Slide 1: Activity Update 9M 2025 Analyst & Investor Presentation
Activity Update 9M 2025 Analyst & Investor Presentation October 31st 2025 1
Slide 2: Disclaimer
DISCLAIMER MAPFRE S.A. (MAPFRE) hereby informs that, unless stated otherwise, the figures and ratios in this activity presentation are presented under the accounting principles in force in each country (which generally do no apply IFRS 17&9), homogenized for comparison and aggregation between units
Slide 3: Activity Update 9M 2025: interim dividend increased to 7 cents per share
ACTIVITY UPDATE – 9M 2025 Interim dividend increased to 7 cents per share on the back of strong profitability PREMIUMS NON-LIFE COMBINED RATIO €22,384 mn +3.5% +7.8% at constant exchange rates 92.6% -2.2 p.p. NON-LIFE €17,304 mn +1.8% LIFE €5,080 mn +9.7% CLAIMS 65.1% -2.3 p.p. +6.3% at constant exc
Slide 4: Implementation of Strategic Plan on track, strong performance in core businesses
ACTIVITY UPDATE – 9M 2025 Implementation of Strategic Plan on track, with strong performance in core businesses IBERIA Highly diversified with relevant General P&C and Life contributions €347 mn +22.5% Improved technical management Consolidated recovery of Motor combined ratio (98.5%) LATAM Strong p
Slide 5: Commitment to Shareholders: Dividends
ACTIVITY UPDATE – 9M 2025 DIVIDENDS PROVEN DIVIDENDS PAID COMMITMENT 2025* €508 mn TO SHAREHOLDERS 2024 €477 mn Interim Dividends Dividend dividend paid* yield* 2023 €447 mn €508 mn 7 cents per >5 % ** 2022 €447 mn 2025 16.5 share cents per share 2021 €416 mn *Includes interim dividend to be paid on
Slide 6: Key Figures and Ratios
ACTIVITY UPDATE – 9M 2025 KEY FIGURES AND RATIOS Regions and business units ROE Premiums Net result Non-Life Combined ratio 9M 2025 ∆% 9M 2025 Δ% 9M 2025 Δ% 9M 2025 Δ% IBERIA 13.2% 1.8 p.p. BRAZIL 27.1% 1.2 p.p. IBERIA 7.823,7 9,3% 347,3 22,5% 95,9% -2,5 p.p. TOTAL LATAM 18.6% 0.7 p.p. BRAZIL 3.311,
Slide 7: General P&C – Main Regions
ACTIVITY UPDATE – 9M 2025 GENERAL P&C – MAIN REGIONS Key figures Premiums Attributable result Combined ratio 9M 2024 9M 2025 Δ% 9M 2024 9M 2025 9M 2024 9M 2025 MAPFRE GROUP 6,758 6,581 v -2.6% 306.6 315.7 81.1% 80.5% IBERIA 2,084 2,223 6.7% 120.7 109.5 93.4% 94.2% BRAZIL 2,142 1,921 -10.3% 116.5 127
Slide 8: Auto – Main Regions
ACTIVITY UPDATE – 9M 2025 AUTO – MAIN REGIONS Key figures Premiums Insured units (mn) Attributable result Combined Ratio 9M 2024 9M 2025 Δ% 9M 2025 Δ% 9M 2024 9M 2025 9M 2024 9M 2025 MAPFRE GROUP 4,829 4,941 2.3% 12.84 -1.0% -16.8 95.5 104.2% 99.6% IBERIA 1,860 1,920 3.2% 5.72 -4.2% -30.6 51.6 104.7
Slide 9: Key Figures – Life Business
ACTIVITY UPDATE – 9M 2025 KEY FIGURES – LIFE BUSINESS Premiums > Insurance units Life technical-financial result 9M 2024 9M 2025 Δ YoY Total MAPFRE Group 540.4 496.6 -8.1% Insurance Units 515.7 488.9 -5.2% of which: IBERIA 194.0 150.8 -22.3% BRAZIL 246.6 267.9 8.6% OTHER 75.1 70.2 -6.6% Total MAPFRE
Slide 10: Capital Position & Credit Metrics
ACTIVITY UPDATE – 9M 2025 CAPITAL POSITION & CREDIT METRICS Capital structure Solvency II 12.31.2024 09.30.2025 %Δ YTD Total equity 9,603 10,035 4.5% 12.31.2024 06.30.2025 %∆ YTD Total debt 2,673 2,610 -2.4% Solvency II ratio 207.4% 208.7% 1.2 p.p. Eligible Own Funds 10,077 10,290 2.1% Senior debt 8
Slide 11: Assets Under Management
