up phase of the operating environment, as many customers stick to traditional operating models during uncertain times. However, there are already signs of stabilisation in the operating environment, and the policies of the COP28 climate summit held in Dubai in early December are expected to have a positive impact on it.

In the operating environment of Taaleri's associated company Fintoil's biorefinery in Hamina, the prices of raw materials have also started to fall in Europe and, in addition to the main product, the demand for other end products has also started to rise. The tight situation is expected to ease during the first half of the year.

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The real estate market continued to be challenging. Transaction volumes remained clearly lower than in previous years, but there was a slight increase in activity in the last quarter. Inflation continued to fall strongly in the last quarter, which increased the pressure on the European Central Bank to lower its key interest rate. However, yield requirements continued to rise. In the rental market, occupancy rates and rental levels remained good. The long-term fundamentals supporting real estate investments, such as urbanisation, are still seen as strong in the Finnish real estate market. Sustainability and impact will continue to be at the core of investment activities, and capital will increasingly seek out key locations and sustainable investments.

In the operating environment of Garantia Insurance Company Ltd inflation, rising interest rates and economic uncertainty kept consumer confidence low. As a result, the volumes of housing transactions and new mortgage loans raised decreased significantly from previous years, which affected the sales of residential mortgage guarantees. However, the creditworthiness of the company's consumer and corporate customers remained good, and no material changes occurred in the risk position of the guaranty insurance portfolio. Positive investment market performance affected positively to Garantia's investment performance as market interest rate started to decrease in the second half of the year and optimism returned to equity market.

The Group's share of the result of associated companies is taken into account in the segment income. In addition, transit items that have no effect on the result for the financial year have been eliminated from segment income. Segment information and the reconciliation statement to the IFRS income statement are presented on pages 35-36.

October-December 2023

The Group's continuing earnings fell in the last quarter by 6.6% to EUR 9.9 (10.6) million. The Private Asset Management segment's continuing earnings grew by 18.5%, but the Strategic Investments segment's continuing earnings fell by 39.3%. The fall in the continuing earnings of the Strategic Investments segment was due to the decline in Garantia's insurance revenue, which is explained, among other things, by the entries due to the revaluation of insurance contract liabilities. In the comparison period, corresponding entries increased insurance revenue. Insurance service expenses also increased from the comparison period.

No performance fees were recognised in the last quarter of 2023, while EUR 12.4 million in performance fees was recognised in the corresponding period. The Group's net income from investment operations was EUR 7.8 (-6.7) million, of which EUR 6.0 (0.8) million was from the Private Asset Management segment, EUR 1.7 (-2.8) million from the Strategic Investments segment and EUR 0.1 (-4.8) million from the Other group. The Group's income grew to EUR 17.7 (16.2) million.

The Group's operating expenses totalled EUR 10.8 (9.0) million, of which personnel costs were EUR 4.1 (3.2) million and fee and commission expenses EUR 1.7 (2.8) million. The Group's operating profit was EUR 6.9 (7.2) million, corresponding to 38.9% (44.6) of income.

In the Group's consolidated IFRS income statement, income fell by 4.6% to EUR 18.2 (19.1) million, the profit for the period was EUR 5.0 (5.7) million and the Group's total comprehensive income was EUR 5.4 (7.6) million.

January-December 2023

The Group's continuing earnings grew by 8.4% to EUR 39.9 (36.8) million during 2023. The Private Asset Management segment's continuing earnings grew by 17.8% to EUR 24.4 (20.7) million. The continuing earnings of the Strategic Investments segment, on the other hand, fell by 1.0%, largely due to the growth in insurance service expenses.

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A performance fee of EUR 3.6 million was realised from the sale of Taaleri Forest Fund III in the summer, from which a previously unrecognised proportion of EUR 1.6 million was recorded as income for the period. A total of EUR 19.4 million was recognised as performance fees in the corresponding period.

The Group's net income from investment operations was EUR 25.0 (2.8) million, of which EUR 16.5 (2.5) million was from the Private Asset Management segment, EUR 4.4 (-9.9) million from the Strategic Investments segment and EUR 4.1 (10.2) million from the Other group. The Group's net income from investment operations included EUR 15.2 million of realised capital gains, most of which were represented by EUR 8.9 million of capital gains from the sale of the renewable energy project development portfolio, adjusted by the purchase price specified in the second half of the year, and EUR 5.5 million of income from renewable energy development activities in Texas between 2018 and 2021. The Group's income grew by 12.5% to EUR 66.3 (58.9) million.

