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1October 31st 2025 Activity Update Analyst & Investor Presentation 9M 2025
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2 MAPFRE S.A. (MAPFRE) hereby informs that, unless stated otherwise, the figures 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) on a half-year basis. 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 – 9M 2025 Interim dividend increased to 7 cents per share on the back of strong profitability €22,384 mn PREMIUMS +3.5% Local accounting CAPITAL 208.7% €8,924 mn Solvency II Ratio*** Shareholders' equity +4.9% 92.6% NON-LIFE COMBINED RATIO -2.2 p.p. €829 mn NET RESULT ROE 12.4% +1.5 p.p. *Without the impact on results from: 9M 2025: €78.6 mn from the partial goodwill writedown in Mexico and from the derecognition of deferred tax assets in Italy and Germany 9M 2024: €90.0 mn from the partial goodwill writedown in Verti Germany ** Variation compared to December 31, 2024 *** As of June 2025 +26.8% ** CLAIMS -2.3 p.p.65.1% EXPENSES 0.1 p.p.27.5% Adjusted* 13.3% +1.3 p.p. NON-LIFE +1.8%€17,304 mn +6.3% at constant exchange rates LIFE +9.7%€5,080 mn +13.6% at constant exchange rates +7.8% at constant exchange rates ** ** Adjusted* €908 mn +22.1%
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4 €347 mn +22.5% ACTIVITY UPDATE – 9M 2025 Implementation of Strategic Plan on track, with strong performance in core businesses Strong performance in Brazil, Mexico, Peru and Colombia Outstanding combined ratio (83.3%) Tailwinds from high financial income Local accounting LATAM NORTH AMERICA €340 mn +11.3% €99 mn +40.6% MAPFRE RE €256 mn +23.6% Highly diversified with relevant General P&C and Life contributions Improved technical management Consolidated recovery of Motor combined ratio (98.5%) IBERIA Significant improvement thanks to technical measures, both in Motor and General P&C Excellent combined ratio (95.7%) Noteworthy combined ratio (93.8%) Ongoing reinforcement of reserve prudence Net result
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5 ACTIVITY UPDATE – 9M 2025 DIVIDENDS DIVIDENDS PAID 2021 2023 2022 *Includes interim dividend to be paid on November 28, 2025 **2025 calculated with volume weighted average share price at September 30, 2025 PROVEN COMMITMENT TO SHAREHOLDERS 2024 >5%** Dividend yield* Dividends paid* €508 mn cents per share16.5 Interim dividend cents per share 7 2025* €508 mn €477 mn €416 mn €447 mn €447 mn 2025
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6 ACTIVITY UPDATE – 9M 2025 KEY FIGURES AND RATIOS Regions and business units ROE Combined ratio Local accountingMillion euros *Extraordinary impacts in the line Holding expenses and other includes: 9M 2025: -€78.6 mn from the partial goodwill writedown in Mexico (-€38.4 mn), and the derecognition of deferred tax assets in Italy (-€30.8 mn) and Germany (-€9.4 mn) 9M 2024: -€90.0 mn from the partial goodwill writedown in Verti Germany 9M 2025 ∆% IBERIA 13.2% 1.8 p.p. BRAZIL 27.1% 1.2 p.p. TOTAL LATAM 18.6% 0.7 p.p. NORTH AMERICA 10.0% 1.8 p.p. MAPFRE RE 14.8% 0.7 p.p. 9M 2025 Δ % Non-Life Loss ratio 65.1% -2.3 p.p. Non-Life Expense ratio 27.5% 0.1 p.p. Non-Life 92.6% -2.2 p.p. General P&C 80.5% -0.5 p.p. Auto 99.6% -4.6 p.p. Accident & Health 96.8% -3.0 p.p. Life Protection 84.6% -0.8 p.p. 9M 2025 Δ % 9M 2025 Δ % 9M 2025 Δ % IBERIA 7.823,7 9,3% 347,3 22,5% 95,9% -2,5 p.p. BRAZIL 3.311,6 -11,5% 