Milli Re 2025 Annual Report

20 Financial liabilities December 31, 2025 December 31, 2024 Payables from Leases (Not 34) (*) 166.515.234 230.916.234 Short-term 40.358.521 62.761.317 Long-term 126.156.713 168.154.917 Total 166.515.234 230.916.234 (*) As of December 31, 2025, the Group’s payables from Leases are explained in the Note 34 - Financial Costs . 21 Deferred taxes As of December 31, 2025, and 2024, deferred tax assets and liabilities are attributable to the following: December 31, 2025 December 31, 2024 Deferred tax assets/(liabilities) Deferred tax assets/(liabilities) Valuation of real estate (1.687.548.900) (1.499.987.932) Financial asset valuation (824.441.441) (312.953.028) Non-Technical Provisions 873.912.617 600.241.862 Insurance Provisions 1.106.105.941 648.557.320 Other, net (382.540.220) 300.194.770 Deferred tax assets/(liabilities), net (914.512.003) (263.947.008) As of December 31, 2028, the Group has a total deductible financial loss of TRY 2.244.680.175, of which TRY 420.097.410 can be utilized by December 31, 2028 and TRY1.824.582.765 can be utilized by December 31, 2029 (December 31, 2025: TRY 3.688.928.783).The Company reviewed the business plan as of December 31, 2025 and estimated the risk of not being able to use the financial losses, which can be deducted in the coming years, and as of December 31, 2025 and December 31 2024, no deferred tax was calculated on the aforementioned accumulated financial losses with the precautionary principle. Movement of deferred tax assets as of December 31, 2025 and 2024 are given below: 2025 2024 Opening balance at January 1 (263.947.008) (146.066.792) Recognized in profit or loss (148.449.513) (155.885.646) Recognized in equity (190.438.001) 205.661.586 Cancellation corporate tax provision (311.677.481) (167.656.156) Closing balance at December 31 (914.512.003) (263.947.008) 300 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)