The Group's operating expenses totalled EUR 34.5 (31.6) million, of which personnel costs were EUR 16.1 (14.0) million and fee and commission expenses EUR 6.6 (8.7) million. The Group's operating profit was EUR 31.9 (27.3) million, corresponding to 48.1% (46.3) of income.

In the Group's consolidated IFRS income statement, income grew by 15.6% to EUR 65.6 (56.8) million. the profit for the period was EUR 26.5 (21.3) million and the Group's total comprehensive income was EUR 28.5 (9.3) million.

At the end of the review period, the Group's cash and cash equivalents totalled EUR 38.3 (46.8) million, and Taaleri Group's balance sheet total was EUR 307.9 (299.9) million. Investments were EUR 212.1 (200.7) million, corresponding to 68.9% (66.9) of the Group's balance sheet total. At the end of the review period, the Group's accrued income included unrealised performance fees of EUR 14.2 (16.2) million.

The liabilities of the Group totalled EUR 99.3 (99.4) million, of which insurance contract liabilities were EUR 45.6 (46.5) million, deferred tax liabilities were EUR 16.5 (16.9) million and interest-bearing liabilities were 14.9 (15.3) million. The interest-bearing liabilities comprised of EUR 14.9 (14.9) million of Taaleri Plc's Tier 2 bond.

At the end of December, Taaleri Group's equity was EUR 208.6 (200.5) million. The Group's equity ratio remained strong at 67.8% (66.9), and the Group's retuon equity during the financial period stood at 13.0% (10.0%).

Taaleri's continuing operations include two reported segments: Private Asset Management, which is divided to Renewable energy and Other private asset management, and Strategic Investments, which includes Garantia. The group Other presents Group's non-strategic investments, Taaleri Kapitaali and Group operations not included in the business segments.

The segment-specific income statements are presented on pages 35-36.

In reporting, the Private Asset Management segment is divided into Renewable energy and Other private asset management. Renewable energy includes Taaleri Energia, which develops and invests in industrial-scale wind and solar power projects and energy storage systems. It also manages investments throughout their lifecycle. The other areas within Private Asset Management include Taaleri's real estate, bioindustry and other businesses. Group investments that support the core business and the development of the businesses reported under the Private Asset Management segment are reported under the segment. Such investments include, for example, seed investments in new funds. Group investments are presented in further detail under segment information on pages 37-38.

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October-December 2023

The continuing earnings of the renewable energy business grew in the last quarter by 37.7% to EUR 5.2 (3.8) million, of which EUR 0.5 million was non-recurring fees related to the second close of the Taaleri SolarWind III Fund. No performance fees were recognised in the review period, but EUR 10.3 million in performance fees were recognised in the corresponding period. Net income from investment operations was EUR 6.7 (-1.0) million, EUR 5.5 million of which was generated from renewable energy development activities in Texas between 2018 and 2021. The deed of sale for the development activities also includes the possibility of additional returns. In addition, EUR 1.3 million of invoicing related to renewable energy projects was also recognised in net income from investment operations, the corresponding costs of which were recognised in operating expenses in the same amount. Income from the renewable energy business fell by 9.3% to EUR 11.9 (13.1) million.

Operating expenses totalled EUR 6.2 (4.1) million, of which fee and commission expenses were EUR 1.1 (1.9) million and personnel costs were EUR 1.5 (1.1) million. The number of personnel in the renewable energy business increased from the corresponding period due to the resourcing of the Taaleri SolarWind III Fund and the expansion of the business. Other operating expenses include EUR 1.3 million of fully billable expenses and EUR 1.4 million of write-downs of project costs. Operating profit for the renewable energy business was EUR 5.7 (9.0) million, corresponding to a profit margin of 48.1% (68.6).

The renewable energy business continued fundraising for the Taaleri SolarWind III Fund during the review period and announced at the end of December that it had raised EUR 430 million in investment commitments by the second closing. The assets under management generating continuing earnings of the renewable energy business increased with the second funding round of the Taaleri SolarWind III Fund, but they also decreased with the transition of the Taaleri SolarWind II Fund to the stage where the fund has made all its investments, and the amount of the management fee is based on the capital committed to the investments. In addition, during the review period, the renewable energy business continued preparations to exit the Taaleri Wind II and Taaleri Wind III Funds, which are at the end of their lifecycle.

