Slide 1: Q1 2025 Results Presentation to Financial Analysts
Q 1 - 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 5 M AY 2 0 2 5
Slide 2: Net income at €62.1m – RoATE stands at 12.7%
Q1-2025 RESULTS: NET INCOME AT €62.1M – ROATE STANDS AT 12.7% 01 02 03 04 Q1-2025 Q1-2025 K E Y TA K E - APPENDICES HIGHLIGHTS R E S U LT S A W AY S & OUTLOOK Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the aut
Slide 3: Part 1: Q1-2025 Highlights
coface FOR TRADE PART 1 Q1-2025 HIGHL
Slide 4: Coface reports Q1-2025 net income at €62.1m, down 9.2%
COFACE REPORTS Q1-2025 NET INCOME AT €62.1M, DOWN 9.2% Turnover reached €473m in Q1-25, up 2.0% at constant FX and perimeter › Trade credit insurance revenue up 1.2%. Client activity also at 1.2% › Client retention back up at near-record 95.0%; pricing down (-1.3%) in line with historical trend › Bu
Slide 5: US political u-turn drives uncertainty to record highs
US POLITICAL U-TURN DRIVES UNCERTAINTY TO RECORD HIGHS GLOBAL ECONOMIC POLICY UNCERTAINTY KEY HIGHLIGHTS • The US move away from free trade has sent economic 500 policy uncertainty index to record highs 450 400 • Even if situation is still fluid with lots of ongoing 350 discussions, overall impact i
Slide 6: Part 2: Q1-2025 Results
coface FOR TRADE PART 2 Q1-2025 RESL
Slide 7: Turnover up +2.0% with services up +7.5%
TURNOVER UP +2.0% WITH SERVICES UP +7.5% 2.1% 2.0% Total revenue up +2.0% vs. Q1-24 at constant FX and perimeter In €m 464 473 › Trade credit insurance* revenue up +1.2% at constant FX. Client Insurance Revenue activity at +1.2% (IR) 379 383 › Other revenue up +7.5% vs. Q1-24 at constant FX and peri
Slide 8: Client activity and services drive turnover evolution
CLIENT ACTIVITY AND SERVICES DRIVE TURNOVER EVOLUTION Western Europe Northern Europe Central Europe Mediterranean & Africa 4.7% 1.9% (0.8)% (0.8)% (6.3)% (6.9)% 3.2% 5.1% 139 143 92 96 98 97 45 42 Q1-24 Q1-25 Q1-24 Q1-25 Q1-24 Q1-25 Q1-24 Q1-25 Growth on BI and specialties TCI business impacted by 2
Slide 9: Rebounding activity, higher retention and high new sales
REBOUNDING ACTIVITY, HIGHER RETENTION AND HIGH NEW SALES production* 37 37 New production at €37m driven by increased New 35 32 demand and growth investments Q1- 22 Q1- 23 Q1- 24 Q1- 25 Retention 94.8% 95.7% 93.8% 95.0% Retention back up at high level, in a still rate* competitive market Q1-22 Q1-23
Slide 10: Gross loss ratio at 38.7%, with high reserves bookings and releases
GROSS LOSS RATIO AT 38.7%, WITH HIGH RESERVES BOOKINGS AND RELEASES Loss ratio before reinsurance and including claims handling expenses, in % 38.7 › Frequency is now back to normal conditions: 33.2 31.7 33.7 35.0 ‒ Number of claims now identical to Q1-19 with claims amount 12% above Q1-24 Q2-24 Q3-
Slide 11: Loss ratios remain under control in most regions
LOSS RATIOS REMAIN UNDER CONTROL IN MOST REGIONS Loss ratio before reinsurance, including claims handling expenses – in % 9%* 4%* 6%* Group North America Latin America Asia Pacific 107.0 82.6 49.6 38.7 50.5 38.4 33.8 35.5 35.8 33.4 27.5 27.3 19.0 19.9 18.3 8.2 FY-22 FY-23 FY-24 Q1-25 FY-22 FY-23 FY-
Slide 12: Risks well under control with some local cases
RISKS WELL UNDER CONTROL WITH SOME LOCAL CASES Loss ratio before reinsurance (by quarter), including claims handling expenses – in % 9%* 4%* 6%* Group North America Latin America Asia Pacific 107.0 71.5 71.9 49.6 25.3 39.0 33.8 33.2 31.7 33.7 35.0 38.7 33.3 24.9 29.8 9.2 29.7 21.5 15.3 -35.8 Q1-24 Q
Slide 13: Continued investment drives cost ratio up balanced by better mix
CONTINUED INVESTMENT DRIVES COST RATIO UP BALANCED BY BETTER MIX 5.9% 5.7% 236 234 In €m 221 225 221 External costs 51 49 50 48 47 (commissions) Internal costs 171 177 174 186 185 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 V% V% ex. FX Cost ratio before reinsurance, in % › Q1-25 gross cost ratio increased by 1.4
Slide 14: Reinsurance reflects increasing loss ratio
