2024 03 05 - Power The Core - Vision 2027

5 MARCH 2024
CAPITAL MARKET DAY

AGENDA
09:00 Power the Core - Vision 2027

10:00 Underwrite with discipline and courage
10:20 Stimulate customer-oriented profitable growth
10:50 Break
11:05 Build differentiating data and scoring capabilities
11:25 Grow BI double digit
11:40 Invest in technology and connectivity
11:55 Leverage unique culture
12:15 Financial performance & ambitions
12:35 Q&A
13:00 End
2 CAPITAL MARKET DAY – 5 MARCH 2024

POWER
THE CORE
VISION 2027
XAVIER DURAND
CHIEF EXECUTIVE OFFICER
POWER THE CORE: DEEPEN AND BROADEN FROM STRONG
FOUNDATION
› Trade Credit Insurance (TCI) is a profitable, highly concentrated market, with high entry barriers
› Coface has achieved a leadership position in the TCI market, with underwriting discipline,
upgraded commercial practices, improved technological capabilities and strong balance sheet
› Business Information (BI) has confirmed its attractive value proposition, and its growth potential
offering strong synergies with TCI
› Coface will continue to invest in data, technology and connectivity to further deepen and broaden
its franchise
› Coface is raising its through-the-cycle RoATE target to 11.0% and is committing to a positive
50 bps additional contribution from BI in 2027

AN OLIGOPOLISTIC TCI MARKET
Global TCI market evolution

In €Bn
CAGR %
+7.2% p.a. ’16 – ’23e
11.4
10.6 › V-shaped recovery
+3.8% p.a.
2.9 Others +5.7% post Covid
8.6 2.7
7.7 › Inflation-driven growth

2.2
1.5 Sinosure +4.3%
1.5 in 2022 and 2023
1.9
1.6 Coface +5.0%
1.2
1.1
1.5 › Expected to return to lower
1.2 growth in the coming years
1.1 2.3 Atradius +6.4%
2.2
1.8
1.5
3.2
Allianz
2.1 2.3 2.6 Trade +6.5%
2016 2019 2022 2023
Sources: Coface analysis, ICISA, Swiss Re, Allianz Trade, GCO.

STRONG BARRIERS TO ENTRY
Coface Assets
Proprietary data › Data sourcing covering 195m companies worldwide

and scores › Best-in-class TCI-leader scoring expertise
› Direct presence in 58 countries

Global reach
› 160+ partners, including 50 fronters in 49 countries
Worldwide technology › Data-oriented IT platform and organization (Data Lab, Data Office)
platform › Worldwide risk management infrastructure monitoring 200 countries
Through-the-cycle UW › 100 years cumulative experience of 330+ RUW FTE who managed
experience several global crises: Covid, Russia / Ukraine
Regulatory and legal › 45 in-house legal advisors located in 20+ countries

set up › Operations with 56 regulators worldwide
› Solvency ratio above the upper range of the comfort zone: 155% - 175%
Balance sheet strength
› Partial Internal Model in place

A HIGH TOUCH SERVICE BUSINESS
Setting up the In case of non-

Sale Day-to-day use
policy payment
Illustrative
TCI Underwriting Policy Onboarding Usage and Limit Portfolio Renewal Dunning Notification Collection
journey issuance amendments request monitoring of loss
Portfolio
Information Information Indemnification
review
Service to
policyholder Insurance Economic Risk alerts /
Debt collection
cover intelligence prevention
On average, one limit request per client per week

REVENUES DRIVEN BY 4 KEY PARAMETERS
ILLUSTRATION
Illustrative breakdown of EAV evolution
New business Cancellations Premium Rate Activity Other gap Total

A B C D

A NEW BUSINESS MOTIVATED BY SPECIFIC CLIENT NEEDS
Client segments TCI penetration % in TCI Revenues Client expectations Products

(indicative) (indicative)
International groups › Worldwide coverage › Whole turnover

> €250m TO insured, ~45% 35% › Standard credit management cancellable
multiple countries › Optimize balance sheet › XOL non-can
Mid-market › Support exports › Whole turnover

~40% in Europe
45% › Professionalize own credit cancellable
> €15m TO insured ~5% in other markets
management processes
SMEs › Protect against catastrophic › Simplified whole

~1% 15% non-payment turnover cancellable
< €15m TO insured › Easy-to-use solution
› Reduce capital requirements › Whole turnover

(rating) (can / non-can)
Financial institutions - 5% › Increase credit capacity › Single-buyer
› Provide information and score policies

PORTFOLIO VALUE FUELED BY LONG-TERM CLIENT
B RELATIONSHIP
Coface Group retention rate Actions contributing to Coface retention

In %
› Tools: anti-churn, CRM

92.9 93.1
› Alignment with RUW for renewals
91.9 91.7
91.6
91.1 › Account Management effectiveness
enhancement
89.7
› Client satisfaction initiatives: client workshops,
detractors calls, quality councils
› Claims processing quality
› Trusted and reliable insurer
2017 2018 2019 2020 2021 2022 2023

C LONG-TERM EFFICIENCY GAINS BENEFIT CLIENTS
EAV / Risk Exposure
CAGR
-1% p.a.
2017 2018 2019 2020 2021 2022 2023

D ACTIVITY CORRELATES WITH GDP AND INFLATION
Activity growth vs. global GDP growth + inflation*

In %
Client activity
14
12
GDP growth +
Inflation
10
-2
2017 2018 2019 2020 2021 2022 2023
* GDP growth % + Inflation growth %
Sources: IMF, Coface

COFACE BUILT A PROFITABLE, HIGH-QUALITY FRANCHISE
All business lines FY-2016 FY-2023 Variation RoATE

In %
13.4
GROSS EARNED 12.7
PREMIUMS
€1,115m €1,559m +40% 12.2
CLIENT RETENTION 88.5% 93.1% +4.6 ppts 8.9

7.7
SOLVENCY 150% 199% +49 ppts
5.3
4.8
SHAREHOLDERS EQUITY €1,755m €2,051m +17%
NET COST RATIO 35.1%* 26.6% -8.5 ppts
-0.8
NET LOSS RATIO 65.5%* 37.7% -27.8 ppts
FY FY FY FY FY FY FY FY
16 17 18 19 20 21 22 23
NET COMBINED RATIO 100.6%* 64.3% -36.3 ppts IFRS 4 IFRS 17
* Excluding State Export Guarantees Management

ACHIEVED CONSISTENT STRONG PERFORMANCE
NET COST 70% NET LOSS

37% Rolling 4Q 65% Rolling 4Q
35% 60%
55%
33% 50%
45%
31%
40%
29% 35%
30%
27%
25%
25% 20%
2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2021 2022 2023
110% NET COMBINED 140 GROWTH

Rolling 4Q Turnover – Index base 100 in Q1 ‘16
100% 130
90% 120
80% 110
70% 100
60% 90
50% 80
2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2021 2022 2023

BUILT CRITICAL CAPABILITIES
Built best in industry risk Developed sales machines Simplified operating model
infrastructure in key markets
› Consistent and active risk › Strengthened organizations › Advanced product portfolio
management and leadership simplification
› Tight processes › Invested in Sales Force Effectiveness › Progressed multi-year projects
› Proactive coordination culture › Rolled out key processes and tools › Rationalized IT (-200 apps. since ‘18)
› Enhanced data and analytics › Continuously invested in data science
Established BI foundations Defined strong CSR roadmap Created strong leadership

culture
› Built global offer › Assessed carbon footprint and set › Implemented flexible organization
› Tripled team size with 440 FTE net zero trajectory › Developed talents
› Began revamp of technology platform › Expanded commercial exclusion › Drove employee engagement e-NPS
(iCON, Urba 360, APIs) policy from 6 to 31 (since Nov. 21)
› Strengthened diversity and gender
equity

