Good afternoon and welcome to Taaleri's Capital Markets Day. My name is Linda Tierala, and I'm heading Investor Relations here at Taaleri. We have a full agenda ahead today, featuring presentations from our group management and our business unit. The day will be divided into two sessions. In the first session, our CEO, Ilkka Laurila, will present Taaleri's strategic objectives and focus areas, and he will be followed by a presentation by Henrik Allonen, who is heading Taaleri's non-life insurance company, Garantia. Both Ilkka and Henrik will join a Q&A session after this first part of the day. After a short break, we will continue with presentations from Kai Rintala, who is Managing Director of Taaleri Energia, Marjatta Rytömaa, who is Managing Director of Taaleri Bioindustry, and Mikko Krootila, who is Managing Director of Taaleri Real Estate. This session will be concluded by a presentation by our CFO, Lauri Lipsanen, and followed by a second Q&A session. If you would like to ask a question during this Capital Markets Day, please do so by using the chat box in the webcast platform, and you can submit questions at any time during the presentations. With that, I'm delighted to hand over this presentation to Ilkka. I wish you an insightful and interesting Capital Markets Day. Good afternoon on my behalf as well. My name is Ilkka Laurila, and I've been CEO of Taaleri since January this year. It's my pleasure to walk you through Taaleri's strategy update for the next strategy period, covering years from 2026- 2028. My presentation comprises three sections. During the first section, we will go through some of the highlights in Taaleri's journey so far and what kind of company Taaleri currently is. In the second part of the presentation, we will go through the trends that are having an impact in our future, and in the third section, we will go through strategic highlights of different business areas in Taaleri going forward. Starting with the identity. When we started our strategy process during last winter, we had a wider management team that we grouped together, and we had quite thorough discussions about what kind of company we really think that we are and what's really embedded in our DNA. We came to this conclusion that Taaleri is a frontrunner in investment and asset management, focusing on those transformational opportunities in private capital. During today's presentation, we will go through what we mean by how Taaleri has been a frontrunner and what, on the other hand, we mean by how we focus in the future, especially on those transformational opportunities in private capital. In addition, we also updated our purpose, which is that we leverage expertise and capital to power long-term returns. What it means is that we power long-term returns to our customers, and to be successful in that, you need to have the best people and experts in that relevant investment and business area. During today's presentation, we will also enlighten you on how we will bring these three crucial components together to make our purpose a reality. Starting with Taaleri at a glance. Taaleri, as a company, was established in 2007. Currently, we have EUR 2.7 billion assets under management. Our guarantee insurance portfolio is EUR 1.7 billion, and we have roughly 130 employees in our books. Our revenue on an LTM basis is EUR 63.1 million, and the final note is that 88% of all products have sustainability objectives or promote sustainability characteristics. Some highlights of Taaleri's journey so far. Taaleri entered into the private asset management business, especially in real estate, in 2009. The first renewable energy fund, also one of the first in Finland, was established in 2011. Taaleri was the first asset manager in Finland, which was listed in 2013, and it entered into the insurance business in 2015, acquiring Garantia's shares. Since then, many other international private equity companies have also entered into the insurance business, and that's also a testimony to how we have been a frontrunner in that area, and we have been owning and developing Garantia's business already for 10 years. In 2021, Taaleri sold its wealth management operations to Aktia and entered the same year into the bioindustry business. We can conclude that in 2022, Taaleri became and received its current format to become a private capital provider and investment manager. Taaleri today is a specialized private asset manager and credit risk insurance company. What we mean by that is that Taaleri, yes, Taaleri operates in the insurance business, but we specialize through Garantia only in credit risk insurance, providing specialized credit risk insurance for residential mortgages as well as corporate loans. In private asset management, we operate currently in three asset classes: infra, private equity, and real estate. In infra, currently we only focus on renewable energy, which is investing and developing utility scale wind farms, solar plants, and battery storages. In private equity, we only focus at the moment on Bioindustry growth investments, which is investing in bio-based materials and scalable enterprises that accelerate the transition towards the circular economy. In Real Estate, our core is in residential, in which we have been a pioneer already since 2009. Our third segment is investments, in which we will in the future divide the reporting in fund investments, development capital, and auto investments. In development capital, we invest in different kinds of project development as well as direct investments for the companies, and we will walk you through later during today's presentation what we mean by that and what's our methodology when we are taking a look at our current portfolio as well as if we are looking for new investments. This is maybe one of the most important slides to take during the presentation. Taaleri relies on these three synergistic businesses that are driving impact growth and value creation. Starting from the bottom, Garantia has proven to be a stable cash flow provider over business cycles. It has several synergies through operations. First of all, obviously, it is actually operating in the same business as our real estate, although on the other side of the balance sheet. Therefore, they can share the insights and the market knowledge quite smoothly, especially when we have now new plans and strategy in place. On the other hand, it can provide its corporate solutions when we are establishing new funds to enhance the liquidity in new products and asset classes. In its investment portfolio, which is quite conservative, 75% of the investment portfolio roughly is based on fixed income type of items. It strengthens its solvency, which on the first hand enables Garantia to fulfill Garantia' s own growth plan. On the other hand, it's countercyclical if you would compare it to the equity risk that we are taking elsewhere in the group. Going forward, in the private asset management, our plan is that we are growing through expanding the existing platform that we have. We will go through later during the presentation, but the growth plan is two-folded: growth through existing strategies and entering into new strategies. Finally, we have this opportunistic growth driver, development capital, which is capitalizing the insights and the expertise that we have in other parts of our organization and the group. If you think about those journeys so far, what kind of journey we have had, you can actually see that Taaleri has an exceptionally strong track record in seizing transformational opportunities, which are strongly supported by these global megatrends. First of all, urbanization and digital infrastructure. We already went through that. We went to the housing in 2009 and acquired Garantia's shares 10 years ago in 2015. We also entered in the data center business in 2018 and exited in 2022. In the green transition, like mentioned, the first renewable energy fund was established in 2011, and we came to a situation in which we actually run the largest infrastructure fund in Finland, which is at the moment at EUR 503 million. In circular economy and resource efficiency, Taaleri entered in the forest fund, one of the first in Finland, in 2012, exited in 2023, entered in the biorefinery co-investment in 2020, and established the Bioindustry Fund I and biocoal co-investment in 2021. Obviously, this is not a complete list of the investments and the assets nor the funds that Taaleri has had in these categories during its journey, but just to show you and illustrate some of the highlights that how Taaleri has been kind of taking and capitalizing these transformational opportunities, which are created by these global megatrends. If you would think about what's really kind of the link between all these three global megatrends, it's actually sustainability. Sustainability is really ingrained in Taaleri's business model. It's really embedded in our DNA. What it actually means is that the sustainability really means business opportunity for us. It's not the reporting framework, but we see it through different kinds of business opportunities, which we have been able to historically capitalize and also looking for new opportunities in the future. In addition to these global megatrends, there's also a big trend in our industry where we operate in. Private capital markets are expected to grow by nice double-digit numbers also going forward. It has grown with a quite fast pace during the last decades. Even it grew a bit faster a few years ago, but it's still forecast to grow with double-digit numbers. If you take a look at the table on the right-hand side of the slide, you can actually note that in addition to that, the growth rates between different asset classes are forecast to balance going forward. For example, in Real Estate, the CAGR growth is forecast to increase from the previous 5% to more, let's say, long-standing and stable number 9%. Infrastructure, on the other hand, is forecast to slightly decline or somewhat to decline from 16% to 10% going forward. Private equity is forecast to remain on a rather stable level, declining only from 14% to 12%. Another note maybe on this slide is that if you take a look at the forecast numbers, those are actually quite close to each other. We can always debate the underlying kind of forecasting parameters that they are using in these. I think the takeaway and the conclusion is that overall in Europe, the private capital market is expected to grow with nice double-digit numbers. In addition, obviously, to this private capital market, we are also operating, especially in the Finnish home loan market, which Henrik Allonen, Garantia 's Managing Director, will walk you through later during today's presentations. None of these big global megatrends or big nicely growing markets can be capitalized without the people. We strongly believe that expertise has been and will be the cornerstone of our success. What really distinguishes us from our competitors and other players in the market is that our employees really have a quite versatile background, be it in engineering, legal, environmental, or even in infrastructure. In addition to investment and asset management professionals, we have professionals also in many other areas, and we have kind of in-house resources to carry out and carry through the whole investment lifecycle. Our people have an extremely long history of different investments and exits that they have been able to execute in their business areas. In addition to that, we have also established and renewed our management model this year, and we have established a strategy management group, whose main task is to increase the execution power and therefore execute our updated strategy. We have also recruited several new competencies to support the work of that team, and that's why we really strongly believe that we have now increased execution power, and we can already see signs of faster forward-looking activities that we are carrying out. These are the rationale why we really see that there's a huge opportunity for our kind of specialized private asset manager and also opportunity for our kind of permanent development capital, which is strongly backed by these megatrends, market growth, and the expertise that we have within our employees and our partners. During the next section, we will go through some of these strategic priorities from 2026- 2028, and obviously, our management team members will then go a bit deeper into these priorities during their presentations. First priority is to capture Garantia 's growth potential. Through increased awareness, drive growth both in mortgages as well as in credit guarantees. We have also planned to expand our distribution channel with new partnerships, and we are continuously investigating growth opportunities in our neighboring markets. In private asset management, the growth plan is two-folded. First of all, it's to grow fund sizes within our existing strategies, but then on the other hand, we are also looking forward to expanding new product groups within the asset classes where we truly believe that we can have or we can gain expertise that both for the customer demand and opportunities to scale can be met. The third priority is that within that development capital, our target is to achieve returns on equity that exceed group-level target equity, both from the existing portfolio that we have in place and possible new