Mapfre S A : Consolidated annual accounts 2025

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Auditor's Report on MAPFRE, S.A. and subsidiaries (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. Measurement of the liability for remaining coverage not measured using the premium allocation approach (18,474.7 million of Euros) See notes 5.14 and 6.12 of the notes to the consolidated annual accounts. Key audit matter How the matter was addressed in our audit The liability for remaining coverage of contracts not measured using the premium allocation approach (PAA) includes the present value of the fulfilment cash flows relating to allocated future service, as well as the contractual service margin and the risk adjustment. The calculation of the present value of fulfilment cash flows relating to future service is subject to estimates that include the determination of assumptions involving a high degree of judgement. In particular, the use of inappropriate assumptions in actuarial calculations may result in significant impacts on the consolidated annual accounts and has therefore been considered a key audit matter. Our audit approach included testing the design and implementation of the key controls established by the Group for measuring the liability for remaining coverage. Our substantive procedures, which were carried out in collaboration with our actuarial specialists, basically consisted of the following: Testing the completeness and accuracy of the databases used in determining the assumptions, as well as on actuarial calculations. Assessing the methodology and reasonableness of the actuarial models and assumptions used in the calculations of the present value of future cash flows. Performing an independent estimate of the present value of future fulfilment cash flows used for a sample of contract groups selected on the basis of our risk assessment. We also assessed the adequacy of the disclosures in the consolidated annual accounts with regard to the liability for remaining coverage not measured using the premium allocation approach, considering the requirements of IFRS-EU. Measurement of liability for incurred claims using the premium allocation approach (12,929.5 million of Euros) See notes 5.14 and 6.12 of the notes to the consolidated annual accounts. Key audit matter How the matter was addressed in our audit The Group recognises the liability for incurred claims measured using the premium allocation approach (PAA) to cover the estimated cost of claims occurring up to the reporting date. Estimating this liability, specifically the present value of future cash flows, is complex and requires actuarial methods and calculations based on judgement and significant assumptions, particularly for those contract groups where the claim settlement period can be very long, such as in automobile, public liability, fires, aviation and transport. Actuarial projection methods, based on both historical information and assumptions on future developments, are used to measure the present value of future cash flows of the liability for incurred claims. These estimates include assumptions related to the amount of the expected settlement and claim payment patterns. Due to their nature, there is a significant degree of uncertainty, and a change in assumptions could significantly impact the consolidated annual accounts. Therefore, this has been considered a key audit matter. Our audit procedures included testing the design and implementation of the key controls established by the Group for estimating the liability for incurred claims, including controls on the definition of key assumptions and on the integrity and accuracy of the databases used when estimating these liabilities. Our substantive procedures in relation to the future cash flows of the liability for incurred claims, which were carried out in collaboration with our actuarial specialists and for a representative sample of contract groups selected based on our assessment of risks and their significance, consisted primarily of the following: We tested the completeness and accuracy of the databases used in the actuarial calculations. Based on our knowledge and experience in the sector, we assessed the reasonableness of the actuarial models and assumptions used to calculate the present value of the future cash flows of the liability for incurred claims. We estimated the future cash flows of the liability for incurred claims for a sample and, based on our experience, we determined a range for assessing their reasonableness. We also assessed the appropriateness of the disclosures in the consolidated annual accounts with regard to the liability for incurred claims associated with the premium allocation approach, considering the requirements of IFRS-EU. Valuation of financial instruments not quoted on active markets and recognized at fair value (12,207.7 million of Euros) See notes 5.5 and 6.4 of the notes to the consolidated annual accounts. Key audit matter How the issue was addressed in our audit The classification of the financial instruments in the different existing portfolios in the applicable financial standards (IFRS 9) determines the criteria to be applied in their subsequent valuation. The majority of the MAPFRE Group's financial instruments are valued using market prices in active markets. Nonetheless, where there is no quoted price in an active market, the fair value of financial instruments is determined using valuation techniques that consider factors such as non-observable market inputs or valuation models that require judgement. Changes in the assumptions considered, market events or new regulations can also have a significant impact on valuation. We have considered that there is a significant inherent risk associated with the valuation of financial instruments accounted for at fair value and that are classified hierarchically for valuation purposes by the Group as financial instruments at level 3 (use of some significant input information that is not based on observable market data) and level 2 (significant input information based on directly or indirectly observable market data), in both cases, by the use of complex valuation models, which has been considered a key audit matter . Our audit approach included assessing the key controls linked to the processes of valuing financial instrument portfolios and performing substantive testing thereon. Our substantive procedures, which were carried out with the collaboration of our financial instruments specialists, consisted basically of the following: We have assessed the reasonableness of the valuation models and data used in calculating the fair value of these financial instruments. We have recalculated the fair value for a representative sample of the Group's financial instruments and assessed the reasonableness of the data used in the valuation models, particularly those not directly observable in the market. Additionally, we assessed whether the information disclosed in the consolidated annual accounts on financial instruments adequately reflects the Group's exposure to the risk of valuing financial instruments, and whether it complies with the disclosure requirements of IFRS-EU. Valuation of goodwill of non-life business (865.4 million of Euros) See notes 5.1 and 6.1 of the notes to the consolidated annual accounts Key audit matter How the issue was addressed in our audit The Group has recognised significant goodwill of non-life business from the acquisition of entities or businesses. Valuing these assets requires determination of the cash-generating units (CGUs), the calculation of carrying amount of each CGU, the estimation of the recoverable amount and the identification of facts that may determine the existence of impairment indicators in subsequent closings. Determining the recoverable amount of each CGU includes among other issues, financial projections that consider assumptions about macroeconomic developments, internal circumstances of the entity and competitors, discount rates or future business performance. The Group performs at least on an annual basis or when indications of impairment are identified, an evaluation to determine if there is impairment in these assets. In this sense, our assessment has focused mainly on goodwill of the most significance and those whose estimated recoverable value is closer to the carrying amount of the net assets or may be affected by current macroeconomic conditions. Given the complexity of the estimates and the use of assumptions that, in general, include uncertainty and judgment, we consider that the valuation of goodwill has a significant inherent risk associated and, therefore, has been considered as a key audit matter. Our audit procedures included testing the design and implementation of key controls established by the Group in the process of identifying CGUs, evaluating impairment indicators, having financial projections approved by the Board of Directors and defining the assumptions and calculation methods used to estimate the recoverable amount of CGUs. Based on our knowledge and experience, we assessed the reasonableness of the methods used by the Group to estimate the recoverable amounts of CGUs, considering IFRS-EU and best market practices. Our substantive procedures, which were performed for a sample of CGUs, including the most relevant ones, have consisted, basically, in the following: Evaluating the existence of goodwill impairment indicators considering external and internal factors such as macroeconomic indicators, sector expectations, the financial performance of CGUs and management's expectations. In collaboration with our valuation specialists, analysing the discount and growth rates used by the Group to estimate the recoverable amount of CGUs. Assessing the reasonableness of the financial projections prepared by management, comparing them to the historical financial information of the CGUs, to business plans approved by the Group and to market expectations in the sectors in which they operate. Performing a sensitivity analysis of the key assumptions and financial projections used to estimate the recoverable amount of CGUs. We also assessed the adequacy of the information disclosed in the annual accounts on goodwill considering the requirements of IFRS-EU. 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: 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. 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 CONSOLIDATED ANNUAL ACCOUNTS AND CONSOLIDATED MANAGEMENT REPORT 2025 MAPFRE S.A. CONSOLIDATED ANNUAL ACCOUNTS 2025 MAPFRE S.A. CONSOLIDATED ANNUAL ACCOUNTS 2025 TABLE OF CONTENTS Consolidated balance sheet 4 Consolidated statement of income and comprehensive income 6 Consolidated statement of changes in equity 8 Consolidated cash flow statement 10 Financial information by segment 11 Supplementary financial information by product and geographical area 15 Consolidated annual report 16 General information regarding the company and its activities 16 Basis of presentation of the consolidated annual accounts 17 Consolidation 21 Earnings per share and dividends 24 Accounting policies 25 Breakdown of financial statements 45 Risk management 109 Other information 122 APPENDIX 125 Appendix 1 125 ‌A) CONSOLIDATED BALANCE SHEET AS ON DECEMBER 31, 2025 AND 2024 ASSETS NOTES December 31, December 31, 2024 A) INTANGIBLE ASSETS 6.1 2,322.2 2,540.5 I. Goodwill 1,239.0 