LAUNCHED BI TO FURTHER MONETIZE EXPERTISE
Access to unique data Value proposition
Global coverage
Information Providers network

Assets One-stop, global access
Consistent score methodologies with scale
Underwriting capabilities
Brand awareness
Unique TCI-leader insights
for clients
Credit Opinions
Debtor Risk Assessment

Products
Information reports Simple, comprehensive tools
and analyses
Country / Sector Risk Assessment

BI AND TCI COMPLEMENT EACH OTHER
Key synergies
Information Public
› Critical mass Providers Sources
› Stronger purchasing power
› Higher data re-use rate
Data and
Technology › Investment capacity
› Speed and accessibility: company identification Data patrimony
and data access
› Multi-sourcing and alternative data
Credit insights
› Expanded target market / use cases (DRA, credit opinion)
Market
Penetration › Complementary growth engine in mature markets
› Client base
› Information to support DCL and AFL management › Scale
TCI BI
Cross-selling › Counter-cyclical
/ Upselling › Qualification and monitoring of non-insured buyers' portfolio revenues
– increase relationship stickiness of TCI clients

POWER THE CORE: DEEPEN AND BROADEN FROM STRONG
FOUNDATION
REGAIN CONTROL ACCELERATE TO BECOME DEEPEN AND BROADEN

AND SET FOUNDATIONS A LEADER IN THE INDUSTRY THE COFACE FRANCHISE
RISK › Regain control › Industry leading › Expert, data driven

MANAGEMENT › Defensive › Agile, proactive › Disciplined, consistent
PRODUCT › TCI focused › Diversified › Risk focused
SERVICE › Mending issues › Fast, consistent, flexible › Omni-channel, structured
OPERATING
› Complex and fragmented › Simple, integrated, digitized › Lean, industrialized
MODEL
GROWTH › Turnaround › Invest in profitable growth › Focused and diversified
RETURNS › Clawing back › Above cost of capital › Resilient TCI with BI upside
CULTURE › Build the culture › Live the culture › Share the culture

2027 AMBITION: BEST-IN-CLASS GLOBAL CREDIT ECOSYSTEM
1 DATA AND TECHNOLOGY EXCELLENCE
› Best available Data › AI-powered, best-in-class decision science › Extensive digital connectivity › Safe and secure
2 TRADE CREDIT INSURANCE 3 PROFITABLE BI

LEADERSHIP DOUBLE-DIGIT GROWTH
› Reliable, responsive › Global one-stop Data shop

and explainable UW › Unique and recognized value
› Multi-channel distribution proposition
› Globally standardized product suite › Full online availability
› Full and flexible digital access › Maximized synergies with TCI
4 UNIQUE CULTURE
› Wired to the Global › Multinational with human › Client focus › Excellence through › Committed to CSR
economy dimension collaboration

FOCUSED ROADMAP AND TARGETED INVESTMENTS
1 REACH DATA AND TECHNOLOGY EXCELLENCE
› Build differentiating data and scoring capabilities › Invest in technology and connectivity
2 BROADEN AND STRENGTHEN 3 GROW BI

TCI FRANCHISE DOUBLE DIGIT
› Underwrite with courage › Keep building Sales team

and discipline with consistency
› Stimulate customer-oriented › Broaden data sourcing
profitable growth and expand use cases
› Deliver on simplification › Upgrade IT platform
4 LEVERAGE UNIQUE CULTURE
› Enhance attractive employer value proposition › Deliver on CSR commitments

1 BUILD DIFFERENTIATING DATA CAPABILITIES
TCI
Access /
Acquisition Management Solutions Delivery › Refined UW leveraging better scores
Storage
› Faster access to high quality data
› Shorter response times to limit
requests
Underwriting
system › Responsive portfolio management
APIs
IPs Analytics
DRA
› Better explainability of decisions
entary D
mplem ata CRA
Multi-sourcing Co
BI platform itica l Data App
Cr SRA (URBA)
Open source Identification Credit BI
Data lake
opinion
Rel8ed Credit Batch

› Premium insights, including
Gateways reports elaborate credit recommendations
Payment
Web crawling Keyi
ng & matching index › Homogeneous information
Website
worldwide
EIC
› Credibility of ~€700bn exposure
management
› Ease of access

1 INVEST IN TECHNOLOGY AND CONNECTIVITY
Connectivity solutions Client-centric ecosystem
Customer / Broker portals

› Digital access to full product range
Online client interfaces for › TCI, BI, Debt Collection
day-to-day policy management
› Highly qualitative service
› Consistent product experience
› Modular approach to specific needs
API catalogue
Digital tools, selfcare and support › Enhanced productivity
for custom integration › Direct access to up-to-date and
reliable data
Interface with ledgers and CMS › Stronger Coface – Client bond

› Increased stickiness through digital
Coface-enabled credit inter-connection
management software solutions

2 SUSTAIN TRADE CREDIT INSURANCE LEADERSHIP
Underwrite with discipline Stimulate customer-oriented

Deliver on simplification
and courage profitable growth
› Improve UW speed and quality with › Further strengthen unique CGS › Finalize migration to global target
better data and agile processes franchise product range (Easy – Trade –
Global Liner)
› Maintain disciplined mindset, yet › Drive mid-market multi-channel
courageous UW through-the-cycle distribution › Further roll-out integrated Group
tools
› Implement granular and dynamic › Enrich product offering
prevention to mitigate losses while › Generate cost savings through
supporting clients process and scale
› Improve customer journey
and service quality

2 UNDERWRITE WITH DISCIPLINE AND COURAGE
› Gained share during Covid Accumulated monthly prevention actions

In # of prevention actions
› Focused risk action plans in Q2-2020
› Repricing campaign (rate and MP) (+€20m) 2020
› Proactive and progressive increase in exposure following changing

risk expectations (+€48bn)
› Maintained tight UW in post-Covid soft market
› Actively mitigated Russia / Ukraine crisis: 90% exposure reduction 2023

in 9 months with no losses 2018
2019
› Avoided high losses: trading and construction sectors, managing 2022
Israel, Argentina dynamic situations 2017
2021
› Managed significant retail challenges without losses across the cycle
› Avoided Greensill business
› Refused aircraft leasing Single Risk deals in US and Europe

Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

2 FURTHER STRENGTHEN UNIQUE CGS FRANCHISE
Strong, dedicated CGS organization Coface footprint and world main trade corridors
2023
› One of the 3 carriers capable of

addressing the global TCI needs of large
corporates
› 100 countries covered: Best-in-class

footprint
› 230 FTE-CGS teams across 35 countries
› 600+ programs / client groups worldwide

with €360bn exposure
› Drives stronger broker relationships,

more specifically with large international
players
Leading export
countries / zones
› Supports global brand reputation
Coface footprint
Sources: BCG, Statista, Coface

DRIVE MID-MARKET MULTI-CHANNEL
2 DISTRIBUTION AND INNOVATION
Laid the foundation for future growth Invest and Innovate for growth
› Restructured sales teams and implemented performance › Selectively invest in distribution

culture in main countries
› Double sales force in key countries
› Differentiate broker servicing
› Strengthened New Business and reduced MM › Expand partnerships to broaden commercial reach
cancellations by +20% since 2017
› Fully digitize EasyLiner to boost SME sales

› Increased x5 distributing partners’ contribution
to MM New Business generation › Interface with market credit software
› Improve customer journey and service quality

