FBD : Presentation (2025 Full Year Results Presentation)

About this update from Fbd Holdings Plc

FBD Holdings plc 2025 Results 6 th March 2026 Forward looking statements This presentation contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Such forward- looking information involves risks and uncertainties that could affect expected results. 2025 RESULTS Agenda Overview Tomás Ó Midheach, CEO Financial Performance Kate Tobin, CFO Conclusion Tomás Ó Midheach, CEO Appendix Glossary Contact Details 2025 RESULTS Overview Tomás Ó Midheach, CEO 2025 At a Glance €502m Gross Written Premium (+9%) +18,000 Policies up on last year €54m Profit Before Tax Post €30m Jan' 2025 weather loss 100c Ordinary Dividend Proposed €4m allocated to share repurchase 201% SCR Post Dividend and share repurchase 3 Strategy continues to deliver Delivering strong returns with predictable yields Robust Franchise Continuing to Grow €54m profit for 2025, after €30.8m impact of Jan' 25 weather Wallet holding steady - strong growth in customer base 90% retention over 2022 - 2025 while €366m GWP Growth +37% €502m Policy Count Growth +16% 495k 572k maintaining margins FY2021 2022 2023 2024 2025 FY2025 FY2021 2022 2023 2024 2025 FY2025 GWP & Policy count growth in 2021-2023 excludes legacy scheme Strongly Capitalised SCR% Value created 197% 214% 226% 213% 197% 201% FY2020 FY2021 FY2022 FY2023 FY 2024 FY 2025 Green = SCR Gain; Amber = Capital Return 4 & Since 2022, €291m capital returned Profit underpinned by growth, underwriting discipline and investment returns Profit Before Tax €54m Underwriting Result €45m (2024: €67m) January 2025 weather losses had a net cost of €30.8m Income Statement investment return of €25m (2024: €26m); OCI return €8m (2024: €19m) €15m favourable prior year reserve development (2024: €27m) Gross Written Premium €502m Gross Written Premium up 9% on 2024 - growth across all sectors, channels and products Average premium up 5.6% - 3.4% of which relates to increased levels of cover Farmer GWP up €28m contributing two thirds of the increase Customer Focus (Policy growth) +3.2% Growth supported by consistently high retention levels Farmer up 10,000 policies - Customer policy holding steady at 3.5 3% growth in increasingly competitive Business sector - Customer policy holding steady at 2.3 3% growth in Retail 6% increase in Home policies with growth in Direct & Partnership channels 5 Underwriting profitability, in line with expectations, supports strong capital ratio and return on equity Reported COR 90.8% Undiscounted COR 92.9% (2024: 86.7%) Current service COR 97.4% (2024: 95.3%) COR reflects underlying underwriting profitability following January weather losses Best Estimate Prior year reserve development of €15m (2024: €27m) Solvency II SCR 201% SCR (unaudited) 201% (2024: 197%) after proposed ordinary dividend and share repurchase Remains strong after proposed return of capital Risk Appetite 150%-170% Return on Equity 10% Net Asset Value 1,320 after ordinary and special dividends in 2025 (2024: 1,346c) Dividend yield 11% ( 31 Dec 2025 ) Return on Targeted Equity of 13% Ordinary Dividend of 100c proposed €4m allocated to share repurchase 6 2025 RESULTS Financial Performance Kate Tobin, CFO 2025 Results 2025 2024 Change GWP €502m €460m +€42m Investment return €25m €26m -€1m Underwriting result €45m €67m -€22m Unwind of discounting -€7m -€6m -€1m Finance and other Group costs -€9m -€10m +€1m 1 Profit before tax €54m €77m -€23m 2025 2024 Change EPS 130c 186c -56c Profit before tax supported by growth, underwriting profitability and investment returns Combined Operating Ratio (COR) of 90.8% reflects underlying underwriting profitability following January weather losses. Best NAV 1,320c 1,346c -26c Estimate prior year reserve development is lower than ROE 10% 14% -4% previous years 2025 2024 Change Loss ratio 63.2% 57.1% +6.1% 3 Investment portfolio has Expense ratio 27.6% 27.8% -0.2% contributed strongly . Income 2 Combined Operating Ratio 90.8% 84.9% +5.9% from bond portfolios continues to increase as maturities reinvested 3 Total investment return 2.8% 4.0% -1.2% at higher book yields Income statement 2.1% 2.3% -0.2% OCI 0.7% 1.7% -1.0% 8 2025 Results 1 Insurance service result reflects underlying underwriting profitability and favourable prior year reserve development following January weather losses 2 Income statement investment return reflects increasing returns from bonds