Taaleri PLC (FRA:295)

Half Year 2026 Taaleri Oyj Earnings Call Transcript

Aug 12, 2026 / 08:00 AM GMT

Release Date Price: €7.22 (+1.40%)

Transcript

Key Points

Positve

Garantia's insurance service result grew 26.5% year-over-year, with a strong combined ratio of 36.7% and low claims expense ratio.
Premiums received increased nearly 20% on a last-12-month basis despite a weak Finnish housing market, indicating strong cash flow generation.
Garantia's solvency ratio remained strong and stable, with own funds growing to EUR125 million, supporting continued growth and dividend payments.
The company successfully launched new international non-payment insurance contracts, advancing its internationalization strategy.
Net income from investment operations was strong, driven by robust equity market gains, contributing to a material improvement in operating profit.
Strategic execution progressed with the completion of Nordic Science Investments acquisition, launch of private credit strategy, and significant follow-on investments in Fintoil and RenGas.
Fintoil demonstrated strong growth with 43% revenue growth in 2025 and over 30% expected in 2026, supported by a clear strategy to improve profitability.
The balance sheet remains strong with a 71% equity ratio and net cash position of EUR50 million, exceeding market cap, providing financial flexibility.
Garantia's operating profit exceeded EUR26 million on an LTM basis, with underlying performance even stronger, driven by positive net insurance and investment results.
The company maintained its outlook for 2026, expecting continued growth in Garantia's insurance revenue and stable profitability in reinsurance operations.

Negative

Revenue and operating profit in the investment segment were negative due to fair value changes, particularly a EUR2 million decline in the Texas wind farm investment.
A write-down of EUR1.7 million related to a renewable energy fund (SolarWind 1) negatively impacted performance fees, reflecting adverse market conditions in the Middle East and Sweden.
Continuing earnings in renewable energy declined due to the absence of retroactive fees recognized in the prior year, and the segment's operating profit margin has been declining.
Other private asset management continues to be loss-making as the company invests in growth, with no immediate turnaround expected in 2026.
Net expenses increased by EUR1.5 million due to write-downs, consolidation of Nordic Science Investments, and expansion of the sales team, pressuring profitability.
The company's total revenue and operating profit remain volatile on a quarterly basis, driven by fair value changes and performance fee fluctuations.
Fintoil's current profitability is low (EBITDA margin around 9%) due to aggressive growth and suboptimal market mix, with improvement expected only gradually.
The Finnish housing market remains weak, limiting growth in Garantia's core residential mortgage guarantee business, despite premium growth.
The company faces regulatory risks in Fintoil's operations, particularly related to blending mandates, though it maintains agility to adapt.
The outlook for renewable energy continuing earnings is expected to decline in 2026 compared to 2025, due to the absence of one-off fees.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TAALA.HE - Taaleri Oyj
Half Year 2026 Taaleri Oyj Earnings Call
Aug 12, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, everyone, and welcome to Taleri's Half-Year Report webcast.

My name is Linda Tierla, and I'm heading investor relations here at Taleri.

Thank you for joining us, both of you who are joining us online and you who are here in person.

Presenting today's results, we have Ilka Laurila, our CEO, who will provide the highlights for the second quarter, and Lauri Lipsanen, our CFO. Who will review the key financial developments over the quarter.

And in addition, we have Ari-Pekka Maartenen, who is CEO of Fintoil, who will present Fintoil's business and strategic outlook.

Following the presentations, we will have a Q&A and that session will be in two parts.

We will begin with

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