› Rolled-out new CRM in 60+ countries and anti-churn tool

COMPLETE PRODUCT STANDARDIZATION TO
2 SIMPLIFY THE BUSINESS
Share of Trade- and Global- Liner in Coface portfolio

In %
Stock/Legacy
Standard product suite
Centralized Clause Book
Dedicated systems
TradeLiner
and
GlobaLiner
Faster and simpler operations
Enhanced quality of service
Lower operating cost
2018 2019 2020 2021 2022 2023 2024f 2025f 2026f 2027f

2 DRIVE €10M+ OPERATIONS FULL YEAR COST-OUT
Reduce unit cost … … and increase automation
Continue to leverage assets in lower cost countries: Examples of process simplification and automation
› Roll out new contract management system
› Reinforce SSCs capabilities
› Simplify processes and organization
› Transfer more activities in key function areas:
Commercial
› Financial accounting -82%
& 14
› Commercial Back Office
Underwriting Time to offer in 9
› Claims 5
working days* 2.5
› Debt Collections
‘17 ‘19 ‘23 ‘27f
› Automated claims verification

› Integrated claims and accounting tools
x3
Claims
% of claims 30%
processed
10%
automatically
2023 2027f
* Mid-Market clients in 13 countries

3 GROW BI DOUBLE DIGIT
Sales › Keep aggressively building Sales teams Coface BI Revenues

In €m
› Upskill sales by vertical
› Systematize key account and pricing management practices
Double
Digit
Data
› Broaden and diversify data sourcing
› Finalize TCI and BI IPs alignment +13%
p.a.
64
Products
› Expand credit and supplier risk use cases
› Make full suite available in URBA 360 39
Ops. and › Enhance IT platform scalability and robustness

technology
› Improve operational processes
› Strengthen connectivity with IPs and clients through APIs 2019 2023 2027f

BUILD ATTRACTIVE EMPLOYER
4 VALUE PROPOSITION
Coface employer value proposition Serving a unique culture
Foster global exchanges and help build

the future of trade Wired to the
Global
economy
Drive international careers and

accelerate leadership growth Multinational
Committed to with human
CSR dimension
Build a diverse group of informal,

inclusive and collaborative talents
Excellence
Client
Support client growth thanks to through
Focus collaboration
unmatched expertise in trade

4 DELIVER ON CSR COMMITMENTS
Further implement Finetune workplace Upgrade CSR

emissions reduction plan attractiveness communication
› Follow NZAOA trajectory towards › Pursue DE&I efforts: 40% of women › Enhance CSR communication
net zero: 30% reduction target amongst the 200 top managers and image to the market
by 2025 vs. 2020 by 2030
› Ensure better knowledge
› Execute daily operations emissions › Strengthen employee engagement of initiatives by rating agencies
reduction plan: 11% reduction target through regular surveys / action
by 2025 vs. 2019 (-28% at constant plans: Engagement score up from › Develop internal awareness
scope) 7.4 to 7.7 since 2021 of upcoming CSRD obligations
› Engage customers and further › Grow international mobility:

extend commercial exclusion policy +100% mobility since 2019
› Further embed CSR in selection

of suppliers

A STRONGER AND MORE RESILIENT COMPANY
Better economics
› Increased annual received reinsurance commissions rate

More resilient Coface
by 9 ppts since 2016
› Increased annual recurring investment income by €35m
vs. 2021
› Lowered cost ratio by 8.5 ppts vs. 2016
2021 – 2023 quarterly profit above €50m
› Delivered double digit ROE
More resilient to solvency shocks
Lower probability of capital destruction

Stronger balance sheet
› Reduced market risk SCR by 20% in 2 years

› Extended next hybrid debt refinancing to 2032
› Lowered reinsurance stop loss attachment point
› Maintained solvency above 180% in front of major shocks

RESILIENT AND PROFITABLE CORE WITH SERVICES UPSIDE
Through-the-cycle targets
Undiscounted
RoATE*
Combined Ratio
11.0%
~78%
BI contribution to
TCI + 2027 RoATE
+0.5%
Towards the upper

Payout ratio
end of the range
≥ 80%
155%-175%
* At the current level of interest rate environment

UNDERWRITE
WITH DISCIPLINE
AND COURAGE
CYRILLE CHARBONNEL
UNDERWRITING DIRECTOR
UNDERWRITE WITH DISCIPLINE AND COURAGE
› Disciplined, expert underwriting with a client focus

› Strict underwriting policy, applied with consistency
› Close coordination with Sales
› Agile risk monitoring
› Transparent communication with clients and brokers; work through crises together
› Going forward, leverage technology and AI to further improve underwriting

› Fully digitize commercial underwriting process
› Enhance risk underwriting process automation
› Provide AI-powered explanations

DISCIPLINED, COURAGEOUS UNDERWRITING WITH CLIENT
FOCUS
Key Assets Disciplined underwriting policy

› Two separate functions (Risk
400+ Underwriters across and Commercial underwriting)
46 countries › Define balanced and sustainable Consistent and transparent decisions
Terms and Conditions for our key stakeholders
~€700bn exposure under › Implement strict procedures to ensure
management global application of the risk framework › Base decisions on predictable buyer
and exposure quality risk assessment principles
55 Enhanced Information › Establish constant dialogue
Centers, with 300 analysts with Sales to foster client-oriented
Agile risk monitoring decisions
3m+ limits decisions per › Involve clients and brokers
Regularly monitor and re-evaluate:
year (12k per day) throughout the process
› Country and macroeconomic risk
› Intensify client support in the most
› Sectorial developments
Credit Limit response time challenging risk situations
below 1 day › Buyer / Group data
› Policyholder quality

ADAPT RISK MANAGEMENT TO CONTEXT
Country risk Sector risk Debtor risk Policyholder risk

Triggers Triggers Triggers Triggers
› Geopolitical tensions › Systemic disruptions › Alert on debtor (group) › Policyholder’s risk
(supply chain, inflation …) financial KPIs management effectiveness
› Macroeconomic downturn
› Monetary policy impacts › Deteriorating market › Portfolio structure:
› Political unrest position: competition, countries, markets,
› Drop in demand substitution products concentration
Actions Actions Actions Actions
› Redefine risk appetite: › Identify sub-sectors / › Identify vital relationships › Review portfolio and
adjust acceptance rate at players most impacted between policyholders and identify weaknesses
country level by triggers distressed debtor (buyers, concentrations …)
› Analyze most impacted › Redefine risk appetite › Calibrate actions and › Communicate with
areas manage timeline to avoid policyholder to promote
› Conduct portfolio review default while reducing self-adjustment of risk
› Conduct portfolio review and adjust exposure exposure
and adjust exposure › Adjust cover and review
T&Cs at renewal when
› Manage spillover effects necessary

MANAGING COUNTRY RISK: THE RUSSIAN CASE
Coface Russia exposure and loss paid Risk action plan timeline
Loss paid Exposure Before the

In €m In €Bn › Business as usual
conflict
100 5
› Froze exposure: no guarantee for new deliveries

4 Start of the
75 › Set objective for exposure reduction (90%)
conflict
February ‘22 › Cancelled the most sensitive exposures (DRA 0-4)
3 › Built a 6-month action plan to progressively reduce exposure
50
2
› Created RUW Task Force to support weekly communication
March to with brokers and clients, and follow up potential claims
25 June ‘22
16.5 1 › Implemented reduction plan (80% achieved)
6.4
3.1
0.7 0.2 July to
0 0 › Non-renewal of contracts except food and pharma
2019 2020 2021 2022 2023 December ‘22

