Slide 1: 9M-2025 Results Presentation to Financial Analysts
9 M - 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 NOVEMBER 2025
Slide 2: 9M-2025 Results: Net Income at €176.3M – RoATE at 12.0%
9M-2025 RESULTS: NET INCOME AT €176.3M – ROATE AT 12.0% 01 02 03 04 9M-2025 9M-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 authentic
Slide 3: Part 1: 9M-2025 Highlights
coface PART 1 9M-2025 HIGHL
Slide 4: Coface Reports €176.3M Net Profit in 9M-2025
COFACE REPORTS €176.3M NET PROFIT IN 9M-2025 OF WHICH €52.1M IN Q3-2025 Total revenue reached €1,387m in 9M-25, up +1.8% at constant FX and perimeter › Insurance revenue growing by +1.1% at constant FX. Client activity remains positive (+2.1%) › Revenues from other activities up by 10.7% in Q3-25, v
Slide 5: Disciplined UW & Services Investments Paying Off in Tougher Cycle
DISCIPLINED UW & SERVICES INVESTMENTS PAYING OFF IN TOUGHER CYCLE CONTINUED GROWTH IN CONNECTED SERVICES Services total revenue (in €m) › Other revenues (BI, Debt Collection, Factoring) up +10.7% vs. Q3-24 at constant FX and perimeter › Business Information new business annual contract value (ACV) u
Slide 6: Part 2: 9M-2025 Results
coface FOR TRADE PART 2 9M-2025 RESUL
Slide 7: Total Revenue Up +1.8% With Services Up +9.0%
TOTAL REVENUE UP +1.8% WITH SERVICES UP +9.0% 0.7% 1.8% Total revenue up +1.8% vs. 9M-24 at constant FX and perimeter In €m 1,377 1,387 › Trade Credit Insurance* revenue up +1.1% at constant FX. Client activity at +2.1%. Q3-25 total revenue at +0.8% Insurance Revenue 1,130 1,128 › Other revenue up +
Slide 8: Lower Inflation and Slow Economy Drive Turnover Evolution
LOWER INFLATION AND SLOW ECONOMY DRIVE TURNOVER EVOLUTION Western Europe Northern Europe Central Europe Mediterranean & Africa (0.5)% (0.2)% 1.3% 1.3% (3.1)% (3.3)% 1.7% 2.6% 403 410 288 287 272 275 130 126 9M-24 9M-25 9M-24 9M-25 9M-24 9M-25 9M-24 9M-25 Services (+21.8%) and new High new business a
Slide 9: High New Sales and Positive Contribution From Client Activity
HIGH NEW SALES AND POSITIVE CONTRIBUTION FROM CLIENT ACTIVITY production* 96 102 82 89 New production at €102m driven by increased New demand and growth investments 9M-22 9M-23 9M-24 9M-25 93.5% 93.9% 92.7% 93.5% Retention Retention rate back close to record high level in rate* a competitive market
Slide 10: Gross Loss Ratio at 36.9%, With High Reserves Bookings and Releases
GROSS LOSS RATIO AT 36.9%, WITH HIGH RESERVES BOOKINGS AND RELEASES Loss ratio before reinsurance and including claims handling expenses, in % › Claims activity is back to historic levels: 38.7 36.9 36.9 33.2 33.7 35.0 35.1 32.9 31.7 › Number of claims slightly down from 9M-19 level (-4.0%) while cl
Slide 11: 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 35.5 35.8 33.4 36.9 42.4 50.5 38.4 42.4 27.5 27.3 34.6 19.0 18.3 19.9 8.2 FY-22 FY-23 FY-24 9M-25 FY-22 FY-23 FY-2
Slide 12: Risks Well Under Control Across Regions
RISKS WELL UNDER CONTROL ACROSS REGIONS Loss ratio before reinsurance (by quarter), including claims handling expenses – in % 10%* 4%* 7%* Group North America Latin America Asia Pacific 71.9 107.0 49.6 71.5 50.3 38.7 46.5 39.0 42.7 36.9 33.3 31.6 25.3 16.6 29.7 33.8 35.0 35.1 29.8 9.2 33.2 31.7 33.7
Slide 13: Lower Revenues and Continued Investment Drives Cost Ratio Up
LOWER REVENUES AND CONTINUED INVESTMENT DRIVES COST RATIO UP Gross cost 9M-2024 to 9M-2025 6.1% 8.3% 2.4 ppts 35.4% 1.1 ppt 236 234 240 235 32.9% In €m 221 51 49 50 46 (1.0) ppt 47 External costs (commissions) 174 186 185 190 189 Internal costs Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 V% V% ex. FX Gross cost r
Slide 14: Reinsurance Reflects Persisting Low Loss Ratio
