Earnings release
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3rd Quarter 2025 EARNINGS RESULTS
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2 EARNINGS RESULTS | 3Q25 WEBCAST RESULTS 3Q25 Quálitas Controladora S.A.B. de C.V. cordially invites you to its third quarter 2025 earnings results conference call. Hosted by: Ing. Jose Antonio Correa, Chief Executive Officer QC Ing. Roberto Araujo, Chief Financial Officer QC DATE: Wednesday 22nd of October 2025 TIME: 08:00 a.m. MXT (10:00 a.m. EST) Zoom webcast ID: 839 6077 3420 https://us06web.zoom.us/webinar/register/WN_7ouEpW2AQtasXOxcXFjy6w The report and presentation will also be available at: https://qinversionistas.qualitas.com.mx/financial-information/quarterly-report
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3 EARNINGS RESULTS | 3Q25 QUALITAS REPORTS 3Q25 RESULTS Mexico City, October 21st, 2025 – Quálitas Controladora, S.A.B. de C.V. (“ Quálitas”, “Q”, o r “the company”) (BMV: Q*), announces its unaudited financial results for the third quarter of 2025. Figures in this document are stated in millions of Mexican pesos except when otherwise indicated and many vary due to rounding and/or consolidation. • Regarding the Revenue Law approved on October 17 by the Chamber of Deputies, Qualitas will communicate possible impacts on fiscal year 2025 results and future implications once the law is approved by the Senate of the Republic through a Relevant Event. • During the third quarter of the year, written premiums increased by +7.3% or $1,184 million pesos vs 3Q24. On the other hand, year-to-date growth reached +10.7% or +$5,193 million pesos. While growth continues, a deceleration is observed compared to the previous year , in line with expectations for this year. • We reached a historical all-time high of +6.1 million insured units, an increase of +450 thousand units vs 3Q24 and +119 thousand vs last quarter. • Quarterly earned premiums grew by +16.2% compared to 3Q24 and by +14.8% for the first nine months of the year. Reserves totaling $ 460 million were released during the quarter, compared to a constitution of $814 million during 3Q24. • The quarterly and year -to-date loss ratios stood at 6 2.4% and 61. 8%, respectively, within our target technical range. When compared to the same period last year, this represents an improvement of 6.8 p.p. and 4.6 p.p. respectively. On the other hand, at our Mexican subsidiary, the quarterly loss ratio was 60.6%, with a year -to-date figure of 59.8%, with minimal impact from the weather events observed during the third quarter. • The quarterly combined ratio closed at 93.0% while the year-to-date closed at 91.3%, compared to 95.6% and 9 2.9% from 2024, respectively. Focusing solely on our Mexican subsidiary , quarterly combined ratio closed at 90.5% and 88.6% for the first nine months of 2025. • The quarterly comprehensive financial income stood at $ 1,134 million and $3,885 year-to-date. The investment portfolio reached a quarterly and year-to-date ROI of 7.6% and 8.9%, respectively. By the end of the period, the portfolio reached $52,359 million, with 86.4% allocated in fixed income with a duration of 2.3 years. • Quarterly net result stood at $ 1,734 million, representing a growth rate of +51.4% vs 3Q24, while the year-to-date net result stands at $5,285 million, reflecting a +40.3% growth vs 9M24. The 12-month EPS was $16.6, and the 12-month ROE stood at 26.7%. • By the end of the third quarter, there are ~ 5.4 million shares under treasury with a remaining share buyback fund of $800 million pesos. • Our regulatory capital stood at $ 5,968 million, with a solvency margin of $ 17,987 million pesos, equivalent to 401% solvency ratio. HIGHLIGHTS
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4 EARNINGS RESULTS | 3Q25 Insured Units 6,143,191 Net income growth 3Q25 vs 3Q24 +51.4% Market share leader since 2007 32.8%* 12M ROE 26.7% 3Q25 Net margin 10.0% P/BV 2.95 12M EPS $16.6 P/E $11.6 Services offices: 247 ODQ´S: 349 596 Invested assets, Float MM MXN $52,359 Employees 7,313 Agents ~26,100 QUÁLITAS IN FIGURES *Source: AMIS, Market share in Mexico as of June 2025
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5 EARNINGS RESULTS | 3Q25 FINANCIAL HIGHLIGHTS 3Q25 Balance Sheet 2025 2024 Δ %/bp 25 vs 24 Assets 114,453 100,723 13.6% Investments & Real Estate 56,095 52,574 6.7% Invested assets or float** 52,359 48,963 6.9% Technical reserves 60,874 55,167 10.3% Total liabilities 88,354 77,330 14.3% Stockholders' equity 26,098 23,393 11.6% **Invested assets or float: investments in debt + overnights + loans portfolio * This refers to the sum of acquisition costs, claims incurred, and operating expenses, divided by earned premiums. The ratio is presented to facilitate comparison with international benchmarks. Income Statement 3Q25 3Q24 Δ %/bp 25 vs 24 9M25 9M24 Δ %/bp 25 vs 24 Written premiums 17,335 16,151 7.3% 53,572 48,379 10.7% Net written premiums 17,342 16,135 7.5% 53,465 48,318 10.7% Earned premiums 17,802 15,321 16.2% 51,301 44,683 14.8% Acquisition cost 4,253 3,661 16.2% 12,601 10,769 17.0% Loss cost 11,111 10,601 4.8% 31,680 29,657 6.8% Technical result 2,439 1,060 NA 7,021 4,257 64.9% Operating expenses 1,048 608 72.3% 3,205 2,031 57.8% Underwriting result 1,391 451 NA 3,816 2,226 71.5% Comprehensive financial income 1,134 1,183 (4.1%) 3,885 3,377 15.1% Investment income 973 1,018 (4.4%) 3,376 2,939 14.9% Income Taxes 792 489 62.1% 2,416 1,836 31.6% Net result 1,734 1,145 51.4% 5,285 3,767 40.3% Cost ratios Acquisition ratio 24.5% 22.7% 184 23.6% 22.3% 128 Loss ratio 62.4% 69.2% (678) 61.8% 66.4% (462) Operating ratio 6.0% 3.8% 228 6.0% 4.2% 178 Combined ratio 93.0% 95.6% (267) 91.3% 92.9% (156) Combined ratio adjusted* 92.2% 97.1% (487) 92.6% 95.0% (246) Profitability ratios Return on investments 7.6% 8.7% (105) 8.9% 8.8% 12 ROE for the period 27.6% 20.5% 707 27.6% 20.5% 710 LTM ROE 26.7% 22.4% 428 26.7% 22.4% 428 Year to date Quarterly
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6 EARNINGS RESULTS | 3Q25 WRITTEN PREMIUMS Business line 3Q25 3Q24 Δ %/bp 25 vs 24 9M25 9M24 Δ %/bp 25 vs 24 Traditional 10,736 10,456 2.7% 34,211 32,364 5.7% Individual 6,552 6,113 7.2% 20,690 18,680 10.8% Fleets 4,185 4,342 (3.6%) 13,520 13,685 (1.2%) Financial institutions 5,676 4,825 17.6% 16,437 13,424 22.4% Foreign subsidiaries 872 870 0.2% 2,790 2,559 9.0% Total 17,335 16,151 7.3% 53,572 48,379 10.7% Written premiums by foreign subsidiaries may include differences due to the exchange rate effect. Variation in 2024 figures reported due to changes in the consolidation of intercompany operations. During the third quarter of 2025, written premiums reached $17,335 million, representing a +7.3% increase compared to the same period last year. Performance in the traditional segment, which accounts for ~62% of total business, had an increase of +2.7% for the quarter and +5.7% for the first nine months of the year. Within this segment, individual policies stood out with quarterly growth of +7.2% and a year -to-date increase of +10.8%. On the other hand, the fleet segment posted a -3.6% quarterly decrease and a year-to-date decline of -1.2%, mainly reflecting the effect of adjusting pricing downward to be more in line with our long -term profitability objectives. This performance mainly reflects the effect of adjusting pricing downward to be more in line with our ongoing long term profitability objectives; being partially offset by the increase on units insured, by capitalizing on our service offering, ensuring cus tomers continue to choos e Quálitas as their insurance company despite pricing pressures. Lastly, financial institutions represented ~33% of total written premiums, with significant growth of 17.6% in the quarter and 2 2.4% year to date despite a -3.5% decline in new vehicle sales (light and heavy units) for the industry. The growth of this segment reflects the shifting in consumer preference toward s larger vehicles, mainly SUVs, translating into higher average premium s, the effect on multi-year policies growth and the increase in Quálitas' market share in key financial institutions. Regarding written premiums from international subsidiaries, these reported $872 million in written premiums, similar to the figure reports in 3Q24. Focusing sol ely on our LATAM subsidiaries , their quarterly issuance grew by 29.7%, totaling to $578 million and 37.5% on a year to date basis. On the other hand , the U.S. subsidiary continues to make progress in reorganizing its portfolio, with a focus on our cross-border and bi-national products, which represented a -30.6% decline in its premiums during the quarter an d - 24.0% year-to-date.
