IBERSOL | Integrated Management Report - 2024

INTEGRATED MANAGEMENT REPORT 2024 For Commercial Paper Programs, when there is a termination date, we consider matu- rity on that date, regardless of the terms for which they are contracted. The future (undiscounted) cash flows associated with these liabilities on 31 December 2024 are as follows: FC 2025 FC 2026 FC 2027 Total Commercial Paper 9 832 442 - - 9 832 442 Interest 63 700 - - 63 700 Movements in borrowings Movements in 2024 and 2023 under current and non-current borrowings, excluding finance leases and bank overdrafts, are as follows: dec/2024 dec/2023 01 January 16 383 361 27 972 417 Changes with impact on cash flows: Borrowings obtained 5 000 000 - Financial debt payments -11 600 000 -11 600 000 Interest payments - -153 068 Changes with no impact on cash flows: Accrued interest and others 49 081 164 012 31 December 9 832 442 16 383 361 In 2024, the average cost of borrowing was 1.6%. At 31 December 2024, the Company had 21.5 million euros in unissued commercial paper and unused credit lines. Some of the Company’s bank loan agreements and commercial paper programs with financial institutions, corresponding to a total amount outstanding at 31 December 2024 of 9.8 million euros, include Financial Covenants, with compliance assessed on an annual basis. These covenants can be summarized as follows: Financial Covenants (consolidated ratios) ND/EBITDA < 4x Equity/Assets > 30% Additionally, there are contracts in which the respective creditors have the possibility of considering the debt due in the event of a change in shareholding control. At 31 December 2024, 5 million euros were being used under these conditions. 503