Slide 1: FY-2025 Results Presentation to Financial Analysts
F Y- 2 0 2 5 R E S U LT S P R E S E N TAT I O N T O F I N A N C I A L A N A LY S T S 19 FEBRUARY 2026
Slide 2: FY-2025 Results: Net Income at €222.0M – €1.25 Proposed Dividend
FY-2025 RESULTS: NET INCOME AT €222.0M – €1.25 PROPOSED DIVIDEND 01 02 03 04 05 FY- 2 0 2 5 FY- 2 0 2 5 C A P I TA L K E Y TA K E - APPENDICES HIGHLIGHTS R E S U LT S MANAGEMENT A W AY S & OUTLOOK Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technol
Slide 3: Part 1: FY-2025 Highlights
coface PART 1 FY-2025 HIGHL
Slide 4: Coface Reports €222.0M Net Profit in 2025
COFACE REPORTS €222.0M NET PROFIT IN 2025 OF WHICH €45.8M IN Q4-2025 Total revenue reached €1,847m y-t-d, up +1.3% at constant FX and perimeter and stable on a reported basis › Insurance revenue growing by +0.6% at constant FX. Client activity is positive (2.6%) but lower than historical average › C
Slide 5: Solvency Ratio at 197%; €1.25 Proposed Dividend Per Share
SOLVENCY RATIO AT 197%1 ; €1.25 PROPOSED DIVIDEND PER SHARE2 RoATE3 stands at 11.4% for the year, down -2.5 ppts as trade credit insurance cycle develops Estimated solvency ratio at c. 197%1 › Solvency above target range set at 155-175% with limited exposure growth › Factoring capital requirement be
Slide 6: Power the Core – Delivering in a Soft Trading Environment
POWER THE CORE – DELIVERING IN A SOFT TRADING ENVIRONMENT A TOUGHER CREDIT INSURANCE CYCLE CL 2Y CUMU UAT R RI VEEN TP S OTAT R T FUOSL I O G R O W T H ( I L L U S T R AT I V E ) • Economic growth remains below historical average (2.7%), with investments driving robust tech sector growth • Global tr
Slide 7: Our CSR Strategy and Commitments
OUR CSR STRATEGY AND COMMITMENTS RESPONSIBLE RESPONSIBLE RESPONSIBLE DRIVE THE CULTURE INSURER EMPLOYER ENTERPRISE › Further decrease › Continuously improve › Pursue deployment of › Strengthen our corporate emissions of investment employee engagement emissions reduction plan CSR image with more port
Slide 8: Part 2: FY-2025 Results
coface FOR TRADE PART 2 FY-2025 RESL
Slide 9: Total Revenue Up +1.3% with Services +7.8%
TOTAL REVENUE UP +1.3% WITH SERVICES +7.8% 0.1% 1.3% Total revenue up +1.3% vs. FY-24 at constant FX and perimeter 1,845 1,847 In €m › Insurance revenue* up 0.6% at constant FX. 2025 ended on a Insurance Revenue weaker note (Q4-25 insurance revenue down -1.1%) (IR) 1,513 1,499 › Other revenue +7.8%
Slide 10: Still Slow Economy and Low Inflation Drive Turnover Growth
STILL SLOW ECONOMY AND LOW INFLATION DRIVE TURNOVER GROWTH Western Europe Northern Europe Central Europe Mediterranean & Africa (2.9)% (2.8)% 0.7% 0.7% (3.1)% (3.5)% 3.0% 3.7% 539 555 392 380 362 365 174 168 FY-24 FY-25 FY-24 FY-25 FY-24 FY-25 FY-24 FY-25 Services (+18.6%) and new High new business
Slide 11: High New Sales and Still Modest Contribution from Client Activity
HIGH NEW SALES AND STILL MODEST CONTRIBUTION FROM CLIENT ACTIVITY production* 126 129 110 117 New production at €129m driven by increased New demand and growth investments. FY-22 FY-23 FY-24 FY-25 92.9% 93.1% 92.3% 92.9% Retention Retention back close to record high in a still rate* competitive mark
Slide 12: Gross Loss Ratio at 37.5%, with High Reserves Bookings and Releases
GROSS LOSS RATIO AT 37.5%, WITH HIGH RESERVES BOOKINGS AND RELEASES Loss ratio before reinsurance and including claims handling expenses, in % › Claims activity now above mid-cycle average: 37.5 35.0 38.7 36.9 35.1 39.2 ‒ Number of bankruptcies clearly exceed 2019 in most countries 33.4 33.2 31.7 33
Slide 13: Loss Ratios Remain Under Control in All Regions
LOSS RATIOS REMAIN UNDER CONTROL IN ALL REGIONS Loss ratio before reinsurance, including claims handling expenses – in % 10%* 4%* 7%* Group North America Latin America Asia Pacific 82.6 42.2 50.5 40.7 35.5 35.8 37.5 40.4 38.4 33.4 27.5 27.3 19.0 18.3 19.9 8.2 FY-22 FY-23 FY-24 FY-25 FY-22 FY-23 FY-2
