Taaleri’s Q1 2026 continuing earnings of EUR 10.5m increased by 13% y/y and came 6% above our estimate. The beat in continuing earnings was attributable to Garantia, where continuing earnings came 27% ahead of our expectations, driven mainly by a clearly lower combined ratio of 21.8% (-10.8pp y/y). Total segment reporting income of EUR 12.6m improved by 46% y/y against a rather soft comparison period. Segment reporting EBIT of EUR 2.1m was slightly above our EUR 1.9m estimate, explained mainly by the stronger overall performance in Garantia. In regards to Private Asset Management, results were largely in line with our expectations. Given the profitability miss relative to consensus, we expect the share to trade slightly down today.