Consolidated annual accounts 2025

(Together with the annual accounts and consolidated Management Report MAPFRE,

S.A. and subsidiaries for the year ended 31 December 2025)

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

KPMG Auditores, S.L.

Paseo de la Castellana, 259 C 28046 Madrid

Independent Auditor's Report on the Consolidated Annual Accounts

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

To the Shareholders of MAPFRE, S.A.

REPORT ON THE CONSOLIDATED ANNUAL ACCOUNTS

Opinion

We have audited the consolidated annual accounts of MAPFRE, S.A. ("the Parent") and subsidiaries (the "Group"), which comprise the balance sheet at December 31, 2025, the income statement, the statement of comprehensive income, the statement of changes in equity, the cash flow statement and the notes to the financial statements, all consolidated, for the year then ended.

In our opinion, the accompanying consolidated annual accounts give a true and fair view, in all material respects, of the equity and financial position of the Group as at 31 December 2025 and of its financial performance and cash flows, all consolidated, for the year then ended, in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and other provisions of the financial reporting framework applicable in Spain.

Basis for Opinion

We conducted our audit in accordance with prevailing legislation regulating the audit of accounts in Spain. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Accounts section of our report.

We are independent of the Group in accordance with the ethical requirements, including those regarding independence, that are relevant to our audit of the consolidated annual accounts in Spain pursuant to the legislation regulating the audit of accounts. We have not provided any non-audit services, nor have any situations or circumstances arisen which, under the aforementioned regulations, have affected the required independence such that this has been compromised.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KPMG Auditores S.L., a limited liability Spanish company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Paseo de la Castellana, 259C - 28046 Madrid

Entered into the Spanish Official Register of Auditors with number S0702,

and the Spanish Institute of Registered Auditors' list of companies with reference No. 10. Reg. Mer Madrid, T. 11.961, F. 90, Sec. 8, H. M -188.007, Inscrip. 9.

Tax identification number (NIF): B-78510153

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the consolidated annual accounts of the current period. These matters were addressed in the context of our audit of the consolidated annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Other Information. Consolidated Management Report

Other information solely comprises the 2025 consolidated Management Report, the preparation of which is the responsibility of the Parent's Directors and which does not form an integral part of the consolidated annual accounts.

Our audit opinion on the consolidated annual accounts does not encompass the consolidated Management Report. Our responsibility regarding the information contained in the consolidated Management Report, in conformity with prevailing audit regulations in Spain, entails:

1. Checking only that the consolidated non-financial information statement, certain information included in the Annual Corporate Governance Report and the Annual Report on Directors' Remuneration, to which the Audit Law refers, was provided as stipulated by applicable regulations and, if not, disclose this fact.

2. Assessing and reporting on the consistency of the remaining information included in the consolidated Management Report with the consolidated financial statements, based on the knowledge of the Group obtained during the audit, in addition to evaluating and reporting on whether the content and presentation of this part of the consolidated Management Report are in conformity with applicable regulations. If, based on the work we have performed, we conclude that there are material misstatements, we are required to disclose this fact.

Based on the work performed, as described in the preceding paragraphs, we have verified that the information referred to in paragraph a) above is provided as stipulated by applicable regulations and that the remaining information contained in the consolidated Management Report is consistent with that disclosed in the consolidated annual accounts for 2025 and its content and presentation are in accordance with applicable regulations.

Directors' and Audit Committee's Responsibility for the Consolidated Annual Accounts

The Parent's directors are responsible for the preparation of the accompanying consolidated annual accounts in such a way that they give a true and fair view of the consolidated equity, consolidated financial position and consolidated financial performance of the Group in accordance with IFRS-EU and other provisions of the financial reporting framework applicable to the Group in Spain, and for such internal control as they determine is necessary to enable the preparation of consolidated annual accounts that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated annual accounts, the Parent's directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

The Parent's audit committee is responsible for overseeing the preparation and presentation of the consolidated annual accounts.

Auditor's Responsibilities for the Audit of the Consolidated Annual Accounts

Our objectives are to obtain reasonable assurance about whether the consolidated annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with prevailing legislation regulating the audit of accounts in Spain will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence economic decisions of users taken on the basis of these consolidated annual accounts.

As part of an audit in accordance with prevailing legislation regulating the audit of accounts in Spain, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated annual accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Parent's directors.

• Conclude on the appropriateness of the Parent's directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated annual accounts, including the disclosures, and whether the consolidated annual accounts represent the underlying transactions and events in a manner that achieves a true and fair view.

• Plan and execute the audit of the Group to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated annual accounts. We are responsible for the direction, supervision and revision of the work performed for Group audit purposes. We remain solely responsible for our audit opinion.

We communicate with the audit committee of the Parent regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Parent's audit committee with a statement that we have complied with the applicable ethical requirements, including those regarding independence, and to communicate with them all matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated to the Parent's audit committee, we determine those that were of most significance in the audit of the consolidated annual accounts of the current period and which are therefore the key audit matters.

We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

European single electronic format

We have examined the digital files of the European single electronic format (ESEF) of MAPFRE, S.A. and subsidiaries for the 2025 financial year, which include the XHTML file containing the consolidated financial statements for the year, and the XBRL files as labeled by the entity, which will form part of the annual financial report.

The directors of MAPFRE, S.A. are responsible for submitting the annual financial report for the 2025 financial year, in accordance with the formatting and mark-up requirements set out in Delegated Regulation EU 2019/815 of 17 December 2018 of the European Commission (hereinafter referred to as the ESEF Regulation). In this respect, they have incorporated the Annual Corporate Governance Report and the Annual Report on Directors' Remuneration by reference in the consolidated management report.

Our responsibility consists of examining the digital files prepared by the directors of the parent company, in accordance with prevailing audit regulations in Spain. These standards require that we plan and perform our audit procedures to obtain reasonable assurance about whether the contents of the consolidated financial statements included in the aforementioned digital files correspond in their entirety to those of the consolidated financial statements that we have audited, and whether the consolidated financial statements and the aforementioned files have been formatted and marked up, in all material respects, in accordance with the ESEF Regulation.

In our opinion, the digital files examined correspond in their entirety to the audited consolidated financial statements, which are presented and have been marked up, in all material respects, in accordance with the ESEF Regulation.

Additional Report to the Parent's Audit Committee

The opinion expressed in this report is consistent with our additional report to the Parent's audit committee dated 11 February 2026.

Contract Period

We were appointed as auditor of the Group by the shareholders at the ordinary general meeting on 15 March 2024 for a period of 4 years, from the year ended 31 December 2024, inclusive.

Previously, we had been appointed as auditors by the shareholders of MAPFRE, S.A. for a period of 3 years, and have been auditing uninterrupted the Group's consolidated Annual Accounts since the year ended 31 December 2015.

KPMG Auditores, S.L.

On the Spanish Official

Register of Auditors ("ROAC") with No. S0702

(Signed on original in Spanish)

Álvaro Vivanco Rueda On the Spanish Official

Register of Auditors ("ROAC") with No. 24,151 11 February 2026

1. Consolidated balance sheet 4

2. Consolidated statement of income and comprehensive income 6

3. Consolidated statement of changes in equity 8

4. Consolidated cash flow statement 10

5. Financial information by segment 11

6. Supplementary financial information by product and geographical area 15

7. Consolidated annual report 16

   1. General information regarding the company and its activities 16

   2. Basis of presentation of the consolidated annual accounts 17

   3. Consolidation 21

   4. Earnings per share and dividends 24

   5. Accounting policies 25

   6. Breakdown of financial statements 45

   7. Risk management 109

   8. Other information 122

APPENDIX 125

Appendix 1 125

2025

L)

NON-CURRENT ASSETS HELD FOR SALE AND FROM DISCONTINUED OPERATIONS

6.8 111.2 51.8

TOTAL ASSETS 58,512.7 56,706.8

Figures in millions of euros

1. CONSOLIDATED BALANCE SHEET AS ON DECEMBER 31, 2025 AND 2024

   EQUITY AND LIABILITIES NOTES December 31,				December 31, 2024
   A)	EQUITY		10,514.3	9,985.5
   I.	Paid-up capital	6.9	308.0	308.0
   II.	Share premium	6.9	1,506.7	1,506.7
   III.	Reserves		8,721.8	8,225.6
   IV.	Interim dividend	4.2	(215.6)	(200.2)
   V.	Treasury stock	6.9	(52.0)	(25.5)
   VI.	Result for the period attributable to controlling company	4.1	1,132.6	967.5
   VII.	Other equity instruments		-	-
   VIII	Valuation change adjustments	6.9	(218.0)	(453.4)
   IX.	Currency conversion differences	6.18	(1,773.6)	(1,440.0)
   	Equity attributable to the controlling company's shareholders		9,409.9	8,888.7
   	Non-controlling interests		1,104.4	1,096.8
   B)	SUBORDINATED LIABILITIES	6.10	1,631.3	1,629.9
   C)	INSURANCE CONTRACT LIABILITIES	6.12	40,540.5	39,792.9
   I.	Measurement under BBA for Liabilities for remaining coverage		11,589.6	11,568.8
   II.	Measurement under BBA for Liabilities for incurred claims		439.4	383.0
   III	Measurement under VFA for Liabilities for remaining coverage		8,936.0	8,274.3
   IV	Measurement under VFA for Liabilities for incurred claims		230.5	215.1
   V.	Measurement under PAA for Liabilities for remaining coverage		5,796.2	5,898.5
   VI.	Measurement under PAA for Liabilities for incurred claims		13,548.8	13,453.2
   D)	CEDED REINSURANCE CONTRACT LIABILITIES	6.12	15.3	17.1
   I.	Measurement under BBA for Liabilities for remaining coverage		19.7	21.8
   II.	Measurement under BBA for Liabilities for incurred claims		(4.4)	(4.7)
   III	Measurement under PAA for Liabilities for remaining coverage		-	-
   IV	Measurement under PAA for Liabilities for incurred claims		-	-
   E)	PROVISIONS FOR RISKS AND EXPENSES	6.13	640.9	570.9
   F)	DEFERRED TAX LIABILITIES	6.16	258.2	195.5
   G)	DEBTS		4,801.4	4,379.5
   I.	Issue of debentures and other trading securities	6.11	865.6	864.9
   II.	Due to credit institutions	6.11	125.0	178.0
   III.	Other financial liabilities	6.11	1,815.9	1,432.4
   IV.	Derivatives for hedging		-	7.2
   V.	Tax liabilities
   	1. Tax liabilities on profits		247.6	213.2
   	2. Other tax liabilities		326.4	245.1
   VI.	Other debts		1,420.9	1,438.7
   H)	ACCRUAL ADJUSTMENTS		89.1	125.2
   I) LIABILITIES LINKED TO NON-CURRENT ASSETS HELD FOR SALE AND FROM 6.8			21.7	10.3

   2025

   DISCONTINUED OPERATIONS

   TOTAL EQUITY AND LIABILITIES 58,512.7 56,706.8

   Figures in millions of euros

2. ‌CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME FOR YEARS ENDING DECEMBER 31, 2025 AND 2024
   1. CONSOLIDATED INCOME STATEMENT