1,361.1 II. Other intangible assets 1,083.2 1,179.4 B) PROPERTY, PLANT AND EQUIPMENT 6.2 1,194.8 1,213.4 I. Real estate for own use 966.3 999.9 II. Other property, plant and equipment 228.5 213.5 C) INVESTMENTS 45,365.4 42,864.8 I. Real estate investments 6.2 980.6 855.1 II. Financial investments 1. Fair value with changes through P&L 6.4 17,488.4 15,395.7 2. Fair value with changes through OCI 6.4 23,297.4 23,179.5 3. Amortized cost 6.4 1,265.7 1,269.2 III. Investments accounted for using the equity method 6.4 1,292.6 1,266.6 IV. Hedging derivatives - - V. Other investments 1,040.7 898.7 D) INSURANCE CONTRACT ASSETS 6.12 4.5 7.1 I. Measurement under BBA for Assets for remaining coverage 6.5 10.0 II. Measurement under BBA for Assets for incurred claims (2.0) (2.9) III. Measurement under VFA for Assets for remaining coverage - - IV. Measurement under VFA for Assets for incurred claims - - V. Measurement under PAA for Assets for remaining coverage - - VI. Measurement under PAA for Assets for incurred claims - - E) CEDED REINSURANCE CONTRACT ASSETS 6.12 5,616.0 6,075.1 I. Measurement under BBA for Assets for remaining coverage - - II. Measurement under BBA for Assets for incurred claims - - III. Measurement under PAA for Assets for remaining coverage 1,349.1 1,340.9 IV Measurement under PAA for Assets for incurred claims 4,266.9 4,734.2 F) INVENTORIES 54.1 63.2 G) DEFERRED TAX ASSETS 6.16 297.4 391.9 H) RECEIVABLES 1,296.0 1,415.7 I. Tax credits 1. Tax credits on profits 6.5 228.8 160.4 2. Other tax credits 6.5 295.1 273.6 II. Corporate and other receivables 6.5 772.1 981.7 III. Shareholders, called capital - - I) CASH 1,947.4 1,746.7 J) ACCRUAL ADJUSTMENTS 204.6 224.4 K) OTHER ASSETS 99.1 112.2 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 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 ‌CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME FOR YEARS ENDING DECEMBER 31, 2025 AND 2024 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 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 ‌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 ‌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 ‌FINANCIAL INFORMATION BY SEGMENT - CONSOLIDATED INCOME STATEMENT FOR YEAR ENDING DECEMBER 31, 2025 ITEM IBERIA BRAZIL OTHER NORTH EMEA LATAM AMERICA I. INSURANCE REVENUE (+) 7,808.6 4,514.3 4,937.8 2,664.4 1,394.7 1 Release of liability for remaining coverage 7,778.7 4,175.9 4,933.0 2,664.4 1,387.2 2 Release of insurance acquisition expenses allocated to the period 29.9 338.4 4.8 - 7.5 II. INSURANCE SERVICE EXPENSES (-) (7,312.8) (3,188.2) (3,854.1) (2,239.2) (1,282.1) 1 Incurred claims and other insurance service expenses (5,537.5) (1,707.9) (2,994.3) (1,691.1) (1,021.1) 2 Acquisition costs (1,240.4) (1,513.1) (1,196.0) (587.8) (220.5) 3 Losses on onerous contract groups and reversals of those losses 43.4 7.1 (180.6) (1.4) 13.8 4 Changes in liability for incurred claims (578.3) 25.7 516.8 41.1 (54.3) RESULT FROM INSURANCE SERVICE (A) 495.8 1,326.1 1,083.7 425.2 112.6 III. REINSURANCE REVENUE (+) 1,023.8 344.9 549.5 225.4 256.2 IV. REINSURANCE SERVICE EXPENSES (-) (945.6) (693.7) (1,687.3) (541.9) (361.7) RESULT FROM REINSURANCE SERVICE (B) 78.2 (348.8) (1,137.8) (316.5) (105.5) RESULT FROM REINSURANCE AND INSURANCE SERVICE (A)+(B) 574.0 977.3 (54.1) 108.7 7.1 V. INSURANCE AND REINSURANCE SERVICE FINANCE REVENUE/EXPENSES 1 Insurance finance revenue/expenses (983.5) (212.3) (16.3) (40.6) (124.7) 2 Reinsurance finance revenue/expenses (23.6) 65.8 (139.5) 10.3 18.0 FINANCIAL RESULT FROM INSURANCE AND REINSURANCE CONTRACTS (C) (1,007.1) (146.5) (155.8) (30.3) (106.7) VI. FINANCE REVENUE/EXPENSES NOT RELATED TO INSURANCE SERVICE 1 Finance revenue not related to insurance service (+) 1,572.4 378.0 437.5 104.4 286.1 2 Finance expenses not related to insurance service (-) (427.7) (64.8) (86.3) (7.6) (93.2) 3 Result from equity-accounted companies - - - - - a) Share in profits from equity-accounted companies 28.0 - - - 0.1 b) Share in losses from equity-accounted companies (0.3) - - - - 4 Reversal of financial asset impairment provision (+) 6.0 0.6 5.6 - - 5 Allowance to the financial asset impairment provision (-) (2.1) (0.5) (1.0) - (17.3) FINANCIAL RESULT NOT RELATED TO INSURANCE SERVICE (D) 1,176.3 313.3 355.8 96.8 175.7 FINANCIAL RESULT (C)+(D) 169.2 166.8 200.0 66.5 69.0 VII. OTHER INSURANCE REVENUE/EXPENSES 1 Other non-technical revenue (+) 69.6 4.5 5.8 0.6 2.3 2 Other non-technical expenses (-) (179.6) (9.6) (3.5) (0.7) (7.6) 3 Positive exchange differences (+) 12.5 - 75.2 - 14.9 4 Negative exchange differences (-) (19.8) (0.9) (110.3) - (2.2) 5 Reversal of asset impairment provision (+) - - - - - 6 Allowance to the asset impairment provision (-) - (10.5) - - - RESULT FROM OTHER INSURANCE REVENUE/EXPENSES (117.3) (16.5) (32.8) (0.1) 7.4 VIII. OTHER ACTIVITIES 1 Operating revenue (+) 254.2 11.4 53.8 3.7 3.0 2 Operating expenses (-) (204.2) (22.0) (49.8) (6.8) (2.6) 3 Revenue from fixed assets and investments (+) 5.0 27.9 0.2 - - 4 Expenses from fixed assets and investments (-) (1.1) (1.0) (2.2) - - 5 Net financial income (+) 3.3 5.3 (6.3) 0.6 - 7 Result from equity-accounted companies a) Share in profits from equity-accounted companies 2.7 - - - - b) Share in losses from equity-accounted companies - - - - - 8 Positive exchange differences (+) - - - - - 9 Negative exchange differences (-) - - (0.6) - - 10 Reversal of asset impairment provision (+) 5.4 - - - - 11 Allowance to the asset impairment provision (-) (5.4) - - - - RESULT FROM OTHER ACTIVITIES 59.9 21.6 (4.9) (2.5) 0.4 IX. RESULT FROM RESTATEMENT OF FINANCIAL STATEMENTS - - (17.0) - (24.7) X. RESULT BEFORE TAX FROM ONGOING OPERATIONS 685.8 1,149.2 91.2 172.6 59.2 XI. TAX ON PROFIT FROM ONGOING OPERATIONS (156.0) (281.0) (35.5) (34.4) (62.8) XII. RESULT AFTER TAX FROM ONGOING OPERATIONS 529.8 868.2 55.7 138.2 (3.6) XIII. RESULT AFTER TAX FROM DISCONTINUED OPERATIONS - - - - - XIVX. RESULT FOR THE PERIOD 529.8 868.2 55.7 138.2 (3.6) 1 Attributable to non-controlling interests 28.4 585.8 15.4 0.3 12.4 2 Attributable to the controlling company 501.4 282.4 40.3 137.9 (16.0) Figures in millions of euros I T E M ASISTENCIA GLOBAL -MAWDY RISKS REINSURANCE CORPORATE AREAS AND CONSOLIDATION TOTAL E) FINANCIAL INFORMATION BY SEGMENT - CONSOLIDATED INCOME STATEMENT FOR YEAR ENDING DECEMBER 31, 2025 ADJUSTMENTS I. INSURANCE REVENUE (+) 213.8 1,765.8 6,571.6 (3,518.6) 26,352.4 1 Release of liability for remaining coverage 213.8 1,765.8 6,571.6 (3,518.6) 25,971.8 2 Release of insurance acquisition expenses allocated to the period - - - - 380.6 II. INSURANCE SERVICE EXPENSES (-) (196.2) (1,581.9) (5,531.3) 2,939.6 (22,246.2) 1 Incurred claims and other insurance service expenses (138.2) (1,042.8) (3,448.9) 1,871.5 (15,710.3) 2 Acquisition costs (62.1) (161.4) (1,758.6) 689.0 (6,050.9) 3 Losses on onerous contract groups and reversals of those losses - - - - (117.7) 4 Changes in liability for incurred claims 4.1 (377.7) (323.8) 379.1 (367.3) RESULT FROM INSURANCE SERVICE (A) 17.6 183.9 1,040.3 (579.0) 4,106.2 III. REINSURANCE REVENUE (+) 21.6 1,179.7 780.5 (2,246.2) 2,135.4 IV. REINSURANCE SERVICE EXPENSES (-) (24.4) (1,316.0) (1,390.2) 2,832.2 (4,128.6) RESULT FROM REINSURANCE SERVICE (B) (2.8) (136.3) (609.7) 586.0 (1,993.2) RESULT FROM REINSURANCE AND INSURANCE SERVICE (A)+(B) 14.8 47.6 430.6 7.0 2,113.0 V. INSURANCE AND REINSURANCE SERVICE FINANCE REVENUE/EXPENSES 1 Insurance finance revenue/expenses - 23.8 235.0 (68.7) (1,187.3) 2 Reinsurance finance revenue/expenses - (21.6) (146.4) 68.8 (168.2) FINANCIAL RESULT FROM INSURANCE AND REINSURANCE CONTRACTS (C) - 2.2 88.6 0.1 (1,355.5) VI. FINANCE REVENUE/EXPENSES NOT RELATED TO INSURANCE SERVICE 1 Finance revenue not related to insurance service (+) 2.3 24.1 294.5 (17.1) 3,082.2 2 Finance expenses not related to insurance service (-) (0.2) - (60.8) 8.4 (732.2) 3 Result from equity-accounted companies - - - - - a) Share in profits from equity-accounted companies - - - 6.4 34.5 b) Share in losses from equity-accounted companies - - - (3.2) (3.5) 4 Reversal of financial asset impairment provision (+) - - 0.1 (0.1) 12.2 5 Allowance to the financial asset impairment provision (-) - - (1.3) - (22.2) FINANCIAL RESULT NOT RELATED TO INSURANCE SERVICE (D) 2.1 24.1 232.5 (5.6) 2,371.0 FINANCIAL RESULT (C)+(D) 2.1 26.3 321.1 (5.5) 1,015.5 VII. OTHER INSURANCE REVENUE/EXPENSES 1 Other non-technical revenue (+) - - - (0.1) 82.7 2 Other non-technical expenses (-) - - - 0.2 (200.8) 3 Positive exchange differences (+) - 495.1 305.5 (0.1) 903.1 4 Negative exchange differences (-) (0.8) (495.1) (514.1) - (1,143.2) 5 Reversal of asset impairment provision (+) - - - - - 6 Allowance to the asset impairment provision (-) - - - (37.9) (48.4) RESULT FROM OTHER INSURANCE REVENUE/EXPENSES (0.8) - (208.6) (37.9) (406.6) VIII. OTHER ACTIVITIES 1 Operating revenue (+) 253.7 - - (7.7) 572.1 2 Operating expenses (-) (258.5) - - (142.2) (686.1) 3 Revenue from fixed assets and investments (+) - - - 4.6 37.7 4 Expenses from fixed assets and investments (-) - - - (8.5) (12.8) 5 Net financial income (+) 3.3 - - (79.8) (73.6) 6 Negative consolidation differences (+) - - - - - 7 Result from equity-accounted companies a) Share in profits from equity-accounted companies - - - 22.4 25.1 b) Share in losses from equity-accounted companies (1.3) - - (11.0) (12.3) 8 Positive exchange differences (+) - - - - - 9 Negative exchange differences (-) - - - - (0.6) 10 Reversal of asset impairment provision (+) - - - 0.3 5.7 11 Allowance to the asset impairment provision (-) - - - (4.6) (10.0) RESULT FROM OTHER ACTIVITIES (2.8) - - (226.5) (154.8) IX. RESULT FROM RESTATEMENT OF FINANCIAL STATEMENTS (0.6) - - - (42.3) X. RESULT BEFORE TAX FROM ONGOING OPERATIONS 12.7 73.9 543.1 (262.9) 2,524.8 XI. TAX ON PROFIT FROM ONGOING OPERATIONS (6.0) (18.5) (178.1) 44.8 (727.5) XII. RESULT AFTER TAX FROM ONGOING OPERATIONS 6.7 55.4 365.0 (218.1) 1,797.3 XIII. RESULT AFTER TAX FROM DISCONTINUED OPERATIONS - - - - - XIVX. RESULT FOR THE PERIOD 6.7 55.4 365.0 (218.1) 1,797.3 1 Attributable to non-controlling interests 0.7 - - 21.7 664.7 2 Attributable to the controlling company 6.0 55.4 365.0 (239.8) 1,132.6 Figures in millions of euros E) FINANCIAL INFORMATION BY SEGMENT - CONSOLIDATED INCOME STATEMENT FOR YEAR ENDING DECEMBER 31, 2024 ITEM IBERIA BRAZIL OTHER NORTH EMEA LATAM AMERICA I. INSURANCE REVENUE (+) 7,450.2 4,603.6 4,876.2 2,752.8 1,285.9 1 Release of liability for remaining coverage 7,429.8 4,380.6 4,874.3 2,752.8 1,281.5 2 Release of insurance acquisition expenses allocated to the period 20.4 223.0 1.9 - 4.4 II. INSURANCE SERVICE EXPENSES (-) (6,732.9) (3,359.4) (3,995.3) (2,333.2) (1,313.7) 1 Incurred claims and other insurance service expenses (5,478.8) (1,930.6) (2,929.2) (1,829.1) (1,032.1) 2 Acquisition costs (1,156.6) (1,414.7) (1,079.9) (590.3) (217.2) 3 Losses on onerous contract groups and reversals of those losses 7.7 (2.5) (38.4) 14.1 (24.1) 4 Changes in liability for incurred claims (105.2) (11.6) 52.2 72.1 (40.3) RESULT FROM INSURANCE SERVICE (A) 717.3 1,244.2 880.9 419.6 (27.8) III. REINSURANCE REVENUE (+) 699.3 465.2 938.9 238.3 230.8 IV. REINSURANCE SERVICE EXPENSES (-) (1,012.6) (830.8) (1,762.0) (593.7) (300.3) RESULT FROM REINSURANCE SERVICE (B) (313.3) (365.6) (823.1) (355.4) (69.5) RESULT FROM REINSURANCE AND INSURANCE SERVICE (A)+(B) 404.0 878.6 57.8 64.2 (97.3) V. INSURANCE AND REINSURANCE SERVICE FINANCE REVENUE/ EXPENSES 1 Insurance finance revenue/expenses (844.1) (108.0) (483.7) (36.3) (112.7) 2 Reinsurance finance revenue/expenses 51.1 10.3 297.6 11.2 10.5 FINANCIAL RESULT FROM INSURANCE AND REINSURANCE CONTRACTS (C) (793.0) (97.7) (186.1) (25.1) (102.2) VI. FINANCE REVENUE/EXPENSES NOT RELATED TO INSURANCE SERVICE 1 Finance revenue not related to insurance service (+) 1,392.3 311.0 458.4 115.1 282.1 2 Finance expenses not related to insurance service (-) (414.9) (65.1) (110.4) (7.0) (97.1) 3 Result from equity-accounted companies - - - - - a) Share in profits from equity-accounted companies 17.3 - - - 0.1 b) Share in losses from equity-accounted companies (12.8) - - - - 4 Reversal of financial asset impairment provision (+) 15.4 0.7 0.5 - 0.1 5 Allowance to the financial asset impairment provision (-) (9.3) (0.8) (8.9) (0.3) (13.5) FINANCIAL RESULT NOT RELATED TO INSURANCE SERVICE (D) 988.0 245.8 339.6 107.8 171.7 FINANCIAL RESULT (C)+(D) 195.0 148.1 153.5 82.7 69.5 VII. OTHER INSURANCE REVENUE/EXPENSES 1 Other non-technical revenue (+) 65.5 (1.9) 4.3 0.6 6.1 2 Other non-technical expenses (-) (130.6) (0.8) (8.9) (3.2) (7.2) 3 Positive exchange differences (+) 16.8 1.8 93.7 - 13.8 4 Negative exchange differences (-) (13.0) - (33.7) - (1.2) 5 Reversal of asset impairment provision (+) - - - - - 6 Allowance to the asset impairment provision (-) - - - - - RESULT FROM OTHER INSURANCE REVENUE/EXPENSES (61.3) (0.9) 55.4 (2.6) 11.5 VIII. OTHER ACTIVITIES 1 Operating revenue (+) 249.1 10.8 57.0 4.1 3.9 2 Operating expenses (-) (207.4) (21.2) (54.6) (6.9) (3.9) 3 Revenue from fixed assets and investments (+) 1.1 18.5 0.4 - - 4 Expenses from fixed assets and investments (-) (2.7) (1.1) (0.4) - - 5 Net financial income (+) 8.8 0.8 5.2 0.6 0.1 Negative consolidation differences (+) Result from equity-accounted companies a) Share in profits from equity-accounted companies - 2.6 - - - - - - - - b) Share in losses from equity-accounted companies - - - - - 8 Positive exchange differences (+) - - 0.8 - - 9 Negative exchange differences (-) - - - - - 10 Reversal of asset impairment provision (+) 6.2 - - - - 11 Allowance to the asset impairment provision (-) (5.1) - - - - 12 Result from disposal of non-current assets held for sale, not included in discontinued activities - - - - - RESULT FROM OTHER ACTIVITIES 52.6 7.8 8.4 (2.2) 0.1 IX. RESULT FROM RESTATEMENT OF FINANCIAL STATEMENTS - - (57.7) - (28.2) X. RESULT BEFORE TAX FROM ONGOING OPERATIONS 590.3 1,033.6 217.4 142.1 (44.4) XI. TAX ON PROFIT FROM ONGOING OPERATIONS (122.1) (234.2) (61.7) (32.0) 13.1 XII. RESULT AFTER TAX FROM ONGOING OPERATIONS 468.2 799.4 155.7 110.1 (31.3) XIII. RESULT AFTER TAX FROM DISCONTINUED OPERATIONS - - - - - XIVX. RESULT FOR THE PERIOD 468.2 799.4 155.7 110.1 (31.3) 1 Attributable to non-controlling interests 32.1 546.2 15.9 (1.9) 11.0 2 Attributable to the controlling company 436.1 253.2 139.8 112.0 (42.3) Figures in millions of euros 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 ‌SUPPLEMENTARY FINANCIAL INFORMATION BY PRODUCT AND GEOGRAPHICAL AREA 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. 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 ‌CONSOLIDATED ANNUAL REPORT 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. ‌BASIS OF PRESENTATION OF THE CONSOLIDATED ANNUAL ACCOUNTS 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. 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. 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. 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. 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. 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. 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.

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