Milli Re 2025 Annual Report

35 Income Taxes Income tax expense in the accompanying financial statements is as follows: December 31, 2025 December 31, 2024 Corporate tax expense: Corporate tax provision - - Deferred taxes: Origination and reversal of temporary differences 410.797.064 53.365.094 Total income tax expense/(income) 410.797.064 53.365.094 For the period then ended As of December 31, 2025 and 2024, a reconciliation of tax expense applicable to profit from operating activities before income tax at the statutory income tax rate to income tax expense at the Company’s effective income tax rate is as follows: December 31, 2025 December 31, 2024 Profit before taxes 9.365.622.141 Tax rate (%) 5.880.266.311 Tax rate (%) Taxes on income per statutory tax rate 2.809.686.642 30,00 1.764.079.893 30,00 Tax exempt income (2.888.601.376) (30,84) (2.461.660.090) (41,86) Tax rate change impact (433.274.582) (4,63) (576.523.544) (9,80) Deferred tax not recognized on tax losses and non-deductible expenses 101.392.252 1,08 1.220.738.647 20,76 Total tax expense recognized in profit or loss (410.797.064) (4,39) (53.365.094) (0,91) 36 Net foreign exchange gains Net foreign exchange gains are presented in Note 4.2 - Financial Risk Management above. 192 MİLLÎ REASÜRANS 2025 Annual Report Notes to the Unconsolidated Financial Statements As of December 31, 2025 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TRY)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish)