COFACE (COFA) AGM 2026 summary

Opening remarks and agenda

• The meeting was opened by the Chairman of the Board, with quorum confirmed and all required documents made available to shareholders, including financial statements, reports, and proposed resolutions.

• The agenda included approval of 2025 accounts, allocation of results, dividend payment, board renewals, remuneration policies, and capital operations.

Financial performance review

• Net income for 2025 was €222.0M, with Q4 contributing €45.8M; revenue reached €1,847M, up 1.3% at constant scope and exchange rates.

• Insurance revenues rose 0.6%, client retention remained high at 92.9%, and information services grew 16.2%.

• Net combined ratio increased to 73.1%, with a higher loss ratio reflecting a tougher credit insurance cycle.

• Solvency ratio stood at 197%, well above the target range, supporting a high payout.

• Q1 2026 net income was €53.6M, down 13.7% year-on-year, with stable revenue and continued investment in information services.

Dividend announcements

• A dividend of €1.25 per share was proposed for 2025, representing an 84% payout ratio, with payment scheduled for May 28, 2026.