Cooper-Standard Holdings Inc.

Good afternoon ladies and gentlemen and welcome to this core Q3 2025 results conference call. Today's call is being recorded. There will be an opportunity to ask questions after the presentation. In order to give all participants a chance to ask questions, we kindly ask you to limit the number of your questions to two. At this time, I would like to hand the call over to Mr. Thomas Fossard. Please go ahead, sir.

Good afternoon, and welcome to the SCORE Q3 2025 Results Conference Call. I'm joined today by Thierry Léger, Group CEO, and François de Varennes, Deputy CEO and Group CFO, as well by other COMEX members. Can I please ask you to consider the disclaimer on page two of the presentation? And now I would like to hand over to Thierry Léger. Thierry, over to you.

Thank you, Thomas, and welcome everyone also from my side. I'm satisfied with where SCORE stands today. We had another strong quarter, especially in P&C, where our strategy of diversifying growth pays off. The investment side continues to contribute in a stable and positive way to our results, and last but not least, On the life and health side, we deliver one quarter more in line with the updated Forward 2026 plan. Also, we are ready for the renewals to come and very focused on the delivery of our plan. Our teams are close to our clients, leveraging our Tier 1 franchise. We offer tailored solutions that create value for our clients and shareholders. In a P&C context that has become gradually more competitive since 2024, I would like to take a few minutes to reflect on the broader insurance landscape and the opportunities for SCORE as we approach the 2026 renewals. Looking back, 2025 has been a good year for the P&C industry so far. And overall, 2026 is expected to remain a good vintage year by historical standards. Nevertheless, as profits are up and the supply of capacity now exceeds demand, even if demand continues to grow, it results in increased pressure on prices and underwriting discipline is being tested. I have seen this before. This is the time when wrong strategic decisions can have a detrimental impact on a company's results. Usually, it is driven by the desire to grow in a particular line, some lines of business, at the wrong time. Let me state this here very clearly. Such situations can be avoided, and at SCORE, we are determined to keep underwriting discipline high throughout the cycle. Our business is one of diversification and volatility absorption. We are here for the long term and support our clients when they need us. We have to demonstrate strength and resilience when times are difficult. For SCORE, this means that we will stay focused on fundamentals and deploy capital where risk-adjusted returns are adequate. We are maintaining our underwriting discipline, focusing on diversifying risk exposures and leveraging our analytical capabilities to support our teams to make the right decisions. In addition, our tier one franchise provides us with the opportunity to choose where we allocate our capital in a determined way. I'm pleased to see that our teams are undistracted and fully focused on our clients and the business. They have no growth targets, but I have expressly asked them to leave no stone unturned to find profitable opportunities for score and to discuss tailored solutions with our clients proactively. The aim is to balance long-term client relationships with bottom line, the latter being the priority ultimately. For our investors, this means a continued focus on capital efficiency, risk-adjusted returns, and long-term value creation through the cycles. We will keep expanding in diversifying lines, such as inherent defect insurance, engineering, credit and insurity, structured solutions, international casualty, facultative business, and longevity. We have a very selective approach to marine, aviation, cyber, and U.S. casualty, monitoring the dynamics closely. In NETCAT, where the cycle is most prevalent, We will monitor relative and absolute price levels, structures, and conditions to determine where we deploy our capital. We will further consider our market share and exposure to climate change when we allocate our capacities. We continue to be underweight in NETCAT. As long as rate adequacy is sufficient, this gives us room to grow while respecting the risk limits we set for ourselves for Forward26. To conclude, climate change, geopolitical tensions, cyber threats, and AI create a more volatile and more uncertain environment, increasing risk awareness and demand for risk transfer. The need for a robust insurance industry is palpable, and growth opportunities are structural. Within this context, at SCORE, we remain confident in our strategy and optimistic about the opportunities ahead, even in a more competitive market. François, over to you.