Earnings release
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4th Quarter & 2025 EARNINGS RESULTS
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2 EARNINGS RESULTS | 4Q25 & 2025 WEBCAST RESULTS 4Q25 & 2025 Quálitas Controladora S.A.B. de C.V. cordially invites you to its fourth quarter and full year 2025 earnings results conference call. Hosted by: Mr. Jose Antonio Correa, Executive President, Quálitas Controladora Mr. Bernardo Risoul Salas, Chief Executive Officer, Quálitas Controladora Mr. Roberto Araujo, Chief Financial Officer, Quálitas Controladora DATE: Thursday 29th of January 2026 TIME: 08:00 a.m. MXT (09:00 a.m. EST) Zoom webcast ID: 882 1869 8519 https://us06web.zoom.us/webinar/register/WN_9xx7cxFfSRKMEpjITZCYlA#/registration 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 | 4Q25 & 2025 QUALITAS REPORTS 4Q25 & 2025 RESULTS Mexico City, January 28 th, 2026 – Quálitas Controladora, S.A.B. de C.V. (“ Quálitas”, “Q”, o r “the company”) (BMV: Q*), announces its unaudited financial results for the fourth quarter and full year 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. • During the fourth quarter of the year, written premiums had a growth of +6. 4% (+$1,335 million) vs 4Q24, meanwhile, the annual growth was +9.4% (+$6,528 million) vs 2024 in line with our expectations for this year. • The year closed with ~6.1 million insured units, increasing to +335 thousand units compared to 2024. • Quarterly earned premiums increased by +8.5% versus 4Q24 and by +13.1% for the full year. During the quarter, we constituted reserves of MXN $4,194 million, representing a decrease of MXN $79 million compared to 4Q24; at year -end 2025, total reserve constitution amounted to MXN $6,358 million, reflecting a decrease of MXN $1,551 million vs 2024. • The quarterly and full-year loss ratio stood at 77.0% and 65.7%, respectively; in the case of the Mexican subsidiary, the quarterly loss ratio was 77.8% and the full-year loss ratio was 64.5%, such results reflect the non-recurring impact related to the new 2026 Income Law . Excluding this impact, the loss ratio would have been 63.6% for the quarter and 62.2% for the full year, while for our Mexican subsidiary it would have been 63.8% for the quarter and 60.8% for the full year. • The quarterly and full-year combined ratio stood at 102.6% and 94.1%, respectively. At our Mexican subsidiary, the quarterly combined ratio was 103 .0% and the full -year combined ratio was 92.2%, reflecting a non -recurring impact related to the new 2026 Income Law. Excluding this impact, the combined ratio would have been 89.3% for the quarter and 90.6% for the full year, while for our Mexican subsidiary it would have been 89.0% for the quarter and 88.6% for the full year. • Quarterly comprehensive financial income totaled $1,225 million, with an ROI of 8.1%. For the full year, comprehensive financial income reached $5,110 million, with a full-year ROI of 8.7%. At year-end, the investment portfolio totaled $53,188 million, with 86.5% invested in fixed -income instruments and an average duration of 2.3 years. • Quarterly net result was -$190 million, mainly driven by the non-recurring VAT impact. Excluding this effect, quarterly net result would have been $1,493 million. Full-year net result closed at $5,095 million; and the 12M ROE stood at 20.2%. Excluding the VAT impact, full-year net result would have closed at $6,778 million, with a 12M ROE of 26.9%. • At year-end, the company held ~5.6 million treasury shares, with a remaining balance of $ 784.8 million pesos in the share buyback fund. • Required regulatory capital stood at $6,143 million, with a solvency margin of $ 16,105 million, equivalent to a solvency ratio of 362%. HIGHLIGHTS
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4 EARNINGS RESULTS | 4Q25 & 2025 For 2026, the Company expects written premium growth in the high single-digit to low double. Regarding the non-creditable VAT on certain components of claims costs, a significant portion of the impact will be absorbed by Quálitas as part of our commitment to maintaining an attractive value proposition. In this context, pricing is determined through a multivariable model (including inflation in spare parts and labor, frequency and severity, portfolio mix, service costs, and competitive conditions, among others), and therefore does not respond to a single factor, resulting in an average annual premium increase close to inflation. The loss ratio is expected to remain within or slightly above the 62% –65% target range, gradually normalizing throughout the year as progress is made towards absorbing the VAT impact. The acquisition and operating ratio is expected to remain in line with historical ranges. Under this scenario, the combined ratio is anticipated to be at the upper end of the 92% –94% target range, or slightly above, while the comprehensive financial result is expected to be consistent year over year, in line with the fixed-income duration strategy. The company’s expectations are subject to potential disruptions, macroeconomic factors, or other unforeseen adverse impacts that may affect its business and are based on a number of assumptions that are subject to change and may be beyond the control of the company and its management team. If actual results differ from these assumptions, the company’s expectations may change. There can be no assurance that Quálitas will achieve these results. 2026 EXPECTATIONS
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5 EARNINGS RESULTS | 4Q25 & 2025 QUÁLITAS IN FIGURES *Source: AMIS, Market share in Mexico as of June 2025 Insured Units 6,072,305 Net result change 2025 vs 2024 (0.5%) Market share leader since 2007 32.7%* 12M ROE 20.2% 2025 Net margin 6.7% P/BV 2.9 12M EPS $12.7 P/E $14.7 Services offices: 248 ODQ´S: 352 600 Invested assets, Float MM MXN $53,188 Employees 7,348 Agents ~27,000
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6 EARNINGS RESULTS | 4Q25 & 2025 FINANCIAL HIGHLIGHTS 4Q25 & 2025 Balance Sheet 2025 2024 Δ %/pb 25 vs 24 Assets 121,936 108,134 12.8% Investments & Real Estate 57,099 52,094 9.6% Invested assets or float** 53,188 48,582 9.5% Technical reserves 65,260 59,301 10.0% Total liabilities 96,221 83,467 15.3% Stockholders' equity 25,716 24,667 4.3% **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 4Q25 4Q24 Δ %/pb 25 vs 24 2025 2024 Δ %/pb 25 vs 24 Written premiums 22,233 20,897 6.4% 75,804 69,276 9.4% Net written premiums 22,216 20,883 6.4% 75,681 69,202 9.4% Earned premiums 18,022 16,610 8.5% 69,323 61,293 13.1% Acquisition cost 4,891 4,436 10.3% 17,491 15,205 15.0% Loss cost 13,878 10,857 27.8% 45,558 40,514 12.5% Technical result (747) 1,317 NA 6,274 5,574 12.6% Operating expenses 798 734 8.7% 4,003 2,766 44.7% Underwriting result (1,545) 583 NA 2,271 2,808 (19.1%) Comprehensive financial income 1,225 1,557 (21.3%) 5,110 4,933 3.6% Investment income 1,074 1,397 (23.1%) 4,450 4,335 2.7% Income Taxes (130) 787 NA 2,286 2,623 (12.8%) Net result (190) 1,352 NA 5,095 5,119 (0.5%) Cost ratios Acquisition ratio 22.0% 21.2% 77 23.1% 22.0% 114 Loss ratio 77.0% 65.4% 1,164 65.7% 66.1% (38) Operating ratio 3.6% 3.5% 8 5.3% 4.0% 129 Combined ratio 102.6% 90.1% 1,249 94.1% 92.1% 205 Combined ratio adjusted* 108.6% 96.5% 1,208 96.7% 95.4% 131 Profitability ratios Return on investments 8.1% 11.5% (331) 8.7% 9.6% (84) ROE for the period (3.0%) 22.2% (2,517) (2.9%) 22.5% (2,545) LTM ROE 20.2% 22.1% (190) 20.2% 22.1% (190)
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7 EARNINGS RESULTS | 4Q25 & 2025 WRITTEN PREMIUMS Business line 4Q25 4Q24 Δ %/bp 25 vs 24 2025 2024 Δ %/bp 25 vs 24 Traditional 13,948 14,478 (3.7%) 48,149 46,842 2.8% Individual 7,226 7,281 (0.2%) 27,886 25,904 7.7% Fleets 6,681 7,197 (7.2%) 20,263 20,938 (3.2%) Financial institutions 7,282 5,626 29.4% 23,729 19,050 24.6% Foreign subsidiaries 969 800 21.1% 3,759 3,358 11.9% Total 22,233 20,897 6.4% 75,804 69,276 9.4% 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. At year-end 2025, written premiums reached $75,804 million, representing a +9.4% increase compared to last year and for the fourth quarter of 2025, written premiums closed at $22,233 million, +6.4% vs 4T24. Performance in the traditional segment, which accounts for ~63% of total business, decreased by 3.7% compared with the fourth quarter of 2024 and an annual growth of +2.8 for 2025. On the other hand, the fleet segment posted a -7.2% quarterly decrease and -3.2% on a cumulated basis. This performance mainly reflects the impact of downward tariff adjustments driven by a competitive market environment, partially offset by an increase in insured units, as we capitalized on our service offering and ensured that customers continue to choose Quálitas as their insurer despite pricing pressures. Lastly, the financial institutions