Slide 1: Activity Update 12M 2025
Activity Update 12M 2025 Analyst & Investor Presentation February 12 th 2026 1
Slide 2: Mapfre closes the year with record results, raising the final dividend to 11 cents
ACTIVITY UPDATE – 12M 2025 Mapfre closes the year with record results, raising the final dividend to 11 cents Premiums Non -Life c ombined ratio € 29,145 mn + 3.6% +7.8% at constant exchange rates 92.2% -2.3 p.p. Claims 64.9% -2.5 p.p. Non -Life €22,466 mn + 1.5% Life €6,679 mn +11.6% +6.0% at const
Slide 3: Implementation of Strategic Plan on track, with strong performance in core businesses
ACTIVITY UPDATE – 12M 2025 Implementation of Strategic Plan on track, with strong performance in core businesses Attributable result IBERIA LATAM NORTH AMERICA MAPFRE RE €450 mn +22.7% €365 mn -10.5% €138 mn +41.8% €381 mn +17.2% Strong underlying Highly diversified with Significant performance acro
Slide 4: Dividends: Proven Commitment to Shareholders
ACTIVITY UPDATE – 12M 2025 DIVIDENDS: PROVEN COMMITMENT TO SHAREHOLDERS 2025 final dividend 2025 total dividend* 11 18 cents per share cents per share Payout* Dividend yield** 51.4% 4.6 % *Total dividends against 2025 fiscal year includes the interim dividend of 7 euro cents per share paid in Novemb
Slide 5: IFRS Main KPIs
IFRS MAIN KPIs IFRS vs. local accounting Homogenized local accounting IFRS 12M 2024 12M 2025 ∆% 12M 2024 12M 2025 ∆% Premiums 28,122 29,145 3.6% - - - Non-Life 22,137 22,466 1.5% - - - At constant Life 5,985 6,679 11.6% - - - exchange rates Insurance revenue* - - - 25,513 26,352 3.3% 7.6% Non-Life -
Slide 6: Key Figures and Ratios
ACTIVITY UPDATE – 12M 2025 KEY FIGURES AND RATIOS Regions and business units ROE 12M 2025 ∆% IBERIA 13.6% 2.1 p.p. Premiums Net result Non-Life Combined ratio BRAZIL 27.6% 1.7 p.p. 12M 2025 Δ% 12M 2024 12M 2025 Δ% 12M 2025 Δ% TOTAL LATAM 15.7% -2.1 p.p. IBERIA 10,021.5 10.2% 366.9 450.2 22.7% 95.8%
Slide 7: General P&C – Main Regions
ACTIVITY UPDATE – 12M 2025 GENERAL P&C – MAIN REGIONS Key figures Premiums Attributable result Combined ratio 12M 2024 12M 2025 Δ% 12M 2024 12M 2025 12M 2024 12M 2025 MAPFRE GROUP 8,617 8,475 -1.7% 403.7 430.0 80.9% 80.2% IBERIA 2,722 2,907 6.8% 146.9 148.6 94.5% 93.7% BRAZIL 2,752 2,519 -8.5% 162.9
Slide 8: Auto – Main Regions
ACTIVITY UPDATE – 12M 2025 AUTO – MAIN REGIONS Key figures Premiums Insured units (mn) Attributable result Combined Ratio 12M 2024 12M 2025 Δ% 12M 2025 Δ% 12M 2024 12M 2025 12M 2024 12M 2025 MAPFRE GROUP 6,484 6,568 1.3% 12.79 -0.9% -26.1 134.7 104.6% 99.8% IBERIA 2,538 2,620 3.2% 5.67 -4.3% -43.6 5
Slide 9: Key Figures – Life Business
ACTIVITY UPDATE – 12M 2025 KEY FIGURES – LIFE BUSINESS Premiums > Insurance units Life technical -financial result 12M 2024 12M 2025 Δ YoY Total Mapfre Group 670.6 600.6 -10.4% Insurance Units 657.8 610.1 -7.2% of which: IBERIA 246.0 217.2 -11.7% BRAZIL 324.3 353.8 9.1% OTHER 87.5 39.1 -55.3% Total
Slide 10: Capital Position & Credit Metrics
ACTIVITY UPDATE – 12M 2025 CAPITAL POSITION & CREDIT METRICS Capital structure Solvency II 12.31.2024 12.31.2025 %Δ YTD Total equity 9,603 10,057 4.7% Total debt 2,673 2,622 -1.9% 12.31.2024 09.30.2025 % ∆ YTD Senior debt 865 866 0.1% Solvency II ratio 207.4% 210.4% 3.0 p.p. Eligible Own Funds 10,07
Slide 11: Dividend Upstreaming
ACTIVITY UPDATE – 12M 2025 DIVIDEND UPSTREAMING 2024 2025 IBERIA 316 348 of which: MAPFRE ESPAÑA 70 153 MAPFRE VIDA 246 195 INTERNATIONAL 264 390 of which: BRAZIL 152 240 OTHER LATAM 48 63 NORTH AMERICA 62 74 MAPFRE RE 120 146 Others 3 20 TOTAL 702 904 Dividends upstreamed from subsidiaries to holdi
Slide 12: Assets Under Management
ACTIVITY UPDATE – 12M 2025 ASSETS UNDER MANAGEMENT Total assets under management Investment portfolio € 45.7 bn € 48.4 bn Market value (€bn) 12.31.2025 Δ Government fixed income 22.8 -0.8% Spain 9.1 -5.1% Rest of Europe 4.6 6.5% United States 1.8 0.6% Brazil 2.9 3.5% Rest of LATAM 3.7 11.6% Other 0.
