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1 9 F E B R U A R Y 2 0 2 6 FY - 2 0 2 5 R E S U LT S PRESENTATION TO FINANCIAL ANALYSTS
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2 FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 2026 FY-2025 RESULTS: NET INCOME AT €222.0M – €1.25 PROPOSED DIVIDEND Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com. FY - 2025 H I G H L I G H T S FY - 2025 R E S U L T S C A P I T A L M A N A G E M E N T K E Y TA K E - AW AY S & O U T L O O K 01 02 03 04 A P P E N D I C E S 05
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PART 1 FY-2025 HIGHLIGHTS
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 20264 COFACE REPORTS €222.0M NET PROFIT IN 2025 OF WHICH €45.8M IN Q4-2025 Total revenue reached €1,847m y-t-d, up +1.3% at constant FX and perimeter and stable on a reported basis › Insurance revenue growing by +0.6% at constant FX. Client activity is positive (2.6%) but lower than historical average › Client retention close to record high (92.9%); pricing down (-1.6%) in line with historical trend › Business information growing again double-digit (+16.2% at constant FX and perimeter, +18.8% reported with Cedar Rose integration) › Debt collection is up +24.4%; Factoring at -2.7% FY-2025 net loss ratio at 40.3% (+5.1 ppts). Net combined ratio at 73.1%, up +7.6 ppts › Gross loss ratio at 37.5%, up 4.1 ppts, with high opening year reserving and high reserve releases › Net cost ratio increased 2.6 ppts at 32.8% reflecting continued investments in line with strategy › Net combined ratio for Q4-25 at 76.6%, higher than through the cycle targets Net income (group share) at €222.0m of which €45.8m in Q4-2025
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 20265 SOLVENCY RATIO AT 197%1 ; €1.25 PROPOSED DIVIDEND PER SHARE2 1 This estimated solvency ratio constitutes a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The result of the definitive calculation may differ from the preliminary calc ulation. The estimated solvency ratio is not audited. 2 The proposed distribution is subject to approval by the general shareholders meeting on 19 May 2026. 3 RoATE = Return on Average Tangible Equity RoATE3 stands at 11.4% for the year, down -2.5 ppts as trade credit insurance cycle develops Estimated solvency ratio at c. 197%1 › Solvency above target range set at 155-175% with limited exposure growth › Factoring capital requirement benefits from improved internal insurance scheme, partially offset by additional capital required by the Lloyd’s syndicate › Stable retention with TCI reinsurance cession rate at 23%; reinsurance treaties renewed at slightly more favorable conditions Strong balance sheet and high profitability allow for high distribution to shareholders › €1.25 dividend per share2, corresponding to an 84% payout ratio in line with Power the Core target Coface has demonstrated its resilience and continues to invest: › Combined ratio is now close to through the cycle targets with world trade suffering from tariffs and political uncertainty › Coface continues to invest both organically and externally with Cedar Rose integration pushing reported BI growth to +18.8% › Strong solvency allows for payout in excess of minimal target
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 20266 CURRENT STATUS 7 € PER SHARE 5 Y CUMULATED DIVIDENDS POWER THE CORE – DELIVERING IN A SOFT TRADING ENVIRONMENT A TOUGHER CREDIT INSURANCE CYCLE • Economic growth remains below historical average (2.7%), with investments driving robust tech sector growth • Global trade morphing among tariffs implementation • Increasing currency volatility • World insolvencies back to decade-high • Trade Credit Insurance market still very competitive • Despite high retention and new business, revenues are subdued CONTINUED INVESTMENTS & TANGIBLE ACHIEVEMENTS • Maintaining high technical margin in TCI • Strengthening our core expertise in credit insurance (Lloyd’s, proprietary scores) • Continuing to build a full services stack: expanding BI offer, reinforcing datalab, growing Debt Collection • Investing in BI (Cedar Rose, Novertur, compliance partnership) • Reaching services FTEs 1000 + IT investments 20-25 • Generating strong cash flows supported by robust balance sheet allowing for high pay-out and 7€ per share 5Y cumulated dividends 2 Y CUMULATIVE PORTFOLIO GROW TH (ILLUSTRATIVE) 223.8 283.1 240.5 261.1 221.8 1.50 1.52 1.30 1.40 1.25 0 50 100 150 200 250 300 0.50 0.70 0.90 1.10 1.30 1.50 1.70 2021 2022 2023 2024 2025 Net profit (€m) Dividend (€)
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 20267 RESPONSIBLE EMPLOYER › Continuously improve employee engagement score (eNPS in Top quartile of the benchmark) › Pursue efforts in DE&I and launched a specific initiative focused on disabilities › Focus on attracting and retaining talents DRIVE THE CULTURE › Strengthen our corporate CSR image with more extra-financial ratings › Strengthen our internal communication and animate the regional CSR Champions’ network › Launch annual CSR eLearning modules on DE&I and environment topics › Further decrease emissions of investment portfolio in compliance with NZAOA › Further embed CSR in selection and monitoring of suppliers › Execute our responsible IT plan RESPONSIBLE INSURER › Pursue deployment of emissions reduction plan and set 2030 targets › Carry out a carbon footprint assessment on an annual basis › Reach out to communities, on the model of the French Potter foundation RESPONSIBLE ENTERPRISE OUR CSR STRATEGY AND COMMITMENTS * Limited to equities and corporate bonds (scope 1 & 2) excl. green bonds ** Reduction trajectory is not linear and the 2030 figure cannot be derived from the current percentage TARGET: -30%* reduction of investment portfolio emissions by 2025 and min. 40% by 2030 vs 2020 RESULTS as of 31/12/25: -54%* reduction of investment portfolio emissions** TARGET: -11% for operations emissions by 2025 vs. 2019 RESULTS as of 31/12/25: -41% achieved in absolute (-54% reduction effort**) TARGET: 40% of women in top 200 manager by 2030 RESULTS as of 31/12/25: 40% achieved vs. 38% in 2024 TARGET: Improve EcoVadis rating RESULTS 2025: Top 23% of companies rated over the year ** Taking into account HC and Turnover growth
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PART 2 FY-2025 RESULTS
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 20269 TOTAL REVENUE UP +1.3% WITH SERVICES +7.8% Total revenue up +1.3% vs. FY-24 at constant FX and perimeter › Insurance revenue* up 0.6% at constant FX. 2025 ended on a weaker note (Q4-25 insurance revenue down -1.1%) › Other revenue +7.8% vs. FY-24 at constant FX and perimeter with: › Business information sales up +16.2% and +18.8% on a reported basis with Cedar Rose integration › Third party Debt collection up +24.4% from a small base › Factoring down -2.7% with a lower Q4-25 › Insurance fees outperform insurance revenue, up by +2.3% at constant FX V% V% ex. FX In €m Insurance Revenue (IR) Insurance related fees Other revenue Ins. related fees / IR ratio * Including Bonding and Single Risk 152 166 180 182 1,513 1,499 1,845 1,847 FY-2024 FY-2025 0.1% 1.3% 11.9% 12.2% FY-2024 FY-2025
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202610 STILL SLOW ECONOMY AND LOW INFLATION DRIVE TURNOVER GROWTH V% V% ex. FX Services (+18.6%) and new business compensate FI and 2024 catch-up High new business and retention. Slightly positive activity. Factoring down -0.7% TCI business impacted by 2024 one off and transfer of a large account to Asia Pacific High retention. Weakening activity growth. Rebound in client activity. Transfer of a large client from Central Europe Client activity benefited from local inflation Better new business, low activity FX negative impact Total revenue by region, in € m Northern Europe Western Europe Central Europe Mediterranean & Africa North America Latin America Asia Pacific Scope impact includes the acquisition of Cedar Rose. 362 365 FY-24 FY-25 392 380 FY-24 FY-25 174 168 FY-24 FY-25 539 555 FY-24 FY-25 177 168 FY-24 FY-25 124 130 FY-24 FY-25 78 81 FY-24 FY-25 0.7% 0.7% (2.9)% (2.8)% (3.1)% (3.5)% 3.0% 3.7% (5.1)% (0.2)% 4.6% 8.5% 4.6% 11.7%
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202611 HIGH NEW SALES AND STILL MODEST CONTRIBUTION FROM CLIENT ACTIVITY New production at €129m driven by increased demand and growth investments. New production* Retention rate* Price effect* Volume effect* Retention back close to record high in a still competitive market with active risk prevention Pricing down by -1.6% close to historical average, in a very competitive market Client activity slightly positive amid high economic policy uncertainty * Portfolio as of 31 December 2025; and at constant FX and perimeter. New production: in €m 110 117 126 129 FY-22 FY-23 FY-24 FY-25 92.9% 93.1% 92.3% 92.9% FY-22 FY-23 FY-24 FY-25 -3.0% -1.9% -1.4% -1.6% FY-22 FY-23 FY-24 FY-25 13.8% 2.3% 0.5% 2.6% FY-22 FY-23 FY-24 FY-25
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202612 GROSS LOSS RATIO AT 37.5%, WITH HIGH RESERVES BOOKINGS AND RELEASES › Claims activity now above mid-cycle average: ‒ Number of bankruptcies clearly exceed 2019 in most countries ‒ Number of claims in 2025 now 5% lower than in 2019 with total claims amount 11% above ‒ Severity continuing to increase › No change in reserving policy › Opening year loss ratio at 83.7% undiscounted to account for political and economic uncertainty › Significant Q4-25 reserve releases as claims experience better than forecast Loss ratio before reinsurance and including claims handling expenses, in % Loss ratio before reinsurance and excluding claims handling expenses, in % 83.7*83.7* 85.3* * Undiscounted 33.4 37.5 FY-2024 FY-2025 33.2 31.7 33.7 35.0 38.7 36.9 35.1 39.2 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 80.4 33.3 82.5 30.6 81.4 34.4 (47.1) (51.9) (47.0) Current underwriting year All underwriting years Prior underwriting years
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202613 LOSS RATIOS REMAIN UNDER CONTROL IN ALL REGIONS Group Northern Europe Western Europe Central Europe North America Latin America Asia Pacific Mediterranean & Africa * % of Total revenue by region Loss ratio before reinsurance, including claims handling expenses – in % 10%* 4%* 21%* 20%* 9%* 29%* 7%* 35.5 35.8 33.4 37.5 FY-22 FY-23 FY-24 FY-25 19.0 27.5 27.3 42.2 FY-22 FY-23 FY-24 FY-25 50.5 82.6 18.3 40.4 FY-22 FY-23 FY-24 FY-25 8.2 19.9 38.4 40.7 FY-22 FY-23 FY-24 FY-25 33.4 38.3 31.4 30.3 FY-22 FY-23 FY-24 FY-25 39.2 27.7 37.5 34.7 FY-22 FY-23 FY-24 FY-25 37.9 24.0 32.2 43.0 FY-22 FY-23 FY-24 FY-25 45.1 40.1 36.4 39.7 FY-22 FY-23 FY-24 FY-25
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202614 RISKS WELL UNDER CONTROL Group Central Europe Latin America Asia Pacific Mediterranean & Africa * % of Total revenue by region Loss ratio before reinsurance (by quarter), including claims handling expenses – in % Northern Europe Western Europe North America 10%* 4%* 7%* 21%* 20%* 9%* 29%* 35.0 38.7 36.9 35.1 39.2 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 29.8 49.6 31.6 46.5 41.3 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 9.2 107.0 16.6 -22.5 58.0 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 71.9 33.8 42.7 50.3 35.2 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 32.0 25.3 41.0 19.7 35.7 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 61.0 36.4 34.3 35.5 32.6 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 13.9 51.8 34.1 40.1 45.6 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 25.8 32.1 39.6 47.0 40.5 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202615 STABLE REVENUES AND CONTINUED INVESTMENTS DRIVE COST RATIO UP V% V% ex. FX In €m External costs (commissions) Internal costs › FY-25 costs are growing at 6.3% at constant FX as investment continues in TCI as well as in BI › FY-25 gross cost ratio increased by 1.9 ppt driven by continued investments (1.6 ppt) and cost inflation above revenue growth (1.3 ppt), in line with previous quarter › Partially offset by better product mix (-0.9 ppt) Cost ratio before reinsurance, in % 1.8% 3.4% 186 185 190 189 194 51 49 50 46 46 236 234 240 235 241 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Gross Cost Ratio FY-2024 to FY-2025 1.3% -0.9% 1.6% 35.6% 33.7% FY-24 Inflation Services Contribution Investments FY-25 1.3 ppt (0.9) ppt 1.6 ppt 36.0 33.1 36.2 37.0 36.3 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202616 › Premium cession rate at 27.8% mostly driven by TCI quota share › Claims cession rate at 22.4% with limited impact from non-proportional reinsurance › Successful reinsurance renewal with unchanged 23% TCI cession rate and slightly improved conditions, with commissions now at historical high REINSURANCE TREATIES RENEWED AT SLIGHTLY IMPROVED CONDITION 12M-24 12M-25 Insurance revenue 1,512.9 1,498.7 Net earned premiums 1,095.7 1,081.5 Gross claims expenses (505.8) (561.6) Net claims expenses (386.0) (435.6) Premium cession rate Claims cession rate 27.6% 27.8% 23.7% 22.4% 12M-24 12M-25 V% Insurance result before reinsurance 456.7 376.7 (18)% Insurance result after reinsurance 338.3 264.9 (22)% Reinsurance result (6)% (118.4) (111.8)
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202617 NET COMBINED RATIO ABOVE THROUGH THE CYCLE TARGET IN Q4-25 › Net combined ratio at 73.1%, close to through the cycle target despite a weaker economic environment › Cost ratio up +2.6 ppts reflecting continued investments with stable revenues. › FY-25 net loss ratio up by 5.1 ppts vs. 2024 reflecting a more challenging phase of the credit insurance cycle › Q4-25 net combined ratio increased by 7.9 ppts compared to Q4-24 on higher loss ratio. Combined ratio for the quarter above through the cycle level In % Net cost ratio Net combined ratio Net loss ratio In % Net cost ratio Net combined ratio Net loss ratio 35.2 40.3 30.2 32.8 65.5 73.1 12M-24 12M-25 34.5 39.1 41.1 38.5 42.4 34.2 29.5 32.9 34.6 34.2 68.7 68.7 74.0 73.1 76.6 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 +7.9 ppts +7.6 ppts
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202618 FINANCIAL PORTFOLIO: UNDERLYING INCOME REACHES NEW HIGHS WITH RATES › Recurring income from investment portfolio at €102.3m reflects higher yields environment. New money invested at 3.7% › Investment income includes a -€21.0m FX charge mostly due to lower USD and a -€11.2m hyperinflation accounting (Turkey) › Insurance Finance Expenses at -€9.2m including a large FX gain (+€23.6m) on technical liabilities offsetting FX loss on assets. › Net investment income net of IFE is up €7.4m at €56.6m Keeping a diversified strategy * Excludes investments in non-consolidated subsidiaries ** Excludes investments in non-consolidated subsidiaries, FX and investment management charges *** This represents the cumulative impact of realized gains and losses, impairments and impairments release, as w ell as equities & interest rate derivatives Bonds 78% Loans, Deposit & other financial 14% Equities 4% Investment Real Estate 4% Total €3.22bn* €m FY-24 FY-25 Income from investment portfolio without gains on sales** 96.6 102.3 FVPL and gains on sales and impairement, net of hedging*** 6.6 5.3 FX effect (2.7) (32.2) Other (8.8) (9.6) Net investment income Insurance Finance Expenses (42.5) (9.2) Accounting yield on average investment portfolio 3.1% 3.3% Accounting yield on average investment portfolio without gains and mark-to-market 2.9% 3.1% 91.7 65.8
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202619 2025 NET INCOME AT €222.0M OF WHICH €45.8M IN Q4-25 › Net earned premiums down by 1.3% at €1,081m › Operating income down -18.7% on higher combined ratio › Tax rate at 24% (25% in Q4-25) › Net income down -15.0% at €222.0m Income statement items - in €m 12M-24 12M-25 Current operating income 417.9 338.9 Other operating income and expenses (8.6) (6.4) Operating income 409.2 332.5 Finance costs (43.0) (40.9) Income tax (105.2) (68.9) Tax rate 29% 24% Non-controlling interests 0.0 (0.6) Net income (group share) 261.1 222.0
