Good morning and welcome to the presentation of Taaleri's results for the fourth quarter and financial year 2025. My name is Linda Tierala, and I'm heading Investor Relations at Taaleri. Presenting today, we have our CEO Ilkka Laurila and our CFO Lauri Lipsanen. In addition, we have a special treat for you today since we have Antti Salmela, who is Investment Director at Taaleri, and Saara Kujala, who is CEO of Ren-Gas. They will present Taaleri's latest investment in Ren-Gas. We also have a Q&A session at the end of this webcast, and if you would like to ask a question, you may do so at any time through the chat box in the webcast platform. With that, it's my pleasure to hand over to Ilkka. Please go ahead. Thank you, Linda. Good morning on my behalf as well. Like usually at this time of the year, it's time to go through some of the highlights and the recent development in 2025, as well as go through our financial development during the last quarter. But starting with the highlights. First of all, continuing earnings grew at 17%. That was obviously mainly driven by renewable energy and the final close of the SolarWind III fund. And in Taaleri Energia, the earnings grew at 28%. Following that, like we have already earlier communicated, the SolarWind III Fund achieved its final close with a great achievement of EUR 630 million in investment capacity, out of which that EUR 557 million is fee-generating AUM. And that is still, like said earlier, that is the biggest private equity fund investing in infrastructure here in Finland. Followed by that, Garantia strengthened its market position. Already one in eight housing transactions completed in Finland utilize Garantia's residential mortgage guarantee and Garantia services. So that has increased quite significantly during the last year, even though we haven't actually published the actual number. But that's where we can see the kind of uptake of Garantia's development. So even though the housing market has been in turmoil, Garantia has been able to increase its relative position in housing transactions. Then that has led to a situation that Garantia's income has also developed positively. So the insurance service result grew at 8% and followed that by the nice investment income in P&L recognized level, the EUR 3 million during the last quarter. Then, like we also have already communicated, the first investment, which is aligned with our updated development capital strategy, was executed during the last quarter. So we invested in Ren-Gas, which is a power-to-gas solution provider in renewable e-methane. You will hear more on that investment later during today's presentation. We were able to increase activity in real estate as the market is slightly recovering. That Eden Living, which is the JV with the Finnish pension institution Keva, we have been able to execute more transactions in that. That is progressing quite significantly during the fourth quarter as well. But then, if we kind of compare our achievement during the last year versus the strategic priorities, you just maybe note that in our capital markets, we published these strategic priorities from 2026 to 2028. But already during 2025, we have been able to gain great progress when it comes to strategic priorities. Like said in Garantia, market share in residential mortgage guarantees increased significantly, one in eight transactions utilizing services. In addition to that, Garantia completed its first non-payment insurance transaction outside Finland. So we have been able to take first steps to internationalize the business, which is one of the strategic goals and priorities for Garantia's strategy period 2026 to 2028. In private asset management, like said, the SolarWind III Fund reached its final close. Notable is that 64% of the commitments actually came from international investors. So it is highly international and a good kind of statement from the international investors that they trust in our product and services and investment capabilities in there. In addition to that, the joint venture with Keva, EUR 300 million, established at the beginning of 2025. By the year end, three investments had been made. There are several more under negotiations. So it is progressing quite nicely, especially considering the market environment that we are facing and working towards in real estate business. Finally, our development capital segment, kind of first of all, we have kind of restructured and reorganized the whole development capital function during the year. We have kind of renewed the organization as well in that part of our business. And with that, we were able to finalize and complete first development in that category. So that is also progressing already quite nicely, even though the strategy was only published at the beginning of September. Then, if we take a look at the key figures and the highlights from the numbers perspective, and if we would concentrate on the lower side of the slide for the full year numbers. Continuing earnings, EUR 42.4 million, growth 4.4%. Revenue, EUR 61.2 million. Negative development, 13.2%. That is mainly driven by the investment income decline, which we have said that, and which is obviously fluctuating quite significantly between different financial years. In 2024, we had a quite exceptional year for investment income and investment result. Operating profit, reflecting that change in our investment revenue, ended up having EUR 25.9 million. The earnings per share for the financial year is EUR 0.59. Then, if we take a closer look at the different business areas and segments, starting with Garantia. Like said, the insurance service result during the last quarter was EUR 3.6 million. The investment income combined, so meaning that includes the P&L recognized investment income as well as the investment income, which is recognized in the comprehensive income part of the financial statement, that total at EUR 2.9 million compared to EUR 1.8 million last year. But then I would like to highlight the graph on the columns on the right-hand side of the slide, which is presenting the premiums we have received compared to last year, compared to insurance revenue and how that has been developing. So the premiums received is a good proxy for the cash flow, so how much kind of customers are paying the fees when they are kind of having a contract with Garantia. And that is then, in a P&L perspective, that is then recognized under the IFRS in a more stable revenue development. But as you can see, actually, the incoming cash flow as a proxy has developed by that 27.3%. So quite significant increase in cash flow, considering, again, what kind of market environment we are operating. So to kind of summarize, one in eight, and actually more than one in eight in mortgage transactions or the housing transactions, are actually utilizing Garantia's services at the moment. In addition to that strategic progress in internationalization, been able to complete first insurance transaction outside Finland, in the Nordics, with one of the most significant Nordic financial institutions. If we take a look at the balance sheet side of the Garantia's business, the insurance portfolio increased from EUR 1.7 billion to EUR 1.8 billion. 84% now is consumer exposure related to mortgage loans and 17% related to corporate exposure and corporate loans, as well as the non-payment insurance type of services. Investment portfolio increased from EUR 158 million to EUR 166 million. That increase is also partly driven by increased equity exposure. If you take a look at it, the share and funds proportion is now 25%. If you add that to real estate and private equity funds, the total equity exposure is close to 30%. That has been one of the kind of drivers, obviously, as the stock market has developed quite nicely, especially during the fourth quarter of the last year. Moving on to private asset management, starting with the renewable energy segment or the business, revenue increased from EUR 7.6 million to EUR 8.1 million. Operating profit declined from EUR 3.4 million to EUR 2.4 million. Key levers on that during the last quarter were that there was actually more past reinvoicing, so which is recognized both in a revenue line item as well as in costs. In addition to that, the cost structure, there are more cost accruals related to variable personal expenses. AUM increased now from that EUR 1.7 million to EUR 1.8 billion. And if we take a look at the last vintage of the SolarWind III fund, here is a couple of pie charts that describe the kind of split between different categories, how you want to look at it. First of all, like said, 64% of the commitments came from international investors. 75% came from existing investors, meaning that they still trust in our business and have increased their commitments. But then, on the other hand, 25% came from the new investors. So we've been able to increase the share of wallet of existing LPs. And in addition to that, attract new investors to our funds. 84% of the AUM and the commitments came from the institutional investors and 16% of the high net worth individuals. Then, moving on to other private asset management and business. Quite stable number, you could say. Revenue, continuing earnings, as well as operating profit, very stable numbers compared to last year's numbers. Obviously, much more happening under the hood. Hopefully, we are able to kind of proceed with our and have a clear progress with our strategy during these financial years. Therefore, able to kind of have a more significant movement in these numbers during 2026 as well. Again, moving on to the investment segment. The revenue is now EUR 0.3 million, which is quite significantly different compared to last year. That is obviously driven by the development portfolio sales in the last quarter last year. That also is clearly reflected in the operating profit numbers of that segment. Moving on, if we take a look at the investment portfolio's fair value, quite significant, actually, 25% increase in the fair value. So at the end of last year, the fair value was EUR 55 million. Now it's EUR 69 million. So 25% increase in fair value in our direct investment portfolio. And obviously, now, new addition to our development portfolio is that Ren-Gas 2% of the total portfolio. And the rest of the development you can and the investments, you can see there in the pie chart. Then, if we take a look at the development capital investment highlights and maybe highlighting some of the development, not going through all of these, if we would concentrate on Fintoil, first of all, the biofuel market is developing quite positively. And there has been increased demand. And we believe that it will continue in 2026 as well. Then, on the other hand, the less significant segment, the biochemicals, their demand has been quite more weaker. The price development has been also quite weak in there. All in all, year-to-date numbers at the end of September increased that 46% versus a year ago. Quite significant volume increase in Fintoil's operations. Unfortunately, we are not able to publish the full year numbers in Fintoil. But as you can see that already, the first nine months of last year developed quite significantly on a positive territory when it comes to that, especially the volume, which is obviously critical in that kind of refinery business. Maybe a couple of highlights from Toriparkki, which is another big investment in our balance sheet. That is the kind of the parking facility located under Turku's Market Square. Volume increased by 7%, very stable business, but continuously growing, an EBITDA by 15% during 2025. Most likely, we are able to return cash flow also in the future from that investment. Obviously, you will hear more on the recent highlights and development in Ren-Gas and Ren-Gas operations shortly. It's time to hand over to Lauri, who will walk you through with the recent financial development of Taaleri. Thanks, Ilkka. Hello. My name is Lauri Lipsanen, Taaleri's Group CFO. Today, I present Q4 financials to you. In the capital markets held in September, we published our financial targets for the strategy period 2026-2028. As a recap, we aim for 12% average annual growth in operating profit from continuous earnings, at least 15% return on equity, target at fair value on average, as well as a dividend payout ratio of 50% minimum, however, taking possible capital requirements into account. As visible, growth in operating profit from continuing earnings was modest in 2025. Return on equity was 11%. The proposed dividend payout ratio is in line with the target. Taaleri has four sources of revenue. Continuing earnings create a strong foundation for profitability, while other revenue sources are more fluctuating. For instance, no positive performance fees were recognized in 2025. Full year revenue in 2025 was EUR 61.2 million. Operating profit amounted to EUR 25.9 million. During the last quarter of the year, operating profit was EUR 5.7 million. This level was lower compared to the strong comparison period year, when operating profit was EUR 9.4 million. Continuing earnings grew by 17%, driven by mainly following three fund final closings, further impacted by Garantia's strong operative performance. However, as stated, only a minor negative performance fee adjustment was recorded in Q4 2025, whereas a year ago, the performance fee of EUR 1.8 million was recognized. In addition, investment income was lower than in the comparison period, as the comparison period was positively impacted by the development fee of EUR 5.8 million. When comparing full year operating profits, the big picture is that continuing earnings from private asset management grew by 17%, mainly because of the successful fundraising for Taaleri SolarWind III Fund. However, net income from investment operations declined from the previous year almost by EUR 12 million. The net investment result in 2024 contained renewable energy-related development gains of roughly EUR 14 million. Also, Garantia's investment result was positively impacted by the declined interest rates in 2024. As a result, operating profit declined to EUR 26 million for 2025. As visible on the left-hand chart, quarterly continuing earnings clearly increased in Q4 2025. However, the total revenue continued to fluctuate. This fluctuation has been largely driven by changes in net investment income, which have further impacted quarterly operating profit. On a last 12-month basis, the composition of revenue is more balanced. Continuing earnings have been growing by 4.4% on average, while other than continuing earnings have declined on an LTM basis. The decline in net investment income has been, for instance, due to 2024 operating profit was positively impacted by aforementioned renewable energy development portfolio gains. Also, 2024 was impacted by a performance fee of EUR 1.8 million. Then, we will have a look on Garantia. The extended weak development of the Finnish housing market in recent years has reflected in Garantia's result. However, as visible from the left-hand chart, insurance revenue has remained quite stable over a longer period, while insurance service expenses have increased slightly. The total operating profit of Garantia has declined on an LTM basis, mainly because of the strong investment result in 2024 and increased insurance service expenses. This is how the reported profit and loss looks like. However, the underlying performance has been