PTB_Antonio Huertas, Chairman of Mapfre

Hello, first of all I want to send a message of solidarity, empathy, and support to our brothers and sisters in Venezuela, who suffered terrible earthquakes a few weeks ago that caused an unacceptable number of fatalities and extensive material damage. We will continue to support you to help rebuild your beautiful country. But let's now talk about Mapfre. The results of the first quarter of 2026 confirm that Mapfre is advancing strongly around the world. We have achieved a profit of 1,313 million euros before taxes and minority interests, and 624 million net, with growth of over 9% in both. And we have done so while improving profitability, efficiency, and our ability to create sustainable value. Behind these figures there is something much more important: the effort of tens of thousands of professionals, the loyalty of millions of customers, and a highly diversified business model that continues to work in the most demanding environments.

Spain, the United States, Brazil, and Mapfre have been some of the main drivers of this growth, but there are many countries and businesses that contribute their share of success. We continue to improve results, strengthen solvency, and advance on all fronts. But this half-year will also be remembered for a decision that will transform our operations in the United States. Today we announced the signing of the agreement to acquire Safety Insurance, a great company that operates in Massachusetts and New England, the Northeast states of the United States. This is a decisive step for Mapfre in the United States because it strengthens our presence in the largest insurance market in the world and globally because it allows us to invest more in one of the most developed and attractive countries, diversify with more assets and business in dollars, and accelerate our profitable growth, taking advantage of the enormous opportunities in this great region. In our model, growing and doing so on solid foundations always go hand in hand. A solid and resilient growth that reinforces our long-term capabilities. And growing like that means above all adding people. With this operation, many employees, agents, and collaborators will join the group who will drive our business, technology, and transformation projects.

These are complex and uncertain years. Yes, but also exciting because of the challenges ahead. We are not only looking at the medium and long term. We are also fully committed to the present. We face the coming months with the prudence demanded by the environment, but with enormous confidence—the confidence that these results and the good progress of all ongoing initiatives give us. Our strategic plan is entering its final stretch in these last months and we are convinced that we will close it with great success. We started the year with a major project to renew our brand, giving it more visibility worldwide and adapting it to the new times. And we continue day after day building a stronger, more prepared company with a very clear ambition: to create value for our customers, for our shareholders, and for society as a whole.

And we do this guided by very clear values: teamwork, constant effort, trust, commitment to others, an irreproachable ethic, and continuous improvement. These are the values of all the people who make up Mapfre and they are also the values we have seen these days in football, in the teams that competed in the World Cup, and admirably in its winner, the recently crowned champions, the Spanish national team, which, as you know, Mapfre Spain has been sponsoring. Because in sports, as in Mapfre, great achievements are never the work of a single person. We are a team. When a team gives its best and exceeds the sum of its talents with commitment and confidence, there is no limit we cannot overcome. That is what the Spanish national team has shown, and from here we congratulate them again on a historic triumph, their second star. And at Mapfre we are writing our own great season. That is why I want to congratulate you and thank you all. These results are yours.

Thank you very much for your work. Now, at mid-year, many of us living in the Northern Hemisphere will take a few days of rest with family and friends. The greatness and diversity of Mapfre mean that we never stop. We pass the baton to each other like in a perfect relay race. Soon it will be the turn of others. Happy holidays.