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Other
Private Asset Renewable private asset
1.1.-31.12.2025, EUR 1,000 management energy
management
Investments
Garantia
Other
Total
Continuing earnings
29,829
23,809
6,020
21
11,927
387
42,165
Performance fees
-16
-
-16
-
-
-
-16
Investment operations
10
20
-10
5,792
8,294
273
14,369
Other income
3,867
3,581
286
593
20
225
4,706
Revenue
33,691
27, 410
6,280
6,405
20,242
886
61,223
Fee and commission expenses
-6,417
-4,616
-1,801
-
-
-6
-6,422
Personnel costs
-12,361
-8,274
-4,087
-720
-679
-3,941
-17, 702
Direct expenses
-6,341
-5,136
-1,205
-139
-104
-4,475
-11,059
Depreciation, amortisation
and impairment
-32
-18
-14
-
-
-97
-130
Impairment losses on receivables
-
-
-
11
-
24
35
Operating profit
8,540
9,367
-827
5,556
19,458
-7,609
25,946
Operating profit, %
25.3%
34.2%
neg
86.8%
96.1%
neg
42.4%
Other
Private Asset Renewable private asset
1.1.-31.12.2024, EUR 1,000 management energy
management
Investments
Garantia
Other
Total
Continuing earnings
25,496
19,778
5,718
150
13,584
1,148
40,378
Performance fees
1,845
1,760
85
-
-
-
1,845
Investment operations
7
-1
8
13,476
11,875
567
25,925
Other income
2,057
1,746
311
2
45
274
2,379
Revenue
29,406
23,283
6,123
13,627
25,505
1,990
70,527
Fee and commission expenses
-5,964
-4,260
-1,704
-18
-
-14
-5,996
Personnel costs
-10,894
-6,573
-4,321
-381
-1,140
-2,887
-15,302
Direct expenses
-5,052
-3,563
-1,489
-1,380
-82
-4,635
-11,149
Depreciation, amortisation
and impairment
-20
-6
-14
-
-
-145
-165
Impairment losses on receivables
-71
-
-71
173
-
7
109
Operating profit
7,405
8,881
-1,476
12,020
24,283
-5,685
38,024
Operating profit, %
25.2%
38.1%
neg
88.2%
95.2%
neg
53.9%
Reconciliations
Reconciliation of revenue, EUR 1,000
1.1.-31.12.2025
1.1.-31.12.2024
Revenue of segments
61,223
70,527
Share of associates' profit or loss allocated to revenue of segments
628
-1
Transit items eliminated in segment reporting
1,810
2,053
Consolidated revenue
63,662
72,579
Reconciliation of operating profit, EUR 1,000
1.1.-31.12.2025
1.1.-31.12.2024
Segments' operating profit
25,946
38,024
IFRS 16 Leases
1)
100
86
Consolidated operating profit
26,046
38,110
1) The division of lease expense to depreciation and interest expense according to IFRS 16 Leases -standard is not applied in the segment reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "
1 Corporate information
Taaleri Plc is a Finnish public limited liability compa-
ny. It is domiciled in Helsinki, Finland and its regis-
tered office is at Kasarmikatu 21 B, 00100 Helsinki.
Taaleri Plc\u2019s shares are listed on the Nasdaq Helsinki
stock exchange. Taaleri Plc and its subsidiaries form
the Taaleri Group (\u201cTaaleri\u201d or \u201cthe Group\u201d). The
Taaleri Group has three business segments: Private
Asset Management, Garantia and Investments. The
Private Asset Management segment consists of
renewable energy, bioindustry and real estate busi-
nesses. The Garantia segment consists of Garantia
Insurance Company Ltd. The investments segment
comprises development capital and other direct
investments. The Group's subsidiaries engaging in
business are: Taaleri Private Equity Funds Ltd Group,
Taaleri Energia Ltd Group, Taaleri Investments Ltd
Group, Taaleri Bioindustry Ltd Group, Taaleri Real
Estate Ltd Group and Garantia Insurance Company
Ltd. In addition, Taaleri has nine associated com-
panies (see list of Group companies in accordance
with the financial statements of the parent compa-
ny). Taaleri\u2019s principal place of business is Finland,
but it has also offices in Budapest, Luxembourg,
Madrid and Nova Scotia in Canada. Taaleri operates
in Budapest through its local branch. The operations
of Taaleri are monitored by the Finnish Financial
Supervisory Authority, as the Group includes com-
panies engaged in the business referred to in the
Act on Alternative Fund Managers and in the busi-
ness of insurance companies. At the end of financial
year 2025 Taaleri forms an insurance company
group according to chapter 26 of the Insurance
Companies Act (521/2008), which is subject to
group supervision according to that chapter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "Taaleri Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "Helsinki, Finland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "Kasarmikatu 21 B, 00100 Helsinki", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "Taaleri Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "Taaleri Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "Private Asset Management, Garantia and Investments", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "Finland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "2.2 Change in the Presentation of the Income Statement and the Balance Sheet As of 1 January 2025, Taaleri has changed the pre- sentation of its consolidated income statement and balance sheet to improve the clarity and comparabili- ty of its financial reporting. The structural changes to the income statement have not affected the profit or loss or earnings per share for previous periods, and the changes to the structure of the balance sheet have not affected the Group\u2019s equity in prior periods. Taaleri has updated and simplified the structure, classification and presentation of line items in the consolidated income statement to better reflect the Group\u2019s current structure. The company has separated Continuing earnings and Performance fees from Fee and commission income and included Net gains or net losses on trading in securities and foreign currencies, Income from equity investments, and Interest income from debt instruments held for investment purposes under Net investment income. The company has also updated the terminology used in its financial statement line items. Taaleri has changed the structure and presentation of the consolidated balance sheet by classifying assets and liabilities as either non-current or current. In addi- tion, the company has reclassified certain balance sheet items and updated its terminology to align with the definitions set out in IFRS 9. The objective of these changes is to improve the understandability of the financial statements and to provide a clearer view of Taaleri\u2019s financial position. The changes in the presentation of the consoli- dated income statement and balance sheet have been made in accordance with IAS 1. Comparative information presented in the financial statements has been adjusted accordingly. Due to the nature of the structural change, Taaleri has not presented a detailed line-by-line reconciliation between the previous and the current presentation, as such reconciliation would not, in the Taaleri\u2019s assessment, provide additional useful information to users of the financial statements. Change in segment reporting Taaleri changed its segment reporting at the begin- ning of 2025. Previously, the Group\u2019s reportable seg- ments were Private Asset Management and Garantia, and after the change Private Asset Management, Garantia and Investments. The change in segment reporting was made to clarify the role of direct investments in Taaleri\u2019s business by separating own balance sheet investment activities into their own segment, as these activities are a distinct part of Taaleri\u2019s operations. Investments transferred to the new Investments segment included direct investments and project development activi- ties previously reported as part of the Private Asset Management segment, and non-strategic investments previously reported under the Other group. In the revised reporting, investments in Taaleri\u2019s Investments segment are classified into development capital investments, fund investments, and other investments. In addition to their number and composition of its segments, Taaleri changed the composition of segment revenue. Previously, revenue in Taaleri\u2019s segment specific income statement consisted of continuing earnings, performance fees and invest- ment income. Henceforth, in addition to the above, revenue in segment specific income statement consists of other income, which includes other oper- ating income unrelated to the main business, such as income from the recharging of expenses. In the revised reporting, costs of Group activities are fully presented in the Other group. Only the direct costs of the businesses are presented in the business segments. Previously, Taaleri allocated the costs of Group services supporting the business segments to the segments. Comparative information for the financial statements has been restated accordingly. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "2 Summary of key accounting policies for the financial statements Key accounting policies applied to these consolidat- ed financial statements are presented below. They have been applied consistently during all presented financial periods, unless otherwise stated. 2.1 Basis of preparation The consolidated financial statements of Taaleri have been prepared according to the International Finan- cial Reporting Standards (IFRS). In the preparation of the financial statements, the IAS and IFRS standards and the SIC and IFRIC interpretations which were valid on 31 December 2025 have been followed. IFRS refers to the standards and interpretations which have been approved in accordance with Regulation (EC) No. 1602/2002 of the European Parliament and of the Council. The consolidated financial statements have been prepared over 12 months for the financial period of 1 January\u201331 December 2025. The Board of Directors of Taaleri Plc approved the consolidated financial statements for public release on 11 February 2025. Shareholders have the right to approve or reject the
financial statements at the Annual General Meeting
held after the release of the financial statements.
The information included in the financial statements
is presented in EUR thousand and prepared in
accordance with an accounting model based on
recoverable historical cost, unless otherwise stated in
the accounting policies below. As the values present-
ed in the financial statements have been rounded
from their exact values, the sum of individual figures
presented may differ from the sum presented. Key
figures have been calculated using exact values. The
Board of Director\u2019s report and the financial state-
ments are available in Finnish and English. The Finnish
version is the official version that will apply if there is
any discrepancy between the language versions.
The preparation of financial statements according
to IFRS requires certain key accounting estimates
to be used. In addition, it requires that members
of the management use judgement when applying
the accounting policies. Section 2.18 offers a more
detailed description on complex matters that require
judgement, and assumptions or estimates that have a
material impact on the Group financial statements.
The consolidated balance sheet is presented classi-
fied into non-current and current items. This presen-
tation format has been chosen as it provides users
with a clearer view of the Group\u2019s financial position
and liquidity. Assets and liabilities are classified as
current or non-current based on their expected
realisation or settlement date. Items are considered
current if they are expected to be realised or settled
within 12 months after the reporting date. All other items are presented as non-current. 2.2 Change in the Presentation of the Income Statement and the Balance Sheet As of 1 January 2025, Taaleri has changed the pre- sentation of its consolidated income statement and balance sheet to improve the clarity and comparabili- ty of its financial reporting. The structural changes to the income statement have not affected the profit or loss or earnings per share for previous periods, and the changes to the structure of the balance sheet have not affected the Group\u2019s equity in prior periods. Taaleri has updated and simplified the structure, classification and presentation of line items in the consolidated income statement to better reflect the Group\u2019s current structure. The company has separated Continuing earnings and Performance fees from Fee and commission income and included Net gains or net losses on trading in securities and foreign currencies, Income from equity investments, and Interest income from debt instruments held for investment purposes under Net investment income. The company has also updated the terminology used in its financial statement line items. Taaleri has changed the structure and presentation of the consolidated balance sheet by classifying assets and liabilities as either non-current or current. In addi- tion, the company has reclassified certain balance sheet items and updated its terminology to align with the definitions set out in IFRS 9. The objective of these changes is to improve the understandability of the financial statements and to provide a clearer view of Taaleri\u2019s financial position. The changes in the presentation of the consoli- dated income statement and balance sheet have been made in accordance with IAS 1. Comparative information presented in the financial statements has been adjusted accordingly. Due to the nature of the structural change, Taaleri has not presented a detailed line-by-line reconciliation between the previous and the current presentation, as such reconciliation would not, in the Taaleri\u2019s assessment, provide additional useful information to users of the financial statements. 2.3 Consolidation principles The consolidated financial statements include Taaleri Plc and its subsidiaries that the parent company con- trols. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. If there are changes to one or more of the elements of control, the Group will reassess whether it still controls the subsidiary. If the Group loses control over a subsidiary, it recognises any investment retained in the former subsidiary at its fair value on the day control is lost, and any change in the carrying amount is recognised through profit or loss. Subsidiaries or entities in which the Group holds a majority shareholding, but control is vested in a third party have not been consolidated into the consolidated financial statements. Such non-con- solidated companies and entities include, for example, Taaleri's private equity funds. The profit for the period attributable to the owners of the parent company and the non-controlling interests is presented in the consolidated income statement, and the attribution of other comprehensive income is presented in the separate statement of comprehen- sive income. The profit for the period and comprehen- sive income are allocated to non-controlling interests also if the proportion of non-controlling interests became negative. The proportion of non-controlling interests has been presented in shareholders' equity on the consolidated balance sheet, separate from equity attributable to the shareholders of the parent company. Non-controlling interests in an acquiree are measured at either fair value or the proportionate share in the recognised amounts of the acquiree\u2019s net identifiable assets. The measurement principle is defined separately for each purchase. Associates, in which the parent company holds 20\u201350 per cent of the votes provided by all shares or in which it otherwise has significant influence, but not control, are consolidated using the equity method. If the investment in an associate has been made by a venture capital entity, the decision can be made to measure the investment at fair value through profit or loss in accordance with IFRS 9. When applying the equity method, investments are initially recognised at cost and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. If the Group's proportion of an associate\u2019s losses exceeds the carrying amount of the investment, the investment is recognised as zero on the balance sheet and the losses exceeding the carrying amount are not consolidated, unless the Group is committed to fulfilling the associate\u2019s obligations. The Group\u2019s share of the associate\u2019s profit for the period is presented before the Oper- ating profit. The Group's proportion from changes recognised in other comprehensive income is rec- ognised in the Group's other comprehensive income. When the Group loses its significant influence, the remaining holding is recognised at fair value, and the difference between the carrying amount and the fair value of the remaining holding and any transfer gains/losses is recognised through profit or loss. At the end of each reporting period, it is evaluated whether there is objective evidence of any decrease in the value of the investment in the associate. If there is such evidence, an impairment loss is defined as the difference between the recoverable amount of the investment and its carrying amount, and it is recognised in the income statement line item Share of associates\u2019 profit or loss. Subsidiaries or associates acquired during the finan- cial period are consolidated from the date on which the Group obtained control or significant influence, and subsidiaries or associates sold are correspond- ingly consolidated until the date on which control or significant influence is lost. If required, adjustments are made to the financial statements of subsidiaries so that their accounting policies correspond with those of the Group. Profits and losses of associated companies are usually consolidated based on the financial statements prepared based on the local accounting regulations according to the company's domicile. In the financial year 2025, this has been the procedure for every associated company consolidat- ed using the equity method. All intra-group transactions, as well as receivables, liabilities, unrealised profit, and internal distribution of profit are eliminated. Unrealised losses are not elimi- nated if the losses are caused by impairment. 2.4 Business combinations and goodwill Business combinations are accounted for using the acquisition method. Acquisition costs are defined as the acquisition-date fair value of the consideration transferred and any non-controlling interest in the acquired entity. For each business combination, the Group selects whether the non-controlling interests are measured at fair value or the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets. Acquisition-related costs are recognised as expenses in the income statement over the periods, during which the costs are incurred, and the corresponding services are received. When the Group acquires a business, it evaluates assets and liabilities in the light of agreement terms, financial conditions and other related conditions prevailing on the acquisition date, to determine the correct classification. This evaluation includes the separation of embedded derivatives included in main agreements of the acquired business. Any contingent consideration is recognised at fair val- ue on the acquisition date. A contingent consideration which has been classified as an asset or liability, is a financial instrument and is within the scope of IFRS 9, (and is measured at fair value, with any resulting gain or loss recognised either in profit or loss or in other comprehensive income. If a contingent consideration is not within the scope of IFRS 9, it is accounted for according to the applicable IFRS standard. A contin- gent consideration classified as equity is not remea- sured, and its subsequent settlement is accounted for within equity. Goodwill is recognised at the original acquisition cost, which corresponds to the amount that the consideration transferred and any non-controlling interest in the acquired business, exceeds the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the fair value of the acquired net assets exceeds the total trans- ferred contribution, the Group will reassess whether it has correctly identified all the assets acquired and liabilities assumed, and it will review the procedures used to measure the amounts to be recognised at the acquisition date. If the fair value of the acquired net assets, even after the reassessment, exceeds the total transferred contribution, profit is recognised through profit or loss. After the original recognition, goodwill is recognised at the acquisition cost less accrued impairment losses. Goodwill acquired through business combinations is allocated, for impairment testing purposes starting from the acquisition date to the Group's cash-gen- erating units which are expected to benefit from the business combination, regardless of whether other assets or liabilities of the object of acquisition are allocated to these entities. Cash generating units are either business segments or companies thereof. Goodwill is tested annually against any impairment by discounting estimated future net cash flows using market-based discount factors. If the recoverable assets of a cash-generating unit are lower than their carrying amount, an impairment loss is recognised. Impairment losses associated with goodwill are not reversed in future periods. When goodwill has been allocated to a cash-gener- ating unit and an operation of the unit is disposed of, the goodwill allocated to the operation disposed of is included in the carrying amount of that opera- tion when defining gains or losses on the disposal. Goodwill transferred in such a situation is measured on the basis of the relative values of the operation disposed of and the portion of the cash-generating unit retained. 2.5 Segment reporting On the balance sheet date, Taaleri has three report- able segments: Private Asset Management, Garantia and Investments. The Private Asset Management segment is divided into Renewable energy and Other private asset management, which includes bioin- dustry and real estate businesses. Garantia segment includes Garantia Insurance Company Ltd. Taaleri reports under the Investments segment its devel- opment capital investments, fund investments and other investments. The Other group presents Taaleri Kapitaali and Group operations not included in the business segments. Operating segments are reported in a way which is consistent with internal reporting to the chief operating decision maker. The Group's Executive Management Team has been designated as the chief operating decision maker, which is responsible for the allocation of resources to operating segments and the evaluation of their results. The management monitors in segment reporting only Group's external income and expenses, which have been allocated to segments in accordance with the accrual principle. The costs arising from Group func- tions are presented in full under the Other group. The profitability and result of the segments are assessed at Operating profit -level. Assets and liabilities are not monitored on a segment level and are therefore not presented in the Group financial statements. Taaleri does not disclose geographical breakdowns of revenue from external customers in accordance with IFRS 8, as collecting the required information is not practicably feasible due to the diversity of the Group\u2019s business operations and the current report- ing structures. Segment reporting follows the Taaleri Group's accounting policies for financial statements in other respects, but segment reporting does not apply division of lease expense to depreciation and interest expense according to IFRS 16 Leases -standard. In addition, business transactions may be classified differently in segment reporting than how they are presented in the consolidated income statement. In connection with segment reporting, reconcilia- tion calculations are presented for the differences between segment reporting and the consolidated income statement. Change in segment reporting Taaleri changed its segment reporting at the begin- ning of 2025. Previously, the Group\u2019s reportable seg- ments were Private Asset Management and Garantia, and after the change Private Asset Management, Garantia and Investments. The change in segment reporting was made to clarify the role of direct investments in Taaleri\u2019s business by separating own balance sheet investment activities into their own segment, as these activities are a distinct part of Taaleri\u2019s operations. Investments transferred to the new Investments segment included direct investments and project development activi- ties previously reported as part of the Private Asset Management segment, and non-strategic investments previously reported under the Other group. In the revised reporting, investments in Taaleri\u2019s Investments segment are classified into development capital investments, fund investments, and other investments. In addition to their number and composition of its segments, Taaleri changed the composition of segment revenue. Previously, revenue in Taaleri\u2019s segment specific income statement consisted of continuing earnings, performance fees and invest- ment income. Henceforth, in addition to the above, revenue in segment specific income statement consists of other income, which includes other oper- ating income unrelated to the main business, such as income from the recharging of expenses. In the revised reporting, costs of Group activities are fully presented in the Other group. Only the direct costs of the businesses are presented in the business segments. Previously, Taaleri allocated the costs of Group services supporting the business segments to the segments. Comparative information for the financial statements has been restated accordingly. Private Asset Management segment In reporting, the Private Asset Management segment is divided into Renewable energy and Other private asset management. The renewable energy business develops and manag- es private equity funds that invest in industrial-scale wind and solar power projects and energy storage systems. It also manages investments throughout their lifecycle. Other private asset management include Taaleri\u2019s bio- industry, real estate and other fund businesses. The bioindustry business enables the launch of new tech- nologies and more sustainable products on the mar- ket by investing in solutions that offer alternatives to fossil materials. Taaleri\u2019s real estate business creates value for its investors through stable and attractive profits by acting as a Nordic real estate investor. The business operations in Other private asset manage- ment are too small to be reported separately. The renewable energy business includes Taaleri Ener- gia Ltd and its subsidiaries. The other private asset management businesses include Taaleri Private Equi- ty Funds Ltd and its subsidiaries, Taaleri Bioindustry Ltd and its subsidiaries and Taaleri Real Estate Ltd, ie Taaleri\u2019s bioindustry, real estate, and other fund businesses. Continuing management fee income and more non-recurring performance fees from private equity funds are the most significant types of income in the Private Asset Management segment. The renewable energy business also includes wind farm operation and maintenance services, which provide annual fees, and other private asset management businesses also include mandate-based fee income. The expenses of the Private Asset Management segment mainly consist of personnel expenses, fee and commission expenses as well as other operating expenses. Garantia segment Garantia segment includes Garantia Insurance Com- pany Ltd. Garantia is a non-life insurance company specialised in credit risk insurance. The company was founded in 1993. Garantia offers easy and cost-effec- tive guarantee and credit risk insurance solutions for consumers, corporates and lenders. Garantia's busi- ness consists of insurance and investment operations. Investments segment Taaleri reports under the Investments segment its development capital investments, fund investments and other investments, including related interest income, fair value changes, gains and losses on dis- posals, and the share of profit or loss from associates accounted for using the equity method. The expens- es of the Investments segment consist of personnel costs and minor other operating expenses, as well as costs related to project development activities included in development capital investments. Development capital investments include invest- ments in which Taaleri plays an active role in both value creation and exit planning. The fund invest- ments include investments in Taaleri\u2019s own funds and co-investments. Other investments category includes other Taaleri\u2019s own balance sheet invest- ments in which Taaleri currently has a more passive role. Reclassifications between development capital investments and other investments are possible as circumstances change. As part of the development capital investments, the project development activities involve identifying, designing, and preparing new projects either for Taaleri\u2019s private equity funds or for other co-investors. The objective of the project development business is either to carry out the project or to sell it at a price exceeding the capitalised costs. Revenue and expenses from in-house project development are recognised in the financial year during which the project\u2019s outcome can be reliably assessed. As a result, the revenue and result of the Invest- ments segment may vary significantly between reporting periods. Other group The group Other is used to present Taaleri Kapitaali and Group operations not included in the business segments. Taaleri Kapitaali is a Taaleri Group sub- sidiary providing corporate financing services. The revenue of the Other group mainly consists of fee income from Kapitaali, while the expenses comprise the parent company's own costs and group adminis- tration expenses. 2.6 Foreign currency items Items included in the financial statements of Group companies are measured in the currency of the eco- nomic environment in which the company is mainly operating (functional currency). The consolidated financial statements are presented in euros, which is the functional and presentation currency of the Group. Transactions denominated in a foreign currency are translated at the exchange rate valid on the transac- tion date. Any receivables and liabilities denominated in a foreign currency and remaining open on the closing date are translated at the exchange rate valid on the closing date. Exchange rate gains and losses associated with actual business operations are recognised in the income statement line item Net investment income. Income statements and balance sheets of Group companies (none of which are operating in a country with hyperinflation), using a functional currency other than the presentation currency of the Group, are translated into the presentation currency as follows: assets and liabilities on the balance sheet are trans- lated at the exchange rate valid on the closing date and income and expenses on the income statement are translated at the period's average exchange rate. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. All translation differences are recognised in other comprehensive income. If a subsidiary is disposed of, the cumulative translation differences are transferred to the income statement as part of the gain or loss on disposal. 2.7 Financial assets and liabilities Financial assets At initial recognition, the Group\u2019s financial assets are classified into the following categories: those measured at fair value through profit or loss, those measured at fair value through other comprehensive income and those measured at amortised cost. For the purpose of classification, financial assets are grouped into debt instruments, equity instruments and derivatives. The classification of debt instruments depends on Taaleri\u2019s business model in the management of financial assets and the characteristics of the cash flows of the financial assets in question. A business model indicates how financial assets are managed to achieve a certain business objective. In the \u201cHold to collect\u201d business model, the objective is to collect contractual cash flows; in the \u201cHold to collect and sell\u201d business model, the objective is achieved by both collecting contractual cash flows and selling financial assets; in the \u201cTrading\u201d business model, the objective is achieved by actively trading in the financial assets. Determining the business model is based on estimating, for example, how the prof- itability of the financial assets is assessed, how the risks of the operations are managed and how often and to what extent the assets are traded in. The characteristics of the cash flows of the debt instruments are evaluated in the cash flow test. If con- tractual cash flows do not consist solely of payments of principal and interest (basic lending arrangement), the instrument in question is measured at fair value through profit or loss. If the cash flows are subject to, for example, share prices or the debtor\u2019s financial situ-
ation, it is not a basic lending arrangement. At Taaleri,
such debt instruments mainly consist of mutual fund
investments, convertible bonds as well as profit-shar-
ing and subordinated loans.
Taaleri mainly manages its debt instruments accord-
ing to two different business models, \u201cHold to collect
and sell\u201d and \u201cHold to collect\u201d.
Due to the nature of the insurance operations, the
objective of Garantia\u2019s investment operations is
achieved by both collecting contractual cash flows
and selling financial assets, i.e., applying the \u201cHold
to collect and sell\u201d business model. Accordingly,
debt instruments that pass the cash flow test are
measured at fair value through other comprehensive
income. For debt instruments other than those of
insurance operations, the business model is \u201dHold to
collect\u201d, e.g. holding the debt instruments to collect
contractual cash flows, meaning that debt instru-
ments that pass the cash flow test are measured at
amortised cost. This estimate is performed instru-
ment-specifically, so the measurement basis is also
determined instrument-specifically. In both insurance
investment operations and the Group\u2019s other invest-
ment operations, debt instruments that do not pass
the cash flow test are measured at fair value through
profit or loss.
Changes in fair value from debt instruments mea-
sured at fair value through other comprehensive
income are recognised in the fair value reserve.
Interest income, impairment gains and losses as well
as foreign exchange rate gains and losses are rec-
ognised in profit or loss in Net investment income.
When a debt instrument is derecognised, the profit
or loss accumulated in the fair value reserve is trans-
ferred to profit and loss, as an adjustment due to a
change in the classification. When corresponding
items arise from instruments included in the Invest- ments of Insurance assets, they are recognised in Net income from investments in insurance opera- tions. The carrying amount of debt instruments recognised at amortised cost includes the deductible item for expected credit losses, and interest income is recognised in Net investment income using the effective interest method. Disposal gains and losses are recognised in profit or loss in the same line item. When corresponding items arise from instruments included in the Investments of Insurance assets, they are recognised in Net income from investments in insurance operations. Debt instruments measured at fair value through profit or loss are measured at fair value, and any changes in fair value are recognised in profit or loss in Net invest- ment income. Interest income, profits from funds, foreign exchange rate gains and losses as well as sales gains and losses are also recognised in profit or loss in the same line item. When corresponding items arise from instruments included in the Investments of Insur- ance assets, they are recognised in Net income from investments in insurance operations. Investments in equity instruments are measured at fair value through profit or loss, meaning that changes in fair value, dividends, interest income, foreign exchange rate gains and losses as well as sales gains and losses are recognised in profit or loss in Net investment income. Dividends are recognised generally when the general meeting of the distrib- uting company has made the decision to distribute the dividend. When corresponding items arise from instruments included in the Investments of Insurance assets, they are recognised in Net income from investments in insurance operations. At the time of initial recognition of an equity instru- ment, the management may make an irrevocable choice concerning a procedure according to which changes in fair value are recognised in other com- prehensive income and will not later be recycled to profit or loss. In this case, dividends received are recognised in profit or loss in Net investment income, but changes in fair value, foreign exchange rate gains and losses as well as sales gains and losses are recognised in other comprehensive income. This group includes limited partner contributions to such limited partnerships related to Taaleri\u2019s private asset management business that are not actual private equity fund investments, as well as equity invest- ments in companies that are not considered to be closely related to the Group's strategy. Investments in financial assets are originally rec- ognised at fair value, to which transaction expenses are added, except if the financial asset in question is recognised at fair value through profit or loss, in which case the transaction expense is recognised in expenditure. When recognising financial instrument purchase and sales contracts, the date of the transaction is used as the basis for recognition. Financial assets are derecognised when the Group has lost its contractual right to receive cash flows or moved the risks and profits outside the Group to a significant extent. Cash and cash equivalents consist of bank deposits that are available on demand, short-term fixed deposits, and other cash equivalents. Taaleri's other cash equiv- alents are short-term and highly liquid money market investments made for cash management purposes, whose fair value can be easily determined and which carry only minimal risk of value fluctuations. In order for an investment to be classified as other cash equiva- lents, its reference return must be linked to a short-term benchmark interest rate that reflects the market interest rate for up to three months. Investments made for investment purposes are presented in other balance sheet items than cash and cash equivalents. Financial liabilities Financial liabilities are initially recognised at fair value, adjusted for direct transaction costs. The Group's financial liabilities are classified at initial recognition as either fair value through profit or loss or amortised cost, and subsequently, they are measured based on this classification. A financial liability is measured at fair value through profit or loss if this eliminates or significantly reduces accounting inconsistencies that would otherwise arise from dif- ferences in measurement or recognition principles. For financial liabilities measured at amortised cost, interest expenses are recognised using the effective interest method. In determining the effective interest rate, the expected term of the financial instrument and estimated cash flows based on all contractual terms of the instrument are taken into account. Any fees, trans- action costs, and any premiums or discounts that form part of the financial instrument's effective interest are included in the calculation of interest expenses. The difference between the nominal value of the financial liability and its acquisition cost is amortised over the life of the loan as interest and other financing costs, taking into account all the costs associated with the financial instrument as described above. A financial liability is derecognised from the balance sheet when the related contractual obligations are discharged, cancelled, or have expired. Fair value measurement The Group recognises the aforementioned financial instruments at fair value on the balance sheet or in the notes to the financial statements. The Group has no other assets or liabilities recognised at fair value. The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the mea- surement date. The fair value of financial instruments quoted in active markets is based on prices quoted on the measurement date, and the fair value of financial instruments not quoted on active markets is based on the Group\u2019s own valuation methods. All financial instruments which have been recognised at fair value on the balance sheet or the fair value of which is presented in the notes, are classified into three hierarchical levels according to the valuation techniques. Level 1 includes instruments, the fair value of which is based on quoted prices for identical assets or liabilities in active markets. Markets are deemed to be active if price quotations are easily and regularly available, and they represent actual and regular market trans- actions between independent parties. The fair value of financial assets is based on buy quotations on the measurement date. Level 1 instruments mainly consist of quoted equity investments, equity and interest fund investments and bond investments which have been classified to be available for sale or recognised at fair value through profit or loss. Level 2 includes instruments, the fair value of which is based on information other than quoted prices, but still on directly or indirectly observable information. To measure the fair value these instruments, the Group uses generally accepted valuation models, the input data of which is largely based on verifiable market information. Level 3 instruments comprise instruments for which the determination of fair value involves significant unobservable inputs. The fair values of Level 3 financial instruments are based on the best information avail- able under the circumstances at the reporting date, and their valuation involves a significant degree of management judgement. Level 3 instruments consist mainly of unlisted private equity fund investments, profit participation loans, other debt instruments, and unlisted shares and interests. The following principles are applied in determining the fair values of Level 3 instruments: \u2022 Private equity fund investments are generally measured at the most recent reported fair value received from the fund manager. Where justified by available information or prevailing market con- ditions, the valuation may differ from the fair value reported by the fund manager. \u2022 Debt instruments, such as subordinated loans and convertible bonds, are generally measured at fair value taking into account the principal amount of the loan and interest accrued in accordance with the contractual terms. Where there is significant uncertainty regarding the realisation of contrac- tual cash flows, fair value is determined using a discounted cash flow methodology. The valuation takes into account the key terms and risk charac- teristics of the instrument, including subordination, repayment and interest terms, potential conversion rights and market-based return requirements reflected in the discount rate used. Where the accrual of interest income is, in management\u2019s assessment, no longer considered probable, the recognition of accrued interest may be suspended. \u2022 Unlisted shares are measured on a case-by-case basis using valuation methods applied consistently, such as the most recent transaction price observed on an unregulated market, the valuation implied by the most recent arm\u2019s length financing round, a discounted cash flow approach, a market-based comparable analysis, or the net asset value of the investee. \u2022 Where fair value cannot be determined with suffi- cient reliability based on available information, the investment is measured at cost. Newly acquired investments are generally measured at cost during the initial phase of the investment, unless signif- icant changes occur in the investee\u2019s operations, financial position or market conditions. Regarding assets and liabilities presented repeatedly in financial statements, the Group defines when trans- fers have occurred between the hierarchical levels of fair value by reassessing the classification (on the basis of input data available at the lowest level, which is significant considering the entire measurement process) at the end of each reporting period. Impairment Impairments are based on an expected credit loss (ECL) model and impairments are recognised on all loans and debt instruments that are not measured at fair value through profit or loss, and on off-balance sheet liabilities. Impairment is calculated using an individual credit risk calculation model based on the probability of default (PD), the loss given default (LGD), the exposure at default (EAD) and the maturity (M): ECL = PD * LGD * EAD * M(min 1 or M). For the purpose of impairment testing, assets to be tested are divided into three stages. On the first stage are instruments whose credit risk has not increased significantly; on the second stage are instruments whose credit risk has in-creased signifi- cantly; and on the third stage are instruments whose value has decreased. For instruments on the first stage, a loss allowance for 12 month expected credit losses is recorded. For instruments on the second and third stages, a loss allowance for lifetime expect- ed credit losses is recognised. On every reporting date Taaleri estimates whether the credit risks of instruments have increased significantly compared to the credit risk at initial recognition and based on this defines the expected credit loss. A significant increase in credit risk is estimated based on changes (or expected changes) in the credit rating. The credit rating is deemed to take into account sensible and reasonable information to the necessary extent. Additionally, the credit risk is estimated to have increased significantly if pay- ments are over 30 days due. The credit risk is deemed to have increased signifi- cantly if the counterparty\u2019s credit rating declines as follows: \u2022 From investment grade, or rating classes AAA\u2026BBB-, to rating class BB- or lower; \u2022 From rating classes BB+\u2026BB- to rating class B- or lower: \u2022 From rating classes B+\u2026B- to rating class C or lower. The expected credit losses for financial instruments measured at amortised cost are recognised in the profit and loss line item Expected credit losses and booked against the book value of the balance sheet item. The expected credit losses for financial assets measured at fair value through other comprehensive income are recognised in the profit and loss line item Net income from investments in insurance operations, when corresponding items arise from instruments included in the Investments of Insurance assets.
2.8 Insurance contracts
Insurance operations in Taaleri consists entirely of
Garantia\u2019s guarantee insurance operations.
The company measures its primary insurance con-
tracts and its ceded reinsurance contracts according
to IFRS 17 Insurance Contracts. The company has
applied the standard in financial periods beginning on
and after 1 January, 2023. The transition date of the
company was 1 January, 2022.
A contract is considered to be an insurance contract
if a transfer of significant insurance risk is accepted
from the insured in a way that the insurer is liable
for reimbursing the beneficiary in case an insurance
event specified in the contract adversely affects the
beneficiary.
The company\u2019s insurance contracts, where the
company acts as the insurer, are in their entirety
made up of guaranty insurance contracts, and the
ceded reinsurance contracts, where the company
acts in the role of the insured, are entirely made
up of reinsurance contracts taken up to reinsure
risks arising from the guaranty insurance contracts.
The company\u2019s insurance contracts do not include
service components, investment components or
embedded derivatives, that should be separated from
the insurance component.
For the purposes of measuring insurance contracts,
the company divides its insurance contracts into four
(4) insurance contract portfolios, and furthermore,
into insurance contract groups. The division into
insurance contract portfolios is done on the basis
of similarities in risk characteristics and the way the
contracts are managed. The division into insurance
contract groups is done on the basis of the timing of
initial recognition, whether the contracts are onerous or not, and on the basis of possible reinsurance cover related to the contract. The number of the company\u2019s insurance contract groups is approximately 70. Insurance contracts are recognised and measured on insurance contract group basis. Insurance groups are recognised on the start date of the first insurance contract of the group or on the due date of the insurance premium collected from the insured in the case the due date is before the start date of the contract. Onerous insurance contract groups are recognised when the groups become onerous. The company applies the Building Block Approach (BBA), as specified in IFRS 17 Insurance contracts, in the measurement of all its insurance contracts. Measurement of insurance contracts on initial recognition In connection with initial recognition, the company measures an insurance contract group to be the sum of the capital value of the fulfilment cashflows required to satisfy the contract, a risk adjustment for non-financial risk, and the contractual service margin. The capital value of the fulfilment cashflows includes the present value of expected future cash flows arising from premiums, claims, claims recourse col- lections, other insurance expenses, and acquisition costs of the insurance contracts. The fulfilment cashflows are discounted into their present value by applying an interest rate curve, that includes a risk-free rate, reflecting the time value of money, and an adjustment for financial risk that reflects the illiquidity of the cashflows of the insurance contracts (the liquidity premium).
The applied risk-free interest rate is the German
government bond yield curve. The liquidity premium
has been estimated based on observed market risk
premia on instruments with similar risk characteristics
compared with the company\u2019s guaranty insurance
portfolio. The table below presents the discount rates
used at the balance sheet date .
Discount rates
1 y
2 y
3 y
4 y
5 y
6 y
7 y
8 y
9 y
10 y
2025
2.32%
2.50%
2.71%
2.95%
3.22%
3.40%
3.62%
3.76%
3.87%
4.05%
2024
2.61%
2.46%
2.46%
2.50%
2.57%
2.64%
2.71%
2.77%
2.82%
2.87%
The risk adjustment for non-financial risk reflects the
implicit cost of capital that the company incurs, when
in it exposes itself to the uncertainty related to future
claims. The cost of capital is calculated by estimating
the amount of unexpected claims arising from the
insurance contracts in each future period, resulting
in an estimate on the amount of capital required to
cover these claims. The monetary cost of the capital
required is then calculated by applying a specific
6.0% annual cost of capital rate on the future capital
requirements. The adjustment for non-financial risk is
then achieved by discounting the hypothetical future
cost of capital payments to their present value,
applying the discount rate discussed above.
The capital requirement for the contracts is calculat-
ed on contract level primarily by applying the Internal
Ratings Approach set by the Basel II capital adequacy
regulations. A confidence level of 99.5% is applied,
matching the level set forth in the Solvency II rules
governing the capital requirements for insurance
companies. Due to the confidence level applied, the
capital requirement for the contracts reflects the
amount of claims, in excess of expected claims, that
is exceeded once every 200 years.
Depending on insurance contract portfolio, the risk
adjustment determined with cost of capital method
corresponds to confidence level of 74\u201380% assum-
ing it had been calculated directly from cashflow
distribution.
The contractual service margin represents the
unearned profit of insurance contract groups, that
will be recognised in future reporting periods, pro-
portionate to insurance services delivered in these
periods.
Subsequent measurement of insurance contracts
and recognition principles
The carrying value of an insurance contract group is
made up of the liability for remaining coverage and
the liability for incurred claims.
The liability for remaining coverage includes the
capital value of the fulfilment cash flows required
to satisfy the contract, an adjustment for non-fi-
nancial risk., and the contractual service margin (i.e.,
unearned profit).
The liability for incurred clams includes the capital
value of future claims payments from claims that
have already been incurred, and a risk adjustment
reflecting the uncertainty of these cash flows. The
future claims also include the estimated effects of
claims recourse recoveries. The liability for claims
incurred includes an estimate of claims incurred that
have come to the company's awareness and claims
that have not yet come to the company's awareness
but have already incurred. Claims that have not yet
come to the company's awareness have been esti-
mated for each insurance contract portfolio using the
calculation method in accordance with the Finnish
Insurance Companies Act, which the company
applies in the financial statements in accordance with
the Finnish GAAP, and according to which estimates
have historically been larger than realised claims.
The company recognises insurance revenue on the
basis of expiration of the liability for remaining cov-
erage to the extent that the expiration is attributable
to insurance services delivered in the reporting
period. Hence, the recognised revenue equals the
monetary value of the compensation the company
considers it has earned by delivering insurance ser-
vices in that period.
An insurance contract that has been underwritten
by the company in the role of the insurer ends and
will be derecognised off the balance sheet, when the
insurance contract ceases to exist, the company is no
more subjected to risk from the contract, and when
the company can no longer be required to forgo
economic resources to satisfy the contract.
Onerous contracts
An insurance contract group is onerous on initial
recognition, if the capital value of fulfilment cashflows
required to fulfil the contract, the risk adjustment for
non-financial risk, and the cashflows arising from the
acquisition costs of the insurance contract result in
net cash outflow.
Insurance contract groups classified as onerous will
result in a loss recognised in the income statement on
the basis of the negative net cash flow of the group. In this case, the carrying value of the insurance contract liability of the onerous insurance contract group equals the capital value of the fulfilment cashflows required to satisfy the contract, and the contractual service margin of the group will be nil. An insurance contract group will become subsequent- ly onerous, if the adverse changes in the fulfilment cashflows of the group, in consequence of any chang- es in estimates of cashflows concerning future service exceed the carrying value of the contractual service margin of the group. Reinsurance contracts The company divides its\u2019 ceded reinsurance con- tracts into insurance contract portfolios and groups in the same manner as in contracts related to primary insurance. In addition, the measurement accounts for counterparty default risk of the reinsurers. At initial recognition of ceded reinsurance contracts, the company recognises a contractual service margin that can arise from a net profit or a net loss attribut- able to the ceded reinsurance contract. Net profit is generated if the present value of cash inflows of the ceded reinsurance contract is greater than the value of its cash outflows. Net loss is gen- erated if the present value of the cash outflows is greater than the value of cash inflows. If the contractual service margin of the ceded reinsurance contracts is made up of net profit, the contractual service margin is recognised as a liability. If the contractual service margin is made out of a net loss, it is recognised as an asset. 2.9 Tangible assets Tangible assets are recognised on the balance sheet if their acquisition cost can be measured reliably, and it is probable that future economic benefits associat- ed with the assets will flow to the company. Tangible assets are carried on the balance sheet at cost less any accumulated depreciation and accumulated impairment losses. Tangible assets mainly consist of machinery and equipment which are depreciated in four years. Small equipment acquisitions are depreciated using a 25% declining balance method. Depreciation of an asset begins when it is available for use. When an asset is classified as available for sale in accordance with IFRS 5, depreciation ceases. The residual values and useful lives of assets are reviewed on every closing date, and they are changed as required. If the carrying amount of an asset is higher than the estimated recoverable amount, the carrying amount is immediately reduced to correspond to the recoverable amount. The gain or loss arising from the derecognition of an asset is included in profit or loss. Gains are recognised in Other operating income and losses in Depreciation and impairment. Gains or losses are determined as the difference between the net dis- posal proceeds and the carrying amount of the asset. If there are indications that a tangible asset is impaired, the assets recoverable amount is estimated. If the recoverable amount is less than the assets carrying amount, the carrying amount is reduced to its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. 2.10 Intangible assets Other intangible assets Intangible assets are recognised on the balance sheet if their acquisition cost can be measured reli- ably, and it is probable that future economic benefits associated with the assets will flow to the company. Other intangible assets are carried on the balance sheet at cost less any accumulated depreciation and accumulated impairment losses. Development costs for software not owned or controlled by the company, such as cloud computing services, are not capitalised. If the control of the acquired cloud computing service is not transferred to the company, the expense will not be capitalised as an intangible asset in accordance with IAS 38. In this case, the cloud computing service is treated as a service contract and the costs do not generally constitute an asset to be recognised in the balance sheet, but the expense is recognised as an expense when the service is received. The implementation costs related to the implementation of such cloud computing services are recognised as an advance payment and recognised as operative expense when the service is received, if the implementation is per- formed by the cloud computing service provider, or the supplier's subcontractor, and the implementation costs are not distinct services from the software. In other cases, the implementation costs associated with deploying the cloud computing service are expensed as soon as the service is received. No internally generated intangible assets have been recognised on the balance sheet. The gain or loss arising from the derecognition of an asset is included in profit or loss. Gains are recognised in Other operating income and losses in Depreciation and impairment Gains or losses are determined as the difference between the net dis- posal proceeds and the carrying amount of the asset. If there are indications that an intangible asset is impaired, the assets recoverable amount is estimated. If the recoverable amount is less than the assets carrying amount, the carrying amount is reduced to its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. Goodwill Goodwill accounting policies have been presented in Section 2.4 (Business combinations and goodwill). 2.11 Lease agreements The Group as lessee The Group's leased assets are mainly business prem- ises, company cars and IT equipment. Taaleri rec- ognises right-of-use assets at the commencement date of the lease according to IFRS 16. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the com- mencement date less any lease incentives received. Right-of-use assets are recognised in Tangible assets and are depreciated on a straight-line basis over the lease term. The lease term used is the non-cancel- lable lease term. Renewal options are considered if, in management\u2019s judgment, it is likely that they will be exercised. For contracts with an indefinite term, the lease term is based on management's estimate of the likely lease period, which is the period during which the lessee is expected to use the leased asset.
At the commencement date of the lease, the Group
recognises lease liabilities measured at the present
value of lease payments to be made over the lease
term. The lease payments include fixed payments
less any lease incentives receivable, variable lease
payments that depend on an index or a rate, amounts
expected to be paid under residual value guarantees,
and the exercise price of a purchase option reason-
ably certain to be exercised, and payments of penal-
ties for terminating a lease, if the lease term reflects
exercising the option to terminate. Lease liabilities are
recognised in Other liabilities and interest expenses
in the profit or loss line item Interest and other
financing expenses. The present value of lease pay-
ments is measured using the incremental borrowing
rate, which is based on the best available information,
such as the currently negotiated loan or discussions
with bank partners.
Taaleri applies an exemption on short-term leases
(lease term less than one year) and on leases of
low-value assets (below EUR 5,000). Lease payments
on short-term leases and leases of low-value assets
are recognised as expense on a straight-line basis
over the lease term.
The Group as lessor
Agreements regarding property, plant, and equipment,
where the Group is the lessor, are accounted for as
finance leases, when a substantial part of the risks and
rewards of ownership are transferred to the lessee.
At the commencement date, for the subleases, a
net investment (lease receivable), equaling to the
present value of lease payments and the present value
of the unguaranteed residual value, is recognised.
The proportion of the right-of-use asset that is sub-
leased is derecognised from the balance sheet. The
difference between the right-of-use asset and the
sublease receivable (net investment) is recognised in
other operating income or expense. Lease payments received later are recorded as repayments of lease receivables and as interest income. 2.12 Employee benefits Long-term remuneration of management and other personnel The Group has share-based long-term personnel remuneration programs, based on which the persons who belong to the programs can receive a remunera- tion settled in Taaleri\u2019s shares or in cash for their work performed during the vesting period. Depending on the execution method, these remuneration programs are recognised either as equity or as share-based transactions paid in cash. Share-based employee benefits paid in equity are measured at fair value at the moment of granting. The amount recognised in expenditure is amortised in personnel costs and as an increase in equity during the vesting period. Also, in arrangements settled in the net amount \u2013 in which the Group is obliged to pay withholding tax on the remuneration to be paid, due to which part of the remuneration earned is spent on paying taxes \u2013 the remuneration earned is treated as it would be fully paid in equity, despite the tax part paid in money. The estimated number of shares to be paid based on share-based remuneration programs is reviewed quarterly. The possible effects of adjustments made to the original estimates are recognised in the income statement as Personnel costs, and the corresponding adjustment is made in equity. Pensions The statutory pension cover of Taaleri\u2019s employees and those belonging to the management has been
arranged using TyEL (employee pension) insurance
agreements. Furthermore, a voluntary supplementary
pension insurance has been taken out for the CEO
of the parent company. All of the Group's pension
arrangements are defined contribution plans. In
defined contribution plans, there are no payment
obligations other than the annual insurance premiums
paid to the insurance company.
Expenses arising from statutory pension arrange-
ments are recognised in the income statement under
Personnel expenses for the financial year to which
the charge relates.
The recognition of expenses arising from voluntary
supplementary pension insurance depends on
the type of agreement. During the financial years
presented, the voluntary supplementary pension
insurance for the CEO of the parent company
has been structured as a pension capitalisation
agreement. Payments made under this agreement
have been recorded as an asset in the line item
Investments measured at fair value and measured at
fair value through profit or loss. The pension liability
arising from the capitalisation has been recorded
under Other liabilities and recognised as an expense
in the income statement under Other operating
expenses for the financial year in which the pension
liability was incurred. The pension liability has also
been measured at fair value through profit or loss.
Contributions to the pension capitalisation scheme
are not tax-deductible for the company in the year of
payment. Pensions paid during the retirement period
are treated as cash pensions, and the pensions paid
are tax-deductible for the company in the year of
payment. Deferred tax asset has been recognised
on payments made to the pension capitalisation
scheme, which will be realised during the beneficia-
ry's retirement period.
2.13 Contingent liabilities A contingent liability is a possible obligation that arises from past events, and whose existence will be confirmed by the occurrence of an uncertain event not wholly in the control of the Group. In addition, an existing obligation which probably does not require that the payment obligation is met, or the amount of which cannot be estimated reliably, is considered to be a contingent liability. The Group's contingent liabilities are presented in the notes to the financial statements. 2.14 Income taxes and deferred taxes Tax expenses consist of taxes based on the taxable income for the period, taxes for previous periods and deferred taxes. Taxes are recognised through profit or loss, unless they are associated with items recognised directly in shareholders' equity or other comprehen- sive income. In this case, taxes are recognised in the items in question. Taxes based on the taxable income for the period is calculated from the taxable income based on tax rates valid in the specific country. Deferred taxes are calculated on temporary differenc- es between the carrying amount and taxable value. However, deferred tax liabilities are not recognised on the original recognition of goodwill. Deferred tax assets are recognised up to the amount at which it is likely that taxable income will be generated in the future, against which the temporary difference can be utilised. The most significant temporary differences in the Group arise from the valuation difference in insur- ance contract liabilities between Finnish accounting legislation and the application of IFRS 17, confirmed tax losses and other temporary differences between accounting and taxation and the fair value measure- ment of investments. Deferred taxes are calculated using the tax rates regulated by the closing date or tax rates which have been approved in practice before the closing date. 2.15 Revenue recognition principles Revenue recognition principles for management fees and other continuing earnings The Management fees and other continuing earnings income item mainly consists of continuing earnings from customer contracts in the private asset manage- ment business and sales income from Taaleri Kapitaali. According to IFRS 15, revenue from customer contracts is recognised in such a way that the transaction price is first allocated to the performance obligations and when the performance obligation is fulfilled by transferring control of the related service to the customer, the related revenue is recognised. The performance obligation can be fulfilled either at a specific time or over time. The main income of Taaleri's private asset manage- ment business is generated from private equity funds and co-investment projects managed by Taaleri. A management fee will be paid to the alternative fund manager or the responsible partner of the alternative fund for the entire duration of the fund. The man- agement fee is a variable consideration and is based on, depending on the fund or its lifecycle phase, for example, the fund's initial investment commitments, the value determined by the valuation of the fund or its portfolio investments, or the total amount of equity and debt capital committed to the fund. The manage- ment fees paid by the funds and the consulting fees paid by co-investments are recognised over time as the management of the fund is the sole performance obligation of the agreement and the fund manage- ment service is provided over time. Management fees are invoiced in advance on a quarterly basis and accrued as income on a monthly basis. The private asset management business also includes mandate-based fee income, which is recognised over time as the mandate-based portfolio management service is delivered over time. The renewable energy business also includes operation and maintenance services for wind farms, the invoicing of which is based on a pre-agreed annual fee, which is rec- ognised as income during the year. Revenue from corporate finance services provided by Taaleri Kapitaali is recognised over time as the service is rendered and recognised under Management fees and other continuing earnings. If a corporate finance service agreement includes a contingent success fee, the separate success fee is recognised as reve- nue only when the triggering event has occurred or its occurrence is considered highly probable. Management fees and other continuing earnings also includes income from financial instruments classified as cash and cash equivalents in the Group\u2019s balance sheet. Fee and commission expenses include payments to third parties that relate to income recognised under Management fees and other continuing earnings. Revenue recognition principles for performance fees Due to the successful investment activities of pri- vate equity funds and co-investments, Taaleri may be entitled to receive performance fees, which are recognised in profit and loss in Performance fees line item. The calculation formulas for the performance fees of Taaleri's private equity funds and co-invest- ments are fund-specific, but they are always based on the returns at the fund or co-investment level after reaching a separately agreed hurdle rate. The performance fee is recognised at the point when its realisation can be considered reasonably certain. How- ever, performance fees are typically realised and paid during the later stage of the fund's lifecycle, upon the fund's exit. If the exit takes place only in later financial years, but the realisation of the performance fee can already be reasonably certain in previous financial years, an asset based on the contract is recognised in connection with the recognition of the unrealised per- formance fee. Taaleri only considers the performance fee to the extent that it is probable that the amount of the accrued recognised income will not need to be significantly reversed later. In order to avoid the need for a significant reversal of accrued income recognised as a performance fee at a later date, a discount factor approved by management is used in the recognition of performance fees, which is determined on a fund-by-fund and case-by-case basis. The discount factor reflects the volatility of the estimated performance fee, the timing uncertainty related to the fund's exit, and, consequently, the uncertainty of the final performance fee. Taaleri performs valuation of its funds on a quarterly basis and, in this context, reviews the performance fees related to private equity funds and co-invest- ments that are payable to the management company or alternative investment fund manager. It also assess- es the likelihood of these fees being realised and the final amount of the performance fees. Taaleri applies a higher discount factor in the initial recognition of unrealised performance fees. As the remaining life of the fund shortens and the exit date approaches, the discount factor may be reduced as uncertainties diminish, provided there is a justified basis for doing so. Reducing the discount factor used in revenue rec- ognition as uncertainties decrease may result in per- formance fees from the same fund being recognised over several reporting periods before the final amount is determined at the fund\u2019s exit. If, upon subsequent review, it becomes evident that reducing the discount factor does not result recog- nising additional performance fees, Taaleri assesses the amount of previously recognised but still unre- alised performance fees in accordance with IFRS 15. The assessment considers whether the previously recognised variable consideration continues to meet the criterion that there is no significant risk of a sig- nificant reversal. Performance fees recognised but not yet realised are recognised in the balance sheet under Accrued income and advanced payments. The final amount of the performance fee will be determined in connection with the exit of the fund or co-investment, in which case the performance fee will be derecognised from Accrued income. Fee and commission expenses include payments to third parties that relate to income recognised under Performance fees. Revenue recognition principles for net result from insurance Revenue recognition principles for insurance con- tracts have been described in Section 2.8 Insurance contracts and revenue recognition principles for Net income from investments in insurance operations in 2.7 Financial assets and liabilities. All income from insurance activities is presented in Net result from insurance, apart from changes in fair value from financial assets measured at fair value through other comprehensive income, which are presented in the statement of comprehensive income. Other income Net investment income includes the net income from Taaleri Group\u2019s own investment activities, except when the income arises from instruments classified as investment assets of the insurance business. In such cases, the income is reported under Net income from investments in insurance operations. Net investment income is derived from financial assets and liabilities recognised in the consolidated balance sheet and includes dividend income, interest income, changes in fair value, foreign exchange differences, and realised gains and losses. The revenue recogni- tion principles for financial assets and liabilities are described in section 2.7 Financial assets and liabilities. Taaleri\u2019s project development operations generate, design, and prepare new projects to be offered as investment opportunities either to Taaleri\u2019s private equity funds or other co-investors. The aim is either to implement the project or to sell it at a price exceeding the costs committed to the development. Costs of ongoing project development are capital- ised in the balance sheet item Accrued income and prepayments. Revenue and expenses from project development are recognised in the financial year when the project\u2019s outcome can be reliably assessed. Revenue from project development is presented under Other operating income and related expenses under Other operating expenses. Other operating income also includes items not directly related to Taaleri\u2019s core business, such as income from the recharging of expenses. Corre- spondingly, recharged expenses are recorded under Other operating expenses.