stronger. Growth in premiums received was 27% in 2025. However, as visible, insurance revenue increased only slightly, as changes in premiums received in Garantia's insurance revenue come with a delay because of IFRS accounting principles. Also, there have been contractual changes creating delays in revenue recognition in terms of IFRS. The combined ratio has remained strong despite the increase. It increased last year, driven by an increased claims ratio. Roughly half of the claims ratio increase was related to the impact of new claims. As in contracts in 2024, the claims ratio was positively impacted by changes in estimates of claims that have incurred during previous financial years. Garantia's return on equity at fair value is at an excellent level. Solvency ratio has remained strong. Garantia's board of directors proposes that the dividend of EUR 18 million will be paid for the financial year 2025 to the parent company, Taaleri Plc. When it comes to private asset management, continuing earnings growth increased from 13%-17% on an LTM basis, mostly driven by the SolarWind III final closing. The LTM operating profit, however, declined for Q4 mostly due to the lack of performance fees recognized during 2025. Whereas, for instance, Q3 2025 LTM operating profit margin was still positively impacted by the performance fee of EUR 1.8 million booked for Q4 2024. Investment segments' investment portfolio grew by EUR 2.2 million during the last quarter of 2025. There were four main levers impacting this change. First of all, the fair value of Truscott-Gilliland East Wind increased by EUR 2 million, driven by positive fund NAV change. Secondly, we invested in Nordic Ren-Gas Oy. Thirdly, the value of Alisa Bank shares increased by 35% during Q4 2025. Whereas, half of the Taaleri Bioindustry Development Ky investment was written down in Q4. It should be noted that when looking at this table, the fair value of the investment may deviate from the book value in the balance sheet, depending on the basis of accounting. For instance, we consider that Turun Toriparkki's fair value is currently EUR 60 million. Whereas, its book value is EUR 10.8 million. In other words, we consider that this investment contains hidden value, which is not visible in our balance sheet or P&L statement. Then finally, a short outlook on Taaleri's balance sheet. Both balance sheet and equity ratio have remained strong. Total assets amounting to EUR 306 million and equity ratio to 73%. Total investments increased almost by EUR 20 million to EUR 227 million, accounting for almost 75% of total assets. Out of these investments, EUR 44 million were related to development capital, EUR 20 million to fund and other investments, and the remaining EUR 164 million to Garantia's investment portfolio. Total liquidity was EUR 51 million, including the unused revolving credit facility of EUR 30 million and overdraft facility of EUR 10 million. Taaleri distributed the second dividend tranche of EUR 7 million in early October. The board of directors proposes that the dividend of EUR 0.30 will be paid in two installments for the financial year 2025. Now, Ilkka will present an outlook for 2026. So, outlook for 2026. Starting with private asset management. Renewable energy continuing earnings is expected to decline compared to 2025. And that is due to the fact that subsequent management fees were recognized in 2025. In addition to that, obviously, the timing of the exits for the old vintage funds will have a meaningful impact for the EBITDA development. Then, when it comes to other private asset management, obviously, we are investing in that segment quite heavily at the moment. And therefore, the operating profit for 2026 is expected to remain negative in other private asset management business. Then, the investment segment profit will depend, obviously, among other things, quite significantly on how the fair value changes will develop. On the other hand, obviously, as well, how the timings of different exits will happen, if so, will happen during 2026. Garantia insurance revenue is expected to grow slightly in 2026. Profitability is expected to remain at a stable level. With the given environment that we are operating, the investment fair value is expected to remain at a steady level as well during 2026. Finally, when it comes to the cost structure and the operating expenses, no major changes are expected during the financial year, even though we are targeting new initiatives and significant growth. But with that, I will hand over to Antti Salmela, who is our investment director in development capital, who will walk you shortly through the Ren-Gas investment from the Taaleri's perspective. And then followed by Saara, CEO of Ren-Gas, who will then present their view and the latest development of the Ren-Gas. Please, Antti. Thank you, Ilkka. My name is Antti Salmela. I serve as an investment director at Taaleri. I am responsible for the direct investments at Taaleri, including our development capital portfolio. I joined Taaleri at the time of the strategy update in August last year. I have been doing private equity investments since 2007. Today, I