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1July 24th 2025 Activity Update Analyst & Investor Presentation 6M 2025
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2 MAPFRE S.A. (MAPFRE) hereby informs that, unless stated otherwise, the figure s and ratios in this activity presentation are presented under the accounting principles in force in each country (which generally do no apply IFRS 17&9), homogenized for comparison and aggregation between units and regions. As such, certain adjustments have been applied, the most relevant being: the elimination of the goodwill amortization in Spain and the elimination of catastrophic reserves in some Latin American countries. MAPFRE Group presents its financial statements under the applicable international accounting standards (IFRS). This document is for information purposes only and its aim is to show the development of the most relevant business indicators of MAPFRE’s units in the period. Its content does not constitute, nor can it be interpreted as, an offer or an invitation to sell, exchange or buy, and it is not binding on the issuer in any way. MAPFRE S.A. does not undertake to update or revise periodically the content of this document. Certain numerical figures included in the presentation have been rounded. Therefore, discrepancies in tables between totals and the sums of the amounts listed may occur due to such rounding. DISCLAIMER
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3 ACTIVITY UPDATE – 6M 2025 Solid half year results on the back of strong improvements in technical management €15,947 mn PREMIUMS +5.3% Local accounting CAPITAL 205.6% €8,519 mn Solvency II Ratio*** Shareholders' equity +0.1% 93.1% NON-LIFE COMBINED RATIO -2.6p.p. €570 mn NET RESULT ROE 12.2% 12.8% +0.8 p.p. +1.3 p.p. * Without the impact on results from the partial goodwill writedown of Verti Germany (€90 mn) in September 2024 ** Variation compared to December 31, 2024 *** As of March 2025 +23.6% ** ** CLAIMS -2.3 p.p.66.0% EXPENSES -0.3 p.p.27.2% Adjusted* 13.3% +1.3 p.p. NON-LIFE +2.5%€12,273 mn +7.5% at constant exchange rates LIFE +15.7%€3,675 mn +20.4% at constant exchange rates +10,2% at constant exchange rates **
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4 €239 mn +42.4% ACTIVITY UPDATE – 6M 2025 Implementation of Strategic Plan on track, with strong performance in core businesses Excellent performance across the region, especially Brazil, Mexico, Peru and Colombia High financial income Local accounting LATAM NORTH AMERICA €223 mn +10.2% €60 mn +47.7% MAPFRE RE €149 mn +6.7% Highly diversified with relevant General P&C and Life contributions Improved technical management Strong recovery of Motor combined ratio (98.4%) IBERIA Significant improvement thanks to technical measures Excellent combined ratio (96.5%) Noteworthy combined ratio (95.9%) Continuing to reinforce reserve prudence Net result
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5 *Includes insurance and accepted reinsurance revenue **Net of taxes and non-controlling interests IFRS MAIN KPIs 6M 2024 6M 2025 ∆% 6M 2024 6M 2025 ∆% Premiums - - - 15,145 15,947 5.3% Insurance revenue* 12,712 13,165 3.6% - - - Combined ratio 93.6% 91.1% -2.5 p.p 95.7% 93.1% -2.6 p.p Loss ratio 66.2% 64.0% -2.2 p.p 68.2% 66.0% -2.3 p.p Expense ratio 27.4% 27.1% -0.2 p.p 27.5% 27.2% -0.3 p.p Net result 494 596 20.6% 462 570 23.6% 12M 2024 6M 2025 ∆% 12M 2023 6M 2025 ∆% Total assets 56,707 55,964 -1.3% 65,013 65,917 1.4% Shareholders’ equity 8,889 8,987 1.1% 8,508 8,519 0.1% Technical provisions/ Insurance and reinsurance contract liabilities 39,793 38,661 -2.8% 45,989 46,284 0.6% Contractual Service Margin (CSM) Gross 2,501 2,511 0.4% - - - Net** 1,558 1,566 0.5% - - - ROE 11.1% 12.2% 1.1 p.p 10.9% 12.2% 1.3 p.p IFRS Homogenized local accounting Million euros
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6 ACTIVITY UPDATE – 6M 2025 KEY FIGURES AND RATIOS Regions and business units ROE Combined ratio Local accounting 6M 2025 Δ % 6M 2025 Δ % 6M 2025 Δ % IBERIA 6,010.5 12.9% 239.0 42.4% 96.0% -4.2 p.p. BRAZIL 2,160.8 -11.3% 130.7 8.3% 72.3% -4.6 p.p. OTHER LATAM 2,907.7 2.8% 92.6 12.9% 95.1% -3.8 p.p. TOTAL LATAM 5,068.5 -3.7% 223.4 10.2% 83.0% -3.9 p.p. NORTH AMERICA 1,381.1 -1.0% 60.3 47.7% 96.5% -2.8 p.p. EMEA 846.9 12.4% 3.3 141.4% 107.5% -5.8 p.p. TOTAL INSURANCE 13,307.0 4.5% 525.9 30.3% 92.3% -3.7 p.p. REINSURANCE 3,342.6 0.6% 132.4 11.2% 96.1% 0.4 p.p. GLOBAL RISKS 1,062.0 3.7% 16.6 -19.2% 92.7% 6.0 p.p. TOTAL MAPFRE RE 4,404.6 1.3% 148.9 6.7% 95.9% 0.7 p.p. ASSISTANCE (MAWDY) 111.5 8.8% 1.7 -46.5% 92.2% -3.8 p.p. Holding expenses and other (1,875.8) 8.1% (106.1) -- -- -- TOTAL 15,947.4 5.3% 570.4 23.6% 93.1% -2.6 p.p. Premiums Net result Non-Life Combined ratio Million euros 6M 2025 ∆% IBERIA 13.9% 2.5 p.p. BRAZIL 27.2% 1.3 p.p. TOTAL LATAM 18.1% 0.2 p.p. NORTH AMERICA 9.5% 1.3 p.p. MAPFRE RE 14.0% -0.1 p.p.
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7 ACTIVITY UPDATE – 6M 2025 GENERAL P&C – MAIN REGIONS v Combined ratios Key figures BRAZILIBERIA NORTH AMERICA Local accounting 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 6M 2024 6M 2025 MAPFRE GROUP 4,713 4,687 -0.6% 188.8 195.4 83.2% 81.2% IBERIA 1,541 1,629 5.8% 73.8 64.6 94.9% 95.3% BRAZIL 1,348 1,254 -7.0% 70.2 85.9 68.6% 63.4% NORTH AMERICA 434 426 -1.9% 20.9 22.0 89.7% 88.9% Combined ratioPremiums Attributable result Million euros
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8 BRAZILIBERIA NORTH AMERICA Key figures ACTIVITY UPDATE – 6M 2025 AUTO – MAIN REGIONS Combined ratios Local accounting Million euros 6M 2024 6M 2025 Δ % 6M 2025 Δ % 6M 2024 6M 2025 6M 2024 6M 2025 MAPFRE GROUP 3,243 3,317 2.3% 12.84 -2. 0% -19.0 89.2 104.8% 99.6% IBERIA 1,232 1,278 3.7% 5.78 -4.0% -28. 8 37.1 106.1% 98.4% BRAZIL 303 262 -13.7% 1.17 -5.8% 7.3 6.7 101.6% 101.8% NORTH AMERICA 831 830 -0.1% 1.25 -5.3% 16.3 34.7 101.0% 97.5% Attributable result Combined RatioPremiums Insured units (mn)
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9 OTHER: Mainly OTHER LATAM and EMEA (Malta) ACTIVITY UPDATE – 6M 2025 KEY FIGURES – LIFE BUSINESS PROTECTION: 204 (+1.2%) SAVINGS: 1,778 (+39.6%) Premiums > Insurance units Life technical-financial result Life attributable result Total MAPFRE Group includes reinsurance Total MAPFRE Group includes reinsurance Local accounting 6M 2024 6M 2025 Δ YoY Total MAPFRE Group 388.9 347.0 -10.8% Insurance Units 381.5 326.2 -14.5% of which: IBERIA 147.9 98.8 -33.2% BRAZIL 182.3 176.7 -3.1% OTHER 51.3 50.6 -1.3% Million euros
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10 ACTIVITY UPDATE – 6M 2025 CAPITAL POSITION & CREDIT METRICS These figures do not include the adjustment for transitional measures for technical provisions Of which: US dollar: -248 Mexican peso: -23 Turkish lira: -13 Brazilian real: -5 *Net of shadow accounting adjustments Solvency IICapital structure Shareholders’ Equity Local accounting 12.31.2024 06.30.2025 %Δ YTD Total equity 9,603 9,611 0.1% Total debt 2,673 2,793 4.5% Senior debt 865 858 -0.8% Subordinated debt 1,630 1,620 -0.6% Bank financing 178 315 76.9% Leverage ratio 21.8% 22.5% 0.7 p.p. Million euros 12.31.2024 03.31.2025 % ∆ YTD Solvency II ratio 207.4% 205.6% -1.9 p.p. Eligible Own Funds 10,077 10,051 -0.3% Solvency Capital Requirement 4,858 4,890 0.7% Balance at 12.31.2024 8,508 Result for the period 570 Dividends (293) Net unrealized capital gains of AFS portfolio* 147 Currency conversion differences (395) Other (19) Balance at 06.30.2025 8,519
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11 * Measured at net book value; includes real estate for own use Other investments: includes interest rate swaps, investments in associates, accepted reinsurance deposits and others ACTIVITY UPDATE – 6M 2025 ASSETS UNDER MANAGEMENT Local accounting Of which (€bn): Spain: 9.4 Brazil: 2.8 Rest of LATAM: 3.3 €45.7 bn €46.5 bn Total assets under management Investment portfolio Of which: Billion euros 06.30.2025 Δ Government fixed income 22.6 -1.9% Spain 9.4 -1.1% Rest of Europe 4.5 5.9% United States 1.7 -5.3% Brazil 2.8 0.7% Rest of LATAM 3.3 -0.3% Other 0.8 -38.6% Corporate fixed income 10.0 1.9% Real Estate* 1.8 -4.0% Equity and Mutual Funds 4.3 13.9% Cash 2.0 12.8% Unit-Linked 3.6 14.1% Other investments 2.3 -6.3% Total investment portfolio 46.5 1.6% Pension Funds 7.1 1.3% Mutual Funds & Other 7.9 19.5% Total AuM 61.5 3.6%
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12 ACTIVITY UPDATE – 6M 2025 FIXED INCOME PORTFOLIOS & NET FINANCIAL INCOME *Realized gains and losses net of tax and minorities include provisions and gains from real estate EUROZONE ACTIVELY MANAGED OTHER MAIN UNITS Non-Life net financial income – Main units Fixed income portfolios Net realized gains and losses* • IBERIA NON-LIFE portfolio includes Burial. Excluding this portfolio, to June 2025 duration would be approximately 2.33. • BRAZIL portfolio includes MAPFRE Seguros and BB MAPFRE. Local accounting 6M 2024 6M 2025 Δ % IBERIA 82.3 96.2 16.9% BRAZIL 44.1 50.3 14.2% OTHER LATAM 99.1 59.1 -40.4% NORTH AMERICA 46.9 42.7 -9.1% EMEA 43.6 53.9 23.6% MAPFRE RE 76.8 90.8 18.3% TOTAL 400.9 392.3 -2.1% BRAZIL 2.41 12.51 2.19 13.21 1.67 OTHER LATAM 3.36 6.87 -0.23 7.09 5.38 NORTH AMERICA 1.72 3.10 0.13 4.87 4.23 Market value (€bn) % ∆ YTD Market yield (%) Modified duration (%) IBERIA NON-LIFE 4.13 2.56 -0.06 3.58 6.10 MAPFRE RE NON-LIFE 4.68 3.24 0.24 3.39 2.80 IBERIA LIFE 3.91 3.67 -0.05 3.30 5.29 Accounting Yield 6M 2024 6M 2025 IBERIA 33.4 25.2 Non-Life 2.9 14.9 Life 30.5 10.4 NORTH AMERICA 0.4 1.4 MAPFRE RE (0.9) 5.6 TOTAL 32.8 32.2 Million euros
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13 CLOSING REMARKS Improving profitability across all countries, regions and business units Highly diversified business model (product mix and geography) Technical excellence and profitable growth supported by internal transformation and efficiency improvements Strong financial income and resilient balance sheet Positive 2025 outlook: well positioned to navigate macroeconomic and geopolitical uncertainties as well as currency depreciation
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14 Leandra Clark Head of Investor Relations & Capital Markets clarkle@mapfre.com Leslie Hoffman Investor Relations lhoffma@mapfre.com Lidia Bermúdez Investor Relations bclidi2@mapfre.com Beatriz Ranea Investor Relations braneas@mapfre.com Yongzheng (Fabby) Chen Investor Relations chenyon@mapfre.com * Dates subject to change INVESTOR RELATIONS CONTACTS 30 Jul 10 Sep 16 Sep 18 Sep 10-30 Oct 31 Oct 13 Nov 6M 2025 Post-results call (Virtual) Barclays Global Financial Services Conference (New York) BofA Annual Financials CEO (London) Caixa Iberian Conference (Madrid) Black-out Activity update 9M 2025 BNP Exane Future of Financials (London) Email: IR@mapfre.com Telephone: (+34) 91 581 23 18 Corporate website: www.mapfre.com Financial documentation center: www.mapfre.com/en/financial-information/ MAIN UPCOMING EVENTS H2*:
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15 Annex
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16 €15,947 mn +5.3% TOTAL PREMIUMS +10.2% MAIN LINES OF BUSINESS At constant exchange rates ACTIVITY UPDATE – 6M 2025 PREMIUMS Local accounting Local accounting Million euros
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17 ACTIVITY UPDATE – 6M 2025 INVESTMENT PORTFOLIO AND ASSETS UNDER MANAGEMENT Eurozone – Fixed income portfolios – Actively managed Other main regions and units – Fixed income portfolios Local accounting • IBERIA NON-LIFE portfolio includes Burial. Excluding this portfolio, to June 2025 duration would be approximately 2.33. • BRAZIL portfolio includes MAPFRE Seguros and BB MAPFRE. Market value (€bn) Accounting Yield (%) Market yield (%) Modified duration (%) 06.30.2024 2.63 8.97 9.98 1.93 09.30.2024 2.72 9.27 10.27 1.99 12.31.2024 2.60 10.33 12.69 1.84 03.31.2025 2.51 11.89 13.91 1.79 06.30.2025 2.41 12.51 13.21 1.67 06.30.2025 3.17 7.93 9.14 4.75 06.30.2024 3.19 8.23 9.31 4.84 09.30.2024 3.49 7.10 9.71 5.23 12.31.2024 3.50 7.07 8.43 5.30 06.30.2025 3.36 6.87 7.09 5.38 06.30.2024 1.75 2.82 5.45 4.31 09.30.2024 1.83 2.95 4.87 4.28 12.31.2024 1.93 2.96 5.14 4.11 03.31.2025 1.85 3.04 4.94 4.27 06.30.2025 1.72 3.10 4.87 