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7 EARNINGS RESULTS | 3Q25 INSURED UNITS During 3Q25, the insured units historical record was once again surpassed, closing the quarter with 6.1 million. This translates into an increase of +450 thousand units or +7.9% more compared with 3Q24, and +119 thousand units or +2.0% compared to 2Q25. We are keeping a solid compound annual growth trend of +10.1% over the last 5 years. Light vehicle sales decreased by -1.1% this quarter when compared to 3Q24, having sold a total of 365,843 units whereas, heavy equipment sales decreased by -47.4% compared to 3Q24, such lowering in demand for heavy vehicles’ is driven by the slowdown in Mexico’s GDP. This resulted in a -4.9% decrease in the total number of new units sold during 3Q25 when compared to 3Q24. Insured units are distributed as follows: 3Q25 2Q25 Δ% 3Q24 Δ% Mexico 5,855 5,751 1.8% 5,440 7.6% Automobiles 3,977 3,904 1.8% 3,670 8.4% Trucks 1,509 1,456 3.7% 1,373 9.9% Motorcycles 369 391 (5.5%) 398 (7.2%) El Salvador 48 46 4.2% 39 22.9% Costa Rica 140 134 4.3% 124 13.0% USA 22 24 (6.0%) 30 (26.6%) Peru 74 69 7.7% 60 22.3% Colombia 4 2 NA - NA Insured vehicles 6,143 6,025 2.0% 5,694 7.9% 0 1000 2000 3000 4000 5000 6000 7000 +2 +100 +1,000 +2,000 +3,000 +4,000 +5,000 +6,100 CAGR of the last 5 years: +10.1% 6,143,191 Insured Units *Motorcycles include motorcycles and foreign RC From 1Q25, foreign and cross-border vehicles are classified in their respective segment (automobiles and trucks).
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8 EARNINGS RESULTS | 3Q25 EARNED PREMIUMS During the third quarter, earned premiums totaled $17,802 million, representing an increase of +16.2% compared to 3Q24. For the first nine months of the year, earned premiums reached $ 51,301 million, equivalent to a growth of +14.8%, above the level of written premiums. Consistent with our expectations, earned premiums are growing at a faster rate than written premiums, being able to capitalize accelerated growth from past periods as well as the benefits from lower claims costs, and the effect of reserve movements in accordance with a more stable topline growth pace. During the third quarter of the year , 77.5% of the portfolio underwriting was composed by annual policies and 22.5% by multiannual policies. ACQUISITION COST Acquisition costs totaled $4,253 million for the quarter, resulting in an acquisition ratio of 24.5%. This ratio is slightly above the historical and target range, mainly due to increased issuance through financial institutions, which carry higher commission levels compared to other segments . It is important to highlight that there have been no changes in the commissions paid to agents and/or financial institutions, and that they are related to sales volume; and in the case of agents, they are also related to the profitability of their portfolios. LOSS COST The quarterly cla ims cost and loss ratio stood at $ 11,111 million and 62.4%, respectively. This reflects a significant improvement of -6.8 p.p. compared to 3Q24. For the nine months of the year, total claims cost and loss ratio reached $31,680 million and 61.8%, respectively. Relating to Quálitas México the third quarter of 2025 maintains the positive trend observed throughout the year, compared to 2024. Although historically the third quarter is the highest of the year due to the meteorological events season, the company maintained the loss ratio well below our technical long-term target of 62 to 65%. Loss ratio stood at 60.6% for the quarter, representing a decrease of -7.0 p.p. compared to the same period last year. It is worth highlighting that the heavy equipment portfolio showed an improvement of -6.3 p.p. in its loss ratio versus 3Q24. 79.0% 21.0% 77.5% 22.5% Annual Multiannual
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9 EARNINGS RESULTS | 3Q25 The quarterly frequency experienced a decrease of 21 bp compared to the one observed in 3Q24, whereas insured vehicle thefts in Mexico decreased by -8.7% for Quálitas and -11.5% for the industry. Quálitas recovered 43.1% of its stolen units in 9M25, slightly ab ove by 41 bp against the recovery rate reported by the rest of the industry. Theft accounted for 13.5% of the company’s total claims cost, slightly below the figure observed in 3Q24. General inflation in Mexico continued its stabilization trend, closing the quarter at 3.8%, while core inflation stood at 4.3%. In contrast, i nflation related to spare parts, replacements, and labor reached 3.1%. This translated into a decrease of -2.4% increase in the quarterly average cost of claims handled compared to the same period last year. OPERATING EXPENSES Operating expenses for the quarter totaled $ 1,048 million, resulting in an operating ratio of 6.0%, an increase of +2.2 pp compared to the same period last year. This increase includes provisions for incentives to service offices, which are tied to their growth and profitability . Similarly to the figures recorded in prior years, this concept includes the employees’ profit sharing. While the strong results translated into increased incentives for the commercial force, the impact of this increase on the combi ned ratio was offset by the decline in the loss ratio. As required by regulation, operating expenses include the provision for employee profit sharing (PTU). Excluding the effect of the PTU provision, the operating ratio for the quarter would have stood at 5.0% and 4.7% on a year-to-date basis. *Variation in the amount reported for 2024, as OCRA readjusted the historical figure.
