Taaleri’s continuing earnings of EUR 10.6m increased by 6% y/y and were 8% above our estimate. The beat was mostly attributable to Private asset management, where continuing earnings grew by 35% y/y (boosted by EUR 1.6m of retroactive management fees related to SolarWind III). Total segment reporting income of EUR 12.9m grew by 8% y/y, driven by EUR 5.1m of Garantia income and hindered by negative EUR -1.2m of net income from investment operations (EUR -0.2m in Q2 2024). Segment reporting EBIT of EUR 4.5m was slightly above our EUR 3.5m estimate, explained by the above factors. SolarWind III fundraising was prolonged to H2 25, however, total fund commitments are now above EUR 500m, with the company waiting on one potential large commitment before closing later in the year. Wind II & III and SW funds are in exit phase and sales negotiations are ongoing, however, the company now expect exits to take place after 2025. Overall, the operative performance was solid given the current market environment, while the phasing of exits can be seen as a slight negative.
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