Good morning. Thank you for being with us on this occasion, first half of the year.

I need to apologize for the exceptional, exceptional time we advised yesterday, but we had to wait for the New York Stock Exchange to close in order to communicate the very important acquisition in the United States of America. Here we are.

This is the earnings presentation for the six months. Antonio Huertas is with us and will address us in general, and then we will hear from our CFO, José Luis Jiménez, who will provide more specifics.

Then, because of the importance of this acquisition, we also have Jaime Tamayo, who is going to add additional details regarding this strategic acquisition. You have the floor, Chair.

Good morning. Now before I actually begin with my presentation, allow me to address the issue of Venezuela, a country which as you know is a country close to MAPFRE's heart and where we continue to have a presence with our customers, with our employees, with our collaborators, with our friends, and especially providing responses to their needs, not only with regards insurance-related activities, which of course is a must, but also to the highest degree possible we're helping society to recover from this terrible, terrible drama.

Our solidarity, our affection, our condolences to all of the persons and families who have suffered the consequences of these terrible, terrible events. The time is ripe for a company such as MAPFRE to really take a step forward, and we reaffirm our commitment vis-à-vis the countries, the communities where we have a presence, and our acknowledgment also to those who are working so hard on-site in order to help the persons affected.

Let's talk now about our earnings. This is why we are together here today, and you can see the evolution of the magnitudes, our business magnitudes.

Now, as we've done ever since we saw our IFRS standards come into place, first general information by units, again according to local accounting standards per country adjusted so that they be comparable, and then we will address the issue of the group's most important indicators. Again, always according to IFRS information received yesterday after the approval by the board presented to the CNMV in Spain, and we also are going to devote a goodly portion of this presentation to explaining details.

Jaime Tamayo will deal with this. He will be, as I say, providing input regarding our U.S.

activity. Now, the first six months, as there is a confirmation of MAPFRE's excellent, excellent performance with regards our strategic plan.

We have seen outstanding, outstanding €624 million increased net earnings, a little bit over 9%, which is more than what we saw one year ago. Premiums, €16, €16.27 billion, €16.127 billion, our combined ratio a fantastic 92.8%, and our ROE is above 13, 13%.

Now, these earnings I think are proof of the pudding. This is a very strong, robust, diversified model, and we can generate profitable growth in very complex scenarios.

Growth everywhere, growth in all businesses despite the geopolitical tensions, despite volatility of energy, despite complexities. The global economy has continued to grow and has proven that yes, indeed, it can absorb these turbulences.

Now in our case, we need to say that Spain, the United States, MAPFRE RE, and of course Brazil have been the main engines for this half year. Spain growing by over 16, 16%, USA 14, 14% in excess of €63 million, and MAPFRE RE we see practically 25%, the number is €186, and LATAM in general continues to be very important, continues to be important, but Brazil is outstanding, excellent, and other countries, all of them continue to add value.

Now let me highlight something which is perhaps a little bit different: FX, which begins now to be favorable after the impact because of the tariff wars last year, which continues to exist. In any case, we begin to see a positive contribution to growth, and we do believe that there will be additional contributions in the second half of this fiscal year.

Now as we've reported, the board yesterday, MAPFRE and MAPFRE USA boards have approved the acquisition of Safety Insurance, Safety Insurance. All of the elements that we sought in a corporate series of actions, we are going to be stronger, more competitive, we're going to consolidate our leadership in Massachusetts, a state where we are leaders in motor and PR, and we gain also scale in the New England region, which is northeast in the United States of America, a very attractive region, very, very highly developed in the U.S.

insurance market. This is a transaction which aligns beautifully with our strategic growth objectives.

We've been saying this, we've been repeating it: the USA is essential, it's strategic, we want to continue to invest, and this is a mature market that we're looking at, stable, tremendous potential. Secondly, we want of course to ensure that the financials are attractive and efficient in terms of capital, and we will be seeing more information from José Luis Jiménez, our CFO, and it is a wonderful opportunity to pick up speed with regards our transformation and innovation.

