Mapfre S.A. — Audit Report / Information 2024

Feb 12, 2025

Auditor's Report on MAPFRE, S.A.

(Together with the annual accounts and Management Report of MAPFRE, S.A. for the year ended 31December 2024)

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

KPMG Auditores, S.L. Paseo de la Castellana, 259 C 28046 Madrid

Independent Auditor's Report on the Annual Accounts

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

To the Shareholders of MAPFRE, S.A.

REPORT ON THE ANNUAL ACCOUNTS

Opinion __________________________________________________________________

We have audited the annual accounts of MAPFRE, S.A. (the "Company"), which comprise the balance sheet at 31 December 2024, and the income statement, statement of total changes in equity, cash flow statement and notes for the year then ended.

In our opinion, the accompanying annual accounts give a true and fair view, in all material respects, of the equity and financial position of the Company at 31 December 2024, and of its financial performance and its cash flows for the year then ended in accordance with the applicable financial reporting framework, (specified in note 2 to the accompanying annual accounts) and, in particular, with the accounting principles and criteria set forth therein.

Basis for Opinion _________________________________________________________

We conducted our audit in accordance with prevailing legislation regulating the audit of accounts in Spain. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Annual Accounts section of our report.

We are independent of the Company in accordance with the ethical requirements, including those regarding independence, that are relevant to our audit of the annual accounts in Spain pursuant to the legislation regulating the audit of accounts. We have not provided any non-audit services, nor have any situations or circumstances arisen which, under the aforementioned regulations, have affected the required independence such that this has been compromised.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters ________________________________________________________

Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the annual accounts of the current period. These matters were addressed in the context of our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Valuation of non-current investments in group companies and associates (Euros 10,170,668 thousand)

See notes 4.c) and 8 of the notes to the annual accounts

Key audit matter

How the issue was addressed in our audit

The Entity, holding company of MAPFRE Group, has recognised non-current investments in group companies and associates. Recoverable value of these non-current investments in group companies and associates is determined by the use of valuation technics that require of management judgement and estimations and assumptions that consider macroeconomics factors, internal circumstances of the Group companies and their competitors, discount rates, growth rates or estimations of the future evolution of their businesses. Due to the level of uncertainty and judgement associated to the mentioned estimations, as well as the significance of the carried amount of the investments, we consider this to be a key audit matter.

Our audit procedures included, among others, the following: ௅ Evaluation of the criteria used by the Company in the identification of impairment indicators of the investments in group companies and associates. ௅ Understanding the process of estimation of the recoverable value of the group investments and associates, and evaluation of design and implementation of the relevant controls related to the process that the Company has in place. ௅ Evaluation of the reasonability of the methodology and assumptions used in the estimation of the recoverable value of the investments in group companies and associates when impairment indicators exist, with the collaboration of our corporate finance specialists. For those investments where impairment indicators exist, we have checked the consistency between the expected cash flow used in the calculation of the recoverable value with the business plans approved by the Directors of the Group´s companies, and their reasonability based in historical experience and market expectations in the markets in which they operate. Besides, we have evaluated the discount and growth rates used in the calculation of the recoverable values, as well as performed sensitivity analysis over the key inputs used in the model, with the goal of assessing their impact in the valuation. Additionally, we have evaluated that the information within the annual accounts is in compliance with the accounting financial reporting requirements applicable to the Company.

3

Other Information: Management Report ___________________________________

Other information solely comprises the 2024 Management Report, the preparation of which is the responsibility of the parent's directors and which does not form an integral part of the annual accounts.

Our audit opinion on the annual accounts does not encompass the Management Report. Our responsibility regarding the information contained in the Management Report, in conformity with prevailing audit regulations in Spain, entails:

• a) Checking only that the non-financial information statement and certain information included in the Annual Corporate Governance Report and the Annual Report on Directors' Remuneration, to which the Audit Law refers, was provided as stipulated by prevailing regulations and, if not, disclose this fact.
• b) Assessing and reporting on the consistency of the remaining information included in the Management Report with the financial statements, based on the knowledge of the entity obtained during the audit, in addition to evaluating and reporting on whether the content and presentation of this part of the directors' report are in accordance with applicable regulations. If, based on the work we have performed, we conclude that there are material misstatements, we are required to disclose this fact.

Based on the work performed, as described in the preceding paragraphs, we have verified that the information referred to in paragraph a) above is provided as stipulated by applicable regulations and that the remaining information contained in the directors' report is consistent with that disclosed in the annual accounts for 2024 and its content and presentation are in accordance with applicable regulations.

Directors' and Audit and Compliance Committee's responsibility for the Annual Accounts _________________________________________________________

The directors are responsible for the preparation of the accompanying annual accounts in such a way that they give a true and fair view of the equity, financial position and financial performance of the Company, in accordance with the financial reporting framework applicable to the entity in Spain, and for such internal control as they determine is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

The audit and compliance committee is responsible for overseeing the preparation and presentation of the annual accounts.

4

Auditor's Responsibilities for the Audit of the Annual Accounts _____________

Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with prevailing legislation regulating the audit of accounts in Spain will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence economic decisions of users taken on the basis of these annual accounts.

As part of an audit in accordance with legislation regulating the audit of accounts in Spain, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, and not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether the annual accounts represent the underlying transactions and events in a manner that achieves a true and fair view.

We communicate with the audit and compliance committee of MAPFRE, S.A. regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Company's audit and compliance committee of the Entity with a statement that we have complied with the applicable ethical requirements, including those regarding independence, and to communicate with them all matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated to the Company's audit and compliance committee, we determine those that were of most significance in the audit of the annual accounts of the current period and which are therefore the key audit matters.

We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

European single electronic format _________________________________________

We have examined the digital file of the European single electronic format (ESEF) of MAPFRE, S.A. for the 2024 financial year, which includes an XHTML file containing the financial statements for the year, which will form part of the annual financial report.

The directors of MAPFRE, S.A. are responsible for submitting the annual financial report for the 2024 financial year, in accordance with the formatting requirements set out in Delegated Regulation EU 2019/815 of 17 December 2018 of the European Commission (hereinafter referred to as the ESEF Regulation). In this regard, they have incorporated the Corporate Governance Report and the Annual Report on Directors' Remuneration by reference in the Management Report.

Our responsibility consists of examining the digital file prepared by the directors of the Company, in accordance with prevailing audit regulations in Spain. These standards require that we plan and perform our audit procedures to obtain reasonable assurance about whether the contents of the financial statements included in the aforementioned digital file correspond in their entirety to those of the financial statements that we have audited, and whether the financial statements have been formatted, in all material respects, in accordance with the ESEF Regulation.

In our opinion, the digital file examined corresponds in its entirety to the audited financial statements, which are presented, in all material respects, in accordance with the ESEF Regulation.

6

Additional Report to the Audit and Compliance Committee _________________

The opinion expressed in this report is consistent with our additional report to the Company's Audit and Compliance Committee dated 11 February 2025.

Contract Period __________________________________________________________

We were appointed as auditors by the shareholders of MAPFRE, S.A. at the ordinary general meeting on 15 March 2024 for a period of 4 years, from the year ended 31 December of 2024, inclusive.

Previously, we had been appointed as auditors by the shareholders for a period of 3 years and have been auditing uninterrupted the Company's Annual Accounts since the year ended 31 December 2015.

KPMG Auditores, S.L. On the Spanish Official Register of Auditors ("ROAC") with No. S0702

(Signed on original in Spanish)

Álvaro Vivanco Rueda On the Spanish Official Register of Auditors ("ROAC") with No. 24,151

11 February 2025

INDIVIDUAL ANNUAL ACCOUNTS AND INDIVIDUAL MANAGEMENT REPORT 2024

MAPFRE S.A.

INDIVIDUAL ANNUAL ACCOUNTS 2024

MAPFRE S.A.

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ANNUAL REPORT

FISCAL YEAR 2024

1. Company activity

MAPFRE S.A. (the "Company") is a corporation (Spanish "sociedad anónima") whose main activity is the investment of its funds in real-estate assets and tradeable financial securities.

The Company's scope of action is mainly related to the Spanish territory.

lts registered office is at Carretera de Pozuelo, 52, Majadahonda (Madrid, Spain). The Company is the controlling company of the MAPFRE Group, which comprises MAPFRE S.A. and several companies operating in the insurance, property, financial, and services sectors.

The Company is a subsidiary of CARTERA MAPFRE, S.L., a Single-Member Company, with its registered address at Carretera de Pozuelo, 52, Majadahonda (Madrid, Spain). The annual accounts of that company for the year ended December 31, 2024, will be prepared by its Board of Directors on March 25, 2025, and will be placed on file at the Madrid Companies' Registry.

The ultimate controlling company is Fundación MAPFRE, a non-profit company whose registered address is Paseo de Recoletos 23, Madrid and whose consolidated annual accounts will be filed with the Madrid Companies' Registry, with a copy also sent to the Foundations Registry.

2. Basis of presentation of the annual accounts

a) TRUE AND FAIR VIEW

The true and fair view of the net worth, financial position, and results, as well as the veracity of the cash flows included in the cash flow statement, result from the application of the statutory provisions on accounting practice, without it being necessary, in the opinion of the Directors, to include supplementary information.

The Company's Board of Directors expects the individual and consolidated annual accounts for fiscal year 2024, prepared on February 11, 2025, to be approved by the Annual General Meeting with no changes.

b) ACCOUNTING STANDARDS

The annual accounts have been prepared in accordance with the Spanish General Chart of Accounts, approved under Royal Decree 1514/2007 of November 16 and subsequently amended through Royal Decree 1159/2010 of September 17, Royal Decree 602/2016 of December 2, and Royal Decree 1/2021 of January 12, as well as with all other applicable mercantile legislation and current regulations.

c) CRITICAL ASPECTS OF MEASURING AND ESTIMATING UNCERTAINTY

When preparing the annual accounts, judgments and estimates were used that are based on assumptions about the future and uncertainties. These primarily refer to asset impairment, deferred tax assets and provisions.

The estimates and assumptions used are regularly reviewed and are based on historical experience and other factors that may have been considered as more reasonable from time to time. If these reviews lead to changes in estimates in a given period, their effect would apply to that period and, as the case may be, to subsequent periods.

d) COMPARISON OF THE INFORMATION

There are no reasons why the accounts for the year should not be compared with those of the previous year.

CORRECTION OF ERRORS

No significant errors were found in the Company's annual accounts from previous fiscal years.

3. Application of results

The Company's Board of Directors has proposed the following distribution of profits for approval at the Annual General Meeting:

BASIS OF DISTRIBUTION	AMQUNT
Income Statement	509,611,529.27
Surplus	194,539,631.92
TOTAL	704,151,161.19
DISTRIBUTION	AMOUNT
To dividends	492,728,523.68
To retained earnings	211,422,637.51
TOTAL	704,151,161.19

The planned distribution of dividends in the distribution of profits with the requirements and limitations established under legal regulations and the corporate bylaws. The requirements and limitations related to restricted reserves are set out in Note 9 "Shareholders' equity."