January-December 2023

The continuing earnings of the renewable energy business grew during the financial period 2023 by 24.5% to EUR 18.1 (14.6) million, mainly due to the successful fundraising of the Taaleri SolarWind III Fund. No performance fees were recognised in the financial period, while EUR 10.3 million in performance fees were recognised in the corresponding period. Net income from investment operations was strong at EUR 17.2 (0.9) million, most of which was represented by EUR 8.9 million of capital gains from the sale of the project development portfolio to the Taaleri SolarWind III Fund, adjusted by the purchase price specified in the second half of the year, and EUR 5.5 million from renewable energy development activities in Texas between 2018 and 2021. The income from investment operations for the financial year 2023 also included income of EUR 2.9 million from expenses billed from the funds. Income from the renewable energy business grew by 37.3% to EUR 35.4 (25.8) million.

Operating expenses totalled EUR 19.0 (14.2) million, of which fee and commission expenses were EUR 4.2 (5.3) million and personnel costs were EUR 7.6 (5.8) million. Personnel costs included EUR 2.0 (1.2) million in variable personnel costs. EUR 2.9 million of operating expenses was billable expenses and thus has no impact on profit or loss. However, a total of EUR 1.4 million in project costs was written down during the financial year, which weakened the operating profit for the financial year. Operating profit for the renewable energy business in the financial year ended was EUR 16.3 (11.5) million, corresponding to 46.2% (44.7) of income.

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During the period, the renewable energy business continued fundraising for the Taaleri SolarWind III Fund, which is classified as a dark green fund under Article 9 of the EU SFDR. The fund held its first closing at the beginning of July after it had raised EUR 286 million and held a second closing in December. At the end of the financial year, the fund had raised EUR 430 million in investment commitments, and fundraising will continue in the coming financial year. The Taaleri SolarWind III Fund's investment strategy is to acquire, develop, construct, and operate a portfolio of utility-scale onshore wind farms, photovoltaic solar parks, and battery storage assets. The fund's target markets are the Nordic countries, the Baltic countries, South-East Europe, Spain and Texas. The fund is based on a project development portfolio of 50 projects compiled by Taaleri Energia, which Taaleri Energia sold to the fund at the end of June. In addition to the capital gain of EUR 8.9 million recognised from the sale for the period, the transaction involves the possibility of an earn-out if the fund's projects progress in accordance with the agreed terms.

Furthermore, during the financial period, the renewable energy business started preparations to exit the Taaleri Wind II and Taaleri Wind III Funds, which are at the end of their lifecycle. In previous financial years, Taaleri has recognised a total of EUR

14.2 million in performance fees from the Taaleri Wind II and Taaleri Wind III Funds, which have been based on management estimates. The amount of the performance fees is determined, and the fees are realised upon the exit of the funds.

October-December 2023

Continuing earnings from Taaleri's real estate, bioindustry and other businesses in the last quarter fell by 19.4% to EUR 1.5 (1.9) million. The decrease in continuing earnings was partly due to the fund exits carried out between the review periods and the decrease in the fees based on mandates for the real estate business, but also due to Taaleri's share of the profit of WasteWise Group, which has been consolidated in the bioindustry business as an associated company. No performance fees were recognised during the review period ended, while EUR 2.0 million in performance fees were recognised in the corresponding period. Among other things, changes in the fair value of Taaleri's own balance sheet investments reported under the Private Asset Management segment are recorded in the net income from investment operations of Other private asset management. In the quarter ended, changes in fair value were negative, while in the corresponding period, they were positive. Thus, income from the real estate, bioindustry and other businesses fell to EUR 0.8 (5.8) million in the quarter ended.

Operating expenses in Other private asset management totalled EUR 2.5 (2.4) million, of which fee and commission expenses were EUR 0.5 (0.9) million and personnel costs EUR 1.3 (0.9) million. The fixed personnel costs were EUR 0.9 (0.7) million and the variable personnel costs were EUR 0.4 (0.1) million. Fee and commission expenses in the corresponding period included EUR 0.4 million in expenses related to performance fees. Operating profit from Taaleri's real estate, bioindustry and other businesses was EUR -1.7 (3.3) million.