In a nutshell, it generates value for all of our interest groups: of course for shareholders thanks to our very solid strategic logic and financial logic, and for our employees also, employees in MAPFRE USA, those who come from Safety, who are going to see that there are opportunities to grow professionally in a stronger, in a more robust organization which is better poised to grow and scale. José Luis Jiménez, our CFO, is going to now provide a little bit of additional granularity, but I want to underscore that 2026 is a good year for MAPFRE.

The first six months have been very positive for MAPFRE, and we need to be prudent, of course, we need to be cautious because we know there are turbulences. This is an unforeseeable world, and from the point of view of climate, this is a very, very complex time.

Hurricanes in the Caribbean, we know, and we need to hold on and wait and see what the end of this season brings, but we do believe that we will in fact be successful and will have another record-breaking year. José Luis, you have the floor.

Thank you, Antonio. We can say that consolidated €19, €19 billion and net earnings €624.

Our premiums grow by 1.1% constant rate of exchange, positive, and we do observe that there is an improvement as time passes. As our Chair has just pointed out, and as we pointed out last quarter, we begin to see the positive effect of FX, and the combined ratio is a fantastic 92.8%.

Premiums in Non-Life is €12.3, 14, a growth of 1.4 in motor and health. We see that number there.

The numbers are very similar for the first half of 2025 as well as reinsurance. Life now, second quarter, we see an evolution which is better, a growth of 3.8%.

Life risk, a solid growth, +8.7%, that's life protection. Thank you, Mexico and Iberia.

Finally, savings, we see that 2.052. If we exclude the impact of these emissions, growth of Life would be 15, 15.5%.

By regions now, Iberia, €279 for Iberia, I repeat, 16, 16.6% more. Brazil contributes €136 million and is exceptionally poised in terms of technical profitability.

LATAM continues to contribute in a major way to the group's bottom line. Mexico, Colombia have been conditioned by more claims and inflation, which will be offset by our increase in the list.

EMEA, Germany doing very nicely. Malta continues to be profitable, and Turkey has been affected by the consequences of Middle East realities, whereas in Italy we've seen growth in reserves so that it better tackles upcoming quarters.

MAPFRE RE now, it is doing exceptionally well. We see 186, that is 24.6%.

Excellent evolution, technical, financial alike, and I'm going to give answers to your questions about Venezuela. It's too soon to say what the impact is going to be of those earthquakes, but I can assure you that it will be, we believe, minimum.

As to reinsurance, yes, we've estimated conservatively with an impact of €25 million, that's the maximum. Here we see the evolution of our investments and cash.

Our investment portfolio is in excess of €51 billion with a growth of 5.5%. Our structure is very prudent, and we see that it is fixed income that account.

We see assets under management 8.4% more, and why? Thanks to our investment funds which grow by more than 26% in this half-year period.

On screen, what you see is the evolution of our combined ratio and ROEs by region and unit. You can observe the improvements in the different business units as to regions.

We continue to see the recovery of Iberia, pick-up of nearly 3 points, combined ratio now being 93.7%. This again thanks to motor in the region.

I would underscore also the very good performance in terms of health and general insurance. Because of all of the above, the combined ratio continues to improve for ratio and is now 92.8%.

On the right-hand of your slide, you'll see group ROE numbers, 13.4%. Brazil comes to surface, which brings LATAM well beyond that 14%.

Solvency ratio is 206.8%, which is clearly on the upper tranche of the group's objective, and this I think speaks about our strength and flexibility in strategic terms. Now, very briefly let me talk about financial information in accordance with our IFRS 17 and 9, which are the ones that MAPFRE S.A.

uses for its accounting as presented today to the CNMV. As this is for consolidated purposes, whereas the different subsidiaries continue to prepare their financial reports in accordance with the current legislation in place in each different country.

We have made reference to these numbers throughout the presentation, and we see that the numbers are very similar to the two criteria. We see profitable growth, we see an improvement in efficiency, and we see profitability for MAPFRE.

Before I conclude, allow me to just devote a little bit of time to explaining our financing structure. I'm talking here specifically about Safety acquisition and how it's going to affect the group's indicators.

We've designed a balanced structure, an efficient one, one which matches our capital management policy. It will be funded with a combo of €700 million of Tier 2 debt, €500 million senior debt, and bank debt for the remainder of the amount.

We have a bridge facility which provides certainty and flexibility until the final issuance of bonds. Now from the point of view of regulations and of solvency, we expect an impact of 10 percentage points on Solvency II ratio, which will have us in the mid-band, and 7 percentage points on leverage, which, as we know, is at reduced levels for a group of our size and scope.

It's very important to underscore the fact that after this transaction, the indicators are comfortable within the limits as defined by our risk appetite and in line with financial objectives, which we of course have updated the market on. Now after an initial internal analysis, we do not foresee any kind of a change in our credit ratings, which speaks for our strength and for the capacity to generate recurrent results and earnings for the group.

In brief, we have structured this transaction, and we will be able to maintain the discipline which is characteristic of MAPFRE. Our position is solid in terms of solvency, and it guarantees the necessary solvency to continue to execute our growth strategy and our value creation strategy as well.

Thank you. I look forward to your questions, and now our CEO MAPFRE USA will provide additional information.

Thank you, José Luis. Good morning.

Let's talk a little bit about MAPFRE in the United States of America, let's talk about Safety Insurance. MAPFRE USA is at a sweet spot.

As we've just heard, the earnings are better, the combined ratio, our competitive positioning, everything is great. We were able to onboard Safety Insurance, Non-Life, absolutely top-notch with a clear trajectory in terms of subscription and earnings.

44 years out of 45 in history has been successful and a combined ratio of 97% over the past 10 years. From a financial point of view, it is a relevant business which is well-capped and approximately $1.3 billion in premiums gross, approximately 2.5 in total assets, and 900 in it's shareholders' equity, $99 billion in net, that would be for 2025, and a return on earnings of 11.5%.

Additionally to that, it is a well-known brand in its market, which is our market, the Northeast, and more specifically Massachusetts. It can definitely distribute beautifully.

It knows the local business, and it has a solid commercial base with some 800 independent agents and some 600 employees roughly. These are the attributes that have turned Safety Insurance into one of the insurance companies which is most attractive in the United States northeast portion.

From a strategic point of view, this acquisition will bolster, it will strengthen our position in that region. As we've said, with the onboarding of Safety Insurance, we consolidate leadership which is paramount in Massachusetts, and we grow our market share.

We now are approximately 25 in motor and 17, 17 in home. From a regional point of view, this acquisition is going to turn MAPFRE into the second most important autos, and the first in commercial vehicles, and also in terms of the home insurance business line.

This is a differential scale in one of the markets which is most attractive and most profitable in the United States of America, the northeastern portion of the country. This transaction also grows our presence in two areas that are very important for MAPFRE: SMEs and in some states where we do not have the kind of scale that Safety does enjoy.

We grow dimension, we diversify our capacity, we reinforce our presence in a market which is tremendously mature, very stable, and backed by a very strong currency. From a financial point of view, we are acquiring a company that generates consistent, coherent results and which will continue to generate cash as of day one.

Furthermore, we've identified synergies in excess of $33.0 million yearly, and this is because of the platforms, this is because of the transactions, corporate processes. These synergies, together with the expected growth of that combined activity MAPFRE USA and Safety Insurance, will allow us to see a growth in excess of 5% of our profits, and this turns this transaction into one that creates value for the group, not only the USA.

In economic terms, we've seen the information, we've published the information, we have agreed $105 per share, which is a valuation a tiny bit in excess of $1.54 billion, that's €1.35 billion at the current rate of exchange. This is important in institutional terms.

We believe that you will appreciate how positive this transaction is. On screen, you can see what the process is going to be like.

We're going to have to see the shareholders approving in September in the meeting they call as the pertinent authorizations are also given the go-ahead. This transaction is going to be structured thanks to a merger, a new company which will be owned by MAPFRE.

