GCO obtained consolidated earnings of 614.2 million euros through September, up 6.9%

"Turnover increased by 4.7% to 4,777.8 million euros, consolidating the growth recorded in all of the Group's operating units over recent years."

At the end of the third quarter of 2025, GCO posted consolidated earnings of 614.2 million euros, up 6.9% on the same period last year. In line with this, and continuing the positive trend of recent years, turnover increased by 4.7% to 4,777.8 million euros, driven mainly by growth in turnover at Occident and, to a lesser extent, at Atradius and Mémora.

Specifically, Occident contributed a turnover of 2,629.7 million euros at the end of September, 7.5% more than in the first nine months of 2024. The fastest-growing lines of business were multi-risk, with a 10.0% increase in turnover, and motor insurance, which grew by 10.3%. The combined ratio improved by 0.8 percentage points to 89.6%. The insurer closed the quarter with an ordinary result of 259.6 million euros, 11.2% higher than in the same period last year.

The insurance business is completed by Atradius (Crédito y Caución in Spain), which operates in the field of credit insurance. Its turnover, which comes from earned premiums and information income, grew by 1.1% to 1,941 billion euros. Ordinary profit remained virtually unchanged from the previous year (-0.5%) at 327.9 million euros, while the combined ratio increased by 1.6 p.p. (percentage points) to 75.9%.

In the funeral business, Mémora's turnover grew by 5.5% at the end of the third quarter, with a turnover of 207.2 million euros. Ordinary income also grew to 18.1 million euros, 31.6% more than the previous year.

In the words of GCO's Financial and Risk Management Officer, Clara Gómez, “once again, the Group has demonstrated its strength, solvency and stability, leveraging good results in all its business lines that reinforce GCO's business and management model”.

Financial position and solvency

Last September, Moody's upgraded GCO's debt issuer rating to A3 with a stable outlook, reflecting the Group's solid financial position and the benefits it derives from business diversification. GCO's rating upgrade followed Moody's improvement of Spain's sovereign rating, which also moved to A3 with a stable outlook.