2.16 Shareholders' equity
The Group classifies instruments it has issued, into
equity or liabilities (financial liabilities) based on their
characteristics. Equity instruments include any con-
tracts which indicate a right to obtain a proportion of
an entity's assets after deducting all its liabilities. Costs
related to the issuance or acquisition of equity instru-
ments are accounted for as a deduction from equity.
If the company reacquires its own equity instruments,
those instruments are deducted from equity.
2.17 Revenue and operating profit
Taaleri\u2019s revenue consists of Management fees and
other continuing earnings, Performance fees, Net
result from insurance, Net investments income, and
Other operating income. Revenue is presented on
a gross basis, except for Net result from insurance
operations and Net investments income, which are
presented on a net basis to provide a more accurate
representation.
The IAS 1 (Presentation of Financial Statements)
standard does not define the concept of operating
profit. Taaleri\u2019s operating profit is calculated as fol-
lows: Operating profit is the net amount of Revenue,
Fee and commission expense, Personnel costs, Other
operating expense, Depreciation, amortisation and
impairment, Expected credit losses and Share of
associates\u2019 profit or loss. All income statement items
other than those listed above are presented below
the Operating profit.
2.18 Accounting policies requiring management\u2019s judgment and key uncertainties regarding estimations When preparing the financial statements, estimates and assumptions concerning the future need to be made, and their outcome may differ from the esti- mates and assumptions made. In addition, applying the accounting policies requires judgement. The most significant areas involving management judge- ment in the preparation of the consolidated financial statements are described below. Valuation of Garantia\u2019s insurance contract liabilities The measurement of Garantia\u2019s insurance contract liabilities according to IFRS 17 Insurance Contracts includes several factors that involve management\u2019s judgement and uncertainty. The most significant uncertainties are related to the estimation of future claims cashflows, and to the estimation of the amount of the adjustment for non-financial risk reflecting the variation in the claims cashflows. Uncertainty is also associated with the selection of the interest rate curve applied in cashflow discounting, and the measurement of the liquidity premium, as well as the assessment of future other insurance service expenses. In the evaluation of the future claims cashflows of the liability for the remaining coverage, Taaleri uses the ratio of claims incurred for the last ten (10) years to the guarantee insurance exposure per insurance contract portfolio, and a forecast of the development of the guarantee exposure. Similarly, in the evaluation of future other insurance service expenses, Taaleri uses the ratio of other insurance service expenses of the last three (3) years to the guarantee exposure per insurance contract portfolio, and a forecast of the development of the guarantee exposure. The assumptions are updated semi-annually at the time of the balance sheet date and at the end of the second quarter, and the forecast at the time of reporting is used as the best estimate. The table below presents at the com- pany level the ranges of estimated claims cashflows and other insurance service expenses used in the financial statements.
The assumptions materially affecting the valuation of insurance contract liabilities
2025
2024
The ratio of gross claims cashflows to the gross exposure, %
0.08\u20130.14
0.09\u20130.26
The ratio of other insurance service expenses to the gross exposure, %
0.07\u20130.61
0.07\u20130.56
The value of Garantia\u2019s insurance contract liabilities differs significantly between IFRS and national GAAP accounting. The valuation difference gives rise to a deferred tax liability, that has been recognised on the Group balance sheet. Most of the valuation differ- ence is attributable to the equalisation provision, a part of the technical provisions as measured by the national GAAP rules. The measurement of the equal- isation provision is based on calculation principles approved by the Financial Supervisory Authority, claims statistics approved by the management, and estimated future claims development. Hence, the accumulation and reversal of the equalisation provi- sion have direct effect on the value of the deferred tax liability arising from the valuation difference of insurance contract liabilities. Financial assets and liabilities When classifying and measuring financial assets managerial judgement is needed, i.e. when deciding whether an equity instrument is strategic or not, which affects whether the instrument is measured through profit or loss or other comprehensive income without recycling. Evaluating expected credit loss requires judgement, i.e. when choosing which credit loss models and parameters to use. The expected credit loss model is described in more detail in sec- tion 2.7 Financial assets and liabilities. Management must evaluate when the markets of financial instruments are no longer deemed to be active. When the fair value of a financial instrument is measured using valuation methods, the manage- ment's judgement is required for the selection of the applicable valuation method. International Valuation Standards (IVS) and valuation methods based on their applications have been used to measure the fair value of private equity fund investments and unquot- ed shares and units. The valuations take a number of different factors into consideration, such as when an investment was made and at what price, the price development of quoted reference companies, local market conditions in the specific industry, realised and estimated operating results, and additional investments. Value analyses have usually been pre- pared for finished projects using a cash flow-based income approach and a comparative market-based measurement method. Unfinished projects in the funds have been measured at their acquisition cost or lower fair value. Estimates and managerial judge- ment is required in the valuations. Illiquid investments include uncertainty regarding the future realised gains or losses, compared to the estimated fair value. Recognition of performance fees Taaleri recognises the performance fees of the private asset management business only to the extent that it is probable that the amount of the accrued recognised income will not have to be significantly reversed later. Taaleri reviews quarterly the performance fees related to private equity funds and co-investments that are payable to the management company or alternative investment fund manager. It also assesses the likeli- hood of these fees being realised and the final amount of the performance fees. Management judgment is required in the assessment to determine the forecast parameters used and the discount factor reflecting the uncertainty of the fee. Project development Management\u2019s judgement is needed when measuring the unfinished development projects.. External costs associated with active projects have been recorded on the balance sheet if the net present value of the project is positive. Project expenses have been rec- ognised through profit or loss if a project has ended or its net present value is negative. Management judgment is also applied in the recognition of contin- gent consideration in sales agreements. Contingent consideration is recognised as income when its realisation is considered highly probable. Share-based benefit programs Management\u2019s judgement has been applied when measuring the fair value of share-based employee benefit programs and option programs and in eval- uating the expenditure of the programs. Deferred tax assets have also been recorded for the expenses recorded from share-based incentive schemes. Business combinations and goodwill The values of businesses acquired through business combinations are based on estimated future devel- opment, estimated cash flows and the discount rate used. Goodwill is tested annually for impairment. The recoverable amount defined in impairment testing is often based on the value in use, the calculation of which requires estimates of future cash flows and the discount rate used. In 2015, Taaleri acquired Garantia Insurance Company Ltd, which writes guarantee insurances. At the time of acquisition, Taaleri valued the assets and liabilities of the acquired company according to its best esti- mate of their fair value, and the fair value thus deter- mined by Taaleri for the company was significantly higher than the consideration paid. Determining the fair value of the acquired company's assets and liabilities involved significant estimates made by the management, because the potential future losses of the guarantee insurance business are associated with great uncertainty, especially in poor market situations. Taaleri recorded a negative goodwill of EUR 28.6 million from the acquisition in 2015, which was recognised in the profit or loss, but this does not mean that the insurance contracts written at the time of the acquisition could not result in losses in the future. At the time of acquisition, the company was not aware of claims that the company would not have taken into account in its balance sheet, and according to IFRS, general unallocated provisions cannot be made. Management's estimates and judgment has been used in determining and measuring the identifiable assets acquired and liabilities assumed acquired by Suomen Vuokravastuu Oy, a company acquired in 2018, which has affected the amount of goodwill recognised. Group\u2019s control in structured entities When assessing the Group\u2019s control generated by investments made in structured entities, the Group\u2019s ability to affect relevant activities and its exposure to variable returns are evaluated. The assessment of control is subject to judgement. The assessment of control is done in more detail, when the Group\u2019s share in the structured entity\u2019s net assets and returns exceeds 20 percent. The investee is consolidated as a subsidiary at the latest, when the Group\u2019s exposure to variable returns is significant and and a connection is established between variable income and power. One structured entity, EAI Hedging 4 Oy, has been consolidated into the Taaleri Group as a subsidiary starting from financial year 2025. The Group holds no ownership interest in the entity, but control is based on a financing agreement, the purpose of which is to acquire on an arm\u2019s length basis, hold and ultimately deliver Taaleri Plc shares for the settlement of Taaleri\u2019s share-based incentive plans. The entity has been con- solidated as a subsidiary in accordance with the con- trol criterion under IFRS 10. Taaleri Group has no other significant risks or obligations related to the entity. Uncertainties arising from sustainability risks Sustainability risk means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential negative impact on the value of the investment (in Taaleri\u2019s private asset management business and Group\u2019s investment operations and Garantia) or on the value of the liability (in Garantia). Sustainability risks include e.g. risks related to climate change and green washing. Taaleri has considered the impact of sustainability risks in the preparation of its financial statements, particularly in management's judgment-driven estimates, such as the assessment of uncertainties related to the deter- mination of the fair value of investments. The uncer- tainties related to sustainability risks are described in more detail in Note 33 Group\u2019s Internal Control and Risk Management Principles. Identified risks related to climate change can nega- tively affect, for example, the yield of Taaleri\u2019s funds, the value of holdings, capital- and operating costs in funds\u2019 investments, and the production of facilities, for example through acute and chronic changes in weather, weather patterns, and temperature conditions. Potential negative impacts may also be caused by transition risks, such as tightening regula- tion, changes in the operating environment, as well as changes in stakeholder needs and preferences. Climate and sustainability risks may affect Taaleri Group\u2019s contingent liabilities, taxes, revenue recogni- tion, employee benefits, insurance operations, finan- cial assets and financial liabilities and other assets and liabilities. For example, transition risks related to climate change can affect the Group's operating abilities and performants through, for example, more difficult fund raising, which is reflected in Group\u2019s management fees and performance fees generated from the funds and there for in the Group\u2019s total income, and thus they need to be considered e.g. in determining revenue recognition principles and in valuation of financial assets and liabilities. On the other hand, extreme weather phenomena can negatively affect the operations of entities that are subject to Taaleri\u2019s funds\u2019 investments, make it more difficult to procure production inputs and increase the risk of damage to production facilities, all of which is reflected as increased costs and as production slow- downs in the funds\u2019 investments, which in turn affects e.g. in the valuation of assets. 2.19 Applying new and revised standards and new interpretations In preparing the consolidated financial statements, all annual improvements and amendments to the applicable IFRS standards issued by the IASB, as well as interpretations provided by IFRIC, that have been approved by the EU and adopted as of financial peri- ods beginning on or after January 1, 2025, have been applied. Taaleri has assessed that these improve- ments, amendments, and interpretations have had no material impact on the consolidated financial statements. 2.20 New and revised standards to be applied later New standards, amendments to standards, or inter- pretations that will become effective in the EU only after financial periods beginning on or after January 1, 2025, have not been applied in the preparation of these consolidated financial statements. No other already issued new or revised standard or interpretation is expected to have a material impact on the consolidated financial statements, the Group\u2019s financial result, or its financial position, except for IFRS 18 Presentation and Disclosure in Financial Statements, published in April 2024. IFRS 18 Presentation and Disclosure in Financial Statements replaces the previous IAS 1 standard, introducing new requirements for the presentation format of financial statements, the classification of transactions, and the scope and content of disclo- sures. The objective of the standard is to enhance the understandability, comparability, and transparen- cy of financial statements. According to Taaleri\u2019s assessment, the impacts of the standard will primarily be limited to the presentation of financial statements, the classification of transac- tions, and disclosures. The standard is not expected to have any material impact beyond the presentation of financial information. The IFRS 18 standard will take effect no earlier than for financial periods begin- ning on or after January 1, 2027, and it will be applied retrospectively to comparative periods presented in the financial statements. The standard has not yet been endorsed by the EU, and therefore the effective date remains uncertain.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "
2.1 Basis of preparation
The consolidated financial statements of Taaleri have
been prepared according to the International Finan-
cial Reporting Standards (IFRS). In the preparation of
the financial statements, the IAS and IFRS standards
and the SIC and IFRIC interpretations which were
valid on 31 December 2025 have been followed. IFRS
refers to the standards and interpretations which
have been approved in accordance with Regulation
(EC) No. 1602/2002 of the European Parliament and
of the Council.
The consolidated financial statements have been
prepared over 12 months for the financial period of 1
January\u201331 December 2025. The Board of Directors
of Taaleri Plc approved the consolidated financial
statements for public release on 11 February 2025.
Shareholders have the right to approve or reject the
financial statements at the Annual General Meeting held after the release of the financial statements. The information included in the financial statements is presented in EUR thousand and prepared in accordance with an accounting model based on recoverable historical cost, unless otherwise stated in the accounting policies below. As the values present- ed in the financial statements have been rounded from their exact values, the sum of individual figures presented may differ from the sum presented. Key figures have been calculated using exact values. The Board of Director\u2019s report and the financial state- ments are available in Finnish and English. The Finnish version is the official version that will apply if there is any discrepancy between the language versions. The preparation of financial statements according to IFRS requires certain key accounting estimates to be used. In addition, it requires that members of the management use judgement when applying the accounting policies. Section 2.18 offers a more detailed description on complex matters that require judgement, and assumptions or estimates that have a material impact on the Group financial statements. The consolidated balance sheet is presented classi- fied into non-current and current items. This presen- tation format has been chosen as it provides users with a clearer view of the Group\u2019s financial position and liquidity. Assets and liabilities are classified as current or non-current based on their expected realisation or settlement date. Items are considered current if they are expected to be realised or settled
within 12 months after the reporting date. All other
items are presented as non-current.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "2.1 Basis of preparation The consolidated financial statements of Taaleri have been prepared according to the International Finan- cial Reporting Standards (IFRS). In the preparation of the financial statements, the IAS and IFRS standards and the SIC and IFRIC interpretations which were valid on 31 December 2025 have been followed. IFRS refers to the standards and interpretations which have been approved in accordance with Regulation (EC) No. 1602/2002 of the European Parliament and of the Council. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "The consolidated financial statements have been prepared over 12 months for the financial period of 1 January\u201331 December 2025. The Board of Directors of Taaleri Plc approved the consolidated financial statements for public release on 11 February 2025. Shareholders have the right to approve or reject the financial statements at the Annual General Meeting held after the release of the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "The information included in the financial statements is presented in EUR thousand and prepared in accordance with an accounting model based on recoverable historical cost, unless otherwise stated in the accounting policies below.
Items included in the financial statements of Group
companies are measured in the currency of the eco-
nomic environment in which the company is mainly
operating (functional currency). The consolidated
financial statements are presented in euros, which is
the functional and presentation currency of the Group.
Income statements and balance sheets of Group
companies (none of which are operating in a country
with hyperinflation), using a functional currency other
than the presentation currency of the Group, are
translated into the presentation currency as follows:
assets and liabilities on the balance sheet are trans-
lated at the exchange rate valid on the closing date
and income and expenses on the income statement
are translated at the period's average exchange rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "2.3 Consolidation principles The consolidated financial statements include Taaleri Plc and its subsidiaries that the parent company con- trols. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. If there are changes to one or more of the elements of control, the Group will reassess whether it still controls the subsidiary. If the Group loses control over a subsidiary, it recognises any investment retained in the former subsidiary at its fair value on the day control is lost, and any change in the carrying amount is recognised through profit or loss. Subsidiaries or entities in which the Group holds a majority shareholding, but control is vested in a third party have not been consolidated into the consolidated financial statements. Such non-con- solidated companies and entities include, for example, Taaleri's private equity funds. The profit for the period attributable to the owners of the parent company and the non-controlling interests is presented in the consolidated income statement, and the attribution of other comprehensive income is presented in the separate statement of comprehen- sive income. The profit for the period and comprehen- sive income are allocated to non-controlling interests also if the proportion of non-controlling interests became negative. The proportion of non-controlling interests has been presented in shareholders' equity on the consolidated balance sheet, separate from equity attributable to the shareholders of the parent company. Non-controlling interests in an acquiree are measured at either fair value or the proportionate share in the recognised amounts of the acquiree\u2019s net identifiable assets. The measurement principle is defined separately for each purchase. Associates, in which the parent company holds 20\u201350 per cent of the votes provided by all shares or in which it otherwise has significant influence, but not control, are consolidated using the equity method. If the investment in an associate has been made by a venture capital entity, the decision can be made to measure the investment at fair value through profit or loss in accordance with IFRS 9. When applying the equity method, investments are initially recognised at cost and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. If the Group's proportion of an associate\u2019s losses exceeds the carrying amount of the investment, the investment is recognised as zero on the balance sheet and the losses exceeding the carrying amount are not consolidated, unless the Group is committed to fulfilling the associate\u2019s obligations. The Group\u2019s share of the associate\u2019s profit for the period is presented before the Oper- ating profit. The Group's proportion from changes recognised in other comprehensive income is rec- ognised in the Group's other comprehensive income. When the Group loses its significant influence, the remaining holding is recognised at fair value, and the difference between the carrying amount and the fair value of the remaining holding and any transfer gains/losses is recognised through profit or loss. At the end of each reporting period, it is evaluated whether there is objective evidence of any decrease in the value of the investment in the associate. If there is such evidence, an impairment loss is defined as the difference between the recoverable amount of the investment and its carrying amount, and it is recognised in the income statement line item Share of associates\u2019 profit or loss. Subsidiaries or associates acquired during the finan- cial period are consolidated from the date on which the Group obtained control or significant influence, and subsidiaries or associates sold are correspond- ingly consolidated until the date on which control or significant influence is lost. If required, adjustments are made to the financial statements of subsidiaries so that their accounting policies correspond with those of the Group. Profits and losses of associated companies are usually consolidated based on the financial statements prepared based on the local accounting regulations according to the company's domicile. In the financial year 2025, this has been the procedure for every associated company consolidat- ed using the equity method. All intra-group transactions, as well as receivables, liabilities, unrealised profit, and internal distribution of profit are eliminated. Unrealised losses are not elimi- nated if the losses are caused by impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "The consolidated financial statements include Taaleri Plc and its subsidiaries that the parent company con- trols. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. If there are changes to one or more of the elements of control, the Group will reassess whether it still controls the subsidiary. If the Group loses control over a subsidiary, it recognises any investment retained in the former subsidiary at its fair value on the day control is lost, and any change in the carrying amount is recognised through profit or loss. Subsidiaries or entities in which the Group holds a majority shareholding, but control is vested in a third party have not been consolidated into the consolidated financial statements. Such non-con- solidated companies and entities include, for example, Taaleri's private equity funds. The profit for the period attributable to the owners of the parent company and the non-controlling interests is presented in the consolidated income statement, and the attribution of other comprehensive income is presented in the separate statement of comprehen- sive income. The profit for the period and comprehen- sive income are allocated to non-controlling interests also if the proportion of non-controlling interests became negative. The proportion of non-controlling interests has been presented in shareholders' equity on the consolidated balance sheet, separate from equity attributable to the shareholders of the parent company. Non-controlling interests in an acquiree are measured at either fair value or the proportionate share in the recognised amounts of the acquiree\u2019s net identifiable assets. The measurement principle is defined separately for each purchase. Subsidiaries or associates acquired during the finan- cial period are consolidated from the date on which the Group obtained control or significant influence, and subsidiaries or associates sold are correspond- ingly consolidated until the date on which control or significant influence is lost. If required, adjustments are made to the financial statements of subsidiaries so that their accounting policies correspond with those of the Group. All intra-group transactions, as well as receivables, liabilities, unrealised profit, and internal distribution of profit are eliminated. Unrealised losses are not elimi- nated if the losses are caused by impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "The profit for the period attributable to the owners of the parent company and the non-controlling interests is presented in the consolidated income statement, and the attribution of other comprehensive income is presented in the separate statement of comprehen- sive income. The profit for the period and comprehen- sive income are allocated to non-controlling interests also if the proportion of non-controlling interests became negative. The proportion of non-controlling interests has been presented in shareholders' equity on the consolidated balance sheet, separate from equity attributable to the shareholders of the parent company. Non-controlling interests in an acquiree are measured at either fair value or the proportionate share in the recognised amounts of the acquiree\u2019s net identifiable assets. The measurement principle is defined separately for each purchase", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "
Associates, in which the parent company holds
20\u201350 per cent of the votes provided by all shares
or in which it otherwise has significant influence,
but not control, are consolidated using the equity
method. If the investment in an associate has been
made by a venture capital entity, the decision can
be made to measure the investment at fair value
through profit or loss in accordance with IFRS 9.
When applying the equity method, investments are
initially recognised at cost and the carrying amount
is increased or decreased to recognise the investor\u2019s
share of the profit or loss of the investee after the
date of acquisition. If the Group's proportion of an
associate\u2019s losses exceeds the carrying amount of
the investment, the investment is recognised as
zero on the balance sheet and the losses exceeding
the carrying amount are not consolidated, unless
the Group is committed to fulfilling the associate\u2019s
obligations. The Group\u2019s share of the associate\u2019s
profit for the period is presented before the Oper-
ating profit. The Group's proportion from changes
recognised in other comprehensive income is rec-
ognised in the Group's other comprehensive income.
When the Group loses its significant influence, the
remaining holding is recognised at fair value, and the
difference between the carrying amount and the
fair value of the remaining holding and any transfer
gains/losses is recognised through profit or loss.
At the end of each reporting period, it is evaluated
whether there is objective evidence of any decrease
in the value of the investment in the associate. If
there is such evidence, an impairment loss is defined
as the difference between the recoverable amount
of the investment and its carrying amount, and it is
recognised in the income statement line item Share
of associates\u2019 profit or loss.
Profits and losses of associated companies are usually consolidated based on the financial statements prepared based on the local accounting regulations according to the company's domicile. In the financial year 2025, this has been the procedure for every associated company consolidat- ed using the equity method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "Associates, in which the parent company holds 20\u201350 per cent of the votes provided by all shares or in which it otherwise has significant influence, but not control, are consolidated using the equity method. If the investment in an associate has been made by a venture capital entity, the decision can be made to measure the investment at fair value through profit or loss in accordance with IFRS 9. When applying the equity method, investments are initially recognised at cost and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. If the Group's proportion of an associate\u2019s losses exceeds the carrying amount of the investment, the investment is recognised as zero on the balance sheet and the losses exceeding the carrying amount are not consolidated, unless the Group is committed to fulfilling the associate\u2019s obligations. The Group\u2019s share of the associate\u2019s profit for the period is presented before the Oper- ating profit. The Group's proportion from changes recognised in other comprehensive income is rec- ognised in the Group's other comprehensive income. When the Group loses its significant influence, the remaining holding is recognised at fair value, and the difference between the carrying amount and the fair value of the remaining holding and any transfer gains/losses is recognised through profit or loss. At the end of each reporting period, it is evaluated whether there is objective evidence of any decrease in the value of the investment in the associate. If there is such evidence, an impairment loss is defined as the difference between the recoverable amount of the investment and its carrying amount, and it is recognised in the income statement line item Share of associates\u2019 profit or loss. Profits and losses of associated companies are usually consolidated based on the financial statements prepared based on the local accounting regulations according to the company's domicile. In the financial year 2025, this has been the procedure for every associated company consolidat- ed using the equity method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "
2.4 Business combinations and goodwill
Business combinations are accounted for using the
acquisition method. Acquisition costs are defined as
the acquisition-date fair value of the consideration
transferred and any non-controlling interest in the
acquired entity. For each business combination, the
Group selects whether the non-controlling interests
are measured at fair value or the present ownership
instruments\u2019 proportionate share in the recognised
amounts of the acquiree\u2019s identifiable net assets.
Acquisition-related costs are recognised as expenses
in the income statement over the periods, during
which the costs are incurred, and the corresponding
services are received.
When the Group acquires a business, it evaluates
assets and liabilities in the light of agreement terms,
financial conditions and other related conditions
prevailing on the acquisition date, to determine the
correct classification. This evaluation includes the
separation of embedded derivatives included in main
agreements of the acquired business.
Any contingent consideration is recognised at fair val-
ue on the acquisition date. A contingent consideration
which has been classified as an asset or liability, is a
financial instrument and is within the scope of IFRS 9,
(and is measured at fair value, with any resulting gain
or loss recognised either in profit or loss or in other
comprehensive income. If a contingent consideration
is not within the scope of IFRS 9, it is accounted for
according to the applicable IFRS standard. A contin-
gent consideration classified as equity is not remea-
sured, and its subsequent settlement is accounted for
within equity.
Goodwill is recognised at the original acquisition
cost, which corresponds to the amount that the
consideration transferred and any non-controlling
interest in the acquired business, exceeds the net of
the acquisition-date amounts of the identifiable assets
acquired and the liabilities assumed. If the fair value
of the acquired net assets exceeds the total trans-
ferred contribution, the Group will reassess whether
it has correctly identified all the assets acquired and
liabilities assumed, and it will review the procedures
used to measure the amounts to be recognised at the
acquisition date. If the fair value of the acquired net
assets, even after the reassessment, exceeds the total
transferred contribution, profit is recognised through
profit or loss.
After the original recognition, goodwill is recognised
at the acquisition cost less accrued impairment losses.
Goodwill acquired through business combinations is
allocated, for impairment testing purposes starting
from the acquisition date to the Group's cash-gen-
erating units which are expected to benefit from the
business combination, regardless of whether other
assets or liabilities of the object of acquisition are
allocated to these entities. Cash generating units are
either business segments or companies thereof.
Goodwill is tested annually against any impairment
by discounting estimated future net cash flows using
market-based discount factors. If the recoverable
assets of a cash-generating unit are lower than their
carrying amount, an impairment loss is recognised.
Impairment losses associated with goodwill are not
reversed in future periods.
When goodwill has been allocated to a cash-gener-
ating unit and an operation of the unit is disposed
of, the goodwill allocated to the operation disposed
of is included in the carrying amount of that opera-
tion when defining gains or losses on the disposal.
Goodwill transferred in such a situation is measured
on the basis of the relative values of the operation
disposed of and the portion of the cash-generating
unit retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "2.4 Business combinations and goodwill Business combinations are accounted for using the acquisition method. Acquisition costs are defined as the acquisition-date fair value of the consideration transferred and any non-controlling interest in the acquired entity. For each business combination, the Group selects whether the non-controlling interests are measured at fair value or the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets. Acquisition-related costs are recognised as expenses in the income statement over the periods, during which the costs are incurred, and the corresponding services are received. When the Group acquires a business, it evaluates assets and liabilities in the light of agreement terms, financial conditions and other related conditions prevailing on the acquisition date, to determine the correct classification. This evaluation includes the separation of embedded derivatives included in main agreements of the acquired business. Any contingent consideration is recognised at fair val- ue on the acquisition date. A contingent consideration which has been classified as an asset or liability, is a financial instrument and is within the scope of IFRS 9, (and is measured at fair value, with any resulting gain or loss recognised either in profit or loss or in other comprehensive income. If a contingent consideration is not within the scope of IFRS 9, it is accounted for according to the applicable IFRS standard. A contin- gent consideration classified as equity is not remea- sured, and its subsequent settlement is accounted for within equity. Goodwill is recognised at the original acquisition cost, which corresponds to the amount that the consideration transferred and any non-controlling interest in the acquired business, exceeds the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the fair value of the acquired net assets exceeds the total trans- ferred contribution, the Group will reassess whether it has correctly identified all the assets acquired and liabilities assumed, and it will review the procedures used to measure the amounts to be recognised at the acquisition date. If the fair value of the acquired net assets, even after the reassessment, exceeds the total transferred contribution, profit is recognised through profit or loss. After the original recognition, goodwill is recognised at the acquisition cost less accrued impairment losses. Goodwill acquired through business combinations is allocated, for impairment testing purposes starting from the acquisition date to the Group's cash-gen- erating units which are expected to benefit from the business combination, regardless of whether other assets or liabilities of the object of acquisition are allocated to these entities. Cash generating units are either business segments or companies thereof. Goodwill is tested annually against any impairment by discounting estimated future net cash flows using market-based discount factors. If the recoverable assets of a cash-generating unit are lower than their carrying amount, an impairment loss is recognised. Impairment losses associated with goodwill are not reversed in future periods. When goodwill has been allocated to a cash-gener- ating unit and an operation of the unit is disposed of, the goodwill allocated to the operation disposed of is included in the carrying amount of that opera- tion when defining gains or losses on the disposal. Goodwill transferred in such a situation is measured on the basis of the relative values of the operation disposed of and the portion of the cash-generating unit retained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "Goodwill is recognised at the original acquisition cost, which corresponds to the amount that the consideration transferred and any non-controlling interest in the acquired business, exceeds the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the fair value of the acquired net assets exceeds the total trans- ferred contribution, the Group will reassess whether it has correctly identified all the assets acquired and liabilities assumed, and it will review the procedures used to measure the amounts to be recognised at the acquisition date. If the fair value of the acquired net assets, even after the reassessment, exceeds the total transferred contribution, profit is recognised through profit or loss. After the original recognition, goodwill is recognised at the acquisition cost less accrued impairment losses. Goodwill acquired through business combinations is allocated, for impairment testing purposes starting from the acquisition date to the Group's cash-gen- erating units which are expected to benefit from the business combination, regardless of whether other assets or liabilities of the object of acquisition are allocated to these entities. Cash generating units are either business segments or companies thereof. Goodwill is tested annually against any impairment by discounting estimated future net cash flows using market-based discount factors. If the recoverable assets of a cash-generating unit are lower than their carrying amount, an impairment loss is recognised. Impairment losses associated with goodwill are not reversed in future periods. When goodwill has been allocated to a cash-gener- ating unit and an operation of the unit is disposed of, the goodwill allocated to the operation disposed of is included in the carrying amount of that opera- tion when defining gains or losses on the disposal. Goodwill transferred in such a situation is measured on the basis of the relative values of the operation disposed of and the portion of the cash-generating unit retained. 2.10 Intangible assets Other intangible assets Intangible assets are recognised on the balance sheet if their acquisition cost can be measured reli- ably, and it is probable that future economic benefits associated with the assets will flow to the company. Other intangible assets are carried on the balance sheet at cost less any accumulated depreciation and accumulated impairment losses. Development costs for software not owned or controlled by the company, such as cloud computing services, are not capitalised. If the control of the acquired cloud computing service is not transferred to the company, the expense will not be capitalised as an intangible asset in accordance with IAS 38. In this case, the cloud computing service is treated as a service contract and the costs do not generally constitute an asset to be recognised in the balance sheet, but the expense is recognised as an expense when the service is received. The implementation costs related to the implementation of such cloud computing services are recognised as an advance payment and recognised as operative expense when the service is received, if the implementation is per- formed by the cloud computing service provider, or the supplier's subcontractor, and the implementation costs are not distinct services from the software. In other cases, the implementation costs associated with deploying the cloud computing service are expensed as soon as the service is received. No internally generated intangible assets have been recognised on the balance sheet. The gain or loss arising from the derecognition of an asset is included in profit or loss. Gains are recognised in Other operating income and losses in Depreciation and impairment Gains or losses are determined as the difference between the net dis- posal proceeds and the carrying amount of the asset. If there are indications that an intangible asset is impaired, the assets recoverable amount is estimated. If the recoverable amount is less than the assets carrying amount, the carrying amount is reduced to its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. Goodwill Goodwill accounting policies have been presented in Section 2.4 (Business combinations and goodwill). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "Goodwill is recognised at the original acquisition cost, which corresponds to the amount that the consideration transferred and any non-controlling interest in the acquired business, exceeds the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the fair value of the acquired net assets exceeds the total trans- ferred contribution, the Group will reassess whether it has correctly identified all the assets acquired and liabilities assumed, and it will review the procedures used to measure the amounts to be recognised at the acquisition date. If the fair value of the acquired net assets, even after the reassessment, exceeds the total transferred contribution, profit is recognised through profit or loss. After the original recognition, goodwill is recognised at the acquisition cost less accrued impairment losses. Goodwill acquired through business combinations is allocated, for impairment testing purposes starting from the acquisition date to the Group's cash-gen- erating units which are expected to benefit from the business combination, regardless of whether other assets or liabilities of the object of acquisition are allocated to these entities. Cash generating units are either business segments or companies thereof. Goodwill is tested annually against any impairment by discounting estimated future net cash flows using market-based discount factors. If the recoverable assets of a cash-generating unit are lower than their carrying amount, an impairment loss is recognised. Impairment losses associated with goodwill are not reversed in future periods. When goodwill has been allocated to a cash-gener- ating unit and an operation of the unit is disposed of, the goodwill allocated to the operation disposed of is included in the carrying amount of that opera- tion when defining gains or losses on the disposal. Goodwill transferred in such a situation is measured on the basis of the relative values of the operation disposed of and the portion of the cash-generating unit retained.
Goodwill
Goodwill accounting policies have been presented in
Section 2.4 (Business combinations and goodwill).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "Goodwill is tested annually against any impairment by discounting estimated future net cash flows using market-based discount factors. If the recoverable assets of a cash-generating unit are lower than their carrying amount, an impairment loss is recognised. Impairment losses associated with goodwill are not reversed in future periods. Impairment Impairments are based on an expected credit loss (ECL) model and impairments are recognised on all loans and debt instruments that are not measured at fair value through profit or loss, and on off-balance sheet liabilities. Impairment is calculated using an individual credit risk calculation model based on the probability of default (PD), the loss given default (LGD), the exposure at default (EAD) and the maturity (M): ECL = PD * LGD * EAD * M(min 1 or M). For the purpose of impairment testing, assets to be tested are divided into three stages. On the first stage are instruments whose credit risk has not increased significantly; on the second stage are instruments whose credit risk has in-creased signifi- cantly; and on the third stage are instruments whose value has decreased. For instruments on the first stage, a loss allowance for 12 month expected credit losses is recorded. For instruments on the second and third stages, a loss allowance for lifetime expect- ed credit losses is recognised. On every reporting date Taaleri estimates whether the credit risks of instruments have increased significantly compared to the credit risk at initial recognition and based on this defines the expected credit loss. A significant increase in credit risk is estimated based on changes (or expected changes) in the credit rating. The credit rating is deemed to take into account sensible and reasonable information to the necessary extent. Additionally, the credit risk is estimated to have increased significantly if pay- ments are over 30 days due. The credit risk is deemed to have increased signifi- cantly if the counterparty\u2019s credit rating declines as follows: \u2022 From investment grade, or rating classes AAA\u2026BBB-, to rating class BB- or lower; \u2022 From rating classes BB+\u2026BB- to rating class B- or lower: \u2022 From rating classes B+\u2026B- to rating class C or lower. The expected credit losses for financial instruments measured at amortised cost are recognised in the profit and loss line item Expected credit losses and booked against the book value of the balance sheet item. The expected credit losses for financial assets measured at fair value through other comprehensive income are recognised in the profit and loss line item Net income from investments in insurance operations, when corresponding items arise from instruments included in the Investments of Insurance assets. If the carrying amount of an asset is higher than the estimated recoverable amount, the carrying amount is immediately reduced to correspond to the recoverable amount. If there are indications that a tangible asset is impaired, the assets recoverable amount is estimated. If the recoverable amount is less than the assets carrying amount, the carrying amount is reduced to its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. If there are indications that an intangible asset is impaired, the assets recoverable amount is estimated. If the recoverable amount is less than the assets carrying amount, the carrying amount is reduced to its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "Goodwill is tested annually against any impairment by discounting estimated future net cash flows using market-based discount factors. If the recoverable assets of a cash-generating unit are lower than their carrying amount, an impairment loss is recognised. Impairment losses associated with goodwill are not reversed in future periods. If the carrying amount of an asset is higher than the estimated recoverable amount, the carrying amount is immediately reduced to correspond to the recoverable amount.
If there are indications that a tangible asset is
impaired, the assets recoverable amount is estimated.
If the recoverable amount is less than the assets
carrying amount, the carrying amount is reduced to
its recoverable amount. The recoverable amount of
an asset is the higher of its fair value less costs of
disposal and its value in use.
If there are indications that an intangible asset is impaired, the assets recoverable amount is estimated. If the recoverable amount is less than the assets carrying amount, the carrying amount is reduced to its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "2.5 Segment reporting On the balance sheet date, Taaleri has three report- able segments: Private Asset Management, Garantia and Investments. The Private Asset Management segment is divided into Renewable energy and Other private asset management, which includes bioin- dustry and real estate businesses. Garantia segment includes Garantia Insurance Company Ltd. Taaleri reports under the Investments segment its devel- opment capital investments, fund investments and other investments. The Other group presents Taaleri Kapitaali and Group operations not included in the business segments. Operating segments are reported in a way which is consistent with internal reporting to the chief operating decision maker. The Group's Executive Management Team has been designated as the chief operating decision maker, which is responsible for the allocation of resources to operating segments and the evaluation of their results. The management monitors in segment reporting only Group's external income and expenses, which have been allocated to segments in accordance with the accrual principle. The costs arising from Group func- tions are presented in full under the Other group. The profitability and result of the segments are assessed at Operating profit -level. Assets and liabilities are not monitored on a segment level and are therefore not presented in the Group financial statements. Taaleri does not disclose geographical breakdowns of revenue from external customers in accordance with IFRS 8, as collecting the required information is not practicably feasible due to the diversity of the Group\u2019s business operations and the current report- ing structures. Segment reporting follows the Taaleri Group's accounting policies for financial statements in other respects, but segment reporting does not apply division of lease expense to depreciation and interest expense according to IFRS 16 Leases -standard. In addition, business transactions may be classified differently in segment reporting than how they are presented in the consolidated income statement. In connection with segment reporting, reconcilia- tion calculations are presented for the differences between segment reporting and the consolidated income statement. Change in segment reporting Taaleri changed its segment reporting at the begin- ning of 2025. Previously, the Group\u2019s reportable seg- ments were Private Asset Management and Garantia, and after the change Private Asset Management, Garantia and Investments. The change in segment reporting was made to clarify the role of direct investments in Taaleri\u2019s business by separating own balance sheet investment activities into their own segment, as these activities are a distinct part of Taaleri\u2019s operations. Investments transferred to the new Investments segment included direct investments and project development activi- ties previously reported as part of the Private Asset Management segment, and non-strategic investments previously reported under the Other group. In the revised reporting, investments in Taaleri\u2019s Investments segment are classified into development capital investments, fund investments, and other investments. In addition to their number and composition of its segments, Taaleri changed the composition of segment revenue. Previously, revenue in Taaleri\u2019s segment specific income statement consisted of continuing earnings, performance fees and invest- ment income. Henceforth, in addition to the above, revenue in segment specific income statement consists of other income, which includes other oper- ating income unrelated to the main business, such as income from the recharging of expenses. In the revised reporting, costs of Group activities are fully presented in the Other group. Only the direct costs of the businesses are presented in the business segments. Previously, Taaleri allocated the costs of Group services supporting the business segments to the segments. Comparative information for the financial statements has been restated accordingly. Private Asset Management segment In reporting, the Private Asset Management segment is divided into Renewable energy and Other private asset management. The renewable energy business develops and manag- es private equity funds that invest in industrial-scale wind and solar power projects and energy storage systems. It also manages investments throughout their lifecycle. Other private asset management include Taaleri\u2019s bio- industry, real estate and other fund businesses. The bioindustry business enables the launch of new tech- nologies and more sustainable products on the mar- ket by investing in solutions that offer alternatives to fossil materials. Taaleri\u2019s real estate business creates value for its investors through stable and attractive profits by acting as a Nordic real estate investor. The business operations in Other private asset manage- ment are too small to be reported separately.
The renewable energy business includes Taaleri Ener-
gia Ltd and its subsidiaries. The other private asset
management businesses include Taaleri Private Equi-
ty Funds Ltd and its subsidiaries, Taaleri Bioindustry
Ltd and its subsidiaries and Taaleri Real Estate Ltd,
ie Taaleri\u2019s bioindustry, real estate, and other fund
businesses.
Continuing management fee income and more
non-recurring performance fees from private equity
funds are the most significant types of income in the
Private Asset Management segment. The renewable
energy business also includes wind farm operation
and maintenance services, which provide annual fees,
and other private asset management businesses also
include mandate-based fee income. The expenses
of the Private Asset Management segment mainly
consist of personnel expenses, fee and commission
expenses as well as other operating expenses.
Garantia segment
Garantia segment includes Garantia Insurance Com-
pany Ltd. Garantia is a non-life insurance company
specialised in credit risk insurance. The company was
founded in 1993. Garantia offers easy and cost-effec-
tive guarantee and credit risk insurance solutions for
consumers, corporates and lenders. Garantia's busi-
ness consists of insurance and investment operations.
Investments segment
Taaleri reports under the Investments segment its
development capital investments, fund investments
and other investments, including related interest
income, fair value changes, gains and losses on dis-
posals, and the share of profit or loss from associates
accounted for using the equity method. The expens-
es of the Investments segment consist of personnel
costs and minor other operating expenses, as well
as costs related to project development activities
included in development capital investments.
Development capital investments include invest-
ments in which Taaleri plays an active role in both
value creation and exit planning. The fund invest-
ments include investments in Taaleri\u2019s own funds
and co-investments. Other investments category
includes other Taaleri\u2019s own balance sheet invest-
ments in which Taaleri currently has a more passive
role. Reclassifications between development capital
investments and other investments are possible as
circumstances change.
As part of the development capital investments, the
project development activities involve identifying,
designing, and preparing new projects either for
Taaleri\u2019s private equity funds or for other co-investors.
The objective of the project development business
is either to carry out the project or to sell it at a
price exceeding the capitalised costs. Revenue and
expenses from in-house project development are
recognised in the financial year during which the
project\u2019s outcome can be reliably assessed.
As a result, the revenue and result of the Invest-
ments segment may vary significantly between
reporting periods.
Other group
The group Other is used to present Taaleri Kapitaali
and Group operations not included in the business
segments. Taaleri Kapitaali is a Taaleri Group sub-
sidiary providing corporate financing services. The
revenue of the Other group mainly consists of fee
income from Kapitaali, while the expenses comprise
the parent company's own costs and group adminis-
tration expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "2.6 Foreign currency items Items included in the financial statements of Group companies are measured in the currency of the eco- nomic environment in which the company is mainly operating (functional currency). The consolidated financial statements are presented in euros, which is the functional and presentation currency of the Group. Transactions denominated in a foreign currency are translated at the exchange rate valid on the transac- tion date. Any receivables and liabilities denominated in a foreign currency and remaining open on the closing date are translated at the exchange rate valid on the closing date. Exchange rate gains and losses associated with actual business operations are recognised in the income statement line item Net investment income. Income statements and balance sheets of Group companies (none of which are operating in a country with hyperinflation), using a functional currency other than the presentation currency of the Group, are translated into the presentation currency as follows: assets and liabilities on the balance sheet are trans- lated at the exchange rate valid on the closing date and income and expenses on the income statement are translated at the period's average exchange rate. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. All translation differences are recognised in other comprehensive income. If a subsidiary is disposed of, the cumulative translation differences are transferred to the income statement as part of the gain or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "
2.7 Financial assets and liabilities
Financial assets
At initial recognition, the Group\u2019s financial assets
are classified into the following categories: those
measured at fair value through profit or loss, those
measured at fair value through other comprehensive
income and those measured at amortised cost. For
the purpose of classification, financial assets are
grouped into debt instruments, equity instruments
and derivatives.
The classification of debt instruments depends
on Taaleri\u2019s business model in the management of
financial assets and the characteristics of the cash
flows of the financial assets in question. A business
model indicates how financial assets are managed to
achieve a certain business objective.
In the \u201cHold to collect\u201d business model, the objective
is to collect contractual cash flows; in the \u201cHold to
collect and sell\u201d business model, the objective is
achieved by both collecting contractual cash flows
and selling financial assets; in the \u201cTrading\u201d business
model, the objective is achieved by actively trading in
the financial assets. Determining the business model
is based on estimating, for example, how the prof-
itability of the financial assets is assessed, how the
risks of the operations are managed and how often
and to what extent the assets are traded in.
The characteristics of the cash flows of the debt
instruments are evaluated in the cash flow test. If con-
tractual cash flows do not consist solely of payments
of principal and interest (basic lending arrangement),
the instrument in question is measured at fair value
through profit or loss. If the cash flows are subject to,
for example, share prices or the debtor\u2019s financial situ-
ation, it is not a basic lending arrangement. At Taaleri, such debt instruments mainly consist of mutual fund investments, convertible bonds as well as profit-shar- ing and subordinated loans. Taaleri mainly manages its debt instruments accord- ing to two different business models, \u201cHold to collect and sell\u201d and \u201cHold to collect\u201d. Due to the nature of the insurance operations, the objective of Garantia\u2019s investment operations is achieved by both collecting contractual cash flows and selling financial assets, i.e., applying the \u201cHold to collect and sell\u201d business model. Accordingly, debt instruments that pass the cash flow test are measured at fair value through other comprehensive income. For debt instruments other than those of insurance operations, the business model is \u201dHold to collect\u201d, e.g. holding the debt instruments to collect contractual cash flows, meaning that debt instru- ments that pass the cash flow test are measured at amortised cost. This estimate is performed instru- ment-specifically, so the measurement basis is also determined instrument-specifically. In both insurance investment operations and the Group\u2019s other invest- ment operations, debt instruments that do not pass the cash flow test are measured at fair value through profit or loss. Changes in fair value from debt instruments mea- sured at fair value through other comprehensive income are recognised in the fair value reserve. Interest income, impairment gains and losses as well as foreign exchange rate gains and losses are rec- ognised in profit or loss in Net investment income. When a debt instrument is derecognised, the profit or loss accumulated in the fair value reserve is trans- ferred to profit and loss, as an adjustment due to a change in the classification. When corresponding At the time of initial recognition of an equity instru- ment, the management may make an irrevocable choice concerning a procedure according to which changes in fair value are recognised in other com- prehensive income and will not later be recycled to profit or loss. In this case, dividends received are recognised in profit or loss in Net investment income, but changes in fair value, foreign exchange rate gains and losses as well as sales gains and losses are recognised in other comprehensive income. This group includes limited partner contributions to such limited partnerships related to Taaleri\u2019s private asset management business that are not actual private equity fund investments, as well as equity invest- ments in companies that are not considered to be closely related to the Group's strategy. Investments in financial assets are originally rec- ognised at fair value, to which transaction expenses are added, except if the financial asset in question is recognised at fair value through profit or loss, in which case the transaction expense is recognised in expenditure. When recognising financial instrument purchase and sales contracts, the date of the transaction is used as the basis for recognition. Financial assets are derecognised when the Group has lost its contractual right to receive cash flows or moved the risks and profits outside the Group to a significant extent. Cash and cash equivalents consist of bank deposits that are available on demand, short-term fixed deposits, and other cash equivalents. Taaleri's other cash equiv- alents are short-term and highly liquid money market investments made for cash management purposes, whose fair value can be easily determined and which items arise from instruments included in the Invest- ments of Insurance assets, they are recognised in Net income from investments in insurance opera- tions. The carrying amount of debt instruments recognised at amortised cost includes the deductible item for expected credit losses, and interest income is recognised in Net investment income using the effective interest method. Disposal gains and losses are recognised in profit or loss in the same line item. When corresponding items arise from instruments included in the Investments of Insurance assets, they are recognised in Net income from investments in insurance operations. Debt instruments measured at fair value through profit or loss are measured at fair value, and any changes in fair value are recognised in profit or loss in Net invest- ment income. Interest income, profits from funds, foreign exchange rate gains and losses as well as sales gains and losses are also recognised in profit or loss in the same line item. When corresponding items arise from instruments included in the Investments of Insur- ance assets, they are recognised in Net income from investments in insurance operations. Investments in equity instruments are measured at fair value through profit or loss, meaning that changes in fair value, dividends, interest income, foreign exchange rate gains and losses as well as sales gains and losses are recognised in profit or loss in Net investment income. Dividends are recognised generally when the general meeting of the distrib- uting company has made the decision to distribute the dividend. When corresponding items arise from instruments included in the Investments of Insurance assets, they are recognised in Net income from investments in insurance operations. carry only minimal risk of value fluctuations. In order for an investment to be classified as other cash equiva- lents, its reference return must be linked to a short-term benchmark interest rate that reflects the market interest rate for up to three months. Investments made for investment purposes are presented in other balance sheet items than cash and cash equivalents. Financial liabilities Financial liabilities are initially recognised at fair value, adjusted for direct transaction costs. The Group's financial liabilities are classified at initial recognition as either fair value through profit or loss or amortised cost, and subsequently, they are measured based on this classification. A financial liability is measured at fair value through profit or loss if this eliminates or significantly reduces accounting inconsistencies that would otherwise arise from dif- ferences in measurement or recognition principles. For financial liabilities measured at amortised cost, interest expenses are recognised using the effective interest method. In determining the effective interest rate, the expected term of the financial instrument and estimated cash flows based on all contractual terms of the instrument are taken into account. Any fees, trans- action costs, and any premiums or discounts that form part of the financial instrument's effective interest are included in the calculation of interest expenses. The difference between the nominal value of the financial liability and its acquisition cost is amortised over the life of the loan as interest and other financing costs, taking into account all the costs associated with the financial instrument as described above. A financial liability is derecognised from the balance sheet when the related contractual obligations are discharged, cancelled, or have expired.
Fair value measurement
The Group recognises the aforementioned financial
instruments at fair value on the balance sheet or in
the notes to the financial statements. The Group has
no other assets or liabilities recognised at fair value.
The fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the mea-
surement date. The fair value of financial instruments
quoted in active markets is based on prices quoted
on the measurement date, and the fair value of
financial instruments not quoted on active markets
is based on the Group\u2019s own valuation methods. All
financial instruments which have been recognised
at fair value on the balance sheet or the fair value of
which is presented in the notes, are classified into
three hierarchical levels according to the valuation
techniques.
Level 1 includes instruments, the fair value of which is
based on quoted prices for identical assets or liabilities
in active markets. Markets are deemed to be active
if price quotations are easily and regularly available,
and they represent actual and regular market trans-
actions between independent parties. The fair value
of financial assets is based on buy quotations on the
measurement date. Level 1 instruments mainly consist
of quoted equity investments, equity and interest fund
investments and bond investments which have been
classified to be available for sale or recognised at fair
value through profit or loss.
Level 2 includes instruments, the fair value of which
is based on information other than quoted prices, but
still on directly or indirectly observable information. To
measure the fair value these instruments, the Group
uses generally accepted valuation models, the input
data of which is largely based on verifiable market
information.
Level 3 instruments comprise instruments for which
the determination of fair value involves significant
unobservable inputs. The fair values of Level 3 financial
instruments are based on the best information avail-
able under the circumstances at the reporting date,
and their valuation involves a significant degree of
management judgement. Level 3 instruments consist
mainly of unlisted private equity fund investments,
profit participation loans, other debt instruments, and
unlisted shares and interests. The following principles
are applied in determining the fair values of Level 3
instruments:
\u2022 Private equity fund investments are generally
measured at the most recent reported fair value
received from the fund manager. Where justified
by available information or prevailing market con-
ditions, the valuation may differ from the fair value
reported by the fund manager.
\u2022 Debt instruments, such as subordinated loans and
convertible bonds, are generally measured at fair
value taking into account the principal amount of
the loan and interest accrued in accordance with
the contractual terms. Where there is significant
uncertainty regarding the realisation of contrac-
tual cash flows, fair value is determined using a
discounted cash flow methodology. The valuation
takes into account the key terms and risk charac-
teristics of the instrument, including subordination,
repayment and interest terms, potential conversion
rights and market-based return requirements
reflected in the discount rate used. Where the
accrual of interest income is, in management\u2019s
assessment, no longer considered probable, the
recognition of accrued interest may be suspended.
\u2022 Unlisted shares are measured on a case-by-case
basis using valuation methods applied consistently,
such as the most recent transaction price observed
on an unregulated market, the valuation implied
by the most recent arm\u2019s length financing round,
a discounted cash flow approach, a market-based
comparable analysis, or the net asset value of the
investee.
\u2022 Where fair value cannot be determined with suffi-
cient reliability based on available information, the
investment is measured at cost. Newly acquired
investments are generally measured at cost during
the initial phase of the investment, unless signif-
icant changes occur in the investee\u2019s operations,
financial position or market conditions.
Regarding assets and liabilities presented repeatedly
in financial statements, the Group defines when trans-
fers have occurred between the hierarchical levels
of fair value by reassessing the classification (on the
basis of input data available at the lowest level, which
is significant considering the entire measurement
process) at the end of each reporting period.
Impairment
Impairments are based on an expected credit loss
(ECL) model and impairments are recognised on all
loans and debt instruments that are not measured at
fair value through profit or loss, and on off-balance
sheet liabilities.
Impairment is calculated using an individual credit risk
calculation model based on the probability of default
(PD), the loss given default (LGD), the exposure at
default (EAD) and the maturity (M): ECL = PD * LGD *
EAD * M(min 1 or M).
For the purpose of impairment testing, assets to
be tested are divided into three stages. On the first
stage are instruments whose credit risk has not
increased significantly; on the second stage are
instruments whose credit risk has in-creased signifi-
cantly; and on the third stage are instruments whose
value has decreased. For instruments on the first
stage, a loss allowance for 12 month expected credit
losses is recorded. For instruments on the second
and third stages, a loss allowance for lifetime expect-
ed credit losses is recognised. On every reporting
date Taaleri estimates whether the credit risks of
instruments have increased significantly compared to
the credit risk at initial recognition and based on this
defines the expected credit loss.
A significant increase in credit risk is estimated
based on changes (or expected changes) in the
credit rating. The credit rating is deemed to take
into account sensible and reasonable information
to the necessary extent. Additionally, the credit risk
is estimated to have increased significantly if pay-
ments are over 30 days due.
The credit risk is deemed to have increased signifi-
cantly if the counterparty\u2019s credit rating declines as
follows:
\u2022 From investment grade, or rating classes AAA\u2026BBB-,
to rating class BB- or lower;
\u2022 From rating classes BB+\u2026BB- to rating class B- or
lower:
\u2022 From rating classes B+\u2026B- to rating class C or lower.
