COFACE SA (CFACY) Q2 2026 Earnings Call Transcript

COFACE SA ( CFACY ) Q2 2026 Earnings Call July 30, 2026 12:00 PM EDT Company Participants Xavier Durand - CEO & Chairman of Management Board Phalla Gervais - Member of Management Board, CFO & Risk Director Conference Call Participants Michael Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division Benoit Valleaux - ODDO BHF Corporate & Markets, Research Division Pierre Chedeville - CIC CIB, Research Division Presentation Operator Good day, and thank you for standing by. Welcome to the Coface SA H1 2026 Results Presentation. Please be advised today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Xavier Durand, CEO. Please go ahead. Xavier Durand CEO & Chairman of Management Board Thank you very much. Good evening. Welcome, everybody. Thank you for joining on the hot summer evening like this for our report on the midyear 2026. You will have seen from the numbers, we had a strong -- another strong quarter of execution in what I would qualify as a pretty tough environment at Coface. Just reminding everybody of the headlines. Net income at EUR 108 million or close. Solvency at 194%, so a very strong position. We had a quarter in Q2 where we saw a relative rebound of volumes versus the first quarter. So insurance premiums grew 1.4% versus a negative 1.3% in Q1, and I'll explain a little bit more in the next pages where that comes from. Most of the operating metrics, as you will see, have been strong. The retention is close to record at 93.6%. Pricing is negative, but above historic average at minus 1.3%. We continue to grow business information double digit, and including the total perimeter, the organic growth is 12% for the semester and 19.1% with the acquisition of Cedar Rose. Debt collection growing almost 32%, and also good news on