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202620 ROATE STANDS AT 11.4%, DOWN -2.5 PPTS Change in equity In €m * Annualised RoATE Return on average tangible equity (RoATE)* (209.1) 222.0 35.8 (29.3) 2,213.02,193.6 IFRS Equity attributable to owners of the parent Dec. 31, 2024 Distribution to shareholders Net income impact Revaluation reserve (financial instruments) Treasury shares, currency translation differences & others IFRS Equity attributable to owners of the parent December 31, 2025 11.4% 13.9% 3.2 ppts 1.3 ppt 2.0 ppts RoATE 31.12.24 Technical result Financial result Tax and others RoATE 31.12.25
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PART 3 CAPITAL MANAGEMENT
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202622 SOLID BALANCE SHEET Financial strength › Fitch: AA-, stable outlook, rating affirmed on October 2025 › Moody’s: A1, stable outlook, rating affirmed on June 2025 › AM Best: a+, stable outlook, rating affirmed on May 2025 Book value per share at €14.8 Tangible book value per share at €13.1 FY-2025 simplified balance sheet In €m Goodw ill & intangible assets Insurance investments Other assets Factoring assets Gross insurance reserves Financing liabilities (including hybrid debt) Other liabilities Factoring liabilities Shareholders’ equity 3,020 1,497 3,309 263 8,090 Assets 3,072 760 1,445 599 2,213 8,090 Liabilities
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202623 ROBUST SOLVENCY OVER TIME * This estimated solvency ratio constitutes a preliminary calculation made according to Coface’s interpretation of Solvency I I regulations and using the Partial Internal Model. The result of the definitive calculation may differ from the preliminary calculation. T he estimated solvency ratio is not audited. Estimated Solvency above the upper range of the comfort scale (155% - 175%) Insurance SCR up on higher market risk reflecting longer duration investments Eligible own funds stable in line with shareholders’ equity (1) +100 bps on credit and +50 bps for OECD government debt (2) Based on the level of loss ratio corresponding to 98% quantile (3) Based on the level of loss ratio corresponding to 95% quantile Solvency requirement respected in crisis scenarios Low sensitivity to market shocks market sensitivity tested through instantaneous shocks FY-2025 estimated Solvency ratio above target range 130% 175% 155% Coface comfort scale 197% 192% 191% 197% - 25% Stock market +100 bps Spread +100 bps Interest rates (1) 31.12.2025 SCR cover 191% 182% 1/20 crisis equivalent (3) 1/50 crisis equivalent (2) 196% 197% ( 5.2 ppt ) 8.6 ppt 12.0 ppts ( 14.2 ppt ) 31.12.2024 Insurance SCR variation Factoring SCR variation Own funds variation Dividend Year+1 31.12.2025 199% 196%* 197%* FY-23 FY-24 FY-25 (5.2 ppts) 8.6 ppts (14.2 ppts)
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202624 840 (173) (117) 1,124 194 1,124 1,958 374 194 611 153 32 46 SCR components before diversification and tax adjustments Diversification Tax adjustments Total SCR as of 31.12.2025 Factoring required capital as of 31.12.2025 Total required capital as of 31.12.2025 Eligible own funds SOLVENCY REQUIRED CAPITAL AS AT 31 DECEMBER 2025 Non-life underwriting risk Market risk Counterparty risk Operational risk Total solvency ratio computed by comparing the sum of SCR and Factoring required capital to the total available own funds eligible under Solvency II SCR calculation › 1 year time horizon; measures own funds maximum losses with a 99.5% confidence level Factoring required capital › (10.5% + specific counter cyclical buffer ratio) x RWA (according to Standard Approach under CRR) 1 The estimated Solvency ratio disclosed in this presentation is a preliminary calculation based on Coface’s interpretation of Solvency II and using the Partial Internal Model; final calculation could result in a different Solvency ratio. The estimated Solvency ratio is not audited. PARTIAL INTERNAL MODEL Tier 3 Tier 2 Tier 1 €m 197%1 1,124 1,413 1,317 2,601
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PART 4 KEY TAKE-AWAYS & OUTLOOK
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202626 KEY TAKE-AWAYS & OUTLOOK Coface delivers profit close to through the cycle targets in a more challenging environment › Client activity remains below historical average on weak European economy, tariffs and lower inflation › Net combined ratio at 73.1% now close to through the cycle targets on rising loss ratio and investments › Annualized RoATE (Return on Average Tangible Equity) at 11.4% with solvency at 197% Coface continues to grow its service offer and to invest in a competitive market › Business information revenues are up +18.8%, including the integration of Cedar Rose › Debt collection services are up +24.4% from a still low base Coface has demonstrated its resilience in a low growth environment and will continue to invest to further strengthen its capabilities in data, technology and connectivity while growing its capital light services.
