Coface Sa · EURONEXT:COFA
Coface Sa — 9M-2026 Earnings Presentation
28 slides from Coface Sa's earnings presentation, Nov 2, 2026
Slide 1: 9M-2026 Results Presentation to Financial Analysts
9 M - 2 0 2 6 R E S U LT S P R E S E N TAT I O N T O F I N A N C I A L A N A LY S T S 2 NOVEMBER 2026
Slide 2: 9M-2026 Results: Net Income at €155.5M – RoATE at 10.7%
9M-2026 RESULTS: NET INCOME AT €155.5M – ROATE AT 10.7% 01 02 03 04 9M-2026 9M-2026 K E Y TA K E - APPENDICES HIGHLIGHTS R E S U LT S A W AY S & OUTLOOK Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authentic
Slide 3: Part 1: 9M-2026 Highlights
coface PART 1 9M-2026 HIGHL
Slide 4: Coface Reports €155.5M Net Profit in 9M-2026, of which €47.7M in Q3-2026
COFACE REPORTS €155.5M NET PROFIT IN 9M-2026 OF WHICH €47.7M IN Q3-2026 Total revenue reached €1,413m in 9M-26, up +1.7% at constant FX and perimeter › Insurance revenue rebounding in Q3-26 at +2.5% at constant FX. Client activity remains positive (+2.5%) › Client retention close to record high (93.
Slide 5: Coface's Strategy Positions It Well in a Higher Interest Rates World
COFACE’S STRATEGY POSITIONS IT WELL IN A HIGHER INTEREST RATES WORLD SERVICES INVESTMENTS CONTINUE TO PAY OFF NAVIGATING HIGHER INTEREST RATES › Continuing strong momentum in services: +10.0% YTD and Coface’s exposure to France is limited +12.4% in Q3 at constant FX and perimeter › France is 14% of
Slide 6: Part 2: 9M-2026 Results
coface FOR TRADE PART 2 9M-2026 RESUL
Slide 7: Total Revenue Up +1.7% with Other Revenue Up +10.0%
TOTAL REVENUE UP +1.7% WITH OTHER REVENUE UP +10.0% 1.9% 1.7% Total revenue up +1.7% vs. 9M-25 at constant FX and perimeter In €m 1,387 1,413 › Insurance revenue* up +0.9% at constant FX but up +2.5% in Q3-26 › Other revenue up +10.0% vs. 9M-25 at constant FX and perimeter Insurance Revenue 1,128 1,
Slide 8: Germany and Higher Inflation Drive Some Turnover Improvement
GERMANY AND HIGHER INFLATION DRIVE SOME TURNOVER IMPROVEMENT Western Europe Northern Europe Central Europe Mediterranean & Africa 0.8% (0.5)% 3.5% 3.5% 0.3% 0.5% 3.0% 2.4% 287 289 285 423 275 410 126 126 9M-25 9M-26 9M-25 9M-26 9M-25 9M-26 9M-25 9M-26 Factoring (+10.9%) and Services Resilient growth
Slide 9: Record New Production, Strong Retention and Some Activity Improvement
RECORD NEW PRODUCTION, STRONG RETENTION AND SOME ACTIVITY IMPROVEMENT production* 96 102 105 New production reaches new post Covid high at 89 New €105m with increased demand and growth investments 9M-23 9M-24 9M-25 9M-26 93.9% 92.7% 93.5% 93.1% Retention Retention close to record highs in a still ra
Slide 10: Stable Loss Levels Despite Rising Large Claims Trend
STABLE LOSS LEVELS DESPITE RISING LARGE CLAIMS TREND Loss ratio before reinsurance and including claims handling expenses, in % 38.7 39.2 36.9 36.6 36.9 35.1 36.3 37.1 36.5 › Claims activity is back to historical levels: › Number of claims slightly down from 9M-19 level (-0.9%) while claims amount i
Slide 11: Loss Ratios Remain Under Control in All Regions
LOSS RATIOS REMAIN UNDER CONTROL IN ALL REGIONS Loss ratio before reinsurance, including claims handling expenses – in % 10%* 4%* 7%* Group North America Latin America Asia Pacific 82.6 42.2 38.4 40.7 35.8 33.4 37.5 36.6 27.5 27.3 33.2 40.4 43.7 19.9 24.8 18.3 FY-23 FY-24 FY-25 9M-26 FY-23 FY-24 FY-
Slide 12: Risks Under Control, Smaller Regions More Volatile
RISKS UNDER CONTROL, SMALLER REGIONS MORE VOLATILE Loss ratio before reinsurance (by quarter), including claims handling expenses – in % 10%* 4%* 7%* Group North America Latin America Asia Pacific 107.0 110.8 49.6 46.5 41.3 41.7 58.0 32.6 50.3 42.7 38.7 39.2 31.6 16.6 33.8 35.2 34.8 36.9 35.1 36.3 3
Slide 13: Continued Investment Drives Cost Ratio Up
CONTINUED INVESTMENT DRIVES COST RATIO UP Gross cost ratio 9M-2025 to 9M-2026 7.7% 5.3% 2.4 ppts 36.8% In €m 242 251 253 235 241 (1.0) ppt 48 35.4% 0.1 ppt External costs 48 46 46 48 (commissions) Internal costs 189 194 195 203 205 9M-2025 Inflation / Premium Investments Services TO 9M-2026 Q3-25 Q4
Slide 14: Reinsurance Reflects Persisting Low Loss Ratio
REINSURANCE REFLECTS PERSISTING LOW LOSS RATIO 9M-25 9M-26 Insurance revenue 1,128.5 1,135.6 › Premium cession rate at 27.7% in line with stable cession Net earned premiums 815.5 820.8 › Claims cession rate at 25.7% with limited impact from non- 27.7% 27.7% Premium cession rate proportional reinsura
Slide 15: Net Combined Ratio Increased at 72.4% with Q3-26 Close to Mid Cycle
NET COMBINED RATIO INCREASED AT 72.4% WITH Q3-26 CLOSE TO MID CYCLE +0.5 ppt In % Net combined ratio 71.9 72.4 › Net combined ratio at 72.4%, slightly up vs 9M-25 but better than Net cost ratio through the cycle targets 32.3 34.7 › Cost ratio up 2.4 ppts vs. 9M-25 with good cost discipline, continue
Slide 16: Financial Portfolio: Stable Underlying Income at Higher Level
FINANCIAL PORTFOLIO: STABLE UNDERLYING INCOME AT HIGHER LEVEL €m 9M-25 9M-26 Income from investment portfolio without gains on sales** 77.7 79.1 FVPL and gains on sales and impairement, net of hedging*** 6.4 6.4 Investment FX effect (29.4) (6.7) Real Estate Other (9.3) (11.7) Equities 2% 67.0 4% 45.