The expected credit losses for financial instruments
measured at amortised cost are recognised in the
profit and loss line item Expected credit losses and
booked against the book value of the balance sheet
item. The expected credit losses for financial assets
measured at fair value through other comprehensive
income are recognised in the profit and loss line item
Net income from investments in insurance operations,
when corresponding items arise from instruments
included in the Investments of Insurance assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "Financial assets At initial recognition, the Group\u2019s financial assets are classified into the following categories: those measured at fair value through profit or loss, those measured at fair value through other comprehensive income and those measured at amortised cost. For the purpose of classification, financial assets are grouped into debt instruments, equity instruments and derivatives. The classification of debt instruments depends on Taaleri\u2019s business model in the management of financial assets and the characteristics of the cash flows of the financial assets in question. A business model indicates how financial assets are managed to achieve a certain business objective. In the \u201cHold to collect\u201d business model, the objective is to collect contractual cash flows; in the \u201cHold to collect and sell\u201d business model, the objective is achieved by both collecting contractual cash flows and selling financial assets; in the \u201cTrading\u201d business model, the objective is achieved by actively trading in the financial assets. Determining the business model is based on estimating, for example, how the prof- itability of the financial assets is assessed, how the risks of the operations are managed and how often and to what extent the assets are traded in. The characteristics of the cash flows of the debt instruments are evaluated in the cash flow test. If con- tractual cash flows do not consist solely of payments of principal and interest (basic lending arrangement), the instrument in question is measured at fair value through profit or loss. If the cash flows are subject to, for example, share prices or the debtor\u2019s financial situ- ation, it is not a basic lending arrangement. At Taaleri, such debt instruments mainly consist of mutual fund investments, convertible bonds as well as profit-shar- ing and subordinated loans. Taaleri mainly manages its debt instruments accord- ing to two different business models, \u201cHold to collect and sell\u201d and \u201cHold to collect\u201d. Due to the nature of the insurance operations, the objective of Garantia\u2019s investment operations is achieved by both collecting contractual cash flows and selling financial assets, i.e., applying the \u201cHold to collect and sell\u201d business model. Accordingly, debt instruments that pass the cash flow test are measured at fair value through other comprehensive income. For debt instruments other than those of insurance operations, the business model is \u201dHold to collect\u201d, e.g. holding the debt instruments to collect contractual cash flows, meaning that debt instru- ments that pass the cash flow test are measured at amortised cost. This estimate is performed instru- ment-specifically, so the measurement basis is also determined instrument-specifically. In both insurance investment operations and the Group\u2019s other invest- ment operations, debt instruments that do not pass the cash flow test are measured at fair value through profit or loss. Changes in fair value from debt instruments mea- sured at fair value through other comprehensive income are recognised in the fair value reserve. Interest income, impairment gains and losses as well as foreign exchange rate gains and losses are rec- ognised in profit or loss in Net investment income. When a debt instrument is derecognised, the profit or loss accumulated in the fair value reserve is trans- ferred to profit and loss, as an adjustment due to a change in the classification. When corresponding At the time of initial recognition of an equity instru- ment, the management may make an irrevocable choice concerning a procedure according to which changes in fair value are recognised in other com- prehensive income and will not later be recycled to profit or loss. In this case, dividends received are recognised in profit or loss in Net investment income, but changes in fair value, foreign exchange rate gains and losses as well as sales gains and losses are recognised in other comprehensive income. This group includes limited partner contributions to such limited partnerships related to Taaleri\u2019s private asset management business that are not actual private equity fund investments, as well as equity invest- ments in companies that are not considered to be closely related to the Group's strategy. Investments in financial assets are originally rec- ognised at fair value, to which transaction expenses are added, except if the financial asset in question is recognised at fair value through profit or loss, in which case the transaction expense is recognised in expenditure. When recognising financial instrument purchase and sales contracts, the date of the transaction is used as the basis for recognition. Financial assets are derecognised when the Group has lost its contractual right to receive cash flows or moved the risks and profits outside the Group to a significant extent. Cash and cash equivalents consist of bank deposits that are available on demand, short-term fixed deposits, and other cash equivalents. Taaleri's other cash equiv- alents are short-term and highly liquid money market investments made for cash management purposes, whose fair value can be easily determined and which items arise from instruments included in the Invest- ments of Insurance assets, they are recognised in Net income from investments in insurance opera- tions. The carrying amount of debt instruments recognised at amortised cost includes the deductible item for expected credit losses, and interest income is recognised in Net investment income using the effective interest method. Disposal gains and losses are recognised in profit or loss in the same line item. When corresponding items arise from instruments included in the Investments of Insurance assets, they are recognised in Net income from investments in insurance operations. Debt instruments measured at fair value through profit or loss are measured at fair value, and any changes in fair value are recognised in profit or loss in Net invest- ment income. Interest income, profits from funds, foreign exchange rate gains and losses as well as sales gains and losses are also recognised in profit or loss in the same line item. When corresponding items arise from instruments included in the Investments of Insur- ance assets, they are recognised in Net income from investments in insurance operations. Investments in equity instruments are measured at fair value through profit or loss, meaning that changes in fair value, dividends, interest income, foreign exchange rate gains and losses as well as sales gains and losses are recognised in profit or loss in Net investment income. Dividends are recognised generally when the general meeting of the distrib- uting company has made the decision to distribute the dividend. When corresponding items arise from instruments included in the Investments of Insurance assets, they are recognised in Net income from investments in insurance operations. carry only minimal risk of value fluctuations. In order for an investment to be classified as other cash equiva- lents, its reference return must be linked to a short-term benchmark interest rate that reflects the market interest rate for up to three months. Investments made for investment purposes are presented in other balance sheet items than cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "Financial assets At initial recognition, the Group\u2019s financial assets are classified into the following categories: those measured at fair value through profit or loss, those measured at fair value through other comprehensive income and those measured at amortised cost. For the purpose of classification, financial assets are grouped into debt instruments, equity instruments and derivatives. The classification of debt instruments depends on Taaleri\u2019s business model in the management of financial assets and the characteristics of the cash flows of the financial assets in question. A business model indicates how financial assets are managed to achieve a certain business objective. In the \u201cHold to collect\u201d business model, the objective is to collect contractual cash flows; in the \u201cHold to collect and sell\u201d business model, the objective is achieved by both collecting contractual cash flows and selling financial assets; in the \u201cTrading\u201d business model, the objective is achieved by actively trading in the financial assets. Determining the business model is based on estimating, for example, how the prof- itability of the financial assets is assessed, how the risks of the operations are managed and how often and to what extent the assets are traded in. The characteristics of the cash flows of the debt instruments are evaluated in the cash flow test. If con- tractual cash flows do not consist solely of payments of principal and interest (basic lending arrangement), the instrument in question is measured at fair value through profit or loss. If the cash flows are subject to, for example, share prices or the debtor\u2019s financial situ- ation, it is not a basic lending arrangement. At Taaleri, such debt instruments mainly consist of mutual fund investments, convertible bonds as well as profit-shar- ing and subordinated loans. Taaleri mainly manages its debt instruments accord- ing to two different business models, \u201cHold to collect and sell\u201d and \u201cHold to collect\u201d. Due to the nature of the insurance operations, the objective of Garantia\u2019s investment operations is achieved by both collecting contractual cash flows and selling financial assets, i.e., applying the \u201cHold to collect and sell\u201d business model. Accordingly, debt instruments that pass the cash flow test are measured at fair value through other comprehensive income. For debt instruments other than those of insurance operations, the business model is \u201dHold to collect\u201d, e.g. holding the debt instruments to collect contractual cash flows, meaning that debt instru- ments that pass the cash flow test are measured at amortised cost. This estimate is performed instru- ment-specifically, so the measurement basis is also determined instrument-specifically. In both insurance investment operations and the Group\u2019s other invest- ment operations, debt instruments that do not pass the cash flow test are measured at fair value through profit or loss. Changes in fair value from debt instruments mea- sured at fair value through other comprehensive income are recognised in the fair value reserve. Interest income, impairment gains and losses as well as foreign exchange rate gains and losses are rec- ognised in profit or loss in Net investment income. When a debt instrument is derecognised, the profit or loss accumulated in the fair value reserve is trans- ferred to profit and loss, as an adjustment due to a change in the classification. When corresponding At the time of initial recognition of an equity instru- ment, the management may make an irrevocable choice concerning a procedure according to which changes in fair value are recognised in other com- prehensive income and will not later be recycled to profit or loss. In this case, dividends received are recognised in profit or loss in Net investment income, but changes in fair value, foreign exchange rate gains and losses as well as sales gains and losses are recognised in other comprehensive income. This group includes limited partner contributions to such limited partnerships related to Taaleri\u2019s private asset management business that are not actual private equity fund investments, as well as equity invest- ments in companies that are not considered to be closely related to the Group's strategy. Investments in financial assets are originally rec- ognised at fair value, to which transaction expenses are added, except if the financial asset in question is recognised at fair value through profit or loss, in which case the transaction expense is recognised in expenditure. When recognising financial instrument purchase and sales contracts, the date of the transaction is used as the basis for recognition. Financial assets are derecognised when the Group has lost its contractual right to receive cash flows or moved the risks and profits outside the Group to a significant extent. Cash and cash equivalents consist of bank deposits that are available on demand, short-term fixed deposits, and other cash equivalents. Taaleri's other cash equiv- alents are short-term and highly liquid money market investments made for cash management purposes, whose fair value can be easily determined and which items arise from instruments included in the Invest- ments of Insurance assets, they are recognised in Net income from investments in insurance opera- tions. The carrying amount of debt instruments recognised at amortised cost includes the deductible item for expected credit losses, and interest income is recognised in Net investment income using the effective interest method. Disposal gains and losses are recognised in profit or loss in the same line item. When corresponding items arise from instruments included in the Investments of Insurance assets, they are recognised in Net income from investments in insurance operations. Debt instruments measured at fair value through profit or loss are measured at fair value, and any changes in fair value are recognised in profit or loss in Net invest- ment income. Interest income, profits from funds, foreign exchange rate gains and losses as well as sales gains and losses are also recognised in profit or loss in the same line item. When corresponding items arise from instruments included in the Investments of Insur- ance assets, they are recognised in Net income from investments in insurance operations. Investments in equity instruments are measured at fair value through profit or loss, meaning that changes in fair value, dividends, interest income, foreign exchange rate gains and losses as well as sales gains and losses are recognised in profit or loss in Net investment income. Dividends are recognised generally when the general meeting of the distrib- uting company has made the decision to distribute the dividend. When corresponding items arise from instruments included in the Investments of Insurance assets, they are recognised in Net income from investments in insurance operations. carry only minimal risk of value fluctuations. In order for an investment to be classified as other cash equiva- lents, its reference return must be linked to a short-term benchmark interest rate that reflects the market interest rate for up to three months. Investments made for investment purposes are presented in other balance sheet items than cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "At initial recognition, the Group\u2019s financial assets are classified into the following categories: those measured at fair value through profit or loss, those measured at fair value through other comprehensive income and those measured at amortised cost. For the purpose of classification, financial assets are grouped into debt instruments, equity instruments and derivatives. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "
Investments in financial assets are originally rec-
ognised at fair value, to which transaction expenses
are added, except if the financial asset in question
is recognised at fair value through profit or loss, in
which case the transaction expense is recognised in
expenditure.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "
Financial assets are derecognised when the Group
has lost its contractual right to receive cash flows or
moved the risks and profits outside the Group to a
significant extent.
A financial liability is derecognised from the balance
sheet when the related contractual obligations are
discharged, cancelled, or have expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "
Cash and cash equivalents consist of bank deposits
that are available on demand, short-term fixed deposits,
and other cash equivalents. Taaleri's other cash equiv-
alents are short-term and highly liquid money market
investments made for cash management purposes,
whose fair value can be easily determined and which
carry only minimal risk of value fluctuations. In order for
an investment to be classified as other cash equiva-
lents, its reference return must be linked to a short-term
benchmark interest rate that reflects the market interest
rate for up to three months. Investments made for
investment purposes are presented in other balance
sheet items than cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "
Debt instruments measured at fair value through profit
or loss are measured at fair value, and any changes in
fair value are recognised in profit or loss in Net invest-
ment income. Interest income, profits from funds,
foreign exchange rate gains and losses as well as sales
gains and losses are also recognised in profit or loss
in the same line item. When corresponding items arise
from instruments included in the Investments of Insur-
ance assets, they are recognised in Net income from
investments in insurance operations.
Investments in equity instruments are measured
at fair value through profit or loss, meaning that
changes in fair value, dividends, interest income,
foreign exchange rate gains and losses as well as
sales gains and losses are recognised in profit or loss
in Net investment income. Dividends are recognised
generally when the general meeting of the distrib-
uting company has made the decision to distribute
the dividend. When corresponding items arise from
instruments included in the Investments of Insurance
assets, they are recognised in Net income from
investments in insurance operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "Investments in equity instruments are measured at fair value through profit or loss, meaning that changes in fair value, dividends, interest income, foreign exchange rate gains and losses as well as sales gains and losses are recognised in profit or loss in Net investment income. Dividends are recognised generally when the general meeting of the distrib- uting company has made the decision to distribute the dividend. When corresponding items arise from instruments included in the Investments of Insurance assets, they are recognised in Net income from investments in insurance operations. At the time of initial recognition of an equity instru- ment, the management may make an irrevocable choice concerning a procedure according to which changes in fair value are recognised in other com- prehensive income and will not later be recycled to profit or loss. In this case, dividends received are recognised in profit or loss in Net investment income, but changes in fair value, foreign exchange rate gains and losses as well as sales gains and losses are recognised in other comprehensive income. Other income Net investment income includes the net income from Taaleri Group\u2019s own investment activities, except when the income arises from instruments classified as investment assets of the insurance business. In such cases, the income is reported under Net income from investments in insurance operations. Net investment income is derived from financial assets and liabilities recognised in the consolidated balance sheet and includes dividend income, interest income, changes in fair value, foreign exchange differences, and realised gains and losses. The revenue recogni- tion principles for financial assets and liabilities are described in section 2.7 Financial assets and liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "Financial liabilities Financial liabilities are initially recognised at fair value, adjusted for direct transaction costs. The Group's financial liabilities are classified at initial recognition as either fair value through profit or loss or amortised cost, and subsequently, they are measured based on this classification. A financial liability is measured at fair value through profit or loss if this eliminates or significantly reduces accounting inconsistencies that would otherwise arise from dif- ferences in measurement or recognition principles. For financial liabilities measured at amortised cost, interest expenses are recognised using the effective interest method. In determining the effective interest rate, the expected term of the financial instrument and estimated cash flows based on all contractual terms of the instrument are taken into account. Any fees, trans- action costs, and any premiums or discounts that form part of the financial instrument's effective interest are included in the calculation of interest expenses. The difference between the nominal value of the financial liability and its acquisition cost is amortised over the life of the loan as interest and other financing costs, taking into account all the costs associated with the financial instrument as described above. A financial liability is derecognised from the balance sheet when the related contractual obligations are discharged, cancelled, or have expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "Fair value measurement The Group recognises the aforementioned financial instruments at fair value on the balance sheet or in the notes to the financial statements. The Group has no other assets or liabilities recognised at fair value. The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the mea- surement date. The fair value of financial instruments quoted in active markets is based on prices quoted on the measurement date, and the fair value of financial instruments not quoted on active markets is based on the Group\u2019s own valuation methods. All financial instruments which have been recognised at fair value on the balance sheet or the fair value of which is presented in the notes, are classified into three hierarchical levels according to the valuation techniques. Level 1 includes instruments, the fair value of which is based on quoted prices for identical assets or liabilities in active markets. Markets are deemed to be active if price quotations are easily and regularly available, and they represent actual and regular market trans- actions between independent parties. The fair value of financial assets is based on buy quotations on the measurement date. Level 1 instruments mainly consist of quoted equity investments, equity and interest fund investments and bond investments which have been classified to be available for sale or recognised at fair value through profit or loss. Level 2 includes instruments, the fair value of which is based on information other than quoted prices, but still on directly or indirectly observable information. To measure the fair value these instruments, the Group uses generally accepted valuation models, the input data of which is largely based on verifiable market information. Level 3 instruments comprise instruments for which the determination of fair value involves significant unobservable inputs. The fair values of Level 3 financial instruments are based on the best information avail- able under the circumstances at the reporting date, and their valuation involves a significant degree of management judgement. Level 3 instruments consist mainly of unlisted private equity fund investments, profit participation loans, other debt instruments, and unlisted shares and interests. The following principles are applied in determining the fair values of Level 3 instruments: \u2022 Private equity fund investments are generally measured at the most recent reported fair value received from the fund manager. Where justified by available information or prevailing market con- ditions, the valuation may differ from the fair value reported by the fund manager. \u2022 Debt instruments, such as subordinated loans and convertible bonds, are generally measured at fair value taking into account the principal amount of the loan and interest accrued in accordance with the contractual terms. Where there is significant uncertainty regarding the realisation of contrac- tual cash flows, fair value is determined using a discounted cash flow methodology. The valuation takes into account the key terms and risk charac- teristics of the instrument, including subordination, repayment and interest terms, potential conversion rights and market-based return requirements reflected in the discount rate used. Where the accrual of interest income is, in management\u2019s assessment, no longer considered probable, the recognition of accrued interest may be suspended. \u2022 Unlisted shares are measured on a case-by-case basis using valuation methods applied consistently, such as the most recent transaction price observed on an unregulated market, the valuation implied by the most recent arm\u2019s length financing round, a discounted cash flow approach, a market-based comparable analysis, or the net asset value of the investee. \u2022 Where fair value cannot be determined with suffi- cient reliability based on available information, the investment is measured at cost. Newly acquired investments are generally measured at cost during the initial phase of the investment, unless signif- icant changes occur in the investee\u2019s operations, financial position or market conditions. Regarding assets and liabilities presented repeatedly in financial statements, the Group defines when trans- fers have occurred between the hierarchical levels of fair value by reassessing the classification (on the basis of input data available at the lowest level, which is significant considering the entire measurement process) at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "Impairment Impairments are based on an expected credit loss (ECL) model and impairments are recognised on all loans and debt instruments that are not measured at fair value through profit or loss, and on off-balance sheet liabilities. Impairment is calculated using an individual credit risk calculation model based on the probability of default (PD), the loss given default (LGD), the exposure at default (EAD) and the maturity (M): ECL = PD * LGD * EAD * M(min 1 or M). For the purpose of impairment testing, assets to be tested are divided into three stages. On the first stage are instruments whose credit risk has not increased significantly; on the second stage are instruments whose credit risk has in-creased signifi- cantly; and on the third stage are instruments whose value has decreased. For instruments on the first stage, a loss allowance for 12 month expected credit losses is recorded. For instruments on the second and third stages, a loss allowance for lifetime expect- ed credit losses is recognised. On every reporting date Taaleri estimates whether the credit risks of instruments have increased significantly compared to the credit risk at initial recognition and based on this defines the expected credit loss. A significant increase in credit risk is estimated based on changes (or expected changes) in the credit rating. The credit rating is deemed to take into account sensible and reasonable information to the necessary extent. Additionally, the credit risk is estimated to have increased significantly if pay- ments are over 30 days due. The credit risk is deemed to have increased signifi- cantly if the counterparty\u2019s credit rating declines as follows: \u2022 From investment grade, or rating classes AAA\u2026BBB-, to rating class BB- or lower; \u2022 From rating classes BB+\u2026BB- to rating class B- or lower: \u2022 From rating classes B+\u2026B- to rating class C or lower. The expected credit losses for financial instruments measured at amortised cost are recognised in the profit and loss line item Expected credit losses and booked against the book value of the balance sheet item. The expected credit losses for financial assets measured at fair value through other comprehensive income are recognised in the profit and loss line item Net income from investments in insurance operations, when corresponding items arise from instruments included in the Investments of Insurance assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "2.8 Insurance contracts Insurance operations in Taaleri consists entirely of Garantia\u2019s guarantee insurance operations. The company measures its primary insurance con- tracts and its ceded reinsurance contracts according to IFRS 17 Insurance Contracts. The company has applied the standard in financial periods beginning on and after 1 January, 2023. The transition date of the company was 1 January, 2022. A contract is considered to be an insurance contract if a transfer of significant insurance risk is accepted from the insured in a way that the insurer is liable for reimbursing the beneficiary in case an insurance event specified in the contract adversely affects the beneficiary. The company\u2019s insurance contracts, where the company acts as the insurer, are in their entirety made up of guaranty insurance contracts, and the ceded reinsurance contracts, where the company acts in the role of the insured, are entirely made up of reinsurance contracts taken up to reinsure risks arising from the guaranty insurance contracts. The company\u2019s insurance contracts do not include service components, investment components or embedded derivatives, that should be separated from the insurance component. For the purposes of measuring insurance contracts, the company divides its insurance contracts into four (4) insurance contract portfolios, and furthermore, into insurance contract groups. The division into insurance contract portfolios is done on the basis of similarities in risk characteristics and the way the contracts are managed. The division into insurance contract groups is done on the basis of the timing of The applied risk-free interest rate is the German government bond yield curve. The liquidity premium has been estimated based on observed market risk premia on instruments with similar risk characteristics initial recognition, whether the contracts are onerous or not, and on the basis of possible reinsurance cover related to the contract. The number of the company\u2019s insurance contract groups is approximately 70. Insurance contracts are recognised and measured on insurance contract group basis. Insurance groups are recognised on the start date of the first insurance contract of the group or on the due date of the insurance premium collected from the insured in the case the due date is before the start date of the contract. Onerous insurance contract groups are recognised when the groups become onerous. The company applies the Building Block Approach (BBA), as specified in IFRS 17 Insurance contracts, in the measurement of all its insurance contracts. Measurement of insurance contracts on initial recognition In connection with initial recognition, the company measures an insurance contract group to be the sum of the capital value of the fulfilment cashflows required to satisfy the contract, a risk adjustment for non-financial risk, and the contractual service margin. The capital value of the fulfilment cashflows includes the present value of expected future cash flows arising from premiums, claims, claims recourse col- lections, other insurance expenses, and acquisition costs of the insurance contracts. The fulfilment cashflows are discounted into their present value by applying an interest rate curve, that includes a risk-free rate, reflecting the time value of money, and an adjustment for financial risk that reflects the illiquidity of the cashflows of the insurance contracts (the liquidity premium). compared with the company\u2019s guaranty insurance portfolio. The table below presents the discount rates used at the balance sheet date
Discount rates
1 y
2 y
3 y
4 y
5 y
6 y
7 y
8 y
9 y
10 y
2025
2.32%
2.50%
2.71%
2.95%
3.22%
3.40%
3.62%
3.76%
3.87%
4.05%
2024
2.61%
2.46%
2.46%
2.50%
2.57%
2.64%
2.71%
2.77%
2.82%
2.87%
The risk adjustment for non-financial risk reflects the implicit cost of capital that the company incurs, when in it exposes itself to the uncertainty related to future claims. The cost of capital is calculated by estimating the amount of unexpected claims arising from the insurance contracts in each future period, resulting in an estimate on the amount of capital required to cover these claims. The monetary cost of the capital required is then calculated by applying a specific 6.0% annual cost of capital rate on the future capital requirements. The adjustment for non-financial risk is then achieved by discounting the hypothetical future cost of capital payments to their present value, applying the discount rate discussed above. The capital requirement for the contracts is calculat- ed on contract level primarily by applying the Internal Ratings Approach set by the Basel II capital adequacy regulations. A confidence level of 99.5% is applied, matching the level set forth in the Solvency II rules governing the capital requirements for insurance companies. Due to the confidence level applied, the capital requirement for the contracts reflects the amount of claims, in excess of expected claims, that is exceeded once every 200 years. Depending on insurance contract portfolio, the risk adjustment determined with cost of capital method corresponds to confidence level of 74\u201380% assum- ing it had been calculated directly from cashflow distribution. The contractual service margin represents the unearned profit of insurance contract groups, that will be recognised in future reporting periods, pro- portionate to insurance services delivered in these periods. Subsequent measurement of insurance contracts and recognition principles The carrying value of an insurance contract group is made up of the liability for remaining coverage and the liability for incurred claims. The liability for remaining coverage includes the capital value of the fulfilment cash flows required to satisfy the contract, an adjustment for non-fi- nancial risk., and the contractual service margin (i.e., unearned profit). The liability for incurred clams includes the capital value of future claims payments from claims that have already been incurred, and a risk adjustment reflecting the uncertainty of these cash flows. The future claims also include the estimated effects of claims recourse recoveries. The liability for claims incurred includes an estimate of claims incurred that have come to the company's awareness and claims that have not yet come to the company's awareness but have already incurred. Claims that have not yet come to the company's awareness have been esti- mated for each insurance contract portfolio using the calculation method in accordance with the Finnish Insurance Companies Act, which the company applies in the financial statements in accordance with the Finnish GAAP, and according to which estimates have historically been larger than realised claims. The company recognises insurance revenue on the basis of expiration of the liability for remaining cov- erage to the extent that the expiration is attributable to insurance services delivered in the reporting period. Hence, the recognised revenue equals the monetary value of the compensation the company considers it has earned by delivering insurance ser- vices in that period. An insurance contract that has been underwritten by the company in the role of the insurer ends and will be derecognised off the balance sheet, when the insurance contract ceases to exist, the company is no more subjected to risk from the contract, and when the company can no longer be required to forgo economic resources to satisfy the contract. Onerous contracts An insurance contract group is onerous on initial recognition, if the capital value of fulfilment cashflows required to fulfil the contract, the risk adjustment for non-financial risk, and the cashflows arising from the acquisition costs of the insurance contract result in net cash outflow. Insurance contract groups classified as onerous will result in a loss recognised in the income statement on the basis of the negative net cash flow of the group. In this case, the carrying value of the insurance contract liability of the onerous insurance contract group equals the capital value of the fulfilment cashflows required to satisfy the contract, and the contractual service margin of the group will be nil. An insurance contract group will become subsequent- ly onerous, if the adverse changes in the fulfilment cashflows of the group, in consequence of any chang- es in estimates of cashflows concerning future service exceed the carrying value of the contractual service margin of the group. Reinsurance contracts The company divides its\u2019 ceded reinsurance con- tracts into insurance contract portfolios and groups in the same manner as in contracts related to primary insurance. In addition, the measurement accounts for counterparty default risk of the reinsurers. At initial recognition of ceded reinsurance contracts, the company recognises a contractual service margin that can arise from a net profit or a net loss attribut- able to the ceded reinsurance contract. Net profit is generated if the present value of cash inflows of the ceded reinsurance contract is greater than the value of its cash outflows. Net loss is gen- erated if the present value of the cash outflows is greater than the value of cash inflows. If the contractual service margin of the ceded reinsurance contracts is made up of net profit, the contractual service margin is recognised as a liability. If the contractual service margin is made out of a net loss, it is recognised as an asset. Revenue recognition principles for net result from insurance Revenue recognition principles for insurance con- tracts have been described in Section 2.8 Insurance contracts and revenue recognition principles for Net income from investments in insurance operations in 2.7 Financial assets and liabilities. All income from insurance activities is presented in Net result from insurance, apart from changes in fair value from financial assets measured at fair value through other comprehensive income, which are presented in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "
In connection with initial recognition, the company
measures an insurance contract group to be the
sum of the capital value of the fulfilment cashflows
required to satisfy the contract, a risk adjustment for
non-financial risk, and the contractual service margin.
The capital value of the fulfilment cashflows includes
the present value of expected future cash flows
arising from premiums, claims, claims recourse col-
lections, other insurance expenses, and acquisition
costs of the insurance contracts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "
2.9 Tangible assets
Tangible assets are recognised on the balance sheet
if their acquisition cost can be measured reliably, and
it is probable that future economic benefits associat-
ed with the assets will flow to the company. Tangible
assets are carried on the balance sheet at cost less
any accumulated depreciation and accumulated
impairment losses. Tangible assets mainly consist
of machinery and equipment which are depreciated
in four years. Small equipment acquisitions are
depreciated using a 25% declining balance method.
Depreciation of an asset begins when it is available
for use. When an asset is classified as available for
sale in accordance with IFRS 5, depreciation ceases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "2.9 Tangible assets Tangible assets are recognised on the balance sheet if their acquisition cost can be measured reliably, and it is probable that future economic benefits associat- ed with the assets will flow to the company. Tangible assets are carried on the balance sheet at cost less any accumulated depreciation and accumulated impairment losses. Tangible assets mainly consist of machinery and equipment which are depreciated in four years. Small equipment acquisitions are depreciated using a 25% declining balance method. Depreciation of an asset begins when it is available for use. When an asset is classified as available for sale in accordance with IFRS 5, depreciation ceases. The residual values and useful lives of assets are reviewed on every closing date, and they are changed as required. If the carrying amount of an asset is higher than the estimated recoverable amount, the carrying amount is immediately reduced to correspond to the recoverable amount. The gain or loss arising from the derecognition of an asset is included in profit or loss. Gains are recognised in Other operating income and losses in Depreciation and impairment. Gains or losses are determined as the difference between the net dis- posal proceeds and the carrying amount of the asset. If there are indications that a tangible asset is impaired, the assets recoverable amount is estimated. If the recoverable amount is less than the assets carrying amount, the carrying amount is reduced to its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "
Reinsurance contracts
The company divides its\u2019 ceded reinsurance con-
tracts into insurance contract portfolios and groups
in the same manner as in contracts related to primary
insurance. In addition, the measurement accounts for
counterparty default risk of the reinsurers.
At initial recognition of ceded reinsurance contracts,
the company recognises a contractual service margin
that can arise from a net profit or a net loss attribut-
able to the ceded reinsurance contract.
Net profit is generated if the present value of cash
inflows of the ceded reinsurance contract is greater
than the value of its cash outflows. Net loss is gen-
erated if the present value of the cash outflows is
greater than the value of cash inflows.
If the contractual service margin of the ceded
reinsurance contracts is made up of net profit, the
contractual service margin is recognised as a liability.
If the contractual service margin is made out of a net
loss, it is recognised as an asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "
Other intangible assets
Intangible assets are recognised on the balance
sheet if their acquisition cost can be measured reli-
ably, and it is probable that future economic benefits
associated with the assets will flow to the company.
Other intangible assets are carried on the balance
sheet at cost less any accumulated depreciation and
accumulated impairment losses.
Development costs for software not owned or
controlled by the company, such as cloud computing
services, are not capitalised. If the control of the
acquired cloud computing service is not transferred
to the company, the expense will not be capitalised
as an intangible asset in accordance with IAS 38. In
this case, the cloud computing service is treated as
a service contract and the costs do not generally
constitute an asset to be recognised in the balance
sheet, but the expense is recognised as an expense
when the service is received. The implementation
costs related to the implementation of such cloud
computing services are recognised as an advance
payment and recognised as operative expense when
the service is received, if the implementation is per-
formed by the cloud computing service provider, or
the supplier's subcontractor, and the implementation
costs are not distinct services from the software. In
other cases, the implementation costs associated
with deploying the cloud computing service are
expensed as soon as the service is received.
No internally generated intangible assets have been
recognised on the balance sheet.
The gain or loss arising from the derecognition
of an asset is included in profit or loss. Gains are
recognised in Other operating income and losses
in Depreciation and impairment Gains or losses are
determined as the difference between the net dis-
posal proceeds and the carrying amount of the asset.
If there are indications that an intangible asset is
impaired, the assets recoverable amount is estimated.
If the recoverable amount is less than the assets
carrying amount, the carrying amount is reduced to
its recoverable amount. The recoverable amount of
an asset is the higher of its fair value less costs of
disposal and its value in use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "2.11 Lease agreements The Group as lessee The Group's leased assets are mainly business prem- ises, company cars and IT equipment. Taaleri rec- ognises right-of-use assets at the commencement date of the lease according to IFRS 16. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the com- mencement date less any lease incentives received. Right-of-use assets are recognised in Tangible assets and are depreciated on a straight-line basis over the lease term. The lease term used is the non-cancel- lable lease term. Renewal options are considered if, in management\u2019s judgment, it is likely that they will be exercised. For contracts with an indefinite term, the lease term is based on management's estimate of the likely lease period, which is the period during which the lessee is expected to use the leased asset. At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, and the exercise price of a purchase option reason- ably certain to be exercised, and payments of penal- ties for terminating a lease, if the lease term reflects exercising the option to terminate. Lease liabilities are recognised in Other liabilities and interest expenses in the profit or loss line item Interest and other financing expenses. The present value of lease pay- ments is measured using the incremental borrowing rate, which is based on the best available information, such as the currently negotiated loan or discussions with bank partners. Taaleri applies an exemption on short-term leases (lease term less than one year) and on leases of low-value assets (below EUR 5,000). Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. The Group as lessor Agreements regarding property, plant, and equipment, where the Group is the lessor, are accounted for as finance leases, when a substantial part of the risks and rewards of ownership are transferred to the lessee. At the commencement date, for the subleases, a net investment (lease receivable), equaling to the present value of lease payments and the present value of the unguaranteed residual value, is recognised. The proportion of the right-of-use asset that is sub- leased is derecognised from the balance sheet. The difference between the right-of-use asset and the sublease receivable (net investment) is recognised in other operating income or expense. Lease payments received later are recorded as repayments of lease receivables and as interest income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "2.12 Employee benefits Long-term remuneration of management and other personnel The Group has share-based long-term personnel remuneration programs, based on which the persons who belong to the programs can receive a remunera- tion settled in Taaleri\u2019s shares or in cash for their work performed during the vesting period. Depending on the execution method, these remuneration programs are recognised either as equity or as share-based transactions paid in cash. Share-based employee benefits paid in equity are measured at fair value at the moment of granting. The amount recognised in expenditure is amortised in personnel costs and as an increase in equity during the vesting period. Also, in arrangements settled in the net amount \u2013 in which the Group is obliged to pay withholding tax on the remuneration to be paid, due to which part of the remuneration earned is spent on paying taxes \u2013 the remuneration earned is treated as it would be fully paid in equity, despite the tax part paid in money. The estimated number of shares to be paid based on share-based remuneration programs is reviewed quarterly. The possible effects of adjustments made to the original estimates are recognised in the income statement as Personnel costs, and the corresponding adjustment is made in equity. Pensions The statutory pension cover of Taaleri\u2019s employees and those belonging to the management has been arranged using TyEL (employee pension) insurance agreements. Furthermore, a voluntary supplementary pension insurance has been taken out for the CEO of the parent company. All of the Group's pension arrangements are defined contribution plans. In defined contribution plans, there are no payment obligations other than the annual insurance premiums paid to the insurance company. Expenses arising from statutory pension arrange- ments are recognised in the income statement under Personnel expenses for the financial year to which the charge relates. The recognition of expenses arising from voluntary supplementary pension insurance depends on the type of agreement. During the financial years presented, the voluntary supplementary pension insurance for the CEO of the parent company has been structured as a pension capitalisation agreement. Payments made under this agreement have been recorded as an asset in the line item Investments measured at fair value and measured at fair value through profit or loss. The pension liability arising from the capitalisation has been recorded under Other liabilities and recognised as an expense in the income statement under Other operating expenses for the financial year in which the pension liability was incurred. The pension liability has also been measured at fair value through profit or loss. Contributions to the pension capitalisation scheme are not tax-deductible for the company in the year of payment. Pensions paid during the retirement period are treated as cash pensions, and the pensions paid are tax-deductible for the company in the year of payment. Deferred tax asset has been recognised on payments made to the pension capitalisation scheme, which will be realised during the beneficia- ry's retirement period. 42 Pension liabilities Statutory pension cover for Taaleri's employees and management is arranged through a TyEL insurance policy. Additional voluntary pension insurance has been taken out for the parent company's CEO. Taaleri has no unrecognised pension liabilities. All the Group's pension arrangements are defined contribu- tion plans.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "
Long-term remuneration of management and other
personnel
The Group has share-based long-term personnel
remuneration programs, based on which the persons
who belong to the programs can receive a remunera-
tion settled in Taaleri\u2019s shares or in cash for their work
performed during the vesting period. Depending on
the execution method, these remuneration programs
are recognised either as equity or as share-based
transactions paid in cash.
Share-based employee benefits paid in equity are
measured at fair value at the moment of granting.
The amount recognised in expenditure is amortised
in personnel costs and as an increase in equity during
the vesting period. Also, in arrangements settled in
the net amount \u2013 in which the Group is obliged to pay
withholding tax on the remuneration to be paid, due
to which part of the remuneration earned is spent on
paying taxes \u2013 the remuneration earned is treated as it
would be fully paid in equity, despite the tax part paid
in money.
The estimated number of shares to be paid based
on share-based remuneration programs is reviewed
quarterly. The possible effects of adjustments made
to the original estimates are recognised in the income
statement as Personnel costs, and the corresponding
adjustment is made in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "2.13 Contingent liabilities A contingent liability is a possible obligation that arises from past events, and whose existence will be confirmed by the occurrence of an uncertain event not wholly in the control of the Group. In addition, an existing obligation which probably does not require that the payment obligation is met, or the amount of which cannot be estimated reliably, is considered to be a contingent liability. The Group's contingent liabilities are presented in the notes to the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "2.14 Income taxes and deferred taxes Tax expenses consist of taxes based on the taxable income for the period, taxes for previous periods and deferred taxes. Taxes are recognised through profit or loss, unless they are associated with items recognised directly in shareholders' equity or other comprehen- sive income. In this case, taxes are recognised in the items in question. Taxes based on the taxable income for the period is calculated from the taxable income based on tax rates valid in the specific country. Deferred taxes are calculated on temporary differenc- es between the carrying amount and taxable value. However, deferred tax liabilities are not recognised on the original recognition of goodwill. Deferred tax assets are recognised up to the amount at which it is likely that taxable income will be generated in the future, against which the temporary difference can be utilised. The most significant temporary differences in the Group arise from the valuation difference in insur- ance contract liabilities between Finnish accounting legislation and the application of IFRS 17, confirmed tax losses and other temporary differences between accounting and taxation and the fair value measure- ment of investments. Deferred taxes are calculated using the tax rates regulated by the closing date or tax rates which have been approved in practice before the closing date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "
Deferred taxes are calculated on temporary differenc-
es between the carrying amount and taxable value.
However, deferred tax liabilities are not recognised
on the original recognition of goodwill. Deferred tax
assets are recognised up to the amount at which it
is likely that taxable income will be generated in the
future, against which the temporary difference can be
utilised. The most significant temporary differences in
the Group arise from the valuation difference in insur-
ance contract liabilities between Finnish accounting
legislation and the application of IFRS 17, confirmed
tax losses and other temporary differences between
accounting and taxation and the fair value measure-
ment of investments. Deferred taxes are calculated
using the tax rates regulated by the closing date or tax
rates which have been approved in practice before the
closing date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "
2.15 Revenue recognition principles
Revenue recognition principles for management
fees and other continuing earnings
The Management fees and other continuing earnings
income item mainly consists of continuing earnings
from customer contracts in the private asset manage-
ment business and sales income from Taaleri Kapitaali.
According to IFRS 15, revenue from customer
contracts is recognised in such a way that the
transaction price is first allocated to the performance
obligations and when the performance obligation is
fulfilled by transferring control of the related service
to the customer, the related revenue is recognised.
The performance obligation can be fulfilled either at a
specific time or over time.
The main income of Taaleri's private asset manage-
ment business is generated from private equity funds
and co-investment projects managed by Taaleri.
A management fee will be paid to the alternative fund
manager or the responsible partner of the alternative
fund for the entire duration of the fund. The man-
agement fee is a variable consideration and is based
on, depending on the fund or its lifecycle phase, for
example, the fund's initial investment commitments,
the value determined by the valuation of the fund or
its portfolio investments, or the total amount of equity
and debt capital committed to the fund. The manage-
ment fees paid by the funds and the consulting fees
paid by co-investments are recognised over time as
the management of the fund is the sole performance
obligation of the agreement and the fund manage-
ment service is provided over time. Management
fees are invoiced in advance on a quarterly basis and
accrued as income on a monthly basis.
The private asset management business also includes
mandate-based fee income, which is recognised over
time as the mandate-based portfolio management
service is delivered over time. The renewable energy
business also includes operation and maintenance
services for wind farms, the invoicing of which is
based on a pre-agreed annual fee, which is rec-
ognised as income during the year.
Revenue from corporate finance services provided by
Taaleri Kapitaali is recognised over time as the service
is rendered and recognised under Management fees
and other continuing earnings. If a corporate finance
service agreement includes a contingent success
fee, the separate success fee is recognised as reve-
nue only when the triggering event has occurred or
its occurrence is considered highly probable.
Management fees and other continuing earnings
also includes income from financial instruments
classified as cash and cash equivalents in the
Group\u2019s balance sheet.
Fee and commission expenses include payments to
third parties that relate to income recognised under
Management fees and other continuing earnings.
Revenue recognition principles for performance fees
Due to the successful investment activities of pri-
vate equity funds and co-investments, Taaleri may
be entitled to receive performance fees, which are
recognised in profit and loss in Performance fees line
item. The calculation formulas for the performance
fees of Taaleri's private equity funds and co-invest-
ments are fund-specific, but they are always based
on the returns at the fund or co-investment level
after reaching a separately agreed hurdle rate. The
performance fee is recognised at the point when its
realisation can be considered reasonably certain. How-
ever, performance fees are typically realised and paid
during the later stage of the fund's lifecycle, upon the
fund's exit. If the exit takes place only in later financial
years, but the realisation of the performance fee can
already be reasonably certain in previous financial
years, an asset based on the contract is recognised in
connection with the recognition of the unrealised per-
formance fee. Taaleri only considers the performance
fee to the extent that it is probable that the amount
of the accrued recognised income will not need to be
significantly reversed later.
In order to avoid the need for a significant reversal of
accrued income recognised as a performance fee at a
later date, a discount factor approved by management
is used in the recognition of performance fees, which
is determined on a fund-by-fund and case-by-case
basis. The discount factor reflects the volatility of the
estimated performance fee, the timing uncertainty
related to the fund's exit, and, consequently, the
uncertainty of the final performance fee.
Taaleri performs valuation of its funds on a quarterly
basis and, in this context, reviews the performance
fees related to private equity funds and co-invest-
ments that are payable to the management company
or alternative investment fund manager. It also assess-
es the likelihood of these fees being realised and the
final amount of the performance fees. Taaleri applies
a higher discount factor in the initial recognition of
unrealised performance fees. As the remaining life
of the fund shortens and the exit date approaches,
the discount factor may be reduced as uncertainties
diminish, provided there is a justified basis for doing
so. Reducing the discount factor used in revenue rec-
ognition as uncertainties decrease may result in per-
formance fees from the same fund being recognised
over several reporting periods before the final amount
is determined at the fund\u2019s exit.
If, upon subsequent review, it becomes evident that
reducing the discount factor does not result recog-
nising additional performance fees, Taaleri assesses
the amount of previously recognised but still unre-
alised performance fees in accordance with IFRS 15.
The assessment considers whether the previously
recognised variable consideration continues to meet
the criterion that there is no significant risk of a sig-
nificant reversal.
Performance fees recognised but not yet realised
are recognised in the balance sheet under Accrued
income and advanced payments. The final amount of
the performance fee will be determined in connection
with the exit of the fund or co-investment, in which
case the performance fee will be derecognised from
Accrued income.
Fee and commission expenses include payments to
third parties that relate to income recognised under
Performance fees.
Revenue recognition principles for net result from
insurance
Revenue recognition principles for insurance con-
tracts have been described in Section 2.8 Insurance
contracts and revenue recognition principles for Net
income from investments in insurance operations
in 2.7 Financial assets and liabilities. All income from
insurance activities is presented in Net result from
insurance, apart from changes in fair value from
financial assets measured at fair value through other
comprehensive income, which are presented in the
statement of comprehensive income.
Other income
Net investment income includes the net income from
Taaleri Group\u2019s own investment activities, except
when the income arises from instruments classified
as investment assets of the insurance business. In
such cases, the income is reported under Net income
from investments in insurance operations. Net
investment income is derived from financial assets
and liabilities recognised in the consolidated balance
sheet and includes dividend income, interest income,
changes in fair value, foreign exchange differences,
and realised gains and losses. The revenue recogni-
tion principles for financial assets and liabilities are
described in section 2.7 Financial assets and liabilities.
Taaleri\u2019s project development operations generate,
design, and prepare new projects to be offered as
investment opportunities either to Taaleri\u2019s private
equity funds or other co-investors. The aim is either
to implement the project or to sell it at a price
exceeding the costs committed to the development.
Costs of ongoing project development are capital-
ised in the balance sheet item Accrued income and
prepayments. Revenue and expenses from project
development are recognised in the financial year
when the project\u2019s outcome can be reliably assessed.
Revenue from project development is presented
under Other operating income and related expenses
under Other operating expenses.
Other operating income also includes items not
directly related to Taaleri\u2019s core business, such as
income from the recharging of expenses. Corre-
spondingly, recharged expenses are recorded under
Other operating expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "Revenue recognition principles for management fees and other continuing earnings The Management fees and other continuing earnings income item mainly consists of continuing earnings from customer contracts in the private asset manage- ment business and sales income from Taaleri Kapitaali. According to IFRS 15, revenue from customer contracts is recognised in such a way that the transaction price is first allocated to the performance obligations and when the performance obligation is fulfilled by transferring control of the related service to the customer, the related revenue is recognised. The performance obligation can be fulfilled either at a specific time or over time. The main income of Taaleri's private asset manage- ment business is generated from private equity funds and co-investment projects managed by Taaleri. A management fee will be paid to the alternative fund manager or the responsible partner of the alternative fund for the entire duration of the fund. The man- agement fee is a variable consideration and is based on, depending on the fund or its lifecycle phase, for example, the fund's initial investment commitments, the value determined by the valuation of the fund or its portfolio investments, or the total amount of equity and debt capital committed to the fund. The manage- ment fees paid by the funds and the consulting fees paid by co-investments are recognised over time as the management of the fund is the sole performance obligation of the agreement and the fund manage- ment service is provided over time. Management fees are invoiced in advance on a quarterly basis and accrued as income on a monthly basis. The private asset management business also includes mandate-based fee income, which is recognised over time as the mandate-based portfolio management service is delivered over time. The renewable energy business also includes operation and maintenance services for wind farms, the invoicing of which is based on a pre-agreed annual fee, which is rec- ognised as income during the year. Revenue from corporate finance services provided by Taaleri Kapitaali is recognised over time as the service is rendered and recognised under Management fees and other continuing earnings. If a corporate finance service agreement includes a contingent success fee, the separate success fee is recognised as reve- nue only when the triggering event has occurred or its occurrence is considered highly probable. Management fees and other continuing earnings also includes income from financial instruments classified as cash and cash equivalents in the Group\u2019s balance sheet. Fee and commission expenses include payments to third parties that relate to income recognised under Management fees and other continuing earnings. Revenue recognition principles for performance fees Due to the successful investment activities of pri- vate equity funds and co-investments, Taaleri may be entitled to receive performance fees, which are recognised in profit and loss in Performance fees line item. The calculation formulas for the performance fees of Taaleri's private equity funds and co-invest- ments are fund-specific, but they are always based on the returns at the fund or co-investment level after reaching a separately agreed hurdle rate. The performance fee is recognised at the point when its realisation can be considered reasonably certain. How- ever, performance fees are typically realised and paid during the later stage of the fund's lifecycle, upon the fund's exit. If the exit takes place only in later financial years, but the realisation of the performance fee can already be reasonably certain in previous financial years, an asset based on the contract is recognised in connection with the recognition of the unrealised per- formance fee. Taaleri only considers the performance fee to the extent that it is probable that the amount of the accrued recognised income will not need to be significantly reversed later. In order to avoid the need for a significant reversal of accrued income recognised as a performance fee at a later date, a discount factor approved by management is used in the recognition of performance fees, which is determined on a fund-by-fund and case-by-case basis. The discount factor reflects the volatility of the estimated performance fee, the timing uncertainty related to the fund's exit, and, consequently, the uncertainty of the final performance fee. Taaleri performs valuation of its funds on a quarterly basis and, in this context, reviews the performance fees related to private equity funds and co-invest- ments that are payable to the management company or alternative investment fund manager. It also assess- es the likelihood of these fees being realised and the final amount of the performance fees. Taaleri applies a higher discount factor in the initial recognition of unrealised performance fees. As the remaining life of the fund shortens and the exit date approaches, the discount factor may be reduced as uncertainties diminish, provided there is a justified basis for doing so. Reducing the discount factor used in revenue rec- ognition as uncertainties decrease may result in per- formance fees from the same fund being recognised over several reporting periods before the final amount is determined at the fund\u2019s exit. If, upon subsequent review, it becomes evident that reducing the discount factor does not result recog- nising additional performance fees, Taaleri assesses the amount of previously recognised but still unre- alised performance fees in accordance with IFRS 15. The assessment considers whether the previously recognised variable consideration continues to meet the criterion that there is no significant risk of a sig- nificant reversal. Performance fees recognised but not yet realised are recognised in the balance sheet under Accrued income and advanced payments. The final amount of the performance fee will be determined in connection with the exit of the fund or co-investment, in which case the performance fee will be derecognised from Accrued income. Fee and commission expenses include payments to third parties that relate to income recognised under Performance fees. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "
2.18 Accounting policies requiring management\u2019s
judgment and key uncertainties regarding
estimations
When preparing the financial statements, estimates
and assumptions concerning the future need to be
made, and their outcome may differ from the esti-
mates and assumptions made. In addition, applying
the accounting policies requires judgement. The
most significant areas involving management judge-
ment in the preparation of the consolidated financial
statements are described below.
Valuation of Garantia\u2019s insurance contract liabilities
The measurement of Garantia\u2019s insurance contract
liabilities according to IFRS 17 Insurance Contracts
includes several factors that involve management\u2019s
judgement and uncertainty.
The most significant uncertainties are related to
the estimation of future claims cashflows, and to
the estimation of the amount of the adjustment
for non-financial risk reflecting the variation in the
claims cashflows. Uncertainty is also associated with
the selection of the interest rate curve applied in
cashflow discounting, and the measurement of the
liquidity premium, as well as the assessment of future
other insurance service expenses. In the evaluation
of the future claims cashflows of the liability for the
remaining coverage, Taaleri uses the ratio of claims
incurred for the last ten (10) years to the guarantee
insurance exposure per insurance contract portfolio,
and a forecast of the development of the guarantee
exposure. Similarly, in the evaluation of future other
insurance service expenses, Taaleri uses the ratio of
other insurance service expenses of the last three
(3) years to the guarantee exposure per insurance
contract portfolio, and a forecast of the development
of the guarantee exposure. The assumptions are
updated semi-annually at the time of the balance
sheet date and at the end of the second quarter, and
the forecast at the time of reporting is used as the
best estimate. The table below presents at the com-
pany level the ranges of estimated claims cashflows
and other insurance service expenses used in the
financial statements.
The assumptions materially affecting the valuation of insurance contract liabilities
2025
2024
The ratio of gross claims cashflows to the gross exposure, %
0.08\u20130.14
0.09\u20130.26
The ratio of other insurance service expenses to the gross exposure, %
0.07\u20130.61
0.07\u20130.56
The value of Garantia\u2019s insurance contract liabilities
differs significantly between IFRS and national GAAP
accounting. The valuation difference gives rise to a
deferred tax liability, that has been recognised on the
Group balance sheet. Most of the valuation differ-
ence is attributable to the equalisation provision, a
part of the technical provisions as measured by the
national GAAP rules. The measurement of the equal-
isation provision is based on calculation principles
approved by the Financial Supervisory Authority,
claims statistics approved by the management, and
estimated future claims development. Hence, the
accumulation and reversal of the equalisation provi-
sion have direct effect on the value of the deferred
tax liability arising from the valuation difference of
insurance contract liabilities.
Financial assets and liabilities
When classifying and measuring financial assets
managerial judgement is needed, i.e. when deciding
whether an equity instrument is strategic or not,
which affects whether the instrument is measured
through profit or loss or other comprehensive income
without recycling. Evaluating expected credit loss
requires judgement, i.e. when choosing which credit
loss models and parameters to use. The expected
credit loss model is described in more detail in sec-
tion 2.7 Financial assets and liabilities.
Management must evaluate when the markets of
financial instruments are no longer deemed to be
active. When the fair value of a financial instrument
is measured using valuation methods, the manage-
ment's judgement is required for the selection of the
applicable valuation method. International Valuation
Standards (IVS) and valuation methods based on
their applications have been used to measure the fair
value of private equity fund investments and unquot-
ed shares and units. The valuations take a number of
different factors into consideration, such as when
an investment was made and at what price, the price
development of quoted reference companies, local
market conditions in the specific industry, realised
and estimated operating results, and additional
investments. Value analyses have usually been pre-
pared for finished projects using a cash flow-based
income approach and a comparative market-based
measurement method. Unfinished projects in the
funds have been measured at their acquisition cost
or lower fair value. Estimates and managerial judge-
ment is required in the valuations. Illiquid investments
include uncertainty regarding the future realised
gains or losses, compared to the estimated fair value.
Recognition of performance fees
Taaleri recognises the performance fees of the private
asset management business only to the extent that it
is probable that the amount of the accrued recognised
income will not have to be significantly reversed later.
Taaleri reviews quarterly the performance fees related
to private equity funds and co-investments that are
payable to the management company or alternative
investment fund manager. It also assesses the likeli-
hood of these fees being realised and the final amount
of the performance fees. Management judgment is
required in the assessment to determine the forecast
parameters used and the discount factor reflecting
the uncertainty of the fee.
Project development
Management\u2019s judgement is needed when measuring
the unfinished development projects.. External costs
associated with active projects have been recorded
on the balance sheet if the net present value of the
project is positive. Project expenses have been rec-
ognised through profit or loss if a project has ended
or its net present value is negative. Management
judgment is also applied in the recognition of contin-
gent consideration in sales agreements. Contingent
consideration is recognised as income when its
realisation is considered highly probable.
Share-based benefit programs
Management\u2019s judgement has been applied when
measuring the fair value of share-based employee
benefit programs and option programs and in eval-
uating the expenditure of the programs. Deferred
tax assets have also been recorded for the expenses
recorded from share-based incentive schemes.
Business combinations and goodwill
The values of businesses acquired through business
combinations are based on estimated future devel-
opment, estimated cash flows and the discount rate
used. Goodwill is tested annually for impairment. The
recoverable amount defined in impairment testing
is often based on the value in use, the calculation of
which requires estimates of future cash flows and the
discount rate used.
In 2015, Taaleri acquired Garantia Insurance Company
Ltd, which writes guarantee insurances. At the time
of acquisition, Taaleri valued the assets and liabilities
of the acquired company according to its best esti-
mate of their fair value, and the fair value thus deter-
mined by Taaleri for the company was significantly
higher than the consideration paid. Determining
the fair value of the acquired company's assets and
liabilities involved significant estimates made by the
management, because the potential future losses
of the guarantee insurance business are associated
with great uncertainty, especially in poor market
situations. Taaleri recorded a negative goodwill of
EUR 28.6 million from the acquisition in 2015, which
was recognised in the profit or loss, but this does
not mean that the insurance contracts written at the
time of the acquisition could not result in losses in
the future. At the time of acquisition, the company
was not aware of claims that the company would
not have taken into account in its balance sheet, and
according to IFRS, general unallocated provisions
cannot be made.
Management's estimates and judgment has been
used in determining and measuring the identifiable
assets acquired and liabilities assumed acquired by
Suomen Vuokravastuu Oy, a company acquired in
2018, which has affected the amount of goodwill
recognised.
Group\u2019s control in structured entities
When assessing the Group\u2019s control generated by
investments made in structured entities, the Group\u2019s
ability to affect relevant activities and its exposure
to variable returns are evaluated. The assessment
of control is subject to judgement. The assessment
of control is done in more detail, when the Group\u2019s
share in the structured entity\u2019s net assets and returns
exceeds 20 percent. The investee is consolidated as
a subsidiary at the latest, when the Group\u2019s exposure
to variable returns is significant and and a connection
is established between variable income and power.
