Annual report 2025: solid performance in a challenging global environment

Credendo has published its annual report for 2025, a year marked by persistent geopolitical tensions, trade fragmentation and continued uncertainty for internationally active companies. Against this complex backdrop, we continued to fulfil our mission of enabling trade, investment and economic activity by helping companies manage political and commercial risks.

Country risk ratings

Despite the challenging global environment, our country risk ratings showed a generally positive trend in 2025, particularly for political risk. After a more challenging first half of the year, ratings improved notably in the second semester. Short-term political risk recorded 17 upgrades compared with 8 downgrades, while medium- to long-term political risk saw 11 upgrades against only 3 downgrades.

Financials

In 2025, our volume of insured transactions increased by 11%, rising from EUR 81.7 billion in 2024 to EUR 90.7 billion. Gross written premiums after rebates amounted to EUR 421 million, compared with EUR 481 million in 2024, a year marked by exceptionally high results in long-term traditional business.

We also delivered solid financial results, with profit from continuing operations amounting to EUR 122 million. Our financial position remained very strong, with total equity excluding non-controlling
interests at year-end 2025 reaching EUR 3.42 billion from EUR 3.30 billion in 2024. Strong liquidity and solvency indicators continue to provide a solid foundation for supporting clients and absorbing potential economic and geopolitical shocks.

Strategic developments

The year was marked by several strategic developments. We launched Credendo Export Finance Solutions to help small and medium-size enterprises secure international contracts, and created Credendo – Trade Credit Insurance as a one-stop shop for shorter-term credit risks. In addition, we further strengthened our sustainability approach by extending the Credendo Green Package to social projects and implementing our policy on our transition from fossil fuels to clean energy across all Credendo entities.

Looking ahead

Looking ahead, we remain well positioned to continue facilitating Belgian and international trade, supported by a strong balance sheet, clear public mission and the continued trust of our clients, partners and shareholders.