Milli Re 2025 Annual Report

As of December 31, 2025, and 2024, “Other reserves and retained earnings” in the statement of changes in equity consist of extraordinary reserves, capitalized gains from sales, revaluation surpluses of properties intended for use, other capital reserves, special funds (reserves), and other profit reserves. As at December 31, 2025 and 2024, “Other Reserves and Retained Earnings” are detailed as below: December 31, 2025 December 31, 2024 Extraordinary reserves 7.995.003.925 4.518.846.761 Private funds 2.055.082.215 330.452.130 Other capital reserves 1.459.738.276 1.299.765.489 Sales profits to be capitalized 49.493.534 42.921.312 Subsidiary capital correction (71.060.154) (71.060.154) Other profit reserves (120.588.135) (96.735.283) Total 11.367.669.661 6.024.190.255 Other capital reserves According to TAS 16 - “Property Plant and Equipment”, property, plant and equipment are initially recorded at cost and can be subsequently measured at their fair values. The Company has started to show based on the revaluation model by measuring over fair value as of the third quarter of 2015 by making changes in the use of the property which is measuring the cost model in the financial statements before. In accordance with tax legislation, 75% of profits from sales of participation shares and 25% of profits from sales real estates included in the assets of companies is exempt from corporate tax, provided that it is classified under a special fund for full five years. The exempt gains cannot be transferred to another account other than a capital increase or cannot be withdrawn from the entity for five years. In according to expertise reports, fair value of property for use is calculated as revaluation differences amounting to TRY 1.447.902.359 is recognized in ‘Other Capital Reserves’ account under equity as TRY 1.122.124.328 with net tax effect in financial statements As of December 31, 2025 (December 31, 2024: TRY 1.122.124.328). Until December 2023, the Suadiye Sports Facility was classified as investment property, but after being transferred to Miltaş, it is considered property intended for use in Miltaş’s financial statements. The revalued amount of Miltaş’s properties intended for use has been calculated at 336.950.000 TL based on appraisal reports, with revaluation surpluses amounting to 262.815.646 TL. These revaluation surpluses have been accounted for in the ‘Other Capital Reserves’ under equity as 197.111.734 TL in the financial statements prepared as of December 31, 2025, shown net of tax effect (December 31, 2024: 101.404.077 TL). As of December 31, 2025, the amount recognized in other capital reserves as a result of the consolidation of the subsidiary Anadolu Sigorta is TRY 140.502.214 (December 31, 2024: TRY 76.237.084). 290 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)