IBERSOL • 2023 Integrated Management Report

CORPORATE GOVERNANCE REPORT Consumption habits Another potential risk for the Ibersol Group and the brands it represents is the possible inability to understand consumers’ preferences and needs and adapt to behavioural changes in time to offer innovative and attractive products and concepts in a profitable manner. The ability to develop higher value products under competitive conditions is critical for the restaurant sector, but behavioural evolutions are difficult to predict. However, the Ibersol Group maintains a close relationship with global brands, monitors consumption trends in different markets, participates in innovation forums and has resources allocated to the development of new products. Commodity prices According to the World Bank, most commodity prices (namely grains, oils and other food products) are expected to continue to fall in 2024, in continuity with the general trend seen in 2023 (-9% compared to 2022), despite a number of trade restrictions, the non-renewal of the Black Sea Grains Agreement, or the El Niño phenomenon. The expectation is for a further reduction of 2 per cent in 2024 and 3 per cent in 2025, taking into account a continued improvement in the performance of the global supply chain. In Europe, particularly, the effects of climate change have been felt in terms of the quality and availability of some products, but a reduction in the costs of energy, fertilizers and food products, combined with good prospects in the markets (especially exports outside the European area) and a stable reduction in inflation figures, has helped to balance price levels. In terms of poultry markets, the outlook is for moderate market expansion, also benefiting from a reduction in production costs, lower inflation, an increase in purchasing power and the emergence of new processed product concepts, especially important in catering services such as those of the Ibersol Group. Meanwhile, milk and dairy production has been relatively stable globally and in Europe, despite a clear decline in consumption of dairy products in the Portuguese market in recent years. As for beef, the trend points to a slight decrease in production levels in Europe compared to 2023 (-0.47%) due to a decrease in cattle stocks and a reduction in profit 322