This is a newly created company. We hope to be able to close the transaction in the first quarter of 2027 once we have obtained the necessary regulatory authorizations and our shareholders' approval.

At the end of the day, this acquisition is going to grow our scale, is going to allow us to bolster our global and local leadership, continue to grow profitably, and build a platform which will be all the more solid to continue to add value to the U.S. market, which is, as we know, the largest insurance market in the world, and this in the upcoming few years.

I now am going to give the floor to our Chair, who will conclude. Thank you.

Antonio?

Yes, thank you, Jaime. There's no doubt that this is a fantastic transaction in one of our most important markets.

Now we've said this, we've repeated this in our presentations over the past few months. The acquisition of Safety Insurance is the kind of growth that we seek: profitable earnings, disciplined, consistent with our strategy.

We actually reinforce a position which is already robust with a clear strategic and financial aim. We are all the more present in a mature, attractive market.

Our position, our competitive position is all the stronger, and our shareholders see how value accrues. This is a very important step in one of the most important markets we have a presence in the world.

In the U.S., the premiums if we add them all will go from $2.6 billion to nearly $4 billion, and that's pro forma, and our net earnings will grow substantially. It will go from about 130, $130 million to over 230, $230, and total assets will grow, and the number there will be $6.8 billion.

What can I say? I can only conclude that this is a very, very good half year.

We see how earnings have done better, we see how technical profitability is all the better, very, very solvent, and we continue to take strides in our more relevant markets. We're prudent, we're cautious, we are prudent and cautious when we see the rest of the year because the international reality continues to be complex, but we are very certain that our people, the quality of our transactions is going to allow us to do better all the time, creating sustainable value for all, for our shareholders, for our customers, for our employees, and our new Safety employees.

What can I say? This is the final stretch of our plan wrapping up this year, and which we will prove is a great success, as you're seeing.

Thank you very much,

and if you have questions, we will be delighted to take them. Ladies and gentlemen, you have the floor.

The first question from Rafael Cierra, who asks about cars, motor has grown by 6.5 in the first half this year, whereas you have grown only by 1.56. Why so distant from the growth in the sector?

That was the question.

Rafael, the answer is the motor sector the world over after the pandemic has had its ups and downs and combined ratios, we can only say spun out of control in all of the companies that are specialized. We worked very, very hard, all of us all over the world, and in Spain also, trying to ensure that those ratios were brought back to heel.

What we are addressing today is proof of the pudding with combined ratios that are magnificent. I can only say that this year we have seen that we're doing well by our list, appropriate, and about 35% of our customers have not seen hikes, less than inflation, they're paying less.

This is a strategy which allows for that margin to be maintained and also ensure that our best customers remain loyal to us. We want to contain costs, of course, so that our price list be competitive.

Now we want to be competitive, of course we do, in all channels where we work in Spain. The motor market is a very competitive one in Spain, and of course we are prioritizing those two objectives: profitability and customer retention.

We're not going to go crazy, and whatever the competition does is interesting, but it's not going to be what we're going to be doing necessarily. We are going to grow in a healthy way: customers, premiums, and we're going to continue to provide excellent service.

We're going to ensure that our reputation is not tarnished in this sector.

Thank you. Question number two from Julio Muñoz from Capital Madrid.

At the beginning of the year you were optimistic regarding the rate of exchange for '26, and apparently the expectations are coming through. I wanted to know, do you think that this is going to impact the numbers for the rest of the fiscal year?

That's question one. Question two is after the acquisition of Safety, is MAPFRE going to take a break and digest that integration, or are you looking for additional opportunities in the United States and other regions?

José Luis takes the first question about the rate of exchange.

Yes, it's true. Last year we suffered, if you remember the numbers, 2025, it cost us nearly 4 points of growth in terms of premiums because of rate of exchange effects if there was no logic, no market-related logic.

