Interim Statement Q3 2023

1 January-

30 September 2023

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

Taaleri's long-term targets include:

• Continuing earnings growth at least 15 percent
• Operating profit at least 25 percent of income
• Retuon equity at least 15 percent.

The company's goal is to distribute to its shareholders at least 50 percent of the profit for the financial year as well as the capital that the company does not need for growth investments or to fulfil its targets for solvency.

Development of the global economy and of the capital markets is still marked by a high degree of uncertainty. Unusually strong inflation has prompted central banks to tighten monetary policy considerably, which is slowing down economic growth worldwide. The outlook for the rest of the year in Finland is weak, but the direction of the economy is expected to change next year.

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 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.

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 development and project construction. The war in Ukraine has contributed to the acceleration of the green transition, but it has also created uncertainty among investors. 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 volatility of electricity prices contributed to increased uncertainty about future regulation and increased discussion on new support mechanisms that would increase investments in renewable energy.

The real estate market continued to be challenging. Transaction volumes remained clearly lower than in previous years. The rise in interest rates was moderate in the third quarter, and the returequirements continued to show a slight rise. In the rental market, however, occupancy rates and rent 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.

The general economic uncertainty and recession also affected the financial arrangements and timetables of the bioindustry operating environment. Planned funding rounds have stretched, and there is downward pressure on the valuation levels of investees. The poor availability and/or high price of some raw materials and tightened financing conditions of banks create pressure on the timetables and costs of projects of potential investees and investments.

In the European operating environment of Taaleri's associated company Fintoil's biorefinery in Hamina, the market situation remains tight, but the prices of raw materials have already started to fall in North America.

The operating environment of Garantia Insurance Company Ltd's insurance operations was sluggish during the first nine months of the year. Inflation, rising interest rates and economic uncertainty kept consumer confidence low. 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. Investment market performance was varied during the first nine months of the year. Equity prices increased, but on the other hand the continued increase in market interest rates depressed returns from fixed-income investments.

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 33-34.

July-September 2023

The Group's continuing earnings grew by 9.8% to EUR 10.3 (9.4) million during the third quarter of the year. The Private Asset Management segment's continuing earnings grew by 21.6%, and the Strategic Investments segment's continuing earnings grew by 4.2%. No performance fees were recognised during the review period. The Group's net income from investment operations was EUR 2.8 (9.9) million, of which EUR 1.9 (0.7) million was from the Private Asset Management segment, EUR 0.5 (1.6) million from the Strategic Investments segment and EUR 0.4 (7.5) million from the Other group.

The Group's income fell to EUR 13.1 (25.8) million. A transaction concerning the shares of Ficolo Ltd owned by Taaleri's co- investment and associated company Taaleri Datacenter Ky had a significant impact on income in the corresponding period. In the corresponding period, a total profit of EUR 14.0 million was recognised from the sale, of which EUR 6.5 million was recognised as performance fees and EUR 7.5 million was consolidated as income from the associated company into net income from investment operations.

The Group's operating expenses totalled EUR 7.4 (7.5) million, of which personnel costs were EUR 3.8 (3.6) million and fee and commission expenses EUR 1.5 (2.4) million. The Group's operating profit excluding net income from investment operations was EUR 2.9 (8.4) million, corresponding to 28.0% (53.0) of income excluding net income from investment operations. The Group's operating profit was EUR 5.7 (18.3) million, corresponding to 43.5% (71.1) of income.

In the Group's consolidated IFRS income statement, income fell by 28.1% to EUR 13.5 (18.8) million. In the consolidated IFRS income statement, the profit for the period was EUR 4.9 (14.7) million and the Group's total comprehensive income was EUR 5.7 (11.9) million.

January-September 2023

The Group's continuing earnings grew by 14.5% to EUR 30.0 (26.2) million in January-September. The Private Asset Management segment's continuing earnings grew by 17.5% to EUR 17.7 (15.0) million. The continuing earnings of the Strategic Investments segment grew by 18.2% after the insurance service result improved due to the growth in insurance revenue and the decrease in insurance service expenses. During the summer, a performance fee of EUR 3.6 million was realised from the sale of Taaleri Forest Fund III, a previously unrecognised proportion of EUR 1.6 million of which was recognised as income for the period. A total of EUR 7.0 million was recognised as performance fees in the corresponding period.

