Coface Sa (COFAF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to the CoFace FAQ1 2026 results presentation. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Xavier Duran, CEO. Please go ahead. Thank you, and just on time, welcome, everyone, to this first quarter 2026 report in COFAS. You will have seen the numbers. We are reporting net income close to 54 million euros. down from last year, but I would call this a good quarter in an economic environment, which is obviously not easy. The turnover of $465 million is stable, like constant FX and parameter, and there's a few moving parts inside that. You see that interest revenue is down 1.3%. That's really driven by, I would say, slow economy and client activity being positive but low and lower than historic average. But the operating metrics of the business, as you will see later, remain really strong with retention close to our record. Pricing still negative but improving. And I think that's also linked to the environment. And at the same time, we see services growing close to 20% with business information on a consolidated basis growing 12% organically and almost 18% on a reported basis with the acquisition that we made last year. Debt collection strong at almost 32%, factoring positive after a few quarters of actually flat or negative. And when you look at the total parameter growth, including those busines...