Coface Sa · EURONEXT:COFA
Coface Sa — H1 2026 Earnings Presentation
37 slides from Coface Sa's earnings presentation, Jul 30, 2026
Slide 1: H1-2026 Results Presentation to Financial Analysts
H 1 - 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 3 0 J U LY 2 0 2 6
Slide 2: H1-2026 Results: Net income at €107.8M – RoATE 10.9%
H1-2026 RESULTS: NET INCOME AT €107.8M – ROATE STANDS AT 10.9% 01 02 03 04 05 H1-2026 H1-2026 C A P I TA L K E Y TA K E - APPENDICES HIGHLIGHTS R E S U LT S MANAGEMENT A W AY S & OUTLOOK Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiz
Slide 3: Part 1: H1-2026 Highlights
PART 1 H1-2026 HIGHLIGHTS
Slide 4: Coface reports H1-2026 net income at €107.8M, solvency at 194%
COFACE REPORTS H1-2026 NET INCOME AT €107.8M, SOLVENCY AT 194% Total revenue reached €939m y-t-d, up +0.8% at constant FX and perimeter › Insurance revenue rebounding in Q2-26 at +1.4% at constant FX. Client activity remains slightly positive (+1.5%) › Client retention close to record high (93.6%);
Slide 5: Clearly met or exceeded through the cycle financial targets
CLEARLY MET OR EXCEEDED THROUGH THE CYCLE FINANCIAL TARGETS UNDISCOUNTED COMBINED RATIO PAY-OUT RATIO ABOVE 80% BELOW 78% ~78% 84% 75.3% 73.9% 82% 72.2% ≥ 80% 68.2% 80% 2024 2025 2026 Average 2024 2025 H1-26 Average POWER THE CORE (2024-2027) SOLVENCY RATIO ABOVE 175% ROATE ABOVE 11% 13.9% 12.3% 11.
Slide 6: Slow economy weighs on insolvencies and TCI premiums
SLOW ECONOMY WEIGHS ON INSOLVENCIES AND TCI PREMIUMS G L O B AL C O R P O R AT E I N S O LV E N C I E S I N D E X M AI N T C I M AR K E T S P R E M I U M G R O W T H (2025, LOC. CURRENCY) 3% 2% 1% 0% -1% UK GER FRA NL ESP ESP ITA ITA USA USA -2% -3% -4% -5% -6% Coface estimates COMMENTS • Global ins
Slide 7: Our CSR strategy and commitments
OUR CSR STRATEGY AND COMMITMENTS RESPONSIBLE RESPONSIBLE RESPONSIBLE DRIVE THE CULTURE INSURER EMPLOYER ENTERPRISE › Further decrease › Continuously improve › Strengthen our corporate emissions of investment › Carry out an annual carbon employee engagement footprint assessment CSR image with more po
Slide 8: Part 2: H1-2026 Results
coface FOR TRADE PART 2 H1-2026 RESL
Slide 9: Total revenue up +0.8% with other revenue up +8.8%
TOTAL REVENUE UP +0.8% WITH OTHER REVENUE UP +8.8% 0.3% 0.8% Total revenue up +0.8% vs. H1-25 at constant FX and perimeter 937 939 In €m › Insurance* revenue up +0.1% at constant FX but up +1.4% in Q2 Insurance Revenue (IR) › Other revenue up +8.8% vs. H1-25 at constant FX and perimeter 760 754 with
Slide 10: Q2-26 insurance revenues growth back into positive territory
Q2-26 INSURANCE REVENUES GROWTH BACK INTO POSITIVE TERRITORY WHILE HIGH UNCERTAINTY WEIGHS ON MATURE MARKETS GROWTH Western Europe Northern Europe Central Europe Mediterranean & Africa 1.2% 0.2% 2.6% 2.6% (0.4)% (0.4)% 2.2% 1.9% 192 194 280 286 185 190 84 84 H1-25 H1-26 H1-25 H1-26 H1-25 H1-26 H1-25
Slide 11: High retention, slightly positive client activity
HIGH RETENTION, SLIGHTLY POSITIVE CLIENT ACTIVITY production* 69 76 75 63 New production at near record €75m despite New slower large deals H1-23 H1-24 H1-25 H1-26 Retention 94.4% 94.0% 93.6% 92.8% Retention close to record highs, in a still rate* competitive market with active risk prevention H1-23
Slide 12: Gross loss ratio at 36.7%, with high reserves bookings and releases
GROSS LOSS RATIO AT 36.7%, WITH HIGH RESERVES BOOKINGS AND RELEASES Loss ratio before reinsurance and including claims handling expenses, in % › Claims activity is back to historic levels: 37.8 36.7 38.7 39.2 37.1 36.9 35.1 36.3 ‒ Number of claims almost stable (0.6%) vs. H1-19 level while claims am
