Taaleri’s Q3 2026 continuing earnings of EUR 12.0m grew by 18% y/y and came 15% ahead of our estimate. The beat in continuing earnings relative to our estimate was attributable to a EUR 1.6m of success fees. Excluding success fees continuing earnings came in line with our estimate. Total segment reporting income of EUR 17.0m came 11% ahead of our estimate mainly driven by higher fair value changes in Investments. Segment reporting EBIT of EUR 9.4m was clearly ahead of our EUR 7.3m estimate, driven largely by positive fair value changes in Investments but also supported by a lower-than-expected combined ratio in Garantia. In Renewable Energy the company wrote down EUR 0.6m of performance fees relating to Wind II & III funds. Despite the overall strength in the Q3 numbers we see a muted share reaction today, given lingering concerns related to exits. We expect to receive more details on exits during the conference call at 12:00 (CET time).