IBERSOL | Integrated Management Report 2022

INTEGRATED MANAGEMENT REPORT 2022 SPAIN Founded in 1991, with the first opening in Barcelona, Pans&Company is one of the leading brands in the Iberian market in the Snacks and Coffee&Bakery category, with a presence in the Spanish, Portuguese, Italian and Andorran markets. The Pans & Company brand, after being significantly affected by the pandemic situation in 2021, recovered ground in 2022, growing in sales more than the average of the QSR segment in the same universe of number of restaurants. This recovery was mainly due to the fact that Pans & Co restaurants recovered visits in general and maintained the level of sales in the delivery channel. Noteworthy are the restaurants located in the tourist areas of Madrid, Barcelona and Valencia, which have benefited from the recovery of the domestic market and international tourism. Other aspects to be highlighted in 2022 are the efforts made in the area of sustainability to adapt to regulatory changes related to the reduction of disposable plastic packaging; the expansion of the offer of products for coeliacs, vegans and vegetarians, which make Pans & Company a more inclusive brand for all types of diets and customers; the strict management of our commercial policy (prices and promotions) in order to mitigate the effects of price increases felt in most goods and services, particularly due to their relevance to our sector, in the energy and food area. At the same time, we consolidated our focus on the delivery channel with the rollout of our Cafe Pans brand to more restaurants on external ordering and delivery platforms. With regard to the Pans’ marketing plan, it should be noted that dissemination of the APP Pans was reinforced, which maintained sustained growth in sales throughout the year, achieving not only more users but also greater use. On the other hand, it has continued to invest in innovation through the launch of new sandwiches, such as BBQ Ribs and Pulled Chicken Curry and Pulled Pork. It should also be noted that the focus on social networks as the main means of communication has been reinforced with greater activity through collaborations with influencers and activation of the Pans & Company Tik Tok channel. 121