Slide 13: 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 37.5 42.2 40.4 40.7 35.8 33.4 36.7 34.4 38.4 27.5 27.3 28.3 18.3 11.7 19.9 FY-23 FY-24 FY-25 H1-26 FY-23 FY-24 FY-
Slide 14: Risks well under control
RISKS WELL UNDER CONTROL Loss ratio before reinsurance (by quarter), including claims handling expenses – in % 10%* 4%* 7%* Group North America Latin America Asia Pacific 107.0 49.6 58.0 42.7 50.3 46.5 41.3 41.7 32.6 33.8 35.2 34.8 22.2 38.7 36.9 35.1 39.2 36.3 37.1 31.6 27.8 16.6 -22.5 -14.2 Q1-25
Slide 15: Stable revenues and continued investments drive cost ratio up
STABLE REVENUES AND CONTINUED INVESTMENTS DRIVE COST RATIO UP Gross Cost Ratio H1-2025 to H1-2026 2.0 ppts + 02% 4.7% 3.4% 36.3% + 36% 0.6 ppt + 01% - 01% +34.6% 35% (0.8) ppt 240 241 242 251 In €m 235 External costs 50 46 48 48 46 (commissions) Internal costs 190 189 194 195 203 Q2-25 Q3-25 Q4-25 Q
Slide 16: Reinsurance reflects low loss ratio
REINSURANCE REFLECTS LOW LOSS RATIO H1-25 H1-26 › Premium cession rate at 27.7% in line with stable reinsurance Gross earned premiums 760.0 754.0 structure Net earned premiums 549.3 544.9 › Claims cession rate at 26.5% with limited impact from non- Premium cession rate 27.7% 27.7% proportional reins
Slide 17: Stable net combined ratio with Q2-26 below mid cycle
STABLE NET COMBINED RATIO WITH Q2-26 BELOW MID CYCLE 0.0 ppt In % Net combined ratio 71.3 71.3 › Net combined ratio at 71.3%, stable vs H1-25 and below through Net cost ratio the cycle targets 31.2 33.9 › Cost ratio up 2.7 ppts with good cost discipline amid continued Net loss ratio investments and
Slide 18: Financial portfolio: high and stable underlying income
FINANCIAL PORTFOLIO: HIGH AND STABLE UNDERLYING INCOME €m H1-25 H1-26 Income from investment portfolio without gains on sales** 52.1 53.0 Investment FVPL and gains on sales and impairement, net of hedging*** 4.1 5.8 Real Estate FX effect (23.7) (2.4) Equities 3% Other (6.2) (8.6) 4% 26.3 47.7 Loans,
Slide 19: H1-2026 net income at €107.8M of which €54.2M in Q2-2026
H1-2026 NET INCOME AT €107.8M OF WHICH €54.2M IN Q2-2026 Income statement items - in €m H1-25 H1-26 Current operating income 186.6 171.1 › Net earned premiums down by -0.8% at €544.9m Other operating income and expenses (0.6) (2.4) Operating income 186.0 168.7 › Operating income down -9.3% Finance c
Slide 20: RoATE stands at 10.9%, down -0.5 ppt
ROATE STANDS AT 10.9%, DOWN -0.5 PPT Change in equity In €m 2,213.0 (186.9) 107.8 6.1 26.4 2,166.3 IFRS Equity attributable Distribution to Net income impact Revaluation reserve Treasury shares, IFRS Equity attributable to owners of the parent shareholders (financial instruments) currency translatio
Slide 21: Part 3: Capital Management
PART 3 CAPITAL MANAGEMENT
Slide 22: Solid balance sheet
SOLID BALANCE SHEET H1-2026 simplified balance sheet In €m 8,471 8,471 267 Goodw ill & intangible assets 2,166 Financial strength Shareholders’ equity 3,276 › Fitch: AA-, stable outlook, rating affirmed on October 14, 2025 Insurance investments 617 Financing liabilities (including hybrid debt) › AM
Slide 23: Robust solvency over time
ROBUST SOLVENCY OVER TIME H1-2026 estimated Solvency ratio above target range Low sensitivity to market shocks market sensitivity tested through instantaneous shocks 30.06.2026 SCR cover 194% (11.3) ppts 13.4 ppts (5.6) ppts 196%* 195%* 197%* 194%* ( 0.2 ppt ) +100 bps Interest rates (1) 187% +100 b
Slide 24: Solvency required capital as at 30 June 2026
SOLVENCY REQUIRED CAPITAL AS AT 30 JUNE 2026 194%1 PARTIAL INTERNAL MODEL 2,709 48 626 €m 1,497 (177) 46 195 1,398 (118) Operational risk 163 1,202 195 Tier 3 Tier 2 Counterparty risk Tier 1 2,035 373 Market risk Non-life underwriting risk 1,202 1,202 915 SCR components Diversification Tax adjustmen
