Ahead of Taaleri's Q1 results on 29 April, we make several estimate changes. Our estimate changes mainly reflect negative fair value changes to the balance sheet investments and Garantia's investment portfolio following turbulence in the financial markets in Q1. For Q1, we estimate continuing earnings of EUR 9.9m (up 7% y/y) and EBIT of EUR 1.9m from all segments in total (Q1 2025: EUR 0.5m). Looking at 2026, we now estimate a lower level of performance fees (totalling EUR 2.5m), as several funds are in the exit phase. However, we note that these exits and related fees remain highly uncertain, given prevailing market conditions. Our SOTP-based fair value range remains intact at EUR 8.6-9.8 per share.
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