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PART 5 APPENDICES
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202628 KEY FIGURES (1/3) QUARTERLY AND CUMULATED FIGURES * Also excludes scope impact Income statement items in €m / Quarterly figures Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 % % ex. FX* Insurance revenue 378.6 375.6 375.9 382.7 382.9 377.1 368.5 370.2 (3.3)% (1.1)% Services revenue 85.0 83.4 78.0 85.5 90.3 86.3 81.4 90.6 +5.9% +4.7% REVENUE 463.7 459.1 453.8 468.3 473.2 463.4 449.9 460.7 (1.6)% +0.0% UNDERWRITING INCOME(LOSS) AFTER REINSURANCE100.3 94.7 88.8 84.9 85.4 68.2 68.6 60.1 (29.2)% (29.6)% Investment income, net of management expenses 17.9 22.8 19.0 31.9 10.4 15.9 19.1 20.4 (36.1)% (36.3)% Insurance Finance Expenses (11.4) (6.7) (7.3) (17.1) (4.1) 10.8 (7.6) (8.3) (51.5)% (48.8)% CURRENT OPERATING INCOME 106.8 110.9 100.5 99.7 91.6 95.0 80.1 72.2 (27.6)% (28.4)% Other operating income / expenses (0.1) (0.5) (2.6) (5.5) (0.4) (0.3) (4.5) (1.3) (77.4)% (88.8)% OPERATING INCOME 106.8 110.4 97.9 94.2 91.2 94.7 75.6 70.9 (24.7)% (24.9)% NET INCOME 68.4 73.8 65.4 53.4 62.1 62.1 52.1 45.8 (14.3)% (13.9)% Income tax rate 27.2% 26.8% 25.5% 36.2% 23.0% 26.3% 19.9% 24.8% (11.3) ppts. Income statement items in €m / Cumulated figures Q1-24 H1-24 9M-24 FY-24 Q1-25 H1-25 9M-25 FY-25 % % ex. FX* Insurance revenue 378.6 754.3 1,130.2 1,512.9 382.9 760.0 1,128.5 1,498.7 (0.9)% +0.6% Services revenue 85.0 168.5 246.4 331.9 90.3 176.6 258.0 348.6 +5.0% +4.8% REVENUE 463.7 922.7 1,376.6 1,844.8 473.2 936.6 1,386.5 1,847.3 +0.1% +1.3% UNDERWRITING INCOME(LOSS) AFTER REINSURANCE100.3 195.0 283.8 368.7 85.4 153.6 222.2 282.3 (23.4)% (23.3)% Investment income, net of management expenses 17.9 40.8 59.8 91.7 10.4 26.3 45.4 65.8 (28.2)% (28.7)% Insurance Finance Expenses (11.4) (18.1) (25.4) (42.5) (4.1) 6.7 (0.9) (9.2) (78.3)% (73.1)% CURRENT OPERATING INCOME 106.8 217.7 318.2 417.9 91.6 186.6 266.7 338.9 (18.9)% (19.4)% Other operating income / expenses (0.1) (0.5) (3.1) (8.6) (0.4) (0.6) (5.2) (6.4) (25.9)% (32.3)% OPERATING INCOME 106.8 217.2 315.1 409.2 91.2 186.0 261.6 332.5 (18.8)% (19.1)% NET INCOME 68.4 142.3 207.7 261.1 62.1 124.2 176.3 222.0 (15.0)% (15.5)% Income tax rate 27.2% 27.0% 26.5% 28.7% 23.0% 24.7% 23.3% 23.6% (5.1) ppts.
