Milli Re 2025 Annual Report

As of December 31, 2025, the fair values (excluding VAT) and net carrying values of buildings for own use are presented below: Owner occupied land and buildings Expertise date Expertise value Net Book Value (December 31, 2025) Net Book Value (December 31, 2024) Suadiye Fitness Center December 2025 336.950.000 336.950.000 202.000.000 İzmir Regional Headquarter December 2025 102.708.846 102.537.665 62.156.233 Adana Regional Headquarter December 2025 32.750.000 32.695.416 28.277.791 Lefkoşe Cyprus Branch December 2025 24.225.000 24.184.625 20.111.425 Adana Office December 2025 1.020.000 1.018.300 853.575 Other December 2025 4.650.000 4.642.250 4.030.770 Total 502.303.846 502.028.256 317.429.794 Gerçeğe uygun değer ölçümü The fair values of investment properties were determined using the market comparison technique and the income approach.. 7 Investment properties Additions and disposals for investment properties is given “6- Tangible Assets” note in table of current period movement of tangible assets. The Group’s investment properties have been valued at a fair value of 7,696,097,464 TL as of December 31, 2025 (December 31, 2024: 5,336,521,000 TL), based on appraisal reports prepared by independent professional valuers authorized by the Capital Markets Board. During 2025, there was a value increase of 2,158,244,904 TL for these properties (December 31, 2024: 2,024,319,000 TL). The Group earned rental income of 131,330,397 TL from its investment properties during the reporting period (December 31, 2024: 137,563,915 TL). Property based value of expertise report (excluding VAT) and fair values of investment properties are as follows. Expertise reports regarding these properties are prepared by independent professional valuation specialists authorized by CMB in December 2025. There is no mortgage on Group’s investment properties. As of December 31, 2025, and 2024, details of investment properties and the fair values are as follows: December 31, 2025 Net book value December 31, 2024 Net book value Dare of expertise report Dare of expertise report Teşvikiye 6.225.323.750 4.378.000.000 December 2025 6.225.323.750 Villa Ofiice Block 531.250.000 325.000.000 December 2025 531.250.000 Kartal Manzara Adalar 201.331.560 - December 2025 201.331.560 Çifteler Land 6.000 6.000 December 2025 6.000 Other buildings 738.186.154 633.515.000 December 2025 738.186.154 Net book value 7.696.097.464 5.336.521.000 7.696.097.464 279 Notes to the Consolidated Financial Statements As of December 31, 2025 Millî Reasürans Türk Anonim Şirketi GENERAL INFORMATION FINANCIAL RIGHTS PROVIDED TO THE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RISKS AND ASSESSMENT OF THE GOVERNING BODY ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES RESEARCH & DEVELOPMENT ACTIVITIES FINANCIAL STATUS FINANCIAL INFORMATION (Currency: Turkish Lira (TRY)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish)