IBERSOL | Integrated Management Report 2022

INTEGRATED MANAGEMENT REPORT 2022 Outlook Following a challenging 2022 we began 2023 with continued high inflation levels in the food and restaurant sector, volatility in energy costs, and an aggravation of interest rates, with direct impact on family income. Recent IMF forecasts for 2023 point to a 1.0% growth of GDP in Portugal, and 1.5% in Spain, with inflation rates at around 5%, and further aggravation of interest rates expected throughout the year. At the moment, despite positive signs from some sectors, namely those more exposed to tourism, economies are showingmore signs of cooling down, which points to a less positive macroeconomic framework for this year, with forecasts of residual growth for the Iberian Peninsula. This will translate into difficulties in reflecting the full amount of increases in the cost of raw material, with a respective impact on the margins, which will usher in another challenging period for our teams and brand portfolio, in terms of maintaining volumes and market shares. At the level of expansion of our operations we will be continuing with the expansion of the Pizza Hut, KFC, and Taco Bell brands, as well as beginning operations with Pret A Manger, namely in the new concessions in the Madrid and Tenerife airports. By decision of Euronext, Ibersol shares became part of the main Portuguese Stock Index, as of March 20 th . 163