Paris, 19 February 2026 - 17.35
Turnover: €1,847m, up +1.3% at constant FX and perimeter
Insurance revenue is up +0.6% at constant FX, while customer activity is up +2.6%
Client retention remains at a high level (+92.9%), while pricing remains negative at -1.6%, in line with historical trends
Non-insurance activities (factoring, information services and debt collection) grow by +7.8% to €166.2m. The double-digit growth in information services continues (+16.2% at constant FX and +18.8% including Cedar Rose). Debt collection is up +24.4% and factoring is down slightly, by -2.7%
Net loss ratio at 40.3%, up 5.1 ppts; net combined ratio at 73.1%, up 7.6 ppts
Gross loss ratio at 37.5%, up 4.1 ppts year-on-year with still high opening year reserving and high reserve releases
Net cost ratio up 2.6 ppts to 32.8% reflecting continued investment and modest revenue growth
Net combined ratio in Q4-25 at 76.6%, up 7.9 ppts, above our mid-cycle targets
Net income (group share) at €222.0m, down by -15.0%, of which €45.8m in Q4-25. The annualised RoATE1 is 11.4%
Coface is backed by a strong balance sheet:
Estimated solvency ratio at ~197%2, above the upper end of target range (155% to 175%)
Earnings per share reached €1.49
Proposal to distribute3 a dividend per share of €1.25, representing a 84% payout ratio, above the minimum ratio of 80%
Unless otherwise indicated, change comparisons refer to the results as at 31 December 2024
Xavier Durand, CEO of Coface, commented: "The company continues to show strong performance in a more challenging environment: sluggish global growth driven by AI and emerging markets, continued geopolitical volatility, historically high insolvencies. Additionally, competition on the credit insurance market remains high, weighing on revenues and prices.Our strategy and disciplined execution have enabled us to contain the rise in claims and achieve a net combined ratio of 73.1% for the year, a level now close to our mid-cycle targets. In this harder environment, we remain true to our prudent reserving policy. In 2025, we continued to implement value-creating projects. Our syndicate at Lloyd's provides our clients with a rating that is among the highest in the market. The Cedar Rose and Novertur teams have strengthened Coface's expertise and data quality in growth areas.Our strong balance sheet allows us, in line with our capital management policy, to propose a dividend of €1.25 per share, corresponding to a payout ratio of 84%."
Key figures at 31 December 2025
The Board of Directors of COFACE SA approved the consolidated financial statements at 31 December 2025 at its meeting of 19 February 2026. The Audit Committee at its meeting on 16 February 2026 also previously reviewed them. Accounts are non-audited, certification is in progress.
Income statements items in €m
2024
2025
Variation
% ex. FX*
Insurance revenue
1,512.9
1,498.7
(0.9)%
+0.6%
Services revenue
331.9
348.6
+5,0%
+4.8%
TURNOVER
1,844.8
1,847.3
+0.1%
+1.3%
UNDERWRITING INCOME (LOSS) AFTER REINSURANCE
368.7
282.3
(23.4)%
(23.3)%
Investment income, net of management expenses, excluding finance costs
91.7
65.8
(28.2)%
(28.7)%
Insurance Finance Expenses
(42.5)
(9.2)
(78.3)%
(73.1)%
CURRENT OPERATING INCOME
417.9
338.9
(18.9)%
(19.4)%
Other operating income / expenses
(8.6)
(6.4)
(25.9)%
(32.3)%
OPERATING INCOME
409.2
332.5
(18.8)%
(19.1)%
NET INCOME (GROUP SHARE)
261.1
222.0
(15.0)%
(15.5)%
Key ratios
2024
2025
Variation
Loss ratio net of reinsurance
35.2%
40.3%
5.1%
ppts
Cost ratio net of reinsurance
30.2%
32.8%
2.5%
ppts
Combined ratio after reinsurance
65.5%
73.1%
7.6%
ppts
Balance sheet items in €m
2024
2025
Variation
Total equity (group share)
2,193.6
2,213.0
+0.9%
Solvency ratio
196%
197%1
+1 ppt
* Also excludes scope impact
1 This estimated solvency ratio is a preliminary calculation made according to Coface's interpretation of Solvency II Regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
1. Turnover
In 2025, Coface recorded a consolidated turnover of €1,847m, up +1.3% at constant FX and perimeter compared to 2024. On a reported basis (at current FX and perimeter), turnover was up +0.1%.
Total revenue - in €m(by business activity)
2024
2025
Variation
% ex. FX
Insurance*
1,512.9
1,498.7
(0.9)%
+0.6%
Insurance fees
179.9
182.4
+1.4%
+2.3%
Non-insurance activities
152.0
166.2
+9.3%
+7.8%
Factoring
73.7
71.9
(2.5)%
(2.7)%
Information services
67.3
80.0
+18.8%
+16.2%
Debt collection
11.0
14.3
+30.1%
+24.4%
Total Group
1,844.8
1,847.3
+0.1%
+1.3%
*Including Bonding & Single Risk
Revenue from the insurance activities (including Bonding and Single Risk) was up +0.6% at constant FX and perimeter. In Q4-25, insurance turnover was down by -1.1% compared to Q4-24, which had posted strong growth. Fees and commissions were up +2.3%. Revenues benefited from a retention rate close to record levels (92.9%) in a market that remains competitive. New business reached €129 million, driven by increased demand and benefiting from growth investments.
Client activity had a positive impact of +2.6% against a backdrop of considerable political and economic uncertainty, with world trade suffering from the reintroduction of tariffs in the United States. Pricing remained negative at -1.6%, close to the historical average.
Revenue from non-insurance activities was up +7.8% compared to 2024. Factoring revenues were down -2.7% due to the fall in interest rates and weak client activity in both Germany and Poland, which was particularly marked in Q4-25. Information services revenue rose by +16.2% (and +18.8% on a reported basis, including Cedar Rose). Turnover from debt collection activities rose by +24.4% from a still modest base, confirming their counter-cyclical nature.
Total revenue - in €m(by country of invoicing)
2024
2025
Variation
% ex. FX
Northern Europe
362.2
364.8
+0.7%
+0.7%
Western Europe
