IBERSOL | Integrated Management Report | 2025

INTEGRATED MANAGEMENT REPORT 2025 5. Working Capital 5.1. Inventories Accounting policies Inventories are stated at the lower of cost and net sell value. The cost is calculated using the weighted average cost and is equivalent to the acquisition cost less the value of quantity discounts. The costs of feeding staff in stores are reflected in staff costs, as a contra entry to stock regularization. The net realizable value corresponds to the estimated selling price in the normal course of business, less the selling costs. As at 31 December 2025 and 2024, the detail of the group’s inventories was as follows: dec/ 2025 dec/ 2024 Raw, subsidiary and consumable materials 15 927 249 14 690 268 Goods 852 173 799 968 16 779 422 15 490 236 Decreases -74 981 -74 981 Net Inventories 16 704 441 15 415 255 5.1.1. Cost of sales In 2025 the cost of inventories recognized as an expense and included in “cost of sales” totaled 120,505,642 euros (in 2024: 112,773,859 euros), as shown below: 399