IBERSOL • 2023 Integrated Management Report

PORTUGAL FINANCIAL YEAR ACTIVITY Founded in Barcelona in 1991, Pans & Company is a fast-food chain specialising in sandwiches owned by the Ibersol Group with a presence in Spain, Portugal, Andorra and Italy. In Portugal, Pans & Company opened its first restaurant in 1996 and is today a benchmark brand in the sector with a strong presence on the mainland and islands. At the end of 2023, the brand had 50 points of sale (41 Pans & Company restaurants and 9 Cafe Pans kiosks) and around 530 employees. 2023 was a year of growth for the different sales channels that Pans & Company operates, but it was still marked by inflationary tensions that put pressure on some of the business’ main operating cost items. In this challenging context, we focused our teams on seeking efficiency gains and, above all, on strengthening the brand’s value proposition through rigorous, customer-centred management of our offer and pricing and promotions policy. Over the course of the year, with a view to strengthening the brand’s awareness levels and its leadership position in its segment, we stepped up investment in communication in digital media and in partnerships with influencers, carried out various initiatives to launch new products, including the Street Pans Menu inspired by the concept of “street food”, and consolidated our commitment to digitising the business with the 118