      	ITEM	NOTES	2025	2024
      I.	INSURANCE REVENUE (+)	6.12	26,352.4	25,512.6
      	1 Release of liability for remaining coverage	6.12	25,971.8	25,262.8
      	2 Release of insurance acquisition expenses allocated to the period	6.12	380.6	249.8
      II.	INSURANCE SERVICE EXPENSES (-)	6.12	(22,246.2)	(22,077.1)
      	1 Incurred claims and other insurance service expenses		(15,710.3)	(16,054.5)
      	2 Acquisition expenses		(6,050.9)	(5,577.2)
      	3 Losses on onerous contract groups and reversals of those losses		(117.7)	(43.2)
      	4 Changes in liability for incurred claims		(367.3)	(402.2)
      	RESULT FROM INSURANCE SERVICE (A)		4,106.2	3,435.5
      III.	REINSURANCE REVENUE (+)	6.12	2,135.4	2,541.1
      IV.	REINSURANCE SERVICE EXPENSES (-)	6.12	(4,128.6)	(4,272.6)
      	RESULT FROM REINSURANCE SERVICE (B)		(1,993.2)	(1,731.5)
      	RESULT FROM REINSURANCE AND INSURANCE SERVICE (A)+(B)		2,113.0	1,704.0
      V.	INSURANCE AND REINSURANCE SERVICE FINANCE REVENUE/EXPENSES
      	1 Insurance finance revenue/expenses	6.12	(1,187.3)	(1,782.7)
      	2 Reinsurance finance revenue/expenses	6.12	(168.2)	407.3
      	FINANCIAL RESULT FROM INSURANCE AND REINSURANCE CONTRACTS (C)	6.12	(1,355.5)	(1,375.4)
      VI.	FINANCE REVENUE/EXPENSES NOT RELATED TO INSURANCE SERVICE
      	1 Finance revenue not related to insurance service (+)	6.14	3,082.2	2,839.3
      	2 Finance expenses not related to insurance service (-)	6.14	(732.2)	(727.9)
      	3 Result from equity-accounted companies
      	a) Share in profits from equity-accounted companies		34.5	17.6
      	b) Share in losses from equity-accounted companies		(3.5)	(37.9)
      	4 Reversal of financial asset impairment provision (+)	6.6	12.2	17.0
      	5 Allowance to the financial asset impairment provision (-)	6.6	(22.2)	(33.8)
      	FINANCIAL RESULT NOT RELATED TO INSURANCE SERVICE (D)		2,371.0	2,074.3
      	FINANCIAL RESULT (C)+(D)	6.12	1,015.5	698.9
      VII.	OTHER INSURANCE REVENUE/EXPENSES
      	1 Other non-technical revenue (+)		82.7	74.6
      	2 Other non-technical expenses (-)		(200.8)	(150.4)
      	3 Positive exchange differences (+)	6.18	903.1	1,112.2
      	4 Negative exchange differences (-)	6.18	(1,143.2)	(984.0)
      	5 Reversal of asset impairment provision (+)		-	-
      	6 Allowance to the asset impairment provision (-)	6.6	(48.4)	(90.0)
      	RESULT FROM OTHER INSURANCE REVENUE/EXPENSES		(406.6)	(37.6)
      VIII.	OTHER ACTIVITIES
      	1 Operating revenue (+)		572.1	617.4
      	2 Operating expenses (-)		(686.1)	(734.9)
      	3 Revenue from fixed assets and investments (+)		37.7	23.4
      	4 Expenses from fixed assets and investments (-)		(12.8)	(12.0)
      	5 Net financial income (+)		(73.6)	(60.1)
      	6 Negative consolidation differences (+)		-	-
      	7 Result from equity-accounted companies
      	a) Share in profits from equity-accounted companies		25.1	12.2
      	b) Share in losses from equity-accounted companies		(12.3)	(18.8)
      	8 Positive exchange differences (+)		-	0.8
      	9 Negative exchange differences (-)		(0.6)	-
      	10 Reversal of asset impairment provision (+)	6.6	5.7	6.6
      	11 Allowance to the asset impairment provision (-)	6.6	(10.0)	(13.5)
      	RESULT FROM OTHER ACTIVITIES		(154.8)	(178.9)
      IX.	RESULT FROM RESTATEMENT OF FINANCIAL STATEMENTS	3.3	(42.3)	(86.6)
      X.	RESULT BEFORE TAX FROM ONGOING OPERATIONS	6.16	2,524.8	2,099.8
      XI.	TAX ON PROFIT FROM ONGOING OPERATIONS	6.16	(727.5)	(512.5)
      XII.	RESULT AFTER TAX FROM ONGOING OPERATIONS		1,797.3	1,587.3
      XIII.	RESULT AFTER TAX FROM DISCONTINUED OPERATIONS		-	-
      XIVX.	RESULT FOR THE PERIOD		1,797.3	1,587.3
      	1 Attributable to non-controlling interests		664.7	619.8
      	2 Attributable to the controlling company		1,132.6	967.5