This dividend distribution is based on a thorough and reflective analysis of the MAPFRE Group's situation, does not compromise the future solvency or the protection of the interests of insurance policyholders and insured persons, and is made in the context of supervisors' recommendations on this matter.

During the fiscal year, the Company distributed an interim dividend for a total amount of 200,170,962.75 euros (184,772,259.89 euros in 2023), which is recorded in equity under the heading "Interim dividend."

The liquidity statement prepared by the Board of Directors for the interim dividend is shown below.

III EM	DATE OF AGREEMENT
	10/27/2024
Cash available on date of agreement	21,672
Increases in cash forecast within one year	1,000,840
(+) For expected current collection transactions	534,840
(+) For the planned financial transactions	466,000
Decreases in cash forecast within one year	(632,055)
(-) For expected current collection transactions	(108,622)
(-) For expected financial transactions	(523,433)
Cash available within one year	390,457

Thousand euros

The distribution of profits for fiscal year 2023, carried out during 2024, is presented in the Statement of Total Changes in Equity.

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Transactions performed in the foreign currency market are recognized on the settlement date, whereas financial assets traded in secondary markets in the Spanish markets are recognized on the trade date in the case of equity instruments and on the settlement date in the case of debt instruments.

Financial assets are classified as:

Financial assets at fair value with changes in the income statement

This category includes financial assets held for trading and financial assets not classified in any of the other categories.

The concept of trading financial instruments reflects active and frequent purchases and sales with the aim of generating a profit from short-term fluctuations in the price or brokerage margin.

Financial assets in this category are initially valued at their fair value, which, unless there is the contrary, will be the transaction price, equivalent to the fair value of the consideration given. Transaction costs directly attributable to them are recognized on the income statement for the current fiscal year.

After initial recognition, they are measured at fair value with changes in the income statement.

For equity instruments that are neither held for trading nor valued at cost, an irrevocable choice has been made at the time of their initial recognition to present subsequent changes in the fair value directly in equity.

Financial assets at amortized cost

This category includes financial assets, even when admitted to trading on an organized market, in which the investment is held for the purpose of receiving cash flows consisting solely of principal and interest payments on the outstanding principal balance leven if the transaction is agreed at zero interest or below the market rate).

Assets are considered to meet this objective even if sales have taken place or are expected to take place in the future. For this purpose, the frequency, amount, calendar, and reasons for sales in previous years, as well as expectations of future sales are considered.

In general, this category includes trade and non-trade receivables.

They are initially valued at their fair value, which, unless there is evidence to the transaction price, equivalent to the fair value of the consideration given plus the transaction costs that are directly attributable to them.

In the event of receivables for sales operations and other items such as advances, receivables due to personnel or dividends to be collected with maturity no later than one year, with no type of contractual interest rate, are valued at face value when the effect of not discounting cash flows is not significant, both at initial recognition and in subsequent valuation, unless there is impairment.

These assets are subsequently valued at their amortized cost, accounting for accrued interest on the income statement, applying the effective interest rate method.

Impairment is deemed to exist when there is a reduction or delay in estimated future cash flows that may be caused by the debtor's insolvency.

Valuation adjustments due to impairment and their reversal, if applicable, are performed at the close of the fiscal year, recognizing an expense or revenue, respectively, on the income statement. However, the reversal of the loss is limited to the amortized cost that the assets would have had if the impairment loss had not been recognized.

Financial assets at cost

This category includes investments in the equity of group, and associated companies. They are initially recognized and valued at cost, which is equivalent to the compensation provided, plus any directly attributable transaction costs.

The subsequent valuation is carried out at cost less, where appropriate, the accumulated amount of the valuation adjustments for impairment.

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For equity instruments, investments are analyzed individually to determine whether any impairment exists, when the market value has fallen either over a prolonged period (18 months) or by a significant amount (40%) compared to cost.

Determination of Fair Value:

The fair value of financial assets is determined through the use of market prices, as long as the available quotations of the instruments can be considered representative, as they are reqularly published in the usual information systems provided by recognized financial intermediaries.

A fair value hierarchy is established according to the variables used, classifying the estimates into three levels:

• Level 1: those that use unadjusted quoted prices in active markets for identical assets or liabilities, which the company can access on the valuation date.
• Level 2: those based on prices quoted in active markets for similar instruments or other assessment techniques in which all significant variables are based on directly observable market data.
• Level 3: those in which some significant variable is not based on observable market data.

If market valuation is not possible, a valuation is performed with internal models using, as far as possible, public market data that satisfactorily replicate the valuation of the instruments quoted. This valuation methodology is based on the discounting of (determined or estimated) future flows from the instruments using the risk-free discount curve. Depending on the characteristics of the issue concerned and the issuer, a specific credit risk is assigned, which applies to a different degree to each of the flows to be received.

For mutual funds holdings besides those classified in Group companies, the fair value will be the fund liquidation value as of the date of valuation.

Cash and other equivalent liquid assets

Cash includes liquid funds and deposits, while cash equivalents correspond to highly liquid shortterm investments that can be easily converted to fixed amounts of cash and have an insignificant risk of change in value.

Interest and dividends received from financial assets

The interest and dividends from financial assets accrued after acquisition are recognized as revenue on the income statement. Interest from financial assets valued at amortized cost is recognized using the effective interest rate method, and dividends when the right to receive them is declared.

For these purposes, on initial measurement of financial assets, the amount of accrued and unmatured explicit interest and dividends agreed at the time of acquisition are recognized separately on the basis of their maturity.

Additionally, when the distributed dividends come from earnings generated prior to the acquisition date, because amounts were distributed that are greater than the profits generated by the investee since the acquisition, they are not recognized as revenue and they reduce the book value of the investment.

Derecognition of financial assets

Financial assets are derecognized when the contractual rights over the financial asset expire or when they are transferred, whereupon the risks and benefits of ownership are substantially transferred.

When a financial asset is derecognized, the difference between the net received compensation of the attributable transaction costs and the book value of the financial asset, plus any accumulated amount recognized directly as equity, determines the resulting gains or losses and is part of the period.

FINANCIAL LIABILITIES

Instruments issued, incurred or assumed that give rise to a direct contractual obligation for the Company, based on its economic reality, to deliver cash or another financial asset or to exchange financial assets or liabilities with third parties on unfavorable terms are recognized as financial liabilities.

Financial liabilities are classified as:

Financial liabilities at amortized cost

These correspond to trade and non-trade payables.

After initial recognition at their fair value (transaction price, adjusted for directly attributable costs), they are measured at their amortized cost, and any interest is recorded on the income statement, applying the effective interest rate method.

In the case of trade payables maturing within a year and without a contractual interest rate, as well as thirdparty called capital for holdings whose amounts are expected to be paid in the initial valuation and subsequent valuations are performed at the face value when the effect of not discounting cash flows is immaterial.

Derecognition of financial liabilities

Financial liabilities are derecognized in whole or in part when the obligation inherent to them has expired. Additionally, own financial liabilities acquired are derecognized even when there is an intention to reassign them in the future.

If there is an exchange of debt instruments with significantly different conditions, the original liability is canceled and the new liability is recognized.

The difference between the book value of the financial liability or the derecognized part of the liability and the compensation paid, including attributable transaction costs, and including any transferred asset other than cash or the liability assumed, is recognized on the income statement during the fiscal year in which it occurs.

If there is an exchange of debt instruments without significantly different conditions, the original liability is not derecognized from the balance sheet, and any commission paid is recorded as an adjustment to the book value.

Own equity instruments

All items that show a residual investment in Company assets once its liabilities have been deducted are classified in this category.

Treasury stock is measured at its net acquisition cost and recorded in equity. Expenses incurred on acquisition are recognized in equity as a decrease in the value of reserves.

All transactions performed with own equity instruments are recorded in equity as a variation in the value of shareholders' equity.

d) Foreign currency transactions

Transactions in foreign currencies are converted to euros by applying the exchange rate in force on the transaction date.

At fiscal year-end, the balances that correspond to monetary items expressed in foreign currencies are converted at the exchange rate of the euro on that date, and all exchange differences are allocated on the income statement, except for monetary financial assets classified in the category of fair value with changes in equity, in which exchange rates other than those generated from the amortized cost are recognized directly in equity.

Non-monetary items that are measured at historical cost are generally recorded by applying the exchange rate as on the transaction date. When determining the net equity of an investee, adjusted for any unrealized gains that exist on the valuation date, the closing exchange rate is applied to the net equity and unrealized gains that exist on that date.

Non-monetary items at fair value are recorded by applying the exchange rate on the fair value was determined, recognizing any losses and gains derived from the valuation as net equity or as earnings, depending on the nature of the item.

When presenting the cash flow statement, the flows from transactions in foreign currencies are converted to euros by applying the spot exchange rate on the dates of exchange to the amount in foreign currency.

The effect of the variation in exchange rates on cash and other equivalent liquid assets expressed in foreign currency is presented separately on the cash flow statement as "Effect of exchange rate variations."

Taxation of profits el

Tax on profits is treated as an expense in the fiscal year and is recorded as such on the consolidated income statement including both the tax charge for the current tax and the effect corresponding to the movement in deferred taxes.

However, income tax relating to items whose valuation changes are recognized directly in equity is recognized in equity rather than on the income statement, and changes in valuation of these items are recognized net of the tax effect.

Current tax assets or liabilities are measured at the amounts that are expected to be recovered or paid, as per the tax rules and rates that are in force or approved and pending publication at the year.

The Company files consolidated tax returns, and the corporate income tax expense accrued by companies filing under consolidated tax on profits is determined by considering, in addition to the parameters for individual taxation, the following:

• · Temporary and permanent differences arising as a result of eliminations of the results of operations between Group companies arising from the process of determining the consolidated tax base.
• The deductions and allowances that correspond to each Group company under the consolidated tax regime; for these purposes, the deductions and allowances will be allocated to the Company that has carried on the activity or obtained the income necessary to obtain the right to the tax deduction or allowance.

Temporary differences derived from the elimination of gains and losses between companies in the tax group are recognized in the company that generated the gain or loss, and are measured at the applicable tax rate.

Tax losses incurred in certain Group companies that have been offset by profits of other companies in the Group give rise to a reciprocal credit and debit between the companies, as appropriate.

In 2023, the tax Group determined its taxable income by considering the positive individual taxable income and 50% of the individual tax loss carryforwards of the companies comprising the tax Group. In fiscal year 2024 and the following nine fiscal years, 50% of the individual tax loss carryforwards for fiscal year 2023 that were not included in the Group's consolidated taxable base for fiscal year 2023 will be included equally.

As regards negative tax results that cannot be compensated by the rest of the Group companies, the tax receivables that are generated by tax loss carryforwards that can be compensated are recognized as deferred tax assets by the companies to which they pertain, considering the Tax Group as a taxpayer for the relevant recovery.

Credits and deductions for the tax on profits will affect the calculation of the tax accrued in each company at the actual amount thereof that is applicable to the Group, as opposed to the amount that would correspond to each company under an individual tax regime.

As the Group's controlling company, the Company recognizes the total amount payable for consolidated corporate tax as a payable or a receivable with the different Group companies and associates, as appropriate.

Deferred tax is recorded for temporary differences on the reporting date between the tax base ts and the liabilities and their book values. The tax base of an equity item is the amount attributed to it for tax purposes.

The tax effect of temporary differences is included under the corresponding headings of "Deferred tax assets" and "Deferred tax liabilities," excluding the exceptions provided for in current regulations, if applicable.

The Company recognizes deferred tax assets for all deductible temporary differences, unused tax receivables and tax loss carryforwards to the extent that it is likely that the Company or tax group will have the future taxable profits allowing these assets to be used.

Unless evidenced otherwise, it is not considered likely that the Company will avail itself of future taxable profits if recovery is to take place more than ten years after fiscal year-end.

The Company recognizes deferred tax assets that have not been recognized due to expiration of the ten-year recovery period if the future reversal period does not exceed ten years from the date of fiscal year-end or when there are sufficient liabilities derived from temporary tax differences.

Deferred tax assets and deferred tax liabilities are measured according to anticipated tax rates for the fiscal years in which they will be recovered or liquidated, respectively.

Deferred tax assets and deferred tax liabilities are recognized on the balance sheet as non-current assets or liabilities, regardless of the expected date of realization or settlement.

In December 2024, the Law establishing supplementary taxes for multinational groups and large national groups ("Law 7/2024 or the Supplementary Tax Law") was definitively approved. This law implements the rules of Pillar Two in Spain. The Supplementary Tax Law applies to MAPFRE Group as of January 1, 2024, meaning that annuities obtained by Group companies that are taxed at jurisdictional level at an effective tax rate lower than the minimum rate of 15% are subject to the Supplementary Tax.

The MAPFRE Group has availed itself of the exception of recognizing and disclosing deferred tax assets and liabilities arising from the application of supplementary tax (Pillar Two rules).

Since fiscal year 2022, the Tax Group to which the company belongs must calculate the minimum liquid share in accordance with the provisions of Article 30 bis of Law 27/2014 in order to determine its tax on profits to be earned. In fiscal years 2024 and 2023, the Tax Group was not affected by the minimum liquid share.

f) Revenue and expenses

The holding of equity investments in Group and associated company's ordinary activity and for which it obtains regular revenue. In accordance with the criterion stated by the Institute of Accounting and Accounts Auditing regarding the determination of the revenue of holding companies (consultation number 2 of the Official Bulletin of the Institute of Accounting and Accounts Auditing number 79, the dividends of Group and associated companies and the interest received on loans to Group and associated companies are shown as "Revenue," as well as the fees received for the provision of services to other Group companies and the rebilling of common expenses. Likewise, the heading "Impairment and result from disposal of equity instruments in Group and associated companies" is considered within the operating result.

Revenue derived from a contract is recognized as control over the committed goods or services is transferred to the client.

Revenue derived from commitments (in general, for the provision of services) that are fulfilled over time is recognized according to the degree of compliance with contractual obligations.

When, on a given date, it is not possible to reasonably measure the degree of fulfillment of the obligation, only revenue and the corresponding consideration are recognized in an amount equivalent to the costs incurred up to that date.

Interest income and expenses are recognized using the effective interest rate method.

Dividend income is recognized when the right to receive payment is established. When dividends unequivocally derive from reserves generated before the value of the investment will be adjusted.

Since fiscal year 2022, the Tax Group to which the company belongs must calculate the minimum liquid share in accordance with the provisions of Article 30 bis of Law 27/2014 in order to determine its tax on profits to be lodged. In fiscal years 2024 and 2023, the Tax Group was not affected by the minimum liquid share.

g) Provisions and contingencies

Provisions are recognized when there is a current obligation, whether legal or implicit, as a result of a past event, and it is estimated that there will be a probable outflow of funds that include future economic benefits.

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Incentive plans

On February 9, 2022, the Board of Directors of MAPFRE S.A. approved an Incentive Plan, extraordinary and non-cumulative, for the 2022-2026 period, made up of three overlapping cycles, each with a three-year target measurement period. This Plan is intended for certain key executives and professionals of the Company and of Group companies, including executive directors of the Company, and subject to the fulfillment of objectives established in the MAPFRE Group's strategic plan as well as to the executive remaining in the Company or Group. It will be partially paid in cash and through the delivery of MAPFRE S.A. shares and is subject to reduction or recovery clauses as well as to retention periods for the shares.

During the 2019 fiscal year, a medium-term incentive plan was approved for certain members of the MAPFRE executive team. The plan is extraordinary, non-cumulative, and multi-year, commencing January 1, 2019, and ending March 31, 2022, with payment of part of the incentives deferred to the 2023–2025 period. The payment of incentives is subject to the fulfillment of certain corporate and specific objectives, as well as to the executive's permanence in the Group. It will be paid partly in cash (50%) and partly in MAPFRE S.A. shares (50%) and is subject to reduction or recovery clauses.

At the close of each fiscal year of the plan, objective achievement is evaluated and the amount accrued is recorded on the income statement, with a credit to a provisions account for the part of cash remuneration and a credit to an equity account for the part corresponding to shares. The valuation of the incentive paid in MAPFRE S.A. shares takes into account the fair value of the equity instruments assigned at the transfer date, based on the terms and conditions of the plan.

Each year, until the vesting period date, the number of equity instruments included in the calculation of the transaction amount is adjusted. No further adjustments are made after the accrual date.

Stock-based Remuneration Plans

In 2021, MAPFRE launched a MAPFRE S.A. Stock-based Remuneration Plan for employees in Spain with the aim of strengthening their bond to the company's strategy and future profit. The plan offered voluntarily dedicating an annual amount of remuneration toward acquiring MAPFRE S.A. shares, which were delivered on a monthly basis over the course of 2022. Additionally, shares held by the participant until March 31, 2023, granted the right to receive additional shares free of charge.

Where appropriate, during the vesting period, an increase in equity is recorded for the additional shares to be delivered.

At the end of the vesting period, the difference with the value of the treasury stock delivered free of charge is recorded in voluntary reserves.

Moreover, in fiscal years 2022, 2023 and 2024 new Stock-based Remuneration Plans were launched by MAPFRE S.A. for employees in Spain, the implementation of which takes effect in the following fiscal year. These plans do not include the issuing of additional shares free of charge.

The transactions derived from each plan are measured at the equity instruments assigned at the date of the concession agreement.

On a monthly basis, during the share delivery period, the Company redeems the treasury stock issued, recording the difference with respect to the value of the shares issued in voluntary reserves.

i) Related-party transactions

Transactions with related parties linked to the usual activities of the Company are conducted under market conditions and are recorded according to the aforementioned valuation rules.

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There are no intangible fixed assets outside of Spanish territory.

At the close of the last two fiscal years, there were fully depreciated assets in use amounting to 1,891,000 euros in 2024 (705,000 euros in 2023).

7. Leasing

Operating lease

The Company is the lessee in operating leases on a building. The contract is for a one-year term and may be extended by one-year increments if neither party informs the other of its desire to terminate the contract giving two months' notice. There are no restrictions on the lessee in connection with these leases.

The future minimum payments to be paid until the end of the lease term on non-cancellable operating leases amount to 3,545,000 euros, calculated as of December 31, 2024. (3,308,000 euros at December 31, 2023).

Leasing expenses registered in fiscal years 2024 and 2023 amount to 3,452,000 euros and 3,212,000 euros, respectively.

8. Financial instruments

Information related to the balance sheet

The following table shows the book value of the financial assets registered in the last two fiscal years, excluding taxes and balances with Public Administrations.

Financial assets

	A .- Non-current financial assets
Class	Equity instruments		Debt securities		Loans to group companies and loans to third parties		lotal
Category	2024	2023	2024	2023	2024	2023	2024	2023
Financial assets at amortized cost					4.912	4.952	4.912	4.952
Assets at fair value with
changes in equity	58,625	52,586	9.970	9,835			68,595	62.421
TOTAL A	58.625	52.586	9 970	9.835	4 912	4 952	73.507	67.373

	B .- Current financial assets
Class	Equity instruments		Debt securities		Loans to group companies and loans to third parties		l otal
Category	2024	2023	2024	2023	2024	2023	2024	2023
Assets at fair value with
changes in equity			64	64			64	64
Financial assets at amortized cost					104,347	88,582	104,347	88,582
TOTAL B			64	64	104,347	88,582	104,411	88,646
TOTAL A + B	58,625	52,586	10,034	9,899	109,259	93,534	177,918	156,019

Thousand euros

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The accrued dividends and other revenue from the funding granted to investee companies are recognized under "Revenue," as established in note 4.f.).

Group and associate companies

Appendix 1 of the annual report contains details of the Group and associate companies in which direct equity investments have been held in the last two fiscal years.

The results of the companies included in the aforementioned appendix are all ongoing operations.

In compliance with Article 155 of the Recast Text of the Spanish Limited Liability Companies Act, the corresponding notifications were made, when applicable, to investee companies.

The main operations undertaken in the last two fiscal years with Group companies and associates are described in Note 18 of this annual report.

The minority shareholders of the subsidiary MAPFRE RE have a put option on the shares of that company. If exercised, MAPFRE or a MAPFRE Group company would have to acquire the shares from the selling noncontrolling shareholder. The purchase price for the shares is to be calculated using the previously agreed formulas in each case. As of December 31, 2024 and 2023, taking into account the variables included in the aforementioned formula, the commitment assumed by the Group in the event of exercising this option would amount to a total of approximately 142.7 and 128.9 million euros, respectively.

As of December 31, 2024, the Company's working capital was neqative, totaling 6,767,000 euros (26,948,000 euros in 2023), mainly due to the financing received from Group companies. However, the financing of its liabilities and liquidity needs is quaranteed through the financial support from the Group itself, the dividends expected to be received in 2025, and the available limits of credit lines.

Financial instrument risk

Credit and market risks are managed centrally through the MAPFRE Group's Investment Area, which applies a prudent investment policy to mitigate exposure to this type of risk.

Liquidity is managed by the Company, which maintains sufficient balances of current assets and lines of credit to cover any event derived from its obligations. It also has the Group's support for financing operations when additional liquidity is required.

There were no significant amounts in the last two years regarding financial assets exposed to interest rate risk.

As regards the credit risk, the policy is based on maintaining a diversified portfolio comprising securities selected prudently according to the issuer's solvency. Fixed-income and equity investments are subject to limits per issuer.

Credit risk

The accompanying table shows details for the last two fiscal years of the credit rating of fixed income securities issuers and companies in which the Company has cash positions.

	Book value
Credit rating of issuers	Assets at fair value with changes in equity		Finance
	2024	2023	2024	2023
A			20,053	11,362
BBB	10.034	9,899
Total	10,034	9,899	20,053	11,362

Thousand euros

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MAPFRE S.A.

TREASURY STOCK

MAPFRE S.A. shares are bought and sold in accordance with the regulations in force, the relevant agreements adopted at the Annual General Meeting, and the MAPFRE Group Treasury Stock Policy on how to handle transactions that involve the Company's own shares.

