Investors House's Q1 report was burdened by one-off costs, and both the Real Estate and Services segments' operative results were weaker than we expected. It is worth noting that the clear decline in sales and EBIT y/y is a result of the divestment of the Apitare JV in Q2 2025. The Services business was burdened by lower fees in the quarter. After the significant divestment in 2025, the company guides for earnings to decline significantly in 2026. Our adjusted EPS estimates for 2026-28 are EUR 0.17-0.20, and we would find it appropriate to reset the dividend for 2026E to match the current earnings capacity, after the ordinary 2026 dividend of EUR 0.37 and the extra dividend of EUR 3.14 paid in 2025. We derive an unchanged fair value range of EUR 2.9-3.8. Our fair value range is based on a 2026E P/BV of 0.9-1.2x.