Coface Sa (COFAF) Q2 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:01.952 Thank you very much. 00:00:01.952 -- 00:00:06.115 Good evening. Welcome, everybody. Thank you for joining on the hot summer evening like 00:00:06.115 -- 00:00:07.936 this 00:00:07.936 -- 00:00:12.379 for our report on the mid-year 2026. 00:00:12.379 -- 00:00:17.042 You will have seen from the numbers, we had another strong quarter of execution in what 00:00:17.042 -- 00:00:21.745 I would qualify as a pretty tough environment at COFAS. 00:00:21.745 -- 00:00:24.346 Just reminding everybody of the headlines, 00:00:24.346 -- 00:00:27.893 net income at $108 million or close. 00:00:27.893 -- 00:00:33.034 solvency at 194%, so a very strong position. 00:00:33.034 -- 00:00:38.035 We had a quarter in Q2 where we saw a relative rebound of volumes versus the 00:00:38.035 -- 00:00:41.556 first quarter, so insurance premiums grew 1.4% 00:00:41.556 -- 00:00:46.917 versus a negative 1.3% in Q1, and I'll explain a little bit more 00:00:46.917 -- 00:00:49.998 in the next pages where that comes from. 00:00:49.998 -- 00:00:53.058 Most of the operating metrics, as you will see, have been strong. 00:00:53.058 -- 00:00:57.072 The retention is close to record at 93.6%. 00:00:57.072 -- 00:01:02.554 Pricing is negative, but above historic average at minus 1.3. 00:01:02.554 -- 00:01:07.656 We continue to grow business information double digits, including the total 00:01:07.656 -- 00:01:09.156 parameter. 00:01:09.156 -- 00:01:14.218 The organic growth is 12% for the semester and 19.1% 00:01:14.218 -- 00:01:19.980 with the acquisition of Cedar Rose. Debt collection growing almost 32%. 00:01:19.980 -- 00:01:23.301 And also good news on factoring, which is up 3.5%. 00:01:23.301 -- 00:01:26.022 After many quarters I was subdued 00:01:26.022 -- 00:01:31.124 of sub...