199,1 6,1% 72,1% -2,0 p.p. OTHER LATAM 4.139,2 3,6% 140,7 19,4% 96,0% -3,0 p.p. TOTAL LATAM 7.450,8 -3,7% 339,9 11,3% 83,3% -2,2 p.p. NORTH AMERICA 2.040,5 -4,0% 99,2 40,6% 95,7% -2,7 p.p. EMEA 1.235,5 13,3% 7,1 138,2% 106,7% -6,5 p.p. TOTAL INSURANCE 18.550,5 2,4% 793,5 23,8% 92,2% -2,5 p.p. REINSURANCE 4.956,8 2,3% 224,9 25,8% 94,1% -1,9 p.p. GLOBAL RISKS 1.413,4 -2,0% 31,1 9,8% 89,3% 1,0 p.p. TOTAL MAPFRE RE 6.370,2 1,3% 256,0 23,6% 93,8% -1,8 p.p. ASSISTANCE (MAWDY) 166,7 6,6% 3,1 -37,0% 92,6% -1,4 p.p. Holding expenses and other (2.703,7) 7,9% (223,7) -- -- -- TOTAL 22.383,8 3,5% 829,0 26,8% 92,6% -2,2 p.p. TOTAL (w/o extraordinaries)* -- -- 907,5 22,1% -- -- Premiums Net result Non-Life Combined ratio
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7 ACTIVITY UPDATE – 9M 2025 GENERAL P&C – MAIN REGIONS v Combined ratios Key figures IBERIA Local accountingMillion euros BRAZIL NORTH AMERICA 9M 2024 9M 2025 Δ % 9M 2024 9M 2025 9M 2024 9M 2025 MAPFRE GROUP 6,758 6,581 -2.6% 306.6 315.7 81.1% 80.5% IBERIA 2,084 2,223 6.7% 120.7 109.5 93.4% 94.2% BRAZIL 2,142 1,921 -10.3% 116.5 127.6 64.9% 63.3% NORTH AMERICA 687 631 -8.1% 37.3 41.2 85.0% 83.1% Combined ratioPremiums Attributable result
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8 IBERIA Key figures ACTIVITY UPDATE – 9M 2025 AUTO – MAIN REGIONS Combined ratios Local accounting Million euros BRAZIL NORTH AMERICA 9M 2024 9M 2025 Δ % 9M 2025 Δ % 9M 2024 9M 2025 9M 2024 9M 2025 MAPFRE GROUP 4,829 4,941 2.3% 12.84 -1.0% -16.8 95.5 104.2% 99.6% IBERIA 1,860 1,920 3.2% 5.72 -4.2% -30.6 51.6 104.7% 98.5% BRAZIL 444 399 -10.0% 1.16 -6.5% 11.0 10.9 101.1% 101.4% NORTH AMERICA 1,246 1,227 -1.5% 1.24 -5.0% 27.9 52.4 100.8% 97.6% Attributable result Combined RatioPremiums Insured units (mn)
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9 OTHER: Mainly OTHER LATAM and EMEA (Malta) ACTIVITY UPDATE – 9M 2025 KEY FIGURES – LIFE BUSINESS PROTECTION: 275 (+1.9%) SAVINGS: 2,177 (+23.0%) Premiums > Insurance units Life technical-financial result Life attributable result Total MAPFRE Group includes reinsurance Total MAPFRE Group includes reinsurance Local accountingMillion euros 9M 2024 9M 2025 Δ YoY Total MAPFRE Group 540.4 496.6 -8.1% Insurance Units 515.7 488.9 -5.2% of which: IBERIA 194.0 150.8 -22.3% BRAZIL 246.6 267.9 8.6% OTHER 75.1 70.2 -6.6% 9M 2024 9M 2025 Δ YoY Total MAPFRE Group 233.4 180.0 -22.9% of which: IBERIA 131.1 91.7 -30.0% BRAZIL 48.1 50.8 5.6% OTHER 54.2 37.5 -30.9%
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10 ACTIVITY UPDATE – 9M 2025 CAPITAL POSITION & CREDIT METRICS Of which: Brazilian real: +19 US dollar: -295 Turkish lira: -10 Other: -67 Other includes mainly Latin American currencies *Net of shadow accounting adjustments Solvency IICapital structure Shareholders’ Equity Local accountingMillion euros 12.31.2024 06.30.2025 %∆ YTD Solvency II ratio 207.4% 208.7% 1.2 p.p. Eligible Own Funds 10,077 10,290 2.1% Solvency Capital Requirement 4,858 4,931 1.5% 12.31.2024 09.30.2025 %Δ YTD Total equity 9,603 10,035 4.5% Total debt 2,673 2,610 -2.4% Senior debt 865 862 -0.3% Subordinated debt 1,630 1,615 -0.9% Bank financing 178 132 -25.7% Leverage ratio 21.8% 20.6% -1.1 p.p. Balance at 12.31.2024 8,508 Result for the period 829 Dividends (293) Net unrealized capital gains of AFS portfolio* 253 Currency conversion differences (354) Other (20) Balance at 09.30.2025 8,924
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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 – 9M 2025 ASSETS UNDER MANAGEMENT Local accounting €45.7 €47.5 Total assets under management Investment portfolio Billion euros 09.30.2025 Δ Government fixed income 23.0 0.1% Spain 9.5 -0.7% Rest of Europe 4.6 7.0% United States 1.7 -5.8% Brazil 2.9 6.5% Rest of LATAM 3.5 6.3% Other 0.8 -39.9% Corporate fixed income 10.1 3.4% Real Estate* 1.8 -0.6% Equity and Mutual Funds 4.2 12.9% Cash 1.9 10.4% Unit-Linked 3.9 21.0% Other investments 2.5 3.2% Total investment portfolio 47.5 3.8% Pension Funds 7.3 4.3% Mutual Funds & Other 8.3 25.0% Total AuM 63.1 6.2% Market value (€bn)
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12 ACTIVITY UPDATE – 9M 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 September 2025 duration would be approximately 2.69. BRAZIL portfolio includes MAPFRE SEGUROS and BRASILSEG. Local accountingMillion euros 9M 2024 9M 2025 IBERIA 34.9 29.4 Non-Life 3.8 17.6 Life 31.1 11.7 NORTH AMERICA 0.7 3.2 MAPFRE RE (0.5) (3.8) TOTAL 35.1 28.7 Market value (€bn) % ∆ YTD Market yield (%) Modified duration (%) IBERIA NON-LIFE 4.22 2.54 -0.08 3.63 5.99 MAPFRE RE NON-LIFE 4.77 3.47 0.47 3.38 2.93 IBERIA LIFE 3.94 3.64 -0.09 3.37 5.10 Accounting Yield BRAZIL 2.42 12.73 2.40 13.29 1.65 OTHER LATAM 3.63 7.06 -0.04 6.65 5.66 NORTH AMERICA 1.80 3.19 0.22 4.72 4.20 9M 2024 9M 2025 Δ % IBERIA 118.0 135.7 15.0% BRAZIL 62.8 72.4 15.2% OTHER LATAM 135.1 90.3 -33.1% NORTH AMERICA 71.0 65.8 -7.3% EMEA 66.8 83.4 25.0% MAPFRE RE 114.7 124.7 8.7% TOTAL 486.4 529.1 8.8%
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13 CLOSING REMARKS Improving profitability across all countries, regions and business units Highly diversified business model Well-positioned to navigate the current market context Dividend increase reflects our confidence in the future and commitment to shareholders Technical excellence and profitable growth Internal transformation and efficiency improvements Strong financial income Resilient balance sheet
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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 * Main events; dates subject to change INVESTOR RELATIONS CONTACTS 12 Nov 19 Nov 14 Jan 15 Jan 16 Jan 21 Jan -11 Feb 12 Feb 13 Mar BNP Paribas Exane Future of Financials (London) Foro Latibex (Virtual) BNP Paribas Exane Spain Investors Day (Madrid) BofA SMID C-Suite (London) Citi European Insurance (Virtual) Blackout 12M 2025 Activity Update Annual General Shareholders’ Meeting Email: IR@mapfre.com Telephone: (+34) 91 581 23 18 Corporate website: www.mapfre.com Financial documentation center: www.mapfre.com/en/financial-information/ UPCOMING EVENTS*:
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15 Annex
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16 €22,384 mn +3.5% TOTAL PREMIUMS +7.8% MAIN LINES OF BUSINESS At constant exchange rates ACTIVITY UPDATE – 9M 2025 PREMIUMS Local accounting Local accountingMillion euros
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17 ACTIVITY UPDATE – 9M 2025 INVESTMENT PORTFOLIO AND ASSETS UNDER MANAGEMENT Eurozone – Fixed income portfolios – Actively managed Other main regions and units – Fixed income portfolios IBERIA NON-LIFE portfolio includes Burial. Excluding this portfolio, to September 2025 duration would be approximately 2.69. BRAZIL portfolio includes MAPFRE SEGUROS and BRASILSEG.