One structured entity, EAI Hedging 4 Oy, has been
consolidated into the Taaleri Group as a subsidiary
starting from financial year 2025. The Group holds no
ownership interest in the entity, but control is based
on a financing agreement, the purpose of which is to
acquire on an arm\u2019s length basis, hold and ultimately
deliver Taaleri Plc shares for the settlement of Taaleri\u2019s
share-based incentive plans. The entity has been con-
solidated as a subsidiary in accordance with the con-
trol criterion under IFRS 10. Taaleri Group has no other
significant risks or obligations related to the entity.
Uncertainties arising from sustainability risks
Sustainability risk means an environmental, social
or governance event or condition that, if it occurs,
could cause an actual or a potential negative impact
on the value of the investment (in Taaleri\u2019s private
asset management business and Group\u2019s investment
operations and Garantia) or on the value of the liability
(in Garantia). Sustainability risks include e.g. risks
related to climate change and green washing. Taaleri
has considered the impact of sustainability risks in the
preparation of its financial statements, particularly in
management's judgment-driven estimates, such as
the assessment of uncertainties related to the deter-
mination of the fair value of investments. The uncer-
tainties related to sustainability risks are described in
more detail in Note 33 Group\u2019s Internal Control and
Risk Management Principles.
Identified risks related to climate change can nega-
tively affect, for example, the yield of Taaleri\u2019s funds,
the value of holdings, capital- and operating costs in
funds\u2019 investments, and the production of facilities,
for example through acute and chronic changes
in weather, weather patterns, and temperature
conditions. Potential negative impacts may also be
caused by transition risks, such as tightening regula-
tion, changes in the operating environment, as well
as changes in stakeholder needs and preferences.
Climate and sustainability risks may affect Taaleri
Group\u2019s contingent liabilities, taxes, revenue recogni-
tion, employee benefits, insurance operations, finan-
cial assets and financial liabilities and other assets
and liabilities. For example, transition risks related
to climate change can affect the Group's operating
abilities and performants through, for example, more
difficult fund raising, which is reflected in Group\u2019s
management fees and performance fees generated
from the funds and there for in the Group\u2019s total
income, and thus they need to be considered e.g. in
determining revenue recognition principles and in
valuation of financial assets and liabilities.
On the other hand, extreme weather phenomena can
negatively affect the operations of entities that are
subject to Taaleri\u2019s funds\u2019 investments, make it more
difficult to procure production inputs and increase the
risk of damage to production facilities, all of which is
reflected as increased costs and as production slow-
downs in the funds\u2019 investments, which in turn affects
e.g. in the valuation of assets.
Goodwill allocation and impairment testing On 31 December 2025 the goodwill amounted to EUR 0.3 (0.3) million, which was allocated entirely to the Garantia segment. In impairment testing, the recoverable amount of the unit is determined based on its value in use. Cash flow forecasts are based on predictions for a three- year period. Cash flows after the forecast period are extrapolated using an even 1.0% growth factor, which is assessed as being suitable for a growing business. Future cash flows are discounted using the weighted average cost of capital, which was 11.5 percent. Parameters used in determining the discount rate (risk-free interest, risk coefficient, risk premium and capital structure) are based on factors observed in companies engaged in similar or competing business and on the prevailing market conditions at the end of September 2025. The impairment testing of goodwill did not lead to recognition of impairment losses. In conjunction with impairment testing, sensitivity analyses were carried out with regard to key assump- tions, the discount rate and residual value growth factor. The variables used in the calculations are an increase of one percentage point in the discount rate and a decrease of one percentage points in growth following the forecast period. Separately examined, the sensitivity analyses did not show any risk of impairment.
Sales receivables
At the balance sheet date of 31 Decemeber 2025,
sales receivables included in Other receivables
amounted to EUR 8.3 million and relate entirely to the
consideration receivable from the sale of the shares
in subsidiary Taaleri Energia Development Holdings
Sarl. Taaleri sold the subsidiary together with its
project development portfolio to Taaleri SolarWind
III Fund in the financial year 2023. 50% of the total
consideration was contingent upon the progress of
the projects included in the project development
portfolio transferred to the Fund.
Taaleri recognised the contingent portion of the con-
sideration in profit or loss in the financial year 2024,
as its realisation was considered probable at that
time. However, the contingent consideration was
presented in the comparative period balance sheet
as a discretionarily recognised sales receivable within
Accrued income, as uncertainty remained regarding
its final realisation.
The conditions related to the contingent consider-
ation were fulfilled during the financial year 2025, as
a result of which the receivable has been reclassified
from Accrued income to Other receivables. At the
balance sheet date, the consideration is no longer
subject to any contingency and is expected to be
settled in early 2026.
Contract assets from unrealised performance fees The performance fees of Taaleri's private asset management business are recognised at the point when its realisation can be considered reasonably certain. However, performance fees are typically realised and paid during the later stage of the fund's lifecycle, upon the fund's exit. If the exit takes place only in later financial years, but the realisation of the performance fee can already be reasonably certain in previous financial years, the performance fee is recognised and an unrealised contract asset is rec- ognised in Accrued income. The final amount of the performance fee will be determined in connection with the exit of the fund or co-investment, in which case the performance fee will be derecognised from Accrued income. In order to avoid the need for a significant reversal of accrued income recognised as a performance fee at a later date, a discount factor approved by manage- ment is used in the recognition of performance fees, which is determined on a fund-by-fund and case-by- case basis. The discount factor reflects the volatility of the estimated performance fee, the timing uncer- tainty related to the fund's exit, and, consequently, the uncertainty of the final performance fee. Taaleri performs valuation of its funds on a quarterly basis and, in this context, reviews the performance fees related to private equity funds and co-invest- ments that are payable to the management company or alternative investment fund manager. It also assesses the likelihood of these fees being realised and the final amount of the performance fees. Taaleri applies a higher discount factor in the initial recognition of unrealised performance fees. As the remaining life of the fund shortens and the exit date approaches, the discount factor may be reduced as uncertainties diminish, provided there is a justified basis for doing so. Reducing the discount factor used in revenue recognition as uncertainties decrease may result in performance fees from the same fund being recognised over several reporting periods before the final amount is determined at the fund\u2019s exit. If, upon subsequent review, it becomes evident that reducing the discount factor does not result recog- nising additional performance fees, Taaleri assesses the amount of previously recognised but still unre- alised performance fees in accordance with IFRS 15. The assessment considers whether the previously recognised variable consideration continues to meet the criterion that there is no significant risk of a sig- nificant reversal. Contract assets from unrealised performance fees as of the balance sheet date od 31 December 2025 were EUR 15.9 (15.9) million. These consisted of EUR 14.2 million in performance fees from Taaleri Wind II and III Funds recognised in previous years classified as current assets, and EUR 1.8 million in performance fee from Taaleri SolarWind I Fund, recognised in 2024 classified as non-current asset. In the financial year 2025, no changes were made to the amounts of unrealised performance fees, nor were any new unrealised performance fees recognised. Discretionarily recognised sales receivables Discretionarily recognised sales receivables comprise consideration receivables that have been recognised in profit or loss but for which certain uncertainties regarding their final realisation remain at the reporting date. Taaleri's management considers the realisation of these discretionarily recognised sales receivables to be probable. At 31 December 2025, discretionarily recognised sales receivables amounted to EUR 2.6 million. The receivables relate to renewable energy development activities carried out in Texas during the years
2018\u20132021. Taaleri received the first portion of
the consideration in 2023, and the sale agreement
included the potential for additional consideration
subject to the fulfilment of certain predefined con-
ditions. The amount of the additional consideration
was USD 6.0 million (approx. EUR 5.8 million), which
was recognised in full in profit or loss in the financial
year 2024. Approximately half of the receivable was
realised during the financial year 2025, with the
remaining balance outstanding at the reporting date.
While some uncertainty remains regarding the final
realisation of the receivable, management expects
the outstanding amount to be settled during the
financial year 2026.
Of the balance of discretionarily recognised
sales receivables amounting to EUR 14.1 million
at 31 December 2024, EUR 5.8 million related to
the renewable energy development transaction
described above. The non-current discretionarily
recognised sales receivables, amounting to EUR
8.3 million, related to the sale of subsidiary Taaleri
Energia Development Holdings Sarl. This receivable
was reclassified from Accrued income to Other
receivables during the financial year 2025. Further
information on this receivable is presented in Note
23, Other receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "Valuation of Garantia\u2019s insurance contract liabilities The measurement of Garantia\u2019s insurance contract liabilities according to IFRS 17 Insurance Contracts includes several factors that involve management\u2019s judgement and uncertainty. The most significant uncertainties are related to the estimation of future claims cashflows, and to the estimation of the amount of the adjustment for non-financial risk reflecting the variation in the claims cashflows. Uncertainty is also associated with the selection of the interest rate curve applied in cashflow discounting, and the measurement of the liquidity premium, as well as the assessment of future other insurance service expenses. In the evaluation of the future claims cashflows of the liability for the remaining coverage, Taaleri uses the ratio of claims incurred for the last ten (10) years to the guarantee insurance exposure per insurance contract portfolio, and a forecast of the development of the guarantee exposure. Similarly, in the evaluation of future other insurance service expenses, Taaleri uses the ratio of other insurance service expenses of the last three (3) years to the guarantee exposure per insurance contract portfolio, and a forecast of the development of the guarantee exposure. The assumptions are updated semi-annually at the time of the balance sheet date and at the end of the second quarter, and the forecast at the time of reporting is used as the best estimate. The table below presents at the com- pany level the ranges of estimated claims cashflows and other insurance service expenses used in the financial statements.The assumptions materially affecting the valuation of insurance contract liabilities 2025 2024 The ratio of gross claims cashflows to the gross exposure, % 0.08\u20130.14 0.09\u20130.26 The ratio of other insurance service expenses to the gross exposure, % 0.07\u20130.61 0.07\u20130.56 The value of Garantia\u2019s insurance contract liabilities differs significantly between IFRS and national GAAP accounting. The valuation difference gives rise to a deferred tax liability, that has been recognised on the Group balance sheet. Most of the valuation differ- ence is attributable to the equalisation provision, a part of the technical provisions as measured by the national GAAP rules. The measurement of the equal- isation provision is based on calculation principles approved by the Financial Supervisory Authority, claims statistics approved by the management, and estimated future claims development. Hence, the accumulation and reversal of the equalisation provi- sion have direct effect on the value of the deferred tax liability arising from the valuation difference of insurance contract liabilities. Financial assets and liabilities When classifying and measuring financial assets managerial judgement is needed, i.e. when deciding whether an equity instrument is strategic or not, which affects whether the instrument is measured through profit or loss or other comprehensive income without recycling. Evaluating expected credit loss requires judgement, i.e. when choosing which credit loss models and parameters to use. The expected credit loss model is described in more detail in sec- tion 2.7 Financial assets and liabilities. Management must evaluate when the markets of financial instruments are no longer deemed to be active. When the fair value of a financial instrument is measured using valuation methods, the manage- ment's judgement is required for the selection of the applicable valuation method. International Valuation Standards (IVS) and valuation methods based on their applications have been used to measure the fair value of private equity fund investments and unquot- ed shares and units. The valuations take a number of different factors into consideration, such as when an investment was made and at what price, the price development of quoted reference companies, local market conditions in the specific industry, realised and estimated operating results, and additional investments. Value analyses have usually been pre- pared for finished projects using a cash flow-based income approach and a comparative market-based measurement method. Unfinished projects in the funds have been measured at their acquisition cost or lower fair value. Estimates and managerial judge- ment is required in the valuations. Illiquid investments include uncertainty regarding the future realised gains or losses, compared to the estimated fair value. Recognition of performance fees Taaleri recognises the performance fees of the private asset management business only to the extent that it is probable that the amount of the accrued recognised income will not have to be significantly reversed later. Taaleri reviews quarterly the performance fees related to private equity funds and co-investments that are payable to the management company or alternative investment fund manager. It also assesses the likeli- hood of these fees being realised and the final amount of the performance fees. Management judgment is required in the assessment to determine the forecast parameters used and the discount factor reflecting the uncertainty of the fee.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "2.16 Shareholders' equity The Group classifies instruments it has issued, into equity or liabilities (financial liabilities) based on their characteristics. Equity instruments include any con- tracts which indicate a right to obtain a proportion of an entity's assets after deducting all its liabilities. Costs related to the issuance or acquisition of equity instru- ments are accounted for as a deduction from equity. If the company reacquires its own equity instruments, those instruments are deducted from equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "
2.19 Applying new and revised standards and new
interpretations
In preparing the consolidated financial statements,
all annual improvements and amendments to the
applicable IFRS standards issued by the IASB, as well
as interpretations provided by IFRIC, that have been
approved by the EU and adopted as of financial peri-
ods beginning on or after January 1, 2025, have been
applied. Taaleri has assessed that these improve-
ments, amendments, and interpretations have had
no material impact on the consolidated financial
statements.
2.20 New and revised standards to be
applied later
New standards, amendments to standards, or inter-
pretations that will become effective in the EU only
after financial periods beginning on or after January
1, 2025, have not been applied in the preparation of
these consolidated financial statements.
No other already issued new or revised standard or
interpretation is expected to have a material impact
on the consolidated financial statements, the Group\u2019s
financial result, or its financial position, except for
IFRS 18 Presentation and Disclosure in Financial
Statements, published in April 2024.
IFRS 18 Presentation and Disclosure in Financial
Statements replaces the previous IAS 1 standard,
introducing new requirements for the presentation
format of financial statements, the classification of
transactions, and the scope and content of disclo-
sures. The objective of the standard is to enhance
the understandability, comparability, and transparen-
cy of financial statements.
According to Taaleri\u2019s assessment, the impacts of the
standard will primarily be limited to the presentation
of financial statements, the classification of transac-
tions, and disclosures. The standard is not expected
to have any material impact beyond the presentation
of financial information. The IFRS 18 standard will
take effect no earlier than for financial periods begin-
ning on or after January 1, 2027, and it will be applied
retrospectively to comparative periods presented in
the financial statements. The standard has not yet
been endorsed by the EU, and therefore the effective
date remains uncertain.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "2.19 Applying new and revised standards and new interpretations In preparing the consolidated financial statements, all annual improvements and amendments to the applicable IFRS standards issued by the IASB, as well as interpretations provided by IFRIC, that have been approved by the EU and adopted as of financial peri- ods beginning on or after January 1, 2025, have been applied. Taaleri has assessed that these improve- ments, amendments, and interpretations have had no material impact on the consolidated financial statements. 2.20 New and revised standards to be applied later New standards, amendments to standards, or inter- pretations that will become effective in the EU only after financial periods beginning on or after January 1, 2025, have not been applied in the preparation of these consolidated financial statements. No other already issued new or revised standard or interpretation is expected to have a material impact on the consolidated financial statements, the Group\u2019s financial result, or its financial position, except for IFRS 18 Presentation and Disclosure in Financial Statements, published in April 2024. IFRS 18 Presentation and Disclosure in Financial Statements replaces the previous IAS 1 standard, introducing new requirements for the presentation format of financial statements, the classification of transactions, and the scope and content of disclo- sures. The objective of the standard is to enhance the understandability, comparability, and transparen- cy of financial statements. According to Taaleri\u2019s assessment, the impacts of the standard will primarily be limited to the presentation of financial statements, the classification of transac- tions, and disclosures. The standard is not expected to have any material impact beyond the presentation of financial information. The IFRS 18 standard will take effect no earlier than for financial periods begin- ning on or after January 1, 2027, and it will be applied retrospectively to comparative periods presented in the financial statements. The standard has not yet been endorsed by the EU, and therefore the effective date remains uncertain.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "
3 Management fees, other continuing earnings and performance fees
Other
Private Asset Renewable private asset
1.1.-31.12.2025, EUR 1,000 Management energy
management
Investments
Garantia
Other
Total
Management fees and other
continuing earnings
Revenue from contracts with
customers
31,491
25,163
6,327
10
-
250
31,751
Recognised over time
27, 9 02
21,746
6,157
10
-
250
28,162
Recognised at a point in time
3,589
3,418
171
-
-
-
3,589
Continuing earnings from cash
and cash equivalents
127
78
49
11
-
137
276
Total
31,618
25,242
6,376
21
-
387
32,027
Performance fees
Revenue from contracts
with customers
-16
-
-16
-
-
-
-16
Recognised at a point in time
-16
-
-16
-
-
-
-16
Total
-16
-
-16
-
-
-
-16
Other
Private Asset Renewable private asset
1.1.-31.12.2024, EUR 1,000 Management energy
management
Investments
Garantia
Other
Total
Management fees and other
continuing earnings
Revenue from contracts with
customers
27, 482
21,262
6,221
48
-
701
28,231
Recognised over time
26,521
20,301
6,221
48
-
280
26,849
Recognised at a point in time
961
961
-
-
-
421
1,382
Continuing earnings from cash
and cash equivalents
73
21
52
120
-
441
633
Total
27,555
21,282
6,273
167
-
1,141
28,864
Performance fees
Revenue from contracts with
customers
1,845
1,760
85
-
-
-
1,845
Recognised at a point in time
1,845
1,760
85
-
-
-
1,845
Total
1,845
1,760
85
-
-
-
1,845
Due to the successful investment activities of private equity funds and co-investments, Taaleri may be entitled to receive performance fees, which are recognised
in profit and loss in Performance fees line item. The performance fee is recognised at the point when its realisation can be considered reasonably certain. However,
performance fees are typically realised and paid during the later stage of the fund's lifecycle, upon the fund's exit. If the exit takes place only in later financial years,
but the realisation of the performance fee can already be reasonably certain in previous financial years, an asset based on the contract is recognised in connection
with the recognition of the unrealised performance fee. Performance fees recognised but not yet realised are recognised in the balance sheet under Accrued
income and advanced payments. The final amount of the performance fee will be determined in connection with the exit of the fund or co-investment, in which
case the performance fee will be derecognised from Accrued income.
At the end of the financial year, Taaleri's Accrued income included unrealised performance fees totalling EUR 15.9 (31.12.2024: 15.9) million, of which EUR 1.8
(31.12.2024: 1.8) million was non-current assets and EUR 14.2 (31.12.2024: 14.2) million was current assets.
4 Net result from insurance
EUR 1,000
1.1.-31.12.2025
1.1.-31.12.2024
Insurance revenue
Amounts relating to changes in liabilities for remaining coverage
CSM recognised for services provided
11,699
11,581
Change in risk adjustment for non-financial risk for risk expired
1,958
2,069
Expected incurred claims
2,056
1,769
Expected other insurance service expenses
2,504
2,301
Premium experience adjustments
647
542
Recovery of insurance acquisition cash flows
585
640
Insurance revenue total
19,449
18,902
Insurance service expenses
Incurred claims
-1,938
-841
Changes in liabilities for incurred claims
-163
915
Incurred other insurance service expenses
-3,321
-3,646
Losses on onerous contracts
306
98
Insurance acquisition cash flows
-1,420
-856
Insurance service expenses total
-6,536
-4,328
Net expenses from reinsurance contracts
-338
-375
Insurance service result
12,576
14,198
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net finance income and expense from insurance
Net finance income and expense from insurance
-661
-633
Interest accreted to insurance contracts
-667
-730
Effect of changes in financial assumptions through P/L
-52
-7
Other
58
104
Net finance expenses from reinsurance contracts
12
19
Interest accreted to reinsurance contracts
12
19
Other
-
-
Net finance income and expense from insurance
-649
-614
Net finance income and expenses from insurance amounted to EUR 0.7 million (0.6) and the total return from the company's investments at fair value amounted to
EUR 10.2 million (15.5).
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net income from investment operations
Financial assets at fair value through other comprehensive income
3,205
2,998
Interest income
3,356
3,003
Profit or loss from sales
-346
-354
Others
195
350
- of which change in expected credit loss
195
350
Financial assets at fair value through profit or loss
5,089
8,877
Financial assets that need to be measured at fair value through profit or loss
5,089
8,877
Interest income
1,029
1,150
Change in fair value
3,671
7, 322
From dividends
911
63
Profit or loss from sales
-340
214
Others
-182
128
Net income from insurance investment operations
8,294
11,875
Net result from insurance total
20,221
25,459
5 Net investment income
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Financial assets that need to be measured at fair value through profit or loss
Fair value changes
8,986
-1,224
Foreign exchange differences
-1,764
593
Profit or loss from divestments
-207
-635
Profit sharing from limited partnerships
50
140
Dividend income
-
682
Interest income
122
24
Financial assets measured at amortised cost
Interest income
251
521
From Group companies
Profit or loss from divestments
-736
8,153
Total
6,703
8,253
Gains and losses from Group companies in the financial year 2025 consist mainly of an adjustment related to the final liquidation distribution of a subsidiary that had previously been fully liquidated within the Group. Gains and losses from Group companies in the financial year 2024 consist mainly of an additional purchase price related to the sale of the subsidiary Taaleri Development Holdings Sarl, completed in 2023
6 Other operating income
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Billed expenses recorded as income
4,662
2,296
Income from Investments segment's projects
-
5,775
Other income
64
86
Total
4,727
8,158
The income from the projects in the Investments segment during 2024 are related to renewable energy development activities carried out in Texas between 2018
and 2021. Taaleri received the first part of the project's sale price in 2023 and, when announcing the transaction, stated that the sales agreement included the
possibility of additional income subject to certain conditions. The amount of additional income was USD 6.0 million, or approximately EUR 5.8 million, and it was
fully recognised in the financial year 2024. As at the balance sheet date of 31 December 2025, approximately half of the additional income is still receivable and is
subject to certain uncertainties, but management considers the realisation of the additional income to be highly probable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "3 Management fees, other continuing earnings and performance fees
Other
Private Asset Renewable private asset
1.1.-31.12.2025, EUR 1,000 Management energy
management
Investments
Garantia
Other
Total
Management fees and other
continuing earnings
Revenue from contracts with
customers
31,491
25,163
6,327
10
-
250
31,751
Recognised over time
27, 9 02
21,746
6,157
10
-
250
28,162
Recognised at a point in time
3,589
3,418
171
-
-
-
3,589
Continuing earnings from cash
and cash equivalents
127
78
49
11
-
137
276
Total
31,618
25,242
6,376
21
-
387
32,027
Performance fees
Revenue from contracts
with customers
-16
-
-16
-
-
-
-16
Recognised at a point in time
-16
-
-16
-
-
-
-16
Total
-16
-
-16
-
-
-
-16
Other
Private Asset Renewable private asset
1.1.-31.12.2024, EUR 1,000 Management energy
management
Investments
Garantia
Other
Total
Management fees and other
continuing earnings
Revenue from contracts with
customers
27, 482
21,262
6,221
48
-
701
28,231
Recognised over time
26,521
20,301
6,221
48
-
280
26,849
Recognised at a point in time
961
961
-
-
-
421
1,382
Continuing earnings from cash
and cash equivalents
73
21
52
120
-
441
633
Total
27,555
21,282
6,273
167
-
1,141
28,864
Performance fees
Revenue from contracts with
customers
1,845
1,760
85
-
-
-
1,845
Recognised at a point in time
1,845
1,760
85
-
-
-
1,845
Total
1,845
1,760
85
-
-
-
1,845
Due to the successful investment activities of private equity funds and co-investments, Taaleri may be entitled to receive performance fees, which are recognised in profit and loss in Performance fees line item. The performance fee is recognised at the point when its realisation can be considered reasonably certain. However, performance fees are typically realised and paid during the later stage of the fund's lifecycle, upon the fund's exit. If the exit takes place only in later financial years, but the realisation of the performance fee can already be reasonably certain in previous financial years, an asset based on the contract is recognised in connection with the recognition of the unrealised performance fee. Performance fees recognised but not yet realised are recognised in the balance sheet under Accrued income and advanced payments. The final amount of the performance fee will be determined in connection with the exit of the fund or co-investment, in which case the performance fee will be derecognised from Accrued income. At the end of the financial year, Taaleri's Accrued income included unrealised performance fees totalling EUR 15.9 (31.12.2024: 15.9) million, of which EUR 1.8 (31.12.2024: 1.8) million was non-current assets and EUR 14.2 (31.12.2024: 14.2) million was current assets. 4 Net result from insurance
EUR 1,000
1.1.-31.12.2025
1.1.-31.12.2024
Insurance revenue
Amounts relating to changes in liabilities for remaining coverage
CSM recognised for services provided
11,699
11,581
Change in risk adjustment for non-financial risk for risk expired
1,958
2,069
Expected incurred claims
2,056
1,769
Expected other insurance service expenses
2,504
2,301
Premium experience adjustments
647
542
Recovery of insurance acquisition cash flows
585
640
Insurance revenue total
19,449
18,902
Insurance service expenses
Incurred claims
-1,938
-841
Changes in liabilities for incurred claims
-163
915
Incurred other insurance service expenses
-3,321
-3,646
Losses on onerous contracts
306
98
Insurance acquisition cash flows
-1,420
-856
Insurance service expenses total
-6,536
-4,328
Net expenses from reinsurance contracts
-338
-375
Insurance service result
12,576
14,198
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net finance income and expense from insurance
Net finance income and expense from insurance
-661
-633
Interest accreted to insurance contracts
-667
-730
Effect of changes in financial assumptions through P/L
-52
-7
Other
58
104
Net finance expenses from reinsurance contracts
12
19
Interest accreted to reinsurance contracts
12
19
Other
-
-
Net finance income and expense from insurance
-649
-614
Net finance income and expenses from insurance amounted to EUR 0.7 million (0.6) and the total return from the company's investments at fair value amounted to EUR 10.2 million (15.5).
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net income from investment operations
Financial assets at fair value through other comprehensive income
3,205
2,998
Interest income
3,356
3,003
Profit or loss from sales
-346
-354
Others
195
350
- of which change in expected credit loss
195
350
Financial assets at fair value through profit or loss
5,089
8,877
Financial assets that need to be measured at fair value through profit or loss
5,089
8,877
Interest income
1,029
1,150
Change in fair value
3,671
7, 322
From dividends
911
63
Profit or loss from sales
-340
214
Others
-182
128
Net income from insurance investment operations
8,294
11,875
Net result from insurance total
20,221
25,459
5 Net investment income
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Financial assets that need to be measured at fair value through profit or loss
Fair value changes
8,986
-1,224
Foreign exchange differences
-1,764
593
Profit or loss from divestments
-207
-635
Profit sharing from limited partnerships
50
140
Dividend income
-
682
Interest income
122
24
Financial assets measured at amortised cost
Interest income
251
521
From Group companies
Profit or loss from divestments
-736
8,153
Total
6,703
8,253
Gains and losses from Group companies in the financial year 2025 consist mainly of an adjustment related to the final liquidation distribution of a subsidiary that had previously been fully liquidated within the Group. Gains and losses from Group companies in the financial year 2024 consist mainly of an additional purchase price related to the sale of the subsidiary Taaleri Development Holdings Sarl, completed in 2023 . 6 Other operating income
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Billed expenses recorded as income
4,662
2,296
Income from Investments segment's projects
-
5,775
Other income
64
86
Total
4,727
8,158
The income from the projects in the Investments segment during 2024 are related to renewable energy development activities carried out in Texas between 2018 and 2021. Taaleri received the first part of the project's sale price in 2023 and, when announcing the transaction, stated that the sales agreement included the possibility of additional income subject to certain conditions. The amount of additional income was USD 6.0 million, or approximately EUR 5.8 million, and it was fully recognised in the financial year 2024. As at the balance sheet date of 31 December 2025, approximately half of the additional income is still receivable and is subject to certain uncertainties, but management considers the realisation of the additional income to be highly probable. 7 Fee and commission expense
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Private Asset Management fee and commission expenses
7,646
7, 515
Other commission expenses
6
14
Total
7,651
7,529
8 Personnel costs
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Wages, salaries and fees
14,789
12,680
Whereof variable fees
3,860
2,380
Pension expenses from defined contribution plans
2,004
1,928
Share-based payments
366
552
Payable in cash or equity
366
552
Social security contributions
794
360
Total
17,953
15,520
9 Other operating expenses
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
ICT expenses
1,941
2,306
Voluntary personnel-related expenses
915
1,038
Travel and representation expenses
808
964
Communication and marketing expenses
903
973
Lease expenses recognised under the IFRS 16 exemptions
79
180
Fees paid to the company\u2019s auditors
465
332
Audit fees
409
314
Tax services
-
-
Other
56
17
Other external services
3,716
3,199
Other expenses
1,494
1,660
Total
10,320
10,651
10 Depreciation, amortisation and impairment
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Intangible assets
Planned depreciation
14
Goodwill impairment
-
1
Tangible assets
Planned depreciation
1,086
877
Other impairments
22
Total
1,100
900
11 Expected credit losses
At fair value
through other
EUR 1,000
Amortised cost
comprehensive income
1)
Total
ECL 1.1.2025
91
525
617
Additions due to initial issue and purchases
3
185
188
Deductions due to derecognitions
-38
-398
-436
Changes in risk parameters
-
19
19
Recognised in profit or loss
-35
-195
-230
ECL 31.12.2025
56
331
387
At fair value
through other
EUR 1,000
Amortised cost
comprehensive income
1)
Total
ECL 1.1.2024
1,862
875
2,737
Additions due to initial issue and purchases
5
81
86
Deductions due to derecognitions
-206
-746
-952
Changes in risk parameters
-1,569
315
-1,255
Recognised in profit or loss
-1,771
-350
-2,120
ECL 31.12.2024
91
525
617
1)
Expected credit losses from financial assets measured at fair value through other comprehensive income all pertain to the insurance operations, and therefore
the expected credit loss has been recognised in Net result from insurance, Net income from investments in insurance operations. For further information, see
Note 4 Net result from insurance.
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Received payments related to loans that have been written-off
-
-
Change in ECL
35
1,771
Realised credit losses
-
-1,640
Expected credit losses from financial assets measured at amortised cost recognised
in profit or loss
35
130
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "3 Management fees, other continuing earnings and performance fees
Other
Private Asset Renewable private asset
1.1.-31.12.2025, EUR 1,000 Management energy
management
Investments
Garantia
Other
Total
Management fees and other
continuing earnings
Revenue from contracts with
customers
31,491
25,163
6,327
10
-
250
31,751
Recognised over time
27, 9 02
21,746
6,157
10
-
250
28,162
Recognised at a point in time
3,589
3,418
171
-
-
-
3,589
Continuing earnings from cash
and cash equivalents
127
78
49
11
-
137
276
Total
31,618
25,242
6,376
21
-
387
32,027
Performance fees
Revenue from contracts
with customers
-16
-
-16
-
-
-
-16
Recognised at a point in time
-16
-
-16
-
-
-
-16
Total
-16
-
-16
-
-
-
-16
Other
Private Asset Renewable private asset
1.1.-31.12.2024, EUR 1,000 Management energy
management
Investments
Garantia
Other
Total
Management fees and other
continuing earnings
Revenue from contracts with
customers
27, 482
21,262
6,221
48
-
701
28,231
Recognised over time
26,521
20,301
6,221
48
-
280
26,849
Recognised at a point in time
961
961
-
-
-
421
1,382
Continuing earnings from cash
and cash equivalents
73
21
52
120
-
441
633
Total
27,555
21,282
6,273
167
-
1,141
28,864
Performance fees
Revenue from contracts with
customers
1,845
1,760
85
-
-
-
1,845
Recognised at a point in time
1,845
1,760
85
-
-
-
1,845
Total
1,845
1,760
85
-
-
-
1,845
Due to the successful investment activities of private equity funds and co-investments, Taaleri may be entitled to receive performance fees, which are recognised in profit and loss in Performance fees line item. The performance fee is recognised at the point when its realisation can be considered reasonably certain. However, performance fees are typically realised and paid during the later stage of the fund's lifecycle, upon the fund's exit. If the exit takes place only in later financial years, but the realisation of the performance fee can already be reasonably certain in previous financial years, an asset based on the contract is recognised in connection with the recognition of the unrealised performance fee. Performance fees recognised but not yet realised are recognised in the balance sheet under Accrued income and advanced payments. The final amount of the performance fee will be determined in connection with the exit of the fund or co-investment, in which case the performance fee will be derecognised from Accrued income. At the end of the financial year, Taaleri's Accrued income included unrealised performance fees totalling EUR 15.9 (31.12.2024: 15.9) million, of which EUR 1.8 (31.12.2024: 1.8) million was non-current assets and EUR 14.2 (31.12.2024: 14.2) million was current assets.
23 Other receivables
EUR 1,000
31.12.2025
31.12.2024
Non-current assets
3,245
3,031
Management fee receivables
3,245
3,031
Current assets
25,689
9,295
Management fee receivables
9,459
4,897
Receivables from other continuing earnings
3,746
1,350
Performance fee receivables
1,527
1,527
Sales receivables
8,269
-
Other receivables
2,688
1,521
Total
28,934
12,325
24 Accrued income
EUR 1,000
31.12.2025
31.12.2024
Non-current assets
2,407
10,297
Contract assets from unrealised performance fees
1,760
1,760
Discretionarily recognised sales receivables
-
8,309
Interest receivables
317
228
Other accrued income and prepayments
330
-
Current assets
24,394
25,444
Contract assets from unrealised performance fees
14,173
14,173
Discretionarily recognised sales receivables
2,553
5,775
Interest receivables
1,869
2,004
Tax receivables
108
411
Other accrued income and prepayments
5,690
3,081
Total
26,801
35,741
result in performance fees from the same fund being
recognised over several reporting periods before the
final amount is determined at the fund\u2019s exit.
If, upon subsequent review, it becomes evident that
reducing the discount factor does not result recog-
nising additional performance fees, Taaleri assesses
the amount of previously recognised but still unre-
alised performance fees in accordance with IFRS 15.
The assessment considers whether the previously
recognised variable consideration continues to meet
the criterion that there is no significant risk of a sig-
nificant reversal.
Contract assets from unrealised performance fees
as of the balance sheet date od 31 December 2025
were EUR 15.9 (15.9) million. These consisted of EUR
14.2 million in performance fees from Taaleri Wind II
and III Funds recognised in previous years classified
as current assets, and EUR 1.8 million in performance
fee from Taaleri SolarWind I Fund, recognised in
2024 classified as non-current asset. In the financial
year 2025, no changes were made to the amounts
of unrealised performance fees, nor were any new
unrealised performance fees recognised.
Contract assets from unrealised
performance fees
The performance fees of Taaleri's private asset
management business are recognised at the point
when its realisation can be considered reasonably
certain. However, performance fees are typically
realised and paid during the later stage of the fund's
lifecycle, upon the fund's exit. If the exit takes place
only in later financial years, but the realisation of the
performance fee can already be reasonably certain
in previous financial years, the performance fee is
recognised and an unrealised contract asset is rec-
ognised in Accrued income. The final amount of the
performance fee will be determined in connection
with the exit of the fund or co-investment, in which
case the performance fee will be derecognised from
Accrued income.
In order to avoid the need for a significant reversal of
accrued income recognised as a performance fee at
a later date, a discount factor approved by manage-
ment is used in the recognition of performance fees,
which is determined on a fund-by-fund and case-by-
case basis. The discount factor reflects the volatility
of the estimated performance fee, the timing uncer-
tainty related to the fund's exit, and, consequently,
the uncertainty of the final performance fee.
Taaleri performs valuation of its funds on a quarterly
basis and, in this context, reviews the performance
fees related to private equity funds and co-invest-
ments that are payable to the management company
or alternative investment fund manager. It also
assesses the likelihood of these fees being realised
and the final amount of the performance fees.
Taaleri applies a higher discount factor in the initial
recognition of unrealised performance fees. As the
remaining life of the fund shortens and the exit date
approaches, the discount factor may be reduced as
uncertainties diminish, provided there is a justified
basis for doing so. Reducing the discount factor used
in revenue recognition as uncertainties decrease may
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "3 Management fees, other continuing earnings and performance fees
Other
Private Asset Renewable private asset
1.1.-31.12.2025, EUR 1,000 Management energy
management
Investments
Garantia
Other
Total
Management fees and other
continuing earnings
Revenue from contracts with
customers
31,491
25,163
6,327
10
-
250
31,751
Recognised over time
27, 9 02
21,746
6,157
10
-
250
28,162
Recognised at a point in time
3,589
3,418
171
-
-
-
3,589
Continuing earnings from cash
and cash equivalents
127
78
49
11
-
137
276
Total
31,618
25,242
6,376
21
-
387
32,027
Performance fees
Revenue from contracts
with customers
-16
-
-16
-
-
-
-16
Recognised at a point in time
-16
-
-16
-
-
-
-16
Total
-16
-
-16
-
-
-
-16
Other
Private Asset Renewable private asset
1.1.-31.12.2024, EUR 1,000 Management energy
management
Investments
Garantia
Other
Total
Management fees and other
continuing earnings
Revenue from contracts with
customers
27, 482
21,262
6,221
48
-
701
28,231
Recognised over time
26,521
20,301
6,221
48
-
280
26,849
Recognised at a point in time
961
961
-
-
-
421
1,382
Continuing earnings from cash
and cash equivalents
73
21
52
120
-
441
633
Total
27,555
21,282
6,273
167
-
1,141
28,864
Performance fees
Revenue from contracts with
customers
1,845
1,760
85
-
-
-
1,845
Recognised at a point in time
1,845
1,760
85
-
-
-
1,845
Total
1,845
1,760
85
-
-
-
1,845
Due to the successful investment activities of private equity funds and co-investments, Taaleri may be entitled to receive performance fees, which are recognised in profit and loss in Performance fees line item. The performance fee is recognised at the point when its realisation can be considered reasonably certain. However, performance fees are typically realised and paid during the later stage of the fund's lifecycle, upon the fund's exit. If the exit takes place only in later financial years, but the realisation of the performance fee can already be reasonably certain in previous financial years, an asset based on the contract is recognised in connection with the recognition of the unrealised performance fee. Performance fees recognised but not yet realised are recognised in the balance sheet under Accrued income and advanced payments. The final amount of the performance fee will be determined in connection with the exit of the fund or co-investment, in which case the performance fee will be derecognised from Accrued income. At the end of the financial year, Taaleri's Accrued income included unrealised performance fees totalling EUR 15.9 (31.12.2024: 15.9) million, of which EUR 1.8 (31.12.2024: 1.8) million was non-current assets and EUR 14.2 (31.12.2024: 14.2) million was current assets. 7 Fee and commission expense
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Private Asset Management fee and commission expenses
7,646
7, 515
Other commission expenses
6
14
Total
7,651
7,529
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "4 Net result from insurance
EUR 1,000
1.1.-31.12.2025
1.1.-31.12.2024
Insurance revenue
Amounts relating to changes in liabilities for remaining coverage
CSM recognised for services provided
11,699
11,581
Change in risk adjustment for non-financial risk for risk expired
1,958
2,069
Expected incurred claims
2,056
1,769
Expected other insurance service expenses
2,504
2,301
Premium experience adjustments
647
542
Recovery of insurance acquisition cash flows
585
640
Insurance revenue total
19,449
18,902
Insurance service expenses
Incurred claims
-1,938
-841
Changes in liabilities for incurred claims
-163
915
Incurred other insurance service expenses
-3,321
-3,646
Losses on onerous contracts
306
98
Insurance acquisition cash flows
-1,420
-856
Insurance service expenses total
-6,536
-4,328
Net expenses from reinsurance contracts
-338
-375
Insurance service result
12,576
14,198
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net finance income and expense from insurance
Net finance income and expense from insurance
-661
-633
Interest accreted to insurance contracts
-667
-730
Effect of changes in financial assumptions through P/L
-52
-7
Other
58
104
Net finance expenses from reinsurance contracts
12
19
Interest accreted to reinsurance contracts
12
19
Other
-
-
Net finance income and expense from insurance
-649
-614
Net finance income and expenses from insurance amounted to EUR 0.7 million (0.6) and the total return from the company's investments at fair value amounted to EUR 10.2 million (15.5).
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net income from investment operations
Financial assets at fair value through other comprehensive income
3,205
2,998
Interest income
3,356
3,003
Profit or loss from sales
-346
-354
Others
195
350
- of which change in expected credit loss
195
350
Financial assets at fair value through profit or loss
5,089
8,877
Financial assets that need to be measured at fair value through profit or loss
5,089
8,877
Interest income
1,029
1,150
Change in fair value
3,671
7, 322
From dividends
911
63
Profit or loss from sales
-340
214
Others
-182
128
Net income from insurance investment operations
8,294
11,875
Net result from insurance total
20,221
25,459
31 Notes on insurance contracts 31.1 Reconciliation of the liabilities for remaning coverage and incurred claims for insurance contracts
31.12.2025
Liabilities for remaining coverage
EUR 1,000
Net liabilities excluding loss component
Acquisition cost asset
Loss component
Liabilities for incurred claims
Total
Opening insurance contract assets
-720
-
-125
4,575
3,730
Opening insurance contract liabilities
-42,191
-
-1,267
782
-42,676
Net opening liabilities relating to insurance contracts
-42,911
-
-1,392
5,357
-38,946
Changes in the statement of profit or loss and OCI
Insurance revenue
Contracts under the modified retrospective approach
3,144
-
-
-
3,144
Contracts under the fair value transition approach
30
-
-
-
30
Other contracts
16,275
-
-
-
16,275
Total insurance revenue
19,449
-
-
-
19,449
Insurance service expenses
Incurred claims and insurance administrative expenses
-
-
-
-5,259
-5,259
Changes that relate to past service: adjustments to liabilities for incurred claims
-
-
-
-163
-163
Losses on onerous contracts
-
-
306
-
306
Amortisation of insurance acquisition cash flows
-585
-
-
-
-585
Impairment of acquisition cost asset
-
-835
-
-
-835
Total insurance service expenses
-585
-835
306
-5,422
-6,536
Net finance income and expense from insurance
Net finance income and expense from insurance through PL
-759
-
-28
125
-661
Total net finance income and expense from insurance
-759
-
-28
125
-661
Total changes in statement of profit and loss and OCI
18,106
-835
278
-5,297
12,252
Cash flows during the period
Premiums received
-21,551
-
-
-
-21,551
Claims paid
-
-
-
-2,479
-2,479
Insurance administrative expenses paid
-
-
-
3,467
3,467
Acquisition cost paid
653
835
-
-
1,488
Total cash flows during the period
-20,898
835
-
988
-19,075
Closing insurance contract assets
-
-
-
-
-
Closing insurance contract liabilities
-45,704
-
-1,114
1,048
-45,769
Net closing liabilities relating to insurance contracts
-45,704
-
-1,114
1,048
-45,769
31.12.2024
Liabilities for remaining coverage
EUR 1,000
Net liabilities excluding loss component
Acquisition cost asset
Loss component
Liabilities for incurred claims
Total
Opening insurance contract assets
-
-
-
-
-
Opening insurance contract liabilities
-44,256
-
-1,472
112
-45,616
Net opening liabilities relating to insurance contracts
-44,256
-
-1,472
112
-45,616
Changes in the statement of profit or loss and OCI
Insurance revenue
Contracts under the modified retrospective approach
4,472
-
-
-
4,472
Contracts under the fair value transition approach
38
-
-
-
38
Other contracts
14,392
-
-
-
14,392
Total insurance revenue
18,902
-
-
-
18,902
Insurance service expenses
Incurred claims and insurance administrative expenses
-
-
-
-4,486
-4,486
Changes that relate to past service: adjustments to liabilities for incurred claims
-
-
-
915
915
Losses on onerous contracts
-
-
98
-
98
Amortisation of insurance acquisition cash flows
-640
-
-
-
-640
Impairment of acquisition cost asset
-
-216
-
-
-216
Total insurance service expenses
-640
-216
98
-3,571
-4,328
Net finance income and expense from insurance
Net finance income and expense from insurance through PL
-616
-
-18
1
-633
Total net finance income and expense from insurance
-616
-
-18
1
-633
Total changes in statement of profit and loss and OCI
17,646
-216
81
-3,570
13,941
Cash flows during the period
Premiums received
-16,933
-
-
-
-16,933
Claims paid
-
-
-
5,259
5,259
Insurance administrative expenses paid
-
-
-
3,556
3,556
Acquisition cost paid
631
216
-
-
847
Total cash flows during the period
-16,301
216
-
8,815
-7,270
Closing insurance contract assets
-720
-
-125
4,575
3,730
Closing insurance contract liabilities
-42,191
-
-1,267
782
-42,676
Net closing liabilities relating to insurance contracts
-42,911
-
-1,392
5,357
-38,946
31.2 Reconciliation of the components of insurance contract liabilities
31.12.2025
CSM
Estimation of present value Risk adjustment for Modified retrospective
EUR 1,000 of future cash flows non-financial risk
approach
Fair value approach
Other
Total
Opening insurance contract assets
5,912
-1,098
-
-
-1,084
3,730
Opening insurance contract liabilities
-4,023
-4,115
-2,679
-2
-31,857
-42,676
Net opening liabilities relating to insurance contracts
1,890
-5,213
-2,679
-2
-32,941
-38,946
Changes in the statement of profit or loss and OCI
Changes related to current services
CSM recognised in profit and loss
-
-
1,359
5
10,335
11,699
Change in risk adjustment for risk expired
-
2,015
-
-
-
2,015
Experience adjustments
-383
-64
-
-
-
-446
Changes related to future services
Contracts initially recognised in the period
16,269
-3,111
-
-
-13,252
-93
Changes in estimates that adjust CSM
-386
98
-16
-4
308
-
Changes in estimates that result in onerous contracts
or reversal of losses on onerous underlying contracts
-93
-6
-
-
-
-98
Changes that relate to past service
Changes to incurred claims
-363
200
-
-
-
-163
Insurance service result
15,046
-867
1,343
-2,609
12,914
Net finance income and expense from insurance
Insurance finance expenses through profit and loss
261
-
-41
-
-881
-661
Net finance income and expense from insurance
261
-
-41
-
-881
-661
Total changes in statement of profit and loss and OCI
15,307
-867
1,302
-3,490
12,252
Total cash flows
Premiums received
-21,551
-
-
-
-
-21,551
Claims paid
-2,479
-
-
-
-
-2,479
Insurance administrative expenses paid
3,467
-
-
-
-
3,467
Acquisition cost paid
1,488
-
-
-
-
1,488
Total cash flows
-19,075
-
-
-
-
-19,075
Closing insurance contract assets
-
-
-
-
-
-
Closing insurance contract liabilities
-1,879
-6,080
-1,377
-2
-36,432
-45,769
Net closing liabilities relating to insurance contracts
-1,879
-6,080
-1,377
-2
-36,432
-45,769
31.12.2024
CSM
Estimation of present value Risk adjustment for Modified retrospective
EUR 1,000 of future cash flows non-financial risk
approach
Fair value approach
Other
Total
Opening insurance contract assets
-
-
-
-
-
-
Opening insurance contract liabilities
-1,879
-5,699
-5,177
-3
-32,859
-45,616
Net opening liabilities relating to insurance contracts
-1,879
-5,699
-5,177
-3
-32,859
-45,616
Changes in the statement of profit or loss and OCI
Changes related to current services
CSM recognised in profit and loss
-
-
2,177
7
9,397
11,581
Change in risk adjustment for risk expired
-
2,087
-
-
-
2,087
Experience adjustments
659
-209
-
-
-
450
Changes related to future services
Contracts initially recognised in the period
11,151
-1,434
-
-
-9,860
-144
Changes in estimates that adjust CSM
-1,579
40
392
-6
1,154
-
Changes in estimates that result in onerous contracts
or reversal of losses on onerous underlying contracts
-271
-45
-
-
-
-316
Changes that relate to past service
Changes to incurred claims
868
47
-
-
-
915
Insurance service result
10,828
486
2,569
1
690
14,574
Net finance income and expense from insurance
Insurance finance expenses through profit and loss
211
-
-71
-
-773
-633
Net finance income and expense from insurance
211
-
-71
-
-773
-633
Total changes in statement of profit and loss and OCI
11,039
486
2,498
1
-82
13,941
Total cash flows
Premiums received
-16,933
-
-
-
-
-16,933
Claims paid
5,259
-
-
-
-
5,259
Insurance administrative expenses paid
3,556
-
-
-
-
3,556
Acquisition cost paid
847
-
-
-
-
847
Total cash flows
-7, 270
-
-
-
-
-7, 270
Closing insurance contract assets
5,912
-1,098
-
-
-1,084
3,730
Closing insurance contract liabilities
-4,023
-4,115
-2,679
-2
-31,857
-42,676
Net closing liabilities relating to insurance contracts
1,890
-5,213
-2,679
-2
-32,941
-38,946
31.3 Reconciliation of the assets for remaning coverage and incurred claims for reinsurance contracts
31.12.2025
Assets for remaining coverage
Excluding loss-recovery Loss-recovery
EUR 1,000 component
component
Assets for incurred claims
Total
Opening reinsurance contract assets
59
2
Opening reinsurance contract liabilities
-
-
-
-
Net opening assets relating to reinsurance contracts
59
2
94
155
Changes in the statement of profit or loss and OCI
Net expenses from reinsurance contracts
Allocation of reinsurer premium paid
-334
-
-
-334
Amounts recoverable for claims and other expenses
-
-
-
-
Changes that relate to past service: adjustments to assets for incurred claims
-
-
-5
-5
Recoveries and reversals of recoveries of losses on onerous underlying contracts
-
1
-
1
Effect of changes in the risk of reinsurers non-performance
-
-
-
-
Total net expenses from reinsurance contracts
-334
1
-5
-338
Net finance expenses from reinsurance contracts
Net finance income and expense from reinsurance through PL
11
1
12
Total net finance expenses from reinsurance contracts
11
-
1
12
Total changes in statement of profit and loss and OCI
-323
1
-4
-325
Cash flows during the period
Premiums paid to reinsurers
319
-
319
Recoveries received from reinsurance
-
-
Total cash flows during the period
319
-
320
Closing reinsurance contract assets
55
3
91
150
Closing reinsurance contract liabilities
-
-
-
-
Net closing assets relating to reinsurance contracts
55
3
91
150
31.12.2024
Assets for remaining coverage
Excluding loss-recovery Loss-recovery
EUR 1,000 component
component
Assets for incurred claims
Total
Opening reinsurance contract assets
43
54
228
325
Opening reinsurance contract liabilities
-
-
-
-
Net opening assets relating to reinsurance contracts
43
54
228
325
Changes in the statement of profit or loss and OCI
Net expenses from reinsurance contracts
Allocation of reinsurer premium paid
-364
-
-
-364
Amounts recoverable for claims and other expenses
-
-
49
49
Changes that relate to past service: adjustments to assets for incurred claims
-
-
-8
-8
Recoveries and reversals of recoveries of losses on onerous underlying contracts
-
-52
-
-52
Effect of changes in the risk of reinsurers non-performance
-
-
-
-
Total net expenses from reinsurance contracts
-364
-52
41
-375
Net finance expenses from reinsurance contracts
Net finance income and expense from reinsurance through PL
18
-
1
19
Total net finance expenses from reinsurance contracts
18
-
1
19
Total changes in statement of profit and loss and OCI
-346
-52
41
-357
Cash flows during the period
Premiums paid to reinsurers
362
-
-
362
Recoveries received from reinsurance
-
-
-175
-175
Total cash flows during the period
362
-
-175
187
Closing reinsurance contract assets
59
2
94
155
Closing reinsurance contract liabilities
-
-
-
-
Net closing assets relating to reinsurance contracts
59
2
94
155
31.4 Reconciliation of the components of reinsurance contract assets
31.12.2025
CSM
Estimation of present value Risk adjustment for Modified retrospective
EUR 1,000 of future cash flows non-financial risk
approach
Fair value approach
Other
Total
Opening reinsurance contract assets
53
155
Opening reinsurance contract liabilities
-
-
Net opening assets relating to reinsurance contracts
53
27
75
-
-
155
Changes in the statement of profit or loss and OCI
Changes related to current services
CSM recognised in profit and loss
-
-
-34
-
-359
-393
Change in risk adjustment for risk expired
-
-2
-
-
-
-2
Experience adjustments
61
-
-
-
-
61
Changes related to future services
Contracts initially recognised in the period
-350
-
-
-
350
-
Changes in estimates that adjust CSM
-26
1
25
-
-
-
Changes in estimates that relate to losses and
reversals of losses on onerous underlying contracts
-
-
1
-
-
1
Changes that relate to past service
Changes to incurred claims
-5
-
-
-
-
-5
Effect of changes in non-performance risk of reinsurers
-
-
-
-
-
-
Total net expenses from reinsurance contracts
-320
-1
-8
-
-9
-338
Net finance expenses from reinsurance contracts
Net finance income and expense from reinsurance through PL
1
-
2
-
9
12
Total net finance expenses from reinsurance contracts
1
-
2
-
9
12
Total changes in statement of profit and loss and OCI
-319
-1
-5
-
-
-325
Total cash flows
Premiums paid to reinsurers
319
-
-
-
-
319
Recoveries received from reinsurance
-
-
-
-
Total cash flows
320
-
-
-
-
320
Closing reinsurance contract assets
54
26
70
-
-
150
Closing reinsurance contract liabilities
-
-
-
-
-
-
Net closing assets relating to reinsurance contracts
54
26
70
-
-
150
31.12.2024
CSM
Estimation of present value Risk adjustment for Modified retrospective
EUR 1,000 of future cash flows non-financial risk
approach
Fair value approach
Other
Total
Opening reinsurance contract assets
168
36
121
-
-
325
Opening reinsurance contract liabilities
-
-
-
-
-
-
Net opening assets relating to reinsurance contracts
168
36
121
-
-
325
Changes in the statement of profit or loss and OCI
Changes related to current services
CSM recognised in profit and loss
-
-
-58
-
-389
-447
Change in risk adjustment for risk expired
-
-10
-
-
-
-10
Experience adjustments
140
1
-
-
-
141
Changes related to future services
Contracts initially recognised in the period
-375
-
-
-
375
-
Changes in estimates that adjust CSM
-66
4
61
-
-
-
Changes in estimates that relate to losses
and reversals of losses on onerous underlying contracts
-
-
-52
-
-
-52
Changes that relate to past service
Changes to incurred claims
-3
-5
-
-
-
-8
Effect of changes in non-performance risk of reinsurers
-
-
-
-
-
-
Total net expenses from reinsurance contracts
-304
-9
-48
-
-14
-375
Net finance expenses from reinsurance contracts
Net finance income and expense from reinsurance through PL
2
-
3
-
14
19
Total net finance expenses from reinsurance contracts
2
-
3
-
14
19
Total changes in statement of profit and loss and OCI
-302
-9
-46
-
-
-357
Total cash flows
Premiums paid to reinsurers
362
-
-
-
-
362
Recoveries received from reinsurance
-175
-
-
-
-
-175
Total cash flows
187
-
-
-
-
187
Closing reinsurance contract assets
53
27
75
-
-
155
Closing reinsurance contract liabilities
-
-
-
-
-
-
Net closing assets relating to reinsurance contracts
53
27
75
-
-
155
31.5 Effect of insurance contracts initially recognised in the period
1.1.-31.12.2025
Non-onerous Onerous
Insurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
21,077
445
21,522
Estimates of present value of cash outflows
-4,819
-433
-5,252
- Of which insurance acqustion cash flows
-644
-
-644
- Of which claims and other insurance service expenses payable
-4,175
-433
-4,609
Estimates of present value of cash flows
16,258
12
16,269
Risk adjustment for non-financial risk
3,006
105
3,111
CSM
13,252
-
13,252
Losses recognised on initial recognition
-
93
93
1.1.-31.12.2024
Non-onerous Onerous
Insurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
13,720
359
14,079
Estimates of present value of cash outflows
-2,490
-439
-2,929
- Of which insurance acqustion cash flows
-1,866
-
-1,866
- Of which claims and other insurance service expenses payable
-624
-439
-1,063
Estimates of present value of cash flows
11,230
-80
11,151
Risk adjustment for non-financial risk
1,370
64
1,434
CSM
9,860
-
9,860
Losses recognised on initial recognition
-
144
144
1.1.-31.12.2025
Non-onerous Onerous
Reinsurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
-
-
-
Estimates of present value of cash outflows
-
-350
-350
Estimates of present value of cash flows
-
-350
-350
Risk adjustment for non-financial risk
-
-
-
CSM
-
-350
-350
Reinsurance contract assets on initial recognition
-
-
-
Reinsurance contract liabilities on initial recognition
-
-
-
1.1.-31.12.2024
Non-onerous Onerous
Reinsurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
-
-
-
Estimates of present value of cash outflows
-
-375
-375
Estimates of present value of cash flows
-
-375
-375
Risk adjustment for non-financial risk
-
-
-
CSM
-
-375
-375
Reinsurance contract assets on initial recognition
-
-
-
Reinsurance contract liabilities on initial recognition
-
-
-
31.6 Illustration of recognition of the contractual service margin
Reinsurance
31.12.
