Tryg A/S 2Q26E Preview - expect steady operational momentum QoQ

Research evidence excerpt

Tryg A/S 2Q26E Preview - expect steady operational momentum QoQ

J P M O R G A N Europe Equity Research

26 June 2026

Tryg A/S Neutral

TRYG.CO, TRYG DC

2Q26E Preview – expect steady operational momentum Price (25 Jun 26):Dkr150.30

QoQ Price Target (Dec-27):Dkr170.00

We update our estimates ahead of Tryg's 2Q26 results on 10th July. We expect top- European Insurance

ACline growth to run at a similar level to Q1 and a comparable pace of underlying Nadia Claressa

claims ratio improvement. Headline reported earnings will be impacted by the pre- (44-20) 7134-7613

announced, one-off Workers' Compensation provision, however, we would expect nadia.claressa@jpmorgan.com

the focus to remain on the underlying top-line and margin development as the Kamran M Hossain

company works to rebuild commercial momentum. – (44-20) 3493-3780

kamran.hossain@jpmorgan.com

• Q2 top-line growth likely to remain below the ~4% level. We expect 2Q26 Farooq Hanif

local currency growth to be similar to Q1’s 3.5%, with a continued drag from (44 207) 742-8091

the majority of the book seeing lower price increases YoY. We would also farooq.hanif@jpmorgan.com

expect the impact from non-renewal of large contracts to persist throughout the Bingdi Fan, CFA

year. For Q2, we expect an FX tailwind, albeit to a lesser extent than the prior (44-20) 7742-5336

quarter, bringing our reported insurance revenue forecast to ~5% YoY. bingdi.fan@jpmorgan.com

J.P. Morgan Securities plc

• 40bps underlying claims ratio improvement to continue, with large losses

within budget. We expect the same 40bps level of improvement in the Specialist Sales contact details:

underlying claims ratio in Q2, as the earn-through from the profitability Gigi Sparling - Specialist Sales -

measures continues to support.