Grenke (GLJ) Q2 2026 earnings summary

Executive summary

• H1 earnings after tax rose 24.8% YoY to €32.6m, with annualized after-tax ROE at 4.6%, up 80 bps.

• Operating income grew 11% as costs increased 1.5%, improving the cost-income ratio to 51.6%.

• Leasing new business reached €1,644.9m, up 1.4% YoY, despite weak investment activity and elevated insolvencies.

• H1 loss rate was 2.0%, above the 1.5% long-term average.

Financial highlights

• H1 operating income was €352.6m; net interest income increased 7.0% to €214.9m.

• Operating result before claims settlement and risk provisions rose 23.2% to €170.7m; claims settlement and risk provisions worsened 25.2% to €118.6m.

• Earnings per share rose to €0.40 from €0.34 year over year.

• Costs increased 1.5% YoY to €182m.

Outlook and guidance

• FY 2026 earnings guidance remains €74m–€86m; leasing new business is forecast at €3.4bn–€3.6bn, likely at the lower end.

• FY loss rate is expected just under 2%; CM2 margin is forecast at ~16%, 50 bps below the prior forecast.

• Cost-income ratio is expected below 55% for FY 2026.

• Long-term target remains after-tax ROE above 10% by 2030.