It was just a different policy which was implemented in the United States of America. Now that major effect which in the case of the U.S.

dollar had an 10% depreciation, this happened in other Latin American currencies. It makes sense to think that rate of exchange actually returned to the fundamentals, and in the case of the USA, which is the strongest and fastest growing economy, this is what happens in Latin America also, which is the region in the world which has been least affected by the Middle East.

Rates of exchange are back to what we can say were the fundamental values. Far this year, movement actually encompasses a goodly portion of the depreciation that was suffered last year.

Yes, we are optimistic. Yes, we do believe the second half of the fiscal year will have us seeing how we slowly observe the effect premiums-wise and earnings-wise.

Thank you. Now Jaime is going to talk a little bit about the onboarding of Safety that Julio asked about.

It is going to be straightforward, but Jaime for sure is going to give us a little bit more information. We are not thinking about pausing.

Our business is going to continue to run business as usual, and MAPFRE is going to continue along its strategic lines of action. We will keep our eyes on the ball, and from a financial point of view, for sure we commit to not growing our debt levels because the funding of this transaction is going to vary, but we're going to generate cash, and that's what we can do.

We will be back to those levels that we committed to. We talked with our shareholders approximately 24%.

In any case, because we're thinking about future growth, yes we are, we will continue to see opportunities, agreements, and so on in those countries where we have a presence and which we know are strategic for us. Jaime, would you like to add anything?

Actually yes. Let me begin by saying that yes, we today announced that agreement.

We have acquired Safety, and as of today, we will initiate that obtaining of the different regulatory authorities, the permits, doing the paperwork in order to close the deal, wrap up the transaction. First, we're going to be seeing the Safety shareholders meeting scheduled for September at some point, in which must approve that acquisition.

We'll be seeing how we receive the federal authorizations because of the fact that this is a listed company, and at a state level as well, and that of course in the Massachusetts market. We believe that we will be wrapping up the transaction in the first three months, the first quarter of 2027.

Now we're announcing, and before we formally close the transaction, we're already working with Safety teams, we are studying those business opportunities, the areas where we can actually streamline, achieve synergies and efficiencies in order to get to know each other better so as to better onboard Safety in MAPFRE USA.

Thank you, Jaime. Thank you, Chair.

A question from Manuel Chicote from Aseguranza, a number of questions, three. First, about Iberia.

You talk about a lesser business. What is this due to, and what's going to happen the rest of the year?

The answer is that this is exceptional. In 2025 we had an exceptional policy which has not happened this year, we're comparing and we see that that is the difference which crops up.

We're very active, we grow our corporate business systematically, and furthermore, we are leaders for SMEs and for large corporations also in our country. Our strategy really does focus on business activity growth, and we are convinced that we are taking advantage of the opportunities that exist, and we will continue to grow along these lines.

Thank you. Another question also about Iberia.

Chicote underscores that that combined ratio for motor of 4 points, that uncertainty, is it over? That uncertainty we talked about before?

Let me answer by saying in Spain we believe that yes, we are back to stability. Technical measures have been implemented over the past few years, and we see very positive evolution.

Actually, the first quarter saw a combined ratio which was better because there was less of a frequency because of the rainfall. There were constant rainfalls in the first quarter, but in the second, well, we're back to normalcy, if you will.

I would say that what we can foresee is to continue in that combined ratio tranche, approximately 96, 97%, and we see this from an optimistic vantage point. It's true that the uncertainty, global uncertainty, well, you never know, inflation-wise, what the effects are going to be, a second or a third round, but we're cautious.

We believe that we are back to stability, and we are positive in our outlook.

Thank you. Chicote has another question.

This is about the storms in Portugal and Spain, that catastrophic weather. Can we quantify the impact for MAPFRE of those storms, and in broader terms, what about the catastrophes over the past two years?

What are the solutions that we're thinking of?

Let me answer by saying the first quarter, the impact, yes, indeed, the storms in southern Europe, especially in Portugal and also in Spain, well, that definitely was very telling. It did affect us, approximately €55 million, which have been absorbed and not with any major difficulty.