investments that we are identifying and investing in later. All this is enabled or supported by selectively utilized inorganic M&A opportunities, in which we are, so it's part of our toolbox, and the rationale to utilize that is to maximize the value creation for the business units and to provide the best-in-class solutions to our customers. It's only one tool in our toolbox. During the next slides, we will go through each one of these a bit deeper, starting with Garantia. Garantia 's strategic objectives and KPIs for the next strategy period are that we are targeting more than 10% growth in insurance service result. Like I said, we are investigating expansion to neighboring markets, and we are planning or we are targeting to increase market share and expanded distribution channel through new partnerships. At the same time, our plan is to maintain exceptionally efficient combined ratio that Garantia currently has in its operations. Balancing between the growth, but still kind of keeping the strong balance sheet and combined ratio that it has. In private asset management, our strategic objectives are that we will launch new vintages in our existing three flagship strategies. In addition to that, we are launching several new parallel strategies, and we are targeting to increase profitability, especially to make this other private asset management revenue reporting segment a highly more profitable business as well in the future. We can do that through leveraging scale, and our CFO will walk you through those plans later during today's presentation. Why we believe that we are able to deliver this is that we actually already have a strong track record in our existing strategies. In Taaleri Energia, we have been able to increase vintage by vintage the fund sizes, and our plan is to launch a new SolarWind [IV Fund] with the target size exceeding EUR 800 million. In Real Estate, we have a proven concept with one of the largest pension insurers in Finland, Ilmarinen, which is a good testimony for the capabilities and the competencies of the team in the difficult market that we all know that we have here in Finland at the moment in real estate. In the Bioindustry, we have been able to increase our equity commitments through that Bioindustry Fund, and we are targeting to increase the next vintage up to and even exceeding EUR 150 million when that is then launched and funds are raised. On the other hand, when looking at our current offering, there are many opportunities in these strategies that we are not operating at the moment. The darker blue indicates and illustrates those categories that we are currently present. The lighter blue illustrates those kinds of categories that we are currently actually investigating already and looking for opportunities concretely as we speak today. Obviously, this is not a complete list of different kinds of asset classes, but the purpose of this slide is just to illustrate to you what kind of opportunities we see in different asset classes. However, having said that, we also had to be quite selective when entering into new strategies so that we believe that we have or we are able to build an expertise that is able to provide unique benefits to our customers. It can either be a nearby thematic strategy to our existing strategies, or we need to build an expertise outside in that certain thematic theme. Thirdly, as we have published, during H1, we also made a strategic decision to insource customer activity, especially concerning Tier 2 and Tier 3 customers here in Finland. If you take a closer look on our investor and AUM base, which you can see on the numbers, you can actually see that Tier 2 and Tier 3 cover the biggest part of our existing AUM. That's why we made this strategic decision after careful consideration that in our case, when we are operating in these specialized funds, it is the best way to kind of coordinate is to have a direct dialogue with the LPs together with our teams and together with our customer management team. On the other hand, high-net-worth individuals will be still covered through partners and cooperation agreements with different players. There's also another thing that I would like to highlight on this slide. When we are successful in increasing and launching next vintages and increasing the fund sizes, we obviously become more and more relevant to Finnish Tier 1 LPs, of which the share in our AUM is actually quite small nowadays, and we see a lot of opportunities in there. Finally, our international investor base is at 15%. It's actually quite a nice number compared to many other numbers there, but you should take into account that that only covers at the moment renewable energy. We actually see a lot of synergies and opportunities going forward in and within the international LPs as well. We have already strengthened our team in that category. Development capital, like mentioned, the strategic objective with this is to get the investment returns that are exceeding Taaleri Group's return on equity target. This is really a kind of capital allocation tool for us so that we are able to optimally kind of allocate capital in those kinds of opportunities that our funds are not able to capture and capitalize. In the future, if we enter into new investments, the focus still is going to be more on cash flow. We need to have some kind of visibility for the cash flow generation. The rationale and the end result of that, you can hear later during this presentation. We believe there's an opportunity. I think all things, we have seen many projects and research programs during the last years or even decades in Finland, which are emphasizing the fact that the conclusion of the different projects has been, like with Risto Murto's Roof of Growth project, that there's a clear lack of capital when the capital requirement exceeds EUR 10 million in growth companies or if the capital requirement exceeds EUR 50 million or more in the certain development type of projects. That's where we see that there is a clear opportunity for this kind of tool in Taaleri's case, in which we are not able to invest through our funds. Still, we can utilize the same insights and expertise that we have within our organization. There are many formats and ways that we can kind of capitalize and execute this one, but the overall target with this one is to allocate capital in a more profitable way. To simplify the methodology, we have this existing portfolio of our investments, which we are continuously analyzing. We have recruited a new Investment Director to cover that area, having an extensive private equity background, and we are continuously analyzing those existing investments, but we are also looking for new investment opportunities. With our expertise and our capital capabilities, we are creating value through this development capital, and the value capture then can be so that the investment can become a new Taaleri entity or exit route can happen through either IPO or trade sale. That is the kind of methodology that we are looking for with these investments. M&A is one crucial element in our toolbox going forward. This slide illustrates some of the growth avenues that we can see through M&A. First of all, obviously, we are targeting and looking for new teams and strategies which are able to complement our current offering. On the other hand, we might partner with the distribution channel. We might look for new geographies or investor groups. Finally, we can even look for complementary insurance market partnerships which are complementing Garantia's offering or target market. We actually are actively already exploring these multiple avenues for growth, and we are quite excited of those opportunities that we can see and concretely are working on. Obviously, we are not able to open it, but we have concrete plans and activities that we are continuously looking for and developing, whether those sit and which of those will then happen in reality, that obviously remains to be seen. In any case, our strategy is that we will look for several new growth avenues when we go forward and when we are executing our strategy during the next strategy period. Roadmap towards strategic milestones for the next period: First of all, in Garantia, it is to expand Garantia's banking partner network, and it is to increase sales activity to build trust and recognition in the market. In private asset management, it is to grow within the existing segments, launching new funds and flagship funds, and selectively launching new product groups and expanding therefore to new either parallel strategies or completely new sets of strategies. In development capital, we are further developing opportunities in our existing portfolio, but we are also continuously actively looking for new development capital type of investments. Yesterday, we also published our updated financial targets with our new CFO, Lauri Lipsanen, and we'll go through later during today's presentation. Despite that, the new targets are the following. 12% profitability growth in operating profit from continuing earnings. The reason we replaced the revenue target for this one is that it's better linked to our strategic ambition. It better takes into account Garantia 's operations and growth from Garantia 's insurance operations. It better takes into account the profitability improvement target in private asset management, and it better takes into account the cash flow focus that we put on our new investments in development capital. On the other hand, we have slightly amended our return on equity target, which is now taken into account the fair value, and that's also done due to the fact that it better takes therefore into account Garantia 's activities. Dividend policy, we have decided to remain on the same level, so it should be 50% or exceed 50% of the net result. By executing all that we have covered through and we will cover during today's presentation, we believe that it will take us closer to our updated vision, which is to be a preferred choice for our investors and our partners. As a summary, we see growth across all these three synergistic businesses. We are targeting to capitalize Garantia 's distinctive market position to open up multiple avenues for new kinds of growth opportunities through enhanced marketing and sales activities. We seek to improve profitability in private asset management by scaling our flagship funds and expanding selectively into new parallel strategies or new asset classes. In development capital, we are targeting to achieve returns that are exceeding our return on equity target on a group level, both from the existing investments as well as possible new investments that we are looking for. We are continuously looking for selectively M&A opportunities that might arise in the market. By leveraging our strongly successful track record, these global megatrends that are supporting us, the expertise, the skilled, and experienced team, and during H1 renewed distribution channel, we strongly believe that we are able to achieve strong returns for our investors and our shareholders. We are really excited when we are looking at our future and our strategic plans. With that, I will hand over the stage to Henrik Allonen, our Managing Director of Garantia. Good afternoon, ladies and gentlemen. I will take you through three points about Garantia in the next 15 minutes or so. The first point is what Garantia really is and what makes our products and services excellent. The second point is that I will give you an overview of the market that we operate in. I will discuss the housing market, the home loan market, and give you some idea of how to go forward. Finally, I will touch upon the three priorities that we have in Garantia for the coming years. Garantia really is very similar to the other businesses within Taaleri Group in the sense that we operate in an industry, which in our case is the insurance industry, but we only serve a very narrow segment of that industry, a very niche segment. We are a niche business. We only engage in credit risk insurance. Our purpose really is to provide easy and cost-effective solutions for consumers and businesses who like to borrow money and for lenders who like to lend that money. It is rare that someone buys insurance because they enjoy it. Most people buy insurance because they need the insurance or the guarantee to solve a problem that they have. The problem that we solve is from the consumer point of view or the business point of view that we are able to provide a guarantee that enables them the loan that they need. It could be that they want to purchase the home of their dreams or close the financing for their business. For the lenders, the problem is that they want to lend money, but there's some reason that they can't do it, and we are there to help them. We bring these two parties, the borrowers and the lenders, together. We currently have two business lines, which are both very important to us. Of the total portfolio, about 80% is consumer guarantees. That is mostly Finnish residential mortgage loans. Then we have corporate guarantees for Finnish businesses. A very defining example of what we do is the fact that actually we started underwriting residential mortgage guarantees for Finnish home loans in 2005, so almost exactly 20 years ago. Since then, we have underwritten more than 100,000 guarantees. Behind each guarantee, there is a loan, a home loan, and behind