SECTORIAL DOWNTURN: THE UK CONSTRUCTION CASE
Systemic disruption Insolvency increase Claims avoidance
› Construction materials price hikes in › Closely monitored exposure (e.g. Henry › Reviewed construction portfolio, with
2022 / 2023 impacting margins Construction £402m TO, Buckingham Group specific focus on severity claims
Contracting £700m, Michael J Lonsdale
› Lower demand induced by higher £250m, Readie Construction £421m) › Continued allocating exposure while
mortgage rates / stricter credit preventing losses, to support
› Analysis showed differences by sub-
standards business
sectors
UK construction materials costs index UK insolvencies by sub-sector UK construction exposure and loss paid
Index base 100 in 2019 2023 vs. 2019, change in %
Loss paid Exposure
150 In €m In €Bn
Architecture and 50 4
140 74%
engineering
130 40
3
120
Real estate 50% 30
110 2
100 20
Construction 10.3 1
90 41% 10 6.6 6.9
of buildings 3.1 2.5
80
0 0
‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 2019 2020 2021 2022 2023

INVEST IN TECHNOLOGY AND AI TO FURTHER IMPROVE
UNDERWRITING
Fully digitalize › Increase efficiency and process control with workflows, audit trail,
commercial
SLAs and time-tracking Ambition
underwriting
process › Improve consistency and transparency of decisions
Enhance risk Disciplined, courageous and

› Differentiate risk underwriting reviews based on quality
underwriting tech-enhanced underwriting
and credit risk behavior of the policyholder (policyholder scoring)
process
automation › Leverage AI to improve RUW engine rules and settings
Provide AI- › Build models to improve and automate explanations of debtor

powered scores and credit limit decisions
explanations › Build prediction score (probability of default, recovery …)

STIMULATE
CUSTOMER-
ORIENTED
PROFITABLE
GROWTH
NICOLAS GARCIA
COMMERCIAL DIRECTOR
STIMULATE CUSTOMER ORIENTED PROFITABLE GROWTH
› Since 2016, Coface has laid the foundations for future growth
› Restructured sales teams and implemented a strong performance culture
› Invested to bring Sales Force Effectiveness to industry standards
› Rolled-out the X-Liner product suite to address client needs and simplify business
› Drove client satisfaction
› Going forward, Coface will

› Further strengthen CGS franchise, optimize pricing and capital efficiency
› Drive mid-market penetration through multi-channel distribution and innovation
› Enrich product offering towards SMEs and non-can in select markets
› Improve customer journey and service quality

RESTRUCTURED UNDERPERFORMING SALES FORCES
IN LARGE COUNTRIES
Evolution of Coface MM TCI Sales forces

Consolidated and refocused commercial organization In FTEs
› Consolidated regional organization, reduced management headcount -9%

› Implemented Farmer / Hunter functions
› Let go low performers
Internalized external agents

› Internalized 36 former agents and regained control over sales force
› Let go ~70% low performers among former agents, then hired new Sales
› Built dedicated broker desk
Optimized partnership support

› Streamlined organization by distribution channel
› Built Partnership support team
› Redesigned Sales territories to optimize bank / partner coverage
2018 2023

INCREASED MID-MARKET COMMERCIAL PERFORMANCE
Upgraded commercial practices to best in TCI market Evolution of Coface MM EAV / Sales
In €m / FTE
› Separated hunters and farmers +34%

3.4
› Implemented new incentive plan
Sales and
Account › Improved alignment between sales and underwriting
Management › Systematized review of won / lost deals
2.6
› Set up dedicated teams in main countries

› Improved broker onboarding and training
Distribution
channels › Strengthened partnership distribution
› Launched new CRM

› Rolled-out AI-powered anti-churn tool
Tools and › Upgraded pricing tool
technology
› Tested new lead generation approach 2018 2023

STREAMLINED X-LINER PRODUCT SUITE ADDRESSING
SPECIFIC SEGMENT NEEDS
Target client profile Target client profile Target client profile

› Turnover from €500k to €10m › Turnover > €10m › Turnover > €250m
› International footprint
Product benefits Product benefits Product benefits
› 100% online quotation, › Comprehensive and flexible offer › International aggregation of
subscription, onboarding TradeLiner contracts within frame
› Disciplined underwriting supported agreement
› One-stop-shop solution: by organization and standard
clause directory (Clause Book) › Disciplined underwriting as per
› TCI (domestic and export) TradeLiner practices
› Broad choice of options: full range
› Debt collection of Coface expertise › Worldwide terms and conditions*
› Internal process efficiency driving consistency and transparency
(commercial back offices)
› Customer dashboard to manage
global risks
100% policies migrated by 2027 80% policies migrated by 2027
* With local adjustments imposed by regulations

DROVE CLIENT SATISFACTION THROUGH SERVICE QUALITY
AND CONSISTENCY
Evolution of Coface NPS Key drivers

NPS points
› Shortened response times
60
› Time to offer reduced
55 by 60%
Average: 46
50 › RUW decision time
45 reduced by 30%
40
› Implemented Detractors
35 Average: 40
calls process (by Country /
30 Sales managers)
25
Average: 26 › Improved accessibility
20 and processes
15
› Built rigorous client metrics
10
monitoring solutions (NPS,
5 CSAT, complaints)
0
Jan Mar May Jul Sept Nov Jan Mar May Jul Sept Nov Jan Mar May Jul Sept Nov Dec
21 21 21 21 21 21 22 22 22 22 22 22 23 23 23 23 23 23 23

STIMULATE CUSTOMER-ORIENTED PROFITABLE GROWTH
Further
strengthen › Deploy GlobaLiner for distinctive and efficient global servicing
unique CGS › Optimize price / conditions and capital efficiency
franchise
2027 ambitions
Drive › Differentiate broker servicing model

mid-market › Double sales force in key countries
multi-channel Accelerate new business
distribution › Expand partnerships growth
Uplift service quality

Enrich product › Invest in EasyLiner to unlock the SME potential
for brokers and clients
offering › Deploy non-can in select countries
Improve
customer › Embed Credit Management Software (Alyx) into core offering
journey and › Upgrade digital interfaces and APIs
service quality

FURTHER STRENGTHEN UNIQUE CGS FRANCHISE
Key levers to reinforce CGS franchise Optimize efficiency and profitability
One new
Global
product:
footprint › Drive profitability and return on capital through active
GlobaLiner
pricing and proactive exposure management
› Leverage GlobaLiner to increase efficiency

Coface and reduce lead times in deploying new programs
Cross-sell Dedicated
with BI Global sales force
Solutions › Uplift service quality and productivity (+15% back-office
productivity) through automation and GAP tool roll out
Specialized › Further develop CGS desks in Japan, China

Global and South Korea
program risk
management underwriting
tool team

DRIVE MID-MARKET MULTI-CHANNEL DISTRIBUTION
Mid-market distribution enhancement strategy Partnership example
Contribution to EAV
Brokers In €m
› Differentiate broker servicing › Major retail bank in France,
› Extend broker portal services and with long-lasting distribution x2.5
create a dedicated broker API suite partnership, revamped during
Build to Lead
› Leading retail banking network

Direct
› Double Sales positions in key markets with 400+ business centers
› Upgrade lead generation capabilities › SME focus
› Medium-term partnership
Partnerships › Reinforce partnerships in markets development roadmap built in
with effective distribution setup coordination with the partner
2019 2023
› Explore new geographies

TEST NEW SOLUTIONS IN MID-MARKET AND SME
Invest in EasyLiner to double SME revenues Improve connectivity with market CMS system
(test)
› Product features
› Streamline contract
› Adjust clauses to stimulate traction from banks
› Contract management
› End-to-end contract management tool to facilitate
renewals and endorsements
› Customer journey
› Digital signature to all countries
› Simplified KYC with e-identification
› Distribution
› Continue leveraging partners and accelerate in 12
current geographies
› Extend footprint to 5 new countries