In fiscal year 2024, 29,727 shares in 2023) were delivered to subsidiary directors, and a negative impact in the amount of 1,177.20 euros was registered (compared to a negative impact of 9,715.99 euros in 2023). This has been included under the heading "Other reserves."

In addition, 2,899,347 shares (4,624,725 shares in 2023) were delivered under the MAPFRE S.A. Stock-based Remuneration Plan described in "Measurement Standards" Note 4.h., recording a negative impact of 380,547.66 euros (compared to a negative impact of 935,586.41 euros in 2023), which are included under the heading "Other reserves."

At the close of the fiscal year, the Company owned 12,200,024 treasury stocks (15,129,098 in 2023), which represented 0.3962% of capital (0.4913% in 2023) at an average rate of 2.09 euros per the last two fiscal years.

The total face value of the treasury stock acquired was 1,220,002 euros in 2023).

10. Obligations

Subordinated debentures A -

As of December 31, 2024 and 2023, the balance of this account included the face value of the subordinated debentures issued by the Company and represented through book entries. The most significant terms and conditions of same are shown in the accompanying table.

Description	Nominal amount	Book value		Fair value		Outstanding interest		Expiration date		Coupon Market Rating
		2022	2023	2024	2023	2024	2023
April 2022 issuance	500,000	495,448	494,665	485,000	462,818	10,319	10.319	13-04-30	2.88%	AIAF	BBB-
September 2018 issuance	500,000	498,484	498.110	508,000	487,998	6.498		6.498 07-09-48	4.13%	AIAF	BB-
March 2017 issuance	600,000	599,324	599,043	612,000	610,777	19.777	19.777	31-03-47	4.38%	AIAF	вве
TOTAL			1,600,000 1,593,256 1,591,818 1,605,000 1,561,593			36,594	36,594

Thousand euros

The most relevant conditions related to subordinated debenture are detailed below.

April 2022 issuance

The obligations of this issuance accrue a fixed coupon of 2.875% per year, the payment of which may be deferred under certain circumstances.

Debentures are governed by Spanish law and are admitted to trading on AIAF Fixed Income Market. Debentures are calculated as Tier 3 instruments of MAPFRE and its consolidated group in accordance with the applicable solvency regulations.

September 2018 issuance

This issuance included an initial call option on September 7, 2028, with the interest payable from this date up to 2048 being the three-month Euribor plus 4.30%, payable annually.

March 2017 issuance

This issuance included an initial call option on March 31, 2027, with the interest payable from this date up to 2047 being the three-month Euribor plus 4.54%, payable annually.

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12. Tax position

Since 1985, the Company has been included for corporate tax purposes in Tax Group 9/85, consisting of the Company and those of its subsidiaries that meet the requirements to be eligible for this tax regime.

In 2024, the following companies belonged to Tax Group No. 9/85.

		Companies belonging to Tax Group 9/85

MAPFRE S.A. MAPFRE RE, COMPAÑÍA INTERNACIONAL DE REASEGUROS S.A. MAPFRE INMUEBLES S.G.A., S.A. DESARROLLOS URBANOS CIC S.A. SERVICIOS INMOBILIARIOS MAPFRE S.A. MAPFRE ASISTENCIA, CIA. DE SEGUROS Y REASEGUROS S.A. IBEROASISTENCIA S.A. MAPFRE INTERNACIONAL S.A. MAPFRE VIDA S.A. DE SEGUROS Y REASEGUROS SOBRE LA VIDA HUMANA MAPFRE INVERSIÓN S.V.S.A. MAPFRE ASSET MANAGEMENT S.G.I.I.C. S.A. MAPFRE VIDA PENSIONES E.G.F.P. S.A CONSULTORA ACTUARIAL Y DE PENSIONES, MAPFRE VIDA S.A. GESTIÓN MODA SHOPPING S.A. MIRACETI S.A. MAPFRE ESPAÑA COMPAÑÍA DE SEGUROS Y REASEGUROS S.A. MULTISERVICIOS MAPFRE MULTIMAP S.A. MAPFRE TECH S.A. U. GESTIÓN DE CENTROS MÉDICOS MAPFRE S.A.U. centro de experimentación y seguridad vial mapfre s.a. CLUB MAPFRE S.A. MAPFRE AUTOMOCIÓN S.A.U. VERTI ASEGURADORA CIA DE SEGUROS Y REASEGUROS S.A. MEDISEMAP AGENCIA DE SEGUROS EXCLUSIVA S.L. FUNESPAÑA S.A. SERVICIOS FUNERARIOS FUNEMADRID S.A.U. ALL FUNERAL SERVICES S.A.U. FUNERARIAS REUNIDAS EL BIERZO S.A. SALUD DIGITAL MAPFRE S.A. MAPFRE GLOBAL RISKS AGENCIA DE SUSCRIPCIÓN S.A.U. RISK MED SOLUTIONS S.L.U. FUNERARIA ALIANZA CANARIA S.L.U. FUNESPAÑA DOS S.L.U. POMPAS FÚNEBRES DOMINGO S.L.U. MAPAR IMPERIAL 14 S.L.U. CEMENTERIO PARQUE ANDUJAR S.A.

The reconciliation of the accounting profit to the corporate tax base for the last two years is shown in the accompanying table.

RECONCILIATION OF THE BOOK RESULT WITH THE TAXABLE RATE OF THE CORPORATION TAX
Item	Income statement		TOTAL
	2024	2023	2024	2023
Balance of revenue and expenses of the fiscal year	509,612	370,807	509,612	370,807
Corporate income tax	(44,755)	(37.917)	(44,755)	(37.917)
Permanent differences	(627,790)	(483,365)	(627,790)	(483,365)
Temporary differences
- originating in the fiscal year	27.144	11,212	27.144	11,212
- from previous years	(2,428)	(2,435)	(2,428)	(2,435)
Individual taxable income (tax result)	(138,217)	(141,698)	(138,217)	(141,698)
Permanent differences for fiscal consolidation	(1,044)	(547)	(1.044)	(547)
50% Individual Negative Tax Base to be offsover et in the next 10 years	69.109	70,849	69.109	70,849
Inclusion of tenth part 50% Individual Negative Tax Base for the 2023 period not included	(7,128)		(7,128)
Individual tax base after consolidation	(77,280)	(71,396)	(77,280)	(71,396)

Thousand euros

Increases and decreases in the past two fiscal years:

The amount of increases for permanent differences originating in the income statement corresponds to expenses that are not tax deductible, among others, for fines and penalties; for donations pursuant to Law 49/2002, for the value corrections of equity instruments (holdings in Group companies and associates), recorded in accounts and for the tax loss not deductible in the sale of qualifying holdings (in fiscal year 2024).

The amount of decreases for permanent differences originating in the income statement corresponds in both fiscal years to tax-exempt dividends, and to the accounting recovery of value corrections for equity instruments that were not deductible at the time of their allocation. It also corresponds to the dividends that have the lowest tax value of the stake in accordance with Transitional Provision 23, and in fiscal year 2023 with the income obtained from the transfer of shares of investee companies that meet the requirements to apply the exemption.

Increases due to temporary differences originating in the fiscal year in the income statement essentially correspond to pension commitments, other obligations acquired with personnel and other provisions for expenses that are not considered to be tax-deductible in the fiscal year, as well as the recovery by third parties of impairments that were tax deductible until December 31, 2012.

Decreases for temporary differences originating in previous years in the income statement are essentially due to the recovery of adjustments for pension commitments, the application of provisions for other obligations acquired with personnel, the application of provisions for expenses that were not deductible in the fiscal year in which they were recorded, and the recovery of one tenth of the amortization of assets of property, plant and equipment and intangible assets that were not deducted in 2013 and 2014.

The main elements of expense related to tax on profit from ongoing operations, and the reconciliation between the expense related to tax on profit and the product of multiplying the accounting result by the applicable tax rate for the fiscal years ending on December 31, 2024 and 2023 are shown in the accompanying table.

	Amount
Item	2024	2018
Tax expense
Result before taxes from ongoing operations	464,857	332,890
25% of the result before taxes from ongoing operations	(116,214)	(83,222)
Tax effect of permanent differences	156,948	120,841
Tax incentives for the year	5,061	585
Complementary tax (Pillar II)	(4,456)
Total (expense)/revenue from current tax originating in the year	41,339	38,204
Expense from current tax originating in previous fiscal years	3.416	(287)
Tax on profits (expense)/revenue	44,755	37,917
Retentions and interim payments	516	410
50% of the individual negative base to be offset over the next 10 years	(17,277)	(17,712)
Temporary differences	(5,918)	(2,058)
Incorporation of the non-integrated one-tenth of the negative base of prior periods	1,782
Tax credits and incentives applied, registered in previous fiscal years and applied in the current year	(1,664)	1,592
Tax on profits discontinued operations
Net tax on profits to be (paid)/received	22,194	20,149
Thousand euros

The tax rate applicable in the 2024 and 2023 fiscal years was 25%.

The tax on profits expense recognized in the income statement in fiscal year 2024 includes 4,456,000 euros for the Supplementary Tax (Pillar Two). Note 4.e.

In fiscal years 2024 and 2023, the Tax Group was not affected by the minimum tax liability.

The following tables show the detail of changes in fiscal years 2024 and 2023 to the heading of deferred tax assets, breaking down the amount of deferred tax by items charged or paid directly against equity in each of the two fiscal years.

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The accompanying table breaks down the amounts pending inclusion as a result of the eliminations due to temporary differences of the company in the tax group.

		Fiscal year		Year of
Item	Group company	2024	2023	elimination
Shares	MAPFRE INTERNACIONAL, S.A.	(2)	(3)	2,003
Shares	MAPFRE ASISTENCIA CIA INTERNACIONAL DE SEGUROS Y REASEGUROS S A	512	512	2003
Shares	MAPFRE ESPAÑA COMPAÑÍA DE SEGUROS Y REASEGUROS S.A.	(92)	-92	2004
Shares	MAPFRE ESPANA COMPANÍA DE SEGUROS Y REASEGUROS S.A.	10,251	10251	2005
Shares	MAPFRE TECH S.A.U.	1,219	1219	2010
Shares	SOLUNION S.L.	(16)	-16	2010
Shares	MAPFRE ESPAÑA COMPAÑÍA DE SEGUROS Y REASEGUROS S.A.	(1,764)	-1764	2010
Shares	MAPFRE ESPAÑA COMPAÑÍA DE SEGUROS Y REASEGUROS S.A.	(184)	-184	2010
Shares	MAPFRE ESPANA COMPANIA DE SEGUROS Y REASEGUROS S.A.	(956)	-956	2010
Shares	MAPFRE VIDA S A DE SEGUROS Y REASEG SOBRE LA VIDA HUMANA	(251)	-251	2010
	Real estate MAPFRE ESPANA COMPANÍA DE SEGUROS Y REASEGUROS S.A.	3,630	3728	2011
	Real estate MAPFRE ESPAÑA COMPANIA DE SEGUROS Y REASEGUROS S.A.	(1,258)	-1291	2011
Shares	MAPFRE ESPAÑA, CÍA SEGUROS Y REA SA	398	398	2011
Shares	MAPFRE ESPANA, CÍA SEGUROS Y REA SA	(1,095)	-1095	2011
Shares	MAPFRE VIDA S A DE SEGUROS Y REASEG SOBRE LA VIDA HUMANA	56	56	2011
Shares	MAPFRE VIDA S A DE SEGUROS Y REASEG SOBRE LA VIDA HUMANA	(154)	-154	2011
Shares	MAPFRE ESPANA COMPANÍA DE SEGUROS Y REASEGUROS S.A.	212	212	2011
Shares	MAPFRE ESPAÑA COMPAÑÍA DE SEGUROS Y REASEGUROS S.A.	(583)	-583	2011
Shares	MAPFRE AUTOMOCIÓN S.A.U.	(15)	-15	2015
Total		9,908	9,972

The adjustment for the integration of the provisions for pension commitments, with the limit of 25% of the previous tax base regulated in Article 11.12 of Law 27/2014, to be applied to the consolidated tax base in 2024, was 1,044,316 euros (547,402 euros in 2023).