each home loan, there is a home. We made possible the purchase of more than 100,000 homes in the last 20 years, which really means that we are an established part of the market and the product brings in value to all the parties in the market. If you look at any statistics on the Finnish housing market, it has to be said that during the last two or three years, it has been quite different. The housing market peaked in 2021, at least when you look at the number of new home loans, which you can see on the left-hand side. In 2021, EUR 22.5 billion of new mortgage loans were drawn in Finland. Last year, the figure was EUR 13.2 billion. That is, ladies and gentlemen, a decrease of over 40%. If we look at the statistics from the first half of this year, it is clear that some kind of a change has happened. The change is mainly driven by the fact that if you went to the bank and drew a mortgage last year in June, the interest rate that you pay would have been on average 4.3%. In this June, the corresponding loan rate is 2.7%. For the average Finnish mortgage borrower who, let's say, borrows EUR 200,000, it means that every month he or she can spend almost EUR 200 less for debt service every month. That really has relieved a lot of the pressure that has been going on in the Finnish market. If you look at the statistics for the first six months for this year, the amount of home transactions, so the number of homes being sold on the market, has increased by 18% compared to the first six months last year. For Garantia 's business, it's obvious that housing market demand is an important factor, the amount of new homes, the amount of new loans. That is mainly driven by consumer confidence, which again is affected by the expectations on interest rates, expectations on employment, and so forth. You have to say that the relief on the interest rates has been significant. What we're still dragging behind is the average level of consumer confidence, which is below long-term average rates. Consumers are still quite careful about many things such as buying a home. If you're looking for a guess at how the market is going, we'll say that it is recovering at a considerable pace, but it's somewhat muted. To see very large growth figures, it would take that the consumer confidence would have to go back on normal levels. In our business, there are obviously many other things that affect the demand for our products. I have picked one. One of them is financial sector regulation. Usually, when you think about regulation, it's considered a negative. For us, it can be sometimes positive as well. One thing that has happened, for example, for us is that the regulations for banks, how the banks can accept and value collaterals, have changed dramatically during the last couple of years or so. In order for a bank to accept a physical collateral, you need to have documentation, you need to value the collateral, you need to administer the collateral while you're holding it, and you need to reassess the collateral every year or so, which makes the collateral administration very expensive. In many cases, it's often much more easier to have a guarantee in place instead of a physical collateral because you don't need to revalue a guarantee. It's a document. We see some sort of supporting tailwind factors in addition to the pure volumes in the housing markets that really support our way forward. Of course, we are monitoring very closely the level of bankruptcies and loan defaults in Finland. Bankruptcies are quite high. We have been traditionally quite careful with corporate underwriting, a rather conservative approach to risk. There's also the fact that if you have high bankruptcies, you have lots of uncertainty, which again might sort of provide some tailwind for guarantees because a guarantee is a safety against a materializing risk. Moving on, the interesting question is, of course, how is this all reflected in our figures? On the left-hand side, you can see Garantia 's insurance revenue. That is the insurance premiums that we earn every year since 2015. The 2021 was the peak year in the housing market. We booked an insurance revenue of EUR 18.6 million for that year. Currently, on the last 12-month basis, we're at EUR 18.7 million. You could say that despite the 40% market slump, we have done reasonably well in relative terms, at least. We have been able to sort of buy sales and sort of upkeep in the business. We have been able to maintain a rather good level of revenue for the duration of the decline in the last couple of years. On the right-hand side, again, you can see our combined ratio. That is the measure of profitability of our business. You could say that we currently report on a 12-month basis a combined ratio of 34%, which is pretty much the same level as in 2021. We see some increases in claims, obviously, because of the downturn in the economy. Overall, things are very stable again. Now, when you look at Garantia, you always have to remember that we actually have two sources of income. We have the insurance profit and then the investment profit. The underlying factor behind both these profits, the sources of revenue, is that we like to have both quite low risk. On the insurance portfolio side, most of the portfolio is made out of consumer guarantees, very well diversified, high numbers of rather small guarantees, and low risk. On the investment portfolio side, we have an investment portfolio of EUR 158 million, including cash and interest. 75%, as Ilkka mentioned previously, of that portfolio is fixed income investments, and only 25%, that is 1/4, is equity investments. We have a rather conservative approach to risk, which highlights the fact that we more claim for stability than opportunistic ventures. We tend to do four things really well in order to be successful in this business. First of all, our business is based on very long-term partnerships with our lender banks, our customers, and our clients. We have a very deep understanding of how those lenders work, how our clients work, how their business processes work, and how we are able to produce solutions that really drive their business because that's our job to be the enabler of loans. Secondly, we run a very efficient insurance operation, as you saw on the previous slide, which enables many things for us. For us, it's very important to be efficient. Thirdly, we have very strong solvency. We have very good governance culture, and we understand risk, and we have the track record to show that, and we have a tradition of being disciplined in underwriting. Finally, none of the three would be possible without having a committed team because an insurance company doesn't have any physical assets. It is the 20 or so professionals that really make true these three advantages for us. We have three priorities looking ahead at Garantia. The first one is to increase the market share of the residential mortgage guarantee. The residential mortgage guarantee has been a success, and we still see there's a lot of room to make it the number one additional collateral in Finland. Second, we aim to expand our distribution. It means that we might consider building partnerships with new lenders or extend our existing partnerships in order to distribute more guarantees, both on the residential mortgage side and on the corporate lending side. This also includes the mention that we are actively studying whether we could do this in the Baltic states, for example, or in the Nordics through the international credit risk insurance markets. We're not there yet, but it's something that we're very actively looking at. Finally, we need to make sure, because we're quite capital-heavy compared to the other businesses in the group, that we optimally use our capital both to retain good solvency and in order to pay a stable stream of dividends to our parent. A couple of words, how are we going to plan to do it? We have been investing money in increasing the brand and product awareness of Finnish home buyers. We want the market participants, consumers, households really to know that there is such an excellent option that instead of placing a physical collateral, you can actually apply for a guarantee for a reasonable price. Another point is that we are in the phase of finalizing certain product improvements, which will make our guarantee more available and easier to use for the banks and the borrowers. We expect this to facilitate the growth of the consumer guarantee business. On the distribution network side, as mentioned, we are looking into increasing our corporate underwriting in Finland, especially that means Finnish corporate loans, and investigating the international aspect, mainly in the nearby markets. Here you can see some of our key figures for the last 12 months. On the left-hand side, you can see the segment revenue. The reported revenue for the last 12 months is EUR 19.5 million for Garantia, and the operating profit, which is in the center for Garantia, is EUR 18.2 million. On the left-hand side, you can clearly see that the two sources of income, where the insurance income is the rather stable one, then you have the investment income that changes according to the market situation. On the right-hand side, you can see the development of the total insurance portfolio as the outstanding exposure. Ladies and gentlemen, Taaleri acquired Garantia in 2015. Since then, we have paid EUR 93 million in dividends to Taaleri Plc, and the company is as good as ever. We wish to maintain this track and fulfill our role within Taaleri Group, which is to be the enabler and the cash provider. Just to summarize, we have a good performance in a recovery market. We see a clear potential to increase our market share, and our job in the group is to be the stable provider of cash flow. Thank you very much, ladies and gentlemen. Great. Thank you, Henrik, for a great presentation. We now have time for Q&A, so you can please have a seat. Ilkka, you may also join us here on the stage. I would like to remind you that if you want to ask a question online, you can do so through the webcast platform. Just type in your question and press send, and we'll have it here. You who are here following us live in the studio, if you want to ask a question, please wait for the microphone so that everyone also online can hear your question. We have a question from Sauli Vilén from Inderes. Please go ahead. Yes, good afternoon, Sauli from Inderes. About Garantia, about international expansion. In the previous strategy period, you also mentioned the possibility to expand abroad. Why haven't you done it? Why do you still think it's a feasible option to do since you haven't done it yet? Okay. We are actively working towards entering the market, and we have engaged during the last couple of years or so, we have engaged in certain arrangements in order to enter this market. We're not there yet. The question is pretty much about this selection of risk that we really want to concentrate on and what is the sort of the deal flow of business, whether it's suitable for the rather conservative approach to risk. It is an attractive market, and we're really working towards it. About your growth target of 10% on insurance service profit, does it include the international expansion? What kind of market recovery are you projecting from the Finnish housing market? Obviously, that's one of the key drivers for you. Of course, the 10% growth assumes the materialization of many of the plans that we have. It also, of course, has a certain expectation on the recovery of the Finnish home loan market. I'm not going to give you any exact numbers, but we could say that, as you've seen in the history, the mortgage volume has been EUR 20 billion a couple of years ago. That would be a reasonable level to estimate in the next couple of years. Okay. If I may continue still on Garantia, about your solvency that's been going up during the past four years or so, it's now really, really high. At what stage do you feel that in order to optimize the balance sheet or optimize capital use, as you said in your presentation, it would be feasible to pay extra dividends for the parent company in order to keep your balance sheet lean enough? Okay. If you look at the second quarter solvency ratio, which is 275%, of course, that will be reduced when we declare a dividend for this year, which we'll have to wait for some time. When the possible dividend will be taken into account, it will be reduced. Answering your question, I would like to say that in Finland, typically insurance companies have a solvency ratio in excess of 200%. Yeah. I think adding one comment on that, obviously, Garantia has an extremely strong balance sheet. One function of that is obviously that it enables its own growth plans as well. Like we discussed today, Garantia is having quite attractive growth plans for Garantia itself. Obviously, high solvency is supporting those ambitions as well. If I can add two more questions for you, Ilkka, about your investment portfolio, the target size you previously aimed for the + EUR 100 million in the Bioindustry, now you have scrapped that. Is the current EUR 50 million investment portfolio in the parent company a good proxy for the future or how we should look at that? That's exactly why we haven't set any specific deployment target. We are looking for opportunities within our existing portfolio, and if we see kind of attractive investment opportunities, we are ready to kind of seize the opportunity. That also applies to new additional investments in development capital. We haven't set a specific deployment target because of the fact that we don't want to get to a situation that because of a certain target, we start to invest in our capital to certain directions. Kind of on a group level, we are optimizing the capital allocation between these three different businesses. We can actually invest quite heavily if we are looking for organic growth, for example, in the private asset management business. That typically requires quite significant seed financing to establish a new fund. That's why we haven't set a specific target between these because we are kind of looking for opportunities between these three categories. Yeah, still continuing that, you didn't mention about the extra dividends or any extra shareholder payments. I guess that is because you aim to deploy all of the excess capital back to your growth plans? As operational management, our job is to, and our strategic plan is growth plan now. We are targeting growth in all three businesses. We have a dividend policy. Whether we will then increase the dividend or whatever would happen for that, that's obviously decided or proposed by the Board to AGM and decided by the AGM. Our plan is a growth strategy, and we are targeting growth. What will happen then kind of with the dividend is kind of the other side of the coin and end result of our execution of growth plans. Okay, thank you. Thank you, Sauli. Now we have a question from Joniy Sandvall from Nordea. Yeah, thanks. Maybe a question still on Garantia. I mean, you mentioned that you aim to increase exposure in the corporate side. Do you see any increased risks? Because now your combined ratio has been coming down to really good levels. If I remember correctly, it's partly driven by lower exposure to corporate. Could you give any indication of what sectors you are looking more on the corporate side? I would say that for us, it's typical to underwrite guarantees in the very small businesses. We're looking at mostly medium-sized businesses. Of course, in the corporate sector, the risk profiles are high, but it's really in our core to really do the underwriting in a way that we have the best possible track record with regards to claims. Okay, thanks. A second question on development capital. Do you see any conflict of interest with the funds or upcoming funds, given you are targeting higher return on equity on these development capital investments? Actually, on the contrary, the crucial thing is that the first thing that we always check is that we don't end up in a conflict with our existing funds. If we end up in a new investment in development capital, that is obviously something that is not suitable for our funds. On the other hand, when kind of the target of exceeding our return on equity target, that applies typically, obviously, also on many of our fund and fund-level investments. It is actually more and more common if you take a look at the global private equity market that these global major players, in addition to that they have acquired both non-life and life insurance businesses, have also deployed capital for the permanent type of investments because they see clear opportunity in that area when the investment lifetime is not tied to the life cycle of the fund. That's where we see opportunities. Obviously, as we explained, we are not present in many asset classes at the moment. There's plenty of opportunities that are not in conflict with any of our fund activities. Okay, thanks. That's all for me. Thank you so much. We have a question from online. You mentioned that in your growth strategy you're planning to move into new asset classes. Which are the asset classes that you think you would be most successful in? As we had that slide which illustrates the current activities that we are looking for, obviously, the final strategy and where we enter are not. Obviously We haven't published that yet. We can only say at this stage that we are investigating many opportunities and we are actually seeing many opportunities of the directions that we can grow and where we can enter in. That slide illustrates some of those examples where we see possibilities. Thank you. Could you also elaborate a bit on your distribution strategy? You announced some months ago that you are terminating the cooperation agreement with Aktia. What was the reasoning behind that, and what's going to happen with that fundraising that was created through Aktia before? It was actually part of the strategy process that we went through. It's the first part of the strategy implementation that we have already carried out. The kind of consideration and the conclusion was that it is highly important that in our kind of specialized fund or asset manager, it is crucial that our teams can have a direct dialogue with the LPs. That's why we made this strategic decision to insource Tier 2 and Tier 3 customers so that in our case we can have that direct dialogue. It was a strategic decision. On the other hand, like explained, we will still continue distributing our funds in high net worth category through cooperation and partnership agreements. Great, thank you. We have a follow-up question from Sauli Vilén from Inderes? Yes, thanks. Just to clarify about your target base here, is it [2024] or [2025]? [2025]. Okay, that's clear. About your sales strategy, obviously for the past strategy period, the biggest bottleneck in asset management growth has been your own sales capabilities, at least that it seems from the outside. You have made a couple of recruitments there, but what other capabilities do you feel you need in order to get the sales to the next level, so to speak? First of all, I'm actually not so sure and I'm actually quite confident that the fundraising has not kind of been our bottleneck in growth as such. It has been mainly driven by the overall market circumstances that we have been facing in the private equity industry. The second thing is that obviously when we are targeting growth, I think it comes back to the question and the strategic consideration that what we have noted is that the LPs really would like to have a direct dialogue with our experts and with our investment team members. That's why we believe that when our experts and team members can explain the strategy of the certain fund, the kind of the market situation and the circumstances where we are operating in, we can have a kind of better dialogue with the LPs and they are also more confident to invest in our products and services. That's the kind of the backbone of that decision. Okay, thanks. Thank you. There's a question online about why you're not buying back your own shares because the price to book is one times. Obviously, our job in operations and management is to run the company and in this case also grow the company. That's then that the share buyback program is launched. That's the decision by the Board. We have time for a couple of more questions. There's one question regarding the biocoal project in Canada and whether that's now out of question if you are focusing on more cash flow-based investments at the moment. No, it's not out of question and Marjatta will walk you through later during today the strategic highlights and priorities for bioindustry business, but that's still under our plans and the kind of the timetable and the timeline you will see in Marjatta's presentation. Great. Do we have any more questions here from the floor? Let's take one final question from the line before we move to the break. Maybe this one goes forth to Henrik. The combined ratio has been going up slightly these past few years. Is this something that we should be worried about? If you look at the last 12-month figures, the combined ratio was 34%, which is slightly higher. As I mentioned, we have had slightly more claims than usual. Of course, we've had more operating expenses. We've invested in sales and marketing activity. There are positive reasons behind the combined ratio as well. Thank you. In case there are no further questions, we will move on to a 15-minute break. I'd just like to remind you that there will be a second Q&A session after the second half of this event, and you are welcome to submit any questions until then. Now let's move on to the. My name is Kai Rintala and I'm the Managing Director of Taaleri Energia. Now just this week starting the 10th year at Taaleri. Today I'm going to take you through a bit of definition of who Taaleri Energia are and then look at our strategic priorities for the coming three years. We are a renewables fund manager investing in wind, solar, and battery storage. The business model is very much to buy projects during the development phase, then take them through development, contract, run through the procurements, and put all the contracts into place, then build the projects, then bring them into a steady state of operations, and then sell them to a buyer that has a lower cost of capital. It's a 50 people team, about 20 in the investment team, and then about 20 people in the engineering roles. All of our funds are Article 9 funds, so deep green under the EU taxonomy. We work with LPs of the highest caliber, so European Investment Fund, European Bank for Reconstruction and Development, KBC from Belgium, and then Varma and Ilmarinen as the anchor investors. At the moment, EUR 1.7 billion AUM. The portfolio is 9.1 GW. About 2 GW of that is either operational or under construction, the rest of it is development. Target return 10% IRR. This is just to say that we're in the energy transition business. In terms of the market, Ilkka already outlined how investments into infrastructure are going to grow during this period. This is here to illustrate that in Europe and the U.S., onshore wind, PV, solar, and battery storage is going to be about 513 GWS market over the next five years. We're going to be investing in approximately 2 GW- 4 GW in that period, depending on the degree of leverage that we use and how much we do together with partners. There is plenty of room for a player like that in this market. How we invest is we are diversified across geographies. In 2016, when we started going outside of Finland, this was a key tenet, the acknowledgement that power markets move in different phases and also government policies with respect to renewables work in different phases. If you're diversifying your investments, as any investment, that is a smart thing to be doing. That's on geographies. Whereas then on technologies, we have three: onshore wind, PV, solar, and then battery storage, and then various combinations of those. You can have all three behind the same grid connection, or you can just have two of those. The priorities for the coming three years: first of all, it's investment performance in this business. That is absolutely everything. You need to be having your assets perform, and you need to be exiting them at good valuations in order to then attract new investments. Look after the operational and under construction assets. Equally, you need to be putting new assets into construction. We're just approaching the final, final close of our SolarWind III Fund. We're busy investing that. SolarWind IV fundraising preparations are now ongoing, and we expect to be launching that next year. The fundraising will go on for a couple of years from that. In terms of new things, in this strategy period, we'll evaluate one or two things. What those might be is effectively parallel strategies that will require your own investment team. Just to give an illustrative example of something that we won't do, it could be that we would evaluate whether we should be getting into U.K. offshore wind. That's a new market in terms of the U.K. and new technology in terms of offshore wind. It is those sorts of things that we will be looking at, whether we should be doing. The final decision will naturally depend on the merits of the strategies that will be established in the evaluation. Our story: we started in 2011, and we've been systematically able to grow the fund size since then. SolarWind III is currently at EUR 503 million. We expect it to grow slightly before the end of the year. Final, final growth will be at the end of the year. We are extremely, extremely proud of the fact that we've managed to truly internationalize the investor base now for this fund. Indeed, investment activity is well on its way. We are 55% invested already. In a bit more detail, what are we doing? Deployment: look after the operational assets, SolarWind III, finalize the investments from that, eventually start the investments from SolarWind IV. SolarWind IV prep has already started. We'll hit the market next year for fundraising, and that will go on for a couple of years. The target size is EUR 800 million. Exits: we have been running processes for our existing projects. We need to complete those. Indeed, it is SolarWind II Fund that comes into the exit window during that strategy period as well. Investment performance is everything. In terms of what does the business look like in numbers, the summary is that revenue is growing, operating profit is growing, and the AUM is growing. This is the plan. The plan is to continue that same trend going forward as well. This is a quote, me saying that diversification in investments is a good thing. We're in 13 countries and three technologies at the moment. That naturally helps you to go through the low power price periods. Coming into the summary of the presentation, we've been at this for 14 years. We've raised EUR 1.7 billion of equity for this strategy. Technology and geographical diversification is a good thing. Investment performance is absolutely everything. Thank you. I will now hand it across to my colleague, Marjatta. Thank you, Kai. I'm Marjatta Rytömaa and I joined Taaleri as the Managing Director of Bioindustry in May this year. I bring to this business a long experience from private equity, where I've been supporting the growth of 11 companies from different sectors, mainly through board work and through close collaboration with management teams. My background is originally from biochemistry, both from academic and industrial environments, and that also gives me a somewhat different perspective. It is a pleasure to be here presenting the outlook for Taaleri Bioindustry. In Bioindustry, we accelerate the shift from a fossil-based economy to renewable materials and circular business models. Here in this picture, you can see a biocoal briquette, which is a good example of this. It is a clean alternative that can replace fossil raw materials. Basically, it can replace coal in power plants without any expensive investments. As you've heard, Taaleri Bioindustry is the youngest of our businesses, and we focus on growth and industrial investments, where bio-based and circular economic solutions are solving real industrial challenges. We operate currently with Fund I and two single asset vehicles, and we provide hands-on strategic value to go to market strategy and scaling production. We are currently a team of 10 experts, and we have EUR 164 million assets under management in two single asset vehicles and six investments from our Fund I. We have diverse expertise in our team, which gives us the opportunity to support our investments in many different ways, in growth strategy, in ESG, in technical issues. We want to be there to support the value creation in our investments. If we look at the market situation, the cleantech market is cautiously optimistic. The manufacturing growth has been moderate, but especially in the beginning of the 2020s, the bioeconomy was growing stronger. This also correlates well with the number of cleantech investments, which were also growing in the beginning of the 2020s. However, there has been a clear decline of 24% from 2023 to 2024. This somehow correlates to the situation now that both customers and businesses, or consumers and businesses, are not really willing to pay any premium on sustainability. However, we believe that as the economy outlook improves, also interest towards sustainability will increase. We have also regulation supporting us, as for example, the reduction target for greenhouse gas emissions is 55% by 2030. Another example could be the packaging and packaging waste regulation, which targets to have all the packaging materials renewable or recyclable by 2030. Basically, in Europe, the European Commission wants to make the economy to be future-proof so that we have less carbon dioxide emissions, less use of raw materials, loss of raw materials, and more reuse of materials. Let's then look a bit on the investment scope in bioindustry focus. We invest in different sectors, and as you can see here, these include packaging and sustainable food, as well as construction and, for example, energy. These sectors reflect our commitment of solving industrial problems through bio-based and circular economic solutions. Let's just give an example from our companies. Colombier is a leading innovator of sustainable packaging, which products replace these plastic-coated materials that can be used, for example, in beverage cups and food wraps. You can also see here our newest investment, Finnish Food Factory, which was actually published yesterday, and it is a contract manufacturer for plant-based dairy products. In our Fund I, we have a committed capital of EUR 107 million, and about 1/2 of it is currently invested. We are still looking at one to two additional platform investments, and we mainly target companies from our proprietary sourcing, so our networks and our own insights. We are looking at the Northern European markets when we look at the potential investments. We have those two single asset vehicles, one of which is the biocoal. The Joensuu Biocoal is Europe's largest industrial scale biocoal facility with 60,000 tons of annual capacity. Biocoal is produced by torrefaction technology, and the end product can be used in various process industry applications. The facility produces biocoal from byproducts of domestic sustainable certified forest industry. We have also been now looking at opportunities outside of Finland, Canada being the one that we are looking at as we believe that there you have the raw material source as well as the good potential for offtake opportunities. The second single asset vehicle that we have is Fint oil, which refines crude oil in its facility in Hamina. The resulting fractions give clients the essential base for renewable biofuels, adhesives, health, and wellness products. The facility is one of the world's largest refineries, and it has been operational since autumn 2022. Currently, the facility is using 80% of its capacity, which is 200,000 tons annual capacity. The growth has been very good during the last 12 months, ending June this year, as the revenue growth is 55% to EUR 123 million. Our strategic priorities include monetizing expertise through value creation. This is basically in our current investments, where we work closely with the management teams and provide them with our expertise from our team in growth strategy, ESG, and in technical issues. Our target is net IRR of 15%. We obviously also target to expand our investment scope, and we are targeting to raise fund two, where we can leverage our learnings from fund one and focus on companies with already proven industrial-proven bioeconomy and circular economy solutions. The new fund size is targeted to be EUR 150 million or over. We used to leverage our knowledge from Joensuu Biocoal, and we are making the decision to go forward with the Canadian expansion during the next 12 months. We are also planning to further institutionalize our investor base, as currently our main investors are family offices from Finland and high net worth individuals. We are targeting both institutional investors in Finland and internationally, especially those that have specific interests into sustainable investments. We target over 20% of international investors. Our roadmap towards our strategic milestones during this next three-year period includes to complete our platform investments in Fund I and to start towards the end of this period, the first investments from Fund II. We will need to raise the Fund II first, and that's the fundraising activity that we are going to have. The decision to go forward in Canada is obviously an important decision for us as well. We will focus on the value creation of the companies in our fund one and plan and target to have the Joensuu Biocoal fully operational during basically next year. Towards the end of this period, we are targeting to have the first exits from Fund II. To summarize, the bioindustry business is backed by strong megatrends that support resource efficiency and circular economy-focused business models. We enhance strategic value in portfolio companies through financial and industry expertise. We aim to grow both through flagship funds and single asset vehicles. I'd like to leave you with a note that there is a clear need to replace fossil materials, and we invest in industries and solutions that enable this necessary shift in both production and consumption. Thank you. I'd like now to welcome my colleague Mikko Krootila. Thank you, Marjatta. My name is Mikko Krootila, and I'm the Managing Director of Taaleri Real Estate. I've been working at the group since the beginning of 2024. My own industrial background is from the Nordic real estate market within investments, transactions, asset management, and portfolio management. I will walk you through our business unit strategic initiatives for the target period, but first, let's visit what Taaleri Real Estate is and also show the clients about the market environment. Taaleri Real Estate is a fund and investor manager with 15 years of operational expertise and excellence in the market, with successful exits of eight funds in the past. Today, our assets under management are roughly EUR 700 million, with portfolios in Finland and Sweden through closed-ended funds and SMA, so separately managed account structures. These also include evergreen structures. In 2009, Taaleri made the entry in the real estate market, being one of the first closed-ended funds, and also we pioneered in residential investments. Since that, we have been scaling that business through launching several new residential vintage series, along with other sector strategies. Since 2009, the market has changed a lot. There have been ups and downs, but throughout the years, we have been able to provide consistent and stable returns to our investors, generating outsized returns compared to the market. Today, we have a team of 13 people and having all strategic capabilities in-house. Looking at the market situation, we know it's been tough for Real Estate for a long time. In 2022, interest rates started to increase rapidly, and that actually created one of the largest downturns in the real estate market since the global financial crisis. The interest rate increase affected also asset valuations throughout the geographies and jurisdictions, but also across the real estate sectors, and with the magnitude actually compared to the global financial crisis. That also affected the transaction volumes. Looking at the slide, we can see we are demonstrating the Nordic transaction volumes in Denmark, Finland, Norway, and Sweden, which shows the transaction volumes actually dropped from the peak roughly 70%. However, recently, we have seen some relief in the market, having over 200 basis points of change in interest rates, and that has actually created more activity also in the transaction market, which actually today is something like 30% up on a year-on-year basis. Those are positive signals. Also, other positive signals, for example, the stock market and the equity market rebound. As the real estate market is post-cyclical, these trends tend to move also direct to the real estate market at some point. In our view, the market is actually right now at the turning point, and this rapid recovery presents actually an ideal moment to deploy capital in attractive deals in the market. Our investment strategies are shaped and following the megatrends, where urbanization is one of the key megatrends. However, also in that category, there's been quite a lot of changes in the Finnish housing market, which is our core in our operations. Looking at the left-hand side graph, we can see the pyramid starts and completions in the Finnish residential dwelling construction volumes in Finland. At this peak, we face something like 45,000 new completions per year, which is well above the estimated average, which is 35,000 new dwelling units, which is the demand per annum. However, during the last two years, the completion levels have drastically dropped at the level of 20,000 new units. The estimate is that that is still on the low levels in the next couple of years. Looking at the demand side, that comes from the people and population growth. Looking at the annual population growth in the main growth centers in Finland, so Helsinki, HMA area, Tampere, and Turku, the population growth has been steady in history, but also in the future, it's been forecasted to be something like 10% up to 20% before 2030. That really drives actually the demand in the residential sector. Despite the market sluggish and challenges in the market, we have successfully taken advantage of the cycle. For example, we have been able to transact in the market worth of EUR 75 million through six transactions during the last 12 months, which is a great success. We also launched a new vehicle, Eden Living, with Keva, the Finnish largest pension insurer, which is now seeking to deploy EUR 300 million into the market. Our team has been also successful in completing and closing refinancings, which are very important in order to stabilize our vehicles' operational base. With this, we have been able to secure and actually improve the risk position of our vehicles. We have continued our important work on the asset management side, bringing value add on the table, for example, increasing the occupancy rates and optimizing operational expenditures. Also, on the ESG side, we have just completed our whole portfolio in Housing Fund VIII, where all the assets are EU taxonomy aligned, EPC A-rated, and will be BREEAM In- use certified. All in all, despite the challenges in the market, we haven't been only active, but also executed in a great way. This is actually a testament for our team, with strong expertise and capabilities, what we have, but also the strong platform we've got in place right now. I think this slide is showing our real estate platform, and I think this slide actually underscores the strength and scalability of our portfolio and what we have been able to build up during the last 15 years, which is diversified and again showing as a resilient portfolio. We have done, again, as I said, several successful exits weighted towards our residential fund series in the past, boosting our track record. Also, along and throughout the years, we have been able to grow our vehicle sizes. That has actually continued per today and will continue in the future. For the future, our focus will be on scalable products close to our core competencies. Our strategic priorities for the target period, we can split it in four components, but the link is actually growth. These strategic priorities are actually designed to ensure our growth in this shifting market environment. The first one is about cyclical advantage, what we want to capture and also do it in a profitable way. This will happen through new vehicles, which can be in a flexible way, closed-ended funds, or separately managed accounts. Second, we will keep leveraging our exceptional track record and expertise in the residential sector, and we are constantly assessing one to two new initiatives in the sector. Third is about AUM, assets under management, which we aim to hit the level of EUR 1.4 billion at the end of the strategic period, basically doubling our AUM. That is a challenging and ambitious target, but still definitely achievable. The last is the operational excellence, as we need to ensure the returns to our investors exceed our target IRRs in our vehicles. The focus will be on our great value at work and to provide the best risk-adjusted returns for our investors. To split this in more down and looking at the milestones, the growth will happen again, as I said, through additional vehicles in the residential sector, but also we are exploring to launch new vintage series in a new sector. As Ilkka said, M&A is in our toolbox. We are exploring opportunities over there besides new potential partnerships. Successful capital deployment is all in all, as the investment performance is very, very important within this sector, and there will be much focus on doing successful deals in the market. The last, portfolio optimization, value creation, and exits. We aim to exit the final assets in our [crown trend] funds, number one and two, but also exit our fund, a small business unit fund, during this strategic period. All in all, we are well positioned to continue our robust work within the shifting market environment and continue our growth journey going forward. To summarize, we are well positioned to take advantage of the cycle and deliver value to our investors and stakeholders. Also, we're lasting opportunities in the built environment and urbanization that support our core strategy, which is residential, and where we've got a very good track record. Our strategy is captured. The strategy is designed to capture these elements and these changes in the market. We will be active in the residential market, where we have been a long-time front runner. Last, we will leverage our platform and group synergies to grow in a profitable way to launch new investment products. Thank you. This was my part, and now I will hand over to my colleague, Lauri Lipsanen, and the Group CFO. Hi, my name is Lauri Lipsanen. I started as Group CFO at Taaleri roughly four months ago. My professional background is that I have two master's degrees, one from industrial engineering and one from finance. I have served five years in consultancy and two years in the pulp and paper industry, and the last 12 years as Group CFO in private equity-owned companies, the last company before Taaleri, [Swappie]. Today, I'll start by opening up Taaleri's different sources of revenue, then going through some historical revenue and profitability trends. After that, I'll talk about our balance sheet and historical dividend distribution, and finally, about our financial targets and related levers to achieve those during the strategy period. Our revenue is based on multiple different streams. We currently have five distinct sources of revenue driving shareholder returns. Our aim is to have six distinct sources in the future. Garantia's main income stream is insurance service result supported by net investment income on Garantia's large investment portfolio of almost EUR 160 million. Net investment income comprises both realized and unrealized investment income. However, it should be noted that part of fair value changes is only visible below revenue and operating profit and presented in the other comprehensive income. Private asset management generates continuing management fees from different funds and fees from operational asset management in renewable energy. In addition, we generate performance fees from funds exceeding the target internal rate of return levels. These performance fees can be recognized as revenue during the lifetime of a fund. However, on a cash flow basis, once performance fees have been received, subject to a successful fund exit, no management fees will be generated from the exited fund. Investments include development capital, currently generating investment income such as dividends and changes in fair value and realized income. As Ilkka mentioned, our target is to generate continuing earnings from this stream via different kinds of fees and other earnings. During the last five and a half years, revenue has almost doubled and operating profit almost tripled. Roughly 40% of the revenue growth has been subject to fairly stable growth in continuing earnings. Net investment income has generated over 50% of the total revenue growth. However, the annual net investment income has fluctuated largely, driven by challenging market sentiment, impacting especially direct investments. Also, the rapid changes taking place in interest rates during the period under review have caused fluctuation in the Garantia -related net investment income, as Garantia 's investment portfolio has been mostly related to fixed income investments. When we look at the most recent growth from 2022 onwards, we can see that the growth has been modest. For instance, performance fees have played a significant role during 2021 and 2022. In addition, challenging market sentiment and a limited amount of new funds loans have limited our growth. Exit markets have been challenging, impacting adversely on our direct and fund investments, as well as our performance fees, whereas the materially declined mortgage loan volume has limited Garantia' s net insurance income growth. It can be summarized that continuing earnings have been growing rather steadily. However, volatility of the authentic continuing earnings has been high, further emphasizing a need to assess related results over periods longer than one year. There was some technical mistake there, but as stated, the volatility has been high in the past, and now we are looking for the continuing earnings in more detail. As stated, the growth in continuing earnings has been fairly stable from 2020 onwards. The picture is similar when we look at rolling 12 months continuing earnings figures on a quarterly basis through the last three and a half years. The respective compound annual growth rate has been 4.9%. At the same time, operating profit from continuing earnings has increased from EUR 7.7 million to EUR 9.9 million, resulting in a respective CAGR of 10.7%. This means that we have been able to improve our related operating profit margin by 3 percentage points to 25%, despite the fact that, first, Garantia 's market environment has been challenging. Secondly, we have invested in new asset classes such as bio. Assets and operations resulting in relatively higher personnel and other operating costs. However, when it comes to OpEx and fixed personnel costs, including bonuses in general, we foresee that these costs will increase only slightly compared to revenue growth, as we have been and are building scalability via the current efficiency initiatives, including, for instance, the company-wide AI program and several cost-saving initiatives. When we look at rolling 12-month revenue and operating profit development on a quarterly basis, it is clearly visible that both the group total revenue and operating profit development have been volatile. This has been mostly due to higher volatility in performance fees and investment operations. Therefore, as stated earlier, a period of one year is not enough to assess underlying performance of net investment income and performance fees. As divisions on the right-hand side, it should be noted that the part of the investment operation result is only visible in the other comprehensive income presented below operating profit. As evidenced from the adjacent operating profit grids, continuing earnings cover a vast majority of the group's cost base, leaving also a decent surplus in terms of operating profit. Net investment income and performance fees impact almost directly the operating profit, as related costs are fairly minor. However, as discussed on the previous slides, net investment income and performance fees have been fluctuating largely over the years, especially when it comes to performance fees, whereas continuing earnings have generated more stable positive profitability. Therefore, it can be concluded that operating profit from continuing earnings is one of the key value drivers for the company, but also both net investment income and performance fees are essential shareholder value drivers. As presented in the CEO section, we consider that there are synergies between the businesses driving impact, growth, and value creation. We have Garantia offering stable cash flows over business cycles, enable a strong dividend distribution level, and a higher risk profile in other segments. Garantia's total operating profit during the last 24 months has been EUR 39 million, out of which EUR 30 million have been or will be distributed as dividends. When it comes to private asset management, renewable energy subsegment is clearly profitable and has generated operating profit of EUR 17 million during the last 24 months, whereas operating profit has been negative in other private asset management businesses. We aim to grow private asset management further, both organically and inorganically, and stable cash flows generated by Garantia help us to take more risk with new growth initiatives, further resulting in higher growth and profitability in private asset management segments. We also aim for turning other private asset management profitable, as mentioned by Ilkk a. We have development capital, which has accumulated operating profit of EUR 15 million during the last 24 months. We consider this segment to be more opportunistic, and our target is to further boost shareholder returns with this segment. In addition, we have group functions and other businesses such as Taaleri Kapitaali. The accumulated cost base during the last two years has been EUR 30 million. As stated, we have been and currently are building scalability, and we consider that we are well equipped to improve our margin levels and profitability whilst revenue is growing. We will soon talk about the roles of each investment portfolio divided to development capital and other investments, fund investments, and Garantia 's investment portfolio. Before going to that topic, let's have a short overview of Taaleri 's balance sheet. Taaleri 's strong balance sheet mainly consists of investments and equity supported by net cash position. Our equity ratio was over 70% as per the end of Q2, and liquidity has remained strong. Available total liquidity was EUR 46 million, consisting of cash balance of roughly EUR 16 million and the unused revolving credit facility of EUR 30 million as per the end of June 2025. The first dividend transfer of EUR 7 million was distributed in April, and the second dividend transfer of also EUR 7 million will be paid in October. Investments account for over 70% of Taaleri 's total assets and have an essential role in both value creation and financial stability. The main role of fund investments is to support new business launches and a penetration to new asset classes with an aim to leverage income from fund success. Currently, the fair value of fund investments is EUR 11 million. Development capital and other investments accounted for EUR 42 million as per the end of June. As discussed by our CEO, we aim to create value via development capital by utilizing our expertise. We consider investments in both our existing investment portfolio and to new investments. We have Garantia's investment portfolio, which accounted for over 1/2 of total assets as per the end of June. It should be highlighted that the investment profile is fairly conservative, as roughly 75% is invested in fixed income and the rest in equity. This is because the main objective of this investment portfolio is to secure capital and achieve stable and steadily increasing asset growth to meet potential insurance claims. We currently have no financial loans, and as discussed, our total liquidity position was EUR 46 million as per the end of the last quarter. The strong liquidity is one of the key enablers to exploit inorganic growth opportunities. Our equity is strong mainly because of Garantia's related solvency requirements and debt restrictions, as well as a high amount of invested capital without debt. The strong equity enables more stable and strong dividend distribution, and Garantia plays a key role behind this, as evidenced, for instance, from the Garantia dividend slide presented by Mr. Henrik Allonen. Also, with strong equity, we see that we are well positioned for potentially exploiting inorganic growth opportunities. Here you can see our dividend payout history. The dividend payout ratio has fluctuated between 34%-1 23% historically, the latest three years being on average clearly higher in terms of dividend payout ratio. This year, we have already paid a dividend of EUR 0.25 in April, and the second payment, a tranche of EUR 0.25, will be paid in October. As already mentioned by Ilkka, we aim to keep the dividend payout ratio at a minimum of 50%. As Ilkka mentioned and shortly presented, yesterday we published our new updated financial targets for the strategy period. As mentioned earlier, increasing operating profit from continuing earnings is a key value driver for our business, as performance fees and net investment income are typically highly volatile. In addition, we consider that operating profit from continuing earnings is better linked to our strategic ambition to grow Garantia's income from insurance operations, scale private asset management business with bigger flexible funds, and new scalable asset classes and strategies. Thirdly, we also aim to gain fees and other continuing earnings via development capital. Therefore, one of our main financial targets is profitability growth related. More exactly, we aim to achieve a compound annual growth rate of 12% on operating profit from continuing earnings. Ilkka talked about our targets to invest in development capital and new direct investments. We also went through the high volatility of performance fees and net investment income, as well as the fact that over €200 million of our balance sheet is tied up to investments. Therefore, we consider that the best comprehensive way to measure underlying performance of these revenue streams is to continue utilizing return on equity as one of our main targets, and we aim to achieve on average the level of over 15%. Compared to the previous financial targets, there is now a slight amendment made to the calculation in order to capture the full impact of fair value changes and realized investment income, as the current return on equity calculation dismisses investment items reported only in the consolidated statement of comprehensive income, whereas all fair value changes and related investment income impact equity in both calculations. In other words, now the full investment income impact is visible in both numerator and denominator in the return on equity at fair value formula. We also went through our historical dividend payout ratio and our strong balance sheet position. We keep our dividend payout ratio target of 50% at a minimum, however, taking possible capital requirements into account. For instance, Ilkka talked about inorganic growth opportunities, which may have an impact on capital requirements. As the next step, I'll go through key levers to achieve profitability and return on equity improvements. We have categorized levers by segment to improve operating profit from continuing earnings and also levers further improving return on equity at fair value on top of the levers relating to operating profit from continuing earnings. As presented in the Garantia section earlier today, Garantia 's net insurance result has been flat during the most recent years. We expect net insurance results to grow during the strategy period, driven by rebounding residential loan mortgage volumes in Finland, supported by our increased market share, which we aim to maintain and also grow further. Garantia 's Henrik Allonen also talked about growth initiatives such as expanding our distribution with new and extended partnerships and possibly entering into new market areas. On top of this, slightly increasing net investment income is an important driver to further improve return on equity. In private asset management, there will be exits decreasing management fee flows, and it is essential to replace those management fee flows via new flexible funds such as via SolarWind IV, and also by entering into new asset classes generating new management fees. We also discussed that we are on our way to turn other private asset management profitable. These levers are vital to increase our EBIT growth from continuing earnings. When it comes to new funds, the termination of the Aktia distribution agreement enables potential longer-term fee expense savings, meaning that we expect relative fee expenses to be lower compared to the current fee expense levels. In addition, we discussed highly volatile performance fees, and in order to improve our return on equity, we also need to grow our performance fee levels. In terms of development capital, our ambition is to generate fees and other earnings via development capital, as well as increase net investment income growth by, for instance, providing active capital for transformational value creation and growth in situations where capital markets don't function optimally. As stated earlier, we have been and currently are building scalability and consider that we are well equipped to improve our margin levels and profitability whilst revenue is growing. Furthermore, there is a possibility to leverage our balance sheet. As a summary, our long-term financial targets are supported by our growth strategy and strong balance sheet. Our long-term financial targets for the strategy period are operating profit from continuing earnings with the average growth rate of 12%, return on equity at fair value being over 15% on average, and a dividend payout ratio of at least 50%, taking possible capital requirements into account. We have a scalable business model and a concrete action plan, which together enable us to achieve our long-term financial targets. In addition, our strong balance sheet is dominated by investments and equity, providing flexibility for optimal capital allocation. In a nutshell, we create value from increasing profitability from continuing earnings, boosted by net investment income and performance fees, as well as our strong balance sheet. Thank you, and then Linda will intro a Q&A session. Thank you, Lauri. Thank you all of you who have been presenting today. Could you please join us here on the stage? We'll conduct a Q&A session with all the presenters, not just the ones who were presenting in the second part of this session. Again, I would like to remind you that if you want to ask a question, you can do so through the chat box in the webcast platform. We have questions from the floor as well. Sauli Vilén from Inderes. Would you like to go ahead? Yes, sure. Thank you. Kai, you have been saying that the parallel funds, that they are kind of out of question. If I recall correctly, it's because your team is tied up on the flagship fund. Has something changed on this statement? The flagship funds will forever continue to be the flagship funds, i.e., the main growth strategy and the main strategy for us. However, there is now, given that we've reached a critical scale, also an opportunity to look at other things. How confident are you that you can actually launch something during the strategy period? That is naturally what we're committing to. We're committing to evaluating one to two alternatives in the strategy period. Naturally, if you find something that you are fundamentally convinced that you can have credibility in with the right team, with the right deal flow, and with the team having the track record that you can go and execute this strategy, and then the investors will back you, then of course it becomes more plausible that this will happen. Continuing on that, as an answer to your question as well, the most likely situation would be that it would be a separate team and carried out by the separate resources. Okay, that's clear. About the Real Estate, just wondering why you decided to go with the residential focus, since I mean residential is kind of the most crowded play in the town, I guess, and it's kind of difficult to differentiate comparing what you have been done in history. Basically, you have been kind of a niche player and doing fairly opportunistic funds here and there. Why the residential focus? First of all, I mean, we've got a great track record and history, as you said, about the Residential Fund, [Vintage Series]. That's something we should not forget. Second, the market is actually quite big in the residential sector. I know it's crowded. There are plenty of players, but still there's quite much room to be part of the game over there. Third, although we do have residential as our core or one of the core aspects, it doesn't exclude anything else from our playbook. I want to highlight that that is and will be on the core, but as a side, we are also exploring opportunities in other sectors. What about the track record of the residential aid fund? You have been deploying most of it, I guess, by now. Can you give us any insight, like what kind of IRRs are you aiming there? At the moment, I mean, we have now deployed the capital and now it's the value creation moment. We will see at the end of the life cycle, fund life cycle, what will be the IRRs. In general, within the residential investments, we have categorized them as to be core plus products, which means that we are targeting something like 10-ish% IRRs. In the Real Estate still, how much capital are you expecting to return to share investors during the strategy period? Just trying to count how much actual net flows do you, or gross sales do you need in order to achieve the EUR 1.4 billion? It depends obviously on the strategy. Typically, as we know, real estate is quite capital intensive. We need equity, we need debt. If we say 50% is in general level, the LTV levels, so 50% of debt and equity, that would mean that we need something like EUR 300 million- EUR 400 million of equity, new equity, if that was your... Yeah, just trying to figure out how much the gross volume would be. I hand over the mic for the next before my next questions. Thanks. All right. The next question comes from Joni Sandvall from Nordea. Yeah, thanks. Maybe on the bio side, a question on the bio premiums. You were a bit speaking about this, but how these have actually developed now during past years and what's your expectations? I mean, currently, customers are not so willing to pay these premiums, but how do you see the long-term view there? Are the premiums, you know, here to stay on shrink level or should we see, you know, rebound on these premiums when the economical situation improves? It's really difficult to say whether the premiums are going to come back, but I'm sure that as the economy improves, sustainability as such is going to be an interesting topic. You need to do sustainable business with similar business logics to any other business and find ways to do that. That would be preferred for other types of solutions. Whether the premium is going to come back, it is really difficult to estimate. I'll be continuing on that. Obviously, it is also much related to how the regulatory environment will develop in the future. We have seen that during the last years, some backlash of the regulatory environment, but obviously, there has been a lot of debate inside the European Union that the kind of tightening regulation when it comes to CO2 and these sort of things are going to happen in the near future. That remains to be seen. That's one of the key drivers of that component. Maybe a follow-up. You mentioned six investments done currently and roughly 50% of capital deployed. Now you were speaking about one to two more investments. Should we expect larger investments, or are you leaving some cash for, you know, for refunding or stuff like this? We think because these are growth investments, we think it is really important to leave cash for the follow-on investments in the platform investments. Obviously, that's kind of the plan in the beginning to be able to grow the companies. Depending on the situation, cases may be different, but there should be left some money to be deployed for follow-on investments. That's also a kind of learning that I have from private equity in general. You should never invest the fund completely too early. Okay, thanks. Coming back a little bit, follow up on the real estate side. You are in harvesting and I understand you answered partly Sauli's question, but maybe a question on vehicles, what you are now planning to reach the EUR 1.4 million. Are you seeing similar vehicles that you are now conducting with Keva? Eden Living, are you expecting similar structures during the strategy period? The question is about the structure and vehicles. Is it a closed-ended fund structure or separately managed account? Yeah, yeah, exactly. As said in my presentation, we will be flexible going forward in this structure, and I think that will be one of our advantages in the market. Okay, thanks. Last question from my side on the return on equity target. Does this include higher leverage? Because now, as you said, there is no financial debt. Does it include some debt? As I said, there is a possibility to leverage a balance sheet in the future. Okay, thanks. Great, thank you. There's a question from Patrick Campbell from Nordea. Hi, this is Patrick. Just a quick question on Garantia. Given that you're trying to grow and maybe you're looking to get more exposure on the corporate side, should we kind of expect the combined ratio to increase in the future? I would like