Point | The Point for Europe Wednesday, 19 August 2026 Top Call | Company | Industry | Strategy & Economics | Fixed Income & FX | Key Rating and Target Price Changes KLAR's 2Q26 TMD ($446M; +42% Y/Y) and adj. op profit were well-above expectations but were partially supported by the German back-book sale (~$28.2M estimated benefit; 1.22% reported TMD margin vs. 1.14% ex. sale). Despite the large 2Q26 beat, 2H26 guidance was taken down across all KPIs leaving more questions than answers. FY26 guidance was we ...