Slide 1: H1-2025 Results Presentation to Financial Analysts
H 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 3 1 J U LY 2 0 2 5
Slide 2: H1-2025 Results: Net Income at €124.2M – RoaTE Stands at 12.6%
H1-2025 RESULTS: NET INCOME AT €124.2M – ROATE STANDS AT 12.6% 01 02 03 04 05 H1-2025 H1-2025 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 technology by Wiz
Slide 3: Part 1: H1-2025 Highlights
coface PART 1 H1-2025 HIGHLIG:
Slide 4: Coface Reports H1-2025 Net Income at €124.2M, Solvency at 195%
COFACE REPORTS H1-2025 NET INCOME AT €124.2M, SOLVENCY AT 195% Turnover reached €937m y-t-d, up 2.3% at constant FX and perimeter › Insurance revenue growing by +1.7% at constant FX. Client activity remains slightly positive (+1.8%) › Client retention back up at near-record (94.0% vs. 92.8% in Q2-20
Slide 5: Strong Risk Performance in Tougher Markets
STRONG RISK PERFORMANCE IN TOUGHER MARKETS G L O B AL GDP GROWTH AT DECADE LOWS AC T I V E LY M AN AG I N G R I S K S * Market exchange rates, yoy,% W O R L D I N S O LV E N C I E S AT 1 0 Y H I G H S COMMENTS • World GDP growth a lowest level in a decade, except Covid • Global insolvencies back to
Slide 6: A Deliberate and Successful Investment Strategy
A DELIBERATE AND SUCCESSFUL INVESTMENT STRATEGY SUSTAINED INVESTMENTS… …WITH POSITIVE OUTCOMES • Added 70+ new direct sales to serve untapped segments • TCI new business up +21% in Q2-25, reaching highest of TCI markets level since H1-20 • BI and data teams crossing 800 threshold, including Cedar •
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: H1-2025 Results
coface PART 2 H1-2025 RESULTS»
Slide 9: Turnover Up +2.3% With Services Up +8.2%
TURNOVER UP +2.3% WITH SERVICES UP +8.2% 1.5% 2.3% Total revenue up +2.3% vs. H1-24 at constant FX and perimeter In €m 923 937 › Trade Credit Insurance* revenue up +1.7% at constant FX. Client Insurance Revenue activity at +1.8% (IR) 760 754 › Other revenue up +8.2% vs. H1-24 at constant FX and peri
Slide 10: Lower Inflation and Economic Growth Drive Turnover Evolution
LOWER INFLATION AND ECONOMIC GROWTH DRIVE TURNOVER EVOLUTION Western Europe Northern Europe Central Europe Mediterranean & Africa 2.1% 1.0% 0.1% 0.1% (3.5)% (3.8)% 1.5% 3.0% 188 192 185 185 276 280 87 84 H1-24 H1-25 H1-24 H1-25 H1-24 H1-25 H1-24 H1-25 Services (+27%) and new High new business and re
Slide 11: Rebounding New Sales, Positive Activity and High Retention
REBOUNDING NEW SALES, POSITIVE ACTIVITY AND HIGH RETENTION production* 76 New production growing at €76m driven by 63 69 New 58 increased demand and growth investments. Q2-25 new sales up by 21% H1-22 H1-23 H1-24 H1-25 Retention 94.4% 94.0% Retention rate back up at high level in a still rate* 93.9%
Slide 12: Gross Loss Ratio at 37.8%, With High Reserves Bookings and Releases
GROSS LOSS RATIO AT 37.8%, WITH HIGH RESERVES BOOKINGS AND RELEASES Loss ratio before reinsurance and including claims handling expenses, in % 38.7 32.5 37.8 33.2 31.7 33.7 35.0 36.9 › Claims activity is back to historic levels: ‒ Number of claims slightly down from H1-19 level (-3.6%) while claims
Slide 13: Loss Ratios Remain Under Control
LOSS RATIOS REMAIN UNDER CONTROL Loss ratio before reinsurance, including claims handling expenses – in % 10%* 4%* 7%* Group North America Latin America Asia Pacific 82.6 62.3 50.5 35.8 37.8 40.5 38.4 38.6 35.5 33.4 27.5 27.3 19.0 18.3 19.9 8.2 FY-22 FY-23 FY-24 H1-25 FY-22 FY-23 FY-24 H1-25 FY-22 F
Slide 14: 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 % 10%* 4%* 7%* Group North America Latin America Asia Pacific 107.0 71.5 71.9 38.7 36.9 49.6 39.0 33.8 42.7 33.2 31.7 33.7 35.0 33.3 24.9 29.8 31.6 25.3 29.7 21.5 9.2 16