      Figures in millions of euros

   2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

      ITEM	NOTES	2025	2024
      A) CONSOLIDATED RESULT FOR THE YEAR		1,797.3	1,587.3
      B) OTHER COMPREHENSIVE INCOME - PROFITS (LOSSES) RECOGNIZED IN RESERVES		32.6	46.0
      C) OTHER COMPREHENSIVE INCOME - HEADINGS THAT CAN BE SUBSEQUENTLY RECLASSIFIED TO 1. Financial assets at fair value with changes through OCI		(106.1)	(220.9)
      a) Valuation gains (losses)	210.4		(66.8)
      b) Amounts transferred to P&L	(31.8)		(27.6)
      c) Amounts transferred to reserves	(32.6)		(46.0)
      d) Other reclassifications	23.4		21.1
      2. Currency conversion differences
      a) Valuation gains (losses)	(417.2)		(125.3)
      b) Amounts transferred to P&L	(2.5)		1.7
      c) Other reclassifications	-		-
      3. Insurance/Reinsurance contracts
      a) Valuation gains (losses)	237.6		(33.5)
      b) Amounts transferred to P&L	-		-
      c) Other reclassifications	-		-
      4. Equity-accounted entities a) Valuation gains (losses)	(0.7)		(3.0)
      b) Amounts transferred to P&L	-		-
      c) Other reclassifications	-		(9.0)
      5. Other recognized revenue and expenses	(4.4)		2.4
      6. Tax on profits	(88.3)		65.1
      TOTAL COMPREHENSIVE INCOME FOR THE YEAR (A+B+C)	1,723.8		1,412.4
      1. Attributable to the controlling company	1,067.0		886.1
      2.Attributable to non-controlling interests	656.8		526.3

      RESULTS

      Figures in millions of euros

3. ‌CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS ON DECEMBER 31, 2025 AND 2024

   EQUITY ATTRIBUTABLE TO THE CONTROLLING COMPANY

   SHAREHOLDERS' EQUITY

   ITEM

   NOTES

   SHARE SHARE CAPITAL PREMIUM

   RESERVES

   RESULT INTERIM TREASURY ATTRIBUTABLE TO DIVIDEND STOCK CONTROLLING

   COMPANY

   OTHER EQUITY INSTRUMENTS

   VALUATION CHANGE ADJUSTMENTS

   CURRENCY CONVERSION DIFFERENCES

   NON-CONTROLLING INTERESTS

   TOTAL EQUITY

   OPENING BALANCE AS ON JANUARY 1, 2024	308.0	1,506.7	7,957.2	(184.8)	(31.7)	677.2	- (412.1)	(1,353.9)	1,189.7	9,656.3
   1 Changes in accounting policies	-	-	-	-	-	-	- -	-	-	-
   2 Correction of errors	-	-	-	-	-	-	- -	-	-	-
   ADJUSTED OPENING BALANCE	308.0	1,506.7	7,957.2	(184.8)	(31.7)	677.2	- (412.1)	(1,353.9)	1,189.7	9,656.3
   I. TOTAL COMPREHENSIVE REVENUE (EXPENSES)	-	-	46.0	-	-	967.5	- (41.3)	(86.1)	526.3	1,412.4
   II. TRANSACTIONS WITH THE CONTROLLING COMPANY'S SHAREHOLDERS	-	-	(276.7)	(200.2)	6.2	-	- -	-	(623.1)	(1,093.8)
   1 Capital increases (decreases)	-	-	-	-	-	-	- -	-	-	-
   2 Dividend distribution 4.2	-	-	(277.1)	(200.2)	-	-	- -	-	(621.6)	(1,098.9)
   3 Increases (decreases) from business combinations	-	-	-	-	-	-	- -	-	-	-
   4 Transactions with treasury stock or shares 6.9	-	-	0.4	-	6.2	-	- -	-	-	6.6
   Other transactions with the controlling company's shareholders and non-	-	-	-	-	-	-	- -	-	(1.5)	(1.5)
   III. OTHER VARIATIONS IN EQUITY	-	-	499.1	184.8	-	(677.2)	- -	-	3.9	10.6
   1 Transfers between equity items	-	-	492.5	184.8	-	(677.2)	- -	-	-	0.1
   2 Other variations	-	-	6.6	-	-	-	- -	-	3.9	10.5
   CLOSING BALANCE AS ON DECEMBER 31, 2024	308.0	1,506.7	8,225.6	(200.2)	(25.5)	967.5	- (453.4)	(1,440.0)	1,096.8	9,985.5

   AND NON-CONTROLLING INTERESTS

   5 controlling interests

   Figures in millions of euros

   TO

   CONT LING

   EQUITY ATTRIBUTABLE TO THE CONTROLLING COMPANY

   NON-

   CONTROLLING TOTAL EQUITY INTERESTS

   CURRENCY CONVERSION DIFFERENCES

   JUSTMEN

   CHANGE

   AD TS

   OTHER EQUITY INSTRUMENTS

   ROL

   VALUATION

   ITEM

   TREASURY STOCK

   SHAREHOLDERS' EQUITY

   RESULT ATTRIBUTABLE

   INTERIM DIVIDEND

   RESERVES

   SHARE PREMIUM

   SHARE CAPITAL

   NOTES

   						COMPANY
   OPENING BALANCE AS ON JANUARY 1, 2025	308.0	1,506.7	8,225.6	(200.2)	(25.5)	967.5	- (453.4)	(1,440.0)	1,096.8	9,985.5
   1 Changes in accounting policies	-	-	-	-	-	-	- -	-	-	-
   2 Correction of errors	-	-	-	-	-	-	- -	-	-	-
   ADJUSTED OPENING BALANCE	308.0	1,506.7	8,225.6	(200.2)	(25.5)	967.5	- (453.4)	(1,440.0)	1,096.8	9,985.5
   I. TOTAL COMPREHENSIVE REVENUE (EXPENSES)	-	-	32.6	-	-	1,132.6	- 235.4	(333.6)	656.8	1,723.8
   II. TRANSACTIONS WITH THE CONTROLLING COMPANY'S	-	-	(282.9)	(215.6)	(26.5)	-	- -	-	(645.3)	(1,170.3)
   1 Capital increases (decreases)	-	-	-	-	-	-	- -	-	16.4	16.4
   2 Dividend distribution 4.2	-	-	(297.2)	(215.6)	-	-	- -	-	(670.6)	(1,183.4)
   3 Increases (decreases) from business combinations	-	-	-	-	-	-	- -	-	-	-
   4 Transactions with treasury stock or shares 6.9	-	-	5.7	-	(26.5)	-	- -	-	-	(20.8)
   Other transactions with the controlling company's shareholders	-	-	8.6	-	-	-	- -	-	8.9	17.5
   III. OTHER VARIATIONS IN EQUITY	-	-	746.5	200.2	-	(967.5)	- -	-	(3.9)	(24.7)
   1 Transfers between equity items	-	-	767.3	200.2	-	(967.5)	- -	-	-	-
   2 Other variations	-	-	(20.8)	-	-	-	- -	-	(3.9)	(24.7)
   CLOSING BALANCE AS ON DECEMBER 31, 2025	308.0	1,506.7	8,721.8	(215.6)	(52.0)	1,132.6	- (218.0)	(1,773.6)	1,104.4	10,514.3

