Taaleri's focus in the next few years will be on the ramp-up of private equity funds and bioindustry balance sheet investments. The Group’s performance, however, is still heavily reliant on non-recurring fees, but the profitability of continuing operations should also improve gradually as new fund launches and assets under management (AUM) grow. The valuation of the share is clearly below the Group's sum-of-the-parts, so we consider the expected return attractive despite the weak earnings growth outlook for the next few years.

Taaleri announced this morning that the company’s current CEO, Peter Ramsay, is resigning. Ilkka Laurila, Taaleri's current CFO, has been appointed as the new CEO and will start as CEO immediately.

Taaleri's Q3 results exceeded our expectations, with better-than-forecast performance in all segments. The biggest beat was seen in Garantia, whose investment portfolio return exceeded our forecasts by a very wide margin.

Taaleri announced that it records a profit of 8.3 MEUR following an earn-out from the sale of a renewable energy project development portfolio to the SolarWind 3 fund, which it manages.

Taaleri announced the redemption of its 15 MEUR Tier 2 bond. The principal on the loan issued in 2019 would have matured in 2029, but under the terms of the loan, the interest rate would have risen sharply starting next month.