Slides
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Presentation for analysts and investors IFRS 17&9 23 February 2026 FY 2025 Results
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This document has been prepared by Línea Directa Aseguradora, S.A., Compañía de Seguros y Reaseguros (“Línea Directa” or the “Company”) for the sole purpose of presenting results and may not be used for any other purpose. The statements contained in this document relating to forecasts, plans, expectations or the future performance of the Company, its businesses or their financial figures do not constitute commitments or any assurance as to the future performance of the Company or the effective achievement of its objectives or estimated results. These statements rely on assumptions and estimates that are conditional on multiple factors, thus exposing them to various risks and uncertainties that could cause the actual results to differ materially from the objectives, projections and expectations expressed or implied in this presentation. Possible factors that might introduce an element of uncertainty to the estimates include: changes within the insurance industry, in market trends or in the general economic climate; legal reforms; court rulings; technological changes; changes in monetary policy or interest rates; the performance of our peers and competitors; changes in the claims that are covered; fluctuations in liquidity levels, or in the value of or return on the assets that make up the investment portfolio of Línea Directa; changes in the credit capacity and solvency of customers, etc. Línea Directa is under no obligation to regularly review or update the information contained in this document, nor to adapt that information in response to events or circumstances that occur after this presentation has been published. Some of the figures included in this document have been rounded off. This could cause discrepancies between the total figures and itemised figures provided in the tables. This document does not constitute an offer or invitation to acquire or subscribe for shares, in accordance with applicable law and regulations on the securities market, nor does it constitute an offer to buy, sell or exchange securities, or a solicitation to offer, sell or exchange securities. Legal notice
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Index 01. Key Highlights 02. FY 2025 Results 03. Additional information 04. Market data
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01 Key Highlights
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Premiums by line of business +11.8% PREMIUMS vs. 12M ‘24 +8.6% +215,165 POLICIES +6.3% PREMIUMS vs. 12M ‘24 +5.0% +37,213 POLICIES +14.7% PREMIUMS vs. 12M ‘24 +4.9%1 +9.6%1 WITH ENHANCED COVERAGES Profitability COMBINED RATIO | 12M ‘25 92.6% RoAE | 12M ‘25 Solvency II ratio | 12M ‘25 -2.1 p.p. vs. 12M ‘24 GWP | 12M ‘25 1,135M € +11.3% vs. 12M ‘24 Portfolio 3.73M +8.5% vs. 12M ‘24 +290,400 risks 22.9%2 Net income | 12M ‘25 85.7M € +33.5% vs. 12M ’24 1. 1.7x underwritten risks per policy 2. Includes the proposed final dividend for the year in the amount of €15m The year was marked by outstanding growth and a substantial increase in profitability 01. Key Highlights A year of outstanding growth accompanied by an improvement in profitability, driving a 33.5% increase in net income 182.6%2188.8% Pre-dividend Post-dividend +132.9% PREMIUMS vs. 12M ‘24 +53.5% +32,092 POLICIES
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3% 9% 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 0% 5% 10% 2024 2025 Digital policies % Digital policies % increase 2025/2024 +68% AI EFFICIENCY1 64% Inquiries AI-resolved chats Operational efficiency is a critical component of service quality 01. Key Highlights 12M 2025 var. YoY Digital tow trucks requests 65.5% +5.5p.p Digitally opened motor claims 55.5% +5.0p.p Digitally opened motor claims 46.6% +3.9p.p Digital Supplements 41.4% +8.8p.p DIGITALIZATION OF SERVICES TRAFFIC Monthly average 12M 2025 % YoY Digital customer accesses 2,361k +17.0% 2.7x digital accesses vs. calls 1. 6 out of 10 queries are resolved by AI 2. 100% digital policies, without human intervention. Digital originations exceeds 2/3 100% DIGITAL SALES2 ONLINE CHAT 3.6x DIGITAL CUSTOMERS 91.6% 10% in December 2025
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Continue to build a multi-product P&C insurance offering for real-life Always putting the customer at the centre: quality of service, transparency and competitive prices Making life easy for customers through simple and comprehensive new digital assets Becoming increasingly efficient by maximizing the potential of technology (AI) Consolidating Linea Directa as the brand you want to be with We continue to strengthen our capacity for future growth. A transformation aimed at bringing the direct model to its full potential 01. Key Highlights
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02 FY 2025 Results
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Thousand euro 12M 2025 12M 2024 % var. 4Q 2025 Gross written premiums (GWP) 1,134,670 1,019,606 11.3% 290,856 Ordinary insurance activities income 1 1,076,705 991,329 8.6% 282,629 Technical insurance result, net of reinsurance 77,422 51,226 51.1% 26,383 Inve stme nts re sult 41,785 39,649 5.4% 9,787 Credited interest 2 (4,998) (8,683) -42.4% (816) Insurance and financial result 114,209 82,192 39.0% 35,354 Other income/expenses and non-assignable expenses (74) 1,118 -106.6% (483) Profit / (loss) before tax 114,135 83,310 37.0% 34,871 Income tax (28,425) (19,094) 48.9% (8,833) Profit / (loss) after tax 85,710 64,216 33.5% 26,038 12M 2025 12M 2024 p.p. var. 4Q 2025 Loss ratio 71.6% 72.6% -1.0 p.p 69.5% Expense ratio 21.0% 22.1% -1.1 p.p 20.9% Combined ratio 3 92.6% 94.7% -2.1 p.p 90.4% 1. Equivalent to the gross premium earned (before reinsurance) under IFRS4 2. The credited interest shows the impact of last year’s financial unwinding on the discounting of the provision for claims incurre d. It is presented separately from the investments result for ease of understanding 3. LIC discounted to the risk-free curve. The effect of discounting in the movement of the curve is accounted for in equity (-0.3 million euro for the year) 9 IFRS17&9 02. FY 2025 Results Outstanding premium growth (+11.3%), with all lines of business contributing positively Outstanding customer growth (+8.5%, 290K customers) Very solid combined ratio, improving by 2.1 p.p. vs. 2024 Gaining operational efficiency The combined impact of growth and profitability drove a 33.5% increase in net income
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Thousand euro 12M 2025 12M 2024 % var. 4Q 2025 % var. YoY Motor 924,049 826,194 11.8% 239,303 12.0% Home 167,842 157,858 6.3% 42,284 3.5% Health 38,833 33,860 14.7% 8,328 17.5% Other1 3,946 1,694 132.9% 941 180.6% Total 1,134,670 1,019,606 11.3% 290,856 11.0% Gross Written Premiums Thousand 12M 2025 12M 2024 % var. 4Q 2025 Motor 2,730 2,514 8.6% 50 Home 776 739 5.0% 7 Health 127 121 4.9% 9 Other1 92 60 53.5% 7 Total 3,725 3,435 8.5% 74 Policyholders 1. The Other insurance businesses segment includes Pet insurance, Small Business, Personal Mobility insurance, Squatter protecti on insurance and Travel insurance for Bankinter cardholders under 8 group policies (not included in the policyholders' figures) Premiums Policyholders 3,725 thousand1,135M € 10 Premiums and policyholders by line of business 02. Premiums and Policyholders
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72.6% 71.6% 22.1% (1.0 p.p) (1.1 p.p) 21.0% 12M 2024 12M 2025 Loss ratio Expense ratio 94.7% 92.6% 02. Combined Ratio Prudent risk underwriting, with a 1.0 p.p. improvement in the loss ratio IFRS17&9 -2.1 p.p. Gaining operational efficiency through digitalization
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02. Motor Segment COMBINED RATIO IFRS 17 -2.0 p.p INCOME +11.8% Thousand euro GWP INSURANCE INCOME (NET) IFRS 17 Excellent performance, with premiums increasing by 11.8% for the full year and 12.0% in Q4 on a stand-alone basis The customer base grew by 8.6%, adding more than 215k over the year and 50k in Q4 alone Combined ratio improved 2.0 p.p. YoY, with a notable correction vs. Q3 (96.2%) +8.5% IFRS17&9
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02. Home Segment 2025 recorded an all-time high profitability for this line of business, with combined ratios below 90s in every quarter (and an exceptional 84.0% in Q4 stand-alone) Home continues to perform well, with premiums increasing by 6.3% Customer base grew by more than 37k during the year COMBINED RATIO IFRS 17INCOME +6.3% +6.7% -1.2 p.p GWP Thousand euro IFRS17&9 INSURANCE INCOME (NET) IFRS 17
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02. Health Segment Solid growth in premiums and customers (+9k in Q4 stand- alone) Sustained progress in the product mix, with Specialist and Comprehensive products representing 67% of the business (vs. 62% in December 2024) Strong improvement in the combined ratio (14.6 p.p.), nearing target levels Underwriting remains prudent, with claims frequency contained COMBINED RATIO IFRS 17INCOME Thousand euro -14.6 p.p+14.7% +16.0% IFRS17&9 INSURANCE INCOME (NET) IFRS 17 GWP
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Thousand euro 12M 2025 12M 2024 % var. Income 38,236 37,201 2.8% Interest on bank deposits 848 1,754 -51.7% Interest on fixed income securities 24,653 22,306 10.5% Income on equity instruments 3,801 4,325 -12.1% Other financial income 8,934 8,816 1.3% Mark-to-Market (Equity mutual funds and derivatives) 1,945 157 1,138.9% Realised gains (losses) in P&L 60 (1,295) 104.6% Impairments (+/-) (25) 33 -175.8% Exchange rate and conversion differences (+/-) (401) 568 -170.6% F inancial investments result 39,815 36,664 8.6% Real estate investments result 1,970 2,985 -34.0% Net investments result 41,785 39,649 5.4% Credited interest 1 (4,998) (8,683) 42.4% Insurance financial result 36,787 30,966 18.8% NET INVESTMENTS RESULT 41.8M € | +5.4% 1. The interest credited reflects the impact of the unwinding of the yield curve on the provision for incurred claims, which dec reases due to the lower financial discount in 2024 compared to 2023 2. Rental income from the building up to July 2025 amounted to €242k per month IFRS17&9 02. Financial Result Higher income from the fixed income portfolio Lower income from the equity portfolio (REITs/SOCIMIs) MTM reflects the strong performance of investment funds Real estate investment income reflects the temporary impact of a building under renovation. Works are expected to be completed by November 2026, at which point updated rental income will resume 2 15
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(%) 12M 2025 12M 2024 var. p.p Fixed income 2.82% 2.79% +0.03 p.p Equity instruments 4.19% 5.62% -1.43 p.p Investment property 5.31% 7.34% -2.03 p.p Total average return 3.12% 3.42% -0.30 p.p Portfolio return (ex net realised gains) 2.87% 3.25% -0.38 p.p Reinves tment yield 2.41% 3.55% -1.14 p.p 12M 2025 12M 2024 var. Fixed income duration 3.86 3.25 0.61 Fixed income modified duration 4.09% 3.51% 0.58 p.p. VaR 1.52% 1.43% 0.09 p.p. Thousand euro 12M 2025 12M 2024 % var. Movements registered in OCI 7,493 12,899 -41.9% MTM fixed income and equity instruments 4,945 9,657 -48.8% Realised gains (losses) in equity instruments 2,548 3,242 -21.4% PORTFOLIO COMPOSITION 1. Revenue recognised over the last 12 months divided by assets under management (fixed income and equity portfolios and investment property). Includes capital gains and losses realised and impairment losses. Thousand euro 16 IFRS17&9 02. Investment Portfolio, Movements Registered in OCI and Other Metrics PORTFOLIO RETURN (R12) AND OTHER METRICS1
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02. Solvency II Eligible own funds walk for the full-year 2025Solvency Margin (post-final dividend) 185% 183% 1. Solvency ratio and eligible own funds refer to Línea Directa Aseguradora stand- alone 17 Solvency Margin 12M 2024 12M 2025
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Thousand euro 12M 2024 12M 2025 SCR Market 106,446 124,322 SCR Counterparty 5,273 5,604 SCR Health 4,123 4,242 SCR Non-Life 201,179 228,181 BSCR 253,234 289,238 SCR Operational 29,749 32,351 Deferred tax adjustment (70,746) (80,397) SCR 212,237 241,191 Eligible own funds Solvency II 393,542 440,389 Solvency II ratio 185.4% 182.6% 02. Solvency II Explained by (i) interest rate and spread risk and (ii) a higher symmetric adjustment in equities, which accounts for the increase in the capital charge SCR MARKET Higher cash balances in bank depositsSCR COUNTERPARTY SCR NON-LIFE In line with business growth, though mitigated by the specific parameter in the Motor LoB (other guarantees) SCR OPERATIONAL Reflects the trend and growth in premium income 18 Breakdown of Solvency Capital Required Includes the proposed final dividend for the year in the amount of €15 million 1. Solvency ratio and eligible own funds refer to Línea Directa Aseguradora stand- alone
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03 Additional information
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HOME Thousand euro 12M 2025 12M 2024 % var. Gross written premiums 167,842 157,858 6.3% Income from ordinary insurance activities, net of reinsurance 159,051 149,110 6.7% Claims for the period, net of reinsurance (96,281) (90,039) 6.9% Net operating expenses (42,313) (41,646) 1.6% Net technical res ult 20,457 17,425 17.4% 12M 2025 12M 2024 p.p. var. Loss ratio 60.5% 60.4% 0.1 p.p Expense ratio 26.6% 27.9% -1.3 p.p Combined ratio 1 87.1% 88.3% -1.2 p.p Clients (thousand) 776,208 738,995 37,213 1. LIC discounted to the risk-free curve. The financial effect of the curve's movement is accounted for in equity MOTOR Thousand euro 12M 2025 12M 2024 % var. Gross written premiums 924,049 826,194 11.8% Income from ordinary insurance activities, net of reinsurance 867,206 798,988 8.5% Claims for the period, net of reinsurance (639,413) (596,949) 7.1% Net operating expenses (165,397) (160,685) 2.9% Net technical res ult 62,396 41,354 50.9% 12M 2025 12M 2024 p.p. var. Loss ratio 73.7% 74.7% -1.0 p.p Expense ratio 19.1% 20.1% -1.0 p.p Combined ratio 1 92.8% 94.8% -2.0 p.p Clients (thousand) 2,729,536 2,514,371 215,165 1. LIC discounted to the risk-free curve. The financial effect of the curve's movement is accounted for in equity IFRS17&9 03. Income Statement by Line of Business
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OTHER INSURANCE BUSINESSES Thousand euro 12M 2025 12M 2024 % var. Gross written premiums 3,946 1,694 132.9% Income from ordinary insurance activities, net of reinsurance 2,555 1,089 134.6% Claims for the period, net of reinsurance (615) (412) 49.3% Net operating expenses (2,019) (1,009) 100.1% Net technical res ult (79) (332) -76.2% 12M 2025 12M 2024 p.p. var. Combined ratio 103.1% 130.5% -27.4 p.p Clients (thousand) 92,111 60,019 32,092 HEALTH Thousand euro 12M 2025 12M 2024 % var. Gross written premiums 38,833 33,860 14.7% Income from ordinary insurance activities, net of reinsurance 20,786 17,912 16.0% Claims for the period, net of reinsurance (14,741) (14,500) 1.7% Net operating expenses (11,397) (10,633) 7.2% Reinsurance fees - 1,141 -100.0% Net technical res ult (5,352) (7,221) -25.9% 12M 2025 12M 2024 p.p. var. Loss ratio 70.9% 81.0% -10.1 p.p Expense ratio 54.8% 59.4% -4.6 p.p Combined ratio 1 125.7% 140.3% -14.6 p.p Clients (thousand) 127,338 121,408 5,930 1. LIC discounted to the risk-free curve. The financial effect of the curve's movement is accounted for in equity 21 IFRS17&9 03. Income Statement by Line of Business 1 1. The Other insurance businesses segment includes Pet insurance, Small Business insurance, Personal Mobility insurance, Squatter p rotection insurance and Travel insurance for Bankinter cardholders under 8 group policies (not included in the policyholders' figures)
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Thousand euro ASSETS 12M 2025 12M 2024 % var. Cash and cash equivalents 16,988 16,709 1.7% Financial assets at fair value through P&L 60,066 57,876 3.8% Equity instruments 60,066 57,876 3.8% Financial assets at fair value through equity 1,075,297 925,367 16.2% Equity instruments 83,292 74,918 11.2% Debt securities 992,005 850,449 16.6% Financial assets at amortised cost 10,979 34,341 -68.0% Hedging derivatives 5,062 4,652 8.8% Reinsurance contract assets 29,151 34,097 -14.5% Property, plant and equipment and investment property 103,414 100,807 2.6% Tangible fixed assets 42,471 42,351 0.3% Investment property 60,943 58,456 4.3% Intangible assets 54,621 45,345 20.5% Other assets 19,122 16,942 12.9% Total assets 1,374,700 1,236,136 11.2% Thousand euro LIABILITIES AND EQUITY 12M 2025 12M 2024 % var. Financial liabilities at amortised cost 69,850 77,315 -9.7% Liabilities under insurance contracts 853,522 767,466 11.2% Liabilities for remaining coverage 404,153 362,277 11.6% Liabilities for claims incurred 449,369 405,189 10.9% Non-technical provisions 9,048 3,649 148.0% Other liabilities 37,825 29,389 28.7% Total liabilities 970,245 877,819 10.5% Equity 408,301 366,829 11.3% Valuation adjustments (3,846) (8,512) -54.8% Equity instruments at fair value through equity 4,562 728 526.6% Debt securities at fair value through equity (8,186) (9,297) -12.0% OCI insurance contracts (154) 203 -175.9% OCI reinsurance contracts (68) (146) -53.4% Total equity 404,455 358,317 12.9% Total libilities and equity 1,374,700 1,236,136 11.2% LIABILITIES AND EQUITYASSETS IFRS17&9 03. Consolidated Balance Sheet
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03. Solvency II Ratio Sensitivities 183% 173% 193% 178% 188% 187% 182% 191% 176% 186% 180% 182% 190% Solvency II Ratio Interest rates (+100bp / -100bp) Credit spreads (+100bp / -100bp) Equity markets (+10% / -10%) Equity markets (+30% / -30%) Real estate (+10% / -10%) Symmetric adjustment (+10% / -10%) The symmetric adjustment does not take into account estimated unrealised gains on equities Symmetric adjustment as of December 2025: +7.90% SCR 100%
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04 Market data
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40 50 60 70 80 90 100 110 120 130 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Count / month Fatal accidents (DGT) 2022 2023 2024 2025 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2019 2020 2021 2022 2023 2024 2025 Baremo Personal Vehicle Maintenance and Repair Index Interprofessional Minimum Wage 04. Motor Segment The Baremo is calculated based on the average annual inflation through November The increase for 2026 has been set at +2.7% Accident trendsInflation, Baremo and wages Source: INE, DGSFP, Ministry of Labour and Social Economy, DGT
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-4% -2% 0% 2% 4% 6% 8% 0 50 100 150 200 250 300 350 400 450 2019 2020 2021 2022 2023 2024 2025 Motor Average Premium (€) % var. +6.0% -4% -2% 0% 2% 4% 6% 8% 10% 0 2 4 6 8 10 12 14 16 2019 2020 2021 2022 2023 2024 2025 Spanish Motor GWP (€bn) % var. +8.4% 04. Motor Segment 26 14.5 years average vehicle age Sector turnover Average premium1 Insured fleet (FIVA) 34.8M Source: ICEA, FIVA, Faconauto 1. Internal calculations for the market average premium, dividing turnover by the insured fleet (FIVA) Sector combined ratio Figures as of December 2025 (ICEA) 26 99.3%98.2% Full year 4Q stand-alone
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30,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000 75,000 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2022 2023 2024 2025 04. Home Segment Atmospheric eventsHousing market transactions (+12% YTD August YoY) 0 1 2 3 4 5 6 2020 2021 2022 2023 2024 2025 Number of high-impact windstorms in Southwest Europe Source: INE, State Meteorological Agency (AEMET) 14 events 9 events 8 events 18 events 15 events 16 events
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26.3 26.6 26.7 26.8 26.9 27.0 27.2 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 25.8 26.0 26.2 26.4 26.6 26.8 27.0 27.2 27.4 2019 2020 2021 2022 2023 2024 2025E Million Total homes Insured homes Uninsured homes 81.1% 18.9% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 0 50 100 150 200 250 300 350 2019 2020 2021 2022 2023 2024 2025 Home Average Premium (€) % var. +6.1% 0% 2% 4% 6% 8% 10% 12% 0 1 2 3 4 5 6 7 2019 2020 2021 2022 2023 2024 2025 Spanish Home GWP (€bn) % var. +7.4% 04. Home Segment Turnover Housing stock1Average premium Source: ICEA, Ministry of Housing and Urban Agenda. Internal calculations for the market average premium, dividing turnover by the housing stock 1. Total estimated housing stock at year-end 2025, based on the average growth rate of the last 5 years. 28
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+4.0% +4.2% +4.7% +3.8% +3.0% +2.0% +3.5% 20.9% 21.7% 22.7% 23.3% 23.7% 23.9% 24.7% 10% 12% 14% 16% 18% 20% 22% 24% 26% 0 10 20 30 40 50 60 2019 2020 2021 2022 2023 2024 9M 2025 Million Spain Population Healthcare Policyholders Healthcare Penetration 0% 2% 4% 6% 8% 10% 12% 14% 0 2 4 6 8 10 12 14 2019 2020 2021 2022 2023 2024 2025 Spanish Healthcare GWP (€bn) % var. +12.1% 04. Health Segment Policyholders and market penetration1Turnover Source: ICEA, INE 1. Latest available figures as of September 2025 (ICEA)
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Thank you For more information: Beatriz Izard beatriz.izard@lineadirecta.es Mark Brewer mark.brewer@lineadirecta.es Follow us on: LinkedIn.com/company/linea-directa- aseguradora Instagram.com/lineadirectaaseguradora/ TikTok.com/@lineadirectaaseguradora X.com/lineadirecta_es YouTube.com/@LineaDirectaAseguradora Lineadirectaaseguradora.com/blog/