Slide 1: Activity update 3M 2026
Activity update 3M 2026 Analyst & Investor presentation April 29 th 2026 1
Slide 2: Solid first-quarter performance across our core businesses
Activity update – 3M 2026 Solid first -quarter performance across our core businesses Balanced growth A strong Lower currency across regions and improvement in impact business lines profitability A diversified, resilient Recovery in key Successfully business model currencies during the operating in
Slide 3: On track to meet updated targets
Activity update – 3M 2026 On track to meet updated targets Premiums Non -Life c ombined ratio €8,394 mn -2.2% 93.2 % -0.2% at constant exchange rates -0.9 p.p. Net result ROE Solvency II ratio Adjusted* €311 mn 12.9% 13.8% 205.3% +12.7% +0.5 p.p. +0.5 p.p. December 2025** -2.2 p.p. YoY vs. 12M 2025
Slide 4: P&L
Activity update – 3M 2026 P&L TOTAL MARCH 2025 MARCH 2026 Δ% Non-Life gross written and accepted premiums 6,794.3 6,614.4 -2.6% -0.1%* Non-Life technical result 252.6 294.6 16.6% Net financial income 203.9 232.9 14.2% Other non-technical revenue and expenses -12.5 -18.7 49.8% Result of Non-Life busi
Slide 5: Iberia: net result up 14% driven by a significant improvement in the combined ratio
Activity update – 3M 2026 Iberia: net result up 14% driven by a significant improvement in the combined ratio Key figures Premiums Attributable result Combined ratio 3M 2026 Δ% 3M 2025 3M 2026 Δ% 3M 2026 Δ% Premiums LIFE 889.4 -5.1% 32.0 35.5 11.0% -- -- €3.4 bn LIFE PROTECTION 134.1 5.9% 17.9 18.1
Slide 6: Brazil: excellent ROE at 26.5%, backed by high technical-financial margins
Activity update – 3M 2026 Brazil: excellent ROE at 26.5%, backed by high technical -financial margins Key figures Premiums Premiums Attributable result Combined ratio 3M 2026 Δ% 3M 2025 3M 2026 Δ% 3M 2026 Δ% €1.2 bn (-0.2%) LIFE LIFE PROTECTION 331.1 321.8 -3.1% -2.6% 17.1 14.2 17.0 14.4 -0.5% 1.5%
Slide 7: Other Latam: supported by business diversification
Activity update – 3M 2026 Other Latam: supported by business diversification Key figures Premiums Attributable result Combined ratio Premiums 3M 2026 Δ% 3M 2025 3M 2026 Δ% 3M 2025 3M 2026 Δ% LIFE 397.5 12.7% 18.0 15.6 -13.5% -- -- -- €1.4 bn LIFE PROTECTION LIFE SAVINGS 297.3 100.2 13.4% 10.5% 12.9
Slide 8: North America: profit up to €30 mn with the combined ratio improving to 95%
Activity update – 3M 2026 North America: profit up to €30 mn with the combined ratio improving to 95% Key figures Premiums Premiums Attributable result Combined ratio Δ% Δ% Δ% €0.6 bn (-10.2%) NON LIFE 3M 2026 593.2 -10.2% 3M 2025 3M 2026 29.9 30.3 1.2% 3M 2026 95.0% -2.4 p.p. +0.1% at constant exch
Slide 9: Mapfre Re: profit up 77%, supported by lower large losses and solid financial result
Activity update – 3M 2026 Mapfre Re: profit up 77%, supported by lower large losses and solid financial result Key figures Premiums Premiums 3M 2026 Δ% Attributable result 3M 2025 3M 2026 Δ% Combined ratio 3M 2026 Δ% €2.2 bn REINSURANCE 1,628.4 -6.0% 38.3 75.0 95.7% 97.4% -1.2 p.p. GLOBAL RISKS 561.