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18 ACTIVITY UPDATE – 9M 2025 P&L by business unit (I/II) Local accountingMillion euros SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 Gross written and accepted premiums 5,119.7 5,372.0 2,585.3 2,320.1 2,124.9 2,039.5 976.4 1,109.7 3,065.4 3,054.6 Net premiums earned 3,878.6 4,182.9 1,752.7 1,728.2 1,389.9 1,404.0 568.4 630.2 1,475.3 1,517.5 Net claims incurred and variation in other technical provisions (2,945.1) (3,063.2) (639.8) (576.9) (988.5) (971.7) (498.6) (534.3) (1,015.6) (998.0) Net operating expenses (834.0) (908.7) (659.2) (668.8) (390.3) (393.4) (142.1) (133.7) (426.0) (440.9) Other technical revenue and expenses (36.0) (38.2) (0.0) 0.2 9.8 20.7 (2.8) (4.2) (18.7) (17.8) Technical result 63.6 172.8 453.7 482.8 20.9 59.7 (75.1) (42.0) 14.9 60.9 Net financial income 118.0 135.7 62.8 72.4 71.0 65.8 66.8 83.4 135.1 90.3 Other non-technical revenue and expenses (31.2) (28.6) (1.5) 0.4 (0.3) (0.2) 1.4 (2.8) (0.5) 0.2 Result of Non-Life business 150.4 279.9 515.0 555.5 91.6 125.4 (7.0) 38.6 149.5 151.4 Gross written and accepted premiums 2,039.7 2,451.7 1,155.6 991.5 0.8 1.0 113.9 125.8 931.3 1,084.6 Net premiums earned 2,013.8 2,425.2 1,007.3 948.8 0.9 0.9 109.4 121.6 782.7 890.9 Net claims incurred and variation in other technical provisions (2,352.1) (2,771.0) (401.3) (351.5) (0.7) (0.6) (184.1) (153.3) (504.2) (578.0) Net operating expenses (126.0) (134.8) (480.7) (474.9) (0.5) (0.4) (14.0) (15.5) (363.1) (399.4) Other technical revenue and expenses (14.1) (16.1) (0.6) 1.5 0.0 0.0 0.9 1.1 (4.9) (4.6) Technical result (478.3) (496.6) 124.7 123.9 (0.3) (0.1) (87.7) (46.1) (89.5) (91.1) Financial result and other non-technical revenue 672.3 647.4 121.9 144.0 0.4 0.5 98.9 58.1 153.4 148.9 Result of Life business 194.0 150.8 246.6 267.9 0.1 0.3 11.2 12.0 63.9 57.8 Result from other business activities 40.4 46.5 6.7 14.2 (1.0) (0.6) (0.3) 0.5 6.9 4.0 Hyperinflation adjustments (0.0) 0.0 0.0 0.0 0.0 0.0 (19.8) (19.8) (48.3) (12.6) Result before tax 384.8 477.2 768.3 837.6 90.6 125.1 (15.9) 31.3 172.1 200.6 Tax on profits (81.0) (103.3) (175.7) (209.1) (21.0) (26.1) 4.5 (15.3) (46.7) (51.7) 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 (20.4) (26.6) (404.9) (429.4) 1.0 0.3 (7.2) (8.8) (7.6) (8.2) Attributable net result 283.4 347.3 187.7 199.1 70.6 99.2 (18.6) 7.1 117.8 140.7 Loss ratio 75.9% 73.2% 36.5% 33.4% 71.1% 69.2% 87.7% 84.8% 68.8% 65.8% Expense ratio 22.4% 22.6% 37.6% 38.7% 27.4% 26.5% 25.5% 21.9% 30.1% 30.2% Combined ratio 98.4% 95.9% 74.1% 72.1% 98.5% 95.7% 113.2% 106.7% 99.0% 96.0% DECEMBER 2024 SEPTEMBER 2025 DECEMBER 2024 SEPTEMBER 2025 DECEMBER 2024 SEPTEMBER 2025 DECEMBER 2024 SEPTEMBER 2025 DECEMBER 2024 SEPTEMBER 2025 Investments, real estate and cash 23,515.7 24,357.7 3,165.4 3,232.0 2,592.1 2,467.3 3,697.4 3,766.2 4,663.3 4,917.6 Technical provisions 22,487.8 23,305.0 4,861.1 5,095.6 3,183.1 2,833.4 3,649.8 3,709.2 6,567.7 5,858.3 Shareholders' equity 3,264.0 3,297.1 928.6 1,041.9 1,254.8 1,241.1 533.6 552.6 1,353.6 1,465.8 ROE 11.4% 13.2% 25.9% 27.1% 8.2% 10.0% -5.8% -0.9% 11.8% 12.7% IBERIA BRAZIL NORTH AMERICA EMEA OTHER LATAM IBERIA BRAZIL NORTH AMERICA EMEA OTHER LATAM