202
5, EUR 1,000
Insurance contracts
contracts
Total
Year 0-1
10,714
26
10,740
Year 1-3
14,707
42
14,749
Year 3-5
7,697
2
7,698
Year 5-7
3,229
-
3,229
Year 7-10
1,188
-
1,188
Year 10+
276
-
276
Contractual service margin total at the end of the period
37,810
70
37,880
Ceded reinsurance is onerous and the contractual service margin will be recognised as an expense.
Reinsurance
31.12.
2024
, EUR 1,000
Insurance contracts
contracts
Total
Year 0-1
10,299
31
10,329
Year 1-3
14,117
43
14,160
Year 3-5
7,408
2
7,410
Year 5-7
3,015
-
3,015
Year 7-10
748
-
748
Year 10+
35
-
35
Contractual service margin total at the end of the period
35,622
75
35,697
38 Quantitative information about
insurance risk and insurance liabilities
Taaleri\u2019s insurance operations consist only of the
business of Garantia Insurance Company Ltd. Below
is a presentation of quantitative information for
Garantia. Garantia Insurance Co Ltd was merged with
the Group on 1 April 2015.
Effects of insurance regulation norms
Established in 1993, Garantia Insurance Compa-
ny Ltd is a private non-life insurance company
specialising in guaranty insurance and supervised
by the Finnish Financial Supervisory Authority. In
accordance with the authorisation granted by the
Financial Supervisory Authority, Garantia may offer
insurance in the non-life insurance classes 14 Credit
and 15 Suretyship. On the basis of its authorisation,
the company may also engage in the reinsurance of
such non-life insurance.
In addition to the Insurance Companies' Act
(521/2008), Directive 2009/138 of the European Par-
liament and Comission (Solvency II), and the Comis-
sion (EU) Delegated Regulation 2015/35, Garantia's
operations are regulated through decrees and stan-
dards set by the Financial Supervisory Authority and
the European Insurance and Occupational Pensions
Authority (EIOPA), and also through several other
laws, decrees and instructions.
The Insurance Companies' Act regulates and sets
insurance companies comprehensive requirements on
capital adequacy, governance, risk management and
reporting. Among the most central quantitative require-
ments are the Solvency Capital Requirement (SCR)
and the Minimum Capital Requirement (MCR), that an
insurance company must constantly fulfil with own
funds sufficient both in terms of quality and quantity.
The following table presents a summary on the com-
pany's solvency position:
Solvency, EUR million
31.12.2025
31.12.2024
Basic own funds
113.6
112.9
Solvency Capital Requirement (SCR)
46.7
43.0
Minimum Capital Requirement (MCR)
11.7
10.7
Solvency, %
243.2%
262.7%
Garantia\u2019s basic own funds consist fully of unrestricted Tier 1 basic own funds. Garantia does not apply transition arrangements in defining its basic own funds
and Garantia\u2019s own funds do not include items classified as ancillary own funds. Garantia does not use the matching adjustment or the volatility adjustment in the
calculation of technical provisions. Garantia applies the standard formula in the calculation of the solvency capital requirement. Garantia does not use simplified
calculation in the standard formula\u2019s risk modules or submodules, or company-specific parameters instead of the parameters of the standard formula. Garantia
does not apply the transition arrangements of technical provisions or market risk calculations. Garantia\u2019s solvency capital requirement has included a capital add-
on related to insurance risk set by the Financial Supervisory Authority as of 30 June 2018. The Financial Supervisory Authority assesses the amount of the capital
add-on at least once a year. At the end of the financial year, the capital add-on amounted to EUR 5.0 (7.0) million. When making the add-on decision, the Financial
Supervisory Authority acknowledged the capital requirement for insurance risk calculated as per Garantia\u2019s own economic capital model.
Gross insurance exposure by business line, EUR million
31.12.2025
31.12.2024
Consumer exposure
1,493
1,404
Corporate exposure
289
275
Total
1,782
1,679
Consumer exposure includes residential mortgage loan guaranties and rent guaranties, where insurance risk is attributable to credit risk of households. Corporate exposure is made up of corporate loan guaranties, commercial bonds and other guaranties, where insurance risk is attributable to credit risk of corporates and other organisations. The company cedes reinsurace for the purpose of mitigating the credit risks arising from its primary insurance operations. The reinsurance arrangements in place include both quota share arrangements and excess-of-loss arrangements. All reinsurance counterparties are rated A of better.
Reinsured share of insuracen exposures by business line, EUR million
31.12.2025
31.12.2024
Consumer exposure
20
20
Corporate exposure
3
4
Total
23
24
Corporate insurance exposure by credit rating, EUR million
31.12.2025
31.12.2024
AAA...BBB-
87
96
BB...BB-
143
79
B+...B-
46
80
C+ or weaker
3
5
Rated exposure total
280
260
Other exposure
10
14
Corporate exposure total
289
275
Corporate insurance exposure by industry, EUR million
31.12.2025
31.12.2024
Manufacturing
32
45
Machinery and equipment industry (incl. repair)
14
22
Metals
2
4
Chemicals
11
13
Food
4
6
Other
1
1
Water supply and waste management
47
45
Wholesale and retail trade
61
38
Construction
37
36
Finance and insurance
18
33
Services
17
27
Energy
23
15
Transport and logistics
15
2
Information and communication
0
0
Other industries
30
19
Rated exposure total
280
260
Other exposure
10
14
Corporate exposure total
289
275
Other exposure consists of exposure where insurance risk is not directly attributable to the creditworthiness or industry sector of the counterparty. Hence, this
exposure has not been rated. The industry classification is based on the classification taxonomy of Statistics Finland.
Maturity distribution of expected cashflows from insurance contract liabilities, EUR 1,000
31.12.2025
31.12.2024
Year 0-1
-754
-2,033
Year 1-2
-163
-1,886
Year 2-3
-142
-1,984
Year 3-4
-33
19
Year 4-5
74
78
Year 5+
-845
-634
Total cash flow
-1,863
-6,440
Maturity distribution of expected cashflows from reinsurance contract assets, EUR 1,000
31.12.2025
31.12.2024
Year 0-1
-64
-57
Year 1-2
8
8
Year 2-3
8
8
Year 3-4
-
-
Year 4-5
-
-
Year 5+
-
-
Total cash flow
-48
-40
Sensitivity analysis of insurance operations 31 December 2025 Effect on profit/ Effect on equity,
Risk parameter
Change
loss, EUR 1,000 EUR 1,000
Expeted claims
+50%
-765.1
-765.1
Expected administrative expenses
+10%
-303.5
-303.5
Cost of capital
+1%-p.
-586.1
-586.1
Discount rate
-1%-p.
61.6
61.6
Sensitivity analysis of insurance operations 31 December 2024 Effect on profit/ Effect on equity,
Risk parameter
Change
loss, EUR 1,000 EUR 1,000
Expeted claims
+50%
-883.9
-883.9
Expected administrative expenses
+10%
-271.3
-271.3
Cost of capital
+1%-p.
-533.9
-533.9
Discount rate
-1%-p.
127.7
127.7
The sensitivity analysis has been prepared assuming as if the changes had happened on the last day of the reporting period. Other variables have been assumed to remain constant. The changes related to claims and expenses describe possible changes in estimates concerning future cash flows of insurance operations. The change in cost of capital is reflected in the change in the value of the risk adjustment for non-financial risks, as the risk adjustment for non-financial risk is valued using the cost-of-capital approach. The change in the discount rate describes sensitivity to insurance financial risks. The financial risks, incorporated in the discount rate, include the interest rate risk of insurance operations and the liquidity risk related to the illiquidity of cash flows from insurance contracts. The development of cumulative claims according to the accident year The tables illustrates how estimates of cumulative claims have developed over time on gross and net of reinsurance basis. Each table shows how the estimates of total claims for each accident year have developed over time and reconciles the cumulative claims amount to the amount included in the statement of financial position. The information is shown from the fiscal year of 2022 onwards since Garantia has applied modified retrospective approach and fair value approeach for some of the insurance contracts.
31.12.2025
Accident year
Gross of reinsurance, EUR 1,000
Estimates of undiscounted gross cumulative claims
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
At the end of accident year
1,131
1,045
320
1,681
1 year later
507
979
878
862
2 year later
381
418
857
872
3 year later
3,772
327
344
847
4 year later
294
3,704
276
325
5 year later
729
223
3,615
276
6 year later
451
710
199
3,608
7 year later
448
678
188
8 year later
406
680
9 year later
401
Gross claims paid on accident years 2016-2025
497
708
238
3,646
381
427
921
1 126
1 219
2,380
11,542
Gross undiscounted claims liability - accident years 2016-2025
-96
-27
-50
-37
-105
-103
-74
-254
-356
-699
-1,801
Gross undiscounted claims liability - accident years before 2016
-102
Other items*
855
Gross liabilities for incurred claims included in the statement of financial position
-1,048
* Other items include effect of discounting, risk adjustment and other insurance service expenses
31.12.2025
Accident year
Net of reinsurance, EUR 1,000
Estimates of undiscounted net cumulative claims
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
At the end of accident year
1,131
1,045
272
1,681
1 year later
498
979
878
815
2 year later
379
409
857
872
3 year later
1,701
327
335
847
4 year later
294
1,639
276
319
5 year later
567
223
1,551
276
6 year later
450
547
199
1,544
7 year later
448
516
188
8 year later
406
519
9 year later
401
Net claims paid on accident years 2016-2025
497
569
238
1,598
381
422
921
1 126
1 219
2,380
9,352
Net undiscounted claims liability - accident years 2016-2025
-96
-51
-50
-54
-105
-104
-74
-254
-404
-699
-1,890
Net undiscounted claims liability - accident years before 2016
-102
Other items*
853
Net liabilities for incurred claims included in the statement of financial position
-1,139
* Other items include effect of discounting, risk adjustment and other insurance service expenses", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "4 Net result from insurance
EUR 1,000
1.1.-31.12.2025
1.1.-31.12.2024
Insurance revenue
Amounts relating to changes in liabilities for remaining coverage
CSM recognised for services provided
11,699
11,581
Change in risk adjustment for non-financial risk for risk expired
1,958
2,069
Expected incurred claims
2,056
1,769
Expected other insurance service expenses
2,504
2,301
Premium experience adjustments
647
542
Recovery of insurance acquisition cash flows
585
640
Insurance revenue total
19,449
18,902
Insurance service expenses
Incurred claims
-1,938
-841
Changes in liabilities for incurred claims
-163
915
Incurred other insurance service expenses
-3,321
-3,646
Losses on onerous contracts
306
98
Insurance acquisition cash flows
-1,420
-856
Insurance service expenses total
-6,536
-4,328
Net expenses from reinsurance contracts
-338
-375
Insurance service result
12,576
14,198
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net finance income and expense from insurance
Net finance income and expense from insurance
-661
-633
Interest accreted to insurance contracts
-667
-730
Effect of changes in financial assumptions through P/L
-52
-7
Other
58
104
Net finance expenses from reinsurance contracts
12
19
Interest accreted to reinsurance contracts
12
19
Other
-
-
Net finance income and expense from insurance
-649
-614
Net finance income and expenses from insurance amounted to EUR 0.7 million (0.6) and the total return from the company's investments at fair value amounted to EUR 10.2 million (15.5).
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net income from investment operations
Financial assets at fair value through other comprehensive income
3,205
2,998
Interest income
3,356
3,003
Profit or loss from sales
-346
-354
Others
195
350
- of which change in expected credit loss
195
350
Financial assets at fair value through profit or loss
5,089
8,877
Financial assets that need to be measured at fair value through profit or loss
5,089
8,877
Interest income
1,029
1,150
Change in fair value
3,671
7, 322
From dividends
911
63
Profit or loss from sales
-340
214
Others
-182
128
Net income from insurance investment operations
8,294
11,875
Net result from insurance total
20,221
25,459
31.1 Reconciliation of the liabilities for remaning coverage and incurred claims for insurance contracts
31.12.2025
Liabilities for remaining coverage
EUR 1,000
Net liabilities excluding loss component
Acquisition cost asset
Loss component
Liabilities for incurred claims
Total
Opening insurance contract assets
-720
-
-125
4,575
3,730
Opening insurance contract liabilities
-42,191
-
-1,267
782
-42,676
Net opening liabilities relating to insurance contracts
-42,911
-
-1,392
5,357
-38,946
Changes in the statement of profit or loss and OCI
Insurance revenue
Contracts under the modified retrospective approach
3,144
-
-
-
3,144
Contracts under the fair value transition approach
30
-
-
-
30
Other contracts
16,275
-
-
-
16,275
Total insurance revenue
19,449
-
-
-
19,449
Insurance service expenses
Incurred claims and insurance administrative expenses
-
-
-
-5,259
-5,259
Changes that relate to past service: adjustments to liabilities for incurred claims
-
-
-
-163
-163
Losses on onerous contracts
-
-
306
-
306
Amortisation of insurance acquisition cash flows
-585
-
-
-
-585
Impairment of acquisition cost asset
-
-835
-
-
-835
Total insurance service expenses
-585
-835
306
-5,422
-6,536
Net finance income and expense from insurance
Net finance income and expense from insurance through PL
-759
-
-28
125
-661
Total net finance income and expense from insurance
-759
-
-28
125
-661
Total changes in statement of profit and loss and OCI
18,106
-835
278
-5,297
12,252
Cash flows during the period
Premiums received
-21,551
-
-
-
-21,551
Claims paid
-
-
-
-2,479
-2,479
Insurance administrative expenses paid
-
-
-
3,467
3,467
Acquisition cost paid
653
835
-
-
1,488
Total cash flows during the period
-20,898
835
-
988
-19,075
Closing insurance contract assets
-
-
-
-
-
Closing insurance contract liabilities
-45,704
-
-1,114
1,048
-45,769
Net closing liabilities relating to insurance contracts
-45,704
-
-1,114
1,048
-45,769
31.12.2024
Liabilities for remaining coverage
EUR 1,000
Net liabilities excluding loss component
Acquisition cost asset
Loss component
Liabilities for incurred claims
Total
Opening insurance contract assets
-
-
-
-
-
Opening insurance contract liabilities
-44,256
-
-1,472
112
-45,616
Net opening liabilities relating to insurance contracts
-44,256
-
-1,472
112
-45,616
Changes in the statement of profit or loss and OCI
Insurance revenue
Contracts under the modified retrospective approach
4,472
-
-
-
4,472
Contracts under the fair value transition approach
38
-
-
-
38
Other contracts
14,392
-
-
-
14,392
Total insurance revenue
18,902
-
-
-
18,902
Insurance service expenses
Incurred claims and insurance administrative expenses
-
-
-
-4,486
-4,486
Changes that relate to past service: adjustments to liabilities for incurred claims
-
-
-
915
915
Losses on onerous contracts
-
-
98
-
98
Amortisation of insurance acquisition cash flows
-640
-
-
-
-640
Impairment of acquisition cost asset
-
-216
-
-
-216
Total insurance service expenses
-640
-216
98
-3,571
-4,328
Net finance income and expense from insurance
Net finance income and expense from insurance through PL
-616
-
-18
1
-633
Total net finance income and expense from insurance
-616
-
-18
1
-633
Total changes in statement of profit and loss and OCI
17,646
-216
81
-3,570
13,941
Cash flows during the period
Premiums received
-16,933
-
-
-
-16,933
Claims paid
-
-
-
5,259
5,259
Insurance administrative expenses paid
-
-
-
3,556
3,556
Acquisition cost paid
631
216
-
-
847
Total cash flows during the period
-16,301
216
-
8,815
-7,270
Closing insurance contract assets
-720
-
-125
4,575
3,730
Closing insurance contract liabilities
-42,191
-
-1,267
782
-42,676
Net closing liabilities relating to insurance contracts
-42,911
-
-1,392
5,357
-38,946
31.2 Reconciliation of the components of insurance contract liabilities
31.12.2025
CSM
Estimation of present value Risk adjustment for Modified retrospective
EUR 1,000 of future cash flows non-financial risk
approach
Fair value approach
Other
Total
Opening insurance contract assets
5,912
-1,098
-
-
-1,084
3,730
Opening insurance contract liabilities
-4,023
-4,115
-2,679
-2
-31,857
-42,676
Net opening liabilities relating to insurance contracts
1,890
-5,213
-2,679
-2
-32,941
-38,946
Changes in the statement of profit or loss and OCI
Changes related to current services
CSM recognised in profit and loss
-
-
1,359
5
10,335
11,699
Change in risk adjustment for risk expired
-
2,015
-
-
-
2,015
Experience adjustments
-383
-64
-
-
-
-446
Changes related to future services
Contracts initially recognised in the period
16,269
-3,111
-
-
-13,252
-93
Changes in estimates that adjust CSM
-386
98
-16
-4
308
-
Changes in estimates that result in onerous contracts
or reversal of losses on onerous underlying contracts
-93
-6
-
-
-
-98
Changes that relate to past service
Changes to incurred claims
-363
200
-
-
-
-163
Insurance service result
15,046
-867
1,343
-2,609
12,914
Net finance income and expense from insurance
Insurance finance expenses through profit and loss
261
-
-41
-
-881
-661
Net finance income and expense from insurance
261
-
-41
-
-881
-661
Total changes in statement of profit and loss and OCI
15,307
-867
1,302
-3,490
12,252
Total cash flows
Premiums received
-21,551
-
-
-
-
-21,551
Claims paid
-2,479
-
-
-
-
-2,479
Insurance administrative expenses paid
3,467
-
-
-
-
3,467
Acquisition cost paid
1,488
-
-
-
-
1,488
Total cash flows
-19,075
-
-
-
-
-19,075
Closing insurance contract assets
-
-
-
-
-
-
Closing insurance contract liabilities
-1,879
-6,080
-1,377
-2
-36,432
-45,769
Net closing liabilities relating to insurance contracts
-1,879
-6,080
-1,377
-2
-36,432
-45,769
31.12.2024
CSM
Estimation of present value Risk adjustment for Modified retrospective
EUR 1,000 of future cash flows non-financial risk
approach
Fair value approach
Other
Total
Opening insurance contract assets
-
-
-
-
-
-
Opening insurance contract liabilities
-1,879
-5,699
-5,177
-3
-32,859
-45,616
Net opening liabilities relating to insurance contracts
-1,879
-5,699
-5,177
-3
-32,859
-45,616
Changes in the statement of profit or loss and OCI
Changes related to current services
CSM recognised in profit and loss
-
-
2,177
7
9,397
11,581
Change in risk adjustment for risk expired
-
2,087
-
-
-
2,087
Experience adjustments
659
-209
-
-
-
450
Changes related to future services
Contracts initially recognised in the period
11,151
-1,434
-
-
-9,860
-144
Changes in estimates that adjust CSM
-1,579
40
392
-6
1,154
-
Changes in estimates that result in onerous contracts
or reversal of losses on onerous underlying contracts
-271
-45
-
-
-
-316
Changes that relate to past service
Changes to incurred claims
868
47
-
-
-
915
Insurance service result
10,828
486
2,569
1
690
14,574
Net finance income and expense from insurance
Insurance finance expenses through profit and loss
211
-
-71
-
-773
-633
Net finance income and expense from insurance
211
-
-71
-
-773
-633
Total changes in statement of profit and loss and OCI
11,039
486
2,498
1
-82
13,941
Total cash flows
Premiums received
-16,933
-
-
-
-
-16,933
Claims paid
5,259
-
-
-
-
5,259
Insurance administrative expenses paid
3,556
-
-
-
-
3,556
Acquisition cost paid
847
-
-
-
-
847
Total cash flows
-7, 270
-
-
-
-
-7, 270
Closing insurance contract assets
5,912
-1,098
-
-
-1,084
3,730
Closing insurance contract liabilities
-4,023
-4,115
-2,679
-2
-31,857
-42,676
Net closing liabilities relating to insurance contracts
1,890
-5,213
-2,679
-2
-32,941
-38,946
31.5 Effect of insurance contracts initially recognised in the period
1.1.-31.12.2025
Non-onerous Onerous
Insurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
21,077
445
21,522
Estimates of present value of cash outflows
-4,819
-433
-5,252
- Of which insurance acqustion cash flows
-644
-
-644
- Of which claims and other insurance service expenses payable
-4,175
-433
-4,609
Estimates of present value of cash flows
16,258
12
16,269
Risk adjustment for non-financial risk
3,006
105
3,111
CSM
13,252
-
13,252
Losses recognised on initial recognition
-
93
93
1.1.-31.12.2024
Non-onerous Onerous
Insurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
13,720
359
14,079
Estimates of present value of cash outflows
-2,490
-439
-2,929
- Of which insurance acqustion cash flows
-1,866
-
-1,866
- Of which claims and other insurance service expenses payable
-624
-439
-1,063
Estimates of present value of cash flows
11,230
-80
11,151
Risk adjustment for non-financial risk
1,370
64
1,434
CSM
9,860
-
9,860
Losses recognised on initial recognition
-
144
144
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "4 Net result from insurance
EUR 1,000
1.1.-31.12.2025
1.1.-31.12.2024
Insurance revenue
Amounts relating to changes in liabilities for remaining coverage
CSM recognised for services provided
11,699
11,581
Change in risk adjustment for non-financial risk for risk expired
1,958
2,069
Expected incurred claims
2,056
1,769
Expected other insurance service expenses
2,504
2,301
Premium experience adjustments
647
542
Recovery of insurance acquisition cash flows
585
640
Insurance revenue total
19,449
18,902
Insurance service expenses
Incurred claims
-1,938
-841
Changes in liabilities for incurred claims
-163
915
Incurred other insurance service expenses
-3,321
-3,646
Losses on onerous contracts
306
98
Insurance acquisition cash flows
-1,420
-856
Insurance service expenses total
-6,536
-4,328
Net expenses from reinsurance contracts
-338
-375
Insurance service result
12,576
14,198
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net finance income and expense from insurance
Net finance income and expense from insurance
-661
-633
Interest accreted to insurance contracts
-667
-730
Effect of changes in financial assumptions through P/L
-52
-7
Other
58
104
Net finance expenses from reinsurance contracts
12
19
Interest accreted to reinsurance contracts
12
19
Other
-
-
Net finance income and expense from insurance
-649
-614
Net finance income and expenses from insurance amounted to EUR 0.7 million (0.6) and the total return from the company's investments at fair value amounted to EUR 10.2 million (15.5).
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net income from investment operations
Financial assets at fair value through other comprehensive income
3,205
2,998
Interest income
3,356
3,003
Profit or loss from sales
-346
-354
Others
195
350
- of which change in expected credit loss
195
350
Financial assets at fair value through profit or loss
5,089
8,877
Financial assets that need to be measured at fair value through profit or loss
5,089
8,877
Interest income
1,029
1,150
Change in fair value
3,671
7, 322
From dividends
911
63
Profit or loss from sales
-340
214
Others
-182
128
Net income from insurance investment operations
8,294
11,875
Net result from insurance total
20,221
25,459
31.1 Reconciliation of the liabilities for remaning coverage and incurred claims for insurance contracts
31.12.2025
Liabilities for remaining coverage
EUR 1,000
Net liabilities excluding loss component
Acquisition cost asset
Loss component
Liabilities for incurred claims
Total
Opening insurance contract assets
-720
-
-125
4,575
3,730
Opening insurance contract liabilities
-42,191
-
-1,267
782
-42,676
Net opening liabilities relating to insurance contracts
-42,911
-
-1,392
5,357
-38,946
Changes in the statement of profit or loss and OCI
Insurance revenue
Contracts under the modified retrospective approach
3,144
-
-
-
3,144
Contracts under the fair value transition approach
30
-
-
-
30
Other contracts
16,275
-
-
-
16,275
Total insurance revenue
19,449
-
-
-
19,449
Insurance service expenses
Incurred claims and insurance administrative expenses
-
-
-
-5,259
-5,259
Changes that relate to past service: adjustments to liabilities for incurred claims
-
-
-
-163
-163
Losses on onerous contracts
-
-
306
-
306
Amortisation of insurance acquisition cash flows
-585
-
-
-
-585
Impairment of acquisition cost asset
-
-835
-
-
-835
Total insurance service expenses
-585
-835
306
-5,422
-6,536
Net finance income and expense from insurance
Net finance income and expense from insurance through PL
-759
-
-28
125
-661
Total net finance income and expense from insurance
-759
-
-28
125
-661
Total changes in statement of profit and loss and OCI
18,106
-835
278
-5,297
12,252
Cash flows during the period
Premiums received
-21,551
-
-
-
-21,551
Claims paid
-
-
-
-2,479
-2,479
Insurance administrative expenses paid
-
-
-
3,467
3,467
Acquisition cost paid
653
835
-
-
1,488
Total cash flows during the period
-20,898
835
-
988
-19,075
Closing insurance contract assets
-
-
-
-
-
Closing insurance contract liabilities
-45,704
-
-1,114
1,048
-45,769
Net closing liabilities relating to insurance contracts
-45,704
-
-1,114
1,048
-45,769
31.12.2024
Liabilities for remaining coverage
EUR 1,000
Net liabilities excluding loss component
Acquisition cost asset
Loss component
Liabilities for incurred claims
Total
Opening insurance contract assets
-
-
-
-
-
Opening insurance contract liabilities
-44,256
-
-1,472
112
-45,616
Net opening liabilities relating to insurance contracts
-44,256
-
-1,472
112
-45,616
Changes in the statement of profit or loss and OCI
Insurance revenue
Contracts under the modified retrospective approach
4,472
-
-
-
4,472
Contracts under the fair value transition approach
38
-
-
-
38
Other contracts
14,392
-
-
-
14,392
Total insurance revenue
18,902
-
-
-
18,902
Insurance service expenses
Incurred claims and insurance administrative expenses
-
-
-
-4,486
-4,486
Changes that relate to past service: adjustments to liabilities for incurred claims
-
-
-
915
915
Losses on onerous contracts
-
-
98
-
98
Amortisation of insurance acquisition cash flows
-640
-
-
-
-640
Impairment of acquisition cost asset
-
-216
-
-
-216
Total insurance service expenses
-640
-216
98
-3,571
-4,328
Net finance income and expense from insurance
Net finance income and expense from insurance through PL
-616
-
-18
1
-633
Total net finance income and expense from insurance
-616
-
-18
1
-633
Total changes in statement of profit and loss and OCI
17,646
-216
81
-3,570
13,941
Cash flows during the period
Premiums received
-16,933
-
-
-
-16,933
Claims paid
-
-
-
5,259
5,259
Insurance administrative expenses paid
-
-
-
3,556
3,556
Acquisition cost paid
631
216
-
-
847
Total cash flows during the period
-16,301
216
-
8,815
-7,270
Closing insurance contract assets
-720
-
-125
4,575
3,730
Closing insurance contract liabilities
-42,191
-
-1,267
782
-42,676
Net closing liabilities relating to insurance contracts
-42,911
-
-1,392
5,357
-38,946
31.2 Reconciliation of the components of insurance contract liabilities
31.12.2025
CSM
Estimation of present value Risk adjustment for Modified retrospective
EUR 1,000 of future cash flows non-financial risk
approach
Fair value approach
Other
Total
Opening insurance contract assets
5,912
-1,098
-
-
-1,084
3,730
Opening insurance contract liabilities
-4,023
-4,115
-2,679
-2
-31,857
-42,676
Net opening liabilities relating to insurance contracts
1,890
-5,213
-2,679
-2
-32,941
-38,946
Changes in the statement of profit or loss and OCI
Changes related to current services
CSM recognised in profit and loss
-
-
1,359
5
10,335
11,699
Change in risk adjustment for risk expired
-
2,015
-
-
-
2,015
Experience adjustments
-383
-64
-
-
-
-446
Changes related to future services
Contracts initially recognised in the period
16,269
-3,111
-
-
-13,252
-93
Changes in estimates that adjust CSM
-386
98
-16
-4
308
-
Changes in estimates that result in onerous contracts
or reversal of losses on onerous underlying contracts
-93
-6
-
-
-
-98
Changes that relate to past service
Changes to incurred claims
-363
200
-
-
-
-163
Insurance service result
15,046
-867
1,343
-2,609
12,914
Net finance income and expense from insurance
Insurance finance expenses through profit and loss
261
-
-41
-
-881
-661
Net finance income and expense from insurance
261
-
-41
-
-881
-661
Total changes in statement of profit and loss and OCI
15,307
-867
1,302
-3,490
12,252
Total cash flows
Premiums received
-21,551
-
-
-
-
-21,551
Claims paid
-2,479
-
-
-
-
-2,479
Insurance administrative expenses paid
3,467
-
-
-
-
3,467
Acquisition cost paid
1,488
-
-
-
-
1,488
Total cash flows
-19,075
-
-
-
-
-19,075
Closing insurance contract assets
-
-
-
-
-
-
Closing insurance contract liabilities
-1,879
-6,080
-1,377
-2
-36,432
-45,769
Net closing liabilities relating to insurance contracts
-1,879
-6,080
-1,377
-2
-36,432
-45,769
31.12.2024
CSM
Estimation of present value Risk adjustment for Modified retrospective
EUR 1,000 of future cash flows non-financial risk
approach
Fair value approach
Other
Total
Opening insurance contract assets
-
-
-
-
-
-
Opening insurance contract liabilities
-1,879
-5,699
-5,177
-3
-32,859
-45,616
Net opening liabilities relating to insurance contracts
-1,879
-5,699
-5,177
-3
-32,859
-45,616
Changes in the statement of profit or loss and OCI
Changes related to current services
CSM recognised in profit and loss
-
-
2,177
7
9,397
11,581
Change in risk adjustment for risk expired
-
2,087
-
-
-
2,087
Experience adjustments
659
-209
-
-
-
450
Changes related to future services
Contracts initially recognised in the period
11,151
-1,434
-
-
-9,860
-144
Changes in estimates that adjust CSM
-1,579
40
392
-6
1,154
-
Changes in estimates that result in onerous contracts
or reversal of losses on onerous underlying contracts
-271
-45
-
-
-
-316
Changes that relate to past service
Changes to incurred claims
868
47
-
-
-
915
Insurance service result
10,828
486
2,569
1
690
14,574
Net finance income and expense from insurance
Insurance finance expenses through profit and loss
211
-
-71
-
-773
-633
Net finance income and expense from insurance
211
-
-71
-
-773
-633
Total changes in statement of profit and loss and OCI
11,039
486
2,498
1
-82
13,941
Total cash flows
Premiums received
-16,933
-
-
-
-
-16,933
Claims paid
5,259
-
-
-
-
5,259
Insurance administrative expenses paid
3,556
-
-
-
-
3,556
Acquisition cost paid
847
-
-
-
-
847
Total cash flows
-7, 270
-
-
-
-
-7, 270
Closing insurance contract assets
5,912
-1,098
-
-
-1,084
3,730
Closing insurance contract liabilities
-4,023
-4,115
-2,679
-2
-31,857
-42,676
Net closing liabilities relating to insurance contracts
1,890
-5,213
-2,679
-2
-32,941
-38,946
31.5 Effect of insurance contracts initially recognised in the period
1.1.-31.12.2025
Non-onerous Onerous
Insurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
21,077
445
21,522
Estimates of present value of cash outflows
-4,819
-433
-5,252
- Of which insurance acqustion cash flows
-644
-
-644
- Of which claims and other insurance service expenses payable
-4,175
-433
-4,609
Estimates of present value of cash flows
16,258
12
16,269
Risk adjustment for non-financial risk
3,006
105
3,111
CSM
13,252
-
13,252
Losses recognised on initial recognition
-
93
93
1.1.-31.12.2024
Non-onerous Onerous
Insurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
13,720
359
14,079
Estimates of present value of cash outflows
-2,490
-439
-2,929
- Of which insurance acqustion cash flows
-1,866
-
-1,866
- Of which claims and other insurance service expenses payable
-624
-439
-1,063
Estimates of present value of cash flows
11,230
-80
11,151
Risk adjustment for non-financial risk
1,370
64
1,434
CSM
9,860
-
9,860
Losses recognised on initial recognition
-
144
144
1.1.-31.12.2025
Non-onerous Onerous
Reinsurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
-
-
-
Estimates of present value of cash outflows
-
-350
-350
Estimates of present value of cash flows
-
-350
-350
Risk adjustment for non-financial risk
-
-
-
CSM
-
-350
-350
Reinsurance contract assets on initial recognition
-
-
-
Reinsurance contract liabilities on initial recognition
-
-
-
1.1.-31.12.2024
Non-onerous Onerous
Reinsurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
-
-
-
Estimates of present value of cash outflows
-
-375
-375
Estimates of present value of cash flows
-
-375
-375
Risk adjustment for non-financial risk
-
-
-
CSM
-
-375
-375
Reinsurance contract assets on initial recognition
-
-
-
Reinsurance contract liabilities on initial recognition
-
-
-
31.6 Illustration of recognition of the contractual service margin
Reinsurance
31.12.
202
5, EUR 1,000
Insurance contracts
contracts
Total
Year 0-1
10,714
26
10,740
Year 1-3
14,707
42
14,749
Year 3-5
7,697
2
7,698
Year 5-7
3,229
-
3,229
Year 7-10
1,188
-
1,188
Year 10+
276
-
276
Contractual service margin total at the end of the period
37,810
70
37,880
Ceded reinsurance is onerous and the contractual service margin will be recognised as an expense.
Reinsurance
31.12.
2024
, EUR 1,000
Insurance contracts
contracts
Total
Year 0-1
10,299
31
10,329
Year 1-3
14,117
43
14,160
Year 3-5
7,408
2
7,410
Year 5-7
3,015
-
3,015
Year 7-10
748
-
748
Year 10+
35
-
35
Contractual service margin total at the end of the period
35,622
75
35,697
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "4 Net result from insurance
EUR 1,000
1.1.-31.12.2025
1.1.-31.12.2024
Insurance revenue
Amounts relating to changes in liabilities for remaining coverage
CSM recognised for services provided
11,699
11,581
Change in risk adjustment for non-financial risk for risk expired
1,958
2,069
Expected incurred claims
2,056
1,769
Expected other insurance service expenses
2,504
2,301
Premium experience adjustments
647
542
Recovery of insurance acquisition cash flows
585
640
Insurance revenue total
19,449
18,902
Insurance service expenses
Incurred claims
-1,938
-841
Changes in liabilities for incurred claims
-163
915
Incurred other insurance service expenses
-3,321
-3,646
Losses on onerous contracts
306
98
Insurance acquisition cash flows
-1,420
-856
Insurance service expenses total
-6,536
-4,328
Net expenses from reinsurance contracts
-338
-375
Insurance service result
12,576
14,198
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net finance income and expense from insurance
Net finance income and expense from insurance
-661
-633
Interest accreted to insurance contracts
-667
-730
Effect of changes in financial assumptions through P/L
-52
-7
Other
58
104
Net finance expenses from reinsurance contracts
12
19
Interest accreted to reinsurance contracts
12
19
Other
-
-
Net finance income and expense from insurance
-649
-614
Net finance income and expenses from insurance amounted to EUR 0.7 million (0.6) and the total return from the company's investments at fair value amounted to EUR 10.2 million (15.5).
31.3 Reconciliation of the assets for remaning coverage and incurred claims for reinsurance contracts
31.12.2025
Assets for remaining coverage
Excluding loss-recovery Loss-recovery
EUR 1,000 component
component
Assets for incurred claims
Total
Opening reinsurance contract assets
59
2
Opening reinsurance contract liabilities
-
-
-
-
Net opening assets relating to reinsurance contracts
59
2
94
155
Changes in the statement of profit or loss and OCI
Net expenses from reinsurance contracts
Allocation of reinsurer premium paid
-334
-
-
-334
Amounts recoverable for claims and other expenses
-
-
-
-
Changes that relate to past service: adjustments to assets for incurred claims
-
-
-5
-5
Recoveries and reversals of recoveries of losses on onerous underlying contracts
-
1
-
1
Effect of changes in the risk of reinsurers non-performance
-
-
-
-
Total net expenses from reinsurance contracts
-334
1
-5
-338
Net finance expenses from reinsurance contracts
Net finance income and expense from reinsurance through PL
11
1
12
Total net finance expenses from reinsurance contracts
11
-
1
12
Total changes in statement of profit and loss and OCI
-323
1
-4
-325
Cash flows during the period
Premiums paid to reinsurers
319
-
319
Recoveries received from reinsurance
-
-
Total cash flows during the period
319
-
320
Closing reinsurance contract assets
55
3
91
150
Closing reinsurance contract liabilities
-
-
-
-
Net closing assets relating to reinsurance contracts
55
3
91
150
31.12.2024
Assets for remaining coverage
Excluding loss-recovery Loss-recovery
EUR 1,000 component
component
Assets for incurred claims
Total
Opening reinsurance contract assets
43
54
228
325
Opening reinsurance contract liabilities
-
-
-
-
Net opening assets relating to reinsurance contracts
43
54
228
325
Changes in the statement of profit or loss and OCI
Net expenses from reinsurance contracts
Allocation of reinsurer premium paid
-364
-
-
-364
Amounts recoverable for claims and other expenses
-
-
49
49
Changes that relate to past service: adjustments to assets for incurred claims
-
-
-8
-8
Recoveries and reversals of recoveries of losses on onerous underlying contracts
-
-52
-
-52
Effect of changes in the risk of reinsurers non-performance
-
-
-
-
Total net expenses from reinsurance contracts
-364
-52
41
-375
Net finance expenses from reinsurance contracts
Net finance income and expense from reinsurance through PL
18
-
1
19
Total net finance expenses from reinsurance contracts
18
-
1
19
Total changes in statement of profit and loss and OCI
-346
-52
41
-357
Cash flows during the period
Premiums paid to reinsurers
362
-
-
362
Recoveries received from reinsurance
-
-
-175
-175
Total cash flows during the period
362
-
-175
187
Closing reinsurance contract assets
59
2
94
155
Closing reinsurance contract liabilities
-
-
-
-
Net closing assets relating to reinsurance contracts
59
2
94
155
31.4 Reconciliation of the components of reinsurance contract assets
31.12.2025
CSM
Estimation of present value Risk adjustment for Modified retrospective
EUR 1,000 of future cash flows non-financial risk
approach
Fair value approach
Other
Total
Opening reinsurance contract assets
53
155
Opening reinsurance contract liabilities
-
-
Net opening assets relating to reinsurance contracts
53
27
75
-
-
155
Changes in the statement of profit or loss and OCI
Changes related to current services
CSM recognised in profit and loss
-
-
-34
-
-359
-393
Change in risk adjustment for risk expired
-
-2
-
-
-
-2
Experience adjustments
61
-
-
-
-
61
Changes related to future services
Contracts initially recognised in the period
-350
-
-
-
350
-
Changes in estimates that adjust CSM
-26
1
25
-
-
-
Changes in estimates that relate to losses and
reversals of losses on onerous underlying contracts
-
-
1
-
-
1
Changes that relate to past service
Changes to incurred claims
-5
-
-
-
-
-5
Effect of changes in non-performance risk of reinsurers
-
-
-
-
-
-
Total net expenses from reinsurance contracts
-320
-1
-8
-
-9
-338
Net finance expenses from reinsurance contracts
Net finance income and expense from reinsurance through PL
1
-
2
-
9
12
Total net finance expenses from reinsurance contracts
1
-
2
-
9
12
Total changes in statement of profit and loss and OCI
-319
-1
-5
-
-
-325
Total cash flows
Premiums paid to reinsurers
319
-
-
-
-
319
Recoveries received from reinsurance
-
-
-
-
Total cash flows
320
-
-
-
-
320
Closing reinsurance contract assets
54
26
70
-
-
150
Closing reinsurance contract liabilities
-
-
-
-
-
-
Net closing assets relating to reinsurance contracts
54
26
70
-
-
150
31.12.2024
CSM
Estimation of present value Risk adjustment for Modified retrospective
EUR 1,000 of future cash flows non-financial risk
approach
Fair value approach
Other
Total
Opening reinsurance contract assets
168
36
121
-
-
325
Opening reinsurance contract liabilities
-
-
-
-
-
-
Net opening assets relating to reinsurance contracts
168
36
121
-
-
325
Changes in the statement of profit or loss and OCI
Changes related to current services
CSM recognised in profit and loss
-
-
-58
-
-389
-447
Change in risk adjustment for risk expired
-
-10
-
-
-
-10
Experience adjustments
140
1
-
-
-
141
Changes related to future services
Contracts initially recognised in the period
-375
-
-
-
375
-
Changes in estimates that adjust CSM
-66
4
61
-
-
-
Changes in estimates that relate to losses
and reversals of losses on onerous underlying contracts
-
-
-52
-
-
-52
Changes that relate to past service
Changes to incurred claims
-3
-5
-
-
-
-8
Effect of changes in non-performance risk of reinsurers
-
-
-
-
-
-
Total net expenses from reinsurance contracts
-304
-9
-48
-
-14
-375
Net finance expenses from reinsurance contracts
Net finance income and expense from reinsurance through PL
2
-
3
-
14
19
Total net finance expenses from reinsurance contracts
2
-
3
-
14
19
Total changes in statement of profit and loss and OCI
-302
-9
-46
-
-
-357
Total cash flows
Premiums paid to reinsurers
362
-
-
-
-
362
Recoveries received from reinsurance
-175
-
-
-
-
-175
Total cash flows
187
-
-
-
-
187
Closing reinsurance contract assets
53
27
75
-
-
155
Closing reinsurance contract liabilities
-
-
-
-
-
-
Net closing assets relating to reinsurance contracts
53
27
75
-
-
155
31.5 Effect of insurance contracts initially recognised in the period
1.1.-31.12.2025
Non-onerous Onerous
Insurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
21,077
445
21,522
Estimates of present value of cash outflows
-4,819
-433
-5,252
- Of which insurance acqustion cash flows
-644
-
-644
- Of which claims and other insurance service expenses payable
-4,175
-433
-4,609
Estimates of present value of cash flows
16,258
12
16,269
Risk adjustment for non-financial risk
3,006
105
3,111
CSM
13,252
-
13,252
Losses recognised on initial recognition
-
93
93
1.1.-31.12.2024
Non-onerous Onerous
Insurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
13,720
359
14,079
Estimates of present value of cash outflows
-2,490
-439
-2,929
- Of which insurance acqustion cash flows
-1,866
-
-1,866
- Of which claims and other insurance service expenses payable
-624
-439
-1,063
Estimates of present value of cash flows
11,230
-80
11,151
Risk adjustment for non-financial risk
1,370
64
1,434
CSM
9,860
-
9,860
Losses recognised on initial recognition
-
144
144
1.1.-31.12.2025
Non-onerous Onerous
Reinsurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
-
-
-
Estimates of present value of cash outflows
-
-350
-350
Estimates of present value of cash flows
-
-350
-350
Risk adjustment for non-financial risk
-
-
-
CSM
-
-350
-350
Reinsurance contract assets on initial recognition
-
-
-
Reinsurance contract liabilities on initial recognition
-
-
-
1.1.-31.12.2024
Non-onerous Onerous
Reinsurance contracts, EUR 1,000 contracts issued
contracts issued
Total
Estimates of present value of cash inflows
-
-
-
Estimates of present value of cash outflows
-
-375
-375
Estimates of present value of cash flows
-
-375
-375
Risk adjustment for non-financial risk
-
-
-
CSM
-
-375
-375
Reinsurance contract assets on initial recognition
-
-
-
Reinsurance contract liabilities on initial recognition
-
-
-
31.6 Illustration of recognition of the contractual service margin
Reinsurance
31.12.
202
5, EUR 1,000
Insurance contracts
contracts
Total
Year 0-1
10,714
26
10,740
Year 1-3
14,707
42
14,749
Year 3-5
7,697
2
7,698
Year 5-7
3,229
-
3,229
Year 7-10
1,188
-
1,188
Year 10+
276
-
276
Contractual service margin total at the end of the period
37,810
70
37,880
Ceded reinsurance is onerous and the contractual service margin will be recognised as an expense.
Reinsurance
31.12.
2024
, EUR 1,000
Insurance contracts
contracts
Total
Year 0-1
10,299
31
10,329
Year 1-3
14,117
43
14,160
Year 3-5
7,408
2
7,410
Year 5-7
3,015
-
3,015
Year 7-10
748
-
748
Year 10+
35
-
35
Contractual service margin total at the end of the period
35,622
75
35,697
Reinsured share of insuracen exposures by business line, EUR million
31.12.2025
31.12.2024
Consumer exposure
20
20
Corporate exposure
3
4
Total
23
24
The company cedes reinsurace for the purpose of mitigating the credit risks arising from its primary insurance operations. The reinsurance arrangements in place
include both quota share arrangements and excess-of-loss arrangements. All reinsurance counterparties are rated A of better.
Maturity distribution of expected cashflows from reinsurance contract assets, EUR 1,000
31.12.2025
31.12.2024
Year 0-1
-64
-57
Year 1-2
8
8
Year 2-3
8
8
Year 3-4
-
-
Year 4-5
-
-
Year 5+
-
-
Total cash flow
-48
-40
The development of cumulative claims according to the accident year
The tables illustrates how estimates of cumulative claims have developed over time on gross and net of reinsurance basis. Each table shows how the estimates of total claims for each accident year have developed over time and reconciles the cumulative claims amount to the amount included in the statement of financial position.
The information is shown from the fiscal year of 2022 onwards since Garantia has applied modified retrospective approach and fair value approeach for some of the insurance contracts.
31.12.2025
Accident year
Gross of reinsurance, EUR 1,000
Estimates of undiscounted gross cumulative claims
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
At the end of accident year
1,131
1,045
320
1,681
1 year later
507
979
878
862
2 year later
381
418
857
872
3 year later
3,772
327
344
847
4 year later
294
3,704
276
325
5 year later
729
223
3,615
276
6 year later
451
710
199
3,608
7 year later
448
678
188
8 year later
406
680
9 year later
401
Gross claims paid on accident years 2016-2025
497
708
238
3,646
381
427
921
1 126
1 219
2,380
11,542
Gross undiscounted claims liability - accident years 2016-2025
-96
-27
-50
-37
-105
-103
-74
-254
-356
-699
-1,801
Gross undiscounted claims liability - accident years before 2016
-102
Other items*
855
Gross liabilities for incurred claims included in the statement of financial position
-1,048
* Other items include effect of discounting, risk adjustment and other insurance service expenses
31.12.2025
Accident year
Net of reinsurance, EUR 1,000
Estimates of undiscounted net cumulative claims
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
At the end of accident year
1,131
1,045
272
1,681
1 year later
498
979
878
815
2 year later
379
409
857
872
3 year later
1,701
327
335
847
4 year later
294
1,639
276
319
5 year later
567
223
1,551
276
6 year later
450
547
199
1,544
7 year later
448
516
188
8 year later
406
519
9 year later
401
Net claims paid on accident years 2016-2025
497
569
238
1,598
381
422
921
1 126
1 219
2,380
9,352
Net undiscounted claims liability - accident years 2016-2025
-96
-51
-50
-54
-105
-104
-74
-254
-404
-699
-1,890
Net undiscounted claims liability - accident years before 2016
-102
Other items*
853
Net liabilities for incurred claims included in the statement of financial position
-1,139
* Other items include effect of discounting, risk adjustment and other insurance service expenses
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "4 Net result from insurance
EUR 1,000
1.1.-31.12.2025
1.1.-31.12.2024
Insurance revenue
Amounts relating to changes in liabilities for remaining coverage
CSM recognised for services provided
11,699
11,581
Change in risk adjustment for non-financial risk for risk expired
1,958
2,069
Expected incurred claims
2,056
1,769
Expected other insurance service expenses
2,504
2,301
Premium experience adjustments
647
542
Recovery of insurance acquisition cash flows
585
640
Insurance revenue total
19,449
18,902
Insurance service expenses
Incurred claims
-1,938
-841
Changes in liabilities for incurred claims
-163
915
Incurred other insurance service expenses
-3,321
-3,646
Losses on onerous contracts
306
98
Insurance acquisition cash flows
-1,420
-856
Insurance service expenses total
-6,536
-4,328
Net expenses from reinsurance contracts
-338
-375
Insurance service result
12,576
14,198
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net finance income and expense from insurance
Net finance income and expense from insurance
-661
-633
Interest accreted to insurance contracts
-667
-730
Effect of changes in financial assumptions through P/L
-52
-7
Other
58
104
Net finance expenses from reinsurance contracts
12
19
Interest accreted to reinsurance contracts
12
19
Other
-
-
Net finance income and expense from insurance
-649
-614
Net finance income and expenses from insurance amounted to EUR 0.7 million (0.6) and the total return from the company's investments at fair value amounted to EUR 10.2 million (15.5).
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net income from investment operations
Financial assets at fair value through other comprehensive income
3,205
2,998
Interest income
3,356
3,003
Profit or loss from sales
-346
-354
Others
195
350
- of which change in expected credit loss
195
350
Financial assets at fair value through profit or loss
5,089
8,877
Financial assets that need to be measured at fair value through profit or loss
5,089
8,877
Interest income
1,029
1,150
Change in fair value
3,671
7, 322
From dividends
911
63
Profit or loss from sales
-340
214
Others
-182
128
Net income from insurance investment operations
8,294
11,875
Net result from insurance total
20,221
25,459
31.1 Reconciliation of the liabilities for remaning coverage and incurred claims for insurance contracts
31.12.2025
Liabilities for remaining coverage
EUR 1,000
Net liabilities excluding loss component
Acquisition cost asset
Loss component
Liabilities for incurred claims
Total
Opening insurance contract assets
-720
-
-125
4,575
3,730
Opening insurance contract liabilities
-42,191
-
-1,267
782
-42,676
Net opening liabilities relating to insurance contracts
-42,911
-
-1,392
5,357
-38,946
Changes in the statement of profit or loss and OCI
Insurance revenue
Contracts under the modified retrospective approach
3,144
-
-
-
3,144
Contracts under the fair value transition approach
30
-
-
-
30
Other contracts
16,275
-
-
-
16,275
Total insurance revenue
19,449
-
-
-
19,449
Insurance service expenses
Incurred claims and insurance administrative expenses
-
-
-
-5,259
-5,259
Changes that relate to past service: adjustments to liabilities for incurred claims
-
-
-
-163
-163
Losses on onerous contracts
-
-
306
-
306
Amortisation of insurance acquisition cash flows
-585
-
-
-
-585
Impairment of acquisition cost asset
-
-835
-
-
-835
Total insurance service expenses
-585
-835
306
-5,422
-6,536
Net finance income and expense from insurance
Net finance income and expense from insurance through PL
-759
-
-28
125
-661
Total net finance income and expense from insurance
-759
-
-28
125
-661
Total changes in statement of profit and loss and OCI
18,106
-835
278
-5,297
12,252
Cash flows during the period
Premiums received
-21,551
-
-
-
-21,551
Claims paid
-
-
-
-2,479
-2,479
Insurance administrative expenses paid
-
-
-
3,467
3,467
Acquisition cost paid
653
835
-
-
1,488
Total cash flows during the period
-20,898
835
-
988
-19,075
Closing insurance contract assets
-
-
-
-
-
Closing insurance contract liabilities
-45,704
-
-1,114
1,048
-45,769
Net closing liabilities relating to insurance contracts
-45,704
-
-1,114
1,048
-45,769
31.12.2024
Liabilities for remaining coverage
EUR 1,000
Net liabilities excluding loss component
Acquisition cost asset
Loss component
Liabilities for incurred claims
Total
Opening insurance contract assets
-
-
-
-
-
Opening insurance contract liabilities
-44,256
-
-1,472
112
-45,616
Net opening liabilities relating to insurance contracts
-44,256
-
-1,472
112
-45,616
Changes in the statement of profit or loss and OCI
Insurance revenue
Contracts under the modified retrospective approach
4,472
-
-
-
4,472
Contracts under the fair value transition approach
38
-
-
-
38
Other contracts
14,392
-
-
-
14,392
Total insurance revenue
18,902
-
-
-
18,902
Insurance service expenses
Incurred claims and insurance administrative expenses
-
-
-
-4,486
-4,486
Changes that relate to past service: adjustments to liabilities for incurred claims
-
-
-
915
915
Losses on onerous contracts
-
-
98
-
98
Amortisation of insurance acquisition cash flows
-640
-
-
-
-640
Impairment of acquisition cost asset
-
-216
-
-
-216
Total insurance service expenses
-640
-216
98
-3,571
-4,328
Net finance income and expense from insurance
Net finance income and expense from insurance through PL
-616
-
-18
1
-633
Total net finance income and expense from insurance
-616
-
-18
1
-633
Total changes in statement of profit and loss and OCI
17,646
-216
81
-3,570
13,941
Cash flows during the period
Premiums received
-16,933
-
-
-
-16,933
Claims paid
-
-
-
5,259
5,259
Insurance administrative expenses paid
-
-
-
3,556
3,556
Acquisition cost paid
631
216
-
-
847
Total cash flows during the period
-16,301
216
-
8,815
-7,270
Closing insurance contract assets
-720
-
-125
4,575
3,730
Closing insurance contract liabilities
-42,191
-
-1,267
782
-42,676
Net closing liabilities relating to insurance contracts
-42,911
-
-1,392
5,357
-38,946
31.2 Reconciliation of the components of insurance contract liabilities
31.12.2025
CSM
Estimation of present value Risk adjustment for Modified retrospective
EUR 1,000 of future cash flows non-financial risk
approach
Fair value approach
Other
Total
Opening insurance contract assets
5,912
-1,098
-
-
-1,084
3,730
Opening insurance contract liabilities
-4,023
-4,115
-2,679
-2
-31,857
-42,676
Net opening liabilities relating to insurance contracts
1,890
-5,213
-2,679
-2
-32,941
-38,946
Changes in the statement of profit or loss and OCI
Changes related to current services
CSM recognised in profit and loss
-
-
1,359
5
10,335
11,699
Change in risk adjustment for risk expired
-
2,015
-
-
-
2,015
Experience adjustments
-383
-64
-
-
-
-446
Changes related to future services
Contracts initially recognised in the period
16,269
-3,111
-
-
-13,252
-93
Changes in estimates that adjust CSM
-386
98
-16
-4
308
-
Changes in estimates that result in onerous contracts
or reversal of losses on onerous underlying contracts
-93
-6
-
-
-
-98
Changes that relate to past service
Changes to incurred claims
-363
200
-
-
-
-163
Insurance service result
15,046
-867
1,343
-2,609
12,914
Net finance income and expense from insurance
Insurance finance expenses through profit and loss
261
-
-41
-
-881
-661
Net finance income and expense from insurance
261
-
-41
-
-881
-661
Total changes in statement of profit and loss and OCI
15,307
-867
1,302
-3,490
12,252
Total cash flows
Premiums received
-21,551
-
-
-
-
-21,551
Claims paid
-2,479
-
-
-
-
-2,479
Insurance administrative expenses paid
3,467
-
-
-
-
3,467
Acquisition cost paid
1,488
-
-
-
-
1,488
Total cash flows
-19,075
-
-
-
-
-19,075
Closing insurance contract assets
-
-
-
-
-
-
Closing insurance contract liabilities
-1,879
-6,080
-1,377
-2
-36,432
-45,769
Net closing liabilities relating to insurance contracts
-1,879
-6,080
-1,377
-2
-36,432
-45,769
31.12.2024
CSM
Estimation of present value Risk adjustment for Modified retrospective
EUR 1,000 of future cash flows non-financial risk
approach
Fair value approach
Other
Total
Opening insurance contract assets
-
-
-
-
-
-
Opening insurance contract liabilities
-1,879
-5,699
-5,177
-3
-32,859
-45,616
Net opening liabilities relating to insurance contracts
-1,879
-5,699
-5,177
-3
-32,859
-45,616
Changes in the statement of profit or loss and OCI
Changes related to current services
CSM recognised in profit and loss
-
-
2,177
7
9,397
11,581
Change in risk adjustment for risk expired
-
2,087
-
-
-
2,087
Experience adjustments
659
-209
-
-
-
450
Changes related to future services
Contracts initially recognised in the period
11,151
-1,434
-
-
-9,860
-144
Changes in estimates that adjust CSM
-1,579
40
392
-6
1,154
-
Changes in estimates that result in onerous contracts
or reversal of losses on onerous underlying contracts
-271
-45
-
-
-
-316
Changes that relate to past service
Changes to incurred claims
868
47
-
-
-
915
Insurance service result
10,828
486
2,569
1
690
14,574
Net finance income and expense from insurance
Insurance finance expenses through profit and loss
211
-
-71
-
-773
-633
Net finance income and expense from insurance
211
-
-71
-
-773
-633
Total changes in statement of profit and loss and OCI
11,039
486
2,498
1
-82
13,941
Total cash flows
Premiums received
-16,933
-
-
-
-
-16,933
Claims paid
5,259
-
-
-
-
5,259
Insurance administrative expenses paid
3,556
-
-
-
-
3,556
Acquisition cost paid
847
-
-
-
-
847
Total cash flows
-7, 270
-
-
-
-
-7, 270
Closing insurance contract assets
5,912
-1,098
-
-
-1,084
3,730
Closing insurance contract liabilities
-4,023
-4,115
-2,679
-2
-31,857
-42,676
Net closing liabilities relating to insurance contracts
1,890
-5,213
-2,679
-2
-32,941
-38,946
The development of cumulative claims according to the accident year The tables illustrates how estimates of cumulative claims have developed over time on gross and net of reinsurance basis. Each table shows how the estimates of total claims for each accident year have developed over time and reconciles the cumulative claims amount to the amount included in the statement of financial position. The information is shown from the fiscal year of 2022 onwards since Garantia has applied modified retrospective approach and fair value approeach for some of the insurance contracts.