and reduced contribution from risk assets and cash 3 Net insurance finance expenses includes impact of unwind of discounting of higher interest rates from 2022-2024 Change 2024 2025 Income Statement Insurance revenue €487m €441m +€46m Insurance service expenses -€428m -€279m -€149m Net income/(expense) from reinsurance contracts held €34m -€51m +€85m Insurance service result €93m €111m -€18m Investment return €25m €26m -€1m Net insurance finance expenses -€7m -€6m -€1m result Non-attributable expenses -€41m -€38m -€3m Finance costs, other provisions -€16m -€16m - Profit before taxation €54m €77m -€23m Net insurance and investment €111m €131m -€20m 9 1 Current Service COR reflects strong underlying underwriting profitability impacted by January 2025 weather losses 2 Past Service COR benefitted from favourable development on prior year claims of €14.9m, which is lower than previous years Analysis of Combined Operating Ratio 2025 2024 1 Current Service Combined Operating Ratio 97.4% 95.3% 2 Past Service Combined Operating Ratio -6.6% -10.4% Reported Combined Operating Ratio 90.8% 84.9% Undiscounted Combined Operating Ratio 92.9% 86.7% 10 Best Estimate Claims Reserve Development YE 2023 YE 2025 YE 2025 YE 2025 YE 2022 YE 2023 YE 2025 YE 2024 YE 2024 YE 2021 YE 2023 YE 2025 YE 2024 YE 2022 YE 2024 Evolution of AY 2021 Evolution of AY 2022 Evolution of AY 2023 Evolution of AY 2024 Evolution of AY 2025 Net positive prior year reserve development during 2025 More recent accident years impacted by an observed increase in injury awards We continue to allow for expectations for future injury claims inflation in the reserves Note: The above graphs include EL, PL and Motor Accident Years ("AY") only 11 Increased Contribution from Bonds Income Statement return stable 2.1% Cash, Fixed Income and Risk Assets: Income from bond portfolios continues to increase as maturities reinvested at higher book yields Bond income excluding realised losses increased to €16.6m ( 1.9% return ) from €12.4m ( 1.4% return ) €8.0m risk asset return, positive performance across all risk asset funds including equity outperformance Cash contributed €3.0m OCI return positive 0.7% Corporate and Sovereign Bonds: Pull-to-par, expedited by ECB rate cuts, and tightening credit spreads contributed to continued unwind of unrealised losses Risk-free rates representing our portfolio duration increased in H2 2025 offsetting some of the positive OCI return €12m unrealised loss on bond portfolios will unwind over the remaining life as held to maturity 12 Investment Income Analysis 2025 vs 2024 Income Statement returns (€'000s) 2025 vs 2024 2025 2024 Increasing returns from bond portfolios 30,000 2.3% Bond income increased in 2025 due to maturities reinvested at higher interest rates 25,000 2.1% 20,000 15,000 10,000 5,000 0 2.1% 1.6% 6.7% 8.0% 1.2% 2.1% 4.1% 0.9% and book yield enhancement trading Corporate Bond portfolio average duration 3.4 years Government Bond portfolio average duration 3.2 years Despite volatility, all Risk Asset class returns positive in 2025 Returns on Cash moderating due to -5,000 Total Corporate Risk Assets Government Cash Investment Bond Expenses ECB rate cuts Bonds Bonds Property realised gains/losses * Realised bond losses in 2024 and 2025 due to book yield enhancement trading 13 Investment Allocation Changes to investment allocation since Dec 2024 13% 22% 9% 1% Dec 2025 55% 11% 22% 11% 1% Dec 2024 31-Dec-25 31-Dec-24* Corporate Bonds €644m €649m Government Bonds €258m €251m Cash €149m €132m Risk Assets €106m €133m Investment Property €11m €11m Total €1,168 €1,176 55% Bond maturity and book yield profile by (maturity) year €330m 3.0% €161m €153m 2.4% €138m €111m 1.0% 1.0% 1.2% 2026 2027 2028 2029 2030+ Cash balance temporarily increased to bolster liquidity for claims and dividend payments €20m corporate bonds reallocated to cash during 2025 €35m divested from risk assets in line with Strategic Asset Allocation Average credit quality of A on bond portfolio Allocation to BBB rated corporate bonds stable Corporate Bonds Sovereign Bonds Book Yield * Table restated from prior year to include accrued interest on bonds/cash and to exclude operational bank accounts from investment allocation 14 Higher allocation to cash and bonds, increased predictable investment income Cash & Bonds vs Risk Asset allocation 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 13.1% 14.9% 12.2% 10.0% 86.9% 85.1% 