Taaleri reported Q1 EBIT of EUR 9.6m, coming well in line with LSEG Data & Analytics consensus at EUR 4.5m. Based on segment reporting, Q1 total income was EUR 17.0m, 18% above our estimate, supported by strong investment operations. Recurring revenues were EUR 10.3m in Q1, 2% above our estimate. Investment operations income of EUR 6.8m came above our estimate of EUR 4.3m, driven mainly by stronger income from Garantia. The company did not book any carry in Q1 (we did not expect any). Private asset management EBIT came 17% below our estimate mainly due to lower investment income. On underlying basis, cost base in Renewable energy was slightly lower than we had anticipated, while other private asset management cost were slightly above. Private asset management recurring revenues came 7% below our estimate. Garantia’s claims ratio turned negative in Q1 (-3%) while insurance service revenue was up 1% y/y to EUR 5.1m, 11% above our estimate. Combined ratio was 21.5% in Q1 (42% in Q4), above our estimate of 29.3%. Solvency was at 243%. Private asset management AuM was flat q/q at EUR 2.6bn 4% below our estimate of EUR 2.7bn. Taaleri has built a dedicated strategy and organization for direct investments and has renewed real estate strategy during Q1. On initial take, we expect consensus to make slightly positive underlying estimate revision, driven by Renewable energy cost base and solid performance of Garantia.