segment represented ~33% of total written premiums, posted strong growth of +29.4% in the quarter and +24.6% for the year, despite a -2.2% full-year decline in industry new-vehicle sales (light and heavy units). This segment’s growth reflects a shift in consumer preferences toward larger vehicles and/or different energy-consumption profiles, mainly SUVs, which translates into higher average premiums, the expansion of multi-year policies, and increased market share in key financial institutions. Regarding international subsidiaries, these reported $969 million in quarterly written premiums and $3,759 million annually. Focusing sol ely on our LATAM subsidiaries , their quarterly and accumulated issuance grew by +16.6% and +31.2% respectively compared to last year. On the other hand , the U.S. subsidiary continues to make progress in r eorganizing its portfolio, which impacted written premiums, resulting in a change of ‑15.2% for the full year. Finally, as part of our long ‑term strategy and in line with what was reported last quarter, effective January 1 st, 2026, NH Seguros will assume c overage of renewals for the cross‑border trucking program, while we will continue to operate the personal auto and certificate programs, further strengthening the strategic focus of our U.S. operations.
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8 EARNINGS RESULTS | 4Q25 & 2025 INSURED UNITS During 2025, the insured units stood at ~6.1 million at year-end. This translates into an increase of +335 thousand units or +5.8% growth compared with the previous year . Keeping a solid compound annual growth trend of +9.9% over the last 5 years. Light vehicle sales increased by +1.4% during the year when compared to 2024, having sold a total of 1,524,638 units whereas, heavy equipment sales decreased by -44.0% compared to 2024, such lowering in demand for heavy vehicles’ is driven by the slowdown in Mexico’s GDP. This resulted in a -2.2% decrease in the total number of new units sold during 2025 when compared to 2024. Insured units are distributed as follows: 4Q25 3Q25 Δ% 4Q24 Δ% Mexico 5,765 5,855 (1.5%) 5,482 5.2% Automobiles 3,994 3,977 0.4% 3,720 7.3% Trucks 1,451 1,509 (3.9%) 1,360 6.7% Motorcycles 321 369 (13.2%) 402 (20.2%) El Salvador 46 48 (4.1%) 40 13.7% Costa Rica 149 140 6.3% 128 16.6% USA 21 22 (6.6%) 27 (24.1%) Peru 82 74 11.2% 60 36.6% Colombia 10 4 NA - NA Insured vehicles 6,072 6,143 (1.2%) 5,737 5.8% CAGR of the last 5 years: +9.9% 6,072,305 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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9 EARNINGS RESULTS | 4Q25 & 2025 EARNED PREMIUMS During the fourth quarter, earned premiums totaled $ 18,022 million, representing an increase of +8.5% vs 4Q24. While for the full year, this amounted to $69,323 million, representing growth of +13.1%. In line with expectations, earned premiums grew faster 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. At year‑end 2025, 75.9% of the portfolio underwriting was composed by annual policies and 24.1% by multiannual policies. ACQUISITION COST Acquisition costs totaled $4,891 million for the quarter, resulting in an acquisition ratio of 22.0% and $17,491 million during 2025 with an acquisition ratio of 23.1%. 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 Quarterly claims cost and loss ratio stood at $1 3,878 million and 77.0%, respectively. This was the result of the non‑recurring impact associated with the new 2026 Income Law, which represented an impact of $2,406 million during 4Q25. In a scenario excluding the VAT impact, quarterly claims cost and loss ratio would have been $11,472 million and 6 3.6%, respectively, representing an improvement of 177 bp compared with 4Q24. For 2025, total claims cost and loss ratio reached $45,558 million and 6 5.7% respectively, positioning above our target range and reflecting the impact associated with the new 2026 Income Law. Excluding this impact, the annual loss ratio would have been 62. 2%, representing an improvement of 385 bp compared with the prior year. Relating to Quálitas México, loss ratio stood at 77.8% for the fourth quarter and 64.5% for the full year, this is due to the non-recurring impact of the new 2026 Income Law. Excluding this impact on the loss ratio would have closed at 63.8% for the quarter and 60.8% for the full yea r, representing a notable improvement of 360 bp compared to last year.
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10 EARNINGS RESULTS | 4Q25 & 2025 Furthermore, quarterly claims frequency decreased by 30 bp compared to year end 2024 . Meanwhile, vehicle thefts in Mexico decreased by -11.0% for Quálitas and -15.3% for the industry. Quálitas recovered 43.6% of its stolen units in 2025, 100 bp above the recovery rate reported by the rest of the industry. Theft accounted for 12.9% of the company’s total claims cost, 23 bp below the figure observed in 2024. General inflation in Mexico continued its stabilization trend, closing the quarter at 3.7%, while core inflation stood at 4.3%. Inflation in auto parts, spare parts, and labor stood at 4.3%. This resulted in a 5.1% increase in the average quarterly cost of claims handled compared to the same period of the previous year. OPERATING EXPENSES Operating expenses for the quarter totaled $789 million, resulting in an operating ratio of 3.6%, an increase of 8 bp compared to the ratio in the same period last year. For the full year the expenses totaled $4,003 million with a ratio of 5.3%. This increase includes provisions for incentives to service offices, which are tied to their growth and profitability . Although the results achieved are reflected in higher incentives for the sales force, the impact of this increase on the combined ratio is offset by the performance on loss ratio. In line with what has been recorded in previous periods, and in accordance with 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 3.6% and 4.6% for the full year. *Variation in the amount reported for 2024, as OCRA readjusted the historical figure.
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11 EARNINGS RESULTS | 4Q25 & 2025 UNDERWRITING RESULT At the end of 2025, the company reported an operating result of $2,271 million, with an operating margin of 3.3%. The combined ratio for the quarter stood at 102.6% and for the full yea r of 2025, the combined ratio stood at 94.1%, 205 bp above 2024. In a scenario excluding the impacts of the non-recurring new 2026 Income Law, the yearly accumulated operating result would have been $4,680 million with a combined ratio of 89.3% in the quarter and 90.6% for the full year. According to the latest available figures from AMIS, as of September 2025, the auto insurance industry in Mexico, excluding Quálitas Mexico, reported a combined ratio of 91.6%. Quálitas stood out with a combined ratio of 88.6%, 300 bp lower than the rest of the industry. COMPREHENSIVE FINANCIAL INCOME During 2025, the reference rate in Mexico decreased gradually, closing at 7.0%, compared to 10.0% at the end of 2024. The average rate for 28-day CETES for the quarter was 7.2%. As of year -end 2025, 86.5% of the portfolio was allocated in fixed income and the remaining 13.5% in equity. It is important to highlight that ~ 21% 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 the year prioritized fixed income due to the benefits of current interest rate levels, aiming to increase portfolios’ duration, closing 2025 with a duration Combined ratio - Mexico Source: AMIS, Market share in Mexico as of September 2025.
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12 EARNINGS RESULTS | 4Q25 & 2025 of 2.3 years. In terms of equity investment, it remains mostly indexed to global ETFs, although it has shown volatility across all global markets. Considering the above, the quarterly comprehensive financial income closed at $1,225 million and $5,110 million in 2025. The investment portfolio reached an 8.1% quarterly and 8.7% accumulated ROI. It is worth noting that total unrealized gains amounted to ~$1,957 million. Considering all positions at mark -to- market, ROI would have been 7.2% for the fourth quarter of 2025 and 10.9% year-to-date. Net result loss for the quarter was $190 million, explained by the non-recurring annual impact of the VAT, while annual net results close at $5,095 million . Additionally, the 12-month ROE stood at 20.2% with a n earnings per share (12M EPS) of $12.7. Excluding the VAT effect, the quarterly net result would have been $1,493 million and annually would have reached $6,778 million with a 12M ROE of 26.9%. NET RESULT Portfolio allocation ➔ By subsidiary ➔ Total ROI – Investment Portfolio 4.2% 5.5% 10.1% 11.3% 9.7% 7.1% 7.2% 6.3% 7.7% 10.0% 11.5% 8.1% 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 Cetes 28 days Q
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13 EARNINGS RESULTS | 4Q25 & 2025 SUBSIDIARIES AS 2025 International subsidiaries had a total underwriting of $969 million for 4Q25, an increase of +21.1% vs 4Q24, while, as of year-end 2025, it amounted to $3,759 million, representing an +11.9% increase compared to the same period in 2024. The table below shows the performance in written premiums and sales of our subsidiaries: Written premium 4Q25 4Q24 Δ % 2025 2024 Δ % Q ES 133 147 (9.4%) 486 383 27.0% Q CR 295 290 1.8% 1,289 1,068 20.7% Q IC 282 211 33.8% 1,182 1,395 (15.2%) Q P 195 152 28.1% 687 513 34.1% Q Col 63 0 NA 114 0 NA Vertical* 422 509 NA 1,751 1,074 NA Total 1,390 1,308 6.3% 5,510 4,432 24.3% LATAM subsidiaries recorded written premiums of $ 686 million for the 4Q25, and $2,576 million for the full year, representing a growth of +16.6% and +31.2%, respectively. Our subsidiary in Perú stood out with a +28.1% growth for the quarter and + 34.1% in written premiums in 2025 , continuing to outperform the competition. In the United States, as part of the strategy to exit the domestic, cross‑border, and binational lines of business, premiums decreased by -15.2% in the year. Altogether, our international and vertical subsidiaries reported written premiums and sales of $1,390 million during 4Q25, representing a +6.3% increase compared to the fourth quarter of 2024 . At the end of 2025, they reported $5,510 million, an increase of +24.3%. The international subsidiaries (geographical) represented 5.0% of the Holding Company’s total annual written premiums: *Percentage as a proportion of quarterly written premium by Quálitas Controladora *Excludes intercompany operations and includes QSalud, Autos y Salvamentos, O&T, Activos Jal, DCT, Flekk, and RCyP; in the case of RCyP, 2024 includes only 4Q25. QIC* 1.3% %MKT NA USA COSTA RICA QCR* 1.3% %MKT 14.4% PERU QP* 0.9% %MKT 7.5% QMX* 95.5% %MKT 32.7% MEXICO EL SALVADOR QES* 0.6% %MKT 15.3% COLOMBIA QCOL* 0.3% %MKT 0.3%
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14 EARNINGS RESULTS | 4Q25 & 2025 TECHNICAL RESERVES During the fourth quarter of 2025, the company constituted reserves of $4,194 million, vs a constitution of $4,273 million in 4Q24, related to the company’s issuance growth and the portfolio mix presented last year. In cumulative terms, the company constituted $6,358 million, that compared to $7,909 million from the same period of prior year. The company's technical reserves stood at $ 65,260 million by December-end 2025, a growth of $ 5,959 million or +10.0% vs 2024. SOLVENCY The regulatory capital requirement stood at $ 6,143 million by December’s end, with a $ 16,105 million solvency margin, equivalent to a solvency ratio of 362%. 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. Note: 2024 solvency data reflect consolidated data.
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15 EARNINGS RESULTS | 4Q25 & 2025 2025 2024 Assets Investments 57,099,401,523 52,094,166,560 Securities and Derivatives Transactions 50,626,416,348 47,821,536,569 Securities 50,626,416,348 47,821,536,569 Government 37,420,196,870 37,953,816,803 Private Companies: Fixed Rate 5,678,616,655 3,100,091,498 Private Companies: Equity 4,243,435,370 3,604,692,917 Foreign 3,304,522,461 3,191,748,703 Dividends Receivable on Capital Securities - - (-) Value Impairment 20,355,007.7 28,813,350.3 Securities given in Loan Investments - - Restricted Securities - - Derivatives - - Overnight 1,582,571,053 103,108,750 Loans Portfolio (Net) 979,325,384 657,044,762 Current Loan Portfolio 1,077,608,614 765,918,758 Non-performing Loan 30,745,026 30,471,874 (-) Loan Loss Provisions 129,028,256 139,345,870 Property (Net) 3,911,088,738 3,512,476,479 Investments Related to Labor Obligations 110,116,134 101,596,515 Cash and Cash Equivalents 2,955,633,461 3,278,018,753 Cash and Banks 2,955,633,461 3,278,018,753 Debtors 49,343,582,881 41,715,651,007 Premiums 47,838,017,760 40,089,815,702 Premiums P&C Subsidy - - 114,321,084 82,734,842 Agents and Claims Officers (Adjusters) 160,194,740 184,101,231 Accounts Receivable - - - - Other 1,407,715,015 1,497,373,434 (-) Allowance for Doubtful Accounts 176,665,717 138,374,202 Reinsurers and Re-Bonding Companies 244,019,321 198,637,642 Insurance and Bonds Intitutions 49,679,270 42,466,397 Retained deposits - - Amounts Recoverable from Reinsurance 198,444,162 157,041,432 (-) 989,164 839,684 Reinsurance and Bonding Brokers - - (-) Provisions for Penalties 3,114,947 30,503 Permanent Investments 107,918,273 47,220,660 Subsidiary - - Associates - - Other permanent investments 107,918,273 47,220,660 Other Assets 12,075,694,106 10,698,366,377 Furniture and Equipment (Net) 1,710,371,124 1,482,667,773 Foreclosed Assets (Net) - - Miscellaneous 9,961,815,242 8,827,175,428 Amortizable Intangible Assets (Net) 150,930,095 146,424,358 Long-lived Intangible Assets (Net) 252,577,646 242,098,818 Total Assets 121,936,365,699 108,133,657,514 QUALITAS CONTROLADORA, S.A.B. DE C.V. Consolidated Balance Sheet as of December 31 st2025 & 2024 Federal Agencies Debts Bonds for Claims Debtors Loan Loss Provisions for Foreign Reinsurers Figures in Mexican pesos
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16 EARNINGS RESULTS | 4Q25 & 2025 2025 2024 Liabilities Technical Reserves 65,259,735,915 59,301,052,794 Unearned Premiums 46,836,311,967 40,801,565,695 Life Insurance - - Accident and Illness Insurance 89,204,339 66,494,187 Property and Casualty Insurance 46,747,107,628 40,735,071,508 Rebonding - - In Force Bonding - - 18,423,423,948 18,499,487,100 18,458,231,570 18,654,323,572 (775,561,068) (672,976,421) Funds Under Administration - - Deposit Premiums 740,753,446 518,139,949- - Contingency Reserve - - Specialized Insurance Reserve - - Catastrophic Risks Reserves - - Reserves Related to Labor Obligations 829,893,195 657,738,290 Creditors 13,709,128,794 11,432,335,549 Agents and Adjusters 4,327,333,342 4,090,464,298 Funds for Losses Management 28,894,079 34,516,924 - - Miscellaneous 9,352,901,373 7,307,354,328 Reinsurers and Re-Bonding Companies 158,168,015 115,153,049 Insurance and Bond Companies 158,168,015 115,153,049 Retained Deposits - - Other - - Rebonding and Reinsurance Broker - - - - Funding Obtained 0 0 Debt Issuance - - - - Other Debt Securities - - Financial Reinsurance Agreement - - Other Liabilities 16,263,847,058 11,960,735,267 751,186,419 695,201,070 Income Tax Provisions 3,472,802,042 3,111,297,649 Other Obligations 10,526,452,606 6,748,955,724 Deferred Credits 1,513,405,991 1,405,280,824 Total Liabilities 96,220,772,978 83,467,014,949 Stockholders' Equity Paid-in Capital Capital Stock 2,353,072,090 2,351,984,973 Capital Stock 2,386,567,046 2,386,567,046 (-) Non Subscribed Capital Stock - - (-) Non Displayed Capital Stock - - (-) Repurchased Shares 33,494,956 34,582,072 - - Earned Capital - - Reserves 2,309,451,382 1,992,468,525 Legal 507,142,999 507,142,999 For Repurchase of shares 745,318,213 634,545,158 Other 1,056,990,171 850,780,368 Valuation Surplus 1,892,280,150 1,103,549,299 Permanent Investments - - Retained Earnings 14,329,526,234 13,453,221,559 Net Result 5,082,097,808 5,090,163,994 Translation effect (249,110,847) 607,859,483 Non Monetary Assets Result - - Remeasurements for Benefits granted to Employees (71,281,143) 4,630,537 Controlling Interest 25,646,035,674 24,603,878,371 Non-Controlling Interest 69,557,046 62,764,193 Total Stockholders' Equity 25,715,592,721 24,666,642,565 Total Liabilities and Stockholders' Equity 121,936,365,699 108,133,657,514 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 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 December 31st 2025 & 2024 Figures in Mexican pesos
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17 EARNINGS RESULTS | 4Q25 & 2025 4Q 2025 4Q 2024 Premiums Written 22,232,611,378 20,897,463,806 (-) Ceded 16,230,552 14,177,496 Net Written Premiums 22,216,380,826 20,883,286,3100 0 (-) Net Increase of Unearned Premiums Reserve 4,194,057,372 4,273,473,5550 0 Earned Retained Premiums 18,022,323,454 16,609,812,7550 0 (-) Net Acquisition Cost 4,890,741,983 4,435,584,213 Agents Commissions 1,608,230,193 1,592,189,391 Agents Additional Compensation 469,161,008 554,442,607 Reinsurance and Rebonding Commissions - - (-) Reinsurance Commissions 1,439,550 2,178,586 Excess of Loss Coverage 8,399,045 9,708,418 Other 2,806,391,287 2,281,422,3830 0 (-) Net Claims Cost and Other Contractual Liabilities 13,878,382,941 10,857,034,366 Claims and Other Contractual Obligations 13,888,808,247 10,871,126,828 (-) Losses on non-proportional reinsurance 10,425,306 14,092,462 Claims - - - - Technical Income (Loss) (746,801,470) 1,317,194,1760 0 (-) Net Increase in Other Technical Reserves - - Catastrophic Risks Reserve - - Specialized Insurance Reserve - - Contingency Reserve - - Other - - - - Result of Analog and Related Operations 89,955 73,500 - - Gross Income (Loss) (746,711,515) 1,317,267,6760 0 (-) Net Operating Expenses 798,162,233 734,309,425 Administrative and Operating Expenses 272,813,460 33,037,695 Employees´compensation and benefits 380,657,429 557,019,054 Depreciation and Amortization 144,691,344 144,252,6770 0 Operating Income (Loss) (1,544,873,748) 582,958,2510 0 Comprenhensive Financing Result 1,224,716,391 1,556,802,911 Investments 824,070,351 805,912,901 Sale of Investments (2,933,683) 290,514,774 Fair Valuation of Investments 242,704,508 239,508,948 Surcharges on Premiums 148,529,723 148,065,035 Debt Issuance - - Financial Reinsurance - - Loan Interests 27,485,645 21,222,016 (-) Preventive Penalties for Amounts Recoverable from Reinsurance (75,529) (103,786) (-) Preventive Penalties for Credit Risks 3,129,810 17,886,324 Other 1,980,987 12,016,654 Foreign Exchange Rate Fluctuation (14,066,860) 57,345,122 (-) Monetary Position Result - - - - Participation in Permanent Investments Result - - - - Income (Loss) Before Taxes (320,157,357) 2,139,761,1620 0 (-) Provision for Income Taxes (129,967,422) 787,366,0220 0 Income (Loss) Before Discontinued Operations (190,189,935) 1,352,395,1400 0 Discontinued Operations - - 0 - Net Income (Loss) (190,189,935) 1,352,395,1400 0 Controlling Interest (195,084,634) 1,331,148,496 Non-Controlling Interest 4,894,698 21,246,6440 0 Net Income (Loss) (190,189,935) 1,352,395,140 QUALITAS CONTROLADORA S.A.B. DE C.V. Figures in Mexican pesos Consolidated Income statement for the fourth quarter 2025 & 2024
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18 EARNINGS RESULTS | 4Q25 & 2025 2025 2024 Premiums Written 75,804,112,026 69,276,092,937 (-) Ceded 122,902,424 74,323,813 Net Written Premiums 75,681,209,602 69,201,769,1240 0 (-) Net Increase of Unearned Premiums Reserve 6,358,044,246 7,909,161,6880 0 Earned Retained Premiums 69,323,165,356 61,292,607,4360 0 (-) Net Acquisition Cost 17,491,296,426 15,204,779,216 Agents Commissions 5,591,824,081 5,303,689,919 Agents' Additional Compensation 2,034,215,720 1,875,000,942 Reinsurance and Rebonding Commissions - - (-) Reinsurance Commissions 2,369,886 11,208,127 Excess of Loss Coverage 39,162,452 34,890,719 Other 9,828,464,059 8,002,405,7630 0 (-) Net Claims Cost and Other Contractual Liabilities 45,557,949,976 40,513,828,701 Claims and Other Contractual Obligations 45,584,575,834 40,560,666,176 (-) Losses on non-proportional reinsurance 26,625,857 46,837,476 Claims - - - - Technical Income (Loss) 6,273,918,954 5,573,999,5190 0 (-) Net Increase in Other Technical Reserves - - Catastrophic Risks Reserve - - Specialized Insurance Reserve - - Contingency Reserve - - Other - - - - Result of Analog and Related Operations 409,713 298,500 - - Gross Income (Loss) 6,274,328,667 5,574,298,0190 0 (-) Net Operating Expenses 4,002,982,516 2,765,532,222 Administrative and Operating Expenses 1,155,644,173 246,096,322 Employees´compensation and benefits 2,304,619,534 2,011,415,130 Depreciation and Amortization 542,718,810 508,020,7700 0 Operating Income (Loss) 2,271,346,151 2,808,765,7970 0 Comprenhensive Financing Result 5,110,073,857 4,933,450,257 Investments 3,008,537,776 3,292,661,718 Sale of Investments 421,466,484 (167,671,154) Fair Valuation of Investments 958,504,664 1,030,651,960 Surcharges on Premiums 595,443,153 543,137,758 Debt Issuance - - Financial Reinsurance - - Loan Interests 91,176,035 94,860,581 (-) Preventive Penalties for Amounts Recoverable from Reinsurance 149,480 (2,312,037) (-) Preventive Penalties for Credit Risks 1,174,912 18,899,606 Other 64,305,879 55,018,977 Foreign Exchange Rate Fluctuation (28,035,742) 101,377,985 (-) Monetary Position Result - - - - Participation in Permanent Investments Result - - - - Income (Loss) Before Taxes 7,381,420,008 7,742,216,0540 0 (-) Provision for Income Taxes 2,286,290,524 2,622,882,3260 0 Income (Loss) Before Discontinued Operations 5,095,129,484 5,119,333,7280 0 Discontinued Operations - - - - Net Income (Loss) 5,095,129,484 5,119,333,7280 0 Controlling Interest 5,082,097,808 5,090,163,994 Non-Controlling Interest 13,031,676 29,169,733#¡REF! #¡REF! Net Income (Loss) 5,095,129,484 5,119,333,728 QUALITAS CONTROLADORA S.A.B. DE C.V. Consolidated Income statement from January 1st to December 31st 2025 and 2024 Figures in Mexican pesos
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19 EARNINGS RESULTS | 4Q25 & 2025 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 result/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. Written Premiums: Premiums corresponding to policies underwritten.
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20 EARNINGS RESULTS | 4Q25 & 2025 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 CONTACT: Jorge Pérez / ir@qualitas.com.mx
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21 EARNINGS RESULTS | 4Q25 & 2025