Taaleri's Q4 results came in clearly above our expectations, owing to good performance in all key operative segments. Relative to our estimates, the top line and profitability beat was mainly driven by the fair value changes in Garantia's investment portfolio (EUR 3.0m; our estimate: EUR 0.9m). Additionally, continuing earnings grew clearly more than our expectation, driven by SolarWind III (SW3) closing fees, resulting in 17% y/y growth. The board proposed a dividend of EUR 0.30 per share in 2025, which was 25% below our estimate. For 2026-27, we make only minor revisions to our estimates and calculate a slightly higher SOTP-based fair value range of EUR 8.6-9.8 (8.5-9.7).
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