Investors House's Q4 report was solid, with the Services segment surprising positively, while the Real Estate segment was broadly in line with our expectations. The company has successfully implemented cost reductions in Services, and Q4 was boosted by certain successful projects. After the significant divestment of the Apitare JV in 2025, the company guides for earnings to decline significantly in 2026. It also continues to work on the separate listing of the Services business. Our adjusted EPS estimates for 2026-28 are EUR 0.19-0.20, and we expect the dividend for 2026 to be reset to EUR 0.10, after the ordinary dividend of EUR 0.37 and the extra dividend of EUR 3.14 in 2025. We derive a lower fair value range of EUR 2.9-3.8 (3.1-4.2). Our fair value range is based on 2026E P/BV of 0.9-1.2x.