Verification by tax authorities

In accordance with current legislation, the statements made for the different taxes may not be considered final until they have been inspected by the tax authorities or the limitation period of four years has elapsed.

On March 1, 2024, MAPFRE S.A., as the controlling company of Tax Consolidation Group no. 9/85, was notified of the commencement of inspections of Corporate Tax for fiscal years 2017 to 2020. It was also informed, in its capacity as representative of VAT Group 87/10, of the initiation of actions to verify Value Added Tax for the periods from February 2020 to December 2022.

As regards MAPFRE S.A. as an individual company, the actions are extended to Corporate lax for the fiscal years 2017 to 2020, to Value Added Tax for the periods February 2020 to December 2022, and to Withholdings and interim income on the income from work and economic activities of Personal Income Tax for the periods February 2020 to December 2022.

In relation to the Inspection Activities for Corporate Tax, fiscal years 2013 to 2016, referring to Tax Consolidation Group No. 9/85, notices of disagreement were signed that affected MAPFRE S.A. as an individual company with regard to the deductibility of certain personnel expenses and the deduction for technological innovation expenses. The related tax assessments were appealed before the Central Economic and Administrative Court, which dismissed the tax appeal filed by the company. In response to this dismissal, a contentious-administrative appeal was filed, and a claim has been submitted to the National Court to date.

MAPFRE S.A. considered that, in accordance with the criterion expressed by internal tax advisors, the regularizations practiced had no significant impact on the individual annual accounts, given that there are strong defense arguments in the pending appeals. For this reason, no specific provision was recognized for these items.

In 2022, MAPFRE S.A., as the controlling company of Tax Group No. 9/85, and with the aim of limiting the financial costs of the suspension of the tax assessments resulting from the inspection activities regarding the years 2013 to 2016, proceeded to settle the tax liability related from the disagreement notices for Corporate Tax for the years 2013 to 2015, along with the suspended interest. To the extent that there are strong defense arguments in ongoing legal proceedings, the Company recorded a receivable with the Tax Authorities for 110 million euros. At the same time, MAPFRE S.A. recognized a payable to the controlled companies of the Tax Group for items signed in disagreement, totaling 107 million euros, with the difference corresponding to the disagreed items affecting MAPFRE S.A. as an individual company.

In fiscal year 2022, MAPFRE SA, as the controlling company of Tax Group no. 9/85, and in order to limit the financial cost of suspending the reports derived from the Inspection Activities of fiscal years 2013 to 2016, the tax debt of the corporate tax disagreement certificates for fiscal years 2013 to 2015 was entered, together with the suspense interest. To the extent that there are strong defense arguments in ongoing legal proceedings, the Company accounted for a loan against the amount of 110 million euros. At the same time, MAPFRE S.A. recognized a debit against the controlled companies of the Fiscal Group to which the concepts signed in disagreement for the amount of 107 million correspond, with the difference corresponding to the dissenting items that affect MAPFRE S.A. as an individual company.

During fiscal year 2022 Tax Group 9/85 called for the correction of its Corporate Taxes for fiscal years 2017 to 2019 in relation to the recovery of certain adjustments derived from the minutes of fiscal years 2013 to 2016 and to request recognition of the elimination of double taxation to certain equity investments that were considered qualifying holdings at the tax group level, requesting the recognition of a return of 61 million euros that has been recorded as a credit against the Treasury. At the same time, a debit of the same amount has been recorded against the Group's subsidiaries that are individually affected by the aforementioned rectification.

Both items for a combined amount of 171 million euros are included under the heading of the balance sheet "Other receivables with Public Authorities" in 2024 and under the heading "Current tax assets" in 2023.

The liability heading "Due to Group and associate companies" includes the total amount of 168 million euros that can be allocated to the companies of the tax group. The difference between the aforementioned receivables and debts corresponds to the non-conformity items that affect the individual Company in the amount of 3 million euros.

With regard to the deduction for technological innovation expenses, Supreme Court has issued four judgments accepting the appeals filed against the rulings of the National Court that accepted the arguments of the Tax Inspection to defend its competence to delimit the scope of the deduction, and the consideration that the software is not covered by the technological innovation expenses deduction provided for in the Corporate Tax Law. Consequently, Supreme Court has concluded that the reports prepared by the Tax Administration to regularize the technological innovation cannot call into question the rating made in the binding reports issued by the Ministry of Science and Technology, under which the MAPFRE Tax Group has applied the deduction.

The Tax Group has resorted to the minutes initiated, among other items, due to the reqularization of this deduction, which in the case of MAPFRE S.A. as an individual company amounts to an amount of 84,000 euros (fiscal years 2013 to 2016). In addition, the deduction applied by the company in fiscal years 2017 to 2023 was 4,554,000 euros, and that generated in fiscal year 2024 was 776,000 euros.

On January 18, 2024, the Constitutional Court handed down a judgment declaring the unconstitutionality of certain measures that were introduced into the Corporate Tax by Royal Decree-Law 3/2016, of December 2 (RDL 3/2016), as the regulatory vehicle used for its approval was considered inadequate. This unconstitutionality had also been raised by the MAPFRE Group in the appeals filed before the Courts. Of the measures declared unconstitutional, Tax Group 9/85 is only affected by the obligation to include, from fiscal year 2016, the taxable amount and, by fifths, any impairment of tax-deductible shares until fiscal year 2012. The nullity of this measure would have a favorable impact for the Group of 13 million euros. However, Law 7/2024 of December 20 on Supplementary Tax reintroduced the obligation to pay taxes for impairments deducted within a period of three years, so the Group has not recorded any amount in its 2024 accounts for the aforementioned unconstitutionality.

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• • There are no tax benefits for the transferring companies MAPFRE AM INVESTMENT HOLDING SAU and MAPFRE PARTICIPACIONES SA, for which MAPFRE SA must comply with certain requirements in accordance with the provisions of section 1 of Article 84 of Law 27/2014.

In March 2019, administrative authorization was obtained to carry out the total spin-off operation of the entity MAPFRE GLOBAL RISKS COMPANIA DE SEGUROS Y REASEGUROS S.A., which had been agreed in 2018, in favor of the entities MAPFRE RE COMPANIA DE REASEGUROS S.A., MAPFRE ESPANA COMPANIA DE SEGUROS Y REASEGUROS S.A., MAPFRE PARTICIPACIONES S.A. and MAPFRE GLOBAL RISKS AGENCIA DE SUSCRIPCIÓN S.A.U.

During fiscal year 2016, the merger by absorption of the companies MAPFRE AMERICA S.A. (absorbing company) and MAPFRE INTERNACIONAL S.A. (absorbed company) took place, with the company changing its name to MAPFRE INTERNACIONAL S.A.

Both operations were covered by the Special Regime foreseen in Chapter VII, Title VII of Corporate Tax Law 27/2014 of November 27, and the corresponding reports include mandatory accounting information regarding these operations.

On September 6, 2013, 100% of the shares of SEGUROS GERAIS held by MAPFRE INTERNACIONAL were spun off to MAPFRE FAMILIAR. MAPFRE S.A. is the sole partner of the companies involved in the operation. The corresponding notes contain mandatory accounting information concerning these operations.

On February 22, 2011, the capital of MAPFRE VIDA was increased via non-monetary contributions from the companies CAJA CASTILLA LA MANCHA VIDA Y PENSIONES DE SEGUROS Y REASEGUROS and UNIÓN DUERO COMPAÑÍA DE SEGUROS VIDA S.A.

On June 6, 2011, the capital of MAQUAVIT INMUEBLES, S.L.U. was increased via the contribution of the holding of the company MAPFRE QUAVITAE.

The 2011 annual report contains mandatory accounting information concerning these operations.

All the aforementioned operations were subject to the Special Regime of Chapter VIII, Part VII of Royal Legislative Decree 4/2004.

Up to 2008, the following merger operations were carried out, under the tax deferral regime established in the Corporate Tax regulations:

• • Merger by absorption of MAPFRE-CAJAMADRID HOLDING DE ENTIDADES ASEGURADORAS S.A. by MAPFRE S.A.
• · Merger by absorption of MAPFRE AUTOMOBILES, COMPANIA DE SEGUROS Y REASEGUROS S.A., MAPFRE CAJA SALUD, COMPAÑÍA DE SEGUROS, S.A. and MAPFRE GUANARTEME, COMPAÑÍA DE SEGUROS DE CANARIAS S.A. by MAPFRE SEGUROS GENERALES, COMPAÑÍA DE SEGUROS Y REASEGUROS S.A. (which changed its company name to MAPFRE FAMILIAR, COMPANIA DE SEGUROS Y REASEGUROS S.A.).
• • Merger by absorption of MAPFRE AGROPECUARIA, COMPANIA DE SEGUROS Y REASEGUROS S.A. by MAPFRE EMPRESAS, COMPANIA DE SEGUROS Y REASEGUROS S.A.
• Merger by absorption of MAPFRE AMERICA VIDA S.A. by MAPFRE AMERICA S.A.

In 2008, the capital of MAPFRE INTERNACIONAL S.A. was increased via share contributions from the Turkish company GENEL SIGORTA.

In 2007, the capital of MAPFRE INTERNACIONAL S.A. was increased via contributions from the companies MAPFRE SEGUROS GERAIS, CATTOLICA and MAPFRE USA.

In 2006, a capital increase took place in MAPFRE INTERNACIONAL S.A. through the contribution of the Company's stake in MIDDLE SEA and MAPFRE ASIAN INSURANCE CORPORATION.

On January 31, 2003, there was a capital increase of MAPFRE RE in which the Company contributed the property located at Paseo de Recoletos 25, Madrid, which it had received in the global assignment of assets and liabilities of INCALBARSA, formalized on December 27, 2000.