As to catastrophic risk in general, well, yes, it's true we've seen less catastrophes in the past few years, less important, significant catastrophes, but it's also true that we have run into second-level risks, what we call in secondary perils. We've seen that growth there.

Now also, MAPFRE RE has reserves which are in the upper band, right? In the case of that combined ratio, it costs us approximately 2 points that excess in reserves, which we are being prudent about.

We have to underscore that this is the beginning of the hurricane season. There may be an impact every year.

This is a word of warning. We hope this year is like last year, there were practically no catastrophes so we could think about a positive, a good year.

Another question. This is from Alberto Mascuña.

Have we seen an impact in the company accounts because of the tariff war? Are we worried about the tension between the Spanish government and the U.S.

administration? Is this going to slow down the acquisition of Safety?

Let me answer by saying that the tariff war, this ping-pong, this ongoing table tennis tariff game, it affects the consumer at the end of the day. It's the consumer who foots the bill.

Products are more expensive, consumers can buy fewer products because of inflation, because inflation grows and it goes beyond that level of reasonability after the pandemic. That's the effect.

That is the effect. Costs are higher, and in general, inflation at this point in time, well, it's not actually not responding to those potential because of the difficulties, commercial and trade traffic and the new tariffs which are being imposed in many markets reciprocally, we would say, the U.S.

and other countries. Now everybody believes that inflation might pick up a little bit in upcoming months, and our technical approach is very professional, and we do anticipate different scenarios, that's what we're working on, because at the end of the day, what we want is for prices to be adjusted to reality.

That is the most important impact, that that hike in costs which will run parallel to inflation. Also, remember that MAPFRE continues to strive to ensure that it is as efficient as possible so that it is not the customer who has to pay for those additional numbers.

As to the tension between the Spanish government and the U.S. administration, I don't think so.

I'm not forecasting that, especially if we think about how important Safety is going to be. The Massachusetts authorities, and in general the insurance authorities, are professional teams, and professional teams look at professional realities and they analyze the transactions in a very professional way.

We've had conversations with the Spanish authorities and with the Massachusetts authorities, and that is their vantage point, that's their interpretation: very professional, not political at all. Yes, indeed, we do believe that nothing is going to slow us down.

We see that that question, no, the answer would be no, and we believe that it's going to be months, which is the standard, and we believe that in the first quarter of 2027 we will have the necessary authorizations and permits.

A question from Aitor Cavallero from El Economista. We hear that you share up to 99% of agents with Safety.

Up to what point is this good? Because that territorial expansion will be more limited.

Bearing in mind the position it holds in New England, do you think that MAPFRE may actually have a presence in other states in the United States of America?

Let me answer by saying that we believe that sharing practically 99% of the agents and brokers in Massachusetts is a source of strength. Our so-called independent professionals in the United States could be described as being very similar to brokers because, in fact, they represent multiple companies.

They have that in their portfolios. Now, those agents are well known to us, and we onboard them into a consolidated perimeter involving the two entities.

What we're going to be doing is strengthening our position within their portfolios, and at the same time, with regards agents, because we're going to respect their current positions, what they have in place with Safety, they're going to be able to sell more products in the new MAPFRE group once we actually complete the transaction. It's also important to bear in mind, answering your question now about whether MAPFRE can actually have a presence in other states, well, we have a presence in 11 states right now.

One of them is Massachusetts, yes, and apart from that, we have number 12, which would be New Mexico with extended warranty, which is a little bit different from what traditional insurance activities are, and there's a presence in over 35 states. Obviously, the acquisition of Safety, what this underscores is a strategic path because we are geographically positioned in the northeastern portion of the United States of America.

This is a wealthy part of the country, it is heavily populated, it has a capacity to grow. We're talking about $35 billion, which is so important for us.

Now, from the point of view of litigation, from the point of view of regulation, this is a region that is relatively benevolent for us and our transactions, and independently of the weather, which well, the winters are very, very difficult there, from the point of view of catastrophes, yes, there's a certain impact, but the probability of impact is much, much less than what we would see in other U.S. market regions.

