(03.2025) AGM – Chairman and CEO's report

Madrid, March 14, 2025

SPANISH SECURITIES AND EXCHANGE COMMISSION

In accordance with article 227 of Law 6/2023, of March 17, on the Securities Market and Investment Services, MAPFRE, S.A. (MAPFRE) hereby gives notice to the Spanish Securities and Exchange Commission of the following

OTHER RELEVANT INFORMATION

Please find attached the report presented by the Chairman of the Board of Directors, Mr. Antonio Huertas Mejías, to the Annual General Shareholders'

Meeting held today, so that it is made available to shareholders and the public in general.

José Miguel Alcolea Cantos

General Counsel

ANTONIO HUERTAS

CHAIRMAN & CEO

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Dear shareholders, thank you very much for taking part in this Annual General Meeting and, above all, for the trust you've placed in us for another year.

2024 was a magnificent year for the MAPFRE Group. As both our CFO and our first vice chairman pointed out, we closed the year meeting practically all indicators and, more importantly, record figures for premium volume, revenue and profits. Never before has MAPFRE exceeded 33.0 billion euros in revenue, nor 2.0 billion in gross earnings.

As we will see later, the new Strategic Plan deployed last year has driven the achievement of all our public commitments. And all this, despite an environment where inflation, mainly that affecting auto and health insurance, persisted for a large part of last year. Geopolitical conflicts also continued to unbalance economies and curb growth and social prosperity.

It's fair to recognize that large-scale climate events have had a lower impact on our accounts, but we continue to waof the economic consequences of moderate intensity claims, which are becoming more frequent and more unpredictable.

I'd now like to refer to largest catastrophic incident in Spain, the flash fllods and torrential storms that devastated the Spanish levant at the end of October, with a tragic loss of 225 lives and damages in excess of 3.0 billion euros. MAPFRE stated that it would have a contained impact, given that the bulk of the cost, as you know, is being borne by the Insurance Compensation Consortium, through the premium surcharges we collect from our clients. MAPFRE has more than 400 offices in the Community of Valencia. All of them were made available to those affected, whether or not they were insured with us, in addition to the help provided by all of MAPFRE's technical centers in Spain, which, remotely dealt with nearly 62,000 claims, handling them in large part by forwarding them to the Consortium for final payment.

Our in-person model, focused on being close to people and the customer, with more than 3,000 offices around the country, always allows us to be very close to everyone, no more than 15 minutes from every Spanish family, close to people when they need us. We've seen how many insured parties from other companies have been rendered absolutely helpless, depending on bank offices, centralized

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telephone services and websites, resources that in some cases were closed or collapsed for days on end. Meanwhile, our offices were open, with extended hours, including weekends, and some of them, which had also been destroyed, set up in temporary facilities on the street. And everyone, whether they were insured with us or not, was listened to and attended to, even when, at the same time, the homes or families of employees in our offices were among those affected by the tragedy. We have accompanied, suffered and mourned side by side with our Valencian countrymen and women, and now we're helping to rebuild that beautiful region. This is a huge example of what MAPFRE is, of what we're capable of doing, and of what makes our company different.

With permission, I'll continue now, with a feeling of pride that we all no doubt share, related as it is to the relevant results and progress achieved by the MAPFRE Group last year. As usual, we need to highlight our global, multiline, multichannel, and geographically well-diversified business model, which is the best guarantee for managing complex and very different environments, in which insurance plays the important role of assuming the volatility and uncertainty that affects our customers.

I will now briefly review what was achieved in the main lines of action of the different regions and units around the world, and I'll also present the main challenges we face in each one of them.

The overall evaluation of 2024 as a historic year for MAPFRE neither puts the brakes on our ambitions nor leads us to minimize the difficulties we face. We are perfectly aware that we haven't yet fully resolved the auto insurance situation in some countries. But the early data from 2025 confirms that we're progressing in the right direction, and that the measures implemented are having the desired effect. We are, of course, doing all this with our customary care and attention so as not to undermine the trust and long-term relationships we've built with customers. But we are a global group, with companies in 38 countries and, as I said, our diversification strengthens us and, thanks to this, the combined ratio last year came in at below 95%, in the lower part of our target range for the three- year period, although the auto loss ratio still has room to improve.