Slide 14: Risks Well Under Control
RISKS WELL UNDER CONTROL Loss ratio before reinsurance (by quarter), including claims handling expenses – in % 10%* 4%* 7%* Group North America Latin America Asia Pacific 107.0 71.9 35.0 38.7 36.9 35.1 39.2 49.6 46.5 58.0 33.8 42.7 50.3 35.2 29.8 31.6 41.3 9.2 16.6 -22.5 Q4-24 Q1-25 Q2-25 Q3-25 Q4-2
Slide 15: Stable Revenues and Continued Investments Drive Cost Ratio Up
STABLE REVENUES AND CONTINUED INVESTMENTS DRIVE COST RATIO UP 1.8% 3.4% Gross Cost Ratio FY-2024 to FY-2025 1.6 ppt 236 234 240 235 241 1.3 ppt 1.6% 35.6% 1.3% In €m 46 33.7% 51 49 50 46 -0.9% (0.9) ppt External costs (commissions) 186 185 190 189 194 Internal costs FY-24 Inflation Services Investme
Slide 16: Reinsurance Treaties Renewed at Slightly Improved Condition
REINSURANCE TREATIES RENEWED AT SLIGHTLY IMPROVED CONDITION 12M-24 12M-25 › Premium cession rate at 27.8% mostly driven by TCI quota share Insurance revenue 1,512.9 1,498.7 Net earned premiums 1,095.7 1,081.5 › Claims cession rate at 22.4% with limited impact from 27.6% 27.8% non-proportional reinsu
Slide 17: Net Combined Ratio Above Through the Cycle Target in Q4-25
NET COMBINED RATIO ABOVE THROUGH THE CYCLE TARGET IN Q4-25 +7.6 ppts In % 73.1 Net combined ratio 65.5 › Net combined ratio at 73.1%, close to through the cycle target 32.8 despite a weaker economic environment 30.2 Net cost ratio › Cost ratio up +2.6 ppts reflecting continued investments with stabl
Slide 18: Financial Portfolio: Underlying Income Reaches New Highs with Rates
FINANCIAL PORTFOLIO: UNDERLYING INCOME REACHES NEW HIGHS WITH RATES Investment €m FY-24 FY-25 Real Estate Equities 4% Income from investment portfolio without gains on sales** 96.6 102.3 4% FVPL and gains on sales and impairement, net of hedging*** 6.6 5.3 FX effect (2.7) (32.2) Loans, Deposit & Oth
Slide 19: 2025 Net Income at €222.0M of Which €45.8M in Q4-25
2025 NET INCOME AT €222.0M OF WHICH €45.8M IN Q4-25 Income statement items - in €m 12M-24 12M-25 Current operating income 417.9 338.9 › Net earned premiums down by 1.3% at €1,081m Other operating income and expenses (8.6) (6.4) › Operating income down -18.7% on higher combined ratio Operating income
Slide 20: RoATE Stands at 11.4%, Down -2.5 Ppts
ROATE STANDS AT 11.4%, DOWN -2.5 PPTS Change in equity In €m 35.8 (29.3) 2,213.0 2,193.6 (209.1) 222.0 IFRS Equity attributable Distribution to Net income impact Revaluation reserve Treasury shares, IFRS Equity attributable to owners of the parent shareholders (financial instruments) currency transl
Slide 21: Part 3: Capital Management
PART 3 CAPITAL MANAGEMENT
Slide 22: Solid Balance Sheet
SOLID BALANCE SHEET FY-2025 simplified balance sheet In €m 8,090 8,090 263 Goodw ill & intangible assets 2,213 Shareholders’ equity Financial strength 3,309 Financing liabilities › Fitch: AA-, stable outlook, rating affirmed on October 2025 Insurance investments 599 (including hybrid debt) › Moody’s
Slide 23: Robust Solvency Over Time
ROBUST SOLVENCY OVER TIME FY-2025 estimated Solvency ratio above target range 12.0 ppts ((14.2 14.2ppts) ppt ) Low sensitivity to market shocks market sensitivity tested through instantaneous shocks 8.6 ppts 199% 197% * 8.6 ppt 196% * ((5.2 5.2ppts) ppt ) 31.12.2025 SCR cover 197% +100 bps Interest
Slide 24: Solvency Required Capital as at 31 December 2025
SOLVENCY REQUIRED CAPITAL AS AT 31 DECEMBER 2025 197%1 2,601 PARTIAL INTERNAL MODEL 32 611 €m 1,413 (173) 46 194 1,317 Tier 3 Operational risk (117) Tier 2 153 Tier 1 1,124 194 Counterparty risk 1,958 Market risk 374 Non-life underwriting risk 1,124 1,124 840 SCR compon ents Dive rsi fication Tax ad
Slide 25: Part 4: Key Take-Aways & Outlook
PART 4 KEY TAKE-AWAYS & OUTLOOK