am pleased to introduce Taaleri's first development capital investment. Today, I am joined by Ren-Gas CEO, Saara Kujala, who will walk you through the company and its plans in more detail. Shortly, from Taaleri's perspective, Ren-Gas is the leading e-methane project developer in Europe. So not only in Finland, but also in a wider context. In December last year, Ren-Gas closed the financing round of EUR 16 million. We were really happy to join the investment round. Ren-Gas has a strong group of Finnish and international investors, existing investors Allianz, global investors, and Wipunen Varainhallinta Oy, which is an investment company owned by Ilkka Herlin. The existing investors joined the investment round. And Taaleri and Tesi, Finnish industry investments, are new investors who joined the company with this round. And from Taaleri's perspective, the key reasons why we wanted to invest in Ren-Gas are that Ren-Gas's solutions are really accelerating the energy transition. And as a consequence, they deliver substantial emissions reductions. The industry is growing. And the growth is driven by the regulation, which favors clean fuels, both in Finland and also on a European level. And finally, and most importantly, the Ren-Gas team is widely regarded as very experienced in the industry and also very ambitious, which is, of course, critical for us. And with that, I am happy to hand over to Saara to continue with the introduction of the company. Thank you, Antti. And thank you for having the opportunity to be here. So my name is Saara Kujala. And I am the CEO of Ren-Gas. And first of all, of course, on behalf of the Ren-Gas, but also personally, I am really happy to have Taaleri to join us and invest and partner on our journey. Currently, we are happy to say leading e-methane project developer in Europe. But of course, going forward, also the leading e-methane producer with our projects. Well, e-methane, very shortly, it is a renewable fuel that we will produce in our production facilities. First, by producing renewable hydrogen, biogenic CO2, and combining these together, we have a molecule, e-methane, that actually has similar benefits, similar chemical properties as biogas. But we tap into EU renewable hydrogen markets, having a very unique, interesting business case. As we can also utilize the existing infrastructure, LNG trucks, where we will have this product as a fuel and also later on to the marine segment. Currently, Ren-Gas has six e-methane projects in development in Finland. On the left-hand side, you will see logos of our partners. These projects are Ren-Gas projects. But we collaborate closely with Finnish municipal energy companies, where we source the CO2 that we need for the production process. But we also collaborate in utilizing the waste heat that is born in our production process to have a no-emission heating source for the cities. Currently, we are a team of 30 people. We are a strong team, as this is a new industry. But also, we are preparing on having a long-term business case. As we will have competencies also to operate, maintain, optimize these assets over the long term, which is a very valuable service for the assets and wider for the hydrogen industry as well. About the investors, Antti already introduced them. So initially, in our previous financing round, we were preparing on taking the portfolio forward to a certain step with the funding from Allianz. And now, with this recent financing round, we are preparing to, first of all, take the Tampere project to the construction phase. And also enlarge the portfolio development and having also the next projects forward to the construction. The first project is located in Tampere, already in ready-to-build stage, nearing the investment decision. And 2029 is the projected first year of operation, where we will have our e-methane going through the gas pipeline network to the market. One of the very significant milestones in this industry is that for this project, we have already selected the key equipment suppliers, our EPCM partner, which is very important to having a bankable operational model, good technologies that actually support the low-risk implementation of the project and the good business case going forward. And then finally, kind of the two last milestones that are very important for implementation of our plans. On the debt financing side, we already have a EUR 230 million loan framework board approved at the EIB. And for the first three of our projects in Tampere, Lahti and Kotka, we also have the subsidy elements in place. Since these first projects will still be quite capital-heavy. So the ability to attract subsidies is a very important part of the business case. So I would say this is an overview on kind of the key milestones, who we are as a company, what are some of the kind of key assets that are pushing us forward. And very happy to be working together with Taaleri, other investors, and the value chain partners to take first the Tampere and the rest of the projects forward together. Thank you so much to all of our presenters. Now we have time for a Q&A. And both Ilkka, Lauri, and Antti are happy to