Operator

Good day, and thank you for standing by. Welcome to the COFACE SA Q1 2026 Results Presentation. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Xavier Durand, CEO. Please go ahead.

Xavier Durand
CEO & Chairman of Management Board

Thank you. And just on time, welcome, everyone, to this first quarter 2026 report from COFACE. You will have seen the numbers. We are reporting net income close to EUR 54 million, down from last year, but I would call this a good quarter in an economic environment, which is obviously not easy.

The turnover of EUR 465 million is stable at constant FX and perimeter, and there's a few moving parts inside that. You see that insurance revenue is down 1.3%. That's really driven by, I would say, a slow economy and client activity being positive but low and lower than historic average. But the operating metrics of the business, as you will see later, remain really strong with retention close to our record. Pricing still negative, but improving. And I think that's also linked to the environment.

And at the same time, we see services growing close to 20% with business information on a consolidated basis, growing 12% organically and almost 18% on a reported basis with the acquisition that we made last year. Debt collection is strong at almost