The Group's net income from investment operations was EUR 17.2 (9.5) million, of which EUR 10.5 (1.7) million was from the Private Asset Management segment, EUR 4.0 (15.1) million from the Other group and EUR 2.6 (-7.2) million from the Strategic Investments segment. EUR 10.1 million of the Group's net income from investment operations consisted of realised capital gains, most of which comprised of EUR 9.0 million of capital gains from the sale of the renewable energy project development portfolio, adjusted by the purchase price specified in the third quarter of the year. The Group's income grew by 13.9% to EUR 48.7 (42.7) million.

The Group's operating expenses totalled EUR 23.7 (22.7) million, of which personnel costs were EUR 12.1 (10.9) million and fee and commission expenses EUR 4.9 (5.9) million. The Group's operating profit excluding net income from investment operations was EUR 7.8 (10.5) million, corresponding to 24.9% (31.7) of income excluding net income investment operations. The Group's operating profit was EUR 25.0 (20.1) million, corresponding to 51.4% (47.0) of income.

In the Group's consolidated IFRS income statement, income grew by 25.9% to EUR 47.5 (37.7) million. In the consolidated IFRS income statement, the profit for the period was EUR 21.5 (15.6) million and the Group's total comprehensive income was EUR 23.1 (1.7) million.

At the end of the review period, the Group's cash and cash equivalents totalled EUR 34.7 (46.8) million, and Taaleri Group's balance sheet total was EUR 304.1 (299.9) million. The investments were EUR 210.8 (200.7) million, corresponding to 69.3%

(66.9) of the Group's balance sheet total. The liabilities of the Group totalled EUR 98.2 (99.4) million, of which insurance contract liabilities were EUR 45.2 (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 EUR 14.9 (14.9) million of Taaleri Plc's Tier 2 bond.

At the end of September, Taaleri Group's equity was EUR 205.9 (200.5) million. The Group's equity ratio remained strong at 67.7% (66.9), and the Group's annualised retuon equity in January-September stood at 14.1% (9.9).

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 33-34.

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 35-36.

July-September 2023

The continuing earnings of the renewable energy business grew during the third quarter by 36.0% to EUR 5.1 (3.7) million, of which EUR 0.6 million was non-recurring fees. No performance fees were recognised during the review period. Net income from investment operations was EUR 1.9 (0.8) million, of which EUR 0.9 million was from invoicing related to renewable energy projects, the corresponding costs of which were recognised in operating expenses in the same amount. In addition, EUR 0.7 million was recorded in the net income from investment operations as a revision of the purchase price of the project development portfolio sold to the Taaleri SolarWind III Fund earlier in June and EUR 0.3 million as exchange rate changes from the ownership of a wind power project in the United States. Income from the renewable energy business grew by 54.1% to EUR 7.0 (4.5) million.

Operating expenses totalled EUR 4.1 (3.0) million, of which fee and commission expenses were EUR 1.0 (1.1) million and personnel costs were EUR 1.9 (1.5) 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. EUR 0.9 million of other operating expenses were billable expenses. Operating profit for the renewable energy business was EUR 2.8 (1.5) million, corresponding to a profit margin of 40.5% (33.5).

The renewable energy business made its first closing of the Taaleri SolarWind III Fund at the beginning of July, by which time EUR 286 million had been raised for the fund. Several investors are currently conducting due diligence on the fund, and fundraising continues, supported by strong demand despite the challenging operating environment. In addition, during the review period, the renewable energy business launched preparations to exit the Taaleri Wind II and Taaleri Wind III Funds, which are at the end of their lifecycle. In previous accounting periods, Taaleri has recorded from the Taaleri Wind II and Taaleri Wind III Funds a total of EUR 14.2 million in performance fees, which have been based on the management's estimate. The total amount of the performance fees is determined, and the fees are realized when the funds are exited.

January-September 2023

Continuing earnings from the renewable energy business grew by 20.0% to EUR 13.0 (10.8) million in January-September. No performance fees were recognised during the review period. Net income from investment operations was EUR 10.5 (1.9) million, most of which comprised of EUR 9.0 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 third quarter of the year, and EUR 1.6 million in billable expenses.

Income from the renewable energy business grew by 85.5% to EUR 23.5 (12.7) million due to net income from investment operations. Operating expenses totalled EUR 12.9 (10.1) million, of which fee and commission expenses were EUR 3.1 (3.4) million and personnel costs were EUR 6.1 (4.7) million. Personnel costs included EUR 2.0 (1.3) million in variable personnel costs. EUR 1.6 million of operating expenses was billable expenses, and thus has no impact on profit or loss. Operating profit for the renewable energy business in January-September was EUR 10.6 (2.5) million, corresponding to 45.2% (20.0) of income.

