Investors House reported Q4 revenues of EUR 1.8m, 9% above our estimate. NOI was EUR 0.8m, down from EUR 1.6m y/y and 29% above our estimate. It is worth noting that the sale of Apitaire is behind the significant decline y/y. Adjusted group EBIT was EUR 0.6m, versus our EUR 0.4m estimate. The Real Estate division’s EBIT was EUR 0.5m, versus our EUR 0.5m estimate. Services segment’s EBIT improved clearly and was EUR 0.3m versus our EUR 0.1m estimate. The guidance for 2026 is for earnings to decline due to significant divestments in 2025. The company paid a massive extra dividend of EUR 3.14 per share in Q3, based on the Apitaire disposal closed in Q2, and proposes an ordinary dividend of EUR 0.37 for 2025. The company continues to prepare the separation of the Service business into a separate entity. We expect an initial positive share price reaction on the solid Q4 performance and increased dividend, although the company is trading at a significant ~20% premium to equity per share.