ADAPT STRATEGY TO MARKET POTENTIAL AND COMMERCIAL
READINESS
Examples
Build-up in › Countries with proven track record

successful of profitable growth Reinforce distribution Italy
markets
› Coface growth rate above market average
Capitalize on › High potential markets with controlled loss Invest to bridge the gap US
improved
› Coface is under-invested with market growth
situation
Fix then › Markets with potential under restructuring Improve sales execution in UK
grow (loss, go-to-market strategy) specific channels / segments

BREAK
BUILD
DIFFERENTIATING
DATA AND SCORING
CAPABILITIES
THIBAULT SURER
STRATEGY & BUSINESS
DEVELOPMENT DIRECTOR
BUILD DIFFERENTIATING DATA AND SCORING CAPABILITIES
› Data and scores are differentiating assets for Coface

› Remarkable data patrimony with access to 195m companies
› Data is produced internally or sourced from ~50 best Information Providers
› Scores provide the base for credit decisions in TCI and critical insights to BI clients
› Continuously investing in score performance, leveraging AI
› Going forward, continue upgrading data asset and scoring technologies

› Enhance coverage, data quality and implement multi-sourcing
› Ease access to data, enrich proprietary Easy index and reduce response time
› Further enhance internal scores’ performance, automation and explainability

BUILDING DIFFERENTIATING DATA CAPABILITIES TO SERVE
BI AND TCI
Access /
Acquisition Management Solutions Delivery
Storage

INDUSTRY LEADER GLOBAL DATABASE
# of companies in Coface Database Data categories

In m, unique Coface Easy index
+171% Identification: basic information to identify
195 a company
› name
› legal ID
› incorporation date
› trademark …
Critical: necessary to produce scores

› financials
› payments
› compliance
› company links …
72
Complementary: for additional insights
and BI use cases
› major clients
› premises (owned, rented)
› events
› import/export
2016 2023

RIGOROUS SOURCING FROM REPUTABLE IPS
Information Providers covering key Key selection criteria of Coface IPs

Coface TCI markets
2023, in # of countries
Multinational
› Index File with the largest coverage of companies
players
Internal 21%
data › Automatic connection to primary data sources
centers 35%
› Completeness of critical data (e.g., financials)
› Capability to deliver reports automatically in a structured format
› Monitoring capabilities
44%
Local
champions

EVER INCREASING SCORE PERFORMANCE
Characteristics of Coface scoring capabilities Illustration of AI-driven performance improvements

In predictability index points (Gini)
› Proprietary payment experience data and financials + [5 – 20 pts]
› Homogeneous probability of default scale worldwide
› Expert-based business capping rules
› In-house underwriting know-how
› AI-powered modeling and prediction capabilities
Coface traditional AI-powered

scores scores

DEVELOP DIFFERENTIATING DATA AND SCORING CAPABILITIES
Enhance › Partner with the best IPs; align BI and TCI in key markets
coverage and 2027 ambitions
quality of Data › Implement multi-sourcing to enhance data coverage
Best-in-class, global
Reduce corporate data asset
response time › Build common data lake to manage data for BI and TCI
and ease access Industry leading score
› Improve matching algorithms to accelerate company identification
to Data performance
Invest in scores › Develop score performance and explainability

and improve › Build innovative technology-based scoring models in countries
performance with low financial data availability

GROW BI DOUBLE
DIGIT
THIBAULT SURER
STRATEGY & BUSINESS
DEVELOPMENT DIRECTOR
GROW BI DOUBLE DIGIT
› An attractive value proposition; strong synergies with TCI

› Focus on insights and global presence
› Unique infrastructure: data and scores, footprint and risk expertise
› TCI and BI: two complementary ways to address clients’ needs
› 13% growth (‘19-’23)
› Going forward, deliver profitable double-digit growth

› Continue building BI salesforce and brand awareness
› Focus on value-added solutions for credit- and supplier-risk management
› Invest in data and technology, and build a robust, scalable IT platform
› Continue ensuring a tight cohesion between BI and TCI

UNIQUE PROPRIETARY DATA AND INTERNATIONAL COVERAGE
“Skin in the game”

Premium data Value proposition underwriting capabilities
› Access to proprietary data › Credit opinions leveraging TCI

derived from TCI (e.g., payment underwriting expertise (~€700bn
experience) exposure, 75 years exp.)
Unique TCI-leader insights for clients
Consistent score
Global coverage
methodologies
› 195m enterprises referenced; › Homogeneous and comparable

2.5m companies monitored; One-stop, global access with scale calculation of PDs worldwide
+400 risk analysts*
in 60+ countries
Access to best-in-class IPs Brand awareness

Simple, comprehensive tools
› Sourcing Information from and analyses › TCI-leader global reputation
~50 different external Ips
and 15 internal production
centers worldwide
* Enhanced Information Centers and Data Operations Centers Staff.

COFACE’S OFFER FOCUSES ON CREDIT RISK
DATA PRODUCT DELIVERY
Legal and Identification Credit Opinions

Portal
(URBA 360 / Cofanet)
Financial Information Debtor Risk Assessment
Payment Experience Information Reports

API
(iCON / Cofaserve)
Country / Sector Risk
Company Links
Assessment
File
Macroeconomic Data Economic Insights

FOCUSING ON SPECIFIC USE CASES AND INDUSTRIES
Examples of Coface BI contracts by use case Distribution of Coface BI clients by industry

2023, in % of number of clients
Credit risk management Supplier risk management
› Assess and monitor clients’ credit › Assess and monitor suppliers’

worthiness solidity Textiles
Metals 5%
Agriculture
› Manage TCI policy requirements › Identify alternative suppliers 8% 17%
in line with procurement strategy Trading

8%
› Assess the non-insured part of the
portfolio of international groups Construction
Services 8% 13%
Scoring models Data Supply 9%

Sales & Marketing Electronics
(mostly for FIs) (mostly for IPs) 13%
9% Chemicals
› Identify potential › Scoring model › Provision of raw Transport
10%
new clients benchmarking and data and DRAs for Mechanics

enrichment reselling purposes
› Assess prospects’
creditworthiness

BUILT PLATFORM WHILE GROWING DOUBLE DIGIT
Coface BI revenue growth

In €m
From To
64 (2019) (2023)
13%
p.a.
50 170+ Sales force FTEs
6%
p.a.
39 Companies referenced
92m 195m
worldwide
33
€8.1m €14.5m New Business ACV
(FY-2021) (FY-2023) (+34% p.a.)
6.5k 15k Number of clients
Data purchase cost index decreased

2016 2019 2023
by 7% since 2019
B2B credit risk information +2% p.a.
market growth

STRONG GROWTH IN ESTABLISHED COUNTRIES
Sales readiness Operational readiness Revenue CAGR ’19-’23
Established › Sales team in place: commercial › Data / IT platform in place

countries leadership and high performers › High domestic data coverage, quality +23%
(7 countries) › High brand awareness and immediate service accessibility
› Data / IT platform recently established

Developing › Sales team under construction:
Countries Commercial leadership to be improved › Domestic data access in line with +10%
(17 countries) market standard. Scores mostly
› Brand awareness to develop available online (>50%)
Satellite › Sales team and leadership being

› Variable quality and availability of data
Countries recruited +9%
in the domestic market
(other countries) › No or low brand awareness
› Market leader with 65% market share › Local Data / IT infrastructure

Israel › Strong brand awareness › Domestic data coverage and +6%
› International offering accessibility at market standard

DATA ANALYTICS SYNERGIES AND COMMERCIAL FOCUS
BI TCI
~10k BI only clients ~5k common clients ~27k TCI only clients
Connectivity tools and APIs

Delivery tools and APIs
(Cofanet, Cofaserve)
Specific salesforce, Specific salesforce,
account management account management
BI products and use cases Insurance contract and related services
Coface brand and reputation
Regional and local structures

Regulatory, finance, legal, animation capabilities
Data assets
Data production centers and EICs Score (DRA) and credit limit production engines Unique indexation number (Easy)
Information Providers

ENSURING TIGHT COHESION BETWEEN TCI AND BI
Challenges faced when building a new business line … … require culture and reinforcing cohesion
mechanism
› “Established” versus “to be proven”: tendency to › Hold regional and country CEOs accountable
prioritize core business for BI results. Set joined objectives and bonuses
› Lack of knowledge between business lines: different › Explain the synergies between TCI and BI:
mindset and tech maturity trainings “BI for TCI” and “TCI for BI”
› High investments in proportion of revenues: accelerated › Strong top management support and commitment
pace for recruitment in a “young” business to people and IT investments
› Concerns linked to potential negative impacts on core › BI and TCI are ONE business. Same data, same
business and/or confusion around the brand underwriting expertise. 1/3rd BI clients are TCI clients
› Counter-cyclical revenues

INVEST IN SALES AND IT TO GROW DOUBLE DIGIT BY 2027
› Reinforce direct sales and enhance effectiveness

Strengthen sales
› Diversify distribution channels
execution
2027 ambition
› Enhance brand awareness and lead generation
› Align data sourcing on best quality Information Providers

Adapt data
strategy to BI › Improve data accessibility and online availability
specificities
› Build unique Data Factory
Profitable, double-digit topline
growth
Revamp IT › Create best-in-market scalable IT platform

platform › Harmonize contract management / customer journey worldwide
Enrich product › Continue leveraging and monetizing proprietary data and scores
portfolio › Invest in the supply chain risk use case

INVEST IN
TECHNOLOGY AND
CONNECTIVITY
KEYVAN SHAMSA
BUSINESS TECHNOLOGY
DIRECTOR
INVEST IN TECHNOLOGY AND CONNECTIVITY
› To support Power the Core, Coface will invest approx. €80m in technology
› Information system reliability and security
› Replacement of local tools with global solutions and simplification
› Internal and external data management
› Product and service modernization, and connectivity with clients
› Connectivity is becoming a new norm. It is a differentiator to acquire clients, enhance

retention and increase fees
› Coface will continue to invest in connectivity

› Full set of APIs to deliver portfolio of services (TCI, BI, Debt Co) to clients
› Credit Management Software as an integrated solution to facilitate trade receivable
management

FUNDAMENTAL TECHNOLOGY ACHIEVEMENTS DURING BTL
Simplified Infrastructure Upscaled service quality and security
› Mutualized tools and processes between regions › Enhanced capabilities to expose APIs
› Reduced number of IT systems by 40% › Doubled IT security budget (vs. 2019) and introduced new
cybersecurity tools
› Lowered information system complexity index by 25%
› Optimized IT development process with new tools
› Adopted microservices architecture principles
› Shortened incidents resolution time
Improved data awareness and management Initiated organization modernization
› Created a Data Office and a Data Lab (20 FTEs) › Created Business Technology (BT) Office for transversal
steering of BT
› Implemented an IT Data Platform aligned with market trends
› Accelerated use of Bucharest development center
› Enhanced Data Management capabilities:
Data Lineage and Data Directory › Initiated agile deployment

INVEST €80M IN IT TO MEET NEW TECHNOLOGY AMBITIONS
Improve value › Strengthen connectivity with clients, brokers and partners

Share of ’24 - ‘27
proposition › Roll out new digital, innovative products and services IT investment
Support
› Pursue implementation of global tools and systems rationalization
operational
efficiency › Invest in automation and AI to industrialize processes
20%
25%
Facilitate data
› Centralize external data ingestion through a unique acquisition layer
supply and
usage › Reinforce data management and encourage internal data uses 20%
35%
Invest in
› Address IT risks and vulnerabilities for best-in-class security
reliability and
security › Anticipate technical obsolescence of core systems

STRONG GROWTH IN CLIENT AND BROKER CONNECTIVITY
Invoice-to-Cash application market size Connectivity solution penetration rate (Coface portfolio)
In €Bn In % of EAV value
Policyholders
5.8
Large corporates Mid-market
30-35
10-15 ~10
~1
3.4
2022 2027f 2022 2027f
Brokers
2.1
Top 5 brokers Other Tier 1 brokers
~100
~30 ~25
3-5
2022 2027f 2022 2027f
2019 2023 2027f
Source: Gartner

CONNECTIVITY STRATEGY BASED ON 2 PILLARS
1
API Catalog
Be the trusted partner of clients
› API Products for all Coface key business stakeholders and distributors in their
digitalization journey
› With a market standard developer experience
› And a team of expert sales engineers to support clients for custom integration
Enrich Coface offer to embed

2 services into clients’ environments
Interface with market software
› Keep up with digitalization trends

Support productivity gains and
simplification of operations
› Gain efficiency and improve service quality

LEVERAGE
UNIQUE CULTURE
CAROLE LYTTON
GENERAL SECRETARY
BUILT STRONG LEADERSHIP CULTURE IN LAST 4 YEARS
Set up a flexible and attractive work organization Enhanced the leadership level
› Work from home (2 to 4d / week) and flex office deployed › Over 500 managers attended the leadership development
program
› Over 60 virtual international assignments
› 62% of Senior Managers roles filled internally (Jul ‘22-’23)
› International mobility doubled since 2018
› 42% of positions filled according to succession plan
› Agile compensation management in high inflation context (Jul ‘22-’23)
› Turned e-NPS around (x5 in 3 years) › Extended BI team with specific HR program
Strengthened Gender Equity Modernized the HR Function

› 4 out of 7 regional CEOs are women › Launched Global SAP HR Tool digitizing HR processes
› 36% women in senior Management (+7 ppts vs. 2018) › Upskilled HR leadership roles
› 46% women in succession plans for Top 200 (+6% vs. 2020) › Digitized UW, Sales trainings (over 150 e-learning modules)

REINFORCE ATTRACTIVENESS IN HIGHLY COMPETITIVE MARKET
› Offer attractive career opportunities, leveraging international footprint

Strengthen › Build on reputable and compliant workplace
employer brand › Leverage BI diversification to attract talents 2027 ambition
› Target 40% of women in senior management roles
Nurture › Build a leadership development track for Hi-Pos

high-potential Best in market employee
individuals › Further enhance core management skills attractiveness
Deliver › Develop an agile and proactive compensation policy

attractive
compensation › Implement a more granular monitoring of salary trends

EMBEDDED CSR IN COFACE’S STRATEGY WITH 3 PILLARS
Responsible insurer Responsible employer Responsible enterprise Embedding the culture
› Decreased GHG emissions › Improved the Group › Built a reduction plan of › Spread culture of ethics
of investment portfolio Gender index 88/100 emissions and trajectory across the Group
(+4 ppts vs. 2021) towards Net Zero in 2050
› Joined NZAOA initiative › Strengthened awareness
effective January 2024 › Drove employee › Began implementation of CSR across the Group
development of the plan: (CSR and DE&I
› Built commercial exclusion champions, quarterly CSR
› Increased employee › Business travels, office committee including EXEC
policy
engagement (e-NPS from space and document team)
6 in Sept. ‘21 to 31 in Sept. printing reduced
› Integrated 3 ESG indicators
into Risk Appetite and risk ‘23) › Introduction of hybrid and › Supported grass root
monitoring electric cars in the car employee-driven initiative
› Boosted employees training fleet Green to Lead
› Doubled Single Risk through operational and › Flex office, etc.
exposure in ESG projects functional academies
since mid-2022

FURTHER BUILD ON STRONG ESG ACHIEVEMENTS
Good and improved ratings

over the years thanks to:
AAA 18
› Due consideration given to fight
LEADER Low Risk against climate change
› Enhanced inclusion initiatives
› Solid compliance program
› Strong governance
C 57/100
Prime* Robust
* 2nd decile of insurance sector

HIGHER REGULATORY DEMAND WITH IMPACT ON BUSINESS,
OPERATIONS AND IMAGE
EU TAXONOMY FOR SUSTAINABLE CORPORATE SUSTAINABILITY DUE DILIGENCE

ACTIVITIES (PROPOSED DIRECTIVE, NOT YET ADOPTED)
Classification system to create a “green list” of Obliging companies to monitor their value chain, to identify
financial products or investments for investors, and mitigate adverse human rights and environmental impact
effective 2024 on the FY-2023 arising from their operations, their subsidiaries and their chain
of activities. Liability for damages if failure to comply
2024 2025 2026 2027
PAY TRANSPARENCY
CORPORATE SUSTAINABILITY DIRECTIVE
REPORTING DIRECTIVE (CSRD) Strengthening the application
Standardization of non-financial of equal pay for equal work
reporting on ESG, with first publication principle between men and
on 2025 for the FY-2024 women, with pay transparency
and enforcement mechanism

FURTHER DEPLOY CSR STRATEGY & STRENGTHEN PERCEPTION
Responsible insurer Responsible employer Responsible enterprise Embedding the culture
› Further decrease GH › Build new digital academies › Pursue deployment of › Strengthen our corporate
emissions of investment (BI, HR) emissions reduction plan CSR image with more
portfolio in compliance extra-financial ratings
with NZAOA trajectory › Pursue efforts in the field › Better structure our CSR (e.g., EcoVadis)
of DE&I data to prepare for CSRD
› Further extend commercial › Strengthen our internal
exclusion policy › Focus on attracting and › Reach out to communities, communication and our
retaining talents on the model of the French support to regional CSR
› Further embed CSR Potter foundation Champions
in selection of suppliers
› Launch engagement
campaigns with clients
30%* reduction of 40% women in top 200 Reduction target by 2025

investment portfolio managers by 2030 (vs. 2019): -11% for
emissions by 2025 operations emissions
(vs. 2020) (-28% at constant scope)
* Limited to equities and corporate bonds (scope 1 & 2). Carbon footprint calculated by Amundi. Methodological change to be noted in 2023.

FINANCIAL
PERFORMANCE
& AMBITION
PHALLA GERVAIS
CHIEF FINANCIAL
& RISK OFFICER
CLEARLY MET OR EXCEEDED BUILD TO LEAD OBJECTIVES
THROUGH-THE-CYCLE
Combined ratio Pay-out ratio

79.8% SBB 100% 100%
77.7% <80%
64.6% 67.6% 64.3% Dividend 80% 81%
>80%
15%
2019 2020 2021 2022 2023

IFRS 17
2019* 2020 2021 2022 2023**
IFRS 4
Solvency ratio RoATE

205% 196% 201% 199% 12.7% 13.4%
190% 12.2%
175%
8.9% >9.5%
155%
4.8%
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
IFRS 4 IFRS 17
Coface applies IFRS 17 since 1 January 2023. All comparisons are made with 2022 numbers applying IFRS 17 methodology
* In view of the scale of the health crisis and following the vote at the Combined General Shareholders’ Meeting of 14 May 2020, it was decided not to pay a dividend for the fiscal year ended 31 December 2019
** The proposed distribution is subject to approval by the general shareholders meeting on 16 May 2024

IMPROVED EFFICIENCY CREATING SPACE FOR INVESTMENT
Cost ratio evolution

In %
30.8
(2.3) 26.6
+4.0
(11.0)
› Disciplined cost management
+5.1
› Streamlined IT platform
› Invested for growth
› Improved reinsurance cost and structure
Net cost ratio Revenue Overheads Investments Reinsurance Net cost

2019 (IFRS17 growth (BI, infras & commissions ratio 2023
methodology) tools)

LEVERAGING REINSURANCE PURCHASE
Commissions received (€m) and Commission rate (%)
In % In €m
50 250
Due to long lasting relationships with highly rated
and diversified reinsurers, Coface further improved 45
199
key metrics: 40 184 189 200
35 171
› Stable 2 years quota share
30 136 150
129
25 120
› Record high reinsurance commissions 20 96 100
15
› Lower stop loss attachment point 10 50
5
0 0
FY’16 FY’17 FY’18 FY’19 FY’20 FY’21 FY’22 FY’23
Commission rate (%) Commissions received from government

Commissions received from reinsurers

DERISKED INVESTMENT PORTFOLIO LEVERAGING NEW
RATES SITUATION
€m FY-21 FY-23 Variation Accounting yield on av. Investment portfolio

and investment income
Bonds 2,115 2,269 +7.3%
In €m In %
70 2.0
Equities 233 80 -65.7%
60
1.5
Investment Real 50
213 180 -15.5%
Estate
40
Loans, Deposit & 1.0
507 746 +47.6% 30
other financial
20
Total Investment 3,068 3,276 +6.8% 0.5
10
Market risk – SCR 388 297 -23.5% 0 0.0

Accounting yield on average investment portfolio without gains and mark-to-market
Recurring yield 33.1 64.9 +94.6% Income from investment portfolio without gains on sales*
* Excludes investments in non-consolidated subsidiaries, FX and investment management charges

STRONG SOLVENCY EVEN AGAINST SEVERE SHOCKS
Solvency ratio
In %
Interest
COVID rate Inflation
220 Russia hike
200
180
175%
160
155%
Partial Internal
140
Model
120
Target range Build to Lead

100

UNDERWRITING DISCIPLINE ALLOWS FOR CUSTOMER GROWTH
Total TCI exposure Share of exposure on debtors with DRA 0-4

In €Bn vs. risk appetite
In % of total exposure
700
650
600
550
500
450
400
FY’17 FY’18 FY’19 FY’20 FY’21 FY’22 FY’23 FY’17 FY’18 FY’19 FY’20 FY’21 FY’22 FY’23
Actual exposure DRA 0-4 DRA 0-4 risk appetite

SENSITIVITY TO MARKET SHOCKS
Low sensitivity to market shock Solvency requirement respected in crisis scenarios

Market sensitivity tested through instantaneous shocks
31/12/23
199%
SCR cover 21%
35% 1/50 crisis

+100 bps 179%
193% equivalent (2)
Interest rates (1)
+100 bps
195% 1/20 crisis
Spread 192%
equivalent (3)
44%
-25% Stock
197%
market
(1) +100 bps on credit and +50 bps for OECD government debt (2) Based on the level of loss ratio corresponding to 98% quantile
(3) Based on the level of loss ratio corresponding to 95% quantile

STILL PROFITABLE IN 2023 WITH 1/50 SHOCK
ILLUSTRATION
› 1/50 shock equivalent to 110% current year loss ratio
› Lowering reserve quantile to 75% limit P&L impact
› Coface would have been profitable for the year

with a 1/50 shock
FY-23 net 1/50 shock Reserves Profit

income on reserves absorption

DIVIDEND PAYMENTS WELL COVERED BY OPERATING CASH
REMITTANCES*
Cash remittances* and dividend paid