REINSURANCE REFLECTS INCREASING LOSS RATIO (in €m) Q1-24 Q1-25 Insurance revenue 378.6 382.9 › Premium cession rate at 27.2% in line with stable cession Net earned premiums 277.2 278.8 › Claims cession rate at 26.4% increasing in line with higher loss Premium cession rate 26.8% 27.2% activity Gross
Slide 15: Net combined ratio increased at 68.7%, stable vs last quarter
NET COMBINED RATIO INCREASED AT 68.7%, STABLE VS LAST QUARTER › Net combined ratio at 68.7% (vs. 63.1% in Q1-24) confirming loss ratio normalization as well as investment strategy +5.6 ppts In % › Cost ratio up 2.2 ppts vs. Q1-24 with good cost discipline against continued investments partly offset
Slide 16: Financial portfolio: increased underlying income with higher rates
FINANCIAL PORTFOLIO: INCREASED UNDERLYING INCOME WITH HIGHER RATES Investment Real Estate Equities 4% €m Q1-24 Q1-25 3% Income from investment portfolio without gains on sales** 19.9 24.9 Loans, FVPL and gains on sales and impairement, net of hedging*** 4.1 1.6 Deposit & FX effect (2.7) (12.4) other
Slide 17: Q1-2025 net income at €62.1m, down 9.2%
Q1-2025 NET INCOME AT €62.1M, DOWN 9.2% Income statement items - in €m Q1-24 Q1-25 Current operating income 106.8 91.6 › Net earned premiums down by -0.6% at €279m Other operating income and expenses (0.1) (0.4) Operating income 106.8 91.2 › Operating income down -14.5% Finance costs (12.6) (10.3) ›
Slide 18: RoATE stands at 12.7%, down 1.2 ppt
ROATE STANDS AT 12.7%, DOWN 1.2 PPT Change in equity In €m 0.0 62.1 (1.1) (20.6) 2,234.0 2,193.6 IFRS Equity attributable Distribution to Net income impact Revaluation reserve Treasury shares, IFRS Equity attributable to owners of the parent shareholders (financial instruments) currency translation
Slide 19: Part 3: Key take-aways & outlook
PART 3 KEY TAKE-AWAYS & OUTLOOK
Slide 20: Key take-aways & outlook
KEY TAKE-AWAYS & OUTLOOK Coface delivers another good quarter › Net combined ratio at 68.7%, stable vs previous quarter › Robust investment income net of Insurance Finance Expense › Annualized RoATE (Return on Average Tangible Equity) at 12.7% above targets The level of economic policy uncertainty h
Slide 21: Part 4: Appendices
coface FOR TRADE PART 4 APPENDICES.
Slide 22: Key figures (1/2)
KEY FIGURES (1/2) QUARTERLY AND CUMULATED FIGURES Income statements items in €m - quarterly figures Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 % % ex. FX* Insurance revenue 378.6 375.6 375.9 382.7 382.9 +1.1% +1.2% Services revenue 85.0 83.4 78.0 85.5 90.3 +6.2% +5.5% REVENUE 463.7 459.1 453.8 468.3 473.2 +2.1%
Slide 23: Key figures (2/2)
KEY FIGURES (2/2) REVENUE BY REGION: QUARTERLY AND CUMULATED FIGURES Total revenue by quarter - in €m Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 V% ex. FX* Northern Europe 97.8 87.2 86.8 90.4 97.0 (0.8)% Western Europe 91.7 95.9 100.8 103.3 96.0 +1.9% Central Europe 45.1 41.9 43.0 43.8 42.3 (6.9)% Mediterranean
Slide 24: Combined ratio calculation
COMBINED RATIO CALCULATION In €k Q1-2024 Q1-2025 Earned Premiums Insurance revenue [A] 378,649 382,907 › Combined ratio before reinsurance Ceded premiums (101,420) (104,068) Net earned premiums [D] 277,230 278,838 (B) (C) loss ratio before reinsurance + cost ratio before reinsurance Claims expenses
Slide 25: Q1-25 results vs. consensus
Q1-25 RESULTS VS. CONSENSUS # of in M€ Consensus Q1-2025 Spread Comment replies Total revenue 5 474 473 (0.3) Positive client activity Gross Earned Premiums 5 389 383 (5.7) Good services growth Net Earned Premiums 5 283 279 (3.7) NEP/GEP 5 72.7% 72.8% +0.1 ppt Stable cession rate Net underwriting in
Slide 26: Financial calendar & investor relations contacts
FINANCIAL CALENDAR & INVESTOR RELATIONS CONTACTS Calendar Own shares transactions Next Event Date Own shares transactions Liquidity Buy-back Date LTIP TOTAL % Total of Voting Annual Shareholders Meeting 14 May 2025 Agreement (cancellation) (in shares) # Shares rights Ex-dividend date 20 May 2025 31/
Slide 27: 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