Paris, 12 May 2026, 5.35 p.m.
Turnover: €465m, stable at constant FX and perimeter
Insurance revenue was down by -1.3% at constant FX. Client activity was up +0.7%, lower than the historical average
Client retention approaching record highs (94.8%). Pricing was down (-1.1%), but lower than in previous years
Revenue from non-insurance activities (factoring, business information and debt collection) rose by +9.2% at €43.9m. Double-digit growth from business information continued (+11.8% at constant FX and +17.7% on a reported basis). Debt collection was up by +31.6%, and factoring rose by +2.2%
Net loss ratio at 37.6%, improved by 1.6 ppt. Net combined ratio at 70.0%
Gross loss ratio at 36.3%, improved by 2.4 ppts, with still high opening year reserving and stable reserve releases
Net cost ratio increased by 3.0 ppts to 32.5%, reflecting continued investment in line with Group strategy
Governance strengthened following the appointment of Katarzyna Kompowska as CEO of strategic partnerships and Christian Stoffel as CEO for Northern Europe
Net income (group share) of €53.6m, down -13.7% compared with Q1-25
Annualised RoATE1 at 11.0%
Unless otherwise indicated, changes are expressed by comparison with the results as at 31 March 2026.
Xavier Durand, Coface's Chief Executive Officer, commented: "The dual influence of trade tariffs introduced in 2025 and the Middle East conflict has slowed our clients' growth, particularly in Southern Europe and in emerging countries. The contribution of their activity to Coface's turnover decreased as a result. Despite the persistently high level of company bankruptcies, Coface is continuing the disciplined rollout of its strategic plan by controlling risk, the loss ratio has fallen, and by deploying its service offering. Including the non-consolidated subsidiaries, business information increased by 15% at constant FX and perimeter, while debt collection reached 40%. On a consolidated basis, these activities grew by 18.3%. They largely offset the decline in insurance premiums related to a slowdown in global economic activity. Retention remains at a near record high level while new business continues to grow, reaching its highest point since 2020.In addition to these trends, the AI revolution continues to accelerate. It underscores on a daily basis the relevance of the strategy deployed by Coface, which two years ago chose to resolutely invest in data, technology and connectivity. Investments, vital to achieving growth across our businesses, are called to accelerate given their long-term strategic importance."Key figures at 31 March 2026
The Board of Directors of COFACE SA examined the (unaudited) consolidated financial statements at 31 March 2026 at its meeting of 12 May 2026. These statements were also previously reviewed by the Audit Committee at its meeting of 11 May 2026.
Income statement items in €m
Q1-25
Q1-26
Variation
% ex FX*
Insurance revenue
382.9
369.8
(3.4)%
(1.3)%
Other revenue
90.3
95.3
+5.6%
+5.2%
TURNOVER
473.2
465.1
(1.7)%
(0.0)%
UNDERWRITING INCOME/LOSS AFTER REINSURANCE
85.4
77.6
(9.1)%
(9.0)%
Investment income, net of management expenses, excluding finance costs
10.4
22.4
+115.5%
+105.5%
Insurance finance expenses
(4.1)
(15.8)
+282.2%
+304.5%
CURRENT OPERATING INCOME
91.6
84.2
(8.1)%
(10.2)%
Other operating income/expenses
(0.4)
(1.4)
+255.6%
+262.7%
OPERATING INCOME
91.2
82.8
(9.3)%
(11.3)%
NET INCOME (GROUP SHARE)
62.1
53.6
(13.7)%
(16.7)%
Key ratios
Q1-25
Q1-26
Variation
Loss ratio after reinsurance
39.1%
37.6%
(1.6)
ppt
Cost ratio after reinsurance
29.5%
32.5%
2.9
ppts
COMBINED RATIO NET OF REINSURANCE
68.7%
70.0%
1.4
ppt
Balance sheet items in €m
2025
Q1-26
Variation
Total Equity (group share)
2,234.0
2,254.2
+0.9%
* Excluding scope impact.
1. Turnover
Coface recorded consolidated turnover of €465.1m, stable at constant FX and perimeter compared with Q1-25. On a reported basis (at current FX and perimeter), turnover was down slightly by -1.7%.
Turnover - in € (by activity)
Q1-25
Q1-26
Variation
% ex FX2
Insurance*
382.9
369.8
(3.4)%
(1.3)%
Insurance fees
51.0
51.4
+0.9%
+2.1%
Non-insurance activities
39.3
43.9
+11.6%
+9.2%
Factoring
17.6
18.0
+2.1%
+2.2%
Business information
18.5
21.7
+17.7%
+11.8%
Debt collection
3.2
4.2
+29.4%
+31.6%
Consolidated turnover
473.2
465.1
(1.7)%
(0.0)%
*Including Bonding and Single Risk
Insurance revenue ...