take questions. Either regarding Taaleri, our fourth quarter results, or the investment in Ren-Gas. If we have questions here, live, please use the microphone so that everyone also online can hear the question. And questions over the webcast platform can be submitted at any time. We have a question from Sauli Vilén from Inderes. Please go ahead. Yes, thank you, Sauli from Inderes. About Garantia, the share of equity in your portfolio, it has historically been 10%-15%. I think the long-term average is like 16% or something. Now it is close to 30, as you said. Should we think of this 30 as a new normal? Obviously, you have to balance it to do it if you want to. Well, in their investment policy, 25% is actually a neutral position. So they have been kind of underutilizing the equity risk opportunity earlier. But now, during the year, it has increased quite a bit. And at the end of the year, it achieved that almost 30% leverage because of the fact that the stock market has increased quite significantly. But there is no, I would say, expected any major difference because the kind of policy has still remained the same. But obviously, their investment professionals kind of try to optimize the allocation, obviously, considering the risk and return opportunities in the market when it comes to fixed income versus the equity market. Okay, thanks. Then about Joensuu, the bioplant there. Can you walk us through a little bit more detail? The write-down, it was kind of a drastic one. You kind of cut your stake in half, which implies that the overall fair value of the plant has halved overnight, basically. So yeah, so can you shed some more light on this? Like, what was the—what was the—like, how big a surprise of this energy issue, so to speak, were? Yeah, so the facility itself, like I said, it has been in a ramp-up phase during the year. And it has faced some technical issues, which is quite—you could say that that sometimes happens when you implement new technologies. And that has happened with Joensuu case as well. So there are clear issues with the energy balance. And like we said, it requires additional investments to be operational. And our people and our engineers are kind of investigating the opportunities currently with the service providers and technology providers. And that is the current status where it is at the moment. And well, yeah, like I said, that is the kind of, let's put it that way, that is the exact summary of that. So in more detail, how are you going to refinance the operation? Obviously, it is through the co-investment vehicle, which I don't think has any major excess capital. So do you need to pile in more cash? Or do you seek outside equity injection? Or how should we look at that? That is under negotiations. Obviously, there are external sources and internal sources and discussions ongoing at the moment. That is under negotiations. It depends also on the technical solutions that are then identified. Can you give any ballpark figures, like how much investment the plant actually needs in order to ramp up on the phase? Are we talking single millions or tens of millions? Yes, single millions, most likely. Obviously, like I said, the technical solution is not yet finalized. Most likely, yes, single millions. Still continuing this, I mean, we are talking about single million investments. And they are, what I hear from you, they are like these hiccups, so to speak. They are not like any super drastic things. As you said, they happen when you ramp up new technologies. But still, you cut the book value of reinvestment in half. So I mean, that implies much more drastic than what you actually say. Is it just because of the leverage? Or why just so drastic? Well, it comes, well, obviously, it comes from the, let's say, the financial principles and the kind of uncertainty that is related to that investment. Because obviously, as you said yourself, the entity as such has not that sort of financing kind of available at the moment. So it requires additional financing. And there is obviously clear uncertainty related to that additional financing. And that is the kind of background of that write-down. Has this situation, so to speak, changed your view regarding the Canadian bio coal plant? Well, the Canadian operations, the purpose of that was that we would be able to utilize the Joensuu plant as a proof of concept and utilize the same technology. Obviously, if there are then obstacles and difficulties with the existing technologies, that will obviously have an impact for the Canadian operations. But there are globally available other technologies as well, which we have already investigated. But obviously, we haven't made any decisions because we are still kind of trying to tackle the issues in Joensuu. Yes, thanks. Then one more from me. About the Ren-Gas investment, it was EUR 1.6 million in your balance sheet at the end of Q4. I think your stake is higher than that, obviously. So is it just that it will grow when the company needs capital? Or how should we look at this? Y eah, it was EUR 1.5 million. And there is a certain milestone that would trigger the payment, additional payment. Okay, that