In fiscal year 2001, the Company carried out a securities redemption through which shares in MAPFRE SEGUROS GENERALES, Compañía de Seguros y Reaseguros S.A. were contributed to a capital increase of MAPFRE-CAJA MADRID, Holding de Entidades Aseguradoras S.A.

In fiscal year 2000, the Company carried out business restructuring operations consisting of the contribution of shares in MAPFRE VIDA, Sociedad Anónima de Seguros y Reaseguros sobre la Vida Humana S.A., MAPFRE CAUCION Y CREDITO, Compañía de Seguros de Reaseguros S.A., and MAPFRE SEGUROS GENERALES, Compañía de Seguros y Reaseguros S.A. to a capital increase of MAPFRE-CAJA MADRID Holding de Entidades Aseguradoras S.A.

In that same year, the global assignment of assets and liabilities of INCALBARSA S.A. was formalized in favor of the sole shareholder, CORPORACIÓN MAPFRE S.A.

Mandatory accounting information relating to the operations described above is contained in the report of the annual accounts for the years in which they were formalized.

All restructuring operations previously described were subject to the Special Deferral Regime provided for in Chapter VIII of Part VII of Royal Legislative Decree 4/2004, which approved the Recast Text of the Corporate Tax Law.

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• · Defined benefit plans that are externalized, detailed in Note 16 of the Annual Report, amounting to 4,380,000 euros (4,455,000 euros in 2023).
• Long service bonuses, detailed in the recognition and measurement standards for "Personnel expenses," amounting to 3,458,000 euros (3,300,000 euros in 2023).
• • Life insurance covering death between the ages of 65 and 77 years detailed in the note on measurement bases for "Personnel expenses," amounting to 713,000 euros in 2023). The actuarial tables used in the last two years were PASEM-2020.
• · Provisions corresponding to personnel objectives and incentives in the amount of 19,856,000 euros (4,717,000 euros in 2023)

At the close of the last two fiscal years, and up to the date these annual accounts were prepared, there was no evidence of the existence of contingent assets and contingent liabilities for significant amounts.

15. Environmental information

The Company did not have any environmental-related item in the last two fiscal years that might be significant or specifically included in these annual accounts.

16. Medium- and long-term employee remuneration and sharebased payments

Long-term remuneration

The current defined benefit and defined contribution plans are measured as described in the recognition and measurement standards.

The amount corresponding to the expense for defined-contribution pension plans increased to 6,399,000 euros in 2024 (6,505,000 euros in 2023).

Existing defined benefit plans, all of them instruments taking the form of insurance policies underwritten by MAPFRE VIDA, are those in which the benefit is established based on final salaries, and entitling the beneficiary to a life annuity, tied to the annual consumer price index (CPI). They apply entirely to retired personnel.

A. Amounts recognized on the balance sheet

The reconciliation of the present value of the obligation arising from the defined benefit plans in the last two financial years is detailed in the accompanying table.

	2023
4,455	4,517
182	189
41	(46)
(301)	(292)
3	87
4,380	4,455

Thousand euros

The following table shows the reconciliation of the opening and closing balances of plan assets and the redemption rights for the last two fiscal years, the value of which corresponds to the mathematical provision for the policies externalizing commitments.

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MAPFRE S.A.

Reqarding short-term variable remuneration accrued in the current and previous years, at the close of 2024, 3,189,000 euros are pending payment (3,160,000 million euros in 2023)

In February, 2022, the Board of Directors of MAPFRE S.A. approved, as proposed by the Appointments and Remuneration Committee, an extraordinary annual bonus aimed at a key group in the Company, linked to the Auto Combined Ratio as well as the percentage of earned Premium Growth and the variation in incurred expenses (excluding Life Savings). The accrued amount for this additional short-term component for members of the Board of Directors reached 73,400,000 million euros in 2023.

The Board of Directors of MAPFRE S.A., at the proposal of its Appointments and Remuneration Committee, approved at its meeting on February 9, 2022, the Medium- and Long-term Incentive Plan 2022-2026. Consisting of three overlapping cycles, each with an objective measurement period of three years, it is aimed at certain key executives and professionals of the Company and Group companies. In 2022, the first overlapping cycle (2022-2024) was approved, while at the Board of Directors meeting of MAPFRE S.A. on February 8, 2023, the second overlapping cycle (2023-2025) was approved, and at the Board of Directors meeting on February 13, 2024, the third overlapping cycle (2024-2026) was approved, all following a proposal from the Appointments and Remuneration Committee. The amount provisioned for the Board of Directors in 2024, corresponding to il one-third of the second overlapping cycle (2023-2025), ii) one-third of the third overlapping cycle (2024-2026), and iii) the adjustment for both the share value of MAPFRE S.A. and the degree of achievement of the objectives, amounts to a total of 1.201 million euros, including both the cash portion and equity instruments (695,000 euros in 2023).

The basic remuneration for external directors is approved at the Annual General Meeting at the proposal of the Board of Directors and pursuant to the report issued by the Appointments and Remuneration Committee. The amount of the contractual remuneration for executive directors and the fixed payment for serving on the boards or on the steering committees is approved by the Board of Directors, subject to a report by the aforementioned committee.

The amount paid for third-party liability insurance premiums for directors due to damage caused by acts or omissions during the performance of their duties reached 500,000 euros (568,000 euros in 2023).

During the last two fiscal years, the Company's directors did not undertake any operations with the Company itself or with any other Group company, either outside the scope of the companies' ordinary trading activities or not at arm's length.

During the last two fiscal years, no conflicts of indirect or indirect, arose between the directors or their related parties and the Company.

Senior Management

	2024	2023
No. of senior management members	ರ	7
Fixed remunerations	2,670	2,197
Variable remunerations	2,037	1,403
Other remuneration	487	295
Other medium-term variable remuneration	2,727
TOTAL	7,921	3,895
Life Insurance	56	49

The remuneration paid to C-Suite in the last two years is shown below.

Thousand euros

Additionally, as a contribution to defined contribution plans, 2,042,000 euros were recorded as expenses for the fiscal year in 2024 (1,991,000 euros in 2023), with accumulated rights amounting to 14,467,000 euros (12,070,000 euros in 2023).

With regard to the short-term variable remuneration accrued in this and previous fiscal years, at the close of fiscal year 2024, 2,832,000 euros were outstanding (2,129,000 euros in 2023).

In addition, other remuneration corresponding to non-recurring items amounting to 4,131,000 euros was accrued in 2024.

In 2022, the Board of Directors of MAPFRE S.A., at the proposal of the company's Appointments and Remuneration Committee, approved on February 9, 2022 an annual and extraordinary bonus aimed at a certain group and linked to the Auto Combined Ratio and jointly to the percentage of earned Premium Growth and the variation in incurred expenses (excluding Life Savings). The amount accrued for this additional shortterm component for members of Senior Management in 2023 was 75,000 euros.

The Board of Directors of MAPFRE S.A., dated February 9, 2022 at the proposal of its Appointments and Remuneration Committee, approved a Medium and Long-term Incentive Plan 2022-2026 consisting of three overlapping cycles with a three-year objective measurement period each aimed at certain key executives and professionals of the Company and of Group companies. In 2022, the first overlapping cycle (2022-2024) was approved, while at the Board of Directors meeting of MAPFRE S.A. on February 8, 2023, the second overlapping cycle (2023-2025) was approved, and at the Board of Directors meeting on February 13, 2024 the third overlapping cycle (2024-2026) was approved, all of which were proposed by Appointments and Remuneration Committee. The amount provisioned for members of Senior Management in 2024, corresponding to i) one third of the second overlapping cycle (2023-2025), ii) one third overlapping cycle (2024-2026) and iii) the adjustment for both the variation in the value of the MAPFRE S.A. share and the degree of fulfillment of the objectives amounts to a total of 1,473,000 (including both the part in cash and equity instruments (709,000 in 2023).

19. Further information

The following tables show the average and year-end headcount during the last two years, by category and gender.

Average number of employees

ITEM		2024		2023
	Men	Women	Men	Women
Board Directors and C-Suite	16	ന	12	5
Senior Management	195	124	166	100
Advisors	86	109	102	125
Associates	7	31	6	32
TOTAL AVERAGE NUMBER OF EMPLOYEES	304	267	286	262

Number of employees at fiscal year-end

ITEM	2024		2023
	Men	Women	Men	Women
Board Directors and C-Suite	16	ന	13	5
Senior Management	204	139	173	105
Advisors	83	96	104	124
Associates	7	32	6	31
TOTAL NUMBER OF EMPLOYEES	310	270	296	265

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(C7CAD5B=9G5F9@=GH98CBH<9GHC7?A5F?9H MAPFRE S.A.

INDIVIDUAL MANAGEMENT REPORT

2024

MAPFRE S.A.

55

INDIVIDUAL MANAGEMENT REPORT 2024

CONTENTS

A. Key individual figures	57
B. Main activities	57
C. MAPFRE and its shareholders	58
D. Environment	60
E. Acquisition and disposal of treasury stock	60
F. Human resources	60
G. External audit	63
H. Governing bodies	63
l. Average provider payment period	63
J. Research, development and innovation	63
K. Environmental, social and governance factors and risks	୧୧
L. Other risks and uncertainties	65
M. Non-financial information	65
N. Significant events for the company occurring after the fiscal year-end	65
0. Outlook	୧୧
P. Annual corporate governance report	୧୫
Q. Annual report on Board Directors' remuneration	୧୫

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Investments in Group companies

During the fiscal year, the Company had the following expenditure in respect of investments in Group companies.

• · Return of MAPFRE INVESTMENT contributions, amounting to 1.3 million euros.
• • MEAG EUROP capital call for a total amount of 0.94 million euros and a return on contributions of 0.3 million euros.
• · MAPFRE PRIVATE DEBT capital call for a total amount of 2.9 million euros.
• · Capital increase of Santander MAPFRE Hipoteca Inversa for the amount of 4 million euros.

C. MAPFRE and its shareholders

THE MAPFRE SHARE

The following table shows the basic information on the MAPFRE share at the end of 2024.

Number of shares outstanding	3,079,553,273, fully subscribed and fully paid up.
Face value of each share	0.1 euros.
Type of share	Ordinary, represented by book entries. All outstanding shares carry identical voting and dividend rights
Stock exchange listings	Spanish stock market
ISIN code	FS0124244F34

According to data published by the Spanish stock market operator (BME Group), an average of 2,455,098 shares were traded daily in 2024, and the effective average daily transaction value was 5.5 million euros.

The company anticipates that a similar volume is likely being traded through alternative markets.

VALUE AND RETURN

The stock price has evolved as shown in the table below, compared to key benchmark indices such as the IBEX 35 and sectoral indices like the STOXX Europe 600 Insurance and IBEX 35 Banks.

	1 YEAR	2 YEARS
MAPFRE	25.9%	35.1%
STOXX Europe 600 Insurance	18.2%	28.5%
IBEX 35	14.8%	40.9%
IBEX 35 Banks	23.5%	57.8%

The main data relating to the MAPFRE share in the same period are shown in the accompanying table.

MAPFRE S.A.