Slide 13: Fixed Income Portfolios & Net Financial Income
ACTIVITY UPDATE – 12M 2025 FIXED INCOME PORTFOLIOS & NET FINANCIAL INCOME Fixed income portfolios Accounting Yield Market value Market yield Modified % ∆ YTD (€bn) (%) duration (%) IBERIA NON-LIFE 4.31 2.59 -0.03 3.72 5.84 Net realized gains and losses* EUROZONE MANAGED ACTIVELY MAPFRE RE NON-LIFE 4
Slide 14: Strategic Plan 2024-2026 Financial Targets
STRATEGIC PLAN 2024 -2026 FINANCIAL TARGETS 2025 -2026 period average Growth 2024 -2026 period ave. ROE Combined ratio Target: > 6% Target: 11% - 12% Target: 95% - 94% excluding Life Savings excluding extraordinary items and Excluding relevant catastrophic events* 2024 -2025 ave. +3.1% relevant cata
Slide 15: Closing Remarks
CLOSING REMARKS Strengthening Operational Well -equipped to profitability across excellence driving navigate the current our entire geographic sustained profitable Solid financial market environment and business growth income footprint Dividend increase Internal Robust balance reflects our transform
Slide 16: Investor Relations Contacts, 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 Leslie Hoffman Lidia Bermúdez Beatriz Ranea Yongzheng (Fabby
Slide 17: Annex
W% mapfre Annex
Slide 18: Premiums
ACTIVITY UPDATE – 12M 2025 PREMIUMS Total premiums Main lines of business €29,145 mn +3.6% +7.8%* Million euros / * At constant exchange rates Local accounting 18
Slide 19: Investment Portfolio and Assets Under Management
ACTIVITY UPDATE – 12M 2025 INVESTMENT PORTFOLIO AND ASSETS UNDER MANAGEMENT Eurozone – Fixed income portfolios – Actively managed Other main regions and units – Fixed income portfolios Market value Accounting Market yield Modified Market value Accounting Market yield Modified (€bn) Yield (%) (%) dur
Slide 20: P&L by Business Unit (I/III)
ACTIVITY UPDATE – 12M 2025 P&L BY BUSINESS UNIT (I/III) IBERIA BRAZIL NORTH AMERICA DECEMBER 2024 DECEMBER 2025 DECEMBER 2024 DECEMBER 2025 DECEMBER 2024 DECEMBER 2025 Gross written and accepted premiums 6,555.6 6,881.8 3,324.4 3,041.1 2,767.7 2,639.6 Net premiums earned 5,222.6 5,619.3 2,319.2 2,30
Slide 21: P&L by Business Unit (II/III)
ACTIVITY UPDATE – 12M 2025 P&L BY BUSINESS UNIT (II/III) EMEA OTHER LATAM MAPFRE RE DECEMBER 2024 DECEMBER 2025 DECEMBER 2024 DECEMBER 2025 DECEMBER 2024 DECEMBER 2025 Gross written and accepted premiums 1,363.2 1,455.3 3,889.9 3,916.3 7,852.3 7,831.0 Net premiums earned 799.9 853.8 2,001.6 2,040.2
Slide 22: P&L by Business Unit (III/III)
ACTIVITY UPDATE – 12M 2025 P&L BY BUSINESS UNIT (III/III) ASISTENCIA-MAWDY CONS. ADJUST. & CORPORATE AREAS TOTAL DECEMBER 2024 DECEMBER 2025 DECEMBER 2024 DECEMBER 2025 DECEMBER 2024 DECEMBER 2025 Gross written and accepted premiums 209.0 220.4 (3,825.1) (3,519.9) 22,137.0 22,465.7 Net premiums earn
Slide 23: Regional Data by Segments (I/II)
ACTIVITY UPDATE – 12M 2025 REGIONAL DATA BY SEGMENTS (I/II) Premiums Attributable result Combined ratio IBERIA 12M 2024 12M 2025 Δ% 12M 2024 12M 2025 Δ% 12M 2024 12M 2025 LIFE 2,541.9 3,139.7 23.5% 167.9 131.8 -21.5% -- -- LIFE PROTECTION 351.3 366.6 4.4% 71.6 71.7 0.2% 68.2% 67.3% LIFE SAVINGS 2,19
Slide 24: Regional Data by Segments (II/II)
ACTIVITY UPDATE – 12M 2025 REGIONAL DATA BY SEGMENTS (II/II) Premiums Attributable result Combined ratio OTHER LATAM 12M 2024 12M 2025 Δ% 12M 2024 12M 2025 Δ% 12M 2024 12M 2025 LIFE 1,274.6 1,523.5 19.5% 39.0 (2.0) -105.0% -- -- LIFE PROTECTION 961.4 1,055.8 9.8% 43.4 30.2 -30.5% 95.3% 96.7% LIFE SA
Slide 25: IFRS P&L
