IBERSOL • 2023 Integrated Management Report

INTEGRATED MANAGEMENT REPORT 2023 Outlook After a challenging year in 2023, continued high interest rates continue to put pressure on household income and jeopardise consumption, particularly in the catering sector. Recent forecasts from the Banks of Portugal and Spain for 2024 point to growth of 1.2 per cent and 1.6 per cent respectively, with a slowdown in inflation compared to the last two years and consequently an expected reduction in interest rates over the course of this year. The instability in the Middle East and the continuing conflict in Ukraine, which is jeopardising the climate of security in Europe, could worsen consumer confidence. However, given the most recent indicators, particularly airport traffic, the markets most exposed to tourism in southern Europe will continue to show greater resilience, which will help to minimise the natural slowdown in consumption. The year 2024 will also be marked by the conversion of the new concession restaurants at Lanzarote, Madrid, Tenerife and Malaga airports, which will continue to put pressure on profitability until the conversion of all the restaurants to the definitive formats and concepts is completed. In terms of expanding our operations, we will continue with the expansion plans for the Pizza Hut, KFC and Taco Bell and Pret A Manger brands. 165