Coface recorded consolidated turnover of €1,386.5m for the first nine months of the year, up +1.8% LFL compared to the first nine months of 2024. On a reported basis (at current scope and exchange rates), revenues rose by +0.7%.

The combined ratio net of reinsurance stood at 71.9% for the first nine months of 2025, up 7.6 points y-o-y. The gross loss ratio net of reinsurance stood at 36.9%, up 4 points compared with the levels reached a year earlier.

Operating income amounted to €261.6m, down 17.0%. Net income (group share) amounted to €176.3m, down 15.1% compared to the first nine months of 2024, including €52.1m in Q3 2025.