Taaleri’s Q4 2025 continuing earnings of EUR 12.2m increased by 17% y/y and came 18% above our estimate. The beat in continuing earnings was attributable to Private Asset Management (Renewable Energy specifically), where continuing earnings were 27% ahead of our expectations, driven by SolarWind III final closing management fees. Total segment reporting income of EUR 16.7m declined by 16% y/y against a tough comparison period (driven by positive fair value changes in the prior year). Segment reporting EBIT of EUR 5.7m was clearly above our EUR 3.0m estimate, explained mainly by positve fair value changes within Garantia's investment portfolio (EUR 3.0m vs. NDAe of EUR 0.9m) and the Investments segment. As expected, SolarWind III fee generating fund commitments stood at EUR 557m, with the final close now completed. The board proposes a dividend of EUR 0.30 per share.
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