Yes, let me just add something here. We don't usually say when we're talking about the U.S., but where MAPFRE has a presence also in reinsurance, but it's important, very important to remember that there's a state which is associated to the States, which is Puerto Rico, and MAPFRE has a presence there.

We are leaders there, we have a very strong presence, and our earnings are fantastic. Our friends from Puerto Rico would not forgive us if we were not to make a reference to them as citizens and as very important clients.

Another question now. What about inorganic growth?

Hold on just a second, please. I'm sorry, the question is disappearing.

Another question I think this one has been answered. Another question which is the impact of the fires in Spain.

Yes, inorganic growth, I have talked about that. Our strategy without really changing our debt levels, we are going to continue to take advantage of opportunities which do not necessarily call for acquisitions.

We seek partners, business partners, distributors, agreements in those different countries which are known, and we've insisted, apart from Spain, which for the most part tend to be Brazil, the United States of America, and Mexico. Now as to the fires, well, the wildfires, I need to say, Aitor, first and foremost, I need to say our condolences, our terrible, terrible reaction, the loss of human lives in Los Gallardos in Almería.

This was absolutely terrible: 13 victims, 13 persons who lost their lives, many other victims, many wounded, many injuries, anything of this nature that results in loss of human lives or injuries, well, as you can imagine, this is a consequence that we cannot as a society accept that this is something that can happen. We need to do whatever needs to be done to ensure that this does not happen again.

I think that we need to safeguard persons. Material damages, of course, are very important, but it is just a material in a very rural part of the country and insurance levels is less, it's motor, real estate which is not material.

I have to say that today in Madrid we are seeing terrible wildfires. Over 10,000 persons have had to leave their homes, have had to take shelter, and are suffering potential losses.

I understand that there are sufficient professionals and the fires will be abated soon, but in any case, very complicated reality. Our CFO José Luis talked about this before.

These fires are increasingly frequent, and unfortunately, they affect persons in the way they live, in their environment, and from the point of view of insurance for MAPFRE, to the best of our information, no, there is not going to be a relevant impact. We do hope that everything is back to normal very, very soon.

Óscar Giménez has a question from El Confidencial. How about the market?

The premium paid by Safety, is it not excessive?

Yes, the market reaction? Let me take the premium.

It's very difficult when we talk about market valuation, it's very difficult to see what happens at this point in time because in the presentation when we talk about the transaction, well, you can talk about earnings, you can talk about the transaction, but then you talk about the effect it's having on the market and a series of circumstances which are beyond our control, the conflict for instance in the Middle East or inflation. There is a rationale from a strategic point of view and also from a financial point of view for us.

The transaction adds value. We're going to grow our dividend per share by more than 5%, and we're going to see an improvement in the group's ROE.

This is a strategic transaction in a market which we are very familiar with. This is a very solid franchise.

It is profitable, as Jaime pointed out. We've seen positive results, positive earnings, 44 of the past 45 years, and a combined ratio of about 97% over the past 10 years.

If you want to see the effect, we'll have to wait a little bit. We think it's a good transaction, we think it will contribute to the group from a financial, from a strategic point of view in the world's largest insurance market and one of the markets that we as a group have identified as a place to grow.

Thank you. Also from Óscar, do we know anything about the CNMC investigation in the insurance sector because of anti-competition?

The answer is no, we have no further news. We are always willing to work with the CNMC and with the authorities to clarify any possible doubt.

A final question from Andrea Merino from Thomson Reuters. She has a question regarding analysts at Bestinver, who said that the acquisition of Safety does not appear to be overly accretive, and she asks about the share price this morning after the announcement and how would you interpret Bestinver's comment and what would you have to say about the fall in the share price?

My answer is that we are respectful of all of the market's opinions. We know Bestinver.

It's a fantastic house. As we've said before, from a strategic and from a financial point of view, this is going to add to the group, and the numbers are there.