IFRS P&L 12M 2024 12M 2025 LIFE NON-LIFE TOTAL LIFE NON-LIFE TOTAL I. INSURANCE REVENUE* 4,103 21,410 25,513 4,387 21,966 26,352 II. INSURANCE SERVICE EXPENSES (3,472) (18,605) (22,077) (3,912) (18,334) (22,246) 1. Incurred claims and other insurance service expenses (2,156) (13,898) (16,055) (2,250
Slide 26: IFRS Reconciliation P&L – December 2025
IFRS RECONCILIATION P&L – December 2025 IFRS 17 impacts: IFRS 9 impacts: TOTAL 43 11 IMPACT 54 * H omogenized local accounting ** Includes the discounting and unwind of insurance and reinsurance contract assets & liabilities, as well as the effect of i nte rest rate movements on insurance and reinsu
Slide 27: IFRS Combined Ratio
IFRS COMBINED RATIO Non - Life combined ratio - breakdown Combined ratio by business Segment 12M 2024 12M 2025 Auto 104.0% 97.4% IBERIA 105.4% 96.4% BRAZIL 101.2% 98.3% NORTH AMERICA 99.1% 96.9% General P&C 78.8% 78.6% Accident & Health 98.4% 97.3% Total Non-Life 93.0% 90.2% Life Protection 83.3% 83
Slide 28: IFRS Key Figures by Region and Business Unit
IFRS KEY FIGURES BY REGION AND BUSINESS UNIT Insurance revenue* Attributable result Combined ratio AREA / BUSINESS UNIT 12M 2024 12M 2025 Δ% 12M 2024 12M 2025 Δ % 12M 2024 12M 2025 IBERIA 7,450.2 7,808.6 4.8% 436.1 501.4 15.0% 97.6% 94.3% BRAZIL 4,603.6 4,514.2 -1.9% 253.2 282.4 11.5% 72.7% 70.6% OT
Slide 29: IFRS Balance Sheet
IFRS BALANCE SHEET ASSETS 12.31.2024 12.31.2025 ∆ A) INTANGIBLE ASSETS 2,540 2,322 EQUITY AND LIABILITIES 12.31.2024 12.31.2025 ∆ B) PROPERTY, PLANT AND EQUIPMENT 1,213 1,195 A) EQUITY 9,985 10,514 C) INVESTMENTS 42,865 45,365 I. Equity attributable to the controlling company's shareholders 8,889 9,
Slide 30: Change in Shareholders' Equity
IFRS CHANGE IN SHAREHOLDERS’ EQUITY Balance at 31 December 2024 8,889 Currency conversion differences (334) Financial assets at FVTOCI 106 Adjustment for insurance contract valuation 176 Other (46) Total income and expenses recorded in OCI: (98) Result for the period 1,133 Dividend distribution (513
Slide 31: IFRS CSM Roll Forward
IFRS CSM ROLL FORWARD Δ CSM: 99 Of which: Δ CSM before release: +468 Of which: IBERIA: 1,805 BRAZIL: 364 IBERIA: -139 OTHER LATAM: 323 BRAZIL: -196 EMEA: 105 Million euros 31
Slide 32: IFRS CSM Breakdown
IFRS CSM BREAKDOWN CSM by region CSM net of taxes and CSM CSM net of taxes minorities 12.31.2024 12.31.2025 12.31.2024 12.31.2025 12.31.2024 12.31.2025 IBERIA 1,721 1,805 1,292 1,354 1,278 1,343 BRAZIL 416 364 249 219 78 62 OTHER LATAM 264 323 184 224 182 221 EMEA 97 105 63 68 18 19 NORTH AMERICA 3
Slide 33: Sensitivity Information – Annual Accounts
IFRS SENSITIVITY INFORMATION – ANNUAL ACCOUNTS Appreciation main currencies against euro (+10%) Decrease in market interest rates at close ( -100 bps) Effect on OCI Effect on P&L Currency Effect on OCI Effect on P&L 12M 2024 12M 2025 12M 2024 12M 2025 Item U.S. dollar 232.5 185.9 8.6 11.7 12M 2024 1
Slide 34: Terminology (I/II)
TERMINOLOGY (I/II) LOCAL HOMOGENEIZED ACCOUNTING Revenue/ Total Premiums + Financial income from investments + Income from non ‐insurance companies and other income Consolidated Revenue Premiums/Written and Written premiums, direct insurance + premiums from accepted reinsurance Accepted premiums Pre
Slide 35: Terminology (II/II)
TERMINOLOGY (II/II) IFRS Income / Total Income / Insurance revenue + Reinsurance revenue + Insurance/Reinsurance finance revenue + Finance revenue not related to Insurance Consolidated Income / Total Consolidated service + Reversal of financial asset impairment + Share in profits from equity ‐accoun
Slide 36: 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 for