IBERSOL | Integrated Management Report | 2025

INTEGRATED MANAGEMENT REPORT 2025 Liquidity risk The Ibersol Group manages liquidity risk by maintaining an adequate cash balance and ensuring its ability to liquidate market positions. Annual cash flow planning is reviewed quarterly and adjusted on a daily basis. A flexible approach is adopted regarding commercial paper management and the negotiation of available credit lines, in line with the underlying business dynamics. Capital risk The Ibersol Group seeks to maintain an adequate level of equity to ensure the continuity and expansion of the business. The balance of the capital structure is monitored based on the financial leverage ratio, which is intended to be kept within the 50% to 75% range. Exceptionally, after the sale of the Burger King business, it was below this range. Economic, Sectoral and Short-term Risks Business portfolio The Group undertakes strategic and operational risk management of its business portfolio, including the assessment of new projects and actions to manage specific risks. It operates international brands under a franchising scheme, with long-term renewable contracts. On the other hand, Travel’s business depends on getting concessionary spaces through participation in public tenders where restaurants can be set up, mean- ing that the presence in these locations is not guaranteed. The Group is committed to maintaining good relationships with franchisors to ensure continuity and to comply with contractual obligations and defined standards. Strengthening its brand portfolio is also important to ensure a successful share of the Travel busi- ness’ tenders. Disposable income and purchasing power The Group’s business can be negatively affected by economic downturns due to a decrease in household consumption, which is influenced by wage policies, unemployment, credit conditions, interest rates, 287