Slide 10: Emea: reporting profit four consecutive quarters with relevant progress in Germany
Activity update – 3M 2026 Emea : reporting profit four consecutive quarters with relevant progress in Germany Key figures Premiums Attributable result Combined ratio Premiums 3M 2026 Δ% 3M 2025 3M 2026 Δ% 3M 2026 Δ% LIFE 43.9 0.0% 0.9 0.7 -22.7% -- -- €0.5 bn NON LIFE 450.0 1.8% -1.0 1.3 -- 105.6% -
Slide 11: Mawdy: continues to contribute to the Group with technical improvements
Activity update – 3M 2026 Mawdy : continues to contribute to the Group with technical improvements Key figures 3M 2026 Δ% • Growing Operating revenue (+10% at constant Operating Revenue 129.2 7.6% exchange rates). Attributable Result 0.6 14.4% • Combined ratio improvement underpinned by Combined Rat
Slide 12: Capital position & credit metrics
Activity update – 3M 2026 Capital position & credit metrics Capital structure Embedded Value (EV) - 2025 12.31.2025 03.31.2026 %Δ YTD 12.31.2025 Δ% Total equity 10,057 10,048 -0.1% Adjusted Net Asset Value (ANAV) 2,718 3.8% Total debt 2,622 3,609 37.6% Value of In-force Business (VIF) 4,312 -1.6% Se
Slide 13: Assets under management
Activity update – 3M 2026 Assets under management Total assets under management Investment portfolio*** Market value (€bn) 12.31.2025 03.31.2026 Δ €44.4 bn €46.0 bn Government fixed income 22.8 24.4 6.9% Spain 9.1 9.0 -0.3% Rest of Europe 4.6 5.7 24.9% United States 1.8 1.9 2.8% Brazil 2.9 3.2 10.7%
Slide 14: Assets under management - Fixed income
Activity update – 3M 2026 Assets under management - Fixed income Main fixed income portfolios Accounting Yield Modified duration Market value Market yield % ∆ YTD % ∆ YTD (€bn) (%) EUROZONE MANAGED IBERIA NON-LIFE 4.69 2.74 0.15 3.83 5.89 0.06 ACTIVELY MAPFRE RE NON-LIFE 5.10 3.66 0.11 3.84 3.10 0.2
Slide 15: Closing remarks
Closing remarks Profitability improving across regions Diversified by geography and business Solid quarter Robust business model Growing results Geographic and business diversification Positive technical performance Discipline High sol ven cy Upgraded strategic targets Commitment to shareholders Pos
Slide 16: Investor Relations Contacts and Upcoming Events
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/shareholders -and -investors/financial -documentation -center/ Leandra Clark, CFA, CESGA Leslie Hoffman, CESGA Lidia Bermúdez Beatriz Ra
Slide 17: Annex
Annex We mapfre
Slide 18: Key figures and ratios
Activity update – 3M 2026 Key figures and ratios Regions and business units Premiums Attributable result Non-Life Combined ratio ROE 3M 2025 3M 2026 ∆% 3M 2025 3M 2026 ∆% 3M 2025 3M 2026 12.31.2025 03.31.2026 ∆% IBERIA 3,450.6 3,428.6 -0.6% 121.0 137.8 13.9% 95.6% 94.1% 13.6% 13.8% 0.2 p.p. BRAZIL 1
Slide 19: Main lines of business
Activity update – 3M 2026 Main lines of business Premiums Results Million euros Local accounting 19
Slide 20: Regional data by segments (I/II)
Activity update – 3M 2026 Regional data by segments (I/II) Premiums Attributable result Combined ratio standalone IBERIA 3M 2026 Δ% 3M 2025 3M 2026 Δ% 1Q 2025 4Q 2025 1Q 2026 LIFE 889.4 -5.1% 32.0 35.5 11.0% -- -- -- LIFE PROTECTION 134.1 5.9% 17.9 18.1 1.0% 64.5% 67.5% 64.8% LIFE SAVINGS 755.3 -6.8
Slide 21: Regional data by segments (II/II)