31.12.2025
Accident year
Gross of reinsurance, EUR 1,000
Estimates of undiscounted gross cumulative claims
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
At the end of accident year
1,131
1,045
320
1,681
1 year later
507
979
878
862
2 year later
381
418
857
872
3 year later
3,772
327
344
847
4 year later
294
3,704
276
325
5 year later
729
223
3,615
276
6 year later
451
710
199
3,608
7 year later
448
678
188
8 year later
406
680
9 year later
401
Gross claims paid on accident years 2016-2025
497
708
238
3,646
381
427
921
1 126
1 219
2,380
11,542
Gross undiscounted claims liability - accident years 2016-2025
-96
-27
-50
-37
-105
-103
-74
-254
-356
-699
-1,801
Gross undiscounted claims liability - accident years before 2016
-102
Other items*
855
Gross liabilities for incurred claims included in the statement of financial position
-1,048
* Other items include effect of discounting, risk adjustment and other insurance service expenses
31.12.2025
Accident year
Net of reinsurance, EUR 1,000
Estimates of undiscounted net cumulative claims
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
At the end of accident year
1,131
1,045
272
1,681
1 year later
498
979
878
815
2 year later
379
409
857
872
3 year later
1,701
327
335
847
4 year later
294
1,639
276
319
5 year later
567
223
1,551
276
6 year later
450
547
199
1,544
7 year later
448
516
188
8 year later
406
519
9 year later
401
Net claims paid on accident years 2016-2025
497
569
238
1,598
381
422
921
1 126
1 219
2,380
9,352
Net undiscounted claims liability - accident years 2016-2025
-96
-51
-50
-54
-105
-104
-74
-254
-404
-699
-1,890
Net undiscounted claims liability - accident years before 2016
-102
Other items*
853
Net liabilities for incurred claims included in the statement of financial position
-1,139
* Other items include effect of discounting, risk adjustment and other insurance service expenses", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "
5 Net investment income
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Financial assets that need to be measured at fair value through profit or loss
Fair value changes
8,986
-1,224
Foreign exchange differences
-1,764
593
Profit or loss from divestments
-207
-635
Profit sharing from limited partnerships
50
140
Dividend income
-
682
Interest income
122
24
Financial assets measured at amortised cost
Interest income
251
521
From Group companies
Profit or loss from divestments
-736
8,153
Total
6,703
8,253
Gains and losses from Group companies in the financial year 2025 consist mainly of an adjustment related to the final liquidation distribution of a subsidiary that
had previously been fully liquidated within the Group. Gains and losses from Group companies in the financial year 2024 consist mainly of an additional purchase
price related to the sale of the subsidiary Taaleri Development Holdings Sarl, completed in 2023 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "5 Net investment income
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Financial assets that need to be measured at fair value through profit or loss
Fair value changes
8,986
-1,224
Foreign exchange differences
-1,764
593
Profit or loss from divestments
-207
-635
Profit sharing from limited partnerships
50
140
Dividend income
-
682
Interest income
122
24
Financial assets measured at amortised cost
Interest income
251
521
From Group companies
Profit or loss from divestments
-736
8,153
Total
6,703
8,253
Gains and losses from Group companies in the financial year 2025 consist mainly of an adjustment related to the final liquidation distribution of a subsidiary that had previously been fully liquidated within the Group. Gains and losses from Group companies in the financial year 2024 consist mainly of an additional purchase price related to the sale of the subsidiary Taaleri Development Holdings Sarl, completed in 2023 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "5 Net investment income
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Financial assets that need to be measured at fair value through profit or loss
Fair value changes
8,986
-1,224
Foreign exchange differences
-1,764
593
Profit or loss from divestments
-207
-635
Profit sharing from limited partnerships
50
140
Dividend income
-
682
Interest income
122
24
Financial assets measured at amortised cost
Interest income
251
521
From Group companies
Profit or loss from divestments
-736
8,153
Total
6,703
8,253
Gains and losses from Group companies in the financial year 2025 consist mainly of an adjustment related to the final liquidation distribution of a subsidiary that had previously been fully liquidated within the Group. Gains and losses from Group companies in the financial year 2024 consist mainly of an additional purchase price related to the sale of the subsidiary Taaleri Development Holdings Sarl, completed in 2023 . 12 Interest and other financing expense
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Interest expense and fees on bank financing
244
76
Interest expense and fees on subordinated debt
-
710
Interest expense on lease liabilities
104
126
Other interest and financing expense
3
21
Total
351
932
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "5 Net investment income
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Financial assets that need to be measured at fair value through profit or loss
Fair value changes
8,986
-1,224
Foreign exchange differences
-1,764
593
Profit or loss from divestments
-207
-635
Profit sharing from limited partnerships
50
140
Dividend income
-
682
Interest income
122
24
Financial assets measured at amortised cost
Interest income
251
521
From Group companies
Profit or loss from divestments
-736
8,153
Total
6,703
8,253
Gains and losses from Group companies in the financial year 2025 consist mainly of an adjustment related to the final liquidation distribution of a subsidiary that had previously been fully liquidated within the Group. Gains and losses from Group companies in the financial year 2024 consist mainly of an additional purchase price related to the sale of the subsidiary Taaleri Development Holdings Sarl, completed in 2023 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "5 Net investment income
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Financial assets that need to be measured at fair value through profit or loss
Fair value changes
8,986
-1,224
Foreign exchange differences
-1,764
593
Profit or loss from divestments
-207
-635
Profit sharing from limited partnerships
50
140
Dividend income
-
682
Interest income
122
24
Financial assets measured at amortised cost
Interest income
251
521
From Group companies
Profit or loss from divestments
-736
8,153
Total
6,703
8,253
Gains and losses from Group companies in the financial year 2025 consist mainly of an adjustment related to the final liquidation distribution of a subsidiary that had previously been fully liquidated within the Group. Gains and losses from Group companies in the financial year 2024 consist mainly of an additional purchase price related to the sale of the subsidiary Taaleri Development Holdings Sarl, completed in 2023 . 12 Interest and other financing expense
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Interest expense and fees on bank financing
244
76
Interest expense and fees on subordinated debt
-
710
Interest expense on lease liabilities
104
126
Other interest and financing expense
3
21
Total
351
932
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "5 Net investment income
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Financial assets that need to be measured at fair value through profit or loss
Fair value changes
8,986
-1,224
Foreign exchange differences
-1,764
593
Profit or loss from divestments
-207
-635
Profit sharing from limited partnerships
50
140
Dividend income
-
682
Interest income
122
24
Financial assets measured at amortised cost
Interest income
251
521
From Group companies
Profit or loss from divestments
-736
8,153
Total
6,703
8,253
Gains and losses from Group companies in the financial year 2025 consist mainly of an adjustment related to the final liquidation distribution of a subsidiary that had previously been fully liquidated within the Group. Gains and losses from Group companies in the financial year 2024 consist mainly of an additional purchase price related to the sale of the subsidiary Taaleri Development Holdings Sarl, completed in 2023 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "6 Other operating income
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Billed expenses recorded as income
4,662
2,296
Income from Investments segment's projects
-
5,775
Other income
64
86
Total
4,727
8,158
The income from the projects in the Investments segment during 2024 are related to renewable energy development activities carried out in Texas between 2018 and 2021. Taaleri received the first part of the project's sale price in 2023 and, when announcing the transaction, stated that the sales agreement included the possibility of additional income subject to certain conditions. The amount of additional income was USD 6.0 million, or approximately EUR 5.8 million, and it was fully recognised in the financial year 2024. As at the balance sheet date of 31 December 2025, approximately half of the additional income is still receivable and is subject to certain uncertainties, but management considers the realisation of the additional income to be highly probable. 9 Other operating expenses
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
ICT expenses
1,941
2,306
Voluntary personnel-related expenses
915
1,038
Travel and representation expenses
808
964
Communication and marketing expenses
903
973
Lease expenses recognised under the IFRS 16 exemptions
79
180
Fees paid to the company\u2019s auditors
465
332
Audit fees
409
314
Tax services
-
-
Other
56
17
Other external services
3,716
3,199
Other expenses
1,494
1,660
Total
10,320
10,651
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "6 Other operating income
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Billed expenses recorded as income
4,662
2,296
Income from Investments segment's projects
-
5,775
Other income
64
86
Total
4,727
8,158
The income from the projects in the Investments segment during 2024 are related to renewable energy development activities carried out in Texas between 2018 and 2021. Taaleri received the first part of the project's sale price in 2023 and, when announcing the transaction, stated that the sales agreement included the possibility of additional income subject to certain conditions. The amount of additional income was USD 6.0 million, or approximately EUR 5.8 million, and it was fully recognised in the financial year 2024. As at the balance sheet date of 31 December 2025, approximately half of the additional income is still receivable and is subject to certain uncertainties, but management considers the realisation of the additional income to be highly probable", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "
7 Fee and commission expense
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Private Asset Management fee and commission expenses
7,646
7, 515
Other commission expenses
6
14
Total
7,651
7,529
8 Personnel costs
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Wages, salaries and fees
14,789
12,680
Whereof variable fees
3,860
2,380
Pension expenses from defined contribution plans
2,004
1,928
Share-based payments
366
552
Payable in cash or equity
366
552
Social security contributions
794
360
Total
17,953
15,520
9 Other operating expenses
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
ICT expenses
1,941
2,306
Voluntary personnel-related expenses
915
1,038
Travel and representation expenses
808
964
Communication and marketing expenses
903
973
Lease expenses recognised under the IFRS 16 exemptions
79
180
Fees paid to the company\u2019s auditors
465
332
Audit fees
409
314
Tax services
-
-
Other
56
17
Other external services
3,716
3,199
Other expenses
1,494
1,660
Total
10,320
10,651
10 Depreciation, amortisation and impairment
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Intangible assets
Planned depreciation
14
Goodwill impairment
-
1
Tangible assets
Planned depreciation
1,086
877
Other impairments
22
Total
1,100
900
12 Interest and other financing expense
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Interest expense and fees on bank financing
244
76
Interest expense and fees on subordinated debt
-
710
Interest expense on lease liabilities
104
126
Other interest and financing expense
3
21
Total
351
932
13 Income taxes
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
From profit for the financial period
6,949
12,437
Taxes from previous periods
27
-293
Deferred taxes
-2,031
-7,452
Total
4,944
4,692
Reconciliation of taxes on the income statement with profit before taxes
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Operating profit (profit before taxes)
26,046
38,110
Interest and other financing expense
-351
-932
Taxes calculated using the parent company\u2019s tax rate (20%)
5,139
7,43 6
Different tax rates applicable to foreign subsidiaries
14
45
Tax-exempt income
-1,698
-1,865
Non-deductible expenses
684
-880
Utilisation of confirmed tax losses
-42
37
Unrecognised deferred tax assets from tax losses
464
-81
Impairment of deferred tax assets from tax losses
614
-
Share of results of associates not subject to tax
-595
-
Taxes from previous financial years
27
-6
Other items
337
6
Taxes on the income statement
4,944
4,692
The effective tax rate in 2025 was 19% (2024 13%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "7 Fee and commission expense
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Private Asset Management fee and commission expenses
7,646
7, 515
Other commission expenses
6
14
Total
7,651
7,529
8 Personnel costs
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Wages, salaries and fees
14,789
12,680
Whereof variable fees
3,860
2,380
Pension expenses from defined contribution plans
2,004
1,928
Share-based payments
366
552
Payable in cash or equity
366
552
Social security contributions
794
360
Total
17,953
15,520
9 Other operating expenses
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
ICT expenses
1,941
2,306
Voluntary personnel-related expenses
915
1,038
Travel and representation expenses
808
964
Communication and marketing expenses
903
973
Lease expenses recognised under the IFRS 16 exemptions
79
180
Fees paid to the company\u2019s auditors
465
332
Audit fees
409
314
Tax services
-
-
Other
56
17
Other external services
3,716
3,199
Other expenses
1,494
1,660
Total
10,320
10,651
10 Depreciation, amortisation and impairment
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Intangible assets
Planned depreciation
14
Goodwill impairment
-
1
Tangible assets
Planned depreciation
1,086
877
Other impairments
22
Total
1,100
900
12 Interest and other financing expense
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Interest expense and fees on bank financing
244
76
Interest expense and fees on subordinated debt
-
710
Interest expense on lease liabilities
104
126
Other interest and financing expense
3
21
Total
351
932
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "
9 Other operating expenses
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
ICT expenses
1,941
2,306
Voluntary personnel-related expenses
915
1,038
Travel and representation expenses
808
964
Communication and marketing expenses
903
973
Lease expenses recognised under the IFRS 16 exemptions
79
180
Fees paid to the company\u2019s auditors
465
332
Audit fees
409
314
Tax services
-
-
Other
56
17
Other external services
3,716
3,199
Other expenses
1,494
1,660
Total
10,320
10,651
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "9 Other operating expenses
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
ICT expenses
1,941
2,306
Voluntary personnel-related expenses
915
1,038
Travel and representation expenses
808
964
Communication and marketing expenses
903
973
Lease expenses recognised under the IFRS 16 exemptions
79
180
Fees paid to the company\u2019s auditors
465
332
Audit fees
409
314
Tax services
-
-
Other
56
17
Other external services
3,716
3,199
Other expenses
1,494
1,660
Total
10,320
10,651
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "8 Personnel costs
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Wages, salaries and fees
14,789
12,680
Whereof variable fees
3,860
2,380
Pension expenses from defined contribution plans
2,004
1,928
Share-based payments
366
552
Payable in cash or equity
366
552
Social security contributions
794
360
Total
17,953
15,520
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "11 Expected credit losses
At fair value
through other
EUR 1,000
Amortised cost
comprehensive income
1)
Total
ECL 1.1.2025
91
525
617
Additions due to initial issue and purchases
3
185
188
Deductions due to derecognitions
-38
-398
-436
Changes in risk parameters
-
19
19
Recognised in profit or loss
-35
-195
-230
ECL 31.12.2025
56
331
387
At fair value
through other
EUR 1,000
Amortised cost
comprehensive income
1)
Total
ECL 1.1.2024
1,862
875
2,737
Additions due to initial issue and purchases
5
81
86
Deductions due to derecognitions
-206
-746
-952
Changes in risk parameters
-1,569
315
-1,255
Recognised in profit or loss
-1,771
-350
-2,120
ECL 31.12.2024
91
525
617
1) Expected credit losses from financial assets measured at fair value through other comprehensive income all pertain to the insurance operations, and therefore the expected credit loss has been recognised in Net result from insurance, Net income from investments in insurance operations. For further information, see Note 4 Net result from insurance.
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Received payments related to loans that have been written-off
-
-
Change in ECL
35
1,771
Realised credit losses
-
-1,640
Expected credit losses from financial assets measured at amortised cost recognised
in profit or loss
35
130
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "10 Depreciation, amortisation and impairment
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Intangible assets
Planned depreciation
14
Goodwill impairment
-
1
Tangible assets
Planned depreciation
1,086
877
Other impairments
22
Total
1,100
900
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "
12 Interest and other financing expense
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Interest expense and fees on bank financing
244
76
Interest expense and fees on subordinated debt
-
710
Interest expense on lease liabilities
104
126
Other interest and financing expense
3
21
Total
351
932
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "12 Interest and other financing expense
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Interest expense and fees on bank financing
244
76
Interest expense and fees on subordinated debt
-
710
Interest expense on lease liabilities
104
126
Other interest and financing expense
3
21
Total
351
932
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "12 Interest and other financing expense
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Interest expense and fees on bank financing
244
76
Interest expense and fees on subordinated debt
-
710
Interest expense on lease liabilities
104
126
Other interest and financing expense
3
21
Total
351
932
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "13 Income taxes
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
From profit for the financial period
6,949
12,437
Taxes from previous periods
27
-293
Deferred taxes
-2,031
-7,452
Total
4,944
4,692
Reconciliation of taxes on the income statement with profit before taxes
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Operating profit (profit before taxes)
26,046
38,110
Interest and other financing expense
-351
-932
Taxes calculated using the parent company\u2019s tax rate (20%)
5,139
7,43 6
Different tax rates applicable to foreign subsidiaries
14
45
Tax-exempt income
-1,698
-1,865
Non-deductible expenses
684
-880
Utilisation of confirmed tax losses
-42
37
Unrecognised deferred tax assets from tax losses
464
-81
Impairment of deferred tax assets from tax losses
614
-
Share of results of associates not subject to tax
-595
-
Taxes from previous financial years
27
-6
Other items
337
6
Taxes on the income statement
4,944
4,692
The effective tax rate in 2025 was 19% (2024 13%).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "
14 Other comprehensive income items
Taxes concerning other comprehensive income
1.1.\u201331.12.2025
1.1.\u201331.12.2024
EUR 1,000
Pre-tax
Tax effect
After taxes
Pre-tax
Tax effect
After taxes
Changes in the fair value reserve
3,777
-788
2,989
3,569
-714
2,855
Items that may be reclassified to profit or loss
1,916
-383
1,533
3,643
-729
2,914
Items that may not be reclassified to profit or loss
1,861
-405
1,457
-74
15
-59
Translation differences
-195
-
-195
112
-
112
Total
3,582
-788
2,794
3,680
-714
2,967
Issuer's reserves within equity
The following are descriptions of the reserves within
equity.
Reserve for invested unrestricted equity
Cash received in the share issues in 2013 and 2015
was recognised in the reserve for invested unrestrict-
ed equity. A return of capital was distributed from
the reserve for invested unrestricted equity in 2021.
Translation differences
Translation differences caused by the conversion of
the financial statements of foreign units.
Fair value reserve
The change in fair value of financial assets measured
at fair value through other comprehensive income
is recognised in the fair value reserve. The fair value
change of debt instruments is reclassified to profit
or loss, when the instrument is derecognised or an
expected credit loss is recognised. The fair value
change of equity instruments is not reclassified to
profit or loss at any time.
At fair value through other
Changes in the Fair value reserve 2025 comprehensive income
EUR 1,000
Shares and units
Insurance assets
Total
Fair value reserve 1 January 2025
-6,112
-2,295
-8,407
Changes in fair value
1,861
2,110
3,972
Changes in expected credit losses
-
-195
-195
Deferred taxes
-405
-383
-788
Fair value reserve 31 December 2025
-4,655
-763
-5,418
At fair value through other
Changes in the Fair value reserve 2024 comprehensive income
EUR 1,000
Shares and units
Insurance assets
Total
Fair value reserve 1 January 2024
-6,052
-5,210
-11,262
Changes in fair value
-74
3,293
3,219
Changes in expected credit losses
-
350
350
Deferred taxes
15
-729
-714
Fair value reserve 31 December 2024
-6,112
-2,295
-8,407
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "15 Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit or loss attributable to the company\u2019s share- holders by the weighted average of the number of
shares outstanding, excluding the company\u2019s own
shares held or equivalent shares (Note 32 Equity).
Diluted earnings per share
Earnings per share adjusted for the dilution effect
are calculated by adjusting the weighted average
of the number of outstanding shares so that all
diluting potential ordinary shares are assumed to be
exchanged for shares. The group's dilutive potential
ordinary shares arise from share-based incentive
programs paid in shares or cash and from the CEO's
option program, and they are taken into account
from the grant date, when calculating diluted earn-
ings per share.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "15 Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit or loss attributable to the company\u2019s share- holders by the weighted average of the number of shares outstanding, excluding the company\u2019s own shares held or equivalent shares (Note 32 Equity).
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Profit for the period attributable to the owners of the parent company
16,617
28,064
Weighted average number of ordinary shares outstanding (1,000 pcs)
28,175
28,202
Basic earnings per share, EUR
0.59
1.00
Diluted earnings per share Earnings per share adjusted for the dilution effect are calculated by adjusting the weighted average of the number of outstanding shares so that all diluting potential ordinary shares are assumed to be exchanged for shares. The group's dilutive potential ordinary shares arise from share-based incentive programs paid in shares or cash and from the CEO's option program, and they are taken into account from the grant date, when calculating diluted earn- ings per share.
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Weighted average number of ordinary shares outstanding (1,000 pcs)
28,175
28,202
The dilutive effect of share-based incentive schemes and options (1,000 pcs)
764
651
The weighted average of the number of shares when calculating the diluted
earnings per share (1,000 pcs)
28,939
28,853
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Profit for the period attributable to the owners of the parent company
16,617
28,064
The weighted average of the number of shares when calculating the diluted
earnings per share (1,000 pcs)
28,939
28,853
Diluted earnings per share, EUR
0.57
0.97
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "16 Tangible assets
EUR 1,000
31.12.2025
31.12.2024
Right-of-use assets
1,069
1,574
Owned tangible assets
293
267
Machinery and equipment
184
103
Other tangible assets
109
164
Total
1,362
1,842
Tangible assets comprise both right-of-use assets recognised in accordance with IFRS 16 and owned tangible assets accounted for in accordance with IAS 16 Property, Plant and Equipment. For further information on right-of-use assets recognised under IFRS 16, see Note 17 Leases. The table below relates solely to owned tangible assets.
Machinery and Other
2025 equipment
tangible assets
Total
Acquisition cost 1 January
127
646
772
Increases
124
5
130
Decreases
-
-11
-11
Business combinations
-
-
-
Acquisition cost 31 December
251
640
891
Accumulated depreciation, amortisation and impairment
1 January
-23
-481
-505
Depreciations during the financial period
-44
-49
-93
Impairments during the financial period
-
-
-
Business combinations
-
-
-
Accrued depreciation, amortisation and impairment
31 December
-67
-530
-598
Book value on 1 January
103
164
267
Book value on 31 December
184
109
293
Machinery and Other
2024 equipment
tangible assets
Total
Acquisition cost 1 January
5
642
647
Increases
122
3
125
Decreases
-
-
-
Business combinations
-
-
-
Acquisition cost 31 December
127
646
772
Accumulated depreciation, amortisation and impairment
1 January
-3
-403
-406
Depreciations during the financial period
-20
-78
-98
Impairments during the financial period
-
-
-
Business combinations
-
-
-
Accrued depreciation, amortisation and impairment
31 December
-23
-481
-505
Book value on 1 January
2
239
241
Book value on 31 December
103
164
267
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "17 Leases
Right-of-use assets 2025, EUR 1,000
Office spaces
Apartments
Cars
Equipment
Total
Book value 1 January 2025
1,452
-
83
40
1,574
Increases
193
245
14
25
477
Remeasurements
99
-
-2
-
97
Decreases
-
-32
-17
-37
-86
Depreciation
-824
-111
-43
-15
-993
Book value 31 December 2025
919
103
34
13
1,069
Lease liablities 31 December 2025
1,140
Right-of-use assets 2024, EUR 1,000
Office spaces
Apartments
Cars
Equipment
Total
Book value 1 January 2024
2,022
-
88
55
2,165
Increases
26
-
68
-
94
Remeasurements
125
-
22
-
147
Decreases
-17
-
-32
-
-48
Depreciation
-704
-
-64
-15
-783
Book value 31 December 2024
1,452
-
83
40
1,574
Lease liablities 31 December 2024
1,641
Items recognised in profit and loss related to lease agreements, EUR 1,000
1.1.-31.12.2025
1.1.-31.12.2024
Interest expense
104
126
Depreciation
993
783
Costs related to short term agreements
72
173
Costs related to agreements concerning low value assets
7
7
Total
1,176
1,089
Interest expenses are recognised in Interest and other financing expenses on the income statement. Costs related to short term agreements and agreements concerning low value assets are recognised in Other operating expenses. Outgoing cash flows related to lease agreements amounted to EUR 1.2 (1.0) million in 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "
18 Intangible assets
EUR 1,000
31.12.2025
31.12.2024
Goodwill
347
347
Other intangible assets
213
227
Rental property renovation costs
213
227
Total
560
574
2025
Goodwill
Other intangible assets
Total
Acquisition cost 1 January 2025
347
1,050
1,397
Increases
-
-
-
Acquisition cost 31 December 2025
347
1,050
1,397
Accumulated depreciation, amortisation and impairment
1 January 2025
-
823
823
Depreciation during the financial period
-
14
14
Accumulated depreciation, amortisation and impairment
31 December 2025
-
837
837
Book value 1 January 2025
347
227
574
Book value 31 December 2025
347
213
560
2024
Goodwill
Other intangible assets
Total
Acquisition cost 1 January 2024
347
1,047
1,394
Increases
-
3
3
Acquisition cost 31 December 2024
347
1,050
1,397
Accumulated depreciation, amortisation and impairment
1 January 2024
-
823
823
Depreciation during the financial period
-
Accumulated depreciation, amortisation and impairment
31 December 2024
-
823
823
Book value 1 January 2024
347
225
572
Book value 31 December 2024
347
227
574
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "18 Intangible assets
EUR 1,000
31.12.2025
31.12.2024
Goodwill
347
347
Other intangible assets
213
227
Rental property renovation costs
213
227
Total
560
574
2025
Goodwill
Other intangible assets
Total
Acquisition cost 1 January 2025
347
1,050
1,397
Increases
-
-
-
Acquisition cost 31 December 2025
347
1,050
1,397
Accumulated depreciation, amortisation and impairment
1 January 2025
-
823
823
Depreciation during the financial period
-
14
14
Accumulated depreciation, amortisation and impairment
31 December 2025
-
837
837
Book value 1 January 2025
347
227
574
Book value 31 December 2025
347
213
560
2024
Goodwill
Other intangible assets
Total
Acquisition cost 1 January 2024
347
1,047
1,394
Increases
-
3
3
Acquisition cost 31 December 2024
347
1,050
1,397
Accumulated depreciation, amortisation and impairment
1 January 2024
-
823
823
Depreciation during the financial period
-
Accumulated depreciation, amortisation and impairment
31 December 2024
-
823
823
Book value 1 January 2024
347
225
572
Book value 31 December 2024
347
227
574
Goodwill allocation and impairment testing
On 31 December 2025 the goodwill amounted to
EUR 0.3 (0.3) million, which was allocated entirely to
the Garantia segment.
In impairment testing, the recoverable amount of the
unit is determined based on its value in use. Cash
flow forecasts are based on predictions for a three-
year period. Cash flows after the forecast period are
extrapolated using an even 1.0% growth factor, which
is assessed as being suitable for a growing business.
Future cash flows are discounted using the weighted
average cost of capital, which was 11.5 percent.
Parameters used in determining the discount rate
(risk-free interest, risk coefficient, risk premium and
capital structure) are based on factors observed in
companies engaged in similar or competing business
and on the prevailing market conditions at the end of
September 2025. The impairment testing of goodwill
did not lead to recognition of impairment losses.
In conjunction with impairment testing, sensitivity
analyses were carried out with regard to key assump-
tions, the discount rate and residual value growth
factor. The variables used in the calculations are an
increase of one percentage point in the discount rate
and a decrease of one percentage points in growth
following the forecast period. Separately examined,
the sensitivity analyses did not show any risk of
impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "18 Intangible assets
EUR 1,000
31.12.2025
31.12.2024
Goodwill
347
347
Other intangible assets
213
227
Rental property renovation costs
213
227
Total
560
574
2025
Goodwill
Other intangible assets
Total
Acquisition cost 1 January 2025
347
1,050
1,397
Increases
-
-
-
Acquisition cost 31 December 2025
347
1,050
1,397
Accumulated depreciation, amortisation and impairment
1 January 2025
-
823
823
Depreciation during the financial period
-
14
14
Accumulated depreciation, amortisation and impairment
31 December 2025
-
837
837
Book value 1 January 2025
347
227
574
Book value 31 December 2025
347
213
560
2024
Goodwill
Other intangible assets
Total
Acquisition cost 1 January 2024
347
1,047
1,394
Increases
-
3
3
Acquisition cost 31 December 2024
347
1,050
1,397
Accumulated depreciation, amortisation and impairment
1 January 2024
-
823
823
Depreciation during the financial period
-
Accumulated depreciation, amortisation and impairment
31 December 2024
-
823
823
Book value 1 January 2024
347
225
572
Book value 31 December 2024
347
227
574
Goodwill allocation and impairment testing On 31 December 2025 the goodwill amounted to EUR 0.3 (0.3) million, which was allocated entirely to the Garantia segment. In impairment testing, the recoverable amount of the unit is determined based on its value in use. Cash flow forecasts are based on predictions for a three- year period. Cash flows after the forecast period are extrapolated using an even 1.0% growth factor, which is assessed as being suitable for a growing business. Future cash flows are discounted using the weighted average cost of capital, which was 11.5 percent. Parameters used in determining the discount rate (risk-free interest, risk coefficient, risk premium and capital structure) are based on factors observed in companies engaged in similar or competing business and on the prevailing market conditions at the end of September 2025. The impairment testing of goodwill did not lead to recognition of impairment losses. In conjunction with impairment testing, sensitivity analyses were carried out with regard to key assump- tions, the discount rate and residual value growth factor. The variables used in the calculations are an increase of one percentage point in the discount rate and a decrease of one percentage points in growth following the forecast period. Separately examined, the sensitivity analyses did not show any risk of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "
19 Investments accounted for using the equity method
EUR 1,000
31.12.2025
31.12.2024
Acquisition cost
11,479
15,517
Share of the associates' profits, and other changes in the value of associated companies
225
-2,633
Total
11,704
12,884
The line item Participating interests includes invest-
ments in associated companies that have been con-
solidated into the Group using the equity method.
Under the equity method, an associate is initially
recognised in the balance sheet at cost. Subsequent-
ly, the value of the associate is adjusted to reflect
the Group\u2019s share of the associate\u2019s profit or loss and
other changes in equity.
In addition, impairment losses totalling EUR 2.4
million have been recognised from the balance sheet
value of Taaleri\u2019s associated company Sepos Oy\u2019s
shares, which are included in the row Share of the
associates' profits, and other changes in the value of
associated companies in the table above. The impair-
ment losses were recorded in financial periods prior
to the periods presented.
The consolidated profits and other changes in the
value of associates, including impairments, are
reported in the income statement under the line item
Share of associates' profit or loss.
Changes in associated company shareholdings
1.1.-31.12.2025
The Group had nine associated companies as at
31 December 2025: Taaleri Datacenter Ky, Sepos
Oy, Turun Toriparkki Oy, Hernesaaren Kehitys Oy,
Munkkiniemi Group Oy, Fintoil Oy, Taaleri SolarWind
II SPV, Taaleri SolarWind III SPV and Masdar Taaleri
Generation. According to management\u2019s assess-
ment, none of these is material to the Group.
Taaleri\u2019s ownership in Wastewise Group Oy declined
in October from 33.7 percent to 15.8 percent.
Following the decrease in ownership, Wastewise
Group Oy was no longer classified as an associated
company for Taaleri; instead, the investment has
been measured at fair value through profit or loss in
accordance with IFRS 9. No other material changes
occurred in the associate company shareholdings
during the reporting period.
All associated companies, with the exception of
Fintoil Oy, have been consolidated into the Group
using the equity method. A decision has been made
to measure the investment in Fintoil Oy at fair value
through profit or loss in accordance with IFRS 9.
A total of EUR 3.0 (0.0) million of the associates\u2019
results and other changes in equity has been con-
solidated into the Group during the reporting period
and is presented under Share of result of associated
companies. Wastewise Group Oy\u2019s result was con-
solidated into the Taaleri Group using the equity
method until September 2025, and a total of EUR
-3.6 million in impairment losses was recognised on
the carrying amount of the associate in the same
line item before the reduction in Taaleri\u2019s ownership
and the reclassification of the investment to fair
value measurement.
The associates have no discontinued operations,
nor any items of other comprehensive income that
would be consolidated into the Group.
Changes in associated company shareholdings
1.1.-31.12.2024
The Group had ten associated companies as at 31
December 2024: Taaleri Datacenter Ky, Sepos Oy,
Turun Toriparkki Oy, Hernesaaren Kehitys Oy, Munk-
kiniemi Group Oy, Fintoil Oy, Taaleri SolarWind II SPV,
Taaleri SolarWind III SPV, Masdar Taaleri Generation,
and Wastewise Group Oy. None of these is consid-
ered material to the Group.
During the period, Taaleri Investments Ltd made an
additional investment in Fintoil Oy by participating
in Fintoi's share issue, which increased Taaleri's
shareholding in Fintoil Oy to 39.6 (24.0) percent.
Taaleri's ownership in WasteWise Group Oy was
diluted during the period to 33.7 (34.1) percent, while
its ownership in Hernesaaren Kehitys Oy increased to
37.2 (33.3) percent due to changes in the number of
shares outstanding in these companies.
Other associated companies, with the exception of
Fintoil Oy, have been consolidated into the Group
using the equity method. Regarding the capital invest-
ment made in Fintoil Oy, a decision has been made to
value the associated company at fair value with effect
on profit and loss in accordance with IFRS 9.
During the period, from the results of the review peri-
od of the associated companies and other changes
in their equity, a total of EUR 0.0 million has been
consolidated into the Group and presented in the
line-item Share of the result of associated compa-
nies. Associated companies have no discontinued
operations, and no items of comprehensive income
that would have been consolidated into the Group.
40 Investments in subsidiaries
Changes in subsidiary shareholdings 2025
At the beginning of 2025, Taaleri established a new
management company for its real estate business,
Eden Asunnot GP Oy. Taaleri\u2019s ownership in the com-
pany at the end of the reporting period was 53.0 per-
cent, and the company acts as the general partner of
Eden Asunnot Ky, a joint venture between Taaleri and
the pension provider Keva. The joint venture itself has
not been consolidated into the Taaleri Group, as it
does not meet the control criteria under IFRS 10.
Since April 2025, one structured entity, EAI Hedging
4 Oy, has been consolidated into the Taaleri Group.
The Group holds no ownership in the company, but
control is based on a financing agreement whose
purpose is to acquire, hold, and ultimately use
Taaleri Plc shares at market terms to settle Taaleri\u2019s
share-based incentive programs. The entity has been
consolidated as a subsidiary and is subject to the
control criteria defined in IFRS 10. Taaleri has no other
material risks or obligations related to the entity.
At the end of June, Taaleri redeemed minority
interests in companies belonging to the bioindustry
business. At the end of the financial year, Taaleri\u2019s
ownership in Taaleri Bioteollisuus Oy was 90.0 (75.0)
percent, in Taaleri Biohiili GP Oy 80.0 (72.0) percent,
and in Taaleri Bioindustry Fund I GP Oy 75.1 (67.0)
percent.
In July, Taaleri established a new subsidiary in Cana-
da, Nova Scotian Biocoal Ltd. Taaleri owns the com-
pany in full. At the end of the financial year, Taaleri
had two subsidiaries operating in Canada, Taaleri
Biocoal Canada Ltd and Nova Scotian Biocoal Ltd,
both supporting a local biocoal project.
In July, Taaleri also redeemed the entire minority
stake in Taaleri Tuulitehtaan hallinnointiyhti\u00f6 Oy, and
by the end of the financial year owned 100.0 (80.0)
percent of the company.
During the period, certain management and project
companies belonging to Taaleri\u2019s private asset man-
agement business were also fully wound down. In
some of these management and project companies,
key personnel of the private asset management busi-
ness hold minority interests.
Changes in subsidiary shareholdings 2024
During the period, Taaleri Private Equity Funds Ltd
increased its holding in Taaleri Asuntorahasto VIII GP
Oy, and at the end of the period, Taaleri's ownership
in the company was 84.0 (80.0) percent. Taaleri
Investments Ltd, on the other hand, established a
subsidiary in Canada during the period and owns
100.0 percent of the share capital of the established
company Taaleri Biocoal Canada Development Ltd.
The company has been established as part of Taaleri's
bioindustry business and is preparing torrefied bio-
mass production in Canada.
During the period, management companies and
project companies, which are part of Taaleri's private
asset management business, have also been estab-
lished, acquired, sold and dissolved. Some of the
management and project companies have minority
shareholders that are key personnel in Taaleri's private
asset management business.
Effects on the equity attributable to owners of the parent of any changes in its ownership
interest in a subsidiary that do not result in a loss of control, EUR 1,000
1.1.-31.12.2025
1.1.-31.12.2024
From an addition to the share owned in subsidiaries
-75
-
From a reduction in the share owned in subsidiaries without loss of control
-
-
Net effect on equity
-75
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "19 Investments accounted for using the equity method
EUR 1,000
31.12.2025
31.12.2024
Acquisition cost
11,479
15,517
Share of the associates' profits, and other changes in the value of associated companies
225
-2,633
Total
11,704
12,884
The line item Participating interests includes invest- ments in associated companies that have been con- solidated into the Group using the equity method. Under the equity method, an associate is initially recognised in the balance sheet at cost. Subsequent- ly, the value of the associate is adjusted to reflect the Group\u2019s share of the associate\u2019s profit or loss and other changes in equity. In addition, impairment losses totalling EUR 2.4 million have been recognised from the balance sheet value of Taaleri\u2019s associated company Sepos Oy\u2019s shares, which are included in the row Share of the associates' profits, and other changes in the value of associated companies in the table above. The impair- ment losses were recorded in financial periods prior to the periods presented. The consolidated profits and other changes in the value of associates, including impairments, are reported in the income statement under the line item Share of associates' profit or loss. Changes in associated company shareholdings 1.1.-31.12.2025 The Group had nine associated companies as at 31 December 2025: Taaleri Datacenter Ky, Sepos Oy, Turun Toriparkki Oy, Hernesaaren Kehitys Oy, Munkkiniemi Group Oy, Fintoil Oy, Taaleri SolarWind II SPV, Taaleri SolarWind III SPV and Masdar Taaleri Generation. According to management\u2019s assess- ment, none of these is material to the Group. Taaleri\u2019s ownership in Wastewise Group Oy declined in October from 33.7 percent to 15.8 percent. Following the decrease in ownership, Wastewise Group Oy was no longer classified as an associated company for Taaleri; instead, the investment has been measured at fair value through profit or loss in accordance with IFRS 9. No other material changes occurred in the associate company shareholdings during the reporting period. All associated companies, with the exception of Fintoil Oy, have been consolidated into the Group using the equity method. A decision has been made to measure the investment in Fintoil Oy at fair value through profit or loss in accordance with IFRS 9. A total of EUR 3.0 (0.0) million of the associates\u2019 results and other changes in equity has been con- solidated into the Group during the reporting period and is presented under Share of result of associated companies. Wastewise Group Oy\u2019s result was con- solidated into the Taaleri Group using the equity method until September 2025, and a total of EUR -3.6 million in impairment losses was recognised on the carrying amount of the associate in the same line item before the reduction in Taaleri\u2019s ownership and the reclassification of the investment to fair value measurement. The associates have no discontinued operations, nor any items of other comprehensive income that would be consolidated into the Group. Changes in associated company shareholdings 1.1.-31.12.2024 The Group had ten associated companies as at 31 December 2024: Taaleri Datacenter Ky, Sepos Oy, Turun Toriparkki Oy, Hernesaaren Kehitys Oy, Munk- kiniemi Group Oy, Fintoil Oy, Taaleri SolarWind II SPV, Taaleri SolarWind III SPV, Masdar Taaleri Generation, and Wastewise Group Oy. None of these is consid- ered material to the Group. During the period, Taaleri Investments Ltd made an additional investment in Fintoil Oy by participating in Fintoi's share issue, which increased Taaleri's shareholding in Fintoil Oy to 39.6 (24.0) percent. Taaleri's ownership in WasteWise Group Oy was diluted during the period to 33.7 (34.1) percent, while its ownership in Hernesaaren Kehitys Oy increased to 37.2 (33.3) percent due to changes in the number of shares outstanding in these companies. Other associated companies, with the exception of Fintoil Oy, have been consolidated into the Group using the equity method. Regarding the capital invest- ment made in Fintoil Oy, a decision has been made to value the associated company at fair value with effect on profit and loss in accordance with IFRS 9. During the period, from the results of the review peri- od of the associated companies and other changes in their equity, a total of EUR 0.0 million has been consolidated into the Group and presented in the line-item Share of the result of associated compa- nies. Associated companies have no discontinued operations, and no items of comprehensive income that would have been consolidated into the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "19 Investments accounted for using the equity method
EUR 1,000
31.12.2025
31.12.2024
Acquisition cost
11,479
15,517
Share of the associates' profits, and other changes in the value of associated companies
225
-2,633
Total
11,704
12,884
The line item Participating interests includes invest- ments in associated companies that have been con- solidated into the Group using the equity method. Under the equity method, an associate is initially recognised in the balance sheet at cost. Subsequent- ly, the value of the associate is adjusted to reflect the Group\u2019s share of the associate\u2019s profit or loss and other changes in equity. In addition, impairment losses totalling EUR 2.4 million have been recognised from the balance sheet value of Taaleri\u2019s associated company Sepos Oy\u2019s shares, which are included in the row Share of the associates' profits, and other changes in the value of associated companies in the table above. The impair- ment losses were recorded in financial periods prior to the periods presented. The consolidated profits and other changes in the value of associates, including impairments, are reported in the income statement under the line item Share of associates' profit or loss. Changes in associated company shareholdings 1.1.-31.12.2025 The Group had nine associated companies as at 31 December 2025: Taaleri Datacenter Ky, Sepos Oy, Turun Toriparkki Oy, Hernesaaren Kehitys Oy, Munkkiniemi Group Oy, Fintoil Oy, Taaleri SolarWind II SPV, Taaleri SolarWind III SPV and Masdar Taaleri Generation. According to management\u2019s assess- ment, none of these is material to the Group. Taaleri\u2019s ownership in Wastewise Group Oy declined in October from 33.7 percent to 15.8 percent. Following the decrease in ownership, Wastewise Group Oy was no longer classified as an associated company for Taaleri; instead, the investment has been measured at fair value through profit or loss in accordance with IFRS 9. No other material changes occurred in the associate company shareholdings during the reporting period. All associated companies, with the exception of Fintoil Oy, have been consolidated into the Group using the equity method. A decision has been made to measure the investment in Fintoil Oy at fair value through profit or loss in accordance with IFRS 9. A total of EUR 3.0 (0.0) million of the associates\u2019 results and other changes in equity has been con- solidated into the Group during the reporting period and is presented under Share of result of associated companies. Wastewise Group Oy\u2019s result was con- solidated into the Taaleri Group using the equity method until September 2025, and a total of EUR -3.6 million in impairment losses was recognised on the carrying amount of the associate in the same line item before the reduction in Taaleri\u2019s ownership and the reclassification of the investment to fair value measurement. The associates have no discontinued operations, nor any items of other comprehensive income that would be consolidated into the Group. Changes in associated company shareholdings 1.1.-31.12.2024 The Group had ten associated companies as at 31 December 2024: Taaleri Datacenter Ky, Sepos Oy, Turun Toriparkki Oy, Hernesaaren Kehitys Oy, Munk- kiniemi Group Oy, Fintoil Oy, Taaleri SolarWind II SPV, Taaleri SolarWind III SPV, Masdar Taaleri Generation, and Wastewise Group Oy. None of these is consid- ered material to the Group. During the period, Taaleri Investments Ltd made an additional investment in Fintoil Oy by participating in Fintoi's share issue, which increased Taaleri's shareholding in Fintoil Oy to 39.6 (24.0) percent. Taaleri's ownership in WasteWise Group Oy was diluted during the period to 33.7 (34.1) percent, while its ownership in Hernesaaren Kehitys Oy increased to 37.2 (33.3) percent due to changes in the number of shares outstanding in these companies. Other associated companies, with the exception of Fintoil Oy, have been consolidated into the Group using the equity method. Regarding the capital invest- ment made in Fintoil Oy, a decision has been made to value the associated company at fair value with effect on profit and loss in accordance with IFRS 9. During the period, from the results of the review peri- od of the associated companies and other changes in their equity, a total of EUR 0.0 million has been consolidated into the Group and presented in the line-item Share of the result of associated compa- nies. Associated companies have no discontinued operations, and no items of comprehensive income that would have been consolidated into the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "Goodwill allocation and impairment testing On 31 December 2025 the goodwill amounted to EUR 0.3 (0.3) million, which was allocated entirely to the Garantia segment. In impairment testing, the recoverable amount of the unit is determined based on its value in use. Cash flow forecasts are based on predictions for a three- year period. Cash flows after the forecast period are extrapolated using an even 1.0% growth factor, which is assessed as being suitable for a growing business. Future cash flows are discounted using the weighted average cost of capital, which was 11.5 percent. Parameters used in determining the discount rate (risk-free interest, risk coefficient, risk premium and capital structure) are based on factors observed in companies engaged in similar or competing business and on the prevailing market conditions at the end of September 2025. The impairment testing of goodwill did not lead to recognition of impairment losses. In conjunction with impairment testing, sensitivity analyses were carried out with regard to key assump- tions, the discount rate and residual value growth factor. The variables used in the calculations are an increase of one percentage point in the discount rate and a decrease of one percentage points in growth following the forecast period. Separately examined, the sensitivity analyses did not show any risk of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "20 Investments measured at amortised cost
EUR 1,000
31.12.2025
31.12.2024
Non-current assets
3,240
3,717
Secured loans
2,704
2,934
Unsecured loans
535
783
Current assets
193
211
Unsecured loans
193
211
Total
3,433
3,928
21 Investments measured at fair value
EUR 1,000
31.12.2025
31.12.2024
Non-current assets
49,332
38,797
Listed shares
3,486
5,329
Unlisted shares
32,609
22,010
Private equity fund investments
11,913
9,682
Capital loans
180
314
Convertible loans
44
657
Fund investments
1,102
807
Current assets
312
-
Unlisted shares
312
-
Total
49,644
38,797
22 Investments of insurance operations
EUR 1,000
31.12.2025
31.12.2024
Non-current assets
163,566
154,638
Loans and other receivables
116,099
119,524
Equity investments
41,201
27,719
Private equity and real estate investments
6,266
7, 39 6
Total
163,566
154,638
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "23 Other receivables
EUR 1,000
31.12.2025
31.12.2024
Non-current assets
3,245
3,031
Management fee receivables
3,245
3,031
Current assets
25,689
9,295
Management fee receivables
9,459
4,897
Receivables from other continuing earnings
3,746
1,350
Performance fee receivables
1,527
1,527
Sales receivables
8,269
-
Other receivables
2,688
1,521
Total
28,934
12,325
Sales receivables At the balance sheet date of 31 Decemeber 2025, sales receivables included in Other receivables amounted to EUR 8.3 million and relate entirely to the consideration receivable from the sale of the shares in subsidiary Taaleri Energia Development Holdings Sarl. Taaleri sold the subsidiary together with its project development portfolio to Taaleri SolarWind III Fund in the financial year 2023. 50% of the total consideration was contingent upon the progress of the projects included in the project development portfolio transferred to the Fund. Taaleri recognised the contingent portion of the con- sideration in profit or loss in the financial year 2024, as its realisation was considered probable at that time. However, the contingent consideration was presented in the comparative period balance sheet as a discretionarily recognised sales receivable within Accrued income, as uncertainty remained regarding its final realisation. The conditions related to the contingent consider- ation were fulfilled during the financial year 2025, as a result of which the receivable has been reclassified from Accrued income to Other receivables. At the balance sheet date, the consideration is no longer subject to any contingency and is expected to be settled in early 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "23 Other receivables
EUR 1,000
31.12.2025
31.12.2024
Non-current assets
3,245
3,031
Management fee receivables
3,245
3,031
Current assets
25,689
9,295
Management fee receivables
9,459
4,897
Receivables from other continuing earnings
3,746
1,350
Performance fee receivables
1,527
1,527
Sales receivables
8,269
-
Other receivables
2,688
1,521
Total
28,934
12,325
Sales receivables At the balance sheet date of 31 Decemeber 2025, sales receivables included in Other receivables amounted to EUR 8.3 million and relate entirely to the consideration receivable from the sale of the shares in subsidiary Taaleri Energia Development Holdings Sarl. Taaleri sold the subsidiary together with its project development portfolio to Taaleri SolarWind III Fund in the financial year 2023. 50% of the total consideration was contingent upon the progress of the projects included in the project development portfolio transferred to the Fund. Taaleri recognised the contingent portion of the con- sideration in profit or loss in the financial year 2024, as its realisation was considered probable at that time. However, the contingent consideration was presented in the comparative period balance sheet as a discretionarily recognised sales receivable within Accrued income, as uncertainty remained regarding its final realisation. The conditions related to the contingent consider- ation were fulfilled during the financial year 2025, as a result of which the receivable has been reclassified from Accrued income to Other receivables. At the balance sheet date, the consideration is no longer subject to any contingency and is expected to be settled in early 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "23 Other receivables
EUR 1,000
31.12.2025
31.12.2024
Non-current assets
3,245
3,031
Management fee receivables
3,245
3,031
Current assets
25,689
9,295
Management fee receivables
9,459
4,897
Receivables from other continuing earnings
3,746
1,350
Performance fee receivables
1,527
1,527
Sales receivables
8,269
-
Other receivables
2,688
1,521
Total
28,934
12,325
Sales receivables At the balance sheet date of 31 Decemeber 2025, sales receivables included in Other receivables amounted to EUR 8.3 million and relate entirely to the consideration receivable from the sale of the shares in subsidiary Taaleri Energia Development Holdings Sarl. Taaleri sold the subsidiary together with its project development portfolio to Taaleri SolarWind III Fund in the financial year 2023. 50% of the total consideration was contingent upon the progress of the projects included in the project development portfolio transferred to the Fund. Taaleri recognised the contingent portion of the con- sideration in profit or loss in the financial year 2024, as its realisation was considered probable at that time. However, the contingent consideration was presented in the comparative period balance sheet as a discretionarily recognised sales receivable within Accrued income, as uncertainty remained regarding its final realisation. The conditions related to the contingent consider- ation were fulfilled during the financial year 2025, as a result of which the receivable has been reclassified from Accrued income to Other receivables. At the balance sheet date, the consideration is no longer subject to any contingency and is expected to be settled in early 2026. 24 Accrued income
EUR 1,000
31.12.2025
31.12.2024
Non-current assets
2,407
10,297
Contract assets from unrealised performance fees
1,760
1,760
Discretionarily recognised sales receivables
-
8,309
Interest receivables
317
228
Other accrued income and prepayments
330
-
Current assets
24,394
25,444
Contract assets from unrealised performance fees
14,173
14,173
Discretionarily recognised sales receivables
2,553
5,775
Interest receivables
1,869
2,004
Tax receivables
108
411
Other accrued income and prepayments
5,690
3,081
Total
26,801
35,741
Contract assets from unrealised performance fees The performance fees of Taaleri's private asset management business are recognised at the point when its realisation can be considered reasonably certain. However, performance fees are typically realised and paid during the later stage of the fund's lifecycle, upon the fund's exit. If the exit takes place only in later financial years, but the realisation of the performance fee can already be reasonably certain in previous financial years, the performance fee is recognised and an unrealised contract asset is rec- ognised in Accrued income. The final amount of the performance fee will be determined in connection with the exit of the fund or co-investment, in which case the performance fee will be derecognised from Accrued income. In order to avoid the need for a significant reversal of accrued income recognised as a performance fee at a later date, a discount factor approved by manage- ment is used in the recognition of performance fees, which is determined on a fund-by-fund and case-by- case basis. The discount factor reflects the volatility of the estimated performance fee, the timing uncer- tainty related to the fund's exit, and, consequently, the uncertainty of the final performance fee. Taaleri performs valuation of its funds on a quarterly basis and, in this context, reviews the performance fees related to private equity funds and co-invest- ments that are payable to the management company or alternative investment fund manager. It also assesses the likelihood of these fees being realised and the final amount of the performance fees. Taaleri applies a higher discount factor in the initial recognition of unrealised performance fees. As the remaining life of the fund shortens and the exit date approaches, the discount factor may be reduced as uncertainties diminish, provided there is a justified basis for doing so. Reducing the discount factor used in revenue recognition as uncertainties decrease may result in performance fees from the same fund being recognised over several reporting periods before the final amount is determined at the fund\u2019s exit. If, upon subsequent review, it becomes evident that reducing the discount factor does not result recog- nising additional performance fees, Taaleri assesses the amount of previously recognised but still unre- alised performance fees in accordance with IFRS 15. The assessment considers whether the previously recognised variable consideration continues to meet the criterion that there is no significant risk of a sig- nificant reversal. Contract assets from unrealised performance fees as of the balance sheet date od 31 December 2025 were EUR 15.9 (15.9) million. These consisted of EUR 14.2 million in performance fees from Taaleri Wind II and III Funds recognised in previous years classified as current assets, and EUR 1.8 million in performance fee from Taaleri SolarWind I Fund, recognised in 2024 classified as non-current asset. In the financial year 2025, no changes were made to the amounts of unrealised performance fees, nor were any new unrealised performance fees recognised. Discretionarily recognised sales receivables Discretionarily recognised sales receivables comprise consideration receivables that have been recognised in profit or loss but for which certain uncertainties regarding their final realisation remain at the reporting date. Taaleri's management considers the realisation of these discretionarily recognised sales receivables to be probable. At 31 December 2025, discretionarily recognised sales receivables amounted to EUR 2.6 million. The receivables relate to renewable energy development activities carried out in Texas during the years 2018\u20132021. Taaleri received the first portion of the consideration in 2023, and the sale agreement included the potential for additional consideration subject to the fulfilment of certain predefined con- ditions. The amount of the additional consideration was USD 6.0 million (approx. EUR 5.8 million), which was recognised in full in profit or loss in the financial year 2024. Approximately half of the receivable was realised during the financial year 2025, with the remaining balance outstanding at the reporting date. While some uncertainty remains regarding the final realisation of the receivable, management expects the outstanding amount to be settled during the financial year 2026. Of the balance of discretionarily recognised sales receivables amounting to EUR 14.1 million at 31 December 2024, EUR 5.8 million related to the renewable energy development transaction described above. The non-current discretionarily recognised sales receivables, amounting to EUR 8.3 million, related to the sale of subsidiary Taaleri Energia Development Holdings Sarl. This receivable was reclassified from Accrued income to Other receivables during the financial year 2025. Further information on this receivable is presented in Note 23, Other receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "23 Other receivables
EUR 1,000
31.12.2025
31.12.2024
Non-current assets
3,245
3,031
Management fee receivables
3,245
3,031
Current assets
25,689
9,295
Management fee receivables
9,459
4,897
Receivables from other continuing earnings
3,746
1,350
Performance fee receivables
1,527
1,527
Sales receivables
8,269
-
Other receivables
2,688
1,521
Total
28,934
12,325
Sales receivables At the balance sheet date of 31 Decemeber 2025, sales receivables included in Other receivables amounted to EUR 8.3 million and relate entirely to the consideration receivable from the sale of the shares in subsidiary Taaleri Energia Development Holdings Sarl. Taaleri sold the subsidiary together with its project development portfolio to Taaleri SolarWind III Fund in the financial year 2023. 50% of the total consideration was contingent upon the progress of the projects included in the project development portfolio transferred to the Fund. Taaleri recognised the contingent portion of the con- sideration in profit or loss in the financial year 2024, as its realisation was considered probable at that time. However, the contingent consideration was presented in the comparative period balance sheet as a discretionarily recognised sales receivable within Accrued income, as uncertainty remained regarding its final realisation. The conditions related to the contingent consider- ation were fulfilled during the financial year 2025, as a result of which the receivable has been reclassified from Accrued income to Other receivables. At the balance sheet date, the consideration is no longer subject to any contingency and is expected to be settled in early 2026", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "23 Other receivables
EUR 1,000
31.12.2025
31.12.2024
Non-current assets
3,245
3,031
Management fee receivables
3,245
3,031
Current assets
25,689
9,295
Management fee receivables
9,459
4,897
Receivables from other continuing earnings
3,746
1,350
Performance fee receivables
1,527
1,527
Sales receivables
8,269
-
Other receivables
2,688
1,521
Total
28,934
12,325
Sales receivables At the balance sheet date of 31 Decemeber 2025, sales receivables included in Other receivables amounted to EUR 8.3 million and relate entirely to the consideration receivable from the sale of the shares in subsidiary Taaleri Energia Development Holdings Sarl. Taaleri sold the subsidiary together with its project development portfolio to Taaleri SolarWind III Fund in the financial year 2023. 50% of the total consideration was contingent upon the progress of the projects included in the project development portfolio transferred to the Fund. Taaleri recognised the contingent portion of the con- sideration in profit or loss in the financial year 2024, as its realisation was considered probable at that time. However, the contingent consideration was presented in the comparative period balance sheet as a discretionarily recognised sales receivable within Accrued income, as uncertainty remained regarding its final realisation. The conditions related to the contingent consider- ation were fulfilled during the financial year 2025, as a result of which the receivable has been reclassified from Accrued income to Other receivables. At the balance sheet date, the consideration is no longer subject to any contingency and is expected to be settled in early 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "25 Deferred tax assets and liabilities
Deferred tax assets, EUR 1,000
31.12.2025
31.12.2024
From employment benefits
145
256
From financial assets measured at fair value in profit or loss
2,284
883
From financial assets measured at fair value through other comprehensive income
439
657
From tax loss carryforwards
3,968
3,841
From other temporary differences between taxation and accounting
2,200
1,852
From other IFRS adjustments
77
128
Total
9,113
7,617
Deferred tax liabilities, EUR 1,000
31.12.2025
31.12.2024
From financial assets recorded at fair value in profit or loss
2,453
1,463
From financial assets measured at fair value through other comprehensive income
215
108
From the difference in valuation of insurance contracts
6,049
6,827
From other IFRS adjustments
3,351
3,870
Total
12,069
12,268
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "26 Cash and cash equivalents
EUR 1,000
31.12.2025
31.12.2024
Bank accounts
10,685
19,623
In domestic credit institutions
9,214
18,930
In foreign credit institutions
1,470
693
Total
10,685
19,623
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "
27 Other liabilities
EUR 1,000
31.12.2025
31.12.2024
Non-current liabilities
1,395
75
Lease liabilities
147
-
Other liabilities
1,248
75
Current liabilities
3,015
4,163
Accounts payable
991
1,317
Tax account liabilities
916
399
Lease liabilities
993
1,641
Other liabilities
115
806
Total
4,410
4,238
28 Accrued expenses
EUR 1,000
31.12.2025
31.12.2024
Non-current liabilities
1,035
852
Other accrued expenses
1,035
852
Current liabilities
19,921
16,490
Bonus provision
6,704
5,330
Holiday pay accrual
1,440
1,401
Accrued tax
1,248
1,417
Other accrued expenses
10,528
8,342
Total
20,956
17, 341
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "27 Other liabilities
EUR 1,000
31.12.2025
31.12.2024
Non-current liabilities
1,395
75
Lease liabilities
147
-
Other liabilities
1,248
75
Current liabilities
3,015
4,163
Accounts payable
991
1,317
Tax account liabilities
916
399
Lease liabilities
993
1,641
Other liabilities
115
806
Total
4,410
4,238
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "27 Other liabilities
EUR 1,000
31.12.2025
31.12.2024
Non-current liabilities
1,395
75
Lease liabilities
147
-
Other liabilities
1,248
75
Current liabilities
3,015
4,163
Accounts payable
991
1,317
Tax account liabilities
916
399
Lease liabilities
993
1,641
Other liabilities
115
806
Total
4,410
4,238
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "27 Other liabilities
EUR 1,000
31.12.2025
31.12.2024
Non-current liabilities
1,395
75
Lease liabilities
147
-
Other liabilities
1,248
75
Current liabilities
3,015
4,163
Accounts payable
991
1,317
Tax account liabilities
916
399
Lease liabilities
993
1,641
Other liabilities
115
806
Total
4,410
4,238
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "27 Other liabilities
EUR 1,000
31.12.2025
31.12.2024
Non-current liabilities
1,395
75
Lease liabilities
147
-
Other liabilities
1,248
75
Current liabilities
3,015
4,163
Accounts payable
991
1,317
Tax account liabilities
916
399
Lease liabilities
993
1,641
Other liabilities
115
806
Total
4,410
4,238
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "28 Accrued expenses
EUR 1,000
31.12.2025
31.12.2024
Non-current liabilities
1,035
852
Other accrued expenses
1,035
852
Current liabilities
19,921
16,490
Bonus provision
6,704
5,330
Holiday pay accrual
1,440
1,401
Accrued tax
1,248
1,417
Other accrued expenses
10,528
8,342
Total
20,956
17, 341
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
29 Classification of financial assets and liabilities
At fair value through other At fair value through
Financial assets and liabilities 31.12.2025, EUR 1,000 comprehensive income profit or loss
Financial assets
Amortised cost
Equity instruments
2)
Others
Equity instruments
Others
Total
Fair value
Non-current assets
Investments measured at amortised cost
3,240
3,240
3,240
Investments measured at fair value
4,199
44,144
989
49,332
49,332
Insurance assets, investments
98,487
23,878
41,201
163,566
163,566
Other financial assets
3,562
3,562
3,562
Current assets
Investments measured at amortised cost
193
193
193
Investments measured at fair value
312
312
312
Other financial assets
30,577
30,577
30,577
Cash and cash equivalents 1)
10,685
10,685
10,685
Financial assets total
48,256
4,511
98,487
68,023
42,190
261,466
Investments accounted for using the equity method
11,704
Other than financial assets, non-current
13,276
Other than financial assets, current
19,506
Assets in total 31.12.2025
305,952
At fair value through
Financial liabilities
profit or loss
Other liabilities
Total
Fair value
Non-current liabilities
Interest-bearing liabilities
-
-
-
-
Other financial liabilities
1,102
1,328
2,430
2,430
Current liabilities
Interest-bearing liabilities
-
-
-
-
Other financial liabilities
8,025
8,025
8,025
Financial liabilities total
1,102
9,353
10,455
Other than financial liabilities, non-current
57, 837
Other than financial liabilities, current
14,910
Liabilities in total 31.12.2025
83,203
1)
The carrying amount of Cash and cash equivalents are seen as the best estimate of their fair values.
2)
At the time of initial recognition of an equity instrument, the management may make an irrevocable choice concerning a procedure according to which changes in fair value are recognised in other comprehensive income and will not later be recycled to profit or loss. In this case, dividends received are recognised in profit or loss, but
changes in fair value, foreign exchange rate gains and losses as well as sales gains and losses are recognised in other comprehensive income. This group includes limited partner contributions to such limited partnerships related to Taaleri\u2019s private asset management business that are not actual private equity fund investments, as well as
equity investments in companies that are not considered to be closely related to the Group's strategy. On 31 December 2025, the fair value of equity instruments that are specifically valued at fair value through other comprehensive income items was EUR 4.5 (31 December 2024: 2.7) million. The investments belonging to the group have
not produced dividend income in the financial periods presented. During the presented financial periods, no investments belonging to the group have been sold or otherwise written off the balance sheet.
At fair value through other At fair value through
Financial assets and liabilities 31.12.2024, EUR 1,000 comprehensive income profit or loss
Financial assets
Amortised cost
Equity instruments
2)
Others
Equity instruments
Others
Total
Fair value
Non-current assets
Investments measured at amortised cost
3,717
3,717
3,717
Investments measured at fair value
2,693
34,291
1,813
38,797
38,797
Insurance assets, investments
92,733
34,187
27,719
154,638
154,638
Other financial assets
3,259
3,259
3,259
Current assets
Investments measured at amortised cost
211
211
211
Other financial assets
12,683
12,683
12,683
Cash and cash equivalents 1)
19,623
19,623
19,623
Financial assets total
39,493
2,693
92,733
68,478
29,532
232,928
Investments accounted for using the equity method
12,884
Other than financial assets, non-current
23,987
Other than financial assets, current
22,056
Assets in total 31.12.2024
291,855
At fair value through
Financial liabilities
profit or loss
Other liabilities
Total
Fair value
Non-current liabilities
Interest-bearing liabilities
-
-
-
-
Other financial liabilities
927
927
927
Current liabilities
Interest-bearing liabilities
-
-
-
-
Other financial liabilities
807
6,399
7, 206
7, 206
Financial liabilities total
807
7,326
8,133
Other than financial liabilities, non-current
54,944
Other than financial liabilities, current
13,447
Liabilities in total 31.12.2024
76,524
1)
The carrying amount of Cash and cash equivalents are seen as the best estimate of their fair values.
2)
At the time of initial recognition of an equity instrument, the management may make an irrevocable choice concerning a procedure according to which changes in fair value are recognised in other comprehensive income and will not later be recycled to profit or loss. In this case, dividends received are recognised in profit or loss, but
changes in fair value, foreign exchange rate gains and losses as well as sales gains and losses are recognised in other comprehensive income. This group includes limited partner contributions to such limited partnerships related to Taaleri\u2019s private asset management business that are not actual private equity fund investments, as well
as equity investments in companies that are not considered to be closely related to the Group's strategy. On 31 December 2025, the fair value of equity instruments that are specifically valued at fair value through other comprehensive income items was EUR 4.5 (31 December 2024: 2.7) million. The investments belonging to the group
have not produced dividend income in the financial periods presented. During the presented financial periods, no investments belonging to the group have been sold or otherwise written off the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "29 Classification of financial assets and liabilities
At fair value through other At fair value through
Financial assets and liabilities 31.12.2025, EUR 1,000 comprehensive income profit or loss
Financial assets
Amortised cost
Equity instruments
2)
Others
Equity instruments
Others
Total
Fair value
Non-current assets
Investments measured at amortised cost
3,240
3,240
3,240
Investments measured at fair value
4,199
44,144
989
49,332
49,332
Insurance assets, investments
98,487
23,878
41,201
163,566
163,566
Other financial assets
3,562
3,562
3,562
Current assets
Investments measured at amortised cost
193
193
193
Investments measured at fair value
312
312
312
Other financial assets
30,577
30,577
30,577
Cash and cash equivalents 1)
10,685
10,685
10,685
Financial assets total
48,256
4,511
98,487
68,023
42,190
261,466
Investments accounted for using the equity method
11,704
Other than financial assets, non-current
13,276
Other than financial assets, current
19,506
Assets in total 31.12.2025
305,952
At fair value through
Financial liabilities
profit or loss
Other liabilities
Total
Fair value
Non-current liabilities
Interest-bearing liabilities
-
-
-
-
Other financial liabilities
1,102
1,328
2,430
2,430
Current liabilities
Interest-bearing liabilities
-
-
-
-
Other financial liabilities
8,025
8,025
8,025
Financial liabilities total
1,102
9,353
10,455
Other than financial liabilities, non-current
57, 837
Other than financial liabilities, current
14,910
Liabilities in total 31.12.2025
83,203
1) The carrying amount of Cash and cash equivalents are seen as the best estimate of their fair values. 2) At the time of initial recognition of an equity instrument, the management may make an irrevocable choice concerning a procedure according to which changes in fair value are recognised in other comprehensive income and will not later be recycled to profit or loss. In this case, dividends received are recognised in profit or loss, but changes in fair value, foreign exchange rate gains and losses as well as sales gains and losses are recognised in other comprehensive income. This group includes limited partner contributions to such limited partnerships related to Taaleri\u2019s private asset management business that are not actual private equity fund investments, as well as equity investments in companies that are not considered to be closely related to the Group's strategy. On 31 December 2025, the fair value of equity instruments that are specifically valued at fair value through other comprehensive income items was EUR 4.5 (31 December 2024: 2.7) million. The investments belonging to the group have not produced dividend income in the financial periods presented. During the presented financial periods, no investments belonging to the group have been sold or otherwise written off the balance sheet.
At fair value through other At fair value through
Financial assets and liabilities 31.12.2024, EUR 1,000 comprehensive income profit or loss
Financial assets
Amortised cost
Equity instruments
2)
Others
Equity instruments
Others
Total
Fair value
Non-current assets
Investments measured at amortised cost
3,717
3,717
3,717
Investments measured at fair value
2,693
34,291
1,813
38,797
38,797
Insurance assets, investments
92,733
34,187
27,719
154,638
154,638
Other financial assets
3,259
3,259
3,259
Current assets
Investments measured at amortised cost
211
211
211
Other financial assets
12,683
12,683
12,683
Cash and cash equivalents 1)
19,623
19,623
19,623
Financial assets total
39,493
2,693
92,733
68,478
29,532
232,928
Investments accounted for using the equity method
12,884
Other than financial assets, non-current
23,987
Other than financial assets, current
22,056
Assets in total 31.12.2024
291,855
At fair value through
Financial liabilities
profit or loss
Other liabilities
Total
Fair value
Non-current liabilities
Interest-bearing liabilities
-
-
-
-
Other financial liabilities
927
927
927
Current liabilities
Interest-bearing liabilities
-
-
-
-
Other financial liabilities
807
6,399
7, 206
7, 206
Financial liabilities total
807
7,326
8,133
Other than financial liabilities, non-current
54,944
Other than financial liabilities, current
13,447
Liabilities in total 31.12.2024
76,524
1) The carrying amount of Cash and cash equivalents are seen as the best estimate of their fair values. 2) At the time of initial recognition of an equity instrument, the management may make an irrevocable choice concerning a procedure according to which changes in fair value are recognised in other comprehensive income and will not later be recycled to profit or loss. In this case, dividends received are recognised in profit or loss, but changes in fair value, foreign exchange rate gains and losses as well as sales gains and losses are recognised in other comprehensive income. This group includes limited partner contributions to such limited partnerships related to Taaleri\u2019s private asset management business that are not actual private equity fund investments, as well as equity investments in companies that are not considered to be closely related to the Group's strategy. On 31 December 2025, the fair value of equity instruments that are specifically valued at fair value through other comprehensive income items was EUR 4.5 (31 December 2024: 2.7) million. The investments belonging to the group have not produced dividend income in the financial periods presented. During the presented financial periods, no investments belonging to the group have been sold or otherwise written off the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "29 Classification of financial assets and liabilities
At fair value through other At fair value through
Financial assets and liabilities 31.12.2025, EUR 1,000 comprehensive income profit or loss
Financial assets
Amortised cost
Equity instruments
2)
Others
Equity instruments
Others
Total
Fair value
Non-current assets
Investments measured at amortised cost
3,240
3,240
3,240
Investments measured at fair value
4,199
44,144
989
49,332
49,332
Insurance assets, investments
98,487
23,878
41,201
163,566
163,566
Other financial assets
3,562
3,562
3,562
Current assets
Investments measured at amortised cost
193
193
193
Investments measured at fair value
312
312
312
Other financial assets
30,577
30,577
30,577
Cash and cash equivalents 1)
10,685
10,685
10,685
Financial assets total
48,256
4,511
98,487
68,023
42,190
261,466
Investments accounted for using the equity method
11,704
Other than financial assets, non-current
13,276
Other than financial assets, current
19,506
Assets in total 31.12.2025
305,952
At fair value through
Financial liabilities
profit or loss
Other liabilities
Total
Fair value
Non-current liabilities
Interest-bearing liabilities
-
-
-
-
Other financial liabilities
1,102
1,328
2,430
2,430
Current liabilities
Interest-bearing liabilities
-
-
-
-
Other financial liabilities
8,025
8,025
8,025
Financial liabilities total
1,102
9,353
10,455
Other than financial liabilities, non-current
57, 837
Other than financial liabilities, current
14,910
Liabilities in total 31.12.2025
83,203
1) The carrying amount of Cash and cash equivalents are seen as the best estimate of their fair values. 2) At the time of initial recognition of an equity instrument, the management may make an irrevocable choice concerning a procedure according to which changes in fair value are recognised in other comprehensive income and will not later be recycled to profit or loss. In this case, dividends received are recognised in profit or loss, but changes in fair value, foreign exchange rate gains and losses as well as sales gains and losses are recognised in other comprehensive income. This group includes limited partner contributions to such limited partnerships related to Taaleri\u2019s private asset management business that are not actual private equity fund investments, as well as equity investments in companies that are not considered to be closely related to the Group's strategy. On 31 December 2025, the fair value of equity instruments that are specifically valued at fair value through other comprehensive income items was EUR 4.5 (31 December 2024: 2.7) million. The investments belonging to the group have not produced dividend income in the financial periods presented. During the presented financial periods, no investments belonging to the group have been sold or otherwise written off the balance sheet.
At fair value through other At fair value through
Financial assets and liabilities 31.12.2024, EUR 1,000 comprehensive income profit or loss
Financial assets
Amortised cost
Equity instruments
2)
Others
Equity instruments
Others
Total
Fair value
Non-current assets
Investments measured at amortised cost
3,717
3,717
3,717
Investments measured at fair value
2,693
34,291
1,813
38,797
38,797
Insurance assets, investments
92,733
34,187
27,719
154,638
154,638
Other financial assets
3,259
3,259
3,259
Current assets
Investments measured at amortised cost
211
211
211
Other financial assets
12,683
12,683
12,683
Cash and cash equivalents 1)
19,623
19,623
19,623
Financial assets total
39,493
2,693
92,733
68,478
29,532
232,928
Investments accounted for using the equity method
12,884
Other than financial assets, non-current
23,987
Other than financial assets, current
22,056
Assets in total 31.12.2024
291,855
At fair value through
Financial liabilities
profit or loss
Other liabilities
Total
Fair value
Non-current liabilities
Interest-bearing liabilities
-
-
-
-
Other financial liabilities
927
927
927
Current liabilities
Interest-bearing liabilities
-
-
-
-
Other financial liabilities
807
6,399
7, 206
7, 206
Financial liabilities total
807
7,326
8,133
Other than financial liabilities, non-current
54,944
Other than financial liabilities, current
13,447
Liabilities in total 31.12.2024
76,524
1) The carrying amount of Cash and cash equivalents are seen as the best estimate of their fair values. 2) At the time of initial recognition of an equity instrument, the management may make an irrevocable choice concerning a procedure according to which changes in fair value are recognised in other comprehensive income and will not later be recycled to profit or loss. In this case, dividends received are recognised in profit or loss, but changes in fair value, foreign exchange rate gains and losses as well as sales gains and losses are recognised in other comprehensive income. This group includes limited partner contributions to such limited partnerships related to Taaleri\u2019s private asset management business that are not actual private equity fund investments, as well as equity investments in companies that are not considered to be closely related to the Group's strategy. On 31 December 2025, the fair value of equity instruments that are specifically valued at fair value through other comprehensive income items was EUR 4.5 (31 December 2024: 2.7) million. The investments belonging to the group have not produced dividend income in the financial periods presented. During the presented financial periods, no investments belonging to the group have been sold or otherwise written off the balance sheet. 30 Fair value of financial instruments
Fair value
Fair value of assets 31.12.2025, EUR 1,000
Level 1
Level 2
Level 3
total
Non-current assets
Investments measured at amortised cost
-
3,240
-
3,240
Investments measured at fair value
3,486
1,325
44,521
49,332
Insurance assets, investments
157,300
-
6,266
163,566
Current assets
Investments measured at amortised cost
-
193
-
193
Investments measured at fair value
-
-
312
312
Cash and cash equivalents
10,685
-
-
10,685
Total
171,471
4,758
51,099
227,327
Fair value
Fair value of liabilities 31.12.2025, EUR 1,000
Level 1
Level 2
Level 3
total
Interest-bearing liabilities
-
-
-
-
Total
-
-
-
-
Fair value
Fair value of assets 31.12.2024, EUR 1,000
Level 1
Level 2
Level 3
total
Non-current assets
Investments measured at amortised cost
-
3,717
-
3,717
Investments measured at fair value
5,329
1,777
31,691
38,797
Insurance assets, investments
147, 243
-
7, 3 9 6
154,638
Current assets
Investments measured at amortised cost
-
211
-
211
Cash and cash equivalents
19,623
-
-
19,623
Total
172,195
5,706
39,087
216,987
Fair value
Fair value of liabilities 31.12.2024, EUR 1,000
Level 1
Level 2
Level 3
total
Interest-bearing liabilities
-
-
-
-
Total
-
-
-
-
Fair value hierarchy Level 1: Fair values are based on the prices quoted on the active market on identical assets or liabilities. Level 2: Fair values are based on information other than quoted prices included within level 1 that are observable for the asset or liability, either directly (from prices) or indirectly (derived from prices). When measuring the fair value of these instruments, Taaleri Group uses generally accepted valuation models whose information is based to a significant degree on verifiable market information. Level 3: Fair values are based on inputs for the asset or liability that are not observable in the market. Level 3 assets are measured either using prices obtained from external parties or based on the Group\u2019s own valuations applying generally accepted valuation models and management judgement. Where a reliable fair value cannot otherwise be determined, assets are measured at cost. Assets classified at level 3 Level 3 financial instruments mainly comprise unlisted private equity fund investments, profit participation loans, other debt instruments and unlisted shares. Fair value is determined based on the most recent values reported by fund managers, discounted cash flow methodologies or other case-specific market- and income-based valuation techniques.
Reconciliation of assets categorised within level 3, EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Fair value January 1
39,087
35,118
Purchases
5,176
7, 5 6 4
Sales and deductions
-1,437
-2,565
Change in fair value - income statement
7, 3 0 6
-1,025
Change in fair value - comprehensive income statement
888
-4
Transfers to level 3
79
-
Fair value at end of period
51,099
39,087
Unrealised gains or losses attributable to fair value measurements of assets or liabilities
categorised within level 3 held at the end of the reporting period recognised in profit or loss,
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net income from investments in insurance operations
-763
77
Net investment income
8,069
-1,102
Total
7,306
-1,025
Credit risk
Credit risk in general refers to the risk that the bor-
rower or other counterparty is unable to meet its
obligation to the financial institution or that the value
of the collateral is insufficient to cover the liability.
Credit risks in Taaleri Group can be divided into credit
risk (counterparty creditworthiness) and collateral risk.
Credit risk means that the counterparty is unable or
unwilling to fulfil its contractual obligations. Collateral
risk means that the collateral provided is not sufficient
to cover the claim. Loans granted as part of Taaleri
Group\u2019s investment operations are the largest source
of credit risk for Taaleri\u2019s private asset management
business and Group\u2019s investment operations, but
credit risk also arises from other receivables, such as
fee receivables from Taaleri\u2019s private equity funds and
other customers, liquid assets and investments, and
off-balance sheet assets, such as issued guarantees
and commitments made on behalf of the Group or
Group companies.
The counterparties of the companies in Taaleri\u2019s private
asset management business and Group\u2019s investment
operations are the Group's debtors, Taaleri\u2019s funds
and other customers that have received services from
the Group companies, partners and subcontractors
as well as banks and fixed income funds, to which the
liquid funds of the Taaleri Group companies have been
deposited.
In Taaleri\u2019s private asset management business and
Group\u2019s investment operations the credit risk arises
from investments made by the parent company Taaleri
Plc and Taaleri Investments Ltd, loans granted and
from bank receivables.
Taaleri\u2019s Private Asset Management segment does not
engage in lending activities, so the segment\u2019s credit
risk is comprised of counterparty risk. Companies in the
segment may invest its own funds only in financial insti-
tutions with high credit ratings or in liquid fixed income
funds. The financial standing and development of
business of Taaleri\u2019s main counterparties is continuously
monitored and changes in their risk standing are report- ed to the Executive Management Team and the Board of Directors. The aim is to always diversify both credit risk and counterparty risk to more than one counterpar- ty, depending on the market and the situation. Liquidity risk Liquidity risk is the risk associated with the availability of refinancing that arises when the maturities of the receivables and liabilities are different. Liquidity risk also arises if receivables and liabilities are too concentrated on individual counterparties. Taaleri Group\u2019s liquidity is monitored daily and Taaleri Group has a long-term revloving credit facility as well as an overdraft facility which it can utilise. Liquidity is maintained by investing the excess liquidity buffer in low risk money market instruments that can be rapidly converted into cash. The cash flows of Taaleri\u2019s private asset manage- ment business and Group\u2019s investment operations consist of easily predictable management fees from private equity funds, relatively predictable performance fees, and equity or debt investments made by Taaleri Investments Ltd and Taaleri Energia Group. Investment and exit activities may have a significant impact on cash flows and particularly on the timing of cash flows. The management fees of Taaleri Private Equity Funds Ltd and Taaleri Energia Funds Management Ltd are based on long-term contracts, and management fees from existing funds and projects can be rela- tively reliably forecasted for the whole life cycle of a private equity fund. Taaleri\u2019s private asset management business\u2019 income streams are smoothed by the steady long-term inflow of income from existing funds and co-invest- ment projects. The aim is to reduce the concentra- tion of Taaleri\u2019s operations by further expanding the customer base. Taaleri Plc\u2019s CFO is responsible for the continuous monitoring of Taaleri's financial situation and balance sheet. The CFO monitors balance sheet items and the financial situation on a monthly basis and reports on the situation to the Executive Management Team and the CEO\u2019s of the Group companies. In addition, Taaleri Group\u2019s financial administration regularly con- ducts analytical reviews to monitor the items in the income statement and balance sheet. Market risk Market risk refers to the impact of market price fluc- tuations on the market value of financial assets and liabilities. Different types of market risk include interest rate, currency, equity, real estate and commodity risks. Interest rate risk refers to the impact of changes in interest rates on the market value or net interest income of items in the Group's balance sheet or off-balance sheet, and thereby their impact on solvency. Currency risk refers to the effect of changes in exchange rates. Equity risk refers to the effect of changes in share pric- es. Real estate risk refers to the risk of decline in value or income or damage to real estate or the shares of real estate entities. Commodity risk refers to the effect of changes in commodity prices. The main items exposed to market risk in Taaleri\u2019s private asset management business and Group\u2019s investment operations are Taaleri Investment Ltd\u2019s investments, potentially realisable performance fees resulting from the successful investment activities of the private asset management business, and project development within the private asset management business. In addition, market risk arises from other interest rate and currency positions in the Group's balance sheet. The real estate business is particularly affected by changes in the real estate market and the interest rate market. Apartment prices and the general rent level directly affect the returns of real estate funds. Fluctua- tions in the interest rate market directly affect the loan costs of real estate funds and indirectly the values of real estates, and through these, the valuations of the funds. Changes in the interest rate market can be pro- tected with various interest hedging methods, which provide predictability to the funds' loan management costs. On the other hand, a general rise in the price level can improve returns in some funds if rent increas- es are tied to the cost-of-living index. In the renewable energy business, the energy price risk can also affect the value of the energy projects being developed and the profits of the energy funds. Potential significant changes in exchange rates for non-euro area investments can affect the return on that investment. In addition to bank accounts, liquidity buffer in Taaleri\u2019s private asset management business and Group\u2019s investment operations may be partially invested in short-term interest instruments and is therefore exposed to market risks. At Taaleri\u2019s private asset management business and Group\u2019s investment operations, market risk stress testing is carried out in the form of a sensitivity analysis regarding interest rate risk and price risk, the effect of which is examined on the Group's profit or loss and equity. The sensitivity analysis of market risk is presented in Note 36
Investment risks
Garantia\u2019s investments are used to cover the technical
provisions and the equity capital, and their primary
purpose is to secure the liquidity of insurance oper-
ations, even in years with exceptionally high claims.
Garantia\u2019s investment activities are long-term, and the
objective is primarily to secure capital and achieve sta-
ble and steadily increasing asset growth. Investment
risks are made up of market risks, counterparty credit
risk and liquidity risk.
Market risk means the possibility of losses or an
unfavorable change in the economic situation due
(directly or indirectly) to the fluctuation in the market
prices and volatility of assets, liabilities, and financial
instruments. Changes in prices affect the value of
investment assets and annual returns. The principal
market risks are equity risk, interest rate risk, currency
risk and property risk. The counterparty credit risk
of investments is made up of credit spread risk and
counterparty credit risk. Credit spread risk describes
the risk arising from changes in the credit spread, i.e.,
the difference between risky interest rate instruments
and comparable risk-free interest rate instruments.
Counterparty risk means the risk of default pertaining
to the contractual counterparty.
The main aim in the management of investment
risks is to keep the negative profit impacts arising
from investments and the changes in the values of
investments at acceptable levels in the long term,
to ensure that investment returns are adequate in
relation to the risks taken and to safeguard the com-
pany's liquidity. Garantia follows the principle of pru-
dence defined in the Insurance Companies Act in its
investment activities. Assets are only invested in the
type of assets where the company is able to identify,
measure, monitor, manage, control and report the
related risks. Investment activities should aim to
ensure the security, convertibility into cash, rate of
return and availability from location of investments,
and to consider the nature of insurance agreements
and the interests of the insured.
Investment risks are managed through effective diver-
sification of the investments by asset class, sector,
geographical area, credit category and counterparty,
and by ensuring adequate liquidity of the investments.
Central to the management of investment risks is the
daily implementation of investment activity, which is
controlled by the investment plan and decision-mak-
ing powers approved by the Board of Directors. In
addition to the daily investment activities and monthly
reporting, investment, risks are assessed at least once
a year with a risk survey compiled in conjunction with
the annual planning.
Capital requirements for investment risks are mea-
sured by means of the economic capital model, the
Solvency Capital Requirement (SCR) and S&P\u2019s insur-
ance capital model. In the economic capital model,
investment risks are measured on an instrument-spe-
cific basis with Value-at-Risk calculation models for
equity risk, currency risk, interest rate risk and credit
risk. The credit risk with fixed income and private equi-
ty investments is defined according to the internal
ratings-based method based on Basel II which consid-
ers the amount of investment, the instrument\u2019s credit
rating, the loss-given default and duration. In addition
to economic capital, investment risks are measured
based on asset class, by country, credit category,
counterparty, modified duration, interest rate sensitiv-
ity and the amount of foreign currency-denominated
investments. The investment risk position is monitored
and reported to the Executive Management Team and
the Board of Directors every month.
Quantitative information on Garantia\u2019s insurance
investment risks is presented in Note 37.
Liquidity risk means the risk that an insurance
company is unable to convert their investments or
other assets into cash in order to meet their financial
obligations that fall due for payment. Liquidity risk is
limited at Garantia as premiums written are collected
before claims are paid and the largest individual
payments are insurance compensation payments to
beneficiaries or the distribution of profit/repayment
of capital to shareholders, and the payment dates for
these payments are usually known well in advance.
Garantia has no financial liabilities. The key tools for
managing liquidity risk in Garantia are maintaining a
sufficient amount of cash to handle daily payments
and the liquidity of the investment portfolio.
34 Maturity spread of financial assets and liabilities
Financial assets 31.12.2025, EUR 1,000
< 3 months
3\u201312 months
1\u20135 years
5\u201310 years
> 10 years
Total
Cash and cash equivalents
10,685
-
-
-
-
10,685
Investments
14
2,105
2,672
-
-
4,791
Other financial assets
27,08 6
1,621
3,245
-
-
31,952
Interest
-
141
600
-
-
740
Financial assets total
37,785
3,867
6,517
-
-
48,168
Financial liabilities 31.12.2025, EUR 1,000
< 3 months
3\u201312 months
1\u20135 years
5\u201310 years
> 10 years
Total
Other financial liabilities
3,959
4,125
1,329
1,102
-
10,514
- of which lease liabilities
268
783
148
-
-
1,200
Interest
-
-
-
-
-
-
Financial liabilities total
3,959
4,125
1,329
1,102
-
10,514
Financial assets 31.12.2024, EUR 1,000
< 3 months
3\u201312 months
1\u20135 years
5\u201310 years
> 10 years
Total
Cash and cash equivalents
19,623
-
-
-
-
19,623
Investments
24
2,919
2,477
-
-
5,421
Other financial assets
13,147
29,074
1,760
-
-
43,981
Interest
1
187
174
78
-
441
Financial assets total
32,795
32,180
4,412
78
-
69,466
Financial liabilities 31.12.2024, EUR 1,000
< 3 months
3\u201312 months
1\u20135 years
5\u201310 years
> 10 years
Total
Other financial liabilities
5,177
11,459
931
-
-
17, 5 6 8
- of which lease liabilities
216
625
931
-
-
1,772
Interest
-
-
-
-
-
-
Financial liabilities total
5,177
11,459
931
-
-
17,568
The maturity analysis of financial assets includes only those financial assets that give rise to contractual cash flows and have a known maturity. The maturities of
receivables classified as investments are presented at their original, non-impaired carrying amounts. Equity instruments are not included in the maturity analysis,
as they do not give rise to contractual cash flows or have a contractual maturity. The maturity analysis of financial liabilities includes all financial liabilities and their
undiscounted contractual cash flows.
The maturity spread for insurance assets and liabilities is presented in Notes 37 and 38.
Fixed-income portfolio (excl. bond funds) by maturity and credit rating 31 December 2025
EUR million
< 1 year
1\u20133 years
3\u20135 years
> 5 years
Total
%
AAA...AA-
0.5
-
-
-
0.5
0.4%
A+...A-
0.0
-
-
16.0
16.1
13.5%
BBB+...BBB-
2.0
5.1
20.8
42.9
70.8
59.8%
BB+ or weaker
1.1
15.6
7.5
6.9
31.1
26.2%
Total
3.7
20.7
28.3
65.8
118.5
100.0%
Fixed-income portfolio (excl. bond funds) by maturity and credit rating 31 December 2024
EUR million
< 1 year
1\u20133 years
3\u20135 years
> 5 years
Total
%
AAA...AA-
6.5
-
-
-
6.5
5.3%
A+...A-
0.1
5.0
-
11.7
16.7
13.6%
BBB+...BBB-
3.8
14.2
15.8
28.3
62.1
50.5%
BB+ or weaker
3.8
16.7
17.1
-
37.6
30.6%
Total
14.1
35.9
32.9
40.0
123.0
100.0%
Maturity date is the end of the term to maturity. If the instrument includes a call option, maturity is the first possible call date. The rating of an instrument is an
issuer rating or senior debt rating published by an external rating agency. If an external rating is not available, Garantia's internal credit rating is used.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "
30 Fair value of financial instruments
Fair value
Fair value of assets 31.12.2025, EUR 1,000
Level 1
Level 2
Level 3
total
Non-current assets
Investments measured at amortised cost
-
3,240
-
3,240
Investments measured at fair value
3,486
1,325
44,521
49,332
Insurance assets, investments
157,300
-
6,266
163,566
Current assets
Investments measured at amortised cost
-
193
-
193
Investments measured at fair value
-
-
312
312
Cash and cash equivalents
10,685
-
-
10,685
Total
171,471
4,758
51,099
227,327
Fair value
Fair value of liabilities 31.12.2025, EUR 1,000
Level 1
Level 2
Level 3
total
Interest-bearing liabilities
-
-
-
-
Total
-
-
-
-
Fair value
Fair value of assets 31.12.2024, EUR 1,000
Level 1
Level 2
Level 3
total
Non-current assets
Investments measured at amortised cost
-
3,717
-
3,717
Investments measured at fair value
5,329
1,777
31,691
38,797
Insurance assets, investments
147, 243
-
7, 3 9 6
154,638
Current assets
Investments measured at amortised cost
-
211
-
211
Cash and cash equivalents
19,623
-
-
19,623
Total
172,195
5,706
39,087
216,987
Fair value
Fair value of liabilities 31.12.2024, EUR 1,000
Level 1
Level 2
Level 3
total
Interest-bearing liabilities
-
-
-
-
Total
-
-
-
-
Fair value hierarchy
Level 1: Fair values are based on the prices quoted on
the active market on identical assets or liabilities.
Level 2: Fair values are based on information other
than quoted prices included within level 1 that are
observable for the asset or liability, either directly
(from prices) or indirectly (derived from prices).
When measuring the fair value of these instruments,
Taaleri Group uses generally accepted valuation
models whose information is based to a significant
degree on verifiable market information.
Level 3: Fair values are based on inputs for the asset
or liability that are not observable in the market. Level
3 assets are measured either using prices obtained
from external parties or based on the Group\u2019s own
valuations applying generally accepted valuation
models and management judgement. Where a
reliable fair value cannot otherwise be determined,
assets are measured at cost.
Assets classified at level 3
Level 3 financial instruments mainly comprise unlisted
private equity fund investments, profit participation
loans, other debt instruments and unlisted shares. Fair
value is determined based on the most recent values
reported by fund managers, discounted cash flow
methodologies or other case-specific market- and
income-based valuation techniques.
Reconciliation of assets categorised within level 3, EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Fair value January 1
39,087
35,118
Purchases
5,176
7, 5 6 4
Sales and deductions
-1,437
-2,565
Change in fair value - income statement
7, 3 0 6
-1,025
Change in fair value - comprehensive income statement
888
-4
Transfers to level 3
79
-
Fair value at end of period
51,099
39,087
Unrealised gains or losses attributable to fair value measurements of assets or liabilities
categorised within level 3 held at the end of the reporting period recognised in profit or loss,
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net income from investments in insurance operations
-763
77
Net investment income
8,069
-1,102
Total
7,306
-1,025
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "30 Fair value of financial instruments
Fair value
Fair value of assets 31.12.2025, EUR 1,000
Level 1
Level 2
Level 3
total
Non-current assets
Investments measured at amortised cost
-
3,240
-
3,240
Investments measured at fair value
3,486
1,325
44,521
49,332
Insurance assets, investments
157,300
-
6,266
163,566
Current assets
Investments measured at amortised cost
-
193
-
193
Investments measured at fair value
-
-
312
312
Cash and cash equivalents
10,685
-
-
10,685
Total
171,471
4,758
51,099
227,327
Fair value
Fair value of liabilities 31.12.2025, EUR 1,000
Level 1
Level 2
Level 3
total
Interest-bearing liabilities
-
-
-
-
Total
-
-
-
-
Fair value
Fair value of assets 31.12.2024, EUR 1,000
Level 1
Level 2
Level 3
total
Non-current assets
Investments measured at amortised cost
-
3,717
-
3,717
Investments measured at fair value
5,329
1,777
31,691
38,797
Insurance assets, investments
147, 243
-
7, 3 9 6
154,638
Current assets
Investments measured at amortised cost
-
211
-
211
Cash and cash equivalents
19,623
-
-
19,623
Total
172,195
5,706
39,087
216,987
Fair value
Fair value of liabilities 31.12.2024, EUR 1,000
Level 1
Level 2
Level 3
total
Interest-bearing liabilities
-
-
-
-
Total
-
-
-
-
Fair value hierarchy Level 1: Fair values are based on the prices quoted on the active market on identical assets or liabilities. Level 2: Fair values are based on information other than quoted prices included within level 1 that are observable for the asset or liability, either directly (from prices) or indirectly (derived from prices). When measuring the fair value of these instruments, Taaleri Group uses generally accepted valuation models whose information is based to a significant degree on verifiable market information. Level 3: Fair values are based on inputs for the asset or liability that are not observable in the market. Level 3 assets are measured either using prices obtained from external parties or based on the Group\u2019s own valuations applying generally accepted valuation models and management judgement. Where a reliable fair value cannot otherwise be determined, assets are measured at cost. Assets classified at level 3 Level 3 financial instruments mainly comprise unlisted private equity fund investments, profit participation loans, other debt instruments and unlisted shares. Fair value is determined based on the most recent values reported by fund managers, discounted cash flow methodologies or other case-specific market- and income-based valuation techniques.
Reconciliation of assets categorised within level 3, EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Fair value January 1
39,087
35,118
Purchases
5,176
7, 5 6 4
Sales and deductions
-1,437
-2,565
Change in fair value - income statement
7, 3 0 6
-1,025
Change in fair value - comprehensive income statement
888
-4
Transfers to level 3
79
-
Fair value at end of period
51,099
39,087
Unrealised gains or losses attributable to fair value measurements of assets or liabilities
categorised within level 3 held at the end of the reporting period recognised in profit or loss,
EUR 1,000
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Net income from investments in insurance operations
-763
77
Net investment income
8,069
-1,102
Total
7,306
-1,025
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "
32 Equity
Share capital
The company\u2019s share capital on 31 December
2025 was EUR 125,000 and the amount of shares
28,196,253. The company\u2019s shares do not have a
nominal value. Trading in Taaleri Plc\u2019s shares are
traded on the Nasdaq Helsinki main market. The
shares' trading code is \u201cTAALA\u201d and ISIN code
FI4000062195.
All shares issued have been paid for in full. The Group
uses share-based incentive schemes, for which
further information is presented on the notes con-
cerning personnel and management. The company
has not issued convertible bonds or other than the
above-mentioned special rights.
Share rights and restrictions
Shareholders\u2019 priority for new shares when Shareholders have priority for new shares in relation to the shares
increasing share capital they already own
Voting right
Each share entitles to one vote
Dividend right
Equal for all
Other authorisations
The General Meeting of 2 April 2025, decided to
authorise the Board of Directors to decide on the
repurchase of the company's own shares using assets
belonging to unrestricted equity on the following
conditions:
Up to 2,000,000 shares may be purchased, corre-
sponding to 7.09 per cent of all the company's shares.
The purchase may be made in one or more instalments.
The purchase price per share shall be the price given on
the Helsinki Stock Exchange or another market-based
price. The shares may be acquired to develop the
company's capital structure, to finance or implement
corporate acquisitions, investments or other arrange-
ments related to the company's business operations, to
be used as part of the company's incentive scheme, or
to be cancelled if justified from the point of view of the
company and its shareholders. The authorisation issued
includes the right to decide whether the shares will be
acquired in a private placement or in proportion to the
shares owned by shareholders. The acquisition may
take place through private placement only if there is a
weighty financial reason for it from the company's per-
spective. The Board of Directors has the right to decide
on other matters concerning the purchase of shares.
This authorisation is effective for 18 months from the
date of the close of the Annual General Meeting. This
authorisation cancelled the authorisation to purchase
the company's own shares issued at the General Meet-
ing of 10 April 2024.
The General Meeting of 2 April 2025, decided to
authorise the Board of Directors to decide on the issue
of new shares and the assignment of treasury shares
in the possession of the company and/or the issuance
of option rights or other special rights entitling to
shares, as referred to in Chapter 10, Section 1 of the
Finnish Companies Act, on the following terms:
The Board of Directors may, pursuant to authorisation,
issue new shares and assign treasury shares in the
possession of the company up to a maximum of
2,500,000 shares, corresponding to 8.87 per cent
of all the company's shares. The new shares may be
issued and the treasury shares possessed by the
company may be assigned and/or option rights or
other special rights entitling to shares may be issued
to the company's shareholders in proportion to their
ownership of shares or deviating from the share-
holder's pre-emptive subscription right in a private
placement, if there is a weighty financial reason for it
from the point of view of the company, such as using
the shares as consideration in potential corporate
acquisitions or other arrangements that are part of
the company's business operations, or to finance
investments or as part of the company's incentive
scheme. The Board of Directors may also decide on
a free-of-charge share issue to the company itself.
The new shares and/or option rights or other special
rights entitling to shares may be issued and the
shares possessed by the company may be assigned
either against payment or without payment. A private
placement may only be without payment if there is an
especially weighty reason for it from the point of view of the company and taking into account the benefit of all its shareholders. The Board of Directors will decide on all other factors related to share issues and the assignment of shares and decide on all terms and conditions of the option rights and other special rights entitling to shares. The authorisation is valid until the end of the next Annual General Meeting, however no longer than 30 June 2026. This authorisation cancelled the authorisation regarding the share issue issued at the General Meeting on 10 April 2024. Treasury shares At the end of the reporting period, Taaleri Group held a total of 27,258 shares classified as own shares. The shares are held by EAI Hedging 4 Oy, which is consolidated into the Taaleri Group as a structured entity. The shares are not recognised as assets in the consolidated balance sheet, and their acquisition cost has been deducted from the Group\u2019s equity. The shares are intended to be used for the settlement of Taaleri\u2019s share-based incentive plans.
Changes in number of shares 2025
Total
Number of shares 1 January 2025
28,196,253
Number of shares 31 December 2025
28,196,253
Number of votes 31 December 2025
28,196,253
Changes in number of shares 2024
Total
Number of shares 1 January 2024
28,350,620
Cancellation of own shares during the period
-154,367
Number of shares 31 December 2024
28,196,253
Number of votes 31 December 2024
28,196,253
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "32 Equity Share capital The company\u2019s share capital on 31 December 2025 was EUR 125,000 and the amount of shares 28,196,253. The company\u2019s shares do not have a nominal value. Trading in Taaleri Plc\u2019s shares are traded on the Nasdaq Helsinki main market. The shares' trading code is \u201cTAALA\u201d and ISIN code FI4000062195. All shares issued have been paid for in full. The Group uses share-based incentive schemes, for which further information is presented on the notes con- cerning personnel and management. The company has not issued convertible bonds or other than the above-mentioned special rights.
Share rights and restrictions
Shareholders\u2019 priority for new shares when Shareholders have priority for new shares in relation to the shares
increasing share capital they already own
Voting right
Each share entitles to one vote
Dividend right
Equal for all
Other authorisations The General Meeting of 2 April 2025, decided to authorise the Board of Directors to decide on the repurchase of the company's own shares using assets belonging to unrestricted equity on the following conditions: Up to 2,000,000 shares may be purchased, corre- sponding to 7.09 per cent of all the company's shares. The purchase may be made in one or more instalments. The purchase price per share shall be the price given on the Helsinki Stock Exchange or another market-based price. The shares may be acquired to develop the company's capital structure, to finance or implement corporate acquisitions, investments or other arrange- ments related to the company's business operations, to be used as part of the company's incentive scheme, or to be cancelled if justified from the point of view of the company and its shareholders. The authorisation issued includes the right to decide whether the shares will be acquired in a private placement or in proportion to the shares owned by shareholders. The acquisition may take place through private placement only if there is a weighty financial reason for it from the company's per- spective. The Board of Directors has the right to decide on other matters concerning the purchase of shares. This authorisation is effective for 18 months from the date of the close of the Annual General Meeting. This authorisation cancelled the authorisation to purchase the company's own shares issued at the General Meet- ing of 10 April 2024. The General Meeting of 2 April 2025, decided to authorise the Board of Directors to decide on the issue of new shares and the assignment of treasury shares in the possession of the company and/or the issuance of option rights or other special rights entitling to shares, as referred to in Chapter 10, Section 1 of the Finnish Companies Act, on the following terms: The Board of Directors may, pursuant to authorisation, issue new shares and assign treasury shares in the possession of the company up to a maximum of 2,500,000 shares, corresponding to 8.87 per cent of all the company's shares. The new shares may be issued and the treasury shares possessed by the company may be assigned and/or option rights or other special rights entitling to shares may be issued to the company's shareholders in proportion to their ownership of shares or deviating from the share- holder's pre-emptive subscription right in a private placement, if there is a weighty financial reason for it from the point of view of the company, such as using the shares as consideration in potential corporate acquisitions or other arrangements that are part of the company's business operations, or to finance investments or as part of the company's incentive scheme. The Board of Directors may also decide on a free-of-charge share issue to the company itself. The new shares and/or option rights or other special rights entitling to shares may be issued and the shares possessed by the company may be assigned either against payment or without payment. A private placement may only be without payment if there is an especially weighty reason for it from the point of view of the company and taking into account the benefit of all its shareholders. The Board of Directors will decide on all other factors related to share issues and the assignment of shares and decide on all terms and conditions of the option rights and other special rights entitling to shares. The authorisation is valid until the end of the next Annual General Meeting, however no longer than 30 June 2026. This authorisation cancelled the authorisation regarding the share issue issued at the General Meeting on 10 April 2024. Treasury shares At the end of the reporting period, Taaleri Group held a total of 27,258 shares classified as own shares. The shares are held by EAI Hedging 4 Oy, which is consolidated into the Taaleri Group as a structured entity. The shares are not recognised as assets in the consolidated balance sheet, and their acquisition cost has been deducted from the Group\u2019s equity. The shares are intended to be used for the settlement of Taaleri\u2019s share-based incentive plans.
Changes in number of shares 2025
Total
Number of shares 1 January 2025
28,196,253
Number of shares 31 December 2025
28,196,253
Number of votes 31 December 2025
28,196,253
Changes in number of shares 2024
Total
Number of shares 1 January 2024
28,350,620
Cancellation of own shares during the period
-154,367
Number of shares 31 December 2024
28,196,253
Number of votes 31 December 2024
28,196,253
Issuer's reserves within equity The following are descriptions of the reserves within equity. Reserve for invested unrestricted equity Cash received in the share issues in 2013 and 2015 was recognised in the reserve for invested unrestrict- ed equity. A return of capital was distributed from the reserve for invested unrestricted equity in 2021. Translation differences Translation differences caused by the conversion of the financial statements of foreign units. Fair value reserve The change in fair value of financial assets measured at fair value through other comprehensive income is recognised in the fair value reserve. The fair value change of debt instruments is reclassified to profit or loss, when the instrument is derecognised or an expected credit loss is recognised. The fair value change of equity instruments is not reclassified to profit or loss at any time.
At fair value through other
Changes in the Fair value reserve 2025 comprehensive income
EUR 1,000
Shares and units
Insurance assets
Total
Fair value reserve 1 January 2025
-6,112
-2,295
-8,407
Changes in fair value
1,861
2,110
3,972
Changes in expected credit losses
-
-195
-195
Deferred taxes
-405
-383
-788
Fair value reserve 31 December 2025
-4,655
-763
-5,418
At fair value through other
Changes in the Fair value reserve 2024 comprehensive income
EUR 1,000
Shares and units
Insurance assets
Total
Fair value reserve 1 January 2024
-6,052
-5,210
-11,262
Changes in fair value
-74
3,293
3,219
Changes in expected credit losses
-
350
350
Deferred taxes
15
-729
-714
Fair value reserve 31 December 2024
-6,112
-2,295
-8,407
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
Treasury shares
At the end of the reporting period, Taaleri Group held
a total of 27,258 shares classified as own shares.
The shares are held by EAI Hedging 4 Oy, which is
consolidated into the Taaleri Group as a structured
entity. The shares are not recognised as assets in
the consolidated balance sheet, and their acquisition
cost has been deducted from the Group\u2019s equity. The
shares are intended to be used for the settlement of
Taaleri\u2019s share-based incentive plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "33.3 Capital management Risk capacity and risk appetite The risk capacity of the Taaleri Group consists of a properly optimised capital structure, profitability of business operations and qualitative factors, including good corporate governance, internal control and proactive risk management. Additionally, regulated companies perform proactive capital adequacy assessments. Through effective risk management, Taaleri Group strives to ensure the continuity of the operations of the Group and its companies, and the risk capacity required to achieve set strategic goals. Taaleri Group\u2019s attitude towards risk-taking is based on careful consideration of adequate risk/return rela- tionship. Taaleri Plc\u2019s Board of Directors has decided that the Group may not in its activities take a risk that exceeds the agreed risk appetite. Taaleri does not take risks in its operations that conflict with Taaleri's Code of Conduct, sustainability-related policies and commitments. Capital management The objective of Taaleri Group's capital management is to maintain an efficient capital structure that enables the management of usual financial obligations and ensures the continuity of the business also in excep- tional circumstances. The Group's capital structure, i.e. how the Group's financing is organised and how it is divided into debt and equity is regularly monitored in connection with balance sheet management. The Group's strategic objective is to have at least a 15 per cent return on equity over the long term. The develop- ment of the Group's net gearing is also followed up. Taaleri Plc has strengthened the Group's own funds by arranging two share issues in 2013 and 2015, which have raised a total of EUR 37.5 million to increase equi- ty and strengthen the balance sheet structure. As of the balance sheet date Taaleri had no interest-bearing liabilities. Taaleri has a committed long-term revolving credit facility (RCF) of EUR 30 million, which supports the Taaleri\u2019s liquidity, as well as an overdraft facility of EUR 10 million. Both financing arrangements were undrawn at the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "Credit risk Credit risk in general refers to the risk that the bor- rower or other counterparty is unable to meet its obligation to the financial institution or that the value of the collateral is insufficient to cover the liability. Credit risks in Taaleri Group can be divided into credit risk (counterparty creditworthiness) and collateral risk. Credit risk means that the counterparty is unable or unwilling to fulfil its contractual obligations. Collateral risk means that the collateral provided is not sufficient to cover the claim. Loans granted as part of Taaleri Group\u2019s investment operations are the largest source of credit risk for Taaleri\u2019s private asset management business and Group\u2019s investment operations, but credit risk also arises from other receivables, such as fee receivables from Taaleri\u2019s private equity funds and other customers, liquid assets and investments, and off-balance sheet assets, such as issued guarantees and commitments made on behalf of the Group or Group companies. The counterparties of the companies in Taaleri\u2019s private asset management business and Group\u2019s investment operations are the Group's debtors, Taaleri\u2019s funds and other customers that have received services from the Group companies, partners and subcontractors as well as banks and fixed income funds, to which the liquid funds of the Taaleri Group companies have been deposited. In Taaleri\u2019s private asset management business and Group\u2019s investment operations the credit risk arises from investments made by the parent company Taaleri Plc and Taaleri Investments Ltd, loans granted and from bank receivables. Taaleri\u2019s Private Asset Management segment does not engage in lending activities, so the segment\u2019s credit risk is comprised of counterparty risk. Companies in the segment may invest its own funds only in financial insti- tutions with high credit ratings or in liquid fixed income funds. The financial standing and development of business of Taaleri\u2019s main counterparties is continuously
monitored and changes in their risk standing are report-
ed to the Executive Management Team and the Board
of Directors. The aim is to always diversify both credit
risk and counterparty risk to more than one counterpar-
ty, depending on the market and the situation.
Liquidity risk
Liquidity risk is the risk associated with the availability
of refinancing that arises when the maturities of
the receivables and liabilities are different. Liquidity
risk also arises if receivables and liabilities are too
concentrated on individual counterparties. Taaleri
Group\u2019s liquidity is monitored daily and Taaleri Group
has a long-term revloving credit facility as well as
an overdraft facility which it can utilise. Liquidity is
maintained by investing the excess liquidity buffer
in low risk money market instruments that can be
rapidly converted into cash.
The cash flows of Taaleri\u2019s private asset manage-
ment business and Group\u2019s investment operations
consist of easily predictable management fees
from private equity funds, relatively predictable
performance fees, and equity or debt investments
made by Taaleri Investments Ltd and Taaleri Energia
Group. Investment and exit activities may have a
significant impact on cash flows and particularly on
the timing of cash flows.
The management fees of Taaleri Private Equity Funds
Ltd and Taaleri Energia Funds Management Ltd are
based on long-term contracts, and management
fees from existing funds and projects can be rela-
tively reliably forecasted for the whole life cycle of a
private equity fund.
Taaleri\u2019s private asset management business\u2019 income
streams are smoothed by the steady long-term
inflow of income from existing funds and co-invest-
ment projects. The aim is to reduce the concentra-
tion of Taaleri\u2019s operations by further expanding the
customer base.
Taaleri Plc\u2019s CFO is responsible for the continuous
monitoring of Taaleri's financial situation and balance
sheet. The CFO monitors balance sheet items and
the financial situation on a monthly basis and reports
on the situation to the Executive Management Team
and the CEO\u2019s of the Group companies. In addition,
Taaleri Group\u2019s financial administration regularly con-
ducts analytical reviews to monitor the items in the
income statement and balance sheet.
Market risk
Market risk refers to the impact of market price fluc-
tuations on the market value of financial assets and
liabilities. Different types of market risk include interest
rate, currency, equity, real estate and commodity risks.
Interest rate risk refers to the impact of changes in
interest rates on the market value or net interest income
of items in the Group's balance sheet or off-balance
sheet, and thereby their impact on solvency. Currency
risk refers to the effect of changes in exchange rates.
Equity risk refers to the effect of changes in share pric-
es. Real estate risk refers to the risk of decline in value
or income or damage to real estate or the shares of real
estate entities. Commodity risk refers to the effect of
changes in commodity prices.
The main items exposed to market risk in Taaleri\u2019s private
asset management business and Group\u2019s investment
operations are Taaleri Investment Ltd\u2019s investments,
potentially realisable performance fees resulting from
the successful investment activities of the private asset
management business, and project development within
the private asset management business.
In addition, market risk arises from other interest rate
and currency positions in the Group's balance sheet.
The real estate business is particularly affected by
changes in the real estate market and the interest rate
market. Apartment prices and the general rent level
directly affect the returns of real estate funds. Fluctua-
tions in the interest rate market directly affect the loan
costs of real estate funds and indirectly the values of
real estates, and through these, the valuations of the
funds. Changes in the interest rate market can be pro-
tected with various interest hedging methods, which
provide predictability to the funds' loan management
costs. On the other hand, a general rise in the price
level can improve returns in some funds if rent increas-
es are tied to the cost-of-living index.
In the renewable energy business, the energy price
risk can also affect the value of the energy projects
being developed and the profits of the energy funds.
Potential significant changes in exchange rates for
non-euro area investments can affect the return on
that investment.
In addition to bank accounts, liquidity buffer in
Taaleri\u2019s private asset management business and
Group\u2019s investment operations may be partially
invested in short-term interest instruments and is
therefore exposed to market risks.
At Taaleri\u2019s private asset management business and
Group\u2019s investment operations, market risk stress
testing is carried out in the form of a sensitivity
analysis regarding interest rate risk and price risk, the
effect of which is examined on the Group's profit or
loss and equity. The sensitivity analysis of market risk
is presented in Note 36.
Investment risks Garantia\u2019s investments are used to cover the technical provisions and the equity capital, and their primary purpose is to secure the liquidity of insurance oper- ations, even in years with exceptionally high claims. Garantia\u2019s investment activities are long-term, and the objective is primarily to secure capital and achieve sta- ble and steadily increasing asset growth. Investment risks are made up of market risks, counterparty credit risk and liquidity risk. Market risk means the possibility of losses or an unfavorable change in the economic situation due (directly or indirectly) to the fluctuation in the market prices and volatility of assets, liabilities, and financial instruments. Changes in prices affect the value of investment assets and annual returns. The principal market risks are equity risk, interest rate risk, currency risk and property risk. The counterparty credit risk of investments is made up of credit spread risk and counterparty credit risk. Credit spread risk describes the risk arising from changes in the credit spread, i.e., the difference between risky interest rate instruments and comparable risk-free interest rate instruments. Counterparty risk means the risk of default pertaining to the contractual counterparty. The main aim in the management of investment risks is to keep the negative profit impacts arising from investments and the changes in the values of investments at acceptable levels in the long term, to ensure that investment returns are adequate in relation to the risks taken and to safeguard the com- pany's liquidity. Garantia follows the principle of pru- dence defined in the Insurance Companies Act in its investment activities. Assets are only invested in the type of assets where the company is able to identify, measure, monitor, manage, control and report the related risks. Investment activities should aim to ensure the security, convertibility into cash, rate of return and availability from location of investments, and to consider the nature of insurance agreements and the interests of the insured. Investment risks are managed through effective diver- sification of the investments by asset class, sector, geographical area, credit category and counterparty, and by ensuring adequate liquidity of the investments. Central to the management of investment risks is the daily implementation of investment activity, which is controlled by the investment plan and decision-mak- ing powers approved by the Board of Directors. In addition to the daily investment activities and monthly reporting, investment, risks are assessed at least once a year with a risk survey compiled in conjunction with the annual planning. Capital requirements for investment risks are mea- sured by means of the economic capital model, the Solvency Capital Requirement (SCR) and S&P\u2019s insur- ance capital model. In the economic capital model, investment risks are measured on an instrument-spe- cific basis with Value-at-Risk calculation models for equity risk, currency risk, interest rate risk and credit risk. The credit risk with fixed income and private equi- ty investments is defined according to the internal ratings-based method based on Basel II which consid- ers the amount of investment, the instrument\u2019s credit rating, the loss-given default and duration. In addition to economic capital, investment risks are measured based on asset class, by country, credit category, counterparty, modified duration, interest rate sensitiv- ity and the amount of foreign currency-denominated investments. The investment risk position is monitored and reported to the Executive Management Team and the Board of Directors every month. Quantitative information on Garantia\u2019s insurance investment risks is presented in Note 37. Liquidity risk means the risk that an insurance company is unable to convert their investments or other assets into cash in order to meet their financial obligations that fall due for payment. Liquidity risk is limited at Garantia as premiums written are collected before claims are paid and the largest individual payments are insurance compensation payments to beneficiaries or the distribution of profit/repayment of capital to shareholders, and the payment dates for these payments are usually known well in advance. Garantia has no financial liabilities. The key tools for managing liquidity risk in Garantia are maintaining a sufficient amount of cash to handle daily payments and the liquidity of the investment portfolio. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "Credit risk Credit risk in general refers to the risk that the bor- rower or other counterparty is unable to meet its obligation to the financial institution or that the value of the collateral is insufficient to cover the liability. Credit risks in Taaleri Group can be divided into credit risk (counterparty creditworthiness) and collateral risk. Credit risk means that the counterparty is unable or unwilling to fulfil its contractual obligations. Collateral risk means that the collateral provided is not sufficient to cover the claim. Loans granted as part of Taaleri Group\u2019s investment operations are the largest source of credit risk for Taaleri\u2019s private asset management business and Group\u2019s investment operations, but credit risk also arises from other receivables, such as fee receivables from Taaleri\u2019s private equity funds and other customers, liquid assets and investments, and off-balance sheet assets, such as issued guarantees and commitments made on behalf of the Group or Group companies. The counterparties of the companies in Taaleri\u2019s private asset management business and Group\u2019s investment operations are the Group's debtors, Taaleri\u2019s funds and other customers that have received services from the Group companies, partners and subcontractors as well as banks and fixed income funds, to which the liquid funds of the Taaleri Group companies have been deposited. In Taaleri\u2019s private asset management business and Group\u2019s investment operations the credit risk arises from investments made by the parent company Taaleri Plc and Taaleri Investments Ltd, loans granted and from bank receivables. Taaleri\u2019s Private Asset Management segment does not engage in lending activities, so the segment\u2019s credit risk is comprised of counterparty risk. Companies in the segment may invest its own funds only in financial insti- tutions with high credit ratings or in liquid fixed income funds. The financial standing and development of monitored and changes in their risk standing are report- ed to the Executive Management Team and the Board of Directors. The aim is to always diversify both credit risk and counterparty risk to more than one counterpar- ty, depending on the market and the situation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "Liquidity risk Liquidity risk is the risk associated with the availability of refinancing that arises when the maturities of the receivables and liabilities are different. Liquidity risk also arises if receivables and liabilities are too concentrated on individual counterparties. Taaleri Group\u2019s liquidity is monitored daily and Taaleri Group has a long-term revloving credit facility as well as an overdraft facility which it can utilise. Liquidity is maintained by investing the excess liquidity buffer in low risk money market instruments that can be rapidly converted into cash. The cash flows of Taaleri\u2019s private asset manage- ment business and Group\u2019s investment operations consist of easily predictable management fees from private equity funds, relatively predictable performance fees, and equity or debt investments made by Taaleri Investments Ltd and Taaleri Energia Group. Investment and exit activities may have a significant impact on cash flows and particularly on the timing of cash flows. The management fees of Taaleri Private Equity Funds Ltd and Taaleri Energia Funds Management Ltd are based on long-term contracts, and management fees from existing funds and projects can be rela- tively reliably forecasted for the whole life cycle of a private equity fund. Taaleri\u2019s private asset management business\u2019 income streams are smoothed by the steady long-term inflow of income from existing funds and co-invest- ment projects. The aim is to reduce the concentra- tion of Taaleri\u2019s operations by further expanding the customer base. Taaleri Plc\u2019s CFO is responsible for the continuous monitoring of Taaleri's financial situation and balance sheet. The CFO monitors balance sheet items and the financial situation on a monthly basis and reports on the situation to the Executive Management Team and the CEO\u2019s of the Group companies. In addition, Taaleri Group\u2019s financial administration regularly con- ducts analytical reviews to monitor the items in the income statement and balance sheet. Liquidity risk means the risk that an insurance company is unable to convert their investments or other assets into cash in order to meet their financial obligations that fall due for payment. Liquidity risk is limited at Garantia as premiums written are collected before claims are paid and the largest individual payments are insurance compensation payments to beneficiaries or the distribution of profit/repayment of capital to shareholders, and the payment dates for these payments are usually known well in advance. Garantia has no financial liabilities. The key tools for managing liquidity risk in Garantia are maintaining a sufficient amount of cash to handle daily payments and the liquidity of the investment portfolio.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "Market risk Market risk refers to the impact of market price fluc- tuations on the market value of financial assets and liabilities. Different types of market risk include interest rate, currency, equity, real estate and commodity risks. Interest rate risk refers to the impact of changes in interest rates on the market value or net interest income of items in the Group's balance sheet or off-balance sheet, and thereby their impact on solvency. Currency risk refers to the effect of changes in exchange rates. Equity risk refers to the effect of changes in share pric- es. Real estate risk refers to the risk of decline in value or income or damage to real estate or the shares of real estate entities. Commodity risk refers to the effect of changes in commodity prices. The main items exposed to market risk in Taaleri\u2019s private asset management business and Group\u2019s investment operations are Taaleri Investment Ltd\u2019s investments, potentially realisable performance fees resulting from the successful investment activities of the private asset management business, and project development within the private asset management business. In addition, market risk arises from other interest rate and currency positions in the Group's balance sheet. The real estate business is particularly affected by changes in the real estate market and the interest rate market. Apartment prices and the general rent level directly affect the returns of real estate funds. Fluctua- tions in the interest rate market directly affect the loan costs of real estate funds and indirectly the values of real estates, and through these, the valuations of the funds. Changes in the interest rate market can be pro- tected with various interest hedging methods, which provide predictability to the funds' loan management costs. On the other hand, a general rise in the price level can improve returns in some funds if rent increas- es are tied to the cost-of-living index. In the renewable energy business, the energy price risk can also affect the value of the energy projects being developed and the profits of the energy funds. Potential significant changes in exchange rates for non-euro area investments can affect the return on that investment. In addition to bank accounts, liquidity buffer in Taaleri\u2019s private asset management business and Group\u2019s investment operations may be partially invested in short-term interest instruments and is therefore exposed to market risks. At Taaleri\u2019s private asset management business and Group\u2019s investment operations, market risk stress testing is carried out in the form of a sensitivity analysis regarding interest rate risk and price risk, the effect of which is examined on the Group's profit or loss and equity. The sensitivity analysis of market risk is presented in Note 36. Investment risks Garantia\u2019s investments are used to cover the technical provisions and the equity capital, and their primary purpose is to secure the liquidity of insurance oper- ations, even in years with exceptionally high claims. Garantia\u2019s investment activities are long-term, and the objective is primarily to secure capital and achieve sta- ble and steadily increasing asset growth. Investment risks are made up of market risks, counterparty credit risk and liquidity risk. Market risk means the possibility of losses or an unfavorable change in the economic situation due (directly or indirectly) to the fluctuation in the market prices and volatility of assets, liabilities, and financial instruments. Changes in prices affect the value of investment assets and annual returns. The principal market risks are equity risk, interest rate risk, currency risk and property risk. The counterparty credit risk of investments is made up of credit spread risk and counterparty credit risk. Credit spread risk describes the risk arising from changes in the credit spread, i.e., the difference between risky interest rate instruments and comparable risk-free interest rate instruments. Counterparty risk means the risk of default pertaining to the contractual counterparty. The main aim in the management of investment risks is to keep the negative profit impacts arising from investments and the changes in the values of investments at acceptable levels in the long term, to ensure that investment returns are adequate in relation to the risks taken and to safeguard the com- pany's liquidity. Garantia follows the principle of pru- dence defined in the Insurance Companies Act in its investment activities. Assets are only invested in the type of assets where the company is able to identify, measure, monitor, manage, control and report the related risks. Investment activities should aim to ensure the security, convertibility into cash, rate of return and availability from location of investments, and to consider the nature of insurance agreements and the interests of the insured. Investment risks are managed through effective diver- sification of the investments by asset class, sector, geographical area, credit category and counterparty, and by ensuring adequate liquidity of the investments. Central to the management of investment risks is the daily implementation of investment activity, which is controlled by the investment plan and decision-mak- ing powers approved by the Board of Directors. In addition to the daily investment activities and monthly reporting, investment, risks are assessed at least once a year with a risk survey compiled in conjunction with the annual planning. Capital requirements for investment risks are mea- sured by means of the economic capital model, the Solvency Capital Requirement (SCR) and S&P\u2019s insur- ance capital model. In the economic capital model, investment risks are measured on an instrument-spe- cific basis with Value-at-Risk calculation models for equity risk, currency risk, interest rate risk and credit risk. The credit risk with fixed income and private equi- ty investments is defined according to the internal ratings-based method based on Basel II which consid- ers the amount of investment, the instrument\u2019s credit rating, the loss-given default and duration. In addition to economic capital, investment risks are measured based on asset class, by country, credit category, counterparty, modified duration, interest rate sensitiv- ity and the amount of foreign currency-denominated investments. The investment risk position is monitored and reported to the Executive Management Team and the Board of Directors every month. Quantitative information on Garantia\u2019s insurance investment risks is presented in Note 37. 36 Market risk sensitivity analysis A market risk sensitivity analysis has been prepared for the Group\u2019s significant market risks, which are interest rate risk and price risk. Sensitivity analyses are prepared by evaluating how each possible change in interest rate or fair values might influence balance sheet items that are sensitive to them. The effect is calculated before taxes. Separate sensitivity analyses have been prepared for insurance assets and liabilities and are pre- sented in Notes 37 and 38.
31.12.2025
31.12.2024
Effect Effect Effect Effect
EUR 1,000
Risk variable
Change
on earnings on equity on earnings on equity
Interest rate risk
1)
Interest
One percentage point
121
121
210
210
Price risk
2)
Fair value
10%
4,513
4,933
3,610
3,880
1) The interest rate risk sensitivity analysis takes into account those financial assets and liabilities that are measured in the balance sheet at amortised cost and had a variable interest rate at the reporting date 2) The price risk sensitivity analysis takes into account those financial assets and liabilities that are measured in the balance sheet at fair value. 37 Quantitative information about insurance investment risks Taaleri\u2019s insurance operations consist only of the business of Garantia Insurance Company Ltd.
Investment distribution at fair value, EUR million
31.12.2025
31.12.2024
Fixed income investments*
118.5
123.0
Listed equity investments
41.2
27.7
Private equity and real estate investments
6.3
7.4
Total
166.0
158.1
* Includes cash, bank balances and accrued interest. Fixed income investments mainly include bonds issued by Nordic corporations and credit institutions, and g o v e r n m e n t b o n d s .
Investment sensitivity analysis, 31 December 2025
Invest-ments at fair Effect on equity,
Investment class
value, EUR million
Risk parameter
Change
EUR million
Fixed income investments*
118.5
Change in interest rate
1%
3.9
Listed equity investments
41.2
Fair value
10%
3.3
Private equity
and real estate investments
6.3
Fair value
10%
0.5
The sensitivity analysis is based on Garantia\u2019s FAS financial statements. When calculating the effects of changes, the market valuation has, however, been assumed before and after the change..
Investment sensitivity analysis, 31 December 2024
Invest-ments at fair Effect on equity,
Investment class
value, EUR million
Risk parameter
Change
EUR million
Fixed income investments*
123.0
Change in interest rate
1%
3.1
Listed equity investments
27.7
Fair value
10%
2.2
Private equity
and real estate investments
7.4
Fair value
10%
0.6
The sensitivity analysis is based on Garantia\u2019s FAS financial statements. When calculating the effects of changes, the market valuationhas, however, been assumed before and after the change.
Fixed-income portfolio (excl. bond funds) by maturity and credit rating 31 December 2025
EUR million
< 1 year
1\u20133 years
3\u20135 years
> 5 years
Total
%
AAA...AA-
0.5
-
-
-
0.5
0.4%
A+...A-
0.0
-
-
16.0
16.1
13.5%
BBB+...BBB-
2.0
5.1
20.8
42.9
70.8
59.8%
BB+ or weaker
1.1
15.6
7.5
6.9
31.1
26.2%
Total
3.7
20.7
28.3
65.8
118.5
100.0%
Fixed-income portfolio (excl. bond funds) by maturity and credit rating 31 December 2024
EUR million
< 1 year
1\u20133 years
3\u20135 years
> 5 years
Total
%
AAA...AA-
6.5
-
-
-
6.5
5.3%
A+...A-
0.1
5.0
-
11.7
16.7
13.6%
BBB+...BBB-
3.8
14.2
15.8
28.3
62.1
50.5%
BB+ or weaker
3.8
16.7
17.1
-
37.6
30.6%
Total
14.1
35.9
32.9
40.0
123.0
100.0%
Maturity date is the end of the term to maturity. If the instrument includes a call option, maturity is the first possible call date. The rating of an instrument is an issuer rating or senior debt rating published by an external rating agency. If an external rating is not available, Garantia's internal credit rating is used.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "35 Changes in liabilities arising from financing activities
Change in
EUR 1,000
1.1.2025
Cash flows
fair value
31.12.2025
Interest-bearing liabilities
-
-
-
-
Total
-
-
-
-
Change in
EUR 1,000
1.1.2024
Cash flows
fair value
31.12.2024
Interest-bearing liabilities
14,886
-15,000
114
-
Total
14,886
-15,000
114
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "
2025
2024
Number of personnel, FTE
Average no.
Change
Average no.
Change
Permanent full-time personnel
117
0
117
5
Temporary or part-time personnel
12
2
10
1
Total
129
2
127
6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "Share option plans and share based incentive schemes for employees and management During 2025 expenses from options and other share based incentive schemes amounting to EUR 0.4 (0.6) million were recognised in personnel costs. More detailed information on options and other share based incentive schemes that were in effect on the balance sheet date or on the balance date of the comparison period, is presented below. Performance Share Plan 2021\u20132025 On June 17, 2021, Taaleri Plc's Board of Directors decided on a new share-based incentive scheme for the Group's key personnel. If a participant's employment or managerial contract expires before the reward is paid, the rewards of the plan will gener- ally not be paid. The share-based incentive scheme for key personnel 2021\u20132025 has three earning periods: calendar years 2021\u20132023, 2022\u20132024 and 2023\u20132025. The Board of Directors decides on the scheme's earning criteria and the targets to be set at the beginning of each earning period. The rewards will be paid partly in company shares and partly in cash. The purpose of the cash contribution is to cover taxes and tax-like payments incurred by the key personnel from the remuneration. If the amount of the reward is very low, it may be paid entirely in cash. The reward of the scheme in the earning period 2021\u20132023 was based on the total return per share (TSR) of Taaleri Plc. The gross rewards paid for the earning period 2021\u20132023 corresponded to a maxi- mum total value of 185,000 Taaleri Plc shares, includ- ing the portion to be paid in cash. The target group of the scheme of the earning period 2021\u20132023 includ- ed approximately 10 key personnel, including some members of the Executive Management Team. The rewards earned for the earning period 2021\u20132023 were paid fully in cash in spring 2024. On December 14, 2022, Taaleri Plc's Board of Directors decided on the launch of the earning period 2022\u2013 2024. The plan's target group included approximately 18 key employees, including some members of the Executive Management Team. The reward of the plan from the earning period 2022\u20132024 depended on the total shareholder return (TSR) of the Taaleri Plc share. The maximum reward of the plan was 183,000 shares including the portion to be paid cash. No rewards were realised for payment from the earning period. On August 16, 2023, Taaleri Plc's Board of Directors decided on the launch of the earning period 2023\u2013 2026. The plans target group includes approximately 10 key employees, including some members of the Executive Management Team. The potential reward of the plan from the earning period 2023\u20132026 depends on the total shareholder return (TSR) of the Taaleri Plc share. The maximum reward of the plan is 140,000 shares including the portion to be paid cash. The potential reward will be paid approximately in September 2026.
Earning period
Earning period
Earning periods running during the financial year
2022\u20132024
2023\u20132026
Initial amount, gross pcs
183,000
140,000
Initial allocation date
14.12.2022
16.8.2023
Vesting date
15.3.2025
15.9.2026
Maximum contractual life, yrs
2.3
3.1
Remaining contractual life, yrs
0
0.7
Number of persons at the end of reporting year
0
9
Payment method
Equity and cash,
Equity and cash,
net settlement net settlement
Units outstanding of the whole plan
1.1.-31.12.2025
1.1.-31.12.2024
Outstanding at the beginning of the period
237,000
295,000
Granted during the period
-
30,000
Forfeited during the period
127,000
87,776
Excercised during the period
-
224
Expired during the period
-
-
Outstanding at the end of the period
110,000
237,000
Previous CEO's option plan On April 6, 2022, Taaleri Plc's Board of Directors decided to launch a new stock option plan for the CEO of the company at the time. The prerequisite for the receipt of stock options was that the CEO acquiries Taaleri Plc shares from the market worth of 400,000 euros in spring 2022. The maximum total number of stock options issued is 300,000 and they entitle the CEO to subscribe for a maximum total of 300,000 new shares in the company or existing shares held by the company. The stock options are issued gratuitously. Of the stock options, 100,000 are marked with the symbol 2022A, 100,000 are marked with the symbol 2022B and 100,000 are marked with the symbol 2022C.
Instrument
2022
A
2022
B
2022C
TOT/WA
Initial amount, pcs
100,000
100,000
100,000
300,000
The subscription ratio for underlying shares, pcs
1
1
1
Initial excercise price, \u20ac
11.02
11.02
11.02
Dividend adjustment
Yes
Yes
Yes
Current exercise price, \u20ac
-
8.82
8.82
8.82
Initial allocation date
9.5.2022
9.5.2022
9.5.2022
Vesting date
1.2.2025
1.2.2026
1.2.2027
Maturity date
31.1.2026
31.1.2027
31.1.2028
Maximum contractual life, yrs
3.7
4.7
5.7
4.7
Remaining contractual life, yrs
0.0
1.1
2.1
1.1
Number of persons at the end of reporting year
0
1
1
Payment method
Equity
Equity
Equity
Units outstanding of the whole plan
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Outstanding at the beginning of the period
300,000
300,000
Granted during the period
-
-
Forfeited during the period
100,000
-
Excercised during the period
-
-
Expired during the period
-
-
Outstanding at the end of the period
200,000
300,000
Excercisable at the end of the period
-
-
Employee Share Savings Plan On May 6, 2022, Taaleri Plc's Board of Directors decided on a new share-based incentive for the employees of Taaleri Plc and its subsidiaries. The aim of the plan is to encourage employes to acquire and own Taaleri shares, and it is intended to align the interests of the shareholders and the employees as well as to increase employees' motivation and long- term commitment to the company. The Employee Share Savings Plan (ESSP) consists of plan periods that commence every second year. Taaleri's Board of Directors will decide on each plan period and its details separately. The gross matching reward is paid partly in company shares and partly in cash after the holding period. The purpose of the cash contribution is to cover taxes and tax-like payments incurred by the personnel from the remuneration. In the plan period 2022\u20132025, Taaleri Plc's employees had the opportunity to save a proportion of their salaries and invest those savings in Taaleri shares. The savings was used for acquiring Taaleri shares quarterly after the publication dates of the respective interim reports. As a reward for commitment, the employees were granted with one gross matching share for each savings share acquired with their savings. The rewards from the plan period 2022\u20132025 were paid in July 2025. On June 12, 2025 Taaleri Plc's Board of Directors resolved on a new plan period in the employee share savings plan. In the plan period 2025\u20132028, Taaleri Plc's employees have the opportunity to save a proportion of their salaries and invest those savings in Taaleri shares. The savings will be used for acquiring Taaleri shares quarterly after the publication dates of the respective interim reports. As a reward for commitment, the employees are granted with one gross matching share for each savings share acquired with their savings. If a participant's employment or managerial contract expires or if the participants sell their savings shares before the matching share reward is paid, the matching reward of the plan will generally not be paid. The potential reward will be paid after the holding period, approximately in October 2028.
Plan periods running during the financial year
Plan period 2022\u20132024
Plan period 2025\u20132028
Initial amount, gross pcs
51,905
56,636
*)
Initial allocation date
1.7.2022
1.10.2025
Vesting date
30.6.2025
30.9.2028
Maximum contractual life, yrs
3
3
Remaining contractual life, yrs
0
2.8
Number of persons at the end of reporting year
0
63
Equity and cash, net Equity and cash, net
Payment method settlement settlement
*) The number of additional shares to be earned under the 2025\u20132028 plan period is not yet known at the balance sheet date. The amount has been estimated based on the savings accumulated by the participants in the plan as at the balance sheet date, but the first share purchases will only be made in 2026. The number of matching shares will be finalised during 2026 once the plan's savings period has ended and all share purchases have been completed.
Units outstanding
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Outstanding at the beginning of the period
46,506
48,163
Granted during the period
*)
56,636
-
Forfeited during the period
995
1,657
Excercised during the period
45,511
-
Expired during the period
-
-
Outstanding at the end of the period
56,636
46,506
Matching Share Plan 2022 On November 4, 2022, Taaleri Plc's Board of Directors decided on the establishment of a new share-based incentive plan for the company's Head of Sales at that time. The plan consisted of one matching period starting on 4 November 2022 and ending on 31 December 2025. The prerequisite for receiv- ing the matching reward was that the participant acquires company's shares in advance and that his employment with the company is valid until the reward payment. The achievement of the target set for the amount of assets under management by the company affected the size of the reward multiplier. The reward value corresponded to the value of a maximum of 27,382 Taaleri Plc shares, including also the potential proportion to be paid in cash (gross reward), calculated on the basis of the share price at that time and assuming that the participant invests in the shares the maximum amount set by the Board of Directors and the company's target for the reward multiplier is achieved. All units were forfeited during the financial year 2025.
Plan periods running during the financial year
Matching Share Plan 2022
Initial amount, gross pcs
27, 3 82
Initial allocation date
4.11.2022
Vesting date
15.3.2026
Maximum contractual life, yrs
3.4
Remaining contractual life, yrs
0.2
Number of persons at the end of reporting year
0
Payment method
Equity and cash, net settlement
Units outstanding
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Outstanding at the beginning of the period
27, 3 82
27, 3 82
Granted during the period
-
-
Forfeited during the period
27, 3 82
-
Excercised during the period
-
-
Expired during the period
-
-
Outstanding at the end of the period
-
27,382
Matching Share Plan 2024 On January 24, 2024 Taaleri Plc's Board of Directors decided on the establishment of a new share-based incentive plan for the company's CFO at that time. The plan consists of one matching period starting on 6 February 2024 and ending on 6 February 2027. The prerequisite for receiving the matching reward is that the participant acquires company's shares in advance and that his employment with the company is valid until the reward payment. Taaleri grants the participant a gross reward of one matching share for every share committed to the plan. The reward value corresponds to the value of a maximum of 21,643 Taaleri Plc shares, including also the proportion to be paid in cash. The cash proportion is intended to cover taxes and tax-related expenses arising from the reward to the participant. The potential reward will be paid approximately in February 2027.
Plan periods running during the financial year
Matching Share Plan 2024
Initial amount, gross pcs
21,643
Initial allocation date
6.2.2024
Vesting date
6.2.2027
Maximum contractual life, yrs
3
Remaining contractual life, yrs
1.1
Number of persons at the end of reporting year
1
Payment method
Equity and cash, net settlement
Units outstanding
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Outstanding at the beginning of the period
21,643
-
Granted during the period
-
21,643
Forfeited during the period
-
-
Excercised during the period
-
-
Expired during the period
-
-
Outstanding at the end of the period
21,643
21,643
Performance Share Plan 2025\u20132029 On December 12, 2024, Taaleri Plc's Board of Direc- tors decided on a new share-based incentive scheme for the Group's key personnel. The Performance Share Plan 2025\u20132029 consists of three performance periods, covering the financial years 2025\u20132027, 2026\u20132028 and 2027\u20132029 respectively. The Board of Directors will resolve annually on the commence- ment and details of a performance period. If a partic- ipant's employment or managerial contract expires before the reward is paid, the rewards of the plan will generally not be paid. The rewards will be paid partly in company shares and partly in cash. The purpose of the cash contribution is to cover taxes and tax-like payments incurred by the key personnel from the remuneration. If the amount of the reward is very low, it may be paid entirely in cash. In the performance period 2025\u20132027, the perfor- mance criteria of the plan are tied to continuing earn- ings and absolute total shareholder return (TSR). The target group in the performance period 2025\u20132027 consists of approximately 15 key employees, includ- ing some members of the Executive Management Team, excluding the CEO. The maximum reward of the plan is 200,000 shares including the portion to be paid cash. The potential reward will be paid approximately in May 2028.
Plan periods running during the financial year
Earning period 2025\u20132027
Initial amount, gross pcs
200,000
Initial allocation date
11.2.2025
Vesting date
31.5.2028
Maximum contractual life, yrs
3
Remaining contractual life, yrs
2.4
Number of persons at the end of reporting year
13
Payment method
Equity and cash, net settlement
Units outstanding
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Outstanding at the beginning of the period
-
-
Granted during the period
182,000
-
Forfeited during the period
18,000
-
Excercised during the period
-
-
Expired during the period
-
-
Outstanding at the end of the period
164,000
-
CEO Performance Share Plan 2025\u20132029 The Board of Directors of Taaleri Plc resolved on April 2, 2025 to establish a new share-based incentive plan for the CEO. The Performance Share Plan 2025\u20132029 consists of three performance periods, covering the financial years 2025\u20132027, 2025\u20132028 and 2025\u20132029 respectively. In the plan, the CEO has an opportunity to earn Taaleri\u2019s shares based on perfor- mance. The performance criteria of the plan are tied to Absolute Total Shareholder Return (TSR) and con- tinuing earnings. The potential rewards from the plan will be paid after the end of each performance peri- od. The potential reward will be paid partly in Taaleri\u2019s shares and partly in cash. The cash proportion of the reward is intended to cover taxes and statutory social security contributions arising from the reward. As a rule, no reward will be paid if the CEO\u2019s director\u2019s contract terminates before the reward payment.
Earning period
Earning period Earning period
Earning periods running during the financial year
2025\u20132027
2025\u20132028 2025\u20132029
Initial amount, gross pcs
78,357
100,000
100,000
Initial allocation date
2.4.2025
2.4.2025
2.4.2025
Vesting date
31.5.2028
31.5.2029
31.5.2030
Maximum contractual life, yrs
3.2
4.2
5.2
Remaining contractual life, yrs
2
3
4.4
Number of persons at the end of reporting year
1
1
1
Equity and cash, Equity and cash, Equity and cash,
Payment method net settlement net settlement net settlement
Units outstanding of the whole plan
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Outstanding at the beginning of the period
-
-
Granted during the period
278,357
-
Forfeited during the period
-
-
Excercised during the period
-
-
Expired during the period
-
-
Outstanding at the end of the period
278,357
-
STI Share Conversion Plan 2025\u20132026 The Board of Directors of Taaleri Plc resolved on December 12, 2025 to a establish a new plan for the employees of Taaleri Plc. The Short-Term Incentive (STI) Share Conversion Plan 2025\u20132026 offers the Taaleri personnel a possibility to convert a certain proportion of the cash reward earned from the com- pany\u2019s short-term incentive plan into Taaleri shares. The converted reward from the short-term incentive plan will be multiplied with the reward multiplier. The reward multiplier is 1,4. The possible reward from the plan will be paid after a 12-month vesting period, approximately in February 2027. The number of shares available to be earned is dependent on the short-term incentive plan, achieved performance in the short-term incentive plan, participation to the plan, and Taaleri share price at the end of the short- term incentive plan. The potential rewards from the plan will be paid partly in Taaleri\u2019s shares and partly in cash. The cash proportion of the reward is intended to cover taxes and statutory social security contributions arising from the reward to the partici- pant. As a rule, no reward will be paid if employment or director contract terminates before the reward payment.
Plan periods running during the financial year
Plan 2025\u20132026
Initial amount, gross pcs
159,900
*)
Initial allocation date
11.2.2025
Vesting date
31.5.2028
Maximum contractual life, yrs
3
Remaining contractual life, yrs
2.4
Number of persons at the end of reporting year
13
Payment method
Equity and cash, net settlement
*) The number of additional shares to be earned under the plan is not yet known at the balance sheet date. The amount has been estimated based on the participants\u2019 expected performance bonus for 2025 as at the balance sheet date, but the share purchases will only take place in 2026 after the performance bonuses have been confirmed. The number of matching shares will be finalised during 2026 once all share purchases have been completed.
Units outstanding
1.1.\u201331.12.2025
1.1.\u201331.12.2024
Outstanding at the beginning of the period
-
-
Granted during the period
159,900
-
Forfeited during the period
-
-
Excercised during the period
-
-
Expired during the period
-
-
Outstanding at the end of the period
159,900
-
Determining fair value for instruments granted during the financial year i) Performance Share Plan 2025\u20132029, earning period 2025\u20132027 The fair values of the share based incentive has been determined at grant dates. The market condition in this case total share holder return has been taken into account when determining the fair value at grants and it will not be changed during the plan. The fair value is expensed until vesting. ii) CEO Performance Share Plan 2025\u20132029 The fair values of the share based incentive has been determined at grant dates. The market condition in this case total share holder return has been taken into account when determining the fair value at grants and it will not be changed during the plan. The fair value is expensed until vesting. Valuation parameters for instruments granted during period 2025**
Instrument
i)
ii)
Share price at grant, \u20ac
7.71
7.62
Share price at reporting period end, \u20ac
7.81
7.81
Expected volatility, %*
19.59
21.83
Maturity, years
2.7
3.8
Risk-free rate
2.17
2.24
Expected annual dividend yield, %
6.49
6.56
Valuation model
Monte Carlo
Monte Carlo
Fair Value
1.83
1.92
* Expected volatility was determined by calculating the historical volatility of the Group`s share using monthly observations over corresponding maturity. ** The fair value and the parameters used to determine the fair value are presented as average. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "40 Investments in subsidiaries Changes in subsidiary shareholdings 2025 At the beginning of 2025, Taaleri established a new management company for its real estate business, Eden Asunnot GP Oy. Taaleri\u2019s ownership in the com- pany at the end of the reporting period was 53.0 per- cent, and the company acts as the general partner of Eden Asunnot Ky, a joint venture between Taaleri and the pension provider Keva. The joint venture itself has not been consolidated into the Taaleri Group, as it does not meet the control criteria under IFRS 10. Since April 2025, one structured entity, EAI Hedging 4 Oy, has been consolidated into the Taaleri Group. The Group holds no ownership in the company, but control is based on a financing agreement whose purpose is to acquire, hold, and ultimately use Taaleri Plc shares at market terms to settle Taaleri\u2019s share-based incentive programs. The entity has been consolidated as a subsidiary and is subject to the control criteria defined in IFRS 10. Taaleri has no other material risks or obligations related to the entity. At the end of June, Taaleri redeemed minority interests in companies belonging to the bioindustry business. At the end of the financial year, Taaleri\u2019s ownership in Taaleri Bioteollisuus Oy was 90.0 (75.0) percent, in Taaleri Biohiili GP Oy 80.0 (72.0) percent, and in Taaleri Bioindustry Fund I GP Oy 75.1 (67.0) percent. In July, Taaleri established a new subsidiary in Cana- da, Nova Scotian Biocoal Ltd. Taaleri owns the com- pany in full. At the end of the financial year, Taaleri had two subsidiaries operating in Canada, Taaleri Biocoal Canada Ltd and Nova Scotian Biocoal Ltd, both supporting a local biocoal project. In July, Taaleri also redeemed the entire minority stake in Taaleri Tuulitehtaan hallinnointiyhti\u00f6 Oy, and by the end of the financial year owned 100.0 (80.0) percent of the company. During the period, certain management and project companies belonging to Taaleri\u2019s private asset man- agement business were also fully wound down. In some of these management and project companies, key personnel of the private asset management busi- ness hold minority interests. Changes in subsidiary shareholdings 2024 During the period, Taaleri Private Equity Funds Ltd increased its holding in Taaleri Asuntorahasto VIII GP Oy, and at the end of the period, Taaleri's ownership in the company was 84.0 (80.0) percent. Taaleri Investments Ltd, on the other hand, established a subsidiary in Canada during the period and owns 100.0 percent of the share capital of the established company Taaleri Biocoal Canada Development Ltd. The company has been established as part of Taaleri's bioindustry business and is preparing torrefied bio- mass production in Canada. During the period, management companies and project companies, which are part of Taaleri's private asset management business, have also been estab- lished, acquired, sold and dissolved. Some of the management and project companies have minority shareholders that are key personnel in Taaleri's private asset management business. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "
Effects on the equity attributable to owners of the parent of any changes in its ownership
interest in a subsidiary that do not result in a loss of control, EUR 1,000
1.1.-31.12.2025
1.1.-31.12.2024
From an addition to the share owned in subsidiaries
-75
-
From a reduction in the share owned in subsidiaries without loss of control
-
-
Net effect on equity
-75
-
There is not a material non-controlling interest in the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "
41 Contingent liabilities
Commitments not recognised as liabilities, EUR 1,000
31.12.2025
31.12.2024
Total gross exposures of guaranty insurance
1,782,201
1,679,148
Investment commitments
26,394
14,207
Total
1,808,594
1,693,355
Investment commitments
Investment commitments comprise the Group\u2019s commitments to invest capital in private equity funds as well as other investment-related commitments that have
not been recognised on the balance sheet.
Investment commitments related to private equity funds consist of uncalled capital commitments in accordance with the fund agreements. Other investment
commitments include, among other things, an option related to equity arrangement, under which the Group may have an obligation to acquire shares if the
counterparty exercises the option. In addition, investment commitments include a conditional subscription commitment, under which the Group is obliged to
subscribe for additional shares upon the fulfilment of certain pre-agreed conditions.
The above-mentioned commitments will materialise only if the related contractual conditions are met, and no expected cash outflows related to these
commitments have been recognised on the balance sheet at the reporting date
Undrawn credit facilities
Taaleri Plc has a committed long-term revolving credit facility (RCF) of EUR 30 million, which supports the Taaleri\u2019s liquidity, as well as an overdraft facility of EUR 10
million. Both financing arrangements were undrawn at the reporting date. Also, Garantia had an overdraft facility of EUR 0.2 million, which remained fully undrawn
at the end of the reporting period. Undrawn credit facilities are not included in the table above.
Other commitments
Taaleri has signed the Net Zero Asset Managers (NZAM) initiative, in which Taaleri, both as a company and for Taaleri's assets under management, commits to the goal
of net zero greenhouse gas emissions in accordance with the Paris Climate Agreement. Taaleri's interim target is to manage 75% of the assets under management in
accordance with the initiative by 2030. Taaleri is reporting annually on the progress. Liabilities related to the initiative are not included in the table above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "41 Contingent liabilities
Commitments not recognised as liabilities, EUR 1,000
31.12.2025
31.12.2024
Total gross exposures of guaranty insurance
1,782,201
1,679,148
Investment commitments
26,394
14,207
Total
1,808,594
1,693,355
Investment commitments Investment commitments comprise the Group\u2019s commitments to invest capital in private equity funds as well as other investment-related commitments that have not been recognised on the balance sheet. Investment commitments related to private equity funds consist of uncalled capital commitments in accordance with the fund agreements. Other investment commitments include, among other things, an option related to equity arrangement, under which the Group may have an obligation to acquire shares if the counterparty exercises the option. In addition, investment commitments include a conditional subscription commitment, under which the Group is obliged to subscribe for additional shares upon the fulfilment of certain pre-agreed conditions. The above-mentioned commitments will materialise only if the related contractual conditions are met, and no expected cash outflows related to these commitments have been recognised on the balance sheet at the reporting date Undrawn credit facilities Taaleri Plc has a committed long-term revolving credit facility (RCF) of EUR 30 million, which supports the Taaleri\u2019s liquidity, as well as an overdraft facility of EUR 10 million. Both financing arrangements were undrawn at the reporting date. Also, Garantia had an overdraft facility of EUR 0.2 million, which remained fully undrawn at the end of the reporting period. Undrawn credit facilities are not included in the table above. Other commitments Taaleri has signed the Net Zero Asset Managers (NZAM) initiative, in which Taaleri, both as a company and for Taaleri's assets under management, commits to the goal of net zero greenhouse gas emissions in accordance with the Paris Climate Agreement. Taaleri's interim target is to manage 75% of the assets under management in accordance with the initiative by 2030. Taaleri is reporting annually on the progress. Liabilities related to the initiative are not included in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "41 Contingent liabilities
Commitments not recognised as liabilities, EUR 1,000
31.12.2025
31.12.2024
Total gross exposures of guaranty insurance
1,782,201
1,679,148
Investment commitments
26,394
14,207
Total
1,808,594
1,693,355
Investment commitments Investment commitments comprise the Group\u2019s commitments to invest capital in private equity funds as well as other investment-related commitments that have not been recognised on the balance sheet. Investment commitments related to private equity funds consist of uncalled capital commitments in accordance with the fund agreements. Other investment commitments include, among other things, an option related to equity arrangement, under which the Group may have an obligation to acquire shares if the counterparty exercises the option. In addition, investment commitments include a conditional subscription commitment, under which the Group is obliged to subscribe for additional shares upon the fulfilment of certain pre-agreed conditions. The above-mentioned commitments will materialise only if the related contractual conditions are met, and no expected cash outflows related to these commitments have been recognised on the balance sheet at the reporting date Undrawn credit facilities Taaleri Plc has a committed long-term revolving credit facility (RCF) of EUR 30 million, which supports the Taaleri\u2019s liquidity, as well as an overdraft facility of EUR 10 million. Both financing arrangements were undrawn at the reporting date. Also, Garantia had an overdraft facility of EUR 0.2 million, which remained fully undrawn at the end of the reporting period. Undrawn credit facilities are not included in the table above. Other commitments Taaleri has signed the Net Zero Asset Managers (NZAM) initiative, in which Taaleri, both as a company and for Taaleri's assets under management, commits to the goal of net zero greenhouse gas emissions in accordance with the Paris Climate Agreement. Taaleri's interim target is to manage 75% of the assets under management in accordance with the initiative by 2030. Taaleri is reporting annually on the progress. Liabilities related to the initiative are not included in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "41 Contingent liabilities
Commitments not recognised as liabilities, EUR 1,000
31.12.2025
31.12.2024
Total gross exposures of guaranty insurance
1,782,201
1,679,148
Investment commitments
26,394
14,207
Total
1,808,594
1,693,355
Investment commitments Investment commitments comprise the Group\u2019s commitments to invest capital in private equity funds as well as other investment-related commitments that have not been recognised on the balance sheet. Investment commitments related to private equity funds consist of uncalled capital commitments in accordance with the fund agreements. Other investment commitments include, among other things, an option related to equity arrangement, under which the Group may have an obligation to acquire shares if the counterparty exercises the option. In addition, investment commitments include a conditional subscription commitment, under which the Group is obliged to subscribe for additional shares upon the fulfilment of certain pre-agreed conditions. The above-mentioned commitments will materialise only if the related contractual conditions are met, and no expected cash outflows related to these commitments have been recognised on the balance sheet at the reporting date Undrawn credit facilities Taaleri Plc has a committed long-term revolving credit facility (RCF) of EUR 30 million, which supports the Taaleri\u2019s liquidity, as well as an overdraft facility of EUR 10 million. Both financing arrangements were undrawn at the reporting date. Also, Garantia had an overdraft facility of EUR 0.2 million, which remained fully undrawn at the end of the reporting period. Undrawn credit facilities are not included in the table above. Other commitments Taaleri has signed the Net Zero Asset Managers (NZAM) initiative, in which Taaleri, both as a company and for Taaleri's assets under management, commits to the goal of net zero greenhouse gas emissions in accordance with the Paris Climate Agreement. Taaleri's interim target is to manage 75% of the assets under management in accordance with the initiative by 2030. Taaleri is reporting annually on the progress. Liabilities related to the initiative are not included in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "
43 Related party disclosures
The parent company and its subsidiaries and associ-
ated companies belong to the group\u2019s related parties.
Related parties also include the members of the
Board of Directors and the executive board as well as
their related parties.
The following belong to the company\u2019s related
parties:
1) Someone who, by virtue of shareholding, options
or convertible bonds has or may have at least 20
percent of the company\u2019s stocks or shares, or the
voting rights attached to them, or a corresponding
shareholding or voting right in an organisation
belonging to the group, or in an organisation
exercising control in the company, unless the
significance of the company that is the subject of
ownership is minor in terms of the whole group.
2) A member and deputy member of the Board of
Directors, CEO and Deputy CEO, and somebody
in a similar position in a company as referred to in
point 1.
3) The children and spouse of someone as referred to
in point 2, or someone in a marital relationship with
that person.
4) An organisation and foundation in which an
above-mentioned person, either alone or with
another person, has control as specified in Chapter
1, Paragraph 5 of the Accounting Act.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "43 Related party disclosures The parent company and its subsidiaries and associ- ated companies belong to the group\u2019s related parties. Related parties also include the members of the Board of Directors and the executive board as well as their related parties. The following belong to the company\u2019s related parties: 1) Someone who, by virtue of shareholding, options or convertible bonds has or may have at least 20 percent of the company\u2019s stocks or shares, or the voting rights attached to them, or a corresponding shareholding or voting right in an organisation belonging to the group, or in an organisation exercising control in the company, unless the significance of the company that is the subject of ownership is minor in terms of the whole group. 2) A member and deputy member of the Board of Directors, CEO and Deputy CEO, and somebody in a similar position in a company as referred to in point 1. 3) The children and spouse of someone as referred to in point 2, or someone in a marital relationship with that person. 4) An organisation and foundation in which an above-mentioned person, either alone or with another person, has control as specified in Chapter 1, Paragraph 5 of the Accounting Act. Business transactions made with the company and companies belonging to the group have been carried out on terms equivalent to those that prevail in arm's length transactions. Companies belonging to the Group are listed in the financial statements of the parent company. On 31 December 2025 the Chairman of the Board Juhani Elomaa was among the 10 largest sharehold- ers of the company. Related party transactions with associated companies and related parties, EUR 1,000
2025
Sales
Purchases
Receivables
Liabilities
Associated companies
414
-
2,245
-
Other related parties
-
-
-
-
2024
Sales
Purchases
Receivables
Liabilities
Associated companies
664
-
2,415
-
Other related parties
-
3
-
-
Management shareholdings At the end of 2025, members of the company\u2019s Board of Directors and Group Executive Management Team owned a total of 2,131,658 of the company\u2019s shares, which corresponds to 7.6% of the shares and the vot- ing rights attached to all shares. The shareholdings of the members of the company\u2019s Board of Directors and Group Executive Management Team in the company, including related party holdings:
Name
Position
Number of shares
Juhani Elomaa
1)
Chairman of the Board of Directors
2,069,393
Ilkka Laurila
CEO
21,812
Leif Frilund
Member of the Board of Directors
15,000
Elina Bj\u00f6rklund
Member of the Board of Directors
12,000
Hanna Maria Sievinen
Member of the Board of Directors
7, 9 0 0
Petri Castr\u00e9n
Member of the Board of Directors
4,000
Henrik Allonen
Managing Director, Garantia Insurance Company
1,054
Mikko Krootila
Director, Real Estate
499
Total
2,131,658
Total of share capital, %
7.6%
1) Juhani Elomaa\u2019s shareholding consists of 2,069,393 shares, 388,203 of which are owned by their controlling entities or other related parties. Employee benefits of senior management Senior management consists of the Board of Directors and the Group Executive Management Team 1) . Com- pensation paid or potentially payable to them for their work consists of the following items:
EUR 1,000
2025
2024
Salaries, bonuses and other fringe benefits paid
2,844
2,312
Benefits potentially to be paid at the end of employment
1,213
1,181
Total
4,057
3,493
1) The composition of Taaleri\u2019s Executive Management Team has changed during 2025. The benefits of those who left the Executive Management Team are included in the table from the time when they belonged to the Executive Management Team. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "
Management shareholdings
At the end of 2025, members of the company\u2019s Board
of Directors and Group Executive Management Team
owned a total of 2,131,658 of the company\u2019s shares,
which corresponds to 7.6% of the shares and the vot-
ing rights attached to all shares. The shareholdings of
the members of the company\u2019s Board of Directors and
Group Executive Management Team in the company,
including related party holdings:
Name
Position
Number of shares
Juhani Elomaa
1)
Chairman of the Board of Directors
2,069,393
Ilkka Laurila
CEO
21,812
Leif Frilund
Member of the Board of Directors
15,000
Elina Bj\u00f6rklund
Member of the Board of Directors
12,000
Hanna Maria Sievinen
Member of the Board of Directors
7, 9 0 0
Petri Castr\u00e9n
Member of the Board of Directors
4,000
Henrik Allonen
Managing Director, Garantia Insurance Company
1,054
Mikko Krootila
Director, Real Estate
499
Total
2,131,658
Total of share capital, %
7.6%
1)
Juhani Elomaa\u2019s shareholding consists of 2,069,393 shares, 388,203 of which are owned by their controlling entities or other related parties.
Employee benefits of senior management
Senior management consists of the Board of Directors and the Group Executive Management Team
1)
. Com-
pensation paid or potentially payable to them for their work consists of the following items:
EUR 1,000
2025
2024
Salaries, bonuses and other fringe benefits paid
2,844
2,312
Benefits potentially to be paid at the end of employment
1,213
1,181
Total
4,057
3,493
1)
The composition of Taaleri\u2019s Executive Management Team has changed during 2025. The benefits of those who left the Executive Management Team are
included in the table from the time when they belonged to the Executive Management Team.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:743700LSJBDD7TMLAD92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }