IBERSOL | Integrated Management Report | 2025

FINANCIAL PERFORMANCE 4.8 Future outlook Recent forecasts from the Banks of Portugal and Spain for 2026 have been revised downwards following the deterioration of the external environment and the increase in commodity prices. Data from March 2026 point to GDP growth of 1.8% in Portugal (-0.1 p.p. compared to 2025) and 2.2% in Spain (-0.6 p.p. compared to 2025), higher, however, than the projected growth of 0.8% for the Eurozone (OECD data). The geopolitical situation, with conflicts in the Middle East, the ongoing war in Ukraine, and changes in international trade patterns, continues to generate uncertainty about European security and macroeconomic stability, so a decline in consumer confidence is expected. However, southern European markets have proven more resilient due to the level of consumption, with tourism continuing to show no signs of slowing down. The unpredictability of inflation in energy and raw materials could have negative effects on our margins. The new concession for Barcelona Airport will begin in May 2026 and priority will be given to the process of converting restaurants into the formats foreseen in the tender. During 2026, we will have some restaurants operating in a provisional format and we estimate that the restructuring process will be completed during 2027. 102