Taaleri: Fair value changes as the main driver in Q3 - Nordea

Taaleri’s Q3 2025 continuing earnings of EUR 10.1m increased by 4% y/y and came 5% above our estimate. The beat was attributable to both Garantia and Private asset management, where continuing earnings were 17% and 3% ahead of our expectations, respectively. Total segment reporting income of EUR 23.1m grew by 7% y/y against a tough comparison, driven mainly EUR 8.0m of positive fair value changes in investment operations stemming from Texas wind farm assets. Segment reporting EBIT of EUR 15.2m was clearly above our EUR 3.7m estimate, explained by fair value changes and also supported by Garantia investment portfolio performance. SolarWind III total fund commitments stood at EUR 503m, with the final close expected by the end of the year.

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