Grupo Catalana Occidente (GCO) Q3 2025 earnings summary

Executive summary

• Total turnover for 9M2025 reached €4,777.8M, up 4.7% year-over-year, with consolidated result at €614.2M, a 6.9% increase.

• Attributable profit reached €558.0M, up 7.6% year-over-year.

• Shareholder remuneration for 2024 amounted to €145.8M, with dividends up 8.7% from the prior year; dividend per share at €1.12 and payout ratio at 23.4%.

• Share price rose 36.2% YTD, outperforming the Spanish market index.

• Announced a voluntary public takeover bid by INOC, S.A., potentially leading to delisting; acceptance period runs from Oct 30 to Nov 28, 2025.

Financial highlights

• Insurance turnover increased 4.7% to €4,570.7M; total turnover at €4,777.8M; attributable result grew 7.6% to €558.0M year-over-year.

• Occident's ordinary result rose 11.2% to €259.6M; Atradius' ordinary result slightly declined by 0.5% to €327.9M.

• Mémora's ordinary result surged 31.6% to €18.1M, with revenue up 5.5% and EBITDA margin at 23.6%.

• Group's total net equity increased 11.1% to €6,411.4M as of September 2025.

• Managed funds rose 6.7% to €18,006.3M.

Outlook and guidance

• Strategy for 2025 focuses on leadership, integration, digital transformation, and sustainability.

• Macroeconomic environment remains resilient with global GDP growth expected at 3.2% in 2025.

• Insurance sector in Spain grew 13.6% in revenue, with life insurance up 22.2% and non-life up 8.0%.

• Inflation is expected to moderate but remain around 4% globally; interest rates anticipated to decline further in 2025.

• Sustainability initiatives are being strengthened and further integrated into business operations.