We hosted a lunch in Helsinki today for CapMan CEO Pia Kåll and Taaleri CEO Ilkka Laurila. Our key takeaways from CapMan are that: 1)  the company is well on track to meeting its EUR 10bn AuM target by 2027; 2) investment appetite towards Infra investments remains favourable, while real assets continue to be attractive amidst uncertainty and disruption; and 3) management remains confident in its ability to scale profitability as AuM grows and internal efficiency initiatives materialise.

We hosted a lunch today in Helsinki accompanied by CapMan CEO Pia Kåll and Taaleri CEO Ilkka Laurila. Our key takeaways from Taaleri were that 1) Garantia continues to pick up market share in the Finnish market, 2) Google's recently announced investments are favourable for the outlook of wind farm assets in Finland and 3) management continues to expect exits from renewable energy funds this year.

Relais announced today that Joonas Mäkipeska has been appointed as a new CFO, starting no later than February 2027. Current interim CFO Sebastian Seppänen continues as interim CFO until then and will thereafter remain a member of the group management team in a strategic role focused on capital allocation, M&A and value creation. Mr. Mäkipeska is joining Relais from Technopolis, a real estate company, where he currently serves as CFO. In addition, Mr. Mäkipeska has previously held CFO positions at Holiday Club Resorts, Sponda and ALD Automotive. We believe the new CFO brings Relais additional experience especially from financing and capital structure which we find supportive following the recent years expansion of the company.

Xplora's monthly subscription metrics indicate that the Xplora Kids subscriber base concluded August 2026 at 542k subscribers (no split for subscriber base provided by the company). New subscriber conversion was robust, achieving a gross inflow of 42k subscribers in August, representing an improvement from the 37k recorded in August 2025, and demonstrating y/y subscriber base growth of 108k. The m/m increase of 23k subscribers provides a favorable indication relative to our Q3 projections, where we have forecasted an exit base of 546k subscribers for the current quarter.

NoHo is considering issuing EUR 50m of senior secured notes (4-year tenor) and replacing its current financing package in Finland with a new EUR 60m term loan, EUR 10m capex facility and EUR 27m RCF. While we believe the bond is likely to carry a somewhat higher cost than NoHo's current debt, lower pricing on the new bank facilities should largely offset this, suggesting limited direct EPS impact. In our view, the key takeaways are lower refinancing risk, improved liquidity, more flexible covenant terms and greater financial flexibility for future M&A, for example. The new package should also provide additional headroom under covenant metrics. With our 2026 leverage estimate of 3.4x, we view this as a proactive optimization of the capital structure rather than a balance-sheet driven refinancing. At the end of 2025, the group, including its international operations, had EUR 91m of interest-bearing debt (excl. IFRS 16) maturing in 2-5 years, implying the proposed financing package would exceed immediate refinancing needs.

Solwers' Q2 results remained weak, with profitability still at an unsatisfactory level. Net sales of EUR 20.8m came in 12% below our estimate and were down 5% y/y, while adjusted EBITA of EUR 0.1m was 86% below our estimate of EUR 0.7m (versus EUR 0.7m a year ago). The company also highlighted that it has agreed with its principal bank on a temporary amendment concerning the net debt/EBITDA covenant, effective until the end of June 2027. Solwers needs to improve its profitability clearly; the main concern is profitability, not the level of debt, we argue. Solwers has not given financial guidance for 2026; we expect adjusted EBITA to remain flat y/y at EUR 1.1m. Following the Q2 report, we cut our top-line estimates by 4-5% for 2026-28, and we cut adjusted EBITA by 64% for 2026E and by 7-21% for 2027E-28E. We derive a clearly lower DCF- and peer-based fair value range of EUR 1.7-2.0 (2.6-3.0), including EUR 0.2 (0.4) per share for the present value of unannounced acquisitions.

Solwers reported its results for Q2 with sales of EUR 20.8m, 12% below our estimate of EUR 23.6m (no consensus available) and 5% down from EUR 21.9m y/y despite acquisitions conducted during the last twelve months. Adjusted EBITA of EUR 0.1m came in 86% below our estimate of EUR 0.7m and down from EUR 0.7m a year ago. The company notes that a few companies particularly in Sweden were loss-making during H1 where savings and efficiency measures have been implemented. The company has agreed with its principal bank on a temporary amendment concerning the net debt/EBITDA covenant included in the financing agreement, effective until 30 June 2027. Solwers does not provide an outlook for 2026. We have expected an improving adjusted EBITA in 2026 but at EUR 0.4m in H1 2026, the adjusted EBITA is down ~70% y/y for the first half of the year. We expect a negative share price reaction on the weak Q2 report while we also note that it is positive that the covenant waiver was extended further, giving Solwers additional time to improve its operations over the next twelve months.

Investors House's Q2 report was broadly in line with our expectations, with the Real Estate segment slightly weaker than we expected. However, the good profitability for the Services segment was a clear positive, as the segment's performance has been weak for several quarters and cost savings are kicking in. After the significant divestment in 2025, the company reiterated its guidance for earnings to decline significantly in 2026. Our adjusted EPS estimates for 2026-28 are EUR 0.17-0.18, and we find it appropriate to reset the dividend for 2026E to match the current earnings capacity, after the ordinary 2026 dividend of EUR 0.37 and the extra dividend of EUR 3.14 paid in 2025. We derive a slightly lower fair value range of EUR 2.8-3.7 (2.9-3.8). Our fair value range is based on a 2026E P/BV of 0.9-1.2x.

Investors House reported Q2 revenues of EUR 1.4m, 3% below our estimate. NOI was EUR 0.7m, down from EUR 1.4m y/y and 8% below our estimate of EUR 0.8m. It is worth noting that the sale of JV Apitaire in 2025 is behind the significant sales and earnings decline y/y. Adjusted group EBIT was EUR 0.4m, versus our EUR 0.5m estimate. The Real Estate division’s EBIT was EUR 0.5m, versus our EUR 0.7m estimate. Services segment’s EBIT was improved clearly y/y from EUR -0.1m to EUR 0.1m, which is a clear positive as the segment has been burdened by weak profitability. The guidance for 2026 is unchanged for earnings to decline due to significant divestments in 2025. The company notes that 2026 will be a year of structural changes and the company aims for growth from investments in 2027, becoming fully visible in 2028 in earnings. We expect a neutral share price reaction on the Q2 results.

Xplora reported soft revenue and gross profit for the historically seasonally neutral Q2, 9% and 5% lower than Bloomberg consensus, respectively. The shortcoming that is stealing all the focus, however, is the slow development in the Senior (Doro) segment, where devices sold printed -27% growth y/y. We argue that the trajectory of the equity story is defined by the rollout of Senior devices, and subsequent conversion into Xplora subscriptions (i.e. the synergies). The reported gross margin came in above expectations at 54.1%, versus consensus at 51.6%, partly attributed to lower shipping costs by switching from air to ocean freight. Looking to 2028, we estimate continued strong performance in the Kids segment but a tougher road ahead for Senior. We lower our DCF- and a multiples-based fair value range to NOK 38-55 (54-94), implying 2027 EV/EBIT of 11-20x.