REAL-TIME GLOBAL RESEARCH
Clariane: Margin recovery continues in 1H26, guidance reiterated
Research evidence excerpt
Clariane: Margin recovery continues in 1H26, guidance reiterated
Aleksander Peterc +33 1 57 29 45 25 aleksander.peterc@bernsteinsg.com 30 July 2026
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Financials Price Return Index (E600BK) and Bloomberg Europe Dev Mkt Financials Large and Mid Cap Price Ret Index EUR
(EDMFI) index for developed European banks and Payments, the Bloomberg Europe 600 Insurance Price Return Index (E600IN)
for European insurers, the S&P 500 and S&P Financials for US banks and Payments coverage, S5LIFE for US Insurance, the S&P
Insurance Select Industry (SPSIINS) for US Non-Life Insurers coverage, the Bloomberg Emerging Markets Financials Large, Mid
and Small Cap Price Return Index (EMLSF) for emerging market banks and insurers and Payments, and the Bloomberg Japan
Financials Large & Mid Cap Price Return Index (JPFILM) for Japanese Financials. Ratings are stated relative to the sector (not the
market).
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• Outperform (OP): Stock will outpace the relevant index by more than 10 pp
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