Slide 25: Part 4: Key Take-aways & Outlook
PART 4 KEY TAKE-AWAYS & OUTLOOK
Slide 26: Key take-aways & outlook
KEY TAKE-AWAYS & OUTLOOK Coface confirms its good start to the year with H1-26 net profit at €107.8m, annualised RoATE at 10.9% › In a weak economic environment (Strait of Hormuz), with low GDP growth and high insolvencies, Coface continues to perform › Combined ratio stands at 71.3% in H1-26, well
Slide 27: Part 5: Appendices
coface FOR TRADE PART 5 APPENDICES,
Slide 28: Key figures (1/3)
KEY FIGURES (1/3) QUARTERLY AND CUMULATED FIGURES Income statements items in €m - quarterly figures Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 % % ex. FX* Insurance revenue 382.9 377.1 368.5 370.2 369.8 384.2 +1.9% +1.4% Services revenue 90.3 86.3 81.4 90.6 95.3 89.9 +4.2% +2.5% REVENUE 473.2 463.4 449.9 4
Slide 29: 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 % V% ex. FX*** Insurance** 382.9 377.1 368.5 370.2 369.8 384.2 +1.9% +1.4% Insurance fees 51.0 46.0 41.7 43.8 51.4 45.2 (1.7)% (2.7)% Non-insurance activities
Slide 30: 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 V% ex. FX* Northern Europe 97.0 88.2 90.2 89.4 99.0 91.0 +3.3% Western Europe 96.0 95.7 95.3 93.3 93.7 100.2 +2.2% Central Europe 42.3 41.6 42.0 42.6 42.2 41.3 (1
Slide 31: Exposure in emerging markets maintained at a stable share
EXPOSURE IN EMERGING MARKETS MAINTAINED AT A STABLE SHARE Evolution of TCI exposure1 per Advanced vs. Emerging markets (in €bn) H1-2026 total TCI exposure1 – Top 10 countries vs. others (in %) 10.8% USA Germany Dec-22 82% 18% 667 10.7% Italy Dec-23 82% 18% 685 38.2% France Spain Dec-24 82% 18% 715 U
Slide 32: Combined ratio calculation
COMBINED RATIO CALCULATION In €k H1-25 H1-26 Earned Premiums › Combined ratio before reinsurance Insurance revenue [A] 759,964 754,007 loss ratio before reinsurance (B) + cost ratio before reinsurance (C) Ceded premiums (210,640) (209,123) (A) (A) Net earned premiums [D] 549,324 544,884 Claims expen
Slide 33: H1-2026 results vs. consensus
H1-2026 RESULTS VS. CONSENSUS # of in M€ Consensus Q2-2026 Spread Comment replies Total revenue 4 461 474 +13.2 Slightly stronger USD and positive insurance activity Gross Earned Premiums 4 370 384 +14.2 Services continue to grow Net Earned Premiums 4 266 278 +12.2 NEP/GEP 4 71.8% 72.4% +0.6 ppt Sta
Slide 34: Management team
MANAGEMENT TEAM GROUP MANAGEMENT COMMITTEE GROUP EXECUTIVE COMMITTEE Xavier DURAND Chief Executive Officer Hugh BURKE Jaroslaw JAWORSKI CEO Asia Pacific CEO Central & Eastern Europe › +35 years of international experience in regulated financial services › +20 years of international exp. › +25 years
Slide 35: Corporate governance
CORPORATE GOVERNANCE Key figures Board of directors 10 Bernardo SANCHEZ INCERA Directors Chairman Age: 66 (independent) › Board member Chairman Laetitia LEONARD-REUTER Independent Sébastien PROTO Age: 51 Independent directors Age: 48 › Deputy CEO › Executive Chairman › Generali France › Elsan Group
Slide 36: Financial calendar & investor relations contacts
FINANCIAL CALENDAR & INVESTOR RELATIONS CONTACTS Calendar Own shares transactions Own shares transactions Liquidity Buy-back Date LTIP TOTAL % Total of Voting Agreement (cancellation) (in shares) # Shares rights Next Event Date 30/06/2026 253,934 444,641 0 698,575 0.47% 149,481,217 9M-2026 Results N
Slide 37: Important legal information
IMPORTANT LEGAL INFORMATION IMPORTANT NOTICE: Coface Group’s current beliefs, assumptions and expectations of its future This presentation has been prepared exclusively for the purpose of the disclosure performance, taking into account all information currently available. The Coface Group is under n