Coface Sa · EURONEXT:COFA
Coface Sa — Q1 2026 Earnings Presentation
28 slides from Coface Sa's earnings presentation, May 12, 2026
Slide 1: Q1-2026 Results Presentation to Financial Analysts
Q 1 - 2 0 2 6 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 1 2 M AY 2 0 2 6
Slide 2: Q1-2026 Results: Net Income at €53.6M - RoATE Stands at 11.0%
Q1-2026 RESULTS: NET INCOME AT €53.6M - ROATE STANDS AT 11.0% 01 02 03 04 Q1-2026 Q1-2026 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: Q1-2026 Highlights
coface PART 1 Q1-2026 HIGHL
Slide 4: Coface Reports Q1-2026 Net Income at €53.6M, Down 13.7%
COFACE REPORTS Q1-2026 NET INCOME AT €53.6M, DOWN 13.7% Turnover reached €465m in Q1-26, stable at constant FX and perimeter › Insurance revenue down -1.3% at constant FX. Client activity is slightly positive (+0.7%) but lower than historical average › Client retention remains close to record high (
Slide 5: Power the Core: A Timely Strategy, Executed with Discipline
POWER THE CORE : A TIMELY STRATEGY, EXECUTED WITH DISCIPLINE C U R R E N T S TAT U S HALFWAY THROUGH, THE PLAN IS A SUCCESS SERVICES TURNOVER* Intended to build a global reference ecosystem for credit risk management, based on: • Data (proprietary risk intelligence at scale) 94 • Connectivity (ecosy
Slide 6: Part 2: Q1-2026 Results
coface FOR TRADE PART 2 Q1-2026 RES|
Slide 7: Stable Turnover with Other Revenue Up +9.2%
STABLE TURNOVER WITH OTHER REVENUE UP +9.2% (1.7)% (0.0)% Total revenue stable vs. Q1-25 at constant FX and perimeter In €m 473 465 Insurance Revenue › Insurance revenue* down -1.3% at constant FX (IR) › Other revenue up +9.2% vs. Q1-25 at constant FX and perimeter with: 383 370 › Business informati
Slide 8: Slowdown Driven by Middle East, South Eur. and Emerging Markets
SLOWDOWN DRIVEN BY MIDDLE EAST, SOUTH EUR. AND EMERGING MARKETS Western Europe Northern Europe Central Europe Mediterranean & Africa (2.4)% (1.9)% 2.0% 2.0% (0.1)% 0.2% (0.5)% (0.0)% 143 143 96 94 97 99 42 42 Q1-25 Q1-26 Q1-25 Q1-26 Q1-25 Q1-26 Q1-25 Q1-26 Decline in client activity. Strong growth i
Slide 9: High Retention and New Sales, Slightly Positive Client Activity
HIGH RETENTION AND NEW SALES, SLIGHTLY POSITIVE CLIENT ACTIVITY production* 41 37 37 New production at €41m driven by increased New 32 demand and growth investments Q1-23 Q1-24 Q1-25 Q1-26 Retention 95.7% 95.0% 94.8% 93.8% Retention close to record highs, in a still rate* competitive market with act
Slide 10: Gross Loss Ratio at 36.3%, with High Reserves Bookings and Releases
GROSS LOSS RATIO AT 36.3%, WITH HIGH RESERVES BOOKINGS AND RELEASES Loss ratio before reinsurance and including claims handling expenses, in % 38.7 39.2 › Claims activity is close to mid-cycle average: 36.9 35.1 36.3 ‒ Number of claims and total amount are 5% above Q1-19 ‒ Severity below historical
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 82.6 40.4 42.2 18.3 40.7 35.8 37.5 36.3 41.7 38.4 34.8 33.4 27.5 27.3 -14.2 19.9 FY-23 FY-24 FY-25 Q1-26 FY-23 FY-24 FY
Slide 12: Risks Well Under Control
RISKS WELL UNDER CONTROL Loss ratio before reinsurance (by quarter), including claims handling expenses – in % 9%* 4%* 6%* Group North America Latin America Asia Pacific 107.0 38.7 36.9 35.1 39.2 36.3 49.6 46.5 58.0 42.7 50.3 31.6 41.3 41.7 33.8 35.2 34.8 16.6 -22.5 -14.2 Q1-25 Q2-25 Q3-25 Q4-25 Q1-
Slide 13: Stable Revenues and Continued Investments Drive Cost Ratio Up
STABLE REVENUES AND CONTINUED INVESTMENTS DRIVE COST RATIO UP Gross Cost Ratio Q1-2025 to Q1-2026 (YTD) 3.5% 5.2% 1.8 ppt 1.8% 35.2% 1.6 ppt 35.2% 240 241 242 1.6% In €m 234 235 -1.2% (1.2) ppt 33.1% External costs 33.1% 50 46 46 48 49 (commissions) Internal costs 185 190 189 194 195 Q1 2025 Inflati
Slide 14: Reinsurance Reflects Lower Loss Ratio
REINSURANCE REFLECTS LOWER LOSS RATIO (in €m) Q1-25 Q1-26 › Premium cession rate at 27.9% in line with stable reinsurance Insurance revenue 382.9 369.8 structure Net earned premiums 278.8 266.6 27.2% 27.9% › Claims cession rate at 25.4% with limited impact from non- Premium cession rate 0.0% proport
Slide 15: Slightly Increasing Net Combined Ratio at 70.0%
SLIGHTLY INCREASING NET COMBINED RATIO AT 70.0% › Net combined ratio at 70.0% (vs. 68.7% in Q1-25), below through the cycle targets +1.4 ppt In % 74.0 73.1 76.6 Net combined ratio 68.7 70.0 › Cost ratio up 3.0 ppts vs. Q1-25 reflecting continued investments Net cost ratio 34.2 and still low level of
Slide 16: Financial Portfolio: High and Stable Underlying Income
FINANCIAL PORTFOLIO: HIGH AND STABLE UNDERLYING INCOME €m Q1-25 Q1-26 Investment Real Income from investment portfolio without gains on sales** 24.9 25.7 Equities Estate FVPL and gains on sales and impairement, net of hedging*** 1.6 0.7 4% 4% FX effect (12.4) 0.3 Loans, Deposit & Other (3.7) (4.4) o
Slide 17: Q1-2026 Net Income at €53.6M, Down 13.7%
Q1-2026 NET INCOME AT €53.6M, DOWN 13.7% Income statement items - in €m Q1-25 Q1-26 Current operating income 91.6 84.2 › Net earned premiums down by -4.4% at €267m Other operating income and expenses (0.4) (1.4) Operating income 91.2 82.8 › Operating income down -9.3% Finance costs (10.3) (10.1) › T
Slide 18: RoATE Stands at 11.0%, Down 0.4 ppt
ROATE STANDS AT 11.0%, DOWN 0.4 PPT Change in equity In €m 0.0 2,254.2 2,213.0 53.6 (28.0) 15.6 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 t
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 in a soft economy › Past client activity remains low in insurance with revenues down -1.3%. Services strategy is paying off (up +19.5%) › Net combined ratio at 70.0%, in a slow growth environment with still high insolvencies › Annualised
Slide 21: Part 4: Appendices
coface FOR TRADE PART 4 APPENDICES,
Slide 22: Key Figures (1/3)
KEY FIGURES (1/3) QUARTERLY AND CUMULATED FIGURES Income statements items in €m - quarterly figures Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 % % ex. FX* Insurance revenue 382.9 377.1 368.5 370.2 369.8 (3.4)% (1.3)% Services revenue 90.3 86.3 81.4 90.6 95.3 +5.6% +5.2% REVENUE 473.2 463.4 449.9 460.7 465.1 (1.7
Slide 23: Key Figures (2/3)
KEY FIGURES (2/3) REVENUE BY ACTIVITY: QUARTERLY AND CUMULATED FIGURES * Total revenue by quarter - in €m Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 % V% ex. FX*** Insurance** 382.9 377.1 368.5 370.2 369.8 (3.4)% (1.3)% Insurance fees 51.0 46.0 41.7 43.8 51.4 +0.9% +2.1% Non-insurance activities 39.3 40.3 39.8 4
Slide 24: Key Figures (3/3)
KEY FIGURES (3/3) REVENUE BY REGION: QUARTERLY AND CUMULATED FIGURES Total revenue by quarter - in €m Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 % V% ex. FX* Northern Europe 97.0 88.2 90.2 89.4 99.0 2.0% +2.0% Western Europe 96.0 95.7 95.3 93.3 93.7 (2.4)% (1.9)% Central Europe 42.3 41.6 42.0 42.6 42.2 (0.1)% +0
Slide 25: Combined Ratio Calculation
COMBINED RATIO CALCULATION In €k Q1-2025 Q1-2026 › Combined ratio before reinsurance Earned Premiums (B) (C) Insurance revenue [A] 382,907 369,776 loss ratio before reinsurance + cost ratio before reinsurance (A) (A) Ceded premiums (104,068) (103,128) Net earned premiums [D] 278,838 266,648 › Combin
Slide 26: Q1-26 Results vs. Consensus
Q1-26 RESULTS VS. CONSENSUS # of in M€ Consensus Q1-2026 Spread Comment replies Total revenue 4 471 465 (5.5) Continuing low client activity Insurance revenue 4 377 370 (7.3) Good services growth Net Earned Premiums 4 273 267 (6.2) Retention 4 72.4% 72.1% (0.2) ppt Stable cession rate Net underwriti
Slide 27: 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 Annual Shareholders Meeting May 19, 2026 Agreement (cancellation) (in shares) # Shares rights Ex-dividend date May 26, 2026 3
Slide 28: 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