   SHAREHOLDERS AND NON-CONTROLLING INTERESTS

   5 and non-controlling interests

   Figures in millions of euros

   MAPFRE S.A. AND SUBSIDIARIES

4. ‌CONSOLIDATED CASH FLOW STATEMENT FOR YEARS ENDING DECEMBER 31, 2025 AND 2024

   	ITEM	NOTES	2025	2024
   1. Insurance activity:			2,676.6	2,175.3
   Cash received from insurance activity			29,813.6	29,173.5
   Cash paid from insurance activity			(27,137.0)	(26,998.2)
   2. Other operating activity:			(466.0)	(346.1)
   Cash received from other operating activity		865.6		935.5
   Cash payments from other operating activity		(1,331.6)		(1,281.6)
   3. Income tax received (paid)		(569.8)		(330.2)
   NET CASH FLOWS FROM OPERATING ACTIVITY		1,640.8		1,499.0
   1. Investment activity collections:		23,807.1		16,729.6
   Property, plant and equipment		2.8		2.4
   Real estate investments		136.0		153.7
   Intangible fixed assets		-		-
   Financial instruments		20,873.8		13,631.1
   Shareholdings		1,698.3		1,900.4
   Controlled companies and other business units		1.5		6.0
   Interest collected		951.2		929.7
   Dividends collected		100.7		96.2
   Other proceeds related to investment activity		42.8		10.1
   2. Investment activity payments:		(24,212.3)		(17,476.5)
   Property, plant and equipment		(65.0)		(60.1)
   Real estate investments		(196.7)		(43.7)
   Intangible fixed assets		(152.0)		(227.3)
   Financial instruments		(21,525.3)		(15,308.1)
   Shareholdings		(2,193.1)		(1,666.9)
   Controlled companies and other business units		(20.5)		(81.3)
   Other payments related to investment activity		(59.7)		(89.1)
   NET CASH FLOWS FROM INVESTMENT ACTIVITY		(405.2)		(746.9)
   1. Financing activity collections:		895.9		847.4
   Subordinated liabilities		-		-
   Equity instrument issue and capital increase collections		-		3.2
   Sale of treasury stock		7.4		6.5
   Other financing activity collections		888.5		837.7
   2. Financing activity payments:		(1,829.9)		(1,935.1)
   Dividends paid to shareholders		(1,183.4)		(1,098.9)
   Interest paid		(89.8)		(91.5)
   Subordinated liabilities		-		-
   Payments for return of shareholder contributions		-		-
   Purchase of treasury stock		(40.4)		-
   Other finance activity payments		(516.3)		(744.7)
   NET CASH FLOW FROM FINANCING ACTIVITY		(934.0)		(1,087.7)
   Conversion differences in cash flow and cash balances		(100.9)		(3.7)
   NET INCREASE (DECREASE) IN CASH FLOW		200.7		(339.3)
   OPENING CASH BALANCE		1,746.7		2,086.0
   CLOSING CASH BALANCE		1,947.4		1,746.7
   Figures in millions of euros