As to the share price, well, we'll have to wait and see, but we are convinced that it's going to add value as of the very beginning. Now as to the impact of the earthquakes in Venezuela, €25 million, which have been included in our accounts for the second half of the year despite the fact that these earthquakes happened at the end of June, we have already brought them on to our accounts.

We believe we're being prudent, yes, but this is something which is specific to us as a group. We prefer to be very cautious in any one of the estimates that we may be accountable for.

Thank you. I believe there are no further questions.

No further questions? Very well, then I'm going to allow myself a few final comments.

Now, of course today we have two very important pieces of information: earnings on the one hand, of course, magnificent performance of MAPFRE in the first six months of the year, and the other is the very, very important acquisition of Safety, which represents exactly that kind of business growth that we seek. Now I can understand that yes, the analysis is complex.

I understand that time is very much needed, but I want to talk about Standard & Poor's because this morning, this is fantastic news, this would be the third piece of news which we have not included in the presentation because it literally happened this morning, but this morning, as I say, S&P, Standard & Poor's, has published MAPFRE's new credit ratings corresponding to this year, and we see that the rating, the MAPFRE rating as for the group, for the holding, from A- to A, our rating is more, and MAPFRE RE is AA, AA-. I call your attention specifically to this because apart from the rationale as published by Standard & Poor's regarding MAPFRE growth, well, there's a paragraph that was included there which addresses the Safety transaction, the Safety deal, and they say that this transaction for Standard & Poor's is one that will have a limited impact in the risk profile of MAPFRE as a company and it will bolster MAPFRE's competitive positioning in the general insurance, property and casualty insurance, personal, commercial, motor, and homeowners.

Furthermore, MAPFRE, they expect MAPFRE to be in a position to have the clout to actually deal with the transaction as best it may, taking advantage of synergies and integrating Safety. This is very important for us, and in any case, it's good news, very good news, that improvement in our MAPFRE credit rating.

Now as to conclusions, just a second, bear with me for a second, please. Yes, I would like to remind you, we see this information, thanks to this acquisition, as I say, we are helping growth and basically also our third strategic market after Spain and Brazil, which is the United States of America.

Now we will see how it actually occupies an even more important position: €2.6 billion in terms of premiums, approximately $4 billion, and of course our earnings will grow as well. Let me conclude by saying it's been a very, very good, an excellent six months.

Our forecast for the upcoming six months, well, we're seeing that it's going to be a positive year, we're going to grow along the same lines, we're going to be seeing an improvement in our earnings, in our technical profitability. We are very solid solvency-wise, and we're advancing in the most important markets, the three important countries that really add more: MAPFRE RE, which has done beautifully, and all other countries with some minor exceptions, but basically all countries are actually contributing to the bottom line.

I can only say that the technical ratios are excellent. As we've said, the rest of the fiscal year is an interesting half year.

We're going to be very cautious, we're going to be prudent. We need to remember where we are in general terms, the geopolitical realities, slight degree of uncertainty, but we are certain that our deals, our transactions, our activities are solidly based.

We trust our teams, our people. The quality of our deals, the excellent service that we provide allow us to be certain that we continue to add sustainable value for customers, shareholders, and society in general.

Of course, we know that our strategic plan is a very solid one. Of course we cannot be isolated from our surroundings, but our internal strength is sufficiently solid.

Proof of that is that despite the uncertainties that surround us, the board of MAPFRE has been able to take a very important decision together with MAPFRE USA board to take this step to bolster our presence in the United States of America. Ladies and gentlemen, thank you so very much for having joined us this morning.

Thank you. Always wonderful to know that you are there following us, tracking us.

The summer has come. These are the final days in the month of July.

I believe that many of us will be taking our holidays, some days, some weeks in the upcoming months, let me just say I wish all of you a very good summer, and we will see each other again after we return in order to continue to talk about MAPFRE's evolution in that third quarter of the year. Thank you all again very, very much.

Have a wonderful summer, and I'm very happy that you were able to join us to talk about these six months in 2026. Ladies and gentlemen, good day.