IBERSOL | Integrated Management Report 2022

INTEGRATED MANAGEMENT REPORT 2022 Energy scarcity Europe risks shortages of liquefied natural gas in the winter of 2023- 2024 if Russia stops supplies to Europe and diverts all quantities to China. The International Energy Agency (IEA) urged European states to implement concrete measures to reduce natural gas consumption and increase the use of renewable energy sources. In this context, the Ibersol Group is promoting actions to reduce the consumption of gas and electricity in its administrative facilities and restaurants and has also begun to monitor the carbon footprint associated with electricity consumption to establish a decarbonisation roadmap for the coming years. Prolonged economic stagnation For 2023, the IMF and ECB forecast growth of less than 1% in Europe due to the exceptional conditions of uncertainty at international level. The Bank of Portugal (BoP) forecasts a strong cooling of the national economy, with private consumption practically stagnating in 2023 and growing only about 1% per year on average throughout the period to 2025. The further reduction of the savings rate contributes to contain the deceleration of private consumption. In Spain, on the other hand, the economic situation is slightly more favourable, with the pre-pandemic GDP level expected to be reached in the second half of 2023 and growth between 1.5% and 2% per year until 2024. The Ibersol Group maintains an attentive approach to the evolution of the entire economic environ- ment in which it carries out its activity and has specialised teams dedi- cated to managing the expansion and refurbishment projects of its res- taurant units to ensure compliance with its business plans in the medium and long term. Social disaggregation The unstable economic situation may lead to social breakdown, increas- ing intolerance, discrimination, and criminality. Moreover, involuntary mi- grations from other regions of the world to Europe may cause additional socio-economic challenges. The Ibersol Group is committed to increas- ing employees’ motivation and engagement, valuing social capital, and promoting inclusion and solidarity. 319