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19 ACTIVITY UPDATE – 9M 2025 P&L by business unit (II/II) Local accountingMillion euros SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 SEPTEMBER 2024 SEPTEMBER 2025 Gross written and accepted premiums 5,898.1 5,944.8 156.5 166.7 (2,934.8) (2,703.7) 16,991.4 17,303.8 Net premiums earned 3,033.8 3,255.1 148.9 133.3 0.0 (0.0) 12,247.6 12,851.3 Net claims incurred and variation in other technical provisions (2,084.7) (2,152.0) (87.1) (75.8) 2.9 2.5 (8,256.5) (8,369.3) Net operating expenses (805.2) (891.4) (49.4) (41.3) 10.3 4.2 (3,296.0) (3,474.0) Other technical revenue and expenses (8.6) (9.2) (3.4) (6.2) (0.1) 0.2 (59.7) (54.5) Technical result 135.2 202.4 9.0 9.9 13.1 6.9 635.3 953.4 Net financial income 114.7 124.7 0.8 (0.6) (82.8) (42.7) 486.4 529.1 Other non-technical revenue and expenses 0.0 0.0 0.0 0.0 0.5 0.2 (31.6) (30.8) Result of Non-Life business 249.9 327.2 9.8 9.3 (69.2) (35.6) 1,090.0 1,451.7 Gross written and accepted premiums 389.7 425.4 0.0 0.0 (0.0) 0.0 4,631.0 5,080.0 Net premiums earned 356.5 410.4 0.0 0.0 0.0 0.0 4,270.5 4,797.8 Net claims incurred and variation in other technical provisions (259.8) (327.5) 0.0 0.0 0.0 (0.0) (3,702.2) (4,181.9) Net operating expenses (106.4) (116.3) 0.0 0.0 (0.0) (0.0) (1,090.7) (1,141.4) Other technical revenue and expenses (1.4) (1.1) 0.0 0.0 (0.0) (0.0) (20.1) (19.2) Technical result (11.2) (34.6) 0.0 0.0 0.0 0.0 (542.4) (544.7) Financial result and other non-technical revenue 35.9 42.4 0.0 0.0 (0.0) (0.0) 1,082.8 1,041.3 Result of Life business 24.7 7.7 0.0 0.0 0.0 0.0 540.4 496.6 Result from other business activities 0.0 0.0 (1.2) (3.1) (171.1) (175.6) (119.5) (114.2) Hyperinflation adjustments 0.0 0.0 (0.5) (0.5) (0.0) 0.0 (68.6) (32.9) Result before tax 274.6 334.9 8.1 5.7 (240.3) (211.1) 1,442.3 1,801.3 Tax on profits (67.4) (78.9) (3.2) (2.1) 51.1 0.5 (339.5) (486.1) 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) 0.1 (0.5) (10.3) (13.0) (449.3) (486.2) Attributable net result 207.2 256.0 4.9 3.1 (199.5) (223.7) 653.5 829.0 Loss ratio 68.7% 66.1% 58.5% 56.9% 67.4% 65.1% Expense ratio 26.8% 27.7% 35.5% 35.7% 27.4% 27.5% Combined ratio 95.5% 93.8% 94.0% 92.6% 94.8% 92.6% DECEMBER 2024 SEPTEMBER 2025 DECEMBER 2024 SEPTEMBER 2025 DECEMBER 2024 SEPTEMBER 2025 DECEMBER 2024 SEPTEMBER 2025 Investments, real estate and cash 7,469.1 8,038.0 219.3 246.6 402.3 442.9 45,724.6 47,468.3 Technical provisions 9,318.0 9,412.5 134.0 136.0 (4,212.5) (4,055.6) 45,989.0 46,294.4 Shareholders' equity 2,442.1 2,669.4 130.1 136.3 (1,398.5) (1,480.4) 8,508.3 8,923.9 ROE 14.0% 14.8% 3.7% 2.2% 10.9% 12.4% 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 – 9M 2025 Regional data by segments (I/II) Local accountingMillion euros IBERIA 9M 2024 9M 2025 Δ % 9M 2024 9M 2025 Δ % 9M 2024 9M 2025 LIFE 2,039.7 2,451.7 20.2% 131.1 91.7 -30.0% -- -- LIFE PROTECTION 269.8 274.8 1.9% 56.5 52.6 -6.9% 67.5% 67.3% LIFE SAVINGS 1,769.9 2,176.9 23.0% 70.5 38.0 -46.2% -- -- AUTO 1,860.5 1,920.4 3.2% (30.6) 51.6 -- 104.7% 98.5% GENERAL P&C 2,083.6 2,222.7 6.7% 120.7 109.5 -9.3% 93.4% 94.2% ACCIDENT & HEALTH 910.0 937.9 3.1% 14.9 38.1 156.1% 99.5% 95.0% BRAZIL 9M 2024 9M 2025 Δ % 9M 2024 9M 2025 Δ % 9M 2024 9M 2025 LIFE 1,155.6 991.5 -14.2% 48.1 50.8 5.6% -- -- LIFE PROTECTION 1,118.7 960.8 -14.1% 37.2 43.2 16.3% 84.2% 82.1% LIFE SAVINGS 36.9 30.7 -16.9% 3.0 1.1 -62.6% -- -- AUTO 443.6 399.1 -10.0% 11.0 10.9 -1.2% 101.1% 101.4% GENERAL P&C 2,141.8 1,921.0 -10.3% 116.5 127.6 9.6% 64.9% 63.3% NORTH AMERICA 9M 2024 9M 2025 Δ % 9M 2024 9M 2025 Δ % 9M 2024 9M 2025 AUTO 1,245.7 1,227.5 -1.5% 27.9 52.4 87.6% 100.8% 97.6% GENERAL P&C 687.2 631.2 -8.1% 37.3 41.2 10.3% 85.0% 83.1% ACCIDENT & HEALTH 39.0 44.4 13.8% 1.4 3.1 112.7% 95.7% 91.8% Premiums Attributable result Combined ratio
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21 ACTIVITY UPDATE – 9M 2025 Regional data by segments (II/II) Local accountingMillion euros Premiums OTHER LATAM 9M 2024 9M 2025 Δ % 9M 2024 9M 2025 Δ % 9M 2024 9M 2025 LIFE 931.3 1,084.6 16.5% 37.0 32.1 -13.1% -- -- LIFE PROTECTION 727.0 783.7 7.8% 32.0 21.6 -32.4% 95.1% 96.0% LIFE SAVINGS 204.3 301.0 47.3% 1.4 10.4 -- -- -- AUTO 615.3 628.5 2.1% 20.0 40.1 100.6% 100.1% 95.9% GENERAL P&C 1,702.1 1,663.6 -2.3% 37.8 38.6 2.0% 93.8% 87.6% ACCIDENT & HEALTH 703.4 727.0 3.4% 11.5 17.1 49.1% 100.8% 99.6% EMEA 9M 2024 9M 2025 Δ % 9M 2024 9M 2025 Δ % 9M 2024 9M 2025 LIFE 113.9 125.8 10.4% 2.3 2.5 10.6% -- -- AUTO 658.6 757.9 15.1% (39.5) (13.2) 66.4% 120.3% 112.3% GENERAL P&C 143.5 141.9 -1.1% 5.0 8.3 68.5% 71.2% 74.5% ACCIDENT & HEALTH 153.8 185.3 20.5% 9.3 13.3 42.2% 97.9% 94.9% MAPFRE S.A. 9M 2024 9M 2025 Δ % 9M 2024 9M 2025 Δ % 9M 2024 9M 2025 LIFE 4,631.0 5,080.0 9.7% 233.4 180.0 -22.9% -- -- LIFE PROTECTION 2,130.0 2,033.9 -4.5% 126.6 118.5 -6.4% 85.4% 84.6% LIFE SAVINGS 2,111.3 2,620.6 24.1% 75.6 50.6 -33.1% -- -- AUTO 4,829.3 4,941.0 2.3% (16.8) 95.5 -- 104.2% 99.6% GENERAL P&C 6,758.1 6,580.5 -2.6% 306.6 315.7 3.0% 81.1% 80.5% ACCIDENT & HEALTH 1,806.2 1,894.6 4.9% 35.4 69.8 97.4% 99.8% 96.8% Attributable result Combined ratio
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22 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 reinsurance deposits and others TERMINOLOGY Local homogenized accounting