IBERSOL | Integrated Management Report | 2025

CONSOLIDATED FINANCIAL STATEMENTS For reference, USD/EUR exchange rate used was 0.84 and 0.96, respectively, in 2025 and 2024. Additionally, the Angolan subsidiaries have debts to suppliers - mostly group companies - denominated in EUR which, after conversion, generate exchange rate differences in the consolidated financial statements (other operating costs). On the other hand, the same subsidiaries hold financial assets indexed to USD in an amount necessary to cover liabilities in foreign currency. Simulating, based on the figures for 31 December 2025, an additional devaluation of the AKZ against the USD and the EUR in the order of 10% or 15%, keeping everything else constant, the impact on the Group’s Equity would be 0.52 million euros and 0.75 million euros (0.53 million euros and 0.8 million euros, in 2024), respectively. 7.2. Interest rate risk The Ibersol Group’s main interest rate risk comes from the remuneration of investments in Term Deposits. It also comes from liabilities, namely long-term borrowings. Borrowings issued at variable rates expose the Group to the cash flow risk associated with interest rates. Borrowings issued at fixed rates expose the Group to the fair value risk associated with the interest rate. In a situation of positive net interest-bearing debt, the Group’s policy for longer-term financing is to fix interest rates on up to 50% of the outstanding amount. In 2025, the net debt position was negative. Since the end of 2022, following the sale of the Burger King restaurants, the Group has set up treasury applications (term deposits) