Coface Sa (COFAF) Q1 2026 Earnings Call

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WEBVTT 00:00:01.195 -- 00:00:06.262 Good day and thank you for standing by. Welcome to the CoFace FAQ1 2026 00:00:06.262 -- 00:00:11.428 results presentation. At this time, all participants are in a listen-only mode. 00:00:11.428 -- 00:00:15.213 After the speaker's presentation, there will be a question and answer session. 00:00:15.213 -- 00:00:20.239 To ask a question during the session, you will need to press star 1 1 on 00:00:20.239 -- 00:00:25.346 your telephone. You will then hear an automated message advising your hand is raised. 00:00:25.346 -- 00:00:29.596 To withdraw your question, please press star 1 1 again. 00:00:29.596 -- 00:00:32.980 Please be advised that today's conference is being recorded. 00:00:32.980 -- 00:00:38.105 I would now like to hand the conference over to your speaker today, Xavier Duran, CEO. 00:00:38.105 -- 00:00:40.566 Please go ahead. 00:00:41.069 -- 00:00:47.356 Thank you, and just on time, welcome, everyone, to this first quarter 2026 00:00:47.356 -- 00:00:49.378 report in COFAS. 00:00:49.378 -- 00:00:54.583 You will have seen the numbers. We are reporting net income close to 54 00:00:54.583 -- 00:00:59.586 million euros. down from last year, but I would call this a good quarter in 00:00:59.586 -- 00:01:04.090 an economic environment, which is obviously not easy. 00:01:04.090 -- 00:01:06.953 The turnover of $465 00:01:06.953 -- 00:01:11.637 million is stable, like constant FX and parameter, and there's a few moving parts inside 00:01:11.637 -- 00:01:15.600 that. You see that interest revenue is down 1.3%. 00:01:15.600 -- 00:01:19.784 That's really driven by, I would say, slow economy and 00:01:19.784 -- 00:01:22.565 client activity being 00:01:22.587 -- 00:01:26.566 positive but low and lower than historic average. 00:01:26.566 -- 00...