IBERSOL • 2023 Integrated Management Report

INTEGRATED MANAGEMENT REPORT 2023 increasing to cope with the still unstable geopolitical environment. In this context, the Ibersol Group continues to promote a series of actions aimed at reducing local gas and electricity consumption at its administrative facilities and restaurants (On-Off Plan), and has also begun to monitor more closely the carbon footprint associated with electricity consumption, with a view to establishing a decarbonisation roadmap over the next few years. Economic growth The European Central Bank projects global Gross Domestic Product (GDP) growth of 3.1 per cent in 2024, which, if confirmed, will represent a slowing from the 3.3 per cent recorded in 2023. The World Bank projects global Gross Domestic Product (GDP) growth of 2.4 per cent in 2024, which, if confirmed, will be the third consecutive year of deceleration. This will be a minimum in the growth of 2023, which is estimated at 2.6 per cent. This trend will result from the delayed effects of monetary policy tightening and restrictive financial conditions, alongside weak global investment and trade. Also noteworthy are the risks of a possible escalation of conflicts in the Middle East, which could lead to a rise in oil prices, and extreme meteorological phenomena, which mainly affect the agriculture, energy and fisheries sectors. This context could be particularly challenging for some developing economies with high levels of debt and highly dependent on the primary sector. In particular, the European Commission’s forecasts for the EU economy point to lower growth rates than in 2023. In 2024, growth is expected to reach 0.9 per cent (compared to 1.3 per cent in 2023) in the EU and 0.8 per cent (compared to 0.6 per cent in 2023) in the euro area. Meanwhile, inflation in the eurozone is expected to fall from 5.4 per cent in 2023 to 2.7 per cent in 2024 and then to 2.1 per cent in 2025. In Portugal, despite a significant drop in inflation levels, low unemployment levels and a favourable evolution of the economic climate figures and the consumer confidence indicator towards 69