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10 EARNINGS RESULTS | 3Q25 UNDERWRITING RESULT For the 3Q25, the company reported an operating result of $ 1,391 million, with an operating margin of 8.0% and $3,816 million with an operating margin of 7.1% year-to-date. The combined ratio for the quarter stood at 93.0%, reflecting an improvement of -2.7 pp compared to 3Q24 and 91.3% for the first nine months of 2025, representing an improvement of -1.6 pp versus same period of last year. According to the latest available figures from AMIS, as of June 2025, the auto insurance industry in Mexico—excluding Qu álitas M exico—reported a combined ratio of 90.7%. Quálitas stood out with a combined ratio of 87.6%, representing a significant advantage of 3.1 pp under the rest of the industry COMPREHENSIVE FINANCIAL INCOME During the year , the reference rate in Mexico decreased gradually, closing the quarter at 7.5%, compared to 10.5% at the end of 3Q24. The average rate for 28-day CETES for the quarter was 7.5%. By September-end, 86.4% of the portfolio was allocated in fixed income and the remaining 13.6% in equity. It is important to highlight that ~ 22% of the total portfolio is geographically allocated to comply with the regulatory capital requirements of our international subsidiaries. As previously mentioned, our investment strategy throughout 3Q25 prioritized fixed income due to the benefits of current interest rate levels, aiming to increase portfolios’ duration to approximately ~2.3 years. In terms of equity investment, it remains mostly indexed to global ETFs , although it has shown volatility across all global markets. Source: AMIS, Market share in Mexico as of June 2025. Mexico combined ratio
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11 EARNINGS RESULTS | 3Q25 Considering the above, the quarterly comprehensive financial income closed at $1,134 million, a decline by 4.1%; while growing 15.1% on a YTD basis, closing at $3,885 million. The investment portfolio reached a 7.6% quarterly and 8.9% year-to-date ROI. It is worth noting that unrealized gains during the current year amounted to ~$1,250 million. Considering all positions at mark-to-market, ROI would have been 13.2% for the third quarter of 2025 and 12.2% year-to-date. Net income for the quarter reached $1,734 million, representing a +51.4% increase or +$588 million versus 3Q24. On a year-to-date basis, net income closed at $5,285 million, growing +40.3% or +$1,519 million vs the first nine months of the previous year. Additionally, we reported a quarterly net margin of 10.0%. The 12-month ROE stood at 26.7%, comprised of 12.0% operating ROE and 14.8% financial ROE. NET RESULT ROI – Investment Portfolio Portfolio allocation ➔ By subsidiary ➔ Total
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12 EARNINGS RESULTS | 3Q25 SUBSIDIARIES AS OF 3Q25 International subsidiaries had a total underwriting of $872 million for 3Q25, a marginal increase compared to 3Q24, whereas for the first nine months, it was $2,790 million and +9.0% compared to the same period of 2024. In the table below, our subsidiaries underwriting and sales performance: Written premium 3Q25 3Q24 Δ % 9M25 9M24 Δ % Q ES 122 98 24.8% 353 236 49.7% Q CR 252 212 18.7% 993 778 27.7% Q IC 295 425 (30.6%) 900 1,184 (24.0%) Q P 171 135 26.9% 492 360 36.6% Q Col 32 - NA 51 - NA Vertical* 476 223 NA 1,329 566 NA Total 1,348 1,093 23.3% 4,120 3,124 31.9% LATAM subsidiaries recorded written premiums of $ 578 million during 3Q25, and $1,890 million for the first nine months, representing a growth of 29.7% and 37.5%, respectively. Our subsidiary in Perú stood out with a +26.9% growth for the quarter and +36.6% YTD in written premiums, continuing to outperform the competition. In Colombia, our most recent subsidiary, we have already achieved our goal of opening the 14 offices projected for the end of 2025, while continuing to expand our network and strengthen operations with more than 900 agents, laying the groundwork for sustainable growth. In the United States, as expected from our strategy to exit the domestic business and focus on cross - border and bi -national products, premiums declined -30.6% in the quarter and -24.0% year -to-date. During the period, we formalized a strategic collaboration with NH Seguros, the market leader in the cross- border segment, allowing us to deliver a healthier financial business into our US operation while providing Quálitas policyholders with the highest standard of service. International subsidiaries (geographic) represented 5.0% of the company’s quarterly total written premiums: *Percentage as a proportion of quarterly written premium by Quálitas Controladora COSTA RICA QCR* 1.5% %MKT 16.0% PERU QP* 1.0% %MKT 7.5% *Excludes intercompany operations and includes QSalud, Autos y Salvamentos, O&T, Activos Jal, DCT, Flekk, and Roto Cristales y Partes. QMX* 94.9% %MKT 32.8% MEXICO QIC* 1.7% %MKT NA U.S. EL SALVADOR QES* 0.7% %MKT 15.3%
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13 EARNINGS RESULTS | 3Q25 Altogether, our international and vertical subsidiaries reported written premiums and sales of $1,348 million during 3Q25, representing a +23.3% quarter-over-quarter increase. On a year-on-year basis, they reported $4,120 million, an increase of +31.9%. TECHNICAL RESERVES During the third quarter of 2025, the company released reserves of $460 million, compared to a 3Q24 constitution of $814 million, relating to the stabilization in premium growth and the lower claims ratio observed during the period. In cumulative terms, the company constituted $2,164 million, that compares to $3,636 million from the same period of prior year. The company's technical reserves stood at $ 60,874 million by September-end 2025, a growth of $ 5,707 million or +10.3% vs 9M24. SOLVENCY The regulatory capital requirement stood at $ 5,968 million by September’s end, with a $ 17,987 million solvency margin, equivalent to a solvency ratio of 401%. Our capital allocation strategy will continue to focus on: 1) strengthening our leadership in Mexico, 2) accelerating the growth of our subsidiaries, and 3) expanding our service to new business lines within the insurance ecosystem. 4,047 4,596 5,473 5,968 14,006 14,726 16,494 17,987 0 5,000 10,000 15,000 20,000 25,000 30,000 2022 2023 2024 3Q25 446% 420% 401% 401% Regulatory Capital Requirement Solvency Margin % Solvency Margin Objective 2,984 Surplus 15,003 Note: 2024 solvency data reflect consolidated data .
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14 EARNINGS RESULTS | 3Q25 2025 2024 Assets Investments 56,094,912,452 52,574,206,969 Securities and Derivatives Transactions 50,274,968,833 48,186,467,983 Securities 50,274,968,833 48,186,467,983 Government 37,815,620,473 38,877,469,028 Private Companies: Fixed Rate 5,009,090,842 2,655,383,140 Private Companies: Equity 4,677,381,862 6,015,282,196 Foreign 2,794,502,516 529,362,292 Dividends Receivable on Capital Securities - - (-) Value Impairment 21,626,860.3 41,027,540.7 Securities given in Loan Investments - - Restricted Securities - - Derivatives - - Overnight 1,338,886,283 83,346,301 Loans Portfolio (Net) 745,328,050 693,504,483 Current Loan Portfolio 841,685,854 780,140,997 Non-performing Loan 30,471,193 30,578,386 (-) Loan Loss Provisions 126,828,997 117,214,899 Property (Net) 3,735,729,286 3,610,888,202 Investments Related to Labor Obligations 108,193,070 99,049,738 Cash and Cash Equivalents 2,963,332,959 2,845,990,918 Cash and Banks 2,963,332,959 2,845,990,918 Debtors 44,578,188,051 36,037,889,264 Premiums 42,839,551,410 34,398,830,164 Premiums P&C Subsidy - - 72,101,138 30,970,690 Agents and Claims Officers (Adjusters) 161,575,108 174,235,804 Accounts Receivable - - - - Other 1,670,757,427 1,570,104,883 (-) Allowance for Doubtful Accounts 165,797,032 136,349,985 Reinsurers and Re-Bonding Companies 210,306,454 218,258,916 Insurance and Bonds Intitutions 56,745,070 44,963,666 Retained deposits - - Amounts Recoverable from Reinsurance 157,761,266 174,274,114 (-) 1,064,693 943,471 Reinsurance and Bonding Brokers - - (-) Provisions for Penalties 3,135,189 35,393 Permanent Investments 47,220,660 47,220,660 Subsidiary - - Associates - - Other permanent investments 47,220,660 47,220,660 Other Assets 10,450,404,700 8,900,635,203 Furniture and Equipment (Net) 1,554,178,440 1,378,155,362 Foreclosed Assets (Net) - - Miscellaneous 8,494,673,508 7,231,891,325 Amortizable Intangible Assets (Net) 145,781,327 137,857,174 Long-lived Intangible Assets (Net) 255,771,424 152,731,342 Total Assets 114,452,558,345 100,723,251,668 QUALITAS CONTROLADORA, S.A.B. DE C.V. Consolidated Balance Sheet as of September 30th 2025 & 2024 Federal Agencies Debts Bonds for Claims Debtors Loan Loss Provisions for Foreign Reinsurers Figures in Mexican pesos
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15 EARNINGS RESULTS | 3Q25 2025 2024 Liabilities Technical Reserves 60,874,195,203 55,166,880,401 Unearned Premiums 42,687,040,325 36,397,414,567 Life Insurance - - Accident and Illness Insurance 22,118,947 9,339,182 Property and Casualty Insurance 42,664,921,378 36,388,075,385 Rebonding - - In Force Bonding - - 18,187,154,878 18,769,465,834 17,945,207,115 21,421,335,964 (403,925,315) (3,304,432,404) Funds Under Administration - - Deposit Premiums 645,873,078 652,562,275- - Contingency Reserve - - Specialized Insurance Reserve - - Catastrophic Risks Reserves - - Reserves Related to Labor Obligations 759,579,460 681,385,002 Creditors 12,142,853,825 10,183,262,591 Agents and Adjusters 4,003,609,448 3,175,418,827 Funds for Losses Management 42,255,034 52,593,929 - - Miscellaneous 8,096,989,343 6,955,249,836 Reinsurers and Re-Bonding Companies 161,940,327 36,922,098 Insurance and Bond Companies 161,940,327 36,922,098 Retained Deposits - - Other - - Rebonding and Reinsurance Broker - - - - Funding Obtained 0 0 Debt Issuance - - - - Other Debt Securities - - Financial Reinsurance Agreement - - Other Liabilities 14,415,624,849 11,261,470,767 772,023,044 553,732,445 Income Tax Provisions 3,077,314,124 1,848,839,376 Other Obligations 9,169,224,403 7,648,877,937 Deferred Credits 1,397,063,278 1,210,021,010 Total Liabilities 88,354,193,664 77,329,920,860 Stockholders' Equity Paid-in Capital Capital Stock 2,353,609,664 2,357,002,838 Capital Stock 2,386,567,046 2,386,567,046 (-) Non Subscribed Capital Stock - - (-) Non Displayed Capital Stock - - (-) Repurchased Shares 32,957,382 29,564,208 - - Earned Capital - - Reserves 2,296,187,098 2,068,695,417 Legal 507,142,999 507,142,999 For Repurchase of shares 760,363,391 700,250,702 Other 1,028,680,708 861,301,717 Valuation Surplus 1,913,451,877 1,312,953,377 Permanent Investments - - Retained Earnings 14,352,017,308 13,453,385,218 Net Result 5,277,182,442 3,759,015,498 Translation effect (165,843,173) 404,978,479 Non Monetary Assets Result - - Remeasurements for Benefits granted to Employees 4,589,032 (22,264,575) Controlling Interest 26,031,194,247 23,333,766,253 Non-Controlling Interest 67,170,434 59,564,555 Total Stockholders' Equity 26,098,364,681 23,393,330,808 Total Liabilities and Stockholders' Equity 114,452,558,345 100,723,251,668 Reserve for Outstanding Obligations Expired Policies and Claims Ocurred Pending of Payment Ocurred but not Reported and Adjustment Costs assigned to Claims QUALITAS CONTROLADORA, S.A.B. DE C.V. Consolidated Balance Sheet as of September 30th 2025 & 2024 Figures in Mexican pesos Bonding for recognition of Liabilities Creditors Derivatives (Fair Value) Subordinated Obligations not exchangeable into shares Provisions for employee profit sharing Subordinated Obligations of Mandatory Conversion into Stockholders' Equity
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16 EARNINGS RESULTS | 3Q25 3Q 2025 3Q 2024 Premiums Written 17,335,375,643 16,151,092,333 (-) Ceded (6,664,371) 15,946,091 Net Written Premiums 17,342,040,014 16,135,146,2420 0 (-) Net Increase of Unearned Premiums Reserve (460,362,150) 813,925,9920 0 Earned Retained Premiums 17,802,402,164 15,321,220,2500 0 (-) Net Acquisition Cost 4,252,695,824 3,660,619,365 Agents Commissions 1,314,827,116 1,231,178,656 Agents Additional Compensation 516,835,552 445,688,707 Reinsurance and Rebonding Commissions - - (-) Reinsurance Commissions 196,309 954,767 Excess of Loss Coverage 8,808,888 6,963,477 Other 2,412,420,577 1,977,743,2920 0 (-) Net Claims Cost and Other Contractual Liabilities 11,110,626,870 10,601,052,062 Claims and Other Contractual Obligations 11,121,512,929 10,615,676,767 (-) Losses on non-proportional reinsurance 10,886,058 14,624,704 Claims - - - - Technical Income (Loss) 2,439,079,470 1,059,548,8230 0 (-) Net Increase in Other Technical Reserves - - Catastrophic Risks Reserve - - Specialized Insurance Reserve - - Contingency Reserve - - Other - - - - Result of Analog and Related Operations 157,422 - - - Gross Income (Loss) 2,439,236,892 1,059,548,8230 0 (-) Net Operating Expenses 1,048,062,386 608,422,194 Administrative and Operating Expenses 264,648,722 51,082,908 Employees´compensation and benefits 640,777,192 425,259,984 Depreciation and Amortization 142,636,473 132,079,3020 0 Operating Income (Loss) 1,391,174,505 451,126,6290 0 Comprenhensive Financing Result 1,134,490,840 1,182,723,977 Investments 566,097,079 864,933,041 Sale of Investments 18,647,403 (341,538,119) Fair Valuation of Investments 373,805,121 457,634,096 Surcharges on Premiums 145,792,920 140,924,057 Debt Issuance - - Financial Reinsurance - - Loan Interests 25,413,298 23,009,932 (-) Preventive Penalties for Amounts Recoverable from Reinsurance (123,918) (287,555) (-) Preventive Penalties for Credit Risks (598,630) 7,691,456 Other 16,136,399 24,053,024 Foreign Exchange Rate Fluctuation (12,123,927) 21,111,848 (-) Monetary Position Result - - - - Participation in Permanent Investments Result - - - - Income (Loss) Before Taxes 2,525,665,345 1,633,850,6060 0 (-) Provision for Income Taxes 792,082,527 488,525,9800 0 Income (Loss) Before Discontinued Operations 1,733,582,818 1,145,324,6260 0 Discontinued Operations - - - - Net Income (Loss) 1,733,582,818 1,145,324,6260 0 Controlling Interest 1,731,036,962 1,145,135,438 Non-Controlling Interest 2,545,856 189,1880 0 Net Income (Loss) 1,733,582,818 1,145,324,626 QUALITAS CONTROLADORA S.A.B. DE C.V. Figures in Mexican pesos Consolidated Income statement for the third quarter 2025 & 2024
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17 EARNINGS RESULTS | 3Q25 2025 2024 Premiums Written 53,571,500,648 48,378,629,131 (-) Ceded 106,671,872 60,146,317 Net Written Premiums 53,464,828,777 48,318,482,8140 0 (-) Net Increase of Unearned Premiums Reserve 2,163,986,874 3,635,688,1330 0 Earned Retained Premiums 51,300,841,902 44,682,794,6810 0 (-) Net Acquisition Cost 12,600,554,443 10,769,195,003 Agents Commissions 3,983,593,888 3,711,500,528 Agents' Additional Compensation 1,565,054,712 1,320,558,335 Reinsurance and Rebonding Commissions - - (-) Reinsurance Commissions 930,336 9,029,541 Excess of Loss Coverage 30,763,408 25,182,301 Other 7,022,072,772 5,720,983,3800 0 (-) Net Claims Cost and Other Contractual Liabilities 31,679,567,035 29,656,794,335 Claims and Other Contractual Obligations 31,695,767,586 29,689,539,348 (-) Losses on non-proportional reinsurance 16,200,551 32,745,014 Claims - - - - Technical Income (Loss) 7,020,720,424 4,256,805,3430 0 (-) Net Increase in Other Technical Reserves - - Catastrophic Risks Reserve - - Specialized Insurance Reserve - - Contingency Reserve - - Other - - - - Result of Analog and Related Operations 319,758 225,000 - - Gross Income (Loss) 7,021,040,182 4,257,030,3430 0 (-) Net Operating Expenses 3,204,820,283 2,031,222,797 Administrative and Operating Expenses 882,830,713 213,058,627 Employees´compensation and benefits 1,923,962,105 1,454,396,077 Depreciation and Amortization 398,027,466 363,768,0930 0 Operating Income (Loss) 3,816,219,899 2,225,807,5470 0 Comprenhensive Financing Result 3,885,357,466 3,376,647,346 Investments 2,184,467,425 2,486,748,818 Sale of Investments 424,400,167 (458,185,928) Fair Valuation of Investments 715,800,155 791,143,012 Surcharges on Premiums 446,913,430 395,072,723 Debt Issuance - - Financial Reinsurance - - Loan Interests 63,690,391 73,638,565 (-) Preventive Penalties for Amounts Recoverable from Reinsurance 225,009 (2,208,251) (-) Preventive Penalties for Credit Risks (1,954,898) 1,013,283 Other 62,324,891 43,002,324 Foreign Exchange Rate Fluctuation (13,968,882) 44,032,863 (-) Monetary Position Result - - - - Participation in Permanent Investments Result - - - - Income (Loss) Before Taxes 7,701,577,365 5,602,454,8920 0 (-) Provision for Income Taxes 2,416,257,946 1,835,516,3040 0 Income (Loss) Before Discontinued Operations 5,285,319,419 3,766,938,5880 0 Discontinued Operations - - - - Net Income (Loss) 5,285,319,419 3,766,938,5880 0 Controlling Interest 5,277,182,442 3,759,015,498 Non-Controlling Interest 8,136,978 7,923,0900 0 Net Income (Loss) 5,285,319,419 3,766,938,588 QUALITAS CONTROLADORA S.A.B. DE C.V. Consolidated Income statement from January 1 st to September 30th 2025 and 2024 Figures in Mexican pesos
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18 EARNINGS RESULTS | 3Q25 GLOSSARY Acquisition Cost : Includes commissions and compensations paid to agents as well as fees paid to Financial Institutions for the use of their facilities (UOF). Acquisition Ratio: Acquisition Cost ÷ Net Written Premiums. AMDA: Mexican Association of Automotive Distributors. CAGR: Compound Annual Growth Rate = [(End of Period Figure / Beginning of Period Figure) ^ (1/ Number of periods)]. Combined Ratio: Acquisition Ratio + Operating Ratio + Loss Ratio. CNSF: National Insurance & Bonds Commission, the regulator of the insurance sector in México. Financial Institutions : Financial branch of major automakers and Financial Groups that provide automotive financing. Logiflekk SA de CV: Legal entity resulting from the merger of EasyCarGlass, CristaFácil, and Outlet de Refacciones; Flekk remains the commercial name. IBNR: Incurred but not reported reserves. Loss Cost: Includes costs incurred in the payment of claims: third party liability, theft, repair costs, among others. Loss Ratio: Loss Cost ÷ Earned Premiums. Multi-annual Policies: Policies with a term greater than 12 months. They are typically issued for the automobiles sold on credit. Net Earned Premiums: Written premiums registered as income throughout the duration of a policy. Net Margin: Net income/written premiums. Net Written Premiums: Written premiums less the portion ceded to reinsurance. Operating Expenses: Includes expenses incurred in by the company in its regular operations. Operating Ratio: Operating Expenses ÷ Written Premiums. Operating Margin: operating income/ earned premiums. Policies’ Fees: Administrative fee charged when the policy is issued and recorded as an income in operating expenses. PTU: Employee profit sharing. Premium Debtor: Records the portion of sold policies which will be paid in installments Premiums Surcharge: Financial penalty imposed to policyholders that choose to pay premiums in installments. Regulatory Capital Requirement: Is the minimum equity level that an insurance company should maintain, according to legal requirements. ROI: Measures the profitability obtained from the company’s investment portfolio.
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19 EARNINGS RESULTS | 3Q25 Written Premiums: Premiums corresponding to policies underwritten. Q CR: Quálitas Costa Rica Q MX: Quálitas Mexico Q ES: Quálitas El Salvador Q IC: Quálitas Insurance Company; Estados Unidos. Q P: Quálitas Peru Q IC: Quálitas Insurance company. QCind: Investment portfolio of Quálitas Controladora Q Col: Quálitas Colombia Solvency Margin: Stockholders’ equity – Regulatory Equity Requirement. Solvency Margin Ratio: Solvency Margin ÷ Regulatory Equity Requirement. UOF: Fees paid to Financial Institutions for the use of their facilities. OCRA: (Oficina Coordinadora de Riesgos Asegurados) ABOUT QUÁLITAS: Quálitas Controladora (QC) is the company with the largest market share in the auto insurance industry in Mexico and has presence in the United States, Peru, Costa Rica, El Salvador and Colombia. Its unique business model, with more than 30 years’ experience in the auto insurance b usiness, has allowed it to offer a first-quality service under the largest coverage network in Mexico. Quálitas is listed on the Mexican Stock Exchange under the symbol "Q" (Bloomberg: Q*:MM). _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ This document may include forward -looking statements that involve risks and uncertainties. Information may include forward -looking statements regarding the company’s results and prospects, which are subject to risks and uncertainty. Actual results may diff er materially from what is discussed here today, and the company cautions you not to place undue reliance on these forward -looking statements. Quálitas undertakes no obligation to publicly update or revise any forward -looking statements, whether because of new information, future events, or otherwise. INVESTOR RELATIONS CONTACTS: Naara Cortés Gallardo ncortes@qualitas.com.mx t: +52 (55) 1555 6313 Jorge Pérez joperez@qualitas.com.mx t: +52 (55) 1555 6313 Raquel Leetoy rleetoy@qualitas.com.mx t: +52 (55) 1555 6313
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20 EARNINGS RESULTS | 3Q25