87.8% 90.0% Cash & Bond Risk Assets Risk Assets includes risk asset funds and investment property Cash & Bond Income Statement Returns* ( €'000s) 20,000 18,000 16,000 1.8% 2.0% 1.6% 1.5% 14,000 12,000 10,000 8,000 6,000 4,000 2,000 1.2% 1.0% 0.6% 0.5% 0.0% Cash Gov Bond Corp Bond Total * Includes realised losses - 15 Strong capital generation supporting investor returns 260% 250% 240% 230% 220% 210% 200% 190% 180% 170% 197% 214% 226% 213% 197% 201% Five ordinary and three special dividends - €291m capital returned to investors since 2022 * Includes €4m share repurchase 16 2025 RESULTS Conclusion Tomás Ó Midheach, CEO Summary Profit before tax of €54m with COR 90.8% . Strong underlying underwriting profitability and investment performance following impact of January 2025 weather In line with intention to move closer to target capital levels over time, ordinary dividend of 100c per share is proposed Solvency Capital Ratio 201% (unaudited) after proposed ordinary dividend and share repurchase. SCR Risk Appetite 150%-170% FBD is a resilient and growing business, that continues to deliver for all stakeholders. Focus remains on dividend sustainability while maintaining a strong capital position Updated Guidance: Combined Operating Ratio low 90s achievable for the full year 2026 18 2025 RESULTS Appendix Corporate Advocacy - The Padraig Walshe Centre for Sustainable Animal and Grassland Research Construction begins at Teagasc Moorepark €6m FBD contribution ( FBD Holdings Plc €2.5m; FBD Trust €2.5m; Farmer Business Developments Plc €1m ), committed to in 2023, matched with €6m from the Department of Agriculture, Food and the Marine The new Centre will: Provide state-of-the-art laboratory and animal metabolism facilities Support research aimed at reducing greenhouse gas emissions and nutrient losses from grassland-based livestock systems Provide infrastructure and facilities to attract and retain world-leading animal and grassland scientists Pictured at Teagasc Moorepark are representatives from FBD Holdings Plc, FBD Trust, Farmer Business Developments Plc, Teagasc, Minister for Agriculture, Food and the Marine, Martin Heydon TD and Ella Walshe 20 FBD, Our Strategy A digitally enabled, data enriched organisation which delivers an excellent customer and employee experience STRATEGIC AMBITION Our Customers We have a complete picture of them, understand them and deliver a proposition they value TEAMS & COLLABORATION OUR CUSTOMERS are at the heart of what we do DATA & TECHNOLOGY Our People Foster individual and organisational effectiveness Delivering Measured Profitable Growth Through a sharp focus on value, growth & capital management Wider Society & ESG We are recognised as the Irish insurer supporting local communities. Delivering on our sustainability commitments and supporting our customers in theirs Our Customers Our People Our Investors Wider Society & ESG Our Regulator Continuous Improvement Be better tomorrow than we are today. Create capacity while enhancing our customer and employee experience 21 Strategy Evolution 2025 A digitally enabled, data enriched organisation which delivers an excellent customer and employee experience 2026 Future Proofing Continuous Improvement; Finance, data & technology strategy and Exploration of further growth Optimisation Capital efficiency; Continuous Improvement and Technology 2024 2023 2022 Evolution Value; SME Growth and Continuous Improvement Extension Claims and ESG Mobilisation Customer Relationship Focus; Data Enriched and Digitally Enabled Our Cornerstones 22 Industry Environment and Claims trends Insurance Reform General Scheme of the Civil Reform Bill 2025 published in January 2026: Introduces substantial changes to Ireland's court system by increasing the value limits for cases heard in the District and Circuit Courts This will significantly alter where personal injury claims are litigated, reduce reliance on the High Court, and reshape legal cost structures The Action Plan for Insurance Reform 2025-2029 outlines a number of priority actions across six key themes: Transparency & Affordability; Competitiveness & Availability; Innovation & Skills; Fraud; Climate Protection Gap; and Legal Reform FBD have engaged in the consultation process on the Transparency Code and expect finalisation by the Department of Finance in Q1 2026 Judicial Council recommendation to increase Personal Injury Guidelines by 16.7% not brought for