Slide 17: 9M-26 Net Income at €155.5M of which €47.7M in Q3-26
9M-26 NET INCOME AT €155.5M OF WHICH €47.7M IN Q3-26 Income statement items - in €m 9M-25 9M-26 › Net earned premiums up +0.7% at €820.8m Current operating income 266.7 247.8 Other operating income and expenses (5.2) (5.0) › Operating income down -7.2% Operating income 261.6 242.8 › Tax rate at 26%
Slide 18: RoATE Stands at 10.7%, Down by -0.7 ppt
ROATE STANDS AT 10.7%, DOWN BY -0.7 PPT Change in equity In €m 2,213.0 (186.9) (70.9) 155.5 30.4 2,141.1 IFRS Equity attributable Distribution to Net income impact Revaluation reserve Treasury shares, IFRS Equity attributable to owners of the parent shareholders (financial instruments) currency tran
Slide 19: Part 3: Key Take-Aways & Outlook
PART 3 KEY TAKE-AWAYS & OUTLOOK
Slide 20: Key Take-Aways & Outlook
KEY TAKE-AWAYS & OUTLOOK Coface delivers another good quarter with €47.7M net profit in a tougher environment › Q3-26 revenues are up +5.4% on a reported basis with non-insurance up +16.4% including Cedar Rose acquisition › Net production on track to reach all time high on high new business and clos
Slide 21: Part 4: Appendices
coface FOR TRADE PART 4 APPENDICES,
Slide 22: Key Figures (1/3)
KEY FIGURES (1/3) QUARTERLY AND CUMULATED FIGURES Income statement items in €m - Quarterly figures Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 % % ex. FX* Insurance revenue 382.9 377.1 368.5 370.2 369.8 384.2 381.6 +3.6% +2.5% Other revenues 90.3 86.3 81.4 90.6 95.3 89.9 92.5 +13.6% +8.1% REVENUE 473.
Slide 23: Key Figures (2/3)
KEY FIGURES (2/3) REVENUE BY ACTIVITY: QUARTERLY AND CUMULATED FIGURES * Total revenue by quarter - in €m Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 % V% ex. FX*** Insurance** 382.9 377.1 368.5 370.2 369.8 384.2 381.6 +3.6% +2.5% Insurance fees 51.0 46.0 41.7 43.8 51.4 45.2 46.2 +10.8% +4.2% Non-insu
Slide 24: Key Figures (3/3)
KEY FIGURES (3/3) REVENUE BY REGION: QUARTERLY AND CUMULATED FIGURES Total revenue by quarter - in €m Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 % ex. FX* Northern Europe 97.0 88.2 90.2 89.4 99.0 91.0 95.0 +5.3% Western Europe 96.0 95.7 95.3 93.3 93.7 100.2 95.4 (1.7)% Central Europe 42.3 41.6 42.0 4
Slide 25: Combined Ratio Calculation
COMBINED RATIO CALCULATION In €k 9M-25 9M-26 Earned Premiums › Combined ratio before reinsurance Insurance revenue [A] 1,128,494 1,135,628 (B) (C) Ceded premiums (313,043) (314,843) loss ratio before reinsurance + cost ratio before reinsurance (A) (A) Net earned premiums [D] 815,451 820,785 › Combin
Slide 26: 9M-2026 Results vs. Consensus
9M-2026 RESULTS VS. CONSENSUS # of in M€ Consensus Q3-2026 Spread Comment replies Total revenue 4 464 474 +10.1 Slightly better client activity Insurance Revenue 4 379 382 +2.6 Good retention and new business Net Earned Premiums 4 274 276 +1.9 Positive FX NEP/IR 4 72.3% 72.3% +0.0 ppt Stable cession
Slide 27: Financial Calendar & Investor Relations Contacts
FINANCIAL CALENDAR & INVESTOR RELATIONS CONTACTS Calendar Own shares transactions Next Event Date FY-26 Results February 18, 2027 (after market close) Own shares transactions Liquidity Buy-back Date LTIP TOTAL % Total of Voting Q1-27 Results May 10, 2027 (after market close) Agreement (cancellation)
Slide 28: Important Legal Information
IMPORTANT LEGAL INFORMATION IMPORTANT NOTICE: This presentation has been prepared exclusively for the purpose of the disclosure Coface Group’s current beliefs, assumptions and expectations of its future of Coface Group’s results for the period ending 30 September 2026. performance, taking into accou