Coface closes another strong year with 2025 net income at €222.0m, solvency at 197% and an 84% distribution for a proposed dividend of €1.25 per share Paris, 19 February 2026 - 17.35 Turnover: €1,847m, up +1.3% at constant FX and perimeter Insurance revenue is up +0.6% at constant FX, while customer activity is up +2.6%Client retention remains at a high level (+92.9%), while pricing remains negative at -1.6%, in line with historical trendsNon-insurance activities (factoring, information services and debt co ...

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Core Insights - Coface reported a year-to-date net income of €176.3 million, with €52.1 million generated in Q3 2025, and an annualized return on average tangible equity (RoATE) of 12% [1][4][8] Financial Performance - Insurance revenue for the first nine months of 2025 was €1,128.5 million, a slight decrease of 0.1% compared to the same period in 2024, but up 1.1% at constant foreign exchange rates [7][11] - Other revenue increased by 4.7% to €258.0 million, reflecting strong growth in business information and debt collection services [7][8] - Total turnover for the first nine months was €1,386.5 million, up 0.7% on a reported basis and 1.8% at constant FX [10][8] Underwriting and Loss Ratios - The net loss ratio increased to 39.6%, up 4.1 percentage points year-on-year, while the combined ratio net of reinsurance rose to 71.9%, an increase of 7.6 percentage points [9][20] - The gross loss ratio stood at 36.9%, reflecting a rise in claims frequency approaching pre-COVID levels [21][20] Regional Performance - Turnover in Northern Europe increased by 1.3%, while Western Europe saw a slight decline of 0.2% [14][16] - Latin America experienced significant growth, with turnover up 14.0% at constant FX, driven by high local inflation [18] - Asia-Pacific turnover rose by 6.9%, benefiting from client activity and contract transfers from Central and Eastern Europe [19] Strategic Outlook - Coface continues to invest in technology and services, with a focus on trade credit insurance and related services, which now account for nearly 11% of the group's revenue [31] - The company is navigating a challenging economic environment characterized by trade barriers and fluctuating commodity prices, which are impacting growth in trade credit insurance [4][30]

Core Viewpoint - AM Best has affirmed the Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Ratings of 'a+' (Excellent) for Coface and its main operating subsidiaries, indicating a stable outlook for these ratings [2][3]. Group Performance - The ratings reflect Coface group's very strong balance sheet strength, strong operating performance, favorable business profile, and appropriate enterprise risk management [3]. - Coface's consolidated risk-adjusted capitalization is assessed at the strongest level according to the Best's Capital Adequacy Ratio (BCAR) score [3]. Market Position - Coface holds a leading position in the global credit insurance market, characterized by high barriers to entry, which supports its strong ratings [5]. Future Outlook - AM Best acknowledges that the group's prospective performance may experience volatility due to an uncertain global operating environment, but expects cross-cycle performance metrics to remain supportive of the strong assessment [4].

Core Insights - Coface reported a net income of €62.1 million for Q1-2025, resulting in a return on average tangible equity (RoATE) of 12.7% [2][22] - The company experienced a 2.1% increase in total revenue, reaching €473.2 million compared to Q1-2024 [5][8] - The uncertain international trade environment, particularly due to shifting US policies, is impacting global trade volumes and creating challenges for businesses [3][23] Financial Performance - Insurance revenue increased by 1.1% to €382.9 million, while other revenue rose by 6.2% to €90.3 million [5][6] - Current operating income decreased by 14.2% to €91.6 million, and net income (group share) fell by 9.2% compared to Q1-2024 [5][21] - The combined ratio net of reinsurance increased to 68.7%, up 5.6 percentage points year-on-year [7][17] Regional Performance - Turnover in Northern Europe decreased by 0.8%, while Western Europe saw an increase of 4.7% [12][13] - Latin America experienced significant growth, with turnover up 16.0% at constant FX, driven by high inflation [16] - Asia-Pacific turnover increased by 2.7%, benefiting from high client retention and slight activity growth [16] Risk Management and Strategy - Coface is maintaining a preventative stance in its risk portfolio, which is diversified across regions and sectors [2][4] - The company is investing in understanding short-term risks and enhancing its service offerings, particularly in Business Information and Debt Collection [4][25] - The uncertainty surrounding international economic policy is leading to delayed investment decisions and affecting economic growth [23][24]