	20124	2073	Var. %
Market capitalization (million euros)	7,533	5,984	25.9%
Share price (euros)	2.446	1.943	25.9%
Book value per share (euros)	2.89	2.75	5.0%
Price/Book value	84.7%	70.7%	14.0 pp
Earnings per share (euros)	0.31	0.22	42.9%

SHAREHOLDER COMPOSITION

At the end of fiscal year 2024, MAPFRE had 198,995 shareholders (209,140 in 2023).

The following chart shows the breakdown of the shareholder composition.

DIVIDEND

On November 29, 2024, the interim dividend charged against 2024 earnings was paid at 0.0653 euros per share before tax (0.0603 euros gross in 2023), after the amount corresponding to treasury stock had been applied to the remaining shares on a proportional basis. The total dividend paid out in the year was 0.155 euros per share, giving a total remuneration of 477.3 million euros (446.5 million in 2023),

The final dividend for fiscal year 2024 to be proposed at the Annual General Meeting is 0.095 euros per share before tax. Consequently, the total dividend against fiscal 2024 amounts to 0.16 euros per share before tax, representing a payout ratio of 50.9% (68.2% in fiscal 2023).

Dividend payments made during the fiscal year and the dividend yield, calculated on an average share price basis, are shown in the accompanying table.

	2024	2023
DIVIDEND PER SHARE (euros)	0.155	0.145
DIVIDEND YIELD	6.9%	7.7%

ANALYST COVERAGE

According to analyst reports covering MAPFRE, the target price for the company's stock is €2.64 as of the date of this report. As of December 31, 2023, the target price was €2.30.

The majority of analysts recommend buying (53%), while the rest suggest holding (27%) or selling (20%).

D. Environment

In 2024, MAPFRE made continued progress on the objectives outlined in the Environmental Footprint Plan, resulting in a 25% reduction in the Group's footprint compared to the 2022 baseline. These objectives, as well as the actions necessary to achieve them, are included in the Sustainability Plan 2024-2026 to ensure the aligned and coordinated action of all MAPFRE Group companies in this area.

As part of the Corporate Greenhouse Gas (GHG) Compensation Strategy, MAPFRE has neutralized its carbon footprint in 10 countries: Germany, Brazil, Spain, Italy, Mexico, Peru, Portugal, Puerto Rico, Turkey, and the U.S.A., through projects focused on reforestation, and regenerative agriculture. These efforts contribute to nature restoration and biodiversity preservation.

The circular economy remains a vital solution in responding to the current economic and climate challenges. MAPFRE has received AENOR Zero Waste Regulation for its international offices in Mexico and Brazil, as well as its offices at Calle General Perón, 40, in Madrid. The certifications for the Group's headquarters in Majadahonda, Madrid, and the Monte del Pilar Training Campus (Madrid) have also been maintained.

Detailed environmental information can be found in the Sustainability Statement (Section 2: Environmental Information).

E.

Purchase and sale transactions involving MAPFRE S.A. shares, where appropriate, comply with the provisions of the Internal Code of Conduct regarding Listed Securities issued by MAPFRE, the Regulation on market abuse and Circular 1/2017 of the Spanish National Securities and Exchange Commission.

In fiscal year 2024, 29,727 shares were delivered to subsidiary directors, and a neqative impact in the amount of 1,177.20 euros was registered (compared to a negative impact of 9,715.99 euros in 2023). This has been included under the heading "Other reserves."

Additionally, 2,899,347 shares were delivered under the Stock-based Remuneration Plan of MAPFRE S.A., as described in "Valuation Standards" Note 4.h., with a positive impact of 380,279.35 euros, which has been included under the "Other Reserves" heading.

At the close of the fiscal year, the Company owned 12,200,024 treasury stocks (15,129,098 in 2023), which represented 0.3962% of capital (0.4912% in 2023) at an average rate of 2.09 euros per share over the last two fiscal years.

The total face value of the treasury stock acquired was 1,220,002 euros in 2023).

=. Human resources

The following tables show the average and headcount during the last two years, by category and gender.

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MAPFRE is a diverse, equal, and inclusive group that has a Diversity and Equal Opportunities Policy and a Diversity, Inclusion, and Equity Strategy, called Inclusion for Sustainable Growth, in place. People from five different generations coexist in the company, contributing and deploying all their talent and complementing each other with equal opportunities.

Both the aforementioned policies and the other corporate policies are available to the Workforce on the Global Intranet.

Since February 2020, MAPFRE has been a signatory to the United Nations Women's Empowerment Principles and in 2021, 2022 and 2023 MAPFRE was included in the Bloomberg GEI (Gender Equality Index). MAPFRE is committed to ensuring that by the end of 2024, women represent 34% of the management group. At December 31, 2024, 34.2% of the management group were women.

MAPFRE promotes the integration of people with disabilities into the workplace and committed to 3.5 percent of its employees being people with disabilities. In 2024, 4.2% of the global workforce had some kind of disability.

The objective of the Policy on Health, Well-being and Prevention of Occupational Risks is to promote a safe and healthy work environment and improve the health of employees and their families, both inside and outside the workplace. The Global Healthy Company Management Model implemented worldwide includes five areas of action: work environment, heath promotion, physical activity and diet, mental well-being and work environment.

The Human Rights Policy guarantees the right to freedom of opinion, information and expression, respecting the diversity of opinions within the company and promoting dialog and communication, as well as the right to a safe and healthy working environment in which any manifestation of harassment and violent or offensive behavior toward the rights and dignity of people is rejected.

A cultural reactivation plan has been developed that focuses on aligning all people in MAPFRE with purpose and values. For this reason, the claim of the strategic plan has been called: WE ARE AND DO MAPFRE.

The main objective of the cultural reactivation plan is to generate excitement and strengthen commitment, bringing together the reason for being and the purpose of MAPFRE: "We care about what matters to you," so that everyone in MAPFRE cares for clients, colleagues and society.

Further information is provided in section 3.1. "Own Personnel" in the Sustainability Statement.

External audit G.

Professional fees charged by the external auditor are shown below. It is deemed that these fees do not compromise the independence of the auditors.

ITEM	AMOUNTS
	2024	20%
Audit services	820	965
Other verification services	234	610
Other services	220	106
Total services of main auditor	1,274	1,681

Thousand euros

Other verification services include mandatory legal compliance services in Spain provided by KPMG Auditores, S.L. to the Company during fiscal year 2024, including the six-monthly review and the aqreed procedures report on the description of the Internal Control System on Financial Independence. Furthermore, KPMG Auditores, S.L. billed the Company 220,000 euros for verification of the Non-Financial Information Statement and Sustainability Statement.

Information regarding the services provided by KPMG Auditores, S.L. to the companies linked by a control relationship to MAPFRE S.A. during the fiscal year ending December 31, 2024, can be found in the Annual Accounts of MAPFRE S.A. and its subsidiary companies as of December 31, 2024.

H. Governing bodies

At the Annual General Meeting held on March 15, 2024, Ms. María Leticia de Freitas Costa, Ms. Rosa María García García, and Mr. Eduardo Pérez de Lema Holweg were re-elected as directors.

Antonio Miguel-Romero de Olano resigned as a member of Directors, Steering Committee, the Audit and Compliance Committee, Appointments and Remuneration Committee and the Risk and Sustainability Committee of MAPFRE S.A., effective July 3, 2024, having reached the maximum limit of permanence on the Board of Directors and its delegate bodies, as provided for in the corporate governance regulations of MAPFRE S.A.

At the meeting of the Board of Directors on June 26, 2024, Mr. José Luis Perelli Alonso was appointed as a member of the Board of Directors of MAPFRE S.A., in the category of independent director, through the cooption procedure, with effect from July 4, 2024, to fill the vacancy created by the departure of Mr. Antonio Miquel-Romero de Olano. Likewise, at the same meeting, Mr. Perelli Alonso was nominated as a member of the Audit and Compliance Committee of MAPFRE S.A.

Additionally, at the meeting of the Board of Directors of MAPFRE S.A. held on October 28, 2024, it was agreed to appoint, following a favorable report from the Appointments and Remuneration Committee, Mr. Antonio Gómez Ciria as member of the Steering Committee, Mr. José Luis Perelli Alonso as member of the Risk and Sustainability Committee, and Ms. Ana Isabel Fernández Alvarez as member of the Appointments and Remuneration Committee, in all cases with effect from January 1, 2025.

During the 2025 fiscal year, the terms of independent directors Ms. Ana Isabel Fernandez Alvarez and Mr. José Luis Perelli Alonso (who was appointed through the co-option procedure on the previously mentioned date) will expire. The Appointments and Remuneration Committee has proposed the reelection of both directors for submission to the Annual General Meeting.

Likewise, during fiscal year 2025, the term of office of Mr. Francisco José Marco Orenes will expire, whose reelection as nominee director is proposed to the Annual General Meeting. In addition, it is proposed to appoint Mr. José Luis Jiménez Guajardo-Fajardo as the new executive board director, replacing Mr. Fernando Mata Verdejo, who will step down as executive director of MAPFRE with effect from the holding of the next Annual General Meeting, on the occasion of his retirement. The proposals for the appointment of Messrs. Marco Orenes and Jiménez Guajardo-Fajardo both received favorable reports from the Appointments and Remuneration Committee.

. Average provider payment period

Details of payments made to providers in the last two years are shown below.

	2024	2023
	ITEM Day	Day
Average provider payment period	13	13
Ratio of transactions paid	13	13
Ratio of transactions with payment outstandıng	13	13
	Amounts	Amounts
Payments made	103,669	110,744
Payments pending	137	406
Total payments for the fiscal year	103,806	111,150
Thousand euros

The information on invoices paid in a period less than the maximum established in the default regulations is shown in the accompanying table.

IIEM	2022	2021
Monetary amount paid	103.669	110,744
Thousand euros
Percentage of total monetary payments made to providers	99.87%	99.63%
Total number of invoices paid to providers	6.478	6.119
Percentage of the total number of invoices paid to providers	97.57%	96.85%

J. Research, development, and innovation

INNOVATION

Innovation is a core value at MAPFRE and an integral part of its strategy, business model, and culture. It enables the development of products and solutions that address evolving customer needs in a rapidly changing, technology-driven environment impacting individuals, businesses, and society.

MAPFRE OPEN INNOVATION (MOi) is MAPFRE's strategic commitment to boost client-centered transformation. With it, the company aims to foster innovation carried out by and for people. As an open innovation platform, MOi forms partnerships with other players and leverages emerging technologies. For MOi, addinq value to MAPFRE is as important as contributing to the progress toward a more prosperous, just, and egalitarian society. Since 2019, more than 4.4 million clients have benefited from solutions originating from this model, in terms of both insurance operations (contracting or benefits) and relational and aspirational aspects, addressing major social issues. MAPFRE has collaborated with approximately 150 startups, and over 30 active projects are currently underway, solidifying MAPFRE's relationship with entrepreneurs in the insurance sector and its position as a leader in insurance innovation. MAPFRE has managed to attract the best projects in their class, signing agreements with some of the most valued startups and the top insurtech solutions in the market.

