Linea Directa Aseguradora, S.A.

Good morning, everyone, and thank you for joining us today. We are pleased to welcome you to Línea Directa September 2026 results presentation. I am joined by our CFO, Carlos Rodriguez Ugarte, who will take you through the main highlights of the period, followed by the Q&A session. Carlos, over to you.

Thank you very much, Beatriz, and good morning to everyone on the call. We are pleased to present a strong nine-month performance of Linea Directa, combining sustained growth, profitability and solvency. Let me start with the key numbers for the period, shown on the first slide of the deck. Gross return premiums reached 919 million euros, up 8.9% year-on-year, with all business lines reporting solid growth. The portfolio stood at 3.9 million policies, 6.9% higher than in September 2025, after adding 253,000 policies over the last 12 months. Technical profitability remains strong, with the combined ratio down 2.1 percentage points to 91.3% compared with the first nine months of 2025. Net profit increased by 34.8% to 80.4 million euros, supported by business growth and the strong improvement in technical performance. Return on Equity rose to 25.6%, while the Solvency Ratio remained robust at 191.5%. I will now go through the main drivers of this 9-month performance. Turning to page number 7. Insurance revenue rose by 10.8%, while gross return premiums increased by 8.9%, with all business lines adding to growth. Growth was escorted by solid technical profitability, with the insurance technical result up 45.6%, and the combined ratio, as I stated before, improving by 2.1 percentage points year-on-year, reaching 91.3%. The expense ratio improved to 20%, down 1.1 percentage points year on year, reflecting increased scale, operating discipline, and continued efficiency gains. The financial result was up 7.7%, with the fixed income portfolio as the main driver, while also reflecting the temporary impact of the renovation of an investment property. As a result, profit after tax rose by 34.8% year-on-year to 80.4 million euros. Turning to business volumes, motor continued to deliver robust growth while health and emerging business maintained a strong momentum. Turning to page number 9, the combined ratio reflects the benefit of discipline underwriting and improved operating efficiency. On the loss ratio, performance remained well controlled at 71.3%, supported by underwriting and pricing discipline alongside with positive claim frequency. The expense ratio improved by 1.1 percentage points to 20%. Thank you very much. Now I would like to move on to a more detailed breakdown by line of business. In motor, premiums increased by 9.5% year-on-year to 750 million euros, while the portfolio increased by 7.9%, adding 212,000 policies over the last 12 months. Technical profitability remained excellent, with a combined ratio of 91.3% in the first nine months, 2.1 percentage points better year-on-year, and 91.5% in the standalone quarter. Home continued to gain scale, with premiums up 2.6% to 128.9 million euros and 27,000 additional policyholders, bringing the customer base close to 800,000 clients. Technical profitability remained particularly strong with a combined ratio below 90% in every quarter and 86.8% for the first nine months and 87.1% in the stand-alone quarter. Page 12. Health maintains strong commercial momentum, with premiums up 17% to €35.7 million, and the portfolio reaching 131,000 customers, 10.9% above September 2025. The product mix also continued to improve with higher coverage products and higher average premiums, accounting for 68.2% of the total. Technical performance also improved significantly, with the combined ratio down 6.9 percentage points. The standalone third quarter ratio stood at 122.3%, confirming continued progress towards technical break-even. Moving to the next page, the investment result increased by 7.7%, mainly driven by the fixed income portfolio, despite the temporary impact of the renovation of one building. Works in this building are expected to be completed by year-end 2026, with rental income resuming before June 2027 under improved rental conditions. Excluding this temporary impact of rental income, the net investment result will have increased by 13.9%. Turning to page 14, the investment portfolio amounted to 1.28 billion euros, with fixed income accounting for 83% of the total. We are rotating the fixed income portfolio to enhance its average yield. This allocation continues to reflect the group's disciplined investment approach, preserving financial strength while maintaining a prudent risk profile. Turning to solvency, the solvency to ratio stood at 191.5% at the end of September, reflecting a strong capital position. The performance in September mainly reflects a strong organic capital generation, while the valuation of the investment portfolio due to higher interest rate has a negative impact. Thank you very much. To conclude, the September results demonstrate Linea Directa's ability to deliver strong growth alongside technical profitability, greater operating efficiency, and a robust balance sheet. Looking ahead, our priorities remain clear to sustain profitability growth and continue to leverage efficiency as a core competitive advantage. I will now hand the call back to Beatriz for the Q&A session.

Thank you, Carlos. Our line is now open for questions.