In €m
348
332
› Simple legal structure allow for quick cash upstream 227 224 227
› Coface has paid 65% of its operating cash flow

in dividend since 2016 132
119
82
73 75
62
53
37
20 24
0
Cash remittances* Dividend paid
* Cash remittances: Coface Europe & Coface Re

RESILIENT AND PROFITABLE CORE WITH SERVICES UPSIDE
Through-the-cycle targets
Undiscounted
RoATE
Combined Ratio
11.0%
~78%
BI contribution to
TCI + 2027 RoATE
+0.5%
Towards the upper

Payout ratio
end of the range
≥ 80%
155%-175%
* At the current level of interest rate environment

Q&A
APPENDIX
GLOSSARY – KEY ACRONYMS
A→G I→X
ACV Annual Contract Value IP Information Provider
AFL Aggregate Fist Loss KYC Know Your Customer
AI Artificial Intelligence MM Mid-Market
API Application Programming Interface MP Minimum Premium
BI Business Information
NOA Notification of Overdue Amount
BT Business Technology
NPS Net Promoter Score
CGS Coface Global Solutions
NZAOA Net Zero Asset Owner Alliance
CMS Credit Management Software
CRA Country Risk Assessment ORSA Own Risk and Solvency Assessment
CRM Customer Relationship Management PD Probability of Default
CSAT Customer Satisfaction RoATE Return on Average Tangible Equity
CSR Corporate Social Responsibility RUW Risk Underwriting
CSRD Corporate Sustainability Reporting Directive SBB Share Buy Back
CUW Commercial Underwriting SCR Solvency Capital Requirement
DCL Discretionary Credit Limit SLA Service Level Agreement
DE&I Diversity, Equity and Inclusion SME Small and Medium Enterprises
DRA Debtor Risk Assessment
SRA Sector Risk Assessment
EAV Estimated Annual Value
SSC Shared Service Center
EIC Enhanced Information Center
FI Financial Institution TCI Trade Credit Insurance
FTE Full Time Equivalent TO Turnover
GAP Global Automation Program UW Underwriting
GHG Greenhouse Gas XOL Excess of Loss

IMPORTANT LEGAL INFORMATION
This presentation has been prepared exclusively for the purpose of the disclosure of Coface Group’s new strategic plan “Power the Core – Vision 2027”, released on 5 March 2024.
This presentation includes only summary information and does not purport to be comprehensive. The Coface Group takes no responsibility for the use of these materials by any person.
The information contained in this presentation has not been subject to independent verification. No representation, warranty or undertaking, express or implied, is made as to, and no
reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Coface Group, its affiliates or its advisors, nor
any representatives of such persons, shall have any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection with this
document or any other information or material discussed.
Participants should read the financial statements for the period ending 31 December 2023 and complete this information with the Universal Registration Document for the year 2022. The
Uinversal Registration Document for 2022 was registered by the Autorité des marchés financiers (“AMF”) on 6 April 2023 under the number D.23-0244. These documents all together
present a detailed description of the Coface Group, its business, strategy, financial condition, results of operations and risk factors.
This presentation contains certain forward-looking statements. Such forward looking statements in this presentation are for illustrative purposes only. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking
statements are based on Coface Group’s current beliefs, assumptions and expectations of its future performance, taking into account all information currently available. The Coface Group
is under no obligation and does not undertake to provide updates of these forward-looking statements and information to reflect events that occur or circumstances that arise after the date
of this document.
Forward-looking information and statements are not guarantees of future performance and are subject to various risks and uncertainties, many of which are difficult to predict and generally
beyond the control of the Coface Group. Actual results could differ materially from those expressed in, or implied or projected by, forward-looking information and statements. These risks
and uncertainties include those discussed or identified under Chapter 5 “Main risk factors and their management within the Group” (Chapitre 5 “Principaux facteurs de risque et leur gestion
au seins du Groupe”) in the Registration Document.
This presentation contains certain information that has not been prepared in accordance with International Financial Reporting Standards (“IFRS”). This information has important limitations
as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under IFRS.
More comprehensive information about the Coface Group may be obtained on its Internet website (http://www.coface.com/Investors).
This document does not constitute an offer to sell, or a solicitation of an offer to buy COFACE SA securities in any jurisdiction.

2024 03 05 - Power The Core - Vision 2027

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2024 03 05 - Power The Core - Vision 2027

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5 MARCH 2024

CAPITAL MARKET DAY

09:00 Power the Core - Vision 2027

2 CAPITAL MARKET DAY – 5 MARCH 2024

4 CAPITAL MARKET DAY – 5 MARCH 2024

Global TCI market evolution

7.7 › Inflation-driven growth

2016 2019 2022 2023

Sources: Coface analysis, ICISA, Swiss Re, Allianz Trade, GCO.

5 CAPITAL MARKET DAY – 5 MARCH 2024

Proprietary data › Data sourcing covering 195m companies worldwide

› Direct presence in 58 countries

Regulatory and legal › 45 in-house legal advisors located in 20+ countries

6 CAPITAL MARKET DAY – 5 MARCH 2024

Setting up the In case of non-

On average, one limit request per client per week

7 CAPITAL MARKET DAY – 5 MARCH 2024

New business Cancellations Premium Rate Activity Other gap Total

8 CAPITAL MARKET DAY – 5 MARCH 2024

Client segments TCI penetration % in TCI Revenues Client expectations Products

International groups › Worldwide coverage › Whole turnover

Mid-market › Support exports › Whole turnover

SMEs › Protect against catastrophic › Simplified whole

› Reduce capital requirements › Whole turnover

9 CAPITAL MARKET DAY – 5 MARCH 2024

Coface Group retention rate Actions contributing to Coface retention

› Tools: anti-churn, CRM

› Claims processing quality

› Trusted and reliable insurer

2017 2018 2019 2020 2021 2022 2023

10 CAPITAL MARKET DAY – 5 MARCH 2024

EAV / Risk Exposure

2017 2018 2019 2020 2021 2022 2023

11 CAPITAL MARKET DAY – 5 MARCH 2024

Activity growth vs. global GDP growth + inflation*

12 CAPITAL MARKET DAY – 5 MARCH 2024

All business lines FY-2016 FY-2023 Variation RoATE

CLIENT RETENTION 88.5% 93.1% +4.6 ppts 8.9

NET COST RATIO 35.1%* 26.6% -8.5 ppts

* Excluding State Export Guarantees Management

13 CAPITAL MARKET DAY – 5 MARCH 2024

NET COST 70% NET LOSS

110% NET COMBINED 140 GROWTH

14 CAPITAL MARKET DAY – 5 MARCH 2024

Established BI foundations Defined strong CSR roadmap Created strong leadership

15 CAPITAL MARKET DAY – 5 MARCH 2024

Access to unique data Value proposition

Information Providers network

Debtor Risk Assessment

16 CAPITAL MARKET DAY – 5 MARCH 2024

17 CAPITAL MARKET DAY – 5 MARCH 2024

REGAIN CONTROL ACCELERATE TO BECOME DEEPEN AND BROADEN

RISK › Regain control › Industry leading › Expert, data driven

PRODUCT › TCI focused › Diversified › Risk focused

SERVICE › Mending issues › Fast, consistent, flexible › Omni-channel, structured

GROWTH › Turnaround › Invest in profitable growth › Focused and diversified

18 CAPITAL MARKET DAY – 5 MARCH 2024

1 DATA AND TECHNOLOGY EXCELLENCE

2 TRADE CREDIT INSURANCE 3 PROFITABLE BI

› Reliable, responsive › Global one-stop Data shop

19 CAPITAL MARKET DAY – 5 MARCH 2024

1 REACH DATA AND TECHNOLOGY EXCELLENCE