Coface records year-to-date net income of €176.3m, of which €52.1m in Q3-25; annualised ROATE at 12%.
Turnover
Turnover: €1,386.5m, up +1.8% at constant FX and perimeter
- Trade credit insurance premiums were up +1.1% at constant FX; client activity was up +2.1%
- In Q3-25, services grew strongly, up +10.7%, in line with the strategy of strengthening the service offering
- Client retention returned to a high level at 93.5%, close to the 2023 records (93.9%); pricing is down by -1.8%, in line with historical trends
- Business information continued to post double-digit growth (+14.5% at constant FX), with debt collection up +38.5% and factoring up +0.4%
Net loss ratio
Net loss ratio at 39.6%, up 4.1 ppts; net combined ratio at 71.9%
- Gross loss ratio at 36.9%, up 4.0 ppts year-on-year, with stable opening year reserving and continued high recoveries
- Net cost ratio increased by 3.4 ppts at 32.3%, reflecting continued investment and modest revenue growth
Net income (group share) at €176.3m, of which €52.1m in Q3 25 and annualised RoATE1 at 12.0%
Appointment of Christina Montes de Oca as Chief Executive Officer for the North America region
Coface CEO's statement
In the third quarter of 2025, Coface’s net income reached €52m. Since the beginning of the year, the return on tangible equity has reached 12%, a level above the mid-cycle targets in an economic environment that is getting tougher. The introduction of trade barriers and the fall in the prices of many commodities, particularly energy, are limiting the growth of trade credit insurance, while the number of company bankruptcies is now reaching levels above the cycle average.
Against this backdrop, Coface's rigorous commercial underwriting policy has limited the loss ratio increase, despite the higher average size of paid claims.
Coface has resolutely continued to invest in both trade credit insurance and related services. Other activities grew by 10.7% in the third quarter, with continued double-digit growth in business information, strong growth in debt collection (+38%) and a good quarter for factoring.
In this context, our strategy of resolutely investing to create an ecosystem in risk control and analysis, digital and direct distribution and supplementary services is therefore fully justified.
Xavier Durand, Coface’s Chief Executive Officer
Unless otherwise indicated, changes are expressed by comparison with the results as at 30 September 2024.
1 RoATE = Return on average tangible equity.