is clear. Thanks. Thanks. Hi, it is Patrick Campbell from Nordea. Firstly, congratulations on the closing of SolarWind III. But perhaps looking ahead and reflecting your guidance, what kind of new funds will be in focus this year? Perhaps reflecting the private asset management as a whole? Well, all in all, obviously, it depends. I think it is the short answer. But when it comes to, let's start with the renewable energy. Our target is to proceed already if things develop positively and favorably. Our target is already to initiate SolarWind IV during the financial year. And at least kind of start the kind of activities on that. Then, if you take a look at the bioindustry, that is still, like we said, in the Capital Markets Day. The fundraising will not happen in 2026. But our target is to finalize the investment period in 2026. And then the fundraising will then initiate in 2027 for the next vintage. In real estate, we are in the middle of different kind of phases of different project development when it comes to separate mandate accounts and when it comes to the new kind of new funds. But I think, especially when it comes to the real estate segment and real estate market, we all know that it is quite sticky, the market situation there. And it depends on the LPs how that will progress. When it comes to the new initiatives, like we have said, our target is to launch several new strategies during the period 2026 to 2028. And let's formulate it that way, that I would be quite disappointed if we would not be able to initiate any of those during 2026. And that is the clear goal that we internally have. All right, thank you. And then maybe my second question related to performance fees. It seems that you didn't book any performance fees this year or last year. And maybe looking at this year and considering that some funds are in the exit phase, do you expect to book any performance fees this year? Well, we test those every quarter. Those are recognized accordingly. So we haven't stated any, say, forward-looking statement when it comes to the performance fees. But that is kind of, we take a close look on that every quarter. It depends on the development of the funds, obviously. All right, thank you. Yes, still Sauli from Inderes, if I may continue. About the Garantia's bond portfolio, can you remind us what is your running yield on there? Like roughly. That I don't have the exact number in my head. It has changed a bit during the year. So maybe I'm not giving any numbers because I would indicate it accurately. Okay, then about the outlook in the private on other private asset management, you are expecting operational loss there. I assume that is based on the assumption that you don't book any performance fees there? Yes, yeah. Yes. Then again, on the outlook, if I read correctly on your renewable energy outlook, you are implying that you are planning to divest the older wind assets this year. Obviously, we know that the wind farm situation in Finland is kind of a difficult one. What gives you the confidence that the market situation actually improves during the years? I mean, at current states, as you previously said, there is no point in divesting them as we speak right now. Well, actually, those are in the market, obviously. And we are investigating the opportunities continuously. I think that there is a, let's say, there are silent signals that actually the transaction market in the Nordics overall is developing more positively. I think we have already seen the bottom. And now I'm talking about the Nordics level. And the kind of, we faced a quite kind of difficult situation, especially in the Northern Sweden. There had been setbacks with those financial investments. But I think the market is actively picking up. And we are seeing already some assets moving in the market, even though those are more related to Sweden and the distressed situation. But still, I think we start to see that the market is moving toward a more active level on the renewable energy exit market as well. Okay, that is good. Then finally, about the bioindustry fundraising outlook. I mean, you obviously have had some difficulties in the fund itself with some of the larger investments there. Now you have difficulties with Joensuu, basically, which was supposed to be like a reference case, so to speak. So do you-how do you-and on top of that, the market situation is obviously super difficult in that sector at the moment. So how do you see the fundraising outlook overall currently? Well, first of all, it is good to make the difference between the biocoal and the Fintoil investments and the fund operation as such. Because the fund strategy is related to bio-based or recycled materials mostly. So that is investing in a kind of different asset category. It is not investing in bioenergy as such. So that shouldn't be kind of understood to have a major link between those different categories. And actually, if you take a look at the underlying development, and obviously, when we have now, as we published last year, we took the Tier 2 and Tier 3 LP and insourced that activity. And we have more and more dialogue with our LPs and our investors. And actually, I think the, well, even though you said that it is not kind of that the market is facing difficulties, we see actually that the LPs are seeing, some LPs are seeing quite an attractive market to invest in at the moment. The kind of, let's put it that way, that the valuations actually are quite attractive at the moment. And the underlying factors when it comes to the climate change and need to replace the fossil-based material, that kind of assumption or the overall market has not changed at all. But I think it is actually developing. There are more companies coming up on that market in the Northern Europe level. Okay. Finally, I'm not sure if this is for Antti or Ilkka, but about your investment pipeline, so to speak. Obviously, I think in the report you stated that you have some stuff there. But can you open a little bit more like how much activity is going under the hood, so to speak? Like how much capital deployment should we expect, for example, the next 12 months or so? I can maybe start and Antti can then continue and fulfill if I'm saying something completely incorrectly. But I think that we are actually seeing that there is a clear demand for this kind of investments in Finland especially. There is a clear market position that we have the possibility to take. And that is what Antti continuously communicates to me as well. That when Antti is having a dialogue with the so-called market, there are not that many companies that are doing this sort of minority stake investments in growing companies and in a sector-agnostic way without having a set timeline of the investments. And that has actually created quite a strong pipeline. And there are a lot of opportunities. Obviously, like I said, from the strategic perspective, it is a capital allocation tool for us. And we have to kind of balance the investment between the portfolio or the private asset management and the development portfolio. And that is the job that we are doing. But maybe Antti can elaborate a bit. I can confirm that the deal pipeline is really happy. It is very healthy. And given the short period of time after the strategy update, it is seen that the strategy is working very well. So our aim is to be co-investor with international investors, like in the Ren-Gas case. We are co-investor with Tesi, like in the Ren-Gas case. And we are co-investor with other institutional investors. And we nicely kind of complement the Finnish equity capital markets structure. So the pipeline is healthy. And as you said, we have not set any kind of goals about the speed of the deployed capital, which gives us room to be selective and tap the good opportunities. And also, like I said in the capital markets day, we are currently looking at possibilities to invest also in the existing companies, which naturally might be really attractive, given we know the companies, we have been affecting the strategy, and we know the management, and we know the outlook. So that is also something we are currently looking at. Okay, that is all from me. Thank you very much. Thank you. Thank you. We have a few questions online as well. So first, we have Elsa Immonen from DNB Markets, who is wondering about the outlook for Garantia. So do you see that it is possible to take on even more market share? Or do you believe that growth will primarily be with the market? Well, yes, I think we have the opportunity to increase market share both in corporate loans as well as in the mortgage loans as well. But like always, when it comes to Garantia, it is all about risk management. So they are operating in a certain kind of risk envelope. And as long as we stay there and keep our risk management quite tight, that kind of still we believe that we are able to increase the market share within that risk category without increasing our risk-taking significantly. And what is your perspective on the housing market in Finland? Will 2026 be the year of a final turnaround? Oh, if I would know that. But anyway, I think we have seen, I think more and more, if you read the statistics, if you read the articles and the news when it comes to the real estate market, I think the net result of that is that we are seeing the slightly real estate market moving towards more and more positive territory. And that also applies to the housing market. And we have seen lately quite significant transactions, which are not housing market as such, but quite significant transactions when the international investors have entered in the Finnish market and have made a big transaction in the real estate market. That, historically at least, has been a good proxy for the turning point when the positive market development typically has started, when the international investors enter in the market. Thank you. Do we have any further questions, either from the floor or online? If no further questions, we are now almost at the top of the hour. I would like to thank all the presenters and then also for everyone listening, both over the webcast platform and for you here in the room with us for your time. I wish you all a pleasant rest of the day. This concludes the webcast. Thank you. Thanks a lot.