Alphavalue/Divacons | The Spanish insurer anticipates a potentially positive Q1 2026, with results that could surprise on the upside despite revenue growth that remains mixed.
The improvement would stem from higher profitability: better performance in motor insurance in Iberia/EMEA, a favourable market environment (particularly in reinsurance), a recovery in Latin America and a strong financial result. The main weakness is a slight deterioration in the combined ratio in Brazil.
Mapfre: Buy, Target Price €4.28 per share.