The new director was appointed to the real estate business in November, and he took up his duties after the end of the review period in January. The real estate business continued to develop new investment products in the last quarter and focused on optimising the profitability of the real estate portfolios owned by its funds. In addition, the business continued the preparations to exit funds at the end of their lifecycle.

During the review period, the bioindustry business continued to support the growth of the investee companies of the Taaleri Bioindustry I Fund and to map new potential investees. In addition to the preparations for the new venture capital fund, the business also launched the construction work of the torrefied biomass plant to be built in Joensuu. According to Taaleri's updated strategy, bioindustry will play an even greater role in building the growth of the portfolio of direct investments in the Private Asset Management segment and Taaleri's internationalisation. During the review period, the business launched several recruitment processes to achieve the objectives of the updated strategy.

January-December 2023

Continuing earnings from Taaleri's real estate, bioindustry and other businesses during the financial period 2023 grew by 1.7% to EUR 6.2 (6.1) million. Continuing earnings were boosted by successful product launches in the bioindustry business in 2022. However, continuing earnings were reduced by both the exits carried out in 2023 and a decrease in fees based on real estate mandates.

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During the financial period, Taaleri received a performance fee of EUR 3.6 million for the sale of Taaleri Forest Fund III, of which EUR 1.6 million was recognised as income during the financial period ended and EUR 2.0 million as income in 2022. The transaction involves the possibility of an earn-out. In addition to the performance fee of EUR 2.0 million recorded for Taaleri Forest Fund III, the performance fees of EUR 9.0 million for the corresponding period consisted primarily of a transaction concerning the shares of Ficolo Ltd owned by Taaleri's co-investment and associated company Taaleri Datacenter Ky. Among other things, changes in the fair value of Taaleri's own balance sheet investments reported under the Private Asset Management segment are recorded in the investment result of Other private asset management. In the financial period ended, changes in fair value were negative, while in the corresponding period they were positive. Income from Taaleri's real estate, bioindustry and other businesses fell to EUR 7.0 (16.8) million due to decreased performance fees and a decreased net income from investment operations.

In line with its strategy, Taaleri is investing in the growth of the private asset management business, and this is reflected on a front-loaded basis in the increase in the number of employees and personnel costs. Operating expenses in Other private asset management in the financial period ended totalled EUR 8.4 (9.7) million, of which EUR 2.3 (3.1) million was fee and commission expenses. The decreased proportion of fee and commission expenses was due to higher fee and commission expenses associated with performance fees in the corresponding period. Personnel costs decreased from the level of the corresponding period to EUR 4.0 (4.2) million due to a decrease in variable personnel costs. Operating profit from Taaleri's real estate, bioindustry and other businesses was EUR -1.4 (7.1) million.

During the financial period, the real estate business focused on the active development of new investment products and the preparations to exit old funds. The business successfully implemented the sale of Taaleri Forest Fund III and its forest holding portfolio during the first half of the financial year, and the asset management mandate of an international client's real estate portfolio ended at the beginning of July in accordance with the agreement. At the end of the financial year, the real estate business welcomed the new director, who took up his duties after the end of the financial year in January 2024.

During the financial year, the bioindustry business focused on mapping new investees for its first fund, Taaleri Bioindustry I, and on promoting due diligence processes of potential investments. The fund made its third investment in the Nordic Bioproducts Group, a Finnish company producing cellulose-based materials with a high processing value, during the period. The bioindustry business also prepared its next fund, the strategy of which would be to invest in start-up companies in the bioindustry sector. The goal of the venture capital fund would be to offer early-stage companies the opportunity to grow into the next scale-up phase. The construction work of the torrefied biomass plant to be built in Joensuu as a co-investment project of Taaleri's bioindustry business started during the financial year.

During the financial period, Taaleri acquired shares in WasteWise Group, a Finnish company, increasing its shareholding to 34.1%. The technology developed by WasteWise Group enables the recycling of difficult-to-recycle plastics, and the pyrolysis oil resulting from the process can be used to replace crude oil, for example in the raw material chain of plastics production. One of the aims of the investment is to accelerate the growth of Taaleri's bioindustry business. The company has been consolidated into the bioindustry business as an associated company since July 2023.

At the end of the financial year, the bioindustry business began several recruitment processes to support direct investments and international growth in line with Taaleri's strategy updated in late 2023.

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