5. ‌FINANCIAL INFORMATION BY SEGMENT - CONSOLIDATED INCOME STATEMENT FOR YEAR ENDING DECEMBER 31, 2025

Figures in millions of euros

I T E M

ASISTENCIA GLOBAL

-MAWDY RISKS

REINSURANCE

CORPORATE AREAS AND CONSOLIDATION

TOTAL

Figures in millions of euros

Figures in millions of euros

1. FINANCIAL INFORMATION BY SEGMENT - CONSOLIDATED INCOME STATEMENT FOR YEAR ENDING DECEMBER 31, 2024

   CORPORATE ITEM ASISTENCIA GLOBAL REINSURANCE AREAS AND TOTAL -MAWDY RISKS CONSOLIDATION
   				ADJUSTMENTS
   I. INSURANCE REVENUE (+)	209.3	1,736.4	6,247.4	(3,649.3)	25,512.6
   1 Release of liability for remaining coverage	209.3	1,736.4	6,247.4	(3,649.3)	25,262.8
   2 Release of insurance acquisition expenses allocated to the period	-	-	-	-	249.8
   II. INSURANCE SERVICE EXPENSES (-)	(196.0)	(932.7)	(5,248.1)	2,034.2	(22,077.1)
   1 Incurred claims and other insurance service expenses	(138.1)	(910.6)	(3,568.0)	1,762.0	(16,054.5)
   2 Acquisition costs	(62.4)	(146.0)	(1,580.3)	670.2	(5,577.2)
   3 Losses on onerous contract groups and reversals of those losses	-	-	-	-	(43.2)
   4 Changes in liability for incurred claims	4.5	123.9	(99.8)	(398.0)	(402.2)
   RESULT FROM INSURANCE SERVICE (A)	13.3	803.7	999.3	(1,615.1)	3,435.5
   III. REINSURANCE REVENUE (+)	5.5	571.2	744.6	(1,352.7)	2,541.1
   IV. REINSURANCE SERVICE EXPENSES (-)	(7.6)	(1,322.8)	(1,425.4)	2,982.6	(4,272.6)
   RESULT FROM REINSURANCE SERVICE (B)	(2.1)	(751.6)	(680.8)	1,629.9	(1,731.5)
   RESULT FROM REINSURANCE AND INSURANCE SERVICE (A)+(B)	11.2	52.1	318.5	14.8	1,704.0
   V. INSURANCE AND REINSURANCE SERVICE FINANCE REVENUE/EXPENSES
   1 Insurance finance revenue/expenses	-	(50.2)	(352.4)	204.7	(1,782.7)
   2 Reinsurance finance revenue/expenses	-	31.4	199.9	(204.7)	407.3
   FINANCIAL RESULT FROM INSURANCE AND REINSURANCE CONTRACTS (C)	-	(18.8)	(152.5)	-	(1,375.4)
   VI. FINANCE REVENUE/EXPENSES NOT RELATED TO INSURANCE SERVICE
   1 Finance revenue not related to insurance service (+)	2.1	19.4	266.4	(7.5)	2,839.3
   2 Finance expenses not related to insurance service (-)	(0.2)	(0.1)	(80.1)	47.0	(727.9)
   3 Result from equity-accounted companies	-	-	-	-	-
   a) Share in profits from equity-accounted companies	-	-	-	0.2	17.6
   b) Share in losses from equity-accounted companies	-	-	-	(25.1)	(37.9)
   4 Reversal of financial asset impairment provision (+)	-	-	0.3	-	17.0
   5 Allowance to the financial asset impairment provision (-)	-	-	(1.0)	-	(33.8)
   FINANCIAL RESULT NOT RELATED TO INSURANCE SERVICE (D)	1.9	19.3	185.6	14.6	2,074.3
   FINANCIAL RESULT (C)+(D)	1.9	0.5	33.1	14.6	698.9
   VII. OTHER INSURANCE REVENUE/EXPENSES
   1 Other non-technical revenue (+)	-	-	-	-	74.6
   2 Other non-technical expenses (-)	-	-	-	0.3	(150.4)
   3 Positive exchange differences (+)	-	407.0	579.0	0.1	1,112.2
   4 Negative exchange differences (-)	0.5	(406.9)	(529.5)	(0.2)	(984.0)
   5 Reversal of asset impairment provision (+)	-	-	-	-	-
   6 Allowance to the asset impairment provision (-)	-	-	-	(90.0)	(90.0)
   RESULT FROM OTHER INSURANCE REVENUE/EXPENSES	0.5	0.1	49.5	(89.8)	(37.6)
   VIII. OTHER ACTIVITIES
   1 Operating revenue (+)	289.4	-	-	3.3	617.4
   2 Operating expenses (-)	(298.3)	-	-	(142.6)	(734.9)
   3 Revenue from fixed assets and investments (+)	-	-	-	3.4	23.4
   4 Expenses from fixed assets and investments (-)	-	-	-	(7.8)	(12.0)
   5 Net financial income (+)	2.6	-	-	(78.4)	(60.1)
   6 Negative consolidation differences (+)	-	-	-	-	-
   7 Result from equity-accounted companies	-	-	-	-	-
   a) Share in profits from equity-accounted companies	-	-	-	9.6	12.2
   b) Share in losses from equity-accounted companies	-	-	-	(18.8)	(18.8)
   8 Positive exchange differences (+)	-	-	-	-	0.8
   9 Negative exchange differences (-)	-	-	-	-	-
   10 Reversal of asset impairment provision (+)	-	-	-	0.4	6.6
   11 Allowance to the asset impairment provision (-)	-	-	-	(8.4)	(13.5)
   RESULT FROM OTHER ACTIVITIES	(6.3)	-	-	(239.3)	(178.9)
   IX. RESULT FROM RESTATEMENT OF FINANCIAL STATEMENTS	(0.7)	-	-	-	(86.6)
   X. RESULT BEFORE TAX FROM ONGOING OPERATIONS	6.6	52.7	401.1	(299.7)	2,099.8
   XI. TAX ON PROFIT FROM ONGOING OPERATIONS	(2.3)	(13.2)	(106.1)	46.0	(512.5)
   XII. RESULT AFTER TAX FROM ONGOING OPERATIONS	4.3	39.5	295.0	(253.7)	1,587.3
   XIII. RESULT AFTER TAX FROM DISCONTINUED OPERATIONS	-	-	-	-	-
   XIVX. RESULT FOR THE PERIOD	4.3	39.5	295.0	(253.7)	1,587.3
   1 Attributable to non-controlling interests	-	-	-	16.5	619.8
   2 Attributable to the controlling company	4.3	39.5	295.1	(270.1)	967.5

   Figures in millions of euros

2. ‌SUPPLEMENTARY FINANCIAL INFORMATION BY PRODUCT AND GEOGRAPHICAL AREA

   1. CONSOLIDATED ORDINARY REVENUE FROM EXTERNAL CLIENTS IN FINANCIAL YEARS ENDING DECEMBER 31, 2025 AND 2024

      The breakdown of consolidated ordinary revenue by product and country in accordance with the segments detailed in Note 2.2 is shown below, considering ordinary revenue from the insurance and reinsurance service and operating revenue from other activities.

