Grupo Catalana Occidente (GCO) Q4 2025 earnings summary

Executive summary

• Achieved consolidated profit of €742.4M (+7.8% YoY) and turnover of €6,260.4M (+4.4% YoY).

• All three business lines (Occident, Atradius, Mémora) contributed to growth and profitability.

• Completed delisting process after successful public takeover bid by INOC, S.A., with 94.27% acceptance.

• Strategic focus on growth, digitalization, and sustainability, with new 2025–2027 plan underway.

Financial highlights

• Occident: Written premiums up 7.4% to €3,479.3M; ordinary profit €336.6M (+15.1% YoY).

• Atradius: Earned premiums up 0.8% to €2,306.9M; ordinary profit €412.9M (+5.3% YoY).

• Mémora: Income up 6.1% to €279.0M; ordinary profit €23.7M (+31.2% YoY).

• Combined ratio: Occident 90.3% (-0.6 p.p.), Atradius 76.4% (+0.1 p.p.).

• Solvency II ratio: 231.4% at year-end 2025.

• Shareholder remuneration: €639.3M in dividends, including €558M extraordinary dividend.

• Permanent resources at market value: €6,862.0M (+4.6% YoY).

Outlook and guidance

• 2026 expected to remain challenging due to geopolitical uncertainty and inflation.

• Strategic priorities: growth, efficiency, digital transformation, and intensified sustainability initiatives.

• Interest rates expected to stabilize; focus on customer-centric digitalization and ESG integration.