Slide 26: Key Take-Aways & Outlook
KEY TAKE-AWAYS & OUTLOOK Coface delivers profit close to through the cycle targets in a more challenging environment › Client activity remains below historical average on weak European economy, tariffs and lower inflation › Net combined ratio at 73.1% now close to through the cycle targets on rising
Slide 27: Part 5: Appendices
coface FOR TRADE PART 5 APPENDICES,
Slide 28: Key Figures (1/3)
KEY FIGURES (1/3) QUARTERLY AND CUMULATED FIGURES Income statement items in €m / Quarterly figures Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 % % ex. FX* Insurance revenue 378.6 375.6 375.9 382.7 382.9 377.1 368.5 370.2 (3.3)% (1.1)% Services revenue 85.0 83.4 78.0 85.5 90.3 86.3 81.4 90.6 +5.9
Slide 29: Key Figures (2/3)
KEY FIGURES (2/3) REVENUE BY ACTIVITY: QUARTERLY AND CUMULATED FIGURES * Total revenue by quarter - in €m Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 % V% ex. FX*** Insurance** 378.6 375.6 375.9 382.7 382.9 377.1 368.5 370.2 (3.3)% (1.1)% Insurance fees 49.3 46.9 42.4 41.3 51.0 46.0 41.7 43.8 +6
Slide 30: Key Figures (3/3)
KEY FIGURES (3/3) REVENUE BY REGION: QUARTERLY AND CUMULATED FIGURES Total revenue by quarter - in €m Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 % V% ex. FX* Northern Europe 97.8 87.2 86.8 90.4 97.0 88.2 90.2 89.4 (1.1)% (1.1)% Western Europe 91.7 95.9 100.8 103.3 96.0 95.7 95.3 93.3 (9.7)% (10
Slide 31: Exposure in Emerging Markets Maintained at a Stable Share
EXPOSURE IN EMERGING MARKETS MAINTAINED AT A STABLE SHARE Evolution of TCI exposure1 per Advanced vs. Emerging markets (in €bn) FY-2025 total TCI exposure1 – Top 10 countries vs. others (in %) 2.7% 3.2% Others 3.4% 2.0% Germany Dec-22 82% 18% 667 4.6% USA 5.6% Italy Dec-23 82% 18% 685 France 37.8% 9
Slide 32: Combined Ratio Calculation
COMBINED RATIO CALCULATION In €k FY-2024 FY-2025 › Combined ratio before reinsurance Earned Premiums (B) (C) Insurance revenue [A] 1,512,923 1,498,657 loss ratio before reinsurance + cost ratio before reinsurance (A) (A) Ceded premiums (417,176) (417,167) Net earned premiums [D] 1,095,747 1,081,490
Slide 33: Q4-25 Results vs. Consensus
Q4-25 RESULTS VS. CONSENSUS in M€ # of replies Consensus Q4-2025 Spread Comment Total revenue 5 465 461 (4) Continued soft economy, close to record high retention and Insurance Revenue 5 376 370 (6) high new business Net Earned Premiums 5 272 266 (6) Retention 5 72.5% 71.9% (0.6) ppt Stable reinsura
Slide 34: Management Team
MANAGEMENT TEAM GROUP MANAGEMENT COMMITTEE GROUP EXECUTIVE COMMITTEE Xavier DURAND Chief Executive Officer Hugh BURKE Jaroslaw JAWORSKI CEO Asia Pacific CEO Central & Eastern Europe › +35 years of international experience in regulated financial services › +20 years of international exp. › +25 years
Slide 35: Corporate Governance
CORPORATE GOVERNANCE Key figures Board of directors 10 Bernardo SANCHEZ INCERA Directors Chairman Age: 65 (independent) › Board member Chairman Sébastien PROTO Laetitia LEONARD-REUTER Independent Age: 48 Age: 50 Independent directors Appointment on 14/05/2025 › Deputy CEO › Executive Chairman › Gene
Slide 36: Financial Calendar & Investor Relations Contacts
FINANCIAL CALENDAR & INVESTOR RELATIONS CONTACTS Calendar Own shares transactions Next Event Date Own shares transactions Liquidity Buy-back Q1-26 Results May 12, 2026 (after market close) Date LTIP TOTAL % Total of Voting Agreement (cancellation) (in shares) # Shares rights 2026 Annual shareholders
Slide 37: Important Legal Information
IMPORTANT LEGAL INFORMATION IMPORTANT NOTICE: Coface Group’s current beliefs, assumptions and expectations of its future This presentation has been prepared exclusively for the purpose of the disclosure performance, taking into account all information currently available. The Coface Group is under n