Taaleri's Q2 results were largely in line with our expectations on group key figures, although we note that there were pronounced deviations on the segment level, especially in Garantia and Investments. Continuing earnings (EUR 9.8m) came in slightly below our expectation (EUR 10.5m), marking an 8% y/y decline. Segment EBIT of EUR 4.4m was 4% below our estimate, which was explained by negative performance fees in Renewable Energy and negative fair value changes in Investments but balanced by exceptionally strong performance in Garantia. Following our estimate revisions, our SOTP-based fair value range decreases slightly to EUR 8.4-9.4 (8.5-9.6).