Milli Re 2025 Annual Report

Foreign currency rates used for the translation of foreign currency denominated monetary assets and liabilities As of December 31, 2025 and 2024 are as follows: End of the Period (Buying) End of the Period (Selling) Average ABD Avro ABD Avro ABD Avro December 31, 2025 42,8457 50,2859 42,9229 50,3765 39,4592 44,6948 December 31, 2024 35,2803 36,7362 35,3438 36,8024 32,7984 35,4893 Exposure to foreign currency risk A 20 percent depreciation of the TRY against the following currencies As of December 31, 2025 and 2024 would have increased or decreased equity and profit or loss (excluding tax effects) by the amounts shown below (December 31, 2024: 20 percent depreciation of the TRY). This analysis assumes that all other variables, in particular interest rates, remain constant. In case of a 20 percent appreciation of the TRY against the following currencies, the effect will be in opposite direction. December 31, 2025 December 31, 2024 Profit or loss Equity (*) Profit or loss Equity (*) US Dollar 1.575.731.721 1.575.731.721 1.224.168.219 1.224.168.219 Euro 596.800.168 596.800.168 (115.097.965) (115.097.965) Others (25.065.247) (25.065.247) (46.975.962) (46.975.962) Total, net 2.147.466.642 2.147.466.642 1.062.094.292 1.062.094.292 (*) Equity effect also includes profit or loss effect of 20% depreciation of TRY against related currencies (December 31, 2024: 20% depreciation of TRY). Exposure to interest rate risk The principal risk to which non-trading portfolios are exposed is the risk of loss from fluctuations in the future cash flows or fair values of financial instrument because of a change in market interest rates. Interest rate risk is managed principally through monitoring interest rate gaps and by having pre-approved limits for repricing bands. 272 MİLLÎ REASÜRANS 2025 Annual Report Notes to the Consolidated 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)