IBERSOL | Integrated Management Report | 2025

CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2025 AND 2024 (amounts in euros) Notes 2025 2024 Cash Flows from Operating Activities Receipts from clients 531 155 419 473 739 821 Payments to suppliers -263 614 197 -251 250 401 Employee payments -128 423 485 -117 013 128 Flows generated by operations 139 117 737 105 476 292 Payments/receipt of income tax 1 212 253 -2 533 741 Other payments/receipts related with operating activities -13 372 907 -18 130 979 Flows from operating activities (1) 126 957 083 84 811 572 Cash Flows from Investment Activities Receipts from: Disposal of discontinued operations net of cash and cash equivalents 6.8. 6 698 000 5 747 647 Financial investments . 190 515 129 991 Tangible fixed assets - - Interest received 2 936 283 5 219 940 Other financial assets . 189 275 976 600 Payments for: Acquisition of subsidiaries net of cash and cash equivalents 6.1. – -11 578 087 Financial investments -33 292 -2 504 129 Other financial assets . - -1 625 628 Tangible fixed assets -32 979 311 -39 278 781 Intangible assets -3 472 475 -3 158 807 Flows from investment activities (2) -26 471 005 -46 071 255 Cash flows from financing activities Receipts from: Loans obtained 8.2. 14 499 518 16 767 067 Payments for: Loans obtained 8.2. -17 565 353 -26 177 287 Rental debt 8.3. -60 956 376 -34 352 050 Interest from loans and similar costs -2 149 625 -1 996 932 Interest from lease contracts 8.3. -15 511 516 -14 805 610 Dividends paid 8.1.5. -28 539 062 -20 755 209 Acquisition of own shares 8.1.2. -10 701 715 -5 231 174 Flows from financing activities (3) -120 924 129 -86 551 195 Change in cash & cash equivalents (4)=(1)+(2)+(3) -20 438 051 -47 810 878 Effects of exchange rate differences -362 185 -68 680 Cash & cash equivalents at the start of the period 140 659 284 188 538 842 Cash & cash equivalents at end of the period 8.5. 119 859 048 140 659 284 The Board of Directors, Porto, 22nd April 2026 366