Slide 15: Continued Investment Drives Cost Ratio Up Balanced by Better Mix
CONTINUED INVESTMENT DRIVES COST RATIO UP BALANCED BY BETTER MIX Gross Cost Ratio H1 2024 to H1 2025 2.3 ppts 6.7% 8.2% 0.6 ppt 236 234 240 In €m 221 225 221 51 49 50 External costs 50 48 47 (commissions) (0.9) ppt 171 177 174 186 185 190 Internal costs Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Gross cost
Slide 16: Reinsurance Reflects Stable Reinsurance Policy
REINSURANCE REFLECTS STABLE REINSURANCE POLICY H1-24 H1-25 › Premium cession rate at 27.7% in line with stable cession Gross earned premiums 754.3 760.0 Net earned premiums 545.1 549.3 › Claims cession rate at 23.3% but at 20.1% in Q2-24 mostly due to Premium cession rate 27.7% 27.7% FX impact Gross
Slide 17: Net Combined Ratio Increased at 71.3% With Q2-25 Close to Mid Cycle
NET COMBINED RATIO INCREASED AT 71.3% WITH Q2-25 CLOSE TO MID CYCLE 7.9 ppts In % 71.3 Net combined ratio 63.4 › Net combined ratio at 71.3% Net cost ratio 31.2 28.4 › Cost ratio up 2.8 ppts vs. H1-24 with good cost discipline, continued investments and 2.3% revenue growth 35.0 40.1 Net loss ratio ›
Slide 18: Financial Portfolio: Large FX Impacts Offsetting Each Other
FINANCIAL PORTFOLIO: LARGE FX IMPACTS OFFSETTING EACH OTHER €m H1-24 H1-25 Income from investment portfolio without gains on sales** 48.0 52.1 Investment FVPL and gains on sales and impairement, net of hedging*** 5.6 4.1 Real Estate Equities 5% FX effect (7.0) (23.7) 3% Other (5.8) (6.2) Loans, 40.8
Slide 19: H1-2025 Net Income at €124.2M of Which €62M in Q2-2025
H1-2025 NET INCOME AT €124.2M OF WHICH €62M IN Q2-2025 Income statement items - in €m H1-24 H1-25 › Net earned premiums up by 0.8% at €549m Current operating income 217.7 186.6 Other operating income and expenses (0.5) (0.6) › Operating income down -14.4%, back close to H1-23 level Operating income
Slide 20: RoaTE Stands at 12.6%, Down -1.3 ppt
ROATE STANDS AT 12.6%, DOWN -1.3 PPT Change in equity In €m 2,193.6 (209.1) 124.2 21.9 (32.6) 2,098.0 IFRS Equity attributable to Distribution to Net income impact Revaluation reserve Treasury shares, currency IFRS Equity attributable to owners of the parent shareholders (financial instruments) tran
Slide 21: Part 3: Capital Management
coface PART 3 CAPITAL MANAGE
Slide 22: Solid Balance Sheet
SOLID BALANCE SHEET H1-2025 simplified balance sheet In €m 8,070 8,070 Goodw ill & intangible assets 238 Financial strength Shareholders’ equity 2,101 › Fitch: AA-, stable outlook, rating affirmed on October 28, 2024 Insurance investments 3,272 Financing liabilities 617 (including hybrid debt) › AM
Slide 23: Robust Solvency Over Time
ROBUST SOLVENCY OVER TIME H1-2025 estimated Solvency ratio above target range Low sensitivity to market shocks market sensitivity tested through instantaneous shocks 12.3 12.3ppts ppt (9.1 ppt) 30.06.2025 SCR cover 195% 199%* 196%* 195%* (4.6 ppt) 0.3 ppt 195%* +100 bps Interest rates (1) 188% +100
Slide 24: Solvency Required Capital as at 30 June 2025
SOLVENCY REQUIRED CAPITAL AS AT 30 JUNE 2025 195%1 PARTIAL INTERNAL MODEL 2,673 30 638 €m 1,424 (173) 1,370 47 251 167 (132) Operational risk 1,119 251 Tier 3 2,005 Tier 2 Tier 1 Counterparty risk 372 Market risk 1,119 1,119 Non-life underwriting risk 838 SCR components Diversification Tax adjustmen
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 confirms its good start of the year with H1-25 net profit at 124.2 M€, annualised ROATE at 12.6% › In a tougher insolvency cycle and economic environment, combined ratio at 71.3% in H1-25 › Q2-25 combined ratio at 74.0% close to mid cycle levels, with continued invest
Slide 27: Part 5: Appendices
coface PART 5 APPENDICES.