During the review 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's Sustainable Finance Disclosure Regulation. The fund made its first closing at the beginning of July, having raised EUR 286 million, and the fundraising has continued since then. 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 in the United States. 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 9.0 million recognised from the sale for the period, the transaction involves the possibility of an earn-out of similar amount if the fund's projects progress in accordance with the agreed terms.

July-September 2023

Continuing earnings from Taaleri's real estate, bioindustry and other businesses in the third quarter fell by 11.6% to EUR 1.4 (1.6) million. The decrease in continuing earnings was partly due to Taaleri's share of the profit of WasteWise Group, which is consolidated in the bioindustry business as an associated company, as well as the fund exits carried out between the review periods. No performance fees were recognised in the review period ended, but a performance fee of EUR 6.5 million for the comparison period arose from a transaction concerning the shares of Ficolo Ltd owned by Taaleri's co-investment and associated company Taaleri Datacenter Ky. Thus, income from the real estate, bioindustry and other businesses fell to EUR 1.4 (8.1) million in the quarter ended.

Operating expenses in Other private asset management totalled EUR 1.5 (2.6) million, of which fee and commission expenses were EUR 0.5 (1.1) million and personnel costs EUR 0.7 (1.0) million. Fixed personnel costs remained at the level of the corresponding period at EUR 0.6 (0.6) million, but variable personnel costs decreased to EUR 0.1 (0.4) million. Fee and commission expenses in the corresponding period included EUR 0.6 million in expenses related to performance fees. Operating profit (loss) from Taaleri's real estate, bioindustry and other businesses was EUR -0.1 (5.5) million.

During the review period, the real estate business continued to develop new investment products 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 that are at the end of their lifecycle. The asset management mandate of an international client's real estate portfolio ended at the beginning of July in accordance with the agreement.

During the review period, the bioindustry business continued to map potential investees for the Taaleri Bioindustry I Fund and the due diligence processes of potential investments, as well as to prepare further financing arrangements for the fund's current investments. In addition to the preparations for the new venture capital fund, the business also promoted the construction phase of the torrefied biomass plant to be built in Joensuu and finalised the financing of the project.

January-September 2023

Continuing earnings from Taaleri's real estate, bioindustry and other businesses grew by 11.1% to EUR 4.7 (4.2) million in January-September due to successful product launches in the bioindustry business in 2022. During the review 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 review period and EUR 2.0 million was recognised as income in 2022. The transaction involves the possibility of an earn-out. The performance fees of EUR 7.0 million for the comparison period consisted primarily of a transaction concerning the shares of Ficolo Ltd owned by Taaleri's co-investment and associated company Taaleri Datacenter Ky. Income from Taaleri's real estate, bioindustry and other businesses fell to EUR 6.2 (11.0) million due to decreased performance fees.

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 totalled 5.9 (7.3) million, of which EUR 1.7 (2.2) million was fee and commission expenses. The smaller 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 2.7 (3.4) million due to a decrease in variable personnel costs. Operating profit from Taaleri's real estate, bioindustry and other businesses was EUR 0.3 (3.8) million.

During the review period, the real estate business focused on the active development of new investment products and the preparations to exit old funds. In addition, the business successfully implemented the sale of Taaleri Forest Fund III and its forest estate portfolio.

During the review period, the bioindustry business focused on mapping new investees for its first fund, Taaleri Bioindustry I, and on promoting due diligence processes. The fund made its third investment in the Nordic Bioproducts Group, a Finnish

company producing cellulose-based materials with a high processing value. 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.

During the review period, Taaleri acquired shares in WasteWise Group, a Finnish company, and increased 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.

The assets under management of the Private Asset Management segment reported by Taaleri Group are assets that generate continuing earnings and include both 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 commitments. 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.

The Strategic Investments segment includes Garantia Insurance Company Ltd., an insurance company specializing in guaranty insurance, and the shares in Aktia Bank Plc, which Taaleri received as part of the transaction amount as a result of the sale of the wealth management operations.

The objective of Garantia is to modernize collateral practices and provide customers with easy and cost-effective guaranty solutions and new business opportunities through digital channels. The company's business is divided into guaranty insurance and investment operations.