      Products	2025	2024
      Life	3,915.9	3,651.4
      Automobile	6,847.3	6,742.6
      Homeowners and	3,115.9	3,099.6
      Health	1,934.1	1,879.5
      Accidents	288.6	297.4
      Other Non-Life	7,874.6	8,116.0
      Reinsurance	10,470.4	9,461.0
      Other Activities	1,231.3	1,215.7
      Consolidation adjustments	(6,618.2)	(5,792.1)
      TOTAL	29,059.9	28,671.1
      Figures in millions of euros
      1.b) Information by country
      Geographic Area / Countries	2025	2024
      IBERIA
      Spain	8,885.1	8,197.2
      Portugal	201.5	201.3
      BRAZIL	4,870.5	5,079.6
      OTHER LATAM
      Mexico	1,761.6	2,048.8
      Peru	846.0	794.6
      Chile	523.5	383.2
      Dom. Republic	469.3	504.4
      Panama	255.5	252.1
      Argentina	285.7	255.6
      Colombia	581.0	695.0
      Other	818.4	938.4
      NORTH AMERICA
      United States of America	2,470.9	2,529.7
      Puerto Rico	422.7	465.4
      EMEA
      Germany	508.1	491.5
      Italy	440.5	368.3
      Malta	158.5	150.8
      Turkey	546.7	509.9
      Other	-	-
      ASISTENCIA-MAWDY	489.0	504.1
      GLOBAL RISKS	2,945.4	2,307.6
      REINSURANCE	7,352.1	6,991.9
      CORPORATE AREAS
      AND CONSOLIDATION	(5,772.1)	(4,998.3)
      ADJUSTMENTS
      TOTAL	29,059.9	28,671.1
      Figures in millions of euros

      1.a) Information by product

      commercial risks

      No client contributes, on an individual basis, more than 10% of the Group's ordinary revenue.

   2. NON-CURRENT ASSETS AT DECEMBER 31, 2025 AND 2024

      Geographic Area / Countries	2025	2024
      IBERIA
      Spain	1,982.9	1,984.1
      Portugal	85.6	64.3
      BRAZIL	600.7	620.9
      OTHER LATAM
      Mexico	224.8	171.3
      Peru	131.8	217.2
      Chile	41.9	23.2
      Dominican Rep.	38.2	55.0
      Panama	33.8	16.4
      Argentina	35.8	43.8
      Colombia	49.1	36.9
      Other	70.1	84.4
      NORTH AMERICA
      United States of America	168.5	213.4
      Puerto Rico	55.8	61.7
      EMEA
      Germany	25.2	21.1
      Italy	56.9	70.3
      Malta	161.2	161.3
      Turkey	80.2	69.7
      ASISTENCIA-MAWDY	101.6	106.4
      GLOBAL RISKS	-	-
      REINSURANCE	172.6	88.3
      CORPORATE AREAS
      AND CONSOLIDATION	422.1	409.2
      TOTAL	4,538.8	4,518.9
      Figures in millions of euros

      The breakdown of non-current assets is shown below in accordance with the segments detailed in Note 2.2, considering intangible assets other than goodwill and portfolio acquisition expenses, property, plant and equipment, real estate investments, inventories, tax receivables, corporate and other receivables, other assets and non-current assets classified as held for sale and from discontinued operations.

      ADJUSTMENTS

3. ‌CONSOLIDATED ANNUAL REPORT

   1. GENERAL INFORMATION REGARDING THE COMPANY AND ITS ACTIVITIES

      MAPFRE, S.A. (hereinafter the "Controlling Company") is a listed public limited company and parent of a number of controlled companies engaged in insurance activity in its various lines of business, both Life and Non-Life, finance, securities investment, and services.

      MAPFRE, S.A. is a subsidiary of Cartera Mapfre, S.L., a single-member company (hereinafter, Cartera Mapfre), which is 100% controlled by Fundación Mapfre.

      The scope of activity of the Controlling Company and its subsidiaries (hereinafter, "Mapfre," the "Group," or the "Mapfre Group") covers the entire Spanish territory, countries of the European Economic Area, and third countries.

      The Controlling Company was incorporated in Spain and has its registered office in Majadahonda (Madrid), at number 52 Carretera de Pozuelo.

      In 2025, the business activities of Mapfre Group were carried out through the organizational structure comprising four business units (Insurance, Global Risks, Reinsurance, and Assistance - MAWDY) and three regional areas: Iberia (Spain and Portugal), International (Brazil, Mexico, LATAM South-Center, and EMEA), and North America.

      The Insurance Business Unit is organized in line with Mapfre's regional areas, which are the geographic units that plan, support, and oversee the region.

      The Reinsurance and Global Risks units are integrated within Mapfre Re.

      The activities of the various business units are complemented by those of the corporate areas (Internal Audit, Finance and Resources, Investment, Business, People, Strategy and Sustainability, People and Organization, External Relations and Communication, General Counsel and Legal Affairs, Operational Transformation, Operations, and Technology), which have global responsibilities for all Group companies worldwide in the development, implementation, and monitoring of global, regional, and local corporate policies.

      Mapfre is committed to multichannel distribution and is adapting its sales structure to the legislation governing the different countries in which it operates.

      Some of the key features behind the success of its business model include its client orientation, global product offering and adaptation to the legal and commercial nature of each market.

      The individual and consolidated annual accounts were prepared by the Board of Directors on February 11, 2026 using the single electronic reporting format set out in Delegated Regulation (EU) 2019/815. They are expected to be approved at the Annual General Meeting. Spanish regulations provide for the possibility of modifying the consolidated annual accounts if they are not approved by the aforementioned governing body.

   2. ‌BASIS OF PRESENTATION OF THE CONSOLIDATED ANNUAL ACCOUNTS

      1. BASIS OF PRESENTATION

         The Group's consolidated annual accounts were prepared in accordance with the International Financial Reporting Standards adopted by the European Union (EU-IFRS), based on the operating company principle, with all entities having carried out the necessary standardization adjustments for these purposes.

         The consolidated annual accounts have been prepared on the cost model basis, except for financial assets at fair value through OCI and financial assets at fair value through P&L, and assets and liabilities arising from insurance contracts.

         There was no early application of the rules and interpretations which, having been approved by the European Commission, had not entered into force at the close of 2025. However, had there been any, their early adoption would not have affected the Group's financial situation and results.

         The figures shown in the consolidated annual accounts have been rounded to facilitate their presentation. Consequently, the totals of the rows or columns in the tables shown may not coincide with the arithmetical sum of the amounts that comprise them.

      2. FINANCIAL INFORMATION BY SEGMENT

         Section E) of the consolidated annual accounts contains the financial information broken down by operating segment, which is aligned with the Group organizational structure and with the information provided to management and to the market.

         The organizational structure identifies the following operating segments based on the activities of the Business Units:

         • INSURANCE:

           • IBERIA

           • BRAZIL

           • OTHER LATAM*

           • NORTH AMERICA

           • EMEA

         • GLOBAL RISKS

         • ASSISTANCE - MAWDY

         • REINSURANCE

           *Includes Mexico and LATAM South-Center

           Revenue and expenses from the Insurance business also include complementary activities relating to asset and real estate management, medical services, assistance, funeral services, technology services, and others. The operating segment corresponding to the Insurance Unit presents its information according to the structure of the Group's regional areas and taking into account the quantitative thresholds established in prevailing regulations.

           The operating segments corresponding to the Asistencia-MAWDY, Global Risks and Reinsurance Business Units include insurance and reinsurance activity, regardless of the geographic location.

           Transactions between segments are recorded at fair value and eliminated in the consolidation process.

           The amounts shown under "Corporate Areas and Consolidation Adjustments" include expenses for services rendered by the corporate areas and the adjustments made on consolidation.

           The Consolidated Management Report contains additional information on business performance and characteristics.

      3. FINANCIAL INFORMATION BY PRODUCT AND GEOGRAPHIC AREA

         Section F) of the consolidated annual accounts contains supplementary financial information broken down by product and geographical area.

         The information by product is presented for the main activity lines, which are:

         • Life

         • Motor

         • Homeowners and commercial risks

         • Health

         • Accidents

         • Other non-life

         • Reinsurance

         • Other activities

           The information shown for each geographic area is broken down by the main countries comprising the Group's regional areas, as indicated in Note 1 herein.

      4. CHANGES IN ACCOUNTING POLICIES, CHANGES IN ESTIMATES AND ERRORS

         In 2025, there were no relevant changes in accounting policies, estimates or errors that could have impacted the Group financial position or results.

         As of the date of formulation of the annual accounts for the period, the following should be noted:

         • The adoption of the Amendments to IAS 21-EU "Lack of Convertibility", effective for periods beginning on or after January 1, 2025, has not had a significant impact on the financial position and results of the Group, as it does not involve changes in the rates applied within the Group.

         • Regarding the Amendments to IFRS 9-EU and IFRS 7-EU "Amendments to the Classification and Assessment of Financial Instruments", applicable to fiscal years beginning on or after January 1, 2026, it has been estimated that this will not have a significant impact on the financial situation and the Group's results.

         • The Group is analyzing the adaptation to IFRS 18-EU "Presentation and disclosure in financial statements", likely to be applicable to the fiscal years beginning on or after January 1, 2027. Although this standard will not have effects on the financial situation and results, the Group will adapt the consolidated income statement structure to the breakdown categories and subtotals established by the new standard and will include a specific note in the financial statements that includes the reporting requirements related to the Performance Measures (MPM, Management-defined Performance Measures).

         • The Group shall adopt, upon its entry into force, all other applicable rules, modifications, and interpretations. It is estimated that the initial application of them will not have a significant impact on the financial situation or the Group's results.

      5. COMPARISON OF INFORMATION

         There are no reasons preventing the comparison of the consolidated annual accounts of this reporting period with those of the previous period, and they have been prepared in line with the international standards approved by the European Commission and which were in force at the close of the year.

      6. CHANGES IN THE SCOPE OF CONSOLIDATION

         The companies that were included in the scope of consolidation are listed in Appendix 1, along with all the other changes to said scope.

         Detailed information regarding the key results for the period arising from the loss of control in controlled companies as a result of their exit from the consolidation scope are provided in Note 6.7 (Appendix 1 includes a breakdown of the above-mentioned losses of control).

         The overall effect on the Group's consolidated equity, financial situation, and results in fiscal years 2025 and 2024, derived from other changes in the consolidation scope with respect to the previous fiscal year, is described in the corresponding notes from the consolidated report.

      7. ACCOUNTING JUDGMENTS AND ESTIMATES

         In the preparation of the consolidated annual accounts under EU-IFRS, the Controlling Company's Board of Directors has made judgments and estimates based on assumptions about the future and uncertainties that, at base level, refer to:

         • Assets and liabilities from insurance contracts (Notes 5.14 and 6.12).

         • Classification of financial instruments (Notes 5.5 and 6.4)

         • Losses due to asset impairment (Notes 6.1, 6.2, and 6.4).

         • The calculation of provisions for risks and expenses (Note 6.13).

         • The actuarial calculation of post-employment remuneration commitments and liabilities (Note 6.17).

         • The useful life of intangible assets and property, plant, and equipment items (Notes 5.1 and 5.3).

         • The fair value of certain non-listed assets (Note 6.4).

         • The fair value of assets and liabilities arising from lease contracts (Note 6.3)

The estimates and assumptions used are regularly reviewed and are based on historical experience and other factors that may have been considered as more reasonable from time to time. If a change in the estimates were to take place in a given period as a result of these reviews, its effect would apply to that period and, if applicable, to subsequent periods.