Taaleri’s Q2 2026 continuing earnings of EUR 9.8m declined by 8% y/y and came 7% below our estimate. The miss in continuing earnings was attributable to Garantia, where continuing earnings came 22% below of our expectations, driven by a higher combined ratio of 36.7% (NDAe: 27.9%). Total segment reporting income of EUR 13.2m improved by 3% y/y supported by strong investment performance in Garantia. Segment reporting EBIT of EUR 4.4m was only slightly below our EUR 4.6m estimate, explained by negative performance fees in Private Asset Management (EUR -1.7m) but balanced by Garantia. In regards to Private Asset Management, continuing earnings came in line with our expectations. Given the overall strength in Garantia but negative performance fee bookings in Private Asset Management, we expect a neutral share reaction today.