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Spain, Brazil, United States, Mexico, Peru, Colombia and Turkey, among others, together with the reinsurance and large global clients, have shown themselves to be powerful drivers of profitability. Latin America, a region where we are the leading multinational, is the main contributor to earnings, delivering more than 400 million euros. Practically all countries across the region played their part in producing these good results.

In Spain, we continued growing and strengthening our privileged leadership position. As I mentioned at the outset, our territorial structure makes us almost ubiquitous, in that we are literally everywhere and close to everyone. And that's how insurance should be, that's the MAPFRE way. We've also seen it recently in Valencia, but not only with the terrible floods and rains, but also in how we dealt with the ferocious fire in the Campanar condominium, where 10 people tragically died and 150 families were left homeless in just two hours. Bank offices, telephones and websites were not very useful there either. The proximity, human warmth and empathetic hugs our people shared with those affected continue to bring a tear to your eye, even one year down the road. But after every winter comes a spring, when everything sprouts once again and, without forgetting the pain and tragedy suffered by so many, those homes will be rebuilt and occupied by their families, thanks to insurance, thanks to MAPFRE, as I have personally seen recently when I visited the building again and met with representatives of those affected.

But let's continue to enjoy the story of our progress. Despite the complex and competitive environment, MAPFRE has once again grown more than the market in Spain. It's proving difficult right now to compete against certain practices, such as the simplification and banalization of the product and service, or those that cut prices to the bone, offering far less than what MAPFRE does, not taking into account the physical proximity of the company or the insurance intermediary, the quality or guarantee of excellent service, or those who harp on about how unadvised sales produce savings and are better for the consumer. Naturally, we reject this position completely, and for sure, our opposing position to this model will mean that we'll sell a few policies less here and there. But we have faith in the intelligence of our customers, those we have with us now and those who'll

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join them later on - those that aren't taken in by empty and insulting marketing campaigns, with messaging that sometimes discredits our activity or that of the intermediaries themselves. We know our customers prefer that personal closeness, that direct multichannel advice, both in the office and through the many means we make available to them. And of course, we know that they value the excellence and extreme care that we put into something as basic, but as important, as it is to treat clients well and take care of them as if they were unique, strengthening their loyalty and showing them, through the services we provide, just what they get for their money.

Highlighting business aspects, the development of life, savings and wealth advisory services lines and insurance for companies, where we are also prominent leaders, and where we've delivered good growth and shown a significant improvement in profitability compared to last year. In terms of major opportunities, we should also point out how we're driving the development of bancassurance agreements, with Bankinter and Banco Santander in automobile and insurance for SMEs.

I could keep going about the many things we do in our home country, but let me close this chapter with something that has just begun and that we can feel very proud of. The Copa del Rey soccer championship was named for the first time, and the name it carries is Copa del Rey MAPFRE, because we're the exclusive sponsors of this exciting tournament, a situation that is replicated in the final of the Copa de la Reina. We identify very strongly with what the leading global sport represents. Specifically, this tournament, in which hundreds of teams, most of them modest in size, and representatives of towns and small cities in our country, strive to progress through the competition and hopefully steal the limelight from the giants. It's the tournament defined by the efforts of many teams whose colors are woby humble players with great pride, who represent the less-populated Spain, not always recognized, but always loved and utterly vital.

2024 was also a good year for MAPFRE Portugal, both in terms of growth and profits.

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In Spain in 2025, we're getting back to normal in the auto business with much lower combined ratios than last year, so we'll once again commit to growth. And we'll continue with two focal points, customer management and digital and operational transformation.

And, because MAPFRE is different and marches to the beat of its own drum, compared to others that have just one customer service office, and sometimes none, we're expanding our network, as we've already announced, with the addition of more than 300 new offices in the coming three years, adding to the more than 3,000 we already have all over Spain. This bold move means we'll generate more employment and more value in the territory, making physical proximity and the continued development of the most advanced digital resources that we make available to our customers, via an increasingly efficient omnichannel model, both in-person and online, even more compatible.

Let's tunow to Latin America, which once again is the region that contributes the most to the Group, both in premiums and results, and where 2024 was also the best year ever.

It was an exceptional year in Brazil, driven by the performance of agricultural, auto and life insurance. This result is once again supported by significant improvements in the combined ratio for practically all lines.

These excellent figures, which in euros were affected by the depreciation of the Brazilian real, were achieved despite having also dealt with the consequences of the severe flooding in the southeregion of the country. Here, MAPFRE once again demonstrated great resilience and technical management capacity.

It's worth highlighting the excellent results obtained in our joint operation with our partner Banco do Brasil, with whom we maintain an extraordinary collaboration through the joint venture Brazil Seg. In addition, our company MAPFRE Seguros continues to consistently increase its profitability by substantially reducing the auto combined ratio.

Due to high interest rates, financing and consumption have suffered in the country, which has led to negative GDP growth and a lower distribution of insurance products in banking networks, which has significantly affected

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In the Dominican Republic we continue to perform well, and we've launched an ambitious growth plan in the insurance banking channel in partnership with our partner, the BHD group, which should allow us to continue expanding our presence in the country.

The excellent results of Chile and Uruguay should also be noted, and the prospects for both for the coming year are very positive.

In these circumstances, in Latin America we head into 2025 with a very solid base, thanks to our leadership in the region. The performance and technical capabilities in the region enable us to address a growth phase, maintaining the current excellent margins. We'll work to improve the maturity of all operations, strengthening internal control and the quality offered to our customers, reusing models and regional resources, standardizing multi-country platforms, which should allow us to boost efficiency and reinforce talent in the different operations. We should also mention the development of the first phase of our new technology platform REEF, already implemented with some products in four countries. Its cloud-based technology allows for much faster developments and implementations than we're used to, in addition to achieving real efficiency and cost improvements of over 50%, given the high level of reuse of solutions. We have therefore approved the implementation of a three-year plan for the deployment of this platform in 11 additional countries and an investment of 65 million euros, which will allow us to revolutionize the way we use and harness technology in our insurance operations.

In relation to North America, MAPFRE USA had quite a normal year, in which reasonable growth levels delivered excellent results, once the issues with auto and homeowners insurance had been resolved. To this end, it's successfully executing an operational plan based on five pillars: tariff adjustments, underwriting control, cost reduction, incorporation of talent and reinsurance management.

However, economic uncertainties of a magnitude not yet sufficiently measured, which we don't believe will affect our company, given that our scale and capabilities allow us to aspire to continue growing profitably, without the

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macroeconomic scenario being highly relevant to our development. Inflation had begun to stabilize and was on the road to normalization, awaiting the impact of new protectionist policies, and the prudent cut in rates allowed growth and the labor market to continue showing good strength.

For 2025, the United States will continue working on improving profitability and operational efficiency and we'll start to see the effects of the new growth plans promoted both with agents and partners, such as the AAA club on the West Coast.

Puerto Rico has once again performed well in terms of both technical profitability and results.

In EMEA, 2024 was particularly complicated due to the high weight of the auto line in this region, which once again experienced a very negative cycle, especially in Germany, where the market is in the throes of a deep crisis that's affecting practically all operators. Tariff increases, measures taken to improve efficiency and adjustments to the risk underwriting policy have not yet been sufficient to offset the higher costs derived from rising inflation. The fruits of these measures must be materialized with improvements in results starting from this year.

Turkey has progressed very favorably, with significant improvement in the combined ratio thanks to the technical improvements implemented and a consequent significant increase in profits, driven by high interest rates, despite being still exposed to high volatility and high inflation, which is fortunately falling year by year.

And once again, in Malta we have once again performed magnificently, with an excellent leadership position and excellent results, in association with our partner Bank of Valletta, with whom we also hope to be able to develop non-life insurance in the bank channel.

As far as other business units go, the excellent performance by the Reinsurance unit deserves special mention, having beaten all previous figures in both premiums and results. One key aspect of this result was undoubtedly the significant lack of high-intensity events, which in itself is no reason to not applaud

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