Taaleri's Q3 results came in clearly above our expectations on a group level, and performance on the underlying level was also strong, owing to good performance in all key operative segments. The group's top line and profitability were positively affected by fair value changes mainly stemming from Taaleri's direct wind farm investment in Texas, which resulted in a EUR 7.6m positive impact. Excluding the fair value changes on direct investments, the result beat expectations, with continuing earnings growing 4% y/y, coming in 5% above our estimate. For 2026-27, we raise our EBIT estimates by 1-3% and calculate a slightly higher SOTP-based fair value range of EUR 8.6-10.1 (8.6-10.0).
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