IBERSOL | Integrated Management Report 2022

BUSINESS YEAR ACTIVITY PORTUGAL In Portugal, Pans & Company ended 2022 with 40 restaurants. After two years deeply affected by the impacts of the Covid-19 coun- termeasures, 2022 was naturally a year of growth for Pans & Company. Even so, the performance of our restaurants continued to be negatively affected by the pandemic, particularly in the counter and take away segments, during the first part of the year. In the delivery segment, we consolidated the growth trend of our main brand and reinforced our presence in this channel with the launch of the Cafe Pans brand on the platform of one of our partners. The year was also inevitably marked by the strong increase in prices of most goods and services, with particular emphasis on the increases in the food sector industries, which represent a significant part of our operating costs. In this context, and in order to mitigate the effects of the pandemic and inflationary pressures, we focused our teams on seeking efficien- cy gains and increasing the turnover of the different sales channels in which we are present, through strict management of our commercial policy (range, prices and promotions). 118