4.23 BRAZIL NORTH AMERICA OTHER LATAM Market value (€bn) Accounting Yield (%) Market yield (%) Modified duration (%) 06.30.2024 3.57 2.59 3.62 6.80 09.30.2024 3.79 2.66 3.08 6.61 12.31.2024 3.92 2.62 2.94 6.64 03.31.2025 4.10 2.60 2.86 6.22 06.30.2025 4.13 2.56 3.58 6.10 06.30.2024 4.30 2.71 4.05 3.00 09.30.2024 4.48 2.81 3.39 2.74 12.31.2024 4.55 3.00 3.58 2.91 03.31.2025 4.74 3.18 3.55 2.98 06.30.2025 4.68 3.24 3.39 2.80 06.30.2024 4.36 3.73 3.54 5.28 09.30.2024 3.99 3.74 3.19 5.77 12.31.2024 3.97 3.72 3.05 5.70 03.31.2025 4.01 3.68 2.79 5.23 06.30.2025 3.91 3.67 3.30 5.29 IBERIA NON-LIFE MAPFRE RE NON-LIFE IBERIA LIFE
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18 ACTIVITY UPDATE – 6M 2025 P&L by business unit (I/II) Local accounting JUNE 2024 JUNE 2025 JUNE 2024 JUNE 2025 JUNE 2024 JUNE 2 025 JUNE 2024 JUNE 2025 JUNE 2024 JUNE 2025 Gross written and accepted premiums 3,846.8 4,028.8 1,651.5 1,5 15.5 1,394.6 1,380.4 677.0 759.7 2,216.8 2,226.2 Net premiums earned 2,559.4 2,793.0 1,190.1 1,151.5 920.0 949.7 37 1.3 405.5 1,000.7 1,020.8 Net claims incurred and variation in other technical provisions (1,981.2) (2,048.3) (475.3) (388.9) (656.0) (660.5) (324.3 ) (345.8) (694.8) (662.3) Net operating expenses (560.9) (602.9) (440.7) (443.8) (264.0) (269 .2) (94.6) (87.7) (282.4) (296.9) Other technical revenue and expenses (23.1) (29.4) 0.1 0.1 6.7 13.6 (1.8) (2.6) (12.6) (12.2) Technical result (5.7) 112.4 274.2 318.8 6.7 33.6 (49.4 ) (30.5) 10.9 49.5 Net financial income 82.3 96.2 44.1 50.3 46.9 42.7 43.6 53.9 99.1 59.1 Other non-technical revenue and expenses (20.5) (9.4) (1.3) 1.3 (0.2 ) (0.2) 2.1 (2.0) 0.6 (1.0) Result of Non-Life business 56.1 199.2 316.9 370.4 53.4 76.0 -3.6 21.4 110.6 107.6 Gross written and accepted premiums 1,474.9 1,981.7 784.5 645 .3 0.6 0.7 76.6 87.2 612.6 681.5 Net premiums earned 1,443.7 1,943.7 684.0 628.4 0.7 0.6 73.4 84.0 518.5 562.7 Net claims incurred and variation in other technical provisions (1,661.0) (2,146.1) (258.4) (230.3) (0.6) (0.2) (88.8) (104 .7) (344.1) (364.2) Net operating expenses (84.4) (90.5) (324.5) (316.5) (0.3) (0.3) (9.2) (10.7) (232.5) (251.9) Other technical revenue and expenses (8.6) (10.9) (0.4) 1.0 0.0 0.0 0 .6 0.8 (3.3) (3.7) Technical result (310.3) (303.8) 100.7 82.5 (0.2) 0.2 (24.0 ) (30.6) (61.3) (57.1) Financial result and other non-technical revenue 458 .2 402.7 81.6 94.2 0.2 0.3 32.0 38.1 104.6 99.7 Result of Life business 147.9 98.8 182.3 176.7 0.1 0.5 7. 9 7.5 43.2 42.6 Result from other business activities 29.3 29.9 3.9 7.4 -0.7 -0.3 -0.1 0.3 5.9 2.9 Hyperinflation adjustments 0.0 0.0 0.0 0.0 0.0 0.0 (11.2) (12.3) (40.9) (9.9) Result before tax 233.3 328.0 503.2 554.5 52.8 76.2 (7 .0) 17.0 118.8 143.2 Tax on profits (52.6) (73.1) (119.2) (140.6) (12.4) (16.1) 4.3 (8 .1) (30.2) (42.9) Result from discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 0 .0 0.0 0.0 (0.0) Non-controlling interests (12.8) (15.9) (263.2) (283.1) 0.4 0.2 (5.1) (5.6) (6.6) (7.7) Attributable net result 167.9 239.0 120.7 130.7 40.8 60 .3 -7.9 3.3 82.0 92.6 Loss ratio 77.4% 73.3% 39.9% 33.8% 71.3% 69.6% 87.3% 85.3% 69.4% 64.9% Expense ratio 22.8% 22.6% 37.0% 38.5% 28.0% 26.9% 26.0% 22.3% 29.5% 30.3% Combined ratio 100.2% 96.0% 77.0% 72.3% 99.3% 96.5% 113.3 % 107.5% 98.9% 95.1% DECEMBER 2024 JUNE 2025 DECEMBER 2024 JUNE 2025 DECEMBER 2024 JUN E 2025 DECEMBER 2024 JUNE 2025 DECEMBER 2024 JUNE 2025 Investments, real estate and cash 23,515.7 24,112.1 3,165.4 3,098.0 2,592.1 2,344.9 3,697.4 3,708.6 4,663.3 4,602.8 Technical provisions 22,487.8 23,640.1 4,861.1 4,954.9 3,183.1 2,842.1 3,649.8 3,685.3 6,567.7 5,747.2 Shareholders' equity 3,264.0 3,236.7 928.6 980.5 1,254.8 1,192.3 533.6 529.2 1,353.6 1,364.3 ROE 11.4% 13.9% 25.9% 27.2% 8.2% 9.5% -5.8% -3.7% 11.8% 11.7% IBERIA BRAZIL NORTH AMERICA EMEA OTHER LATAM IBERIA BRAZIL NORTH AMERICA EMEA OTHER LATAM Million euros
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19 ACTIVITY UPDATE – 6M 2025 P&L by business unit (II/II) Local accountingMillion euros JUNE 2024 JUNE 2025 JUNE 2024 JUNE 2025 JUNE 2024 JUNE 2 025 JUNE 2024 JUNE 2025 Gross written and accepted premiums 4,121.7 4,126.5 102.5 111 .5 (2,040.5) (1,875.8) 11,970.5 12,272.8 Net premiums earned 2,108.8 2,237.6 94.1 86.3 0.0 (0.0) 8,244.4 8,64 4.5 Net claims incurred and variation in other technical provisions (1,438.7) (1,550.9) (56.9) (46.9) 1.9 1.7 (5,625.3) (5,701.8 ) Net operating expenses (562.6) (587.6) (31.2) (28.7) 7.1 8.0 (2,229.4 ) (2,308.8) Other technical revenue and expenses (5.1) (6.9) (2.3) (4.0) (0.0) 0.1 (38.2) (41.3) Technical result 102.3 92.2 3.7 6.7 9.0 9.8 351.5 592.6 Net financial income 76.8 90.8 0.8 0.2 7.2 (0.9) 400.9 392.3 Other non-technical revenue and expenses 0.0 0.0 0.0 0.0 0.3 0.1 ( 18.9) (11.2) Result of Non-Life business 179.1 183.0 4.5 6.9 16.5 9.1 73 3.5 973.7 Gross written and accepted premiums 225.4 278.1 0.0 0.0 (0.0) 0.0 3,174.6 3,674.6 Net premiums earned 207.5 280.5 0.0 0.0 (0.0) 0.0 2,927.8 3,499.9 Net claims incurred and variation in other technical provisions (175.2) (246.4) 0.0 0.0 0.0 0.0 (2,528.0) (3,092.0) Net operating expenses (54.5) (44.1) 0.0 0.0 0.0 (0.0) (705.5) (714.0 ) Other technical revenue and expenses (0.9) (0.9) 0.0 0.0 0.0 (0.0) (1 2.5) (13.7) Technical result (23.0) (10.9) 0.0 0.0 (0.0) 0.0 (318.2) (319 .8) Financial result and other non-technical revenue 30. 5 31.8 0.0 0.0 0.0 (0.0) 707.1 666.8 Result of Life business 7.4 20.8 0.0 0.0 0.0 0.0 388.9 347.0 Result from other business activities 0.0 0.0 1.1 -2.0 -13 1.6 -132.2 -92.2 -94.0 Hyperinflation adjustments 0.0 0.0 (0.4) (0.4) (0.0) 0.0 (52.5) (2 2.6) Result before tax 186.6 203.9 5.2 4.5 (115.1) (123.0) 977 .7 1,204.2 Tax on profits (47.0) (55.0) (2.4) (2.0) 36.7 24.8 (222.9) (312.9 ) Result from discontinued operations 0.0 0.0 0.0 0.0 0.0 (0.0) 0.0 (0.0) Non-controlling interests (0.0) (0.0) 0.3 (0.8) (6.3) (7.8) (293.3 ) (320.8) Attributable net result 139.5 148.9 3.1 1.7 -84.6 -106.1 4 61.6 570.4 Loss ratio 68.2% 69.3% 60.5% 54.3% 68.2% 66.0% Expense ratio 26.9% 26.6% 35.6% 37.9% 27.5% 27.2% Combined ratio 95.1% 95.9% 96.1% 92.2% 95.7% 93.1% DECEMBER 2024 JUNE 2025 DECEMBER 2024 JUNE 2025 DECEMBER 2024 JUN E 2025 DECEMBER 2024 JUNE 2025 Investments, real estate and cash 7,469.1 7,848.9 219.3 227.1 402 .3 507.6 45,724.6 46,450.1 Technical provisions 9,318.0 9,431.7 134.0 134.8 (4,212.5) (4,1 52.0) 45,989.0 46,284.1 Shareholders' equity 2,442.1 2,529.7 130.1 134.4 (1,398.5) (1,448 .5) 8,508.3 8,518.5 ROE 14.0% 14.0% 3.7% 2.5% 10.9% 12.2% ASISTENCIA-MAWDY CONS. ADJUST. & CORPORATE AREAS TOTAL MAPFRE RE ASISTENCIA-MAWDY MAPFRE RE CONS. ADJUST. & CORPORATE AREAS TOTAL
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20 ACTIVITY UPDATE – 6M 2025 Regional data by segments (I/II) Local accounting IBERIA 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 LIFE 1,474.9 1,981.7 34.4% 103.3 60.1 -41.8% -- -- LIFE PROTECTION 201.0 203.5 1.2% 40.2 35.7 -11.2% 67.9% 67.8% LIFE SAVINGS 1,273.9 1,778.2 39.6% 59.0 24.6 -58.4% -- -- AUTO 1,231.8 1,278.0 3.7% (28.8) 37.1 -- 106.1% 98.4% GENERAL P&C 1,540.5 1,629.3 5.8% 73.8 64.6 -12.5% 94.9% 95.3% ACCIDENT & HEALTH 886.2 913.2 3.0% (1.6) 33.2 -- 103.0% 93.3% BRAZIL 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 LIFE 784.5 645.3 -17.7% 36.8 32.5 -11.8% -- -- LIFE PROTECTION 761.1 624.7 -17.9% 28.9 28.6 -1.2% 82.4% 81.8% LIFE SAVINGS 23.5 20.6 -12.2% 2.5 0.1 -95.3% -- -- AUTO 303.1 261.5 -13.7% 7.3 6.7 -7.5% 101.6% 101.8% GENERAL P&C 1,348.4 1,254.0 -7.0% 70.2 85.9 22.4% 68.6% 63.4% NORTH AMERICA 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 AUTO 831.5 830.3 -0.1% 16.3 34.7 112.2% 101.0% 97.5% GENERAL P&C 434.5 426.2 -1.9% 20.9 22.0 5.3% 89.7% 88.9% ACCIDENT & HEALTH 25.3 30.3 19.6% 1.3 2.2 74.7% 93.8% 91.3% Premiums Attributable result Combined ratio Million euros
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21 ACTIVITY UPDATE – 6M 2025 Regional data by segments (II/II) Local accounting Premiums OTHER LATAM 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 LIFE 612.6 681.5 11.3% 25.0 23.8 -4.8% -- -- LIFE PROTECTION 471.8 493.5 4.6% 21.5 18.1 -15.5% 94.7% 95.1% LIFE SAVINGS 140.8 188.0 33.5% 0.2 5.6 -- -- -- AUTO 414.9 428.2 3.2% 13.5 25.1 85.8% 100.4% 95.7% GENERAL P&C 1,293.9 1,281.4 -1.0% 27.3 22.9 -16.3% 92.5% 85.6% ACCIDENT & HEALTH 476.6 492.9 3.4% 7.5 12.7 69.8% 100.9% 98.9% EMEA 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 LIFE 76.6 87.2 13.9% 1.5 1.6 4.4% -- -- AUTO 458.0 514.0 12.2% (23.5) (9.8) 58.5% 119.9% 113.6% GENERAL P&C 95.6 95.8 0.2% 3.7 6.2 70.1% 71.2% 68.1% ACCIDENT & HEALTH 108.7 132.7 22.1% 4.9 7.7 56.4% 99.1% 95.9% MAPFRE S.A. 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 LIFE 3,174.6 3,674.6 15.7% 170.9 130.4 -23.7% -- -- LIFE PROTECTION 1,443.8 1,332.0 -7.7% 91.0 83.2 -8.5% 84.2% 84.1% LIFE SAVINGS 1,505.5 2,064.4 37.1% 62.5 31.0 -50.4% -- -- AUTO 3,242.8 3,316.9 2.3% (19.0) 89.2 -- 104.8% 99.6% GENERAL P&C 4,713.0 4,686.7 -0.6% 188.8 195.4 3.5% 83.2% 81.2% ACCIDENT & HEALTH 1,496.8 1,569.1 4.8% 10.6 54.6 -- 101.5% 95.8% Attributable result Combined ratio Million euros
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22 IFRS P&L *Includes insurance and accepted reinsurance revenue LIFE NON-LIFE TOTAL LIFE NON-LIFE TOTAL 1,991 10,721 12,712 2,170 10,995 13,165 (1,625) (9,259) (10,885) (1,829) (8,672) (10,501) 1. Incurred claims and other insurance service expenses (1,071) (7,056) (8,128) (1,133) (6,879) (8,012) 2. Acquisition costs (614) (2,171) (2,785) (676) (2,267) (2 ,942) 3. Losses on onerous contract groups and reversals of those losses (6) (23) (29) (17) 2 (15) 4. Changes in the liability for incurred claims 66 (9) 57 (3) 472 468 366 1,461 1,827 342 2,322 2,664 (46) (931) (976) (43) (1,558) (1,601) 103 206 309 137 435 572 (7) 25 19 (50) (223) (272) 0 (95) (95) 0 (95) (95) Hyperinflation adjustments (3) (50) (52) (1) (22) (23) Tax on profit (114) (128) (242) (118) (209) (326) Non-controlling interests (111) (186) (296) (111) (211) (323 ) 189 305 494 156 440 596 RESULT FROM OTHER ACTIVITIES ATTRIBUTABLE RESULT 6M 2024 6M 2025 II. INSURANCE SERVICE EXPENSES RESULT FROM INSURANCE SERVICE RESULT FROM REINSURANCE SERVICE FINANCIAL RESULT RESULT FROM OTHER INSURANCE REVENUE/EXPENSES I. INSURANCE REVENUE* Million euros
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23 IFRS 17 impacts: 62 IFRS 9 impacts: (36) TOTAL IMPACT 26 * Homogenized local accounting ** Includes the discounting and unwind of insurance and reinsurance contract assets & liabilities, as well as the effect of interest rate movements on insurance and reinsurance contracts and the change in value of investments allocated to portfolios covering liabilities for incurred claims (LIC) *** Differences between local homogenized vs. IFRS 17 mainly affecting: CSM release schedule, acquisition expense recognition and cash flows and crediting rates ****Reclassification to P&L of the change in valuation of fixed income that does not pass the SPPI test and change in the expected loss IFRS RECONCILIATION P&L – June 2025 Million euros
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24 IFRS KEY FIGURES BY REGION AND BUSINESS UNIT *Includes insurance and accepted reinsurance revenue 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 Δ % 6M 2024 6M 2025 IBERIA 3,648.4 3,855.0 5.7% 185.9 255.0 37.2% 98.4% 94. 5% BRAZIL 2,420.9 2,257.2 -6.8% 118.2 136.8 15.7% 76.7% 70. 7% OTHER LATAM 2,454.0 2,478.5 1.0% 92.6 92.3 -0.3% 97.4 % 93.5% NORTH AMERICA 1,361.1 1,368.5 0.5% 43.5 63.3 45.4% 97.4 % 94.2% EMEA 602.1 663.7 10.2% (23.4) 2.7 111.4% 115.1% 102.3% TOTAL INSURANCE 10,486.5 10,622.9 1.3% 416.8 550.0 32.0% 94.8% 90.4% REINSURANCE 3,100.3 3,311.1 6.8% 134.2 136.4 1.7% 91.1% 92.9% GLOBAL RISKS 881.4 903.9 2.5% 24.7 14.9 -39.5% 77.4% 98 .1% ASSISTANCE - MAWDY 99.9 105.1 5.2% 3.6 1.0 -72.9% 96.1% 92.2% Holding, eliminations and other (1,856.5) (1,778.1) 4.2% ( 85.2) (106.4) -24.8% -- -- MAPFRE S.A. 12,711.6 13,164.9 3.6% 494.0 595.9 20.6% 93.6% 91.1% AREA / BUSINESS UNIT Insurance revenue* Attributable result Combined ratio Million euros
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25 IFRS BALANCE SHEET “F) Other" includes: Inventories, Deferred tax assets, Receivables, Cash, Accrual adjustments, Other assets and Non-current assets held for sale and from discontinued operations ASSETS 12.31.2024 06.30.2025 %∆ A) INTANGIBLE ASSETS 2,540 2,387 -6.1% B) PROPERTY, PLANT AND EQUIPMENT 1,213 1,206 -0.6% C) INVESTMENTS 42,865 43,344 1.1% I. Real estate investments 855 792 -7.4% II. Financial investments 1. At fair value with changes through P&L 15,396 16,116 4.7% 2. At fair value with changes through OCI 23,179 23,022 -0.7% 3. Amortized cost 1,269 1,179 -7.1% III. Investments accounted for using the equity method 1,267 1,296 2.4% V. Other investments 899 940 4.6% D) INSURANCE CONTRACT ASSETS 7 7 -4.2% E) CEDED REINSURANCE CONTRACT ASSETS 6,075 4,824 -20.6% F) OTHER 4,006 4,196 4.7% TOTAL ASSETS 56,707 55,964 -1.3% EQUITY AND LIABILITIES 12.31.2024 06.30.2025 %∆ A) EQUITY 9,985 10,081 1.0% I. Equity attributable to the controlling company's shareholders 8,889 8,987 1.1% II. Non-controlling interests 1,097 1,093 -0.3% B) SUBORDINATED LIABILITIES 1,630 1,620 -0.6% C) INSURANCE CONTRACT LIABILITIES 39,793 38,661 -2.8% D) CEDED REINSURANCE CONTRACT LIABILITIES 17 18 3.2% E) PROVISIONS FOR RISKS AND EXPENSES 571 565 -1.1% F) DEFERRED TAX LIABILITIES 196 205 5.0% G) DEBTS 4,380 4,696 7.2% H) OTHER 137 119 -12.9% TOTAL EQUITY AND LIABILITIES 56,707 55,964 -1.3% "H) Other" includes: Accrual adjustments and Liabilities linked to non-current assets held for sale and from discontinued operations Million euros
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26 IFRS CHANGE IN SHAREHOLDERS’ EQUITY Balance at 31 December 2024 8,889 Currency conversion differences (386) Change in market value of financial assets 47 Change in technical provision valuation 116 Other (14) Total income and expenses recorded in OCI: (237) Result 596 Distribution of result (Dividends) (293) Equity capital gains 23 Other 9 Balance at 30 June 2025 8,987 Million euros
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27 IFRS CSM ROLL FORWARD Δ CSM: 10 Δ CSM before release: +201 Of which: IBERIA: 1,743 BRAZIL: 392 OTHER LATAM: 271 EMEA: 102 Of which: IBERIA: -73 BRAZIL: -101 Million euros
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28 IFRS CSM BREAKDOWN 12.31.2024 06.30.2025 12.31.2024 06.30.2025 12.31.2024 06.30.2025 IBERIA 1,721 1,743 1,292 1,308 1,278 1,293 BRAZIL 416 392 249 235 78 66 OTHER LATAM 264 271 184 188 182 186 EMEA 97 102 63 67 18 19 NORTH AMERICA 3 3 3 3 3 3 TOTAL 2,501 2,511 1,791 1,800 1,558 1,566 CSM CSM net of taxes CSM net of taxes and minorities Million euros
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29 Revenue/ Total Consolidated Revenue Premiums + Financial income from investments + Income from non‐insurance companies and other income Premiums/Written and Accepted premiums Written premiums, direct insurance + premiums from accepted reinsurance Premiums earned, net of ceded and retroceded reinsurance Direct insurance written premiums + accepted reinsurance premiums + ceded reinsurance premiums + Variations in provisions unearned premiums and unexpired risks (Direct Ins.) + Variations in provisions unearned premiums and unexpired risks (Accepted Reins.) + Variations in provisions unearned premiums and unexpired risks (Ceded Reins.). Combined ratio – Non-Life Expense ratio + Loss ratio Expense ratio – Non-Life Operating expenses, net of reinsurance – other net technical revenue / Net premiums earned Loss ratio – Non-Life Net claims incurred + variation in other technical reserves + profit sharing and returned premiums / Net premiums earned Holding expenses Includes expenses from Corporate Areas, consolidation adjustments, as well as the result attributable to MAPFRE RE and MAPFRE INTERNACIONAL’s non-controlling interests and other concepts ROE (Return on Equity) Attributable result for the last twelve months / Arithmetic mean of equity attributable to the controlling company at the beginning and closing of the period (twelve months) x 100 Leverage ratio Total Debt / (Total Equity + Total Debt) Other investments Includes interest rate swaps, investments in associates, accepted r einsurance deposits and others TERMINOLOGY (I/II) Local homogenized accounting
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30 Income / Total Income / Consolidated Income / Total Consolidated Revenue Insurance revenue + Reinsurance revenue + Insurance/Reinsurance finance revenue + Finance revenue not related to Insurance service + Reversal of financial asset impairment + Share in profits from equity‐accounted companies + Other non‐technical revenue + Positive exchange differences + Reversal of asset impairment + Revenue from other activities Non‐Life Expense Ratio Administration expenses + Acquisition expenses, net of reinsurance commissions / Insurance revenue, net of reinsurance Non-Life Loss Ratio Claims, net of reinsurance / Insurance revenue, net of reinsurance Non-Life Combined ratio Non-Life expense ratio + Non-Life loss ratio ROE (Return on Equity) Attributable result for the last twelve months / Arithmetic mean of equity attributable to the controlling company at the beginning and closing of the period (twelve months) x 100 Contractual Service Margin (CSM) Component of the asset or liability for the group of insurance and reinsurance contracts that represents the unearned profit the entity will recognize as it provides services in the future. It makes it possible to assess the viability of the company in the short‐medium term, since the volume of future profits generated by written contracts can be determined. It includes: CSM of Insurance contracts measured using the Building Block Approach (BBA) + CSM of insurance contracts measured using the Variable Fee Approach (VFA) ‐ CSM of reinsurance contracts measured using the Building Block Approach (BBA) TERMINOLOGY (II/II) IFRS Alternative Performance Measures (APM) under IFRS 17&9 used in this presentation correspond to those financial measures that are not defined or detailed within the framework of the applicable financial information. Their definition and calculation can be consulted at the following link: https://www.mapfre.com/media/2025-06-alternative-performance-measures.pdf