REINSURANCE REFLECTS PERSISTING LOW LOSS RATIO 9M-24 9M-25 Insurance revenue 1,130.2 1,128.5 › Premium cession rate at 27.7% in line with stable cession Net earned premiums 816.3 815.5 › Claims cession rate at 22.5% in line with previous year 27.8% 27.7% Premium cession rate › Commissions received f
Slide 15: Net Combined Ratio Increased at 71.9% With Q3-25 Close to Mid Cycle
NET COMBINED RATIO INCREASED AT 71.9% WITH Q3-25 CLOSE TO MID CYCLE +7.6 ppts In % 71.9 Net combined ratio 64.4 › Net combined ratio at 71.9% Net cost ratio 32.3 28.9 › Cost ratio up 3.4 ppts vs. 9M-24 with good cost discipline, continued investments and 1.8% revenue growth 35.5 39.6 Net loss ratio
Slide 16: Financial Portfolio: Increased Underlying Income With Higher Rates
FINANCIAL PORTFOLIO: INCREASED UNDERLYING INCOME WITH HIGHER RATES €m 9M-24 9M-25 Income from investment portfolio without gains on sales** 70.9 77.7 Investment Real Estate FVPL and gains on sales and impairement, net of hedging*** 8.4 6.4 Equities 4% FX effect (10.0) (29.4) 3% Other (9.5) (9.3) Loa
Slide 17: 9M-25 Net Income at €176.3M of Which €52.1M in Q3-25
9M-25 NET INCOME AT €176.3M OF WHICH €52.1M IN Q3-25 Income statement items - in €m 9M-24 9M-25 › Net earned premiums down -0.1% at €815.5m Current operating income 318.2 266.7 Other operating income and expenses (3.1) (5.2) › Operating income down -17.0% Operating income 315.1 261.6 › Tax rate at 2
Slide 18: RoATE Stands at 12.0%, Down by -1.9 Ppt
ROATE STANDS AT 12.0%, DOWN BY -1.9 PPT Change in equity In €m 2,193.6 (209.1) 26.2 (33.8) 176.3 2,153.2 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) 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 tougher environment › Q3-25 revenues almost stable (-0.9% on a reported basis) despite low energy prices and subdued economy › Net combined ratio at 71.9%, better than through the cycle targets, while service and technology investmen
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 statement items in €m - Quarterly figures Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 % % ex. FX* Insurance revenue 378.6 375.6 375.9 382.7 382.9 377.1 368.5 (2.0)% (0.1)% Other revenues 85.0 83.4 78.0 85.5 90.3 86.3 81.4 +4.4% +4.9% REVENUE 463
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 Q2-25 Q3-25 % ex. FX* Northern Europe 97.8 87.2 86.8 90.4 97.0 88.2 90.2 +4.0% Western Europe 91.7 95.9 100.8 103.3 96.0 95.7 95.3 (2.5)% Central Europe 45.1 41.9 43.0
Slide 24: Combined Ratio Calculation
COMBINED RATIO CALCULATION In €k 9M-24 9M-25 › Combined ratio before reinsurance Earned Premiums Insurance revenue [A] 1,130,174 1,128,494 (B) (C) loss ratio before reinsurance + cost ratio before reinsurance Ceded premiums (313,843) (313,043) (A) (A) Net earned premiums [D] 816,331 815,451 › Combin
Slide 25: 9M-2025 Results vs. Consensus
9M-2025 RESULTS VS. CONSENSUS # of in M€ Consensus Q3-2025 Spread Comment replies Total revenue 5 463 450 (13.1) Lower than expected insurance revenue Insurance Revenue 5 379 369 (10.5) in a weak economic environment Net Earned Premiums 5 274 266 (7.9) Good services growth NEP/IR 5 72.3% 72.2% (0.1)
Slide 26: Financial Calendar & Investor Relations Contacts
FINANCIAL CALENDAR & INVESTOR RELATIONS CONTACTS Calendar Own shares transactions Next Event Date FY-25 Results February 19, 2026 (after market close) Own shares transactions Liquidity Buy-back Date LTIP TOTAL % Total of Voting Q1-26 Results May 12, 2026 (after market close) Agreement (cancellation)
Slide 27: Important Legal Information
IMPORTANT LEGAL INFORMATION IMPORTANT NOTICE: This presentation has been prepared exclusively for the purpose of the disclosure Coface Group’s current beliefs, assumptions and expectations of its future of Coface Group’s results for the period ending 30 September 2025. performance, taking into accou