to state by saying that if you look at corporate lending in Finland, for example, the Scandinavian countries, but especially in Finland, we are evidencing very low default rates if we go outside the SME sector, so outside the small companies, and that's something that we don't do. We only operate with medium-sized or large companies. Technically, of course, in corporate lending, you have higher level risks, but then again, it depends on your underwriting discipline and your ability to underwrite the exposures that will not lead to the average default rate, and that's really what we aim to do. Thank you. Great, thank you. We have a question online for Kai. You mentioned plans for SolarWind IV. This is you're still only finalizing SolarWind III. How come you're in the market so soon again? We are not in the market, just to be clear. We are in the prep. We are 55% invested on the money that we raised for SolarWind III. In terms of the way that that's set up, we have 60 projects in the fund. We will end up building approximately 10-1 2 of those. The rest of it, we will either sell to the market or we'll roll on to the SolarWind IV. What we will need to do is we will need to set up SolarWind IV in the course of next year to then roll over the projects so that we create room in SolarWind III in order to construct the final investments out of that fund. That is very much driving the timelines and that is also driving the preparations that we are doing at the moment. We will not start formal marketing of that fund until sometime next year. Great. A question for Marjatta regarding Bioindustry. Could the biocoal project in Canada, could that be a focus for the Bioindustry Fund I? It is a separate investment. It is a single asset vehicle, which has its own investors. I would rather see it in that sense as a separate kind of path and not an investment from fund one. The fund one investments, we are looking more to continue on those premises that we've done the six or maybe the latest investments there. Great, thank you. There's a question to maybe Ilkka can start and Marjatta can elaborate, regarding sustainability. Sustainability was not mentioned in the strategy explicitly. What's the role of sustainability going forward? It is a crucial part of Taaleri's operations also going forward, but it's really kind of embedded in our DNA. What we mean by that is that we see sustainability as a business opportunity. It's not a reporting framework, but we see a lot of existing business opportunities and also new business opportunities through sustainability and the goals that are related to that. That's maybe one thing, and then maybe Marjatta can continue from the bioindustry perspective. Yeah, we really see sustainability as an integrated part of our business. It's not a separate issue. We look at sustainability when we are looking at new investments in the, for example, due diligence phase. We look at sustainability when we are thinking about value creation of the companies. It's really part of the business. It's not a separate issue. We have a person whose focus is in ESG, but not as a separate, but as part of all the normal processes that we are doing. Great, thank you. There's a question for Mikko. You mentioned an AUM goal of EUR 1.4 billion. What kind of products and investments are you going to need to achieve this? What I elaborated on our milestones, the growth will be facilitated through new vehicles, and those will be, as I said, the residential sector is in our core. That is something where we are going to hope to increase our AUM in the future. Besides that, it comes down to that we are exploring opportunities in other real estate sectors also. There is no one route. There are multiple routes on that. On top of that, as a kind of enabler also is the M&A, which is in the toolbox all the time. Great. There is a question from the floor from Sauli Vilén from Inderes. Yes, thanks. Continuing on the Real Estate, you mentioned M&A several times. I'm having a hard time to figure out what you could actually possibly buy since you already have a team. The distribution stuff is on the group side, so to speak. I mean, can you give us any idea? Help me out here. What you could possibly, I mean, what kind of things you could be looking for? Yeah, that's a good question in the sense that that can be basically divided into two. It typically could go into a new geography, or it could be actually in a new kind of acquiring sector expertise team, which is not residential. It could be something more. That is the very simple answer, and maybe I can also give you your thoughts about that one. That's a very simple explanation to make this in, put it in two baskets: new geographies or either new sectors. Yeah, I think you summarized it quite well. Those are the classic opportunities that you can see in the market. What about your headcount for the whole private asset management? Let's say that you execute the current plans. Energia doesn't need to build new separate teams or anything like that. What happens to your headcount? Roughly flat? Let's put it in a kind of two separate answers. While we are continuing increasing our flagship funds, the headcount should remain rather stable with the existing strategies. Obviously, when we are entering into new strategies or parallel strategies, those are most likely carried out and executed by a completely separate team. It obviously depends on the scale and the opportunity that we are kind of taking and are starting to capitalize. The amount of that only kind of remains to be seen when we have something concrete in our hands. Just out of curiosity, on the bioindustry side, at the group level, you could say you kind of pivoted from the previous investment plans. You were planning to +EUR 100 million direct investments on the sector, and now you kind of decided not to go there because of the regulatory changes, market changes, etc. At the same time, you are saying that investors should invest in your new fund in the roughly same field. Is there a mismatch here that the group doesn't want to invest, but investors should in the bio? Actually, not so much, because if you take a look at our existing investment portfolio as well, that is also only tilted towards the Bioindustry investments. What we were highlighting is that we are looking for opportunities in our existing investment portfolio as well. On the other hand, we are only saying that we are sector agnostic when it comes to the new investments. It does not have to be Bioindustry investment. It can be Bioindustry investment, but we don't have a deployment target for the Bioindustry investments for the future. Like I said, we see possibilities in there within the existing and with new investments as well, but we don't have any specific target for Bioindustry investments. Okay, that's all for me. Thank you. Thank you. There's a follow-up question from Joni Sandvall from Nordea. Yes, thanks. This goes, Kai, to you maybe. Regarding the U.S. market situation under the Trump administration, currently we have seen the impacts, especially on the offshore wind side. Have you seen actually any changes or impacts on investor perception of the situation or maybe even, you know, is there a risk for, you know, higher, you know, risks on the market because of these kind of, let's say, negative regulatory impacts? Clearly, we're not in offshore, but in offshore, it's pretty bad. If you take battery storage, PV solar, and wind, the sectors where we are in, the support system for battery is unaffected. The only thing you need to consider is the tariffs, and actually, the support system is so generous that you can buy U.S. manufactured stuff, so you're good there. In terms of onshore wind and PV solar, what is changing is the qualification rules. Provided that you start construction on enough capacity on wind and solar projects before July the 14th, when the One Big Beautiful Bill was signed into an act, you qualify. You have four years to finish your project, which takes you to the next president. Therefore, there is a way through the system, but the uncertainty in terms of how everything's going to be playing out is there, and that is naturally impacting on investment appetite. Okay, thanks. Great, thank you. We have a question on M&A for Ilkka. Could you get back to traditional asset management through M&A if the right opportunity arises? That is highly unlikely. One of the main rationales behind that is the regulatory environment, which is really unfavorable for us to go towards that direction. Great, thank you. This is also for Ilkka. Do you have an internal view of Taaleri's true value that you use as a benchmark when considering acquisitions? Why do you see it as better for shareholders to continue as one group rather than splitting into separate companies? I think there's two questions. First of all, we don't have any specific, I think, kind of the benchmark value when we, how we value our company, and it's maybe not the management job to kind of let the market decide on that. When it comes to these three kind of different businesses that I think we highlighted in our presentation, we have clear synergies between these different businesses, which are quite evident at the moment. If you take a look at a bit more global perspective outside Finland, it is actually a more and more common theme that the global big private equity companies like KKR or Apollo or these global giants, they are also entering into insurance businesses, be it life or even non-life type of insurance. In addition to that, they are actually investing, even though they have buyout funds. They have also typically started to invest in a separate investment, whatever they want to call it. The point is that they kind of like the perpetual capital type of businesses, be it then invested in separate entities or be it an insurance company which provides them a float during a difficult fundraising environment that we have seen during the last few years. In that sense, we are actually not alone with this kind of strategy, even though in Finland there's no kind of similar type of company as ours. As explained during our presentation, our goal and target is to capitalize the synergies between these three entities going forward and to grow in all those three businesses and capitalize the benefits of those. Great, thank you. Let's wrap up with one final question. Do you see nuclear power as a possible investment area since you are in power in other areas as well? I don't know who wants to answer on that one. Yeah, I think we can probably start with Kai, and then Ilkka can continue. Indeed, risk and risk return profile is not quite suitable for our funds. At a [PLC] level, we haven't discussed that opportunity. Great, thank you. Unless there are further questions from the floor, this concludes the Q&A portion of this capital markets day. Now, Ilkka will present some concluding remarks. Thank you, thank you, Linda. You have heard today our management team members representing their plans, how we are executing our plans, which we have stated on this slide. Like explained many times during the day, we see growth opportunities and concrete growth opportunities in all our three synergistic businesses. We have concrete plans, and we have a strong belief that we are able to execute it, and we are actually quite excited about the opportunities that we have been able to identify. I would like to conclude my part of today's presentation with the final words that how and why we think that Taaleri might be a good investment going forward. As explained, Taaleri's business is strongly backed by these strong global megatrends. Private market penetration is increasing continuously in the market, and there's a continuous kind of increasing emphasizing the green transition, urbanization, and circular economy. When taking a look at our businesses, we have this stable cash flow provider, Garantia, generating stable income and balancing the overall risk in a different kind of economic cycle, be it then difficulties in a difficult fundraising environment or when investing in growth in other parts of the group. Thirdly, we have a strong proven track record in scaling an investment platform in these transformational opportunities, which we went through during our presentation. We have been able to capitalize on lots of those opportunities during the last few years. We have strong execution power in making investments with the additional earnings opportunities, which Taaleri has been able to prove during its journey so far. Like already said, we see that we have multiple avenues for growth in all these three segments. We have new competencies in place. We have a new management structure who has already started to work with the execution, and we strongly believe that we have been able to increase the execution power and how we are able to implement the strategy for the next strategy period. With that, I would like to conclude my part of today, and the final words to close the day will be carried out by Linda. Great, thank you, Ilkka. Thank you, all ladies and gentlemen. This concludes Taaleri's Capital Markets Day. I would like to, on behalf of the entire team, thank you for your time, your great questions, and also for your interest in Taaleri. We look forward to staying in touch and to continue updating on our progress in the months ahead. Thank you and have a great evening. Thank you.