Coface: Net Income Down 13.7% in Q1, Services Compensate
Coface recorded a net income of 53.6 million euros in the first quarter of 2026, down by 13.7% year-on-year. This decline reflects a slowdown in the economic activity of its clients, particularly in Southern Europe and emerging countries, due to tariffs and geopolitical tensions. The credit insurance company partly offsets this decline with a 9.2% increase in its service activities.
The consolidated revenue stands at 465.1 million euros, remaining stable when adjusted for scope and exchange rates. In reported data, it slightly declines by 1.7%. Credit insurance revenues decrease by 1.3%, hampered by the contraction of client activity (only a 0.7% increase, below the historical average) and a negative price effect of 1.1%. Client retention remains close to its historical highs at 94.8%. Non-insurance activities (factoring, information services, and debt collection) increase by 9.2% to 43.9 million euros. Information services maintain a double-digit growth of 11.8% at constant exchange rates. Debt collection significantly accelerates with a 31.6% increase, while factoring grows by 2.2%.
Improved Claims Ratio Despite High Bankruptcy Context
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The net claims ratio improves to 37.6%, down by 1.6 percentage points compared to Q1-25. The net combined ratio after reinsurance stands at 70.0%, better than the average cycle objectives. The net cost ratio increases by 3.0 percentage points to 32.5%, reflecting ongoing investments aligned with the group's strategy. Equity slightly progresses to 2,254.2 million euros (+0.9%), supported by the positive net income of 53.6 million euros, partially offset by a decrease in the value of financial assets by 28.1 million euros.
Coface réaffirme ses principaux objectifs financiers mais ne confirme pas l'objectif de contribution de 50 points de base des services d'information au RoATE en 2027
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