Prior to Taaleri's Q4 results on 11 February, we make several estimate changes, mainly reflecting performance fees, the timing of exits and positive fundraising performance in the SolarWind III fund. For Q4, we estimate continuing earnings of EUR 10.4m (flat y/y) and EBIT of EUR 3.0m from all segments in total. Looking at 2026, we cut our expectation for performance fees notably, to EUR 4.3m, mainly reflecting the suboptimal exit conditions within Finnish windfarm assets. On the other hand, the prolongation of exits (which allows for management fee continuation) combined with better-than-assumed fund-raising progress for SW3 leaves our SOTP-based fair value range only slightly lower at EUR 8.5-9.7 (8.6-10.1).
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