As part of our commitment to venture capital investment associated with the insurance industry, MAPFRE participates as the main investor in the venture capital fund Alma Mundi Insurtech, managed by Mundi Ventures. Fund I, with 100 million euros, has already entered the divestment phase. Fund II, launched in early 2022 with a target size of 250 million euros, has already raised 162 million euros and made 21 investments, earning recognition as the largest insurtech fund in Europe.

In 2024, MAPFRE has continued focusing on and allocating resources to growth initiatives in strategic areas identified as significant opportunities for the insurance business. Some areas of opportunity we've been working on in 2024 include health and well-being, new mobility solutions, and emerging risks such as those related to climate change, cybersecurity, and artificial intelligence (AI). At the same time, this year we have continued to work on transformation initiatives that promote efficient operations and an improved user experience, automating processes such as claims processing, image appraisal, and document management.

Delving further into some of the areas mentioned:

• In the field of Cyber Protection, work continues on developing comprehensive solutions that address the needs of SMEs in relation to cyber risks. Additionally, proposals are being formulated in homeowners protection, incorporating both services and cyber insurance for families.

• Concerning Climate Risks, advanced solutions are being tested that enable a more precise assessment of risks and their future projections under different climate change scenarios. Various opportunities are also being explored for climate risk-related products and services across sectors such as Business, Life, and Homeowners. One such initiative involves the development of parametric climate index insurance as a complement to traditional insurance policies.

· In the area of Responsible Artificial Intelligence (RAI), efforts have focused on defining governance mechanisms to ensure the safe deployment of Al within MAPFRE, as well as the tools and frameworks needed to assess and manage Al-related risks for each application. MAPFRE's multidisciplinary team (including MOi) has conducted an extensive search and selection process for startups capable of assessing Al risks, running proof of concepts, and launching a more expansive pilot with one of the selected startups. This pilot has identified, evaluated, and developed mitigation strategies for the risks associated with various Al models currently in use at MAPFRE. These tools also ensure compliance with Al regulations in countries where such laws are in place le.g., the EU Al Act, NIST standards, etc.). Regarding Generative Al, a "scenario planning" exercise was undertaken to identify potential future growth opportunities and strategic actions for MAPFRE. The exercise examines trends and the future evolution of generative Al to create four possible scenarios outlining how the mass adoption of this technology might impact the behavior of users, and society at large. The study, which has garnered widespread attention both nationally, has been published on MAPFRE's website under the title "Exploring Tomorrow: The Role of Insurers in a Society Shaped by Generative AI".

The Center for Experimentation and Road Safety (CESVIMAP) has implemented the following initiatives:

• It has expanded its understanding of automotive cyber risks in collaboration with companies such as Innotec Security and DEKRA, and through organizing a public demonstration on vehicle cyberattacks in partnership with the Automotive Security Research Group in Málaga, Spain.

· Its research into the repair, recovery, and recycling of batteries from accident-damaged electric vehicles has earned 11 awards, recognizing its efforts in reducing the environmental impact of lithium-ion batteries. Additionally, CESVIMAP has worked with suppliers to integrate battery health assessments into the value proposition of electric vehicle insurance policies.

• With the adoption of electric vehicles, CESVIMAP has introduced advanced technologies such as highdefinition 3D scanning of accident sites, enabling MAPFRE to recreate and analyze various accident scenarios, including fires. This allows the identification of key risks and their consequences.

Lastly, for the 2022-2024 period, MAPFRE OPEN INNOVATION set a target to benefit 3.0 million customers through its products and services. As a result, the total number of customers reached by initiatives developed in the last three years has now surpassed 3,129,054 (924,361 in 2024, 1,191,996 in 2023, and 1,012,697 in 2022).

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In terms of growth, global growth (3.0%), U.S. growth (1.8%), and Spanish growth (2.1%) are expected to remain positive but more moderate compared to 2024. Some recovery is anticipated in Germany (0.9%), the UK (1.5%), and Japan (1.1%), which all experienced a challenging 2024. In Latin America, overall improvement is expected (2.0%), except for Brazil (2.0%), which is in a later stage of its economic cycle and is tightening monetary policy to counter rising inflation. Brazil's estimated growth for 2024 is 2.5%.

Inflation continued to moderate throughout 2024 and is expected to continue decreasing in the future. However, prices are currently about 20% higher than in 2020 in the U.S. and 21% higher in the Eurozone.

Most central banks began reducing interest rates in 2024, aligning with moderating inflation, with Brazil and Japan being notable exceptions, where rates are rising. These monetary policy trends are expected to continue in 2025, though risks will need to be closely monitored, whether due to economic slowdown or inflationary pressures. The risk of policy missteps in monetary policy is high, primarily due to the delayed impact on the economy. In the United States, recent data show labor market weakness (fewer job openings), but labor data tends to be a lagging indicator. A more forward-looking indicator could be the U.S. interest rate curve, which has become positively sloped again—historically a signal of potential recession.

Despite this, central scenario forecasts do not predict a recession. Instead, global growth is expected to moderate slightly, which could be seen as a success of combining restrictive monetary policies with expansive fiscal policies.

Once this central scenario is confirmed, risks in both directions should still be considered. In the United States, Congress will need to address fiscal sustainability in the coming years, as the deficit and debt are on an alarming trajectory, according to the Congressional Budget Office, the Federal Reserve, the IMF, and credit rating agencies. That said, weaknesses persist in the office real estate sector, and how this may spread to the banking sector, especially among mid-sized banks, should be monitored. These banks are already facing significant unrealized losses in their bond portfolios.

In China, significant risks remain in the real estate markets and in the region's debt, with implications for the financial sector. The Chinese government has announced new stimuli to contain contagion effects, but there is uncertainty about how effective these measures will be.

In Germany, Europe's industrial muscle is showing signs of strain, not only from rising energy costs but also due to a decline in industrial production over the past five years. The automotive and chemicals sectors face competitive challenges, compounded by broader trends of industrial offshoring.

In Japan, the weakness of the yen and the impact of interest rate hikes on the economy and currency stability must be closely monitored. For example, interest rate hikes in August 2024 raised the cost of yendenominated loans, reducing the appeal of carry trades (borrowing in yen to invest in other currencies). Promises to continue raising interest rates to defend the exchange rate could significantly affect international investment flows.

Geopolitically, tensions remain high in Ukraine and the Middle East. The potential for change under the next U.S. administration and its ability to influence these situations will be crucial. China's support for Russia is a critical issue, as is the strengthening of military alliances among non-Western countries, particularly through the Shanghai Cooperation Organization (SCO). These developments have implications for the stability of Asia and the broader world.

The Taiwan issue remains a key geopolitical flashpoint, with China asserting its sovereignty and the U.S. supporting Taiwan's autonomy. Although a military conflict has long been a possibility, China has been expanding its military activities in the region, indicating that this option remains open. An escalation in tensions could disrupt global supply chains, especially in the semiconductor sector.

On the geoeconomic front, it remains to be seen how the U.S. administration's planned imposition of tariffs will play out. In Europe, there are also discussions about imposing tariffs on Chinese cars. Such tariffs could result in a redesign of global supply chains and potentially lead to a broader trade war.

Moreover, an alignment is emerging among countries in the Global South, under the BRICS initiative, aimed at increasing trade among these nations and using their own currencies. This is seen as a response to the dollar's dominance in Western markets. Notably, in the past two years, the dollar's share of international transactions has increased, while the euro has lost some ground, particularly after Europe dimporting energy from Russia due to sanctions.

On a positive note, there are potential favorable developments in the scenarios, which could include: (i) confirmation that large economies can achieve a "soft landing", allowing positive growth momentum to continue; lil governments maintaining expansive fiscal policies without causing significant concerns in debt markets; (iii) resolutions in ongoing military conflicts, leading to better international relations; (iv) China successfully mitigating existing risks and continuing with its expansionary economic cycle; (v) the United States finding a way to reactivate its private sector in a way that aligns with fiscal recovery efforts.

P.

The Annual Corporate Governance Report for the year 2024, as required by Article 538 of Royal Decree Law 1/2010, of July 2, approvinq the Consolidated Text of the Companies Act, forms an integral part of this Consolidated Management Report and is subject to the same approval, deposit, and publication criteria as this Consolidated Management Report. It is available for inspection on the website of the Spanish National Securities and Exchange Commission (CNMV),

https://www.cnmv.es/portal/Consultas/EE/InformacionGobCorp.aspx?TipoInforme=1&nif=A08055741, or on the website of MAPFRE, www.mapfre.com

Q. Annual Report on Board Director Remuneration

The Annual Report on Remuneration of Directors for the year 2024, as required by Article 538 of Royal Decree Law 1/2010, of July 2, approving the Consolidated Text of the Companies Act, is an integral part of this Consolidated Management Report and is subject to the same approval, deposit, and publication criteria. It is available for inspection on the website of the Spanish National Securities and Exchange Commission (CNMV),

https://www.cnmv.es/portal/Consultas/EE/InformacionGobCorp.aspx?TipoInforme=6&nif=A08055741, or on the website of MAPFRE, www.mapfre.com.

The Individual Annual Accounts for MAPFRE S.A. (the "Company"), on the preceding pages 1 to 54 herein, and the Individual Management Report on the preceding pages 55 to 68 herein, corresponding to the financial year 2024, were ratified by the Board of Directors at its meeting held on February 11, 2025. The Board Members declare that, as far as they are aware, the aforementioned accounts have been prepared in accordance with the applicable accounting principles and offer a true and fair view of the equity, financial situation, and results of the Company and the companies comprising the consolidation as a whole. Likewise, the Management Report includes a true and fair view of the development of the results and of the position of the Company and of the Group, and broadly informs, along with the Consolidated Annual Report, of the risks and uncertainties they face.

Mr. Antonio Huertas Mejias Chairman and CEO

Ms. María Amparo Jiménez Urgal Member

Mr. José Manuel Inchausti Pérez First vice chairman

Ms. Catalina Miñarro Brugarolas Second vice chairwoman

Mr. Fernando Mata Verdejo Third vice chairman

Ms. Ana Isabel Fernández Alvarez Member

Ms. María Leticia de Freitas Costa Member

Ms. Rosa María García García Member

Mr. Francisco J. Marco Orenes

Member

Ms. María Pilar Perales Viscasillas Member

Mr. José Luis Perelli Alonso Member

Mr. Eduardo Pérez de Lema Holweg Member

Ms. María Elena Sanz Isla Member

Mr. Francesco Paolo Vanni d'Archirafi Member

Mr. Antonio Gómez Ciria Member

Mr. José Miguel Alcolea Cantos Non-director secretary

DILIGENCE to establish, in line with articles 253.2 of the Recast Text of the Companies Act and 366.1.2 of the Mercantile Registry Regulations, that María Amparo Jiménez Argal has excused herself from attending the meeting due to an unavoidable conflict, expressly delegating her representation and vote to Ms. Catalina Miñarro Brugarolas.

In Madrid, on February 11, 2025.

José Miguel Alcolea Cantos – Secretary to the Board of Directors