Activity update – 3M 2026 Regional data by segments (II/II) Premiums Attributable result Combined ratio standalone OTHER LATAM 3M 2026 Δ% 3M 2025 3M 2026 Δ% 1Q 2025 4Q 2025 1Q 2026 LIFE 397.5 12.7% 18.0 15.6 -13.5% -- -- -- LIFE PROTECTION 297.3 13.4% 12.9 7.1 -44.5% 93.7% 98.5% 96.6% LIFE SAVINGS 1
Slide 22: P&L by business unit (I/III)
Activity update – 3M 2026 P&L by business unit (I/III) IBERIA BRAZIL NORTH AMERICA MARCH 2025 MARCH 2026 MARCH 2025 MARCH 2026 MARCH 2025 MARCH 2026 Gross written and accepted premiums 2,513.8 2,539.2 821.5 829.7 660.6 593.2 Net premiums earned 1,388.9 1,464.6 585.4 585.6 491.3 444.7 Net claims incu
Slide 23: P&L by business unit (II/III)
Activity update – 3M 2026 P&L by business unit (II/III) EMEA OTHER LATAM MAPFRE RE MARCH 2025 MARCH 2026 MARCH 2025 MARCH 2026 MARCH 2025 MARCH 2026 Gross written and accepted premiums 442.0 450.0 1,027.1 1,037.5 2,263.4 2,072.3 Net premiums earned 208.0 226.0 524.9 560.9 1,009.4 976.0 Net claims in
Slide 24: P&L by business unit (III/III)
Activity update – 3M 2026 P&L by business unit (III/III) ASISTENCIA-MAWDY CONS. ADJUST. & CORPORATE AREAS TOTAL MARCH 2025 MARCH 2026 MARCH 2025 MARCH 2026 MARCH 2025 MARCH 2026 Gross written and accepted premiums 55.0 58.9 -989.0 -966.4 6,794.3 6,614.4 Net premiums earned 49.1 43.5 0.0 0.0 4,257.0
Slide 25: Balance sheet
Activity update – 3M 2026 Balance sheet ITEM DECEMBER 2025 MARCH 2026 Δ% Goodwill 1,239.0 1,255.5 1.3% Other intangible assets 1,120.0 1,139.3 1.7% Other fixed assets 228.5 233.0 1.9% Cash 1,947.4 1,760.3 -9.6% Real estate 1,946.7 1,948.0 0.1% Financial investments 38,044.9 39,814.6 4.7% Other inves
Slide 26: Investment portfolio – Net realized gains and losses
Activity update – 3M 2026 Investment portfolio – Net realized gains and losses Accumulated Standalone 3M 6M 9M 12M 3M 1Q 2Q 3Q 4Q 1Q 2025 2025 2025 2025 2026 2025 2025 2025 2025 2026 IBERIA 18.8 25.2 29.4 42.6 16.8 18.8 6.4 4.2 13.3 16.8 Non-Life 13.0 14.9 17.6 21.6 8.0 13.0 1.9 2.8 4.0 8.0 Life 5.9
Slide 27: Investment portfolio – Fixed income
Activity update – 3M 2026 Investment portfolio – Fixed income Total Corporate Corporate Corporate with Government Total Debt without collateral collateral Spain 9,045.7 1,643.1 1,429.7 213.4 10,688.8 Rest of Europe 5,715.4 5,148.6 4,829.6 319.0 10,864.0 United States 1,886.2 2,411.7 2,301.1 110.6 4,
Slide 28: Debt & capital management
Activity update – 3M 2026 Debt & capital management ITEM DECEMBER 2025 MARCH 2026 Total equity 10,056.8 10,047.8 Total debt 2,622.0 3,609.1 Senior debt - 5/2026 865.6 860.2 Senior debt - 1/2032 -- 507.0 Senior debt - 1/2036 -- 497.0 Subordinated debt - (Maturity 2030) 506.6 510.4 Subordinated debt -
Slide 29: Solvency
Activity update – 3M 2026 Solvency Solvency II 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025* Ratio 207.4% 205.6% 208.7% 210.4% 205.3% Equity 9,603 9,508 9,611 10,035 10,514 Participations not included under SII -467.2 -459.6 -434.7 -451.7 -451.9 Adjustment to participations (mainly from entit
Slide 30: Exchange rates
Activity update – 3M 2026 Exchange rates Average Exchange Rate Closing Exchange Rate Var. MARCH 2026 vs. Var. MARCH 2026 vs. MARCH 2026 MARCH 2026 MARCH 2025 December 2025 US dollar 1.174 -10.3% 1.152 1.9% Brazilian real 6.100 0.4% 6.020 7.4% Turkish lira 51.298 -20.1% 51.298 -1.4% Mexican peso 20.5
Slide 31: 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 insu
Slide 32: 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 not apply IFRS 17 & 9). Certain adjustments have been applied to homogenize f