ACTIVITY UPDATE – 9M 2025 ASSETS UNDER MANAGEMENT Total assets under management Investment portfolio €45.7 €47.5 Market value (€bn) 09.30.2025 Δ Government fixed income 23.0 0.1% Spain 9.5 -0.7% Rest of Europe 4.6 7.0% United States 1.7 -5.8% Brazil 2.9 6.5% Rest of LATAM 3.5 6.3% Other 0.8 -39.9% C
Slide 12: Fixed Income Portfolios & Net Financial Income
ACTIVITY UPDATE – 9M 2025 FIXED INCOME PORTFOLIOS & NET FINANCIAL INCOME Fixed income portfolios Accounting Yield Market value Market yield Modified ACTIVELY MANAGED % ∆ YTD (€bn) (%) duration (%) EUROZONE IBERIA NON-LIFE 4.22 2.54 -0.08 3.63 5.99 MAPFRE RE NON-LIFE 4.77 3.47 0.47 3.38 2.93 IBERIA L
Slide 13: Closing Remarks
CLOSING REMARKS Improving profitability across all countries, regions and business units Highly diversified business model Technical excellence and profitable growth Internal transformation and efficiency improvements Strong financial income Resilient balance sheet Well-positioned to navigate the cu
Slide 14: Investor Relations Contacts
INVESTOR RELATIONS CONTACTS Email: IR@mapfre.com Telephone: (+34) 91 581 23 18 Corporate website: www.mapfre.com Financial documentation center: www.mapfre.com/en/financial-information/ Leandra Clark Leslie Hoffman Lidia Bermúdez Beatriz Ranea Yongzheng (Fabby) Chen Head of Investor Investor Relatio
Slide 15: Annex
MAPFRE Annex
Slide 16: Premiums
ACTIVITY UPDATE – 9M 2025 PREMIUMS TOTAL PREMIUMS €22,384 mn +3.5% +7.8% MAIN LINES OF BUSINESS At constant exchange rates Localaccounting Local accounting 16 Million euros
Slide 17: Investment Portfolio and Assets Under Management
ACTIVITY UPDATE – 9M 2025 INVESTMENT PORTFOLIO AND ASSETS UNDER MANAGEMENT Eurozone – Fixed income portfolios – Actively managed Other main regions and units – Fixed income portfolios IBERIA NON-LIFE portfolio includes Burial. Excluding this portfolio, to September 2025 duration would be approximate
Slide 18: P&L by business unit (I/II)
ACTIVITY UPDATE – 9M 2025 P&L by business unit (I/II) IBERIA BRAZIL NORTH AMERICA EMEA OTHER LATAM SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 Gross written and accepted premiums 5,119.7 5,372.0
Slide 19: P&L by business unit (II/II)
ACTIVITY UPDATE – 9M 2025 P&L by business unit (II/II) MAPFRE RE ASISTENCIA-MAWDY CONS. ADJUST. & CORPORATE AREAS TOTAL SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 Gross written and accepted premiums 5,898.1 5,944.8 156.5 16
Slide 20: Regional data by segments (I/II)
ACTIVITY UPDATE – 9M 2025 Regional data by segments (I/II) Premiums Attributable result Combined ratio IBERIA 9M 2024 9M 2025 Δ% 9M 2024 9M 2025 Δ% 9M 2024 9M 2025 LIFE 2,039.7 2,451.7 20.2% 131.1 91.7 -30.0% -- -- LIFE PROTECTION 269.8 274.8 1.9% 56.5 52.6 -6.9% 67.5% 67.3% LIFE SAVINGS 1,769.9 2,1
Slide 21: Regional data by segments (II/II)
ACTIVITY UPDATE – 9M 2025 Regional data by segments (II/II) Premiums Attributable result Combined ratio OTHER LATAM 9M 2024 9M 2025 Δ% 9M 2024 9M 2025 Δ% 9M 2024 9M 2025 LIFE 931.3 1,084.6 16.5% 37.0 32.1 -13.1% -- -- LIFE PROTECTION 727.0 783.7 7.8% 32.0 21.6 -32.4% 95.1% 96.0% LIFE SAVINGS 204.3 3
Slide 22: Terminology
TERMINOLOGY Local homogenized accounting Revenue/ Total Premiums + Financial income from investments + Income from non‐insurance companies and other income Consolidated Revenue Premiums/Written and Accepted Written premiums, direct insurance + premiums from accepted reinsurance premiums Direct insur