Slide 28: 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 Q2-25 % % ex. FX* Insurance revenue 378.6 375.6 375.9 382.7 382.9 377.1 +0.4% +2.3% Services revenue 85.0 83.4 78.0 85.5 90.3 86.3 +3.5% +4.2% REVENUE 463.7 459.1 453.8 4
Slide 29: 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 Q2-25 V% ex. FX* Northern Europe 97.8 87.2 86.8 90.4 97.0 88.2 +1.1% Western Europe 91.7 95.9 100.8 103.3 96.0 95.7 +0.1% Central Europe 45.1 41.9 43.0 43.8 42.3 41.6 (
Slide 30: 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) H1-2025 total TCI exposure1 – Top 10 countries vs. others (in %) 11.3% Germany USA Dec-22 82% 18% 667 Italy 10.6% 37.3% France Dec-23 82% 18% 685 Spain Dec-24 82% 18% 715 U
Slide 31: Combined Ratio Calculation
COMBINED RATIO CALCULATION In €k H1-24 H1-25 › Combined ratio before reinsurance Earned Premiums (B) (C) Insurance revenue [A] 754,285 759,964 loss ratio before reinsurance + cost ratio before reinsurance (A) (A) Ceded premiums (209,165) (210,640) Net earned premiums [D] 545,119 549,324 › Combined r
Slide 32: H1-2025 Results vs. Consensus
H1-2025 RESULTS VS. CONSENSUS # of Noticeable in M€ Consensus Q2-2025 Spread Comment replies FX impact Total revenue 5 468 463 (4.3) (7.8) Stronger EUR Gross Earned Premiums 5 382 377 (4.9) (7.1) Good new business and services growth Net Earned Premiums 5 277 270 (6.4) (7.1) NEP/GEP 5 72.5% 71.7% (0
Slide 33: Management Team
MANAGEMENT TEAM GROUP MANAGEMENT COMMITTEE GROUP EXECUTIVE COMMITTEE Xavier DURAND Hugh BURKE Ernesto DE MARTINIS Chief Executive Officer CEO Asia Pacific CEO Mediterranean & Africa › +35 years of international experience in › +20 years of international exp. › +20 years of experience in regulated fi
Slide 34: Corporate Governance
CORPORATE GOVERNANCE Key figures Board of directors 10 Chairman Bernardo SANCHEZ INCERA Directors Age: 64 (independent) › Board member Chairman Sébastien PROTO Laetitia LEONARD-REUTER Independent Age: 47 Age: 49 Independent directors Appointment on 14/05/2025 › CFO › Executive Chairman › Generali Fr
Slide 35: Financial Calendar & Investor Relations Contacts
FINANCIAL CALENDAR & INVESTOR RELATIONS CONTACTS Calendar Own shares transactions Own shares transactions Next Event Date Liquidity Buy-back Date LTIP TOTAL % Total of Voting Agreement (cancellation) 9M-2025 Results 3 November 2025 (after market close) (in shares) # Shares rights 30/06/2025 96,102 7
Slide 36: 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