approval to the Oireachtas General Scheme of the Judicial Council (Amendment) Bill 2026 proposes changes to how Personal Injuries Guidelines are reviewed, developed, and approved Claims Trends Average settlement costs for injury claims increased by 4% versus 2024, with pre-litigation settlement costs 6% higher Increases experienced in Third-Party Motor Damage costs in 2025, across both Private and Commercial Motor Attritional Property severity higher due to increased number of fire claims Substantial increase in new Property claims notifications in 2025 due to January weather events 23 Ireland & Euro Area Economic Environment GDP & Private Consumption YoY % 12.0 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 Inflation (HICP) & Unemployment Rate YoY % 7.0 6.0 5.0 4.0 3.0 2.0 1.0 -4.0 0.0 GDP Private Consumption Inflation (HICP) Unemployment Rate Ireland Euro Area Ireland Euro Area Ireland Euro Area Ireland Euro Area Source: European Commission Spring Economic Forecast 24 GWP Performance by Product 11% Tractor 22% Agri Policy count +3.1% Average premium +9.6% Tractor Agri Policy count +2.4% Ave. premium +9.7% 21% Private Motor 12% 2024 GWP 19% Commercial Business +9.0% Policy count +1.8% Ave. premium +5.0% Private Motor 2025 GWP Commercial Business Policy count +1.1% Home 15% Commercial Motor Policy count +5.7% Ave. premium +7.7% Home Commercial Motor Ave. premium -0.7% Policy count +4.6% Ave. premium +6.5% 25 Premium Analysis 31% Farmer Business Retail 2025 2024 2023 2022 2021 50 0 49% 49% 49% 51% 50% 200 150 100 Active Premium by Customer Sector €m 500 450 30% 32% 250 30% 300 29% 20% 21% 350 19% 20% 400 20% Change in GWP YOY Movement 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% Policy Volume Average Rate Cover and Mix Total GWP FY 22 v FY 21 FY 23 v FY 22 FY 24 v FY 23 FY 25 v FY 24 26 Total return to shareholders €6.75 paid in dividends per share since 2021 Aileen Sheehan 27 FBD Young Farmer of the Year 2025 220.00 Share Price and Index Performance 2021 - 2025 200.00 180.00 160.00 140.00 FBD share price Dec 2020 €7.50 120.00 100.00 80.00 FBD ISEQ Stoxx Europe 600 Insurance Shown above are the performances of FBD, the ISEQ and Stoxx Europe 600 Insurance indices rebased from 31 Dec 2020. Average Dividend Yield on ISEQ and Stoxx Europe 600 Insurance of 2% and 5% across 2021 - 2025, FBD 11% Glossary Acquisition The total of net commission and operating expenses incurred in the generation of net earned premium and often expressed as a percentage of net earned premium. The operating expenses are after the transfer of direct costs for claims settlement expenses which are included in net incurred claims expense. Best Estimate The actuary's expectation of future cost to settle all outstanding claims net of any margin for uncertainty, representing a 50% probability that the reserves are adequate to settle all future claims. Casualty Insurance Insurance that is primarily concerned with the losses resulting from injuries to third persons or their property (i.e. not the policyholder) and the resulting legal liability imposed on the insured. It includes, but is not limited to, general liability, employers' liability, workers' compensation, professional liability, public liability and motor liability insurance. Catastrophe Reinsurance A reinsurance contract (often in the form of excess of loss reinsurance) that, subject to specified limits and retention, compensates the ceding insurer for losses in related to an accumulation of claims resulting from a catastrophe event or series of events. Claim The amount payable under a contract of insurance or reinsurance arising from a loss relating to an insured event. Claims Handling Expense (CHE) Costs incurred in the investigation, assessment and settlement of a claim. Claims Incurred The aggregate of all claims paid during an accounting period adjusted by the change in the claims provision for that accounting period. Claims Provision The estimate of the most likely cost of settling present and future claims and associated claims adjustment expenses plus a risk margin to cover possible fluctuation of the liability. Combined Operating Ratio ("COR") The sum of the loss ratio and expense ratio. COR provides an overall view of the Group's underwriting and operational performance. A COR below 100% indicates underwriting profitability, while a ratio above 100% indicates underwriting losses. Deferred Acquisition Costs Acquisition costs relating to the unexpired period of risk of contracts in force at the balance sheet date which are carried forward from one accounting period to subsequent accounting periods. Directly Attributable Expenses flows arising from the costs of selling, underwriting and starting a group of insurance contracts (issued or expected to be issued) that are directly attributable to the portfolio of insurance contracts to which the group belongs. Dividend Yield Ordinary plus Special Dividend per share (approved or paid) in the financial year ÷ Share Price at 31 Dec FY; 30 Jun HY Dividned payout ratio Represents the proportion of earnings paid out to investors. Dividends per share (approved or paid) in the financial year ÷ Earnings Per Share. Earnings Per Share basic (EPS) Profitability indicator. Profit after tax less preference dividends ÷ weighted average number of outstanding ordinary shares. Events Not in Data (ENID) Insurers are required to allow for all possible events when setting their technical provisions, including those that may not have been historically realised. This is done by allowing for events not in data when calculating technical provisions. Excess of Loss Reinsurance A form of reinsurance in which, in return for a premium, the reinsurer accepts liability for claims settled by the original insurer in excess of an agreed amount, generally subject to an upper limit. Expense Ratio Insurance acquisition expenses and non-attributable expenses as a percentage of insurance revenue. 28 Glossary Fair Value through Other Comprehensive Income (FVOCI) Financial assets classified and measured at fair value through other comprehensive income. General Insurance Generally used to describe non-life insurance business including property and casualty insurance. Gross Claims Incurred The amount of claims incurred during an accounting period before deducting reinsurance recoveries. Gross Earned Premium (GEP) The total premium on insurance earned by an insurer or reinsurer during a specified period on premiums underwritten in the current and previous underwriting years. Gross Written Premium (GWP) The total amount of premiums due from policyholders for insurance contracts written during a specific period, before any deductions for reinsurance. Incurred but not Reported (IBNR) Claims arising out of events that have occurred before the end of an accounting period but have not been reported to the insurer by that date. Insurance Finance Income or Expenses (IFIE) IFRS 17 permits an entity to choose to present insurance finance income or expenses either in profit or loss or disaggregated between profit or loss and OCI. This choice is made on a portfolio-by-portfolio basis. Insurance Service Result Insurance revenue less Insurance service expenses less Net expenses from reinsurance contracts held. Legacy Scheme Runoff Broker scheme for Private Motor and Home which was terminated in 2024. Long-tail Classes of insurance business involving coverage for risks where notice of a claim may not be received for many years and claims may be outstanding for more than one year before they are finally quantifiable and settled by the insurer. Loss Ratio Claims incurred net of reinsurance result as a percentage of insurance revenue. Margin for Uncertainty The margin held over and above the actuarial best estimate in order to provide greater certainty that claims reserves will be sufficient to settle all outstanding claims as they fall due. Net Asset Value (NAV) Net Asset Value is the net value of an entity's assets less its liabilities, divided by the number of shares outstanding. Net Claims Incurred The amount of claims incurred during an accounting period after deducting reinsurance recoveries. Net Claims Ratio Net claims incurred as a percentage of net earned premium. Net Earned Premium (NEP) Net written premium adjusted by the change in net unearned premium for a year. Net Investment Income Gross investment income net of foreign exchange gains and losses and investment expenses. Net Written Premium (NWP) The total premium on insurance underwritten by an insurer during a specified period after the deduction of premium applicable to reinsurance. Other Comprehensive Income (OCI) Other comprehensive income consists of revenues, expenses, gains, and losses that, under IFRS standards, are excluded from net income on the income statement. 29

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