Garantia takes its first step in the international markets

Translation: Original published in Finnish on 12/11/2025 at 8:00 am EET.

Taaleri's guarantee insurance company Garantia announced on Wednesday that it completed its first credit risk insurance project outside Finland during the fall. At the same time, the company is officially expanding its guarantee offering to the Nordic countries. Thus far, Garantia has only operated in Finland.

The impact of a single credit risk insurance project on Garantia's figures is very small, and it is more of a symbolic milestone in the company's internationalization strategy. Garantia's strategic focus has been international expansion during 2026–2028, and this is a clear concrete step on this path

In our view, Garantia wants to proceed cautiously in international credit risk operations, as the market is new to it and the company wants to advance with risk management at the forefront. In the long term, the company's goal is, in our assessment, for international credit risk operations to represent a significant portion of the company's corporate risks. Companies currently account for about one-fifth of the company's guarantee portfolio.

Overall, we are cautiously positive about this step, as it is a concrete move in the company's growth strategy. Due to tightening banking regulation, there is a clear need for guarantee products in the market, and in this sense, the expansion is logical. We are not particularly concerned about the company's ability to manage risks related to international expansion, as the company has historically succeeded exceptionally well in its risk management. Naturally, if internationalization is successful, Garantia's value would also clearly increase through both earnings growth and a higher acceptable valuation multiple (diversification of fee streams and higher growth potential).