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202629 KEY FIGURES (2/3) DOWNLOAD OUR .XLS FINANCIAL SUPPLEMENT www.coface.com/investors/financial-results-and-reports ***Also excludes scope impact REVENUE BY ACTIVITY: QUARTERLY AND CUMULATED FIGURES Total revenue Cumulated - in €m Q1-24 H1-24 9M-24 FY-24 Q1-25 H1-25 9M-25 FY-25 % V% ex. FX*** Insurance** 378.6 754.3 1,130.2 1,512.9 382.9 760.0 1,128.5 1,498.7 (0.9)% +0.6% Insurance fees 49.3 96.2 138.6 179.9 51.0 97.0 138.6 182.4 +1.4% +2.3% Non-insurance activities 35.7 72.3 107.8 152.0 39.3 79.6 119.4 166.2 +9.3% +7.8% Factoring 17.6 36.5 53.7 73.7 17.6 36.1 54.1 71.9 (2.5)% (2.7)% Information services 15.6 30.8 46.6 67.3 18.5 36.4 54.4 80.0 +18.8% +16.2% Debt collection 2.5 5.0 7.5 11.0 3.2 7.2 10.9 14.3 +30.1% +24.4% Total Group 463.7 922.7 1,376.6 1,844.8 473.2 936.6 1,386.5 1,847.3 +0.1% +1.3% * Does not include unconsolidated scope ** Including Bonding & Single Risk Total revenue by quarter - in €m Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 % V% ex. FX*** Insurance** 378.6 375.6 375.9 382.7 382.9 377.1 368.5 370.2 (3.3)% (1.1)% Insurance fees 49.3 46.9 42.4 41.3 51.0 46.0 41.7 43.8 +6.1% +4.6% Non-insurance activities 35.7 36.5 35.5 44.2 39.3 40.3 39.8 46.8 +5.7% +4.8% Factoring 17.6 18.8 17.2 20.0 17.6 18.5 18.0 17.8 (10.9)% (11.2)% Information services 15.6 15.2 15.7 20.8 18.5 17.9 18.0 25.5 +22.9% +20.2% Debt collection 2.5 2.5 2.6 3.5 3.2 3.9 3.7 3.4 (1.6)% +2.3% Total revenue 463.7 459.1 453.8 468.3 473.2 463.4 449.9 460.7 (1.6)% +0.0% *
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202630 KEY FIGURES (3/3) DOWNLOAD OUR .XLS FINANCIAL SUPPLEMENT www.coface.com/investors/financial-results-and-reports REVENUE BY REGION: QUARTERLY AND CUMULATED FIGURES * Also excludes scope impact Total revenue by quarter - in €m Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 % V% ex. FX* Northern Europe 97.8 87.2 86.8 90.4 97.0 88.2 90.2 89.4 (1.1)% (1.1)% Western Europe 91.7 95.9 100.8 103.3 96.0 95.7 95.3 93.3 (9.7)% (10.0)% Central Europe 45.1 41.9 43.0 43.8 42.3 41.6 42.0 42.6 (2.8)% (4.0)% Mediterranean & Africa 138.9 137.1 127.4 135.1 143.4 136.8 130.1 144.4 +6.9% +6.9% North America 42.6 46.1 43.8 44.0 43.5 44.2 40.3 39.6 (10.0)% (2.8)% Latin America 18.6 19.6 19.9 19.6 20.4 21.0 20.1 19.8 +0.8% +4.9% Asia Pacific 28.9 31.3 32.2 32.0 30.7 35.8 32.0 31.6 (1.2)% +13.4% Total revenue 463.7 459.1 453.8 468.3 473.2 463.4 449.9 460.7 (1.6)% +0.0% Total revenue Cumulated - in €m Q1-24 H1-24 9M-24 FY-24 Q1-25 H1-25 9M-25 FY-25 % V% ex. FX* Northern Europe 97.8 185.0 271.8 362.2 97.0 185.2 275.4 364.8 0.7% +0.7% Western Europe 91.7 187.6 288.4 391.8 96.0 191.6 287.0 380.3 (2.9)% (2.8)% Central Europe 45.1 87.0 130.0 173.8 42.3 83.9 125.9 168.5 (3.1)% (3.5)% Mediterranean & Africa 138.9 276.0 403.4 538.5 143.4 280.2 410.3 554.7 +3.0% +3.7% North America 42.6 88.7 132.5 176.6 43.5 87.7 128.0 167.6 (5.1)% (0.2)% Latin America 18.6 38.2 58.1 77.7 20.4 41.5 61.5 81.3 +4.6% +11.7% Asia Pacific 28.9 60.2 92.3 124.3 30.7 66.5 98.5 130.1 +4.6% +8.5% Total Group 463.7 922.7 1,376.6 1,844.8 473.2 936.6 1,386.5 1,847.3 +0.1% +1.3%
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202631 EXPOSURE IN EMERGING MARKETS MAINTAINED AT A STABLE SHARE Evolution of TCI exposure1 per Advanced vs. Emerging markets (in €bn) FY-2025 total TCI exposure1 by region (in %) FY-2025 total TCI exposure1 by debtors’ trade sector (in %) FY-2025 total TCI exposure1 – Top 10 countries vs. others (in %) 1 Insured receivables: theoretical maximum exposure under the group’s insurance policies : €724bn as of 31/12/2025 vs. €715bn as of 31/12/204 17.4% 14.0% 10.7% 10.0%9.8% 8.2% 6.3% 5.2% 4.9% 3.2% 3.2% 2.4% 2.2% 1.7% 0.8% Agriculture, meat, agri-food and wine Minerals, chemistry, oil, plastics, pharma and glass Construction Electrical equipment, electronics, IT and telecom Unspecialised trades Car & bicycles, other vehicles and transportation Metals Mechanical and measurement Services to businesses and individuals Paper, packing and printing Public services Textiles, leather and apparel Financial serivces Wood and furniture Others 82% 82% 82% 82% 18% 18% 18% 18% 724 715 685 667 Dec-25 Dec-24 Dec-23 Dec-22 Advanced Emerging 37.8% 11.0%10.5% 9.9% 9.2% 5.6% 4.6% 3.4% 3.2% 2.7% 2.0% Others Germany USA Italy France Spain United Kingdom Netherlands China Poland Belgium 21.3% 19.9% 18.0% 13.9% 13.6% 9.3% 3.9% Mediterranean & Africa Western Europe Northern Europe Asia Pacific North America Central Europe Latin America
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202632 DOWNLOAD OUR .XLS FINANCIAL SUPPLEMENT www.coface.com/investors/financial-results-and-reports COMBINED RATIO CALCULATION › Combined ratio before reinsurance › Combined ratio after reinsurance loss ratio before reinsurance (B) (A)+ cost ratio before reinsurance (C) (A) loss ratio after reinsurance (E) (D)+ cost ratio after reinsurance (F) (D) In €k FY-2024 FY-2025 Earned Premiums Insurance revenue [A] 1,512,923 1,498,657 Ceded premiums (417,176) (417,167) Net earned premiums [D] 1,095,747 1,081,490 Claims expenses Claims expenses [B] (505,769) (561,565) Loss component 428 (309) Ceded claims 119,763 125,884 Ceded loss component 0 73 Net claims expenses [E] (386,006) (435,609) Technical expenses Operating expenses (852,124) (891,654) Employee profit sharing sharing and incentive plans 9,879 9,230 Other revenue 331,918 348,595 Operating expenses, net of revenues from other services before reinsurance [C] (510,327) (533,829) Commissions received from reinsurers 178,977 179,366 Operating expenses, net of revenues from other services after reinsurance [F] (331,350) (354,464) Ratios FY-2024 FY-2025 Loss ratio before reinsurance 33.4% 37.5% Loss ratio after reinsurance 35.2% 40.3% Cost ratio before reinsurance 33.7% 35.6% Cost ratio after reinsurance 30.2% 32.8% Combined ratio before reinsurance 67.2% 73.1% Combined ratio after reinsurance 65.5% 73.1%
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202633 Q4-25 RESULTS VS. CONSENSUS in M€ # of replies Consensus Q4-2025 Comment Total revenue 5 465 461 (4) Insurance Revenue 5 376 370 (6) Net Earned Premiums 5 272 266 (6) Retention 5 72.5% 71.9% (0.6) ppt Stable reinsurance structure Net underwriting income 5 69 60 (9) Higher combined ratio, lower revenues Net Investment Income 5 21 20 (1) Good recurring income and limited FX impact Insurance Finance Expenses 5 (9) (8) +1 In line with historical average Current operating income 5 81 72 (9) Lower underwriting income Other operating & Restructuring charges 5 (1) (1) (0) - Operating Income 5 80 71 (9) Lower underwriting income Net income 5 49 46 (3) Lower tax rate Net Loss Ratio (%) 5 38.8% 42.4% +3.6 ppts High claims environment - Underwriting discipline Net Cost Ratio (%) 5 35.8% 34.2% (1.6) ppt Continued investments and cost discipline Net Combined Ratio (% ) 5 74.6% 76.6% +2.0 ppts Higher loss ratio Spread Continued soft economy, close to record high retention and high new business
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202634 MANAGEMENT TEAM › +35 years of international experience in regulated financial services › Working for Coface since 2016 Xavier DURAND Chief Executive Officer › +25 years of experience in insurance & related services › Working for Coface since 2017 Pierre BEVIERRE Human Resources Director › +25 years of experience in credit insurance › Working for Coface since 2011 Cyrille CHARBONNEL Underwriting Director › +20 years of experience in credit insurance › Working for Coface since 2013 Nicolas GARCIA Commercial Director › +25 years of experience in banking & finance › Working for Coface since 2021 Phalla GERVAIS CFO & Risk Director › +40 years of experience in credit insurance › Working for Coface since 1983 Carole LYTTON General Secretary › +25 years of exp. in financial market information systems › Working for Coface since 2018 Keyvan SHAMSA Business Technology Dir. › +25 years of experience in financial services › Working for Coface since 2016 Thibault SURER Strat, Eco research, Mktg & M&A Dir. › +25 years of experience in credit insurance › Working for Coface since 1990 Katarzyna KOMPOWSKA CEO Northern Europe › +20 years of experience in credit insurance › Working for Coface from September 2025 Christina MONTES DE OCA CEO North America › +20 years of international exp. in trade credit insurance › Working for Coface since 2016 Hugh BURKE CEO Asia Pacific › +20 years of experience in credit insurance › Working for Coface since 2001 Carine PICHON CEO Western Europe G R O U P M A N A G E M E N T C O M M I T T E E G R O U P E X E C U T I V E C O M M I T T E E › +20 years of experience in insurance › Working for Coface since 2000 Ernesto DE MARTINIS CEO Mediterranean & Africa › +20 years of experience in insurance › Working for Coface since 1999 Marcele LEMOS CEO Latin America › +25 years of experience in insurance & financial services › Working for Coface since 2006 Jaroslaw JAWORSKI CEO Central & Eastern Europe › +20 years of exp. in financial services › Working for Coface from 2025 Gonzague NOEL Operations Director › +30 years of exp. in banking, commercial finance & risk management › Working for Coface since July 1st,2025 Joerg DIEWALD BI & partnerships Director
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202635 CORPORATE GOVERNANCE C h a i r m a n ( i n d e p e n d e n t ) › CFO › Cerba Healthcare Nathalie LOMON Age: 54 › Group Human Resources Dir. › Hermes International Sharon MACBEATH Age: 56 › Deputy CEO › Generali France Laetitia LEONARD-REUTER Age: 50 › President & CEO › Armacell Laurent MUSY Age: 59 › Board member Bernardo SANCHEZ INCERA Age: 65 › Executive VP & Chief Risk Officer › Arch Janice ENGLESBE Age: 57 › Chief ESG Officer › Arch Marcy RATHMAN Age: 60 › President › Arch David GANSBERG Age: 53 I n d e p e n d e n t d i r e c t o r s N o n i n d e p e n d e n t d i r e c t o r s * B o a r d o f d i r e c t o r s * Representing Arch Capital Group Ltd. › Executive Chairman › Elsan Group Sébastien PROTO Age: 48 Appointment on 14/05/2025 C h a i r m a n Independent 60% Independent Directors 50% Female Directors 60% Non -French Directors K e y f i g u r e s 10 Directors › Senior Vice President › Arch Insurance Company Ltd (Canada) Yves CHARBONNEAU Age: 51 Cooptation on 20/02/2025
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202636 FINANCIAL CALENDAR & INVESTOR RELATIONS CONTACTS Thomas JACQUET Head of Investor Relations & Rating Agencies thomas.jacquet@coface.com +33 (0)1 49 02 12 58 Rina ANDRIAMIADANTSOA Financial Communication Manager rina.andriamiadantsoa@coface.com +33 (0)1 49 02 15 85 I R C o n t a c t s : i n v e s t o r s @ c o f a c e . c o m O w n s h a r e s t r a n s a c t i o n s C a l e n d a r C o f a c e i s s c h e d u l e d t o a t t e n d t h e f o l l o w i n g i n v e s t o r c o n f e r e n c e s & r o a d s h o w s Next Event Date European Financials Conference – Goldman Sachs - Zurich 2 June 2026 Mid & Small Caps - Portzamparc BNP Paribas - Paris 24 June 2026 Next Event Date Q1-26 Results May 12, 2026 (after market close) 2026 Annual shareholders meeting May 19, 2026 H1-26 Results July 30, 2026 (after market close) 9M-26 Results November 2, 2026 (after market close) TOTAL (in shares) % Total of # Shares Voting rights 31/12/2025 159,308 755,958 0 915,266 0.61% 149,264,526 Own shares transactions Date Liquidity Agreement LTIP Buy-back (cancellation)
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FY-2025 RESULTS | PRESENTATION TO FINANCIAL ANALYSTS | 19 FEBRUARY 202637 IMPORTANT LEGAL INFORMATION IMPORTANT NOTICE: This presentation has been prepared exclusively for the purpose of the disclosure of Coface Group’s results for the period ending 31 December 2025. This presentation includes only summary information and does not purport to be comprehensive. The Coface Group takes no responsibility for the use of these materials by any person. The information contained in this presentation has not been subject to independent verification. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Coface Group, its affiliates or its advisors, nor any representatives of such persons, shall have any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection with this document or any other information or material discussed. Participants should read the interim financial report for the period ending 30 June 2025 and complete this information with the Universal Registration Document for the year 2024. The Universal Registration Document for 2024 was registered by the Autorité des marchés financiers (“AMF”) on 3 April 2025 under the number D.25-0227. These documents all together present a detailed description of the Coface Group, its business, strategy, financial condition, results of operations and risk factors. This presentation contains certain forward-looking statements. Such forward looking statements in this presentation are for illustrative purposes only. Forward- looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements are based on Coface Group’s current beliefs, assumptions and expectations of its future performance, taking into account all information currently available. The Coface Group is under no obligation and does not undertake to provide updates of these forward-looking statements and information to reflect events that occur or circumstances that arise after the date of this document. Forward-looking information and statements are not guarantees of future performance and are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Coface Group. Actual results could differ materially from those expressed in, or implied or projected by, forward-looking information and statements. These risks and uncertainties include those discussed or identified under Chapter 5 “Main risk factors and their management within the Group” (Chapitre 5 “Principaux facteurs de risques et leur gestion au seins du Groupe”) in the Registration Document. This presentation contains certain information that has not been prepared in accordance with International Financial Reporting Standards (“IFRS”). This information has important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under IFRS. More comprehensive information about the Coface Group may be obtained on its Internet website (http://www.coface.com/Investors). This document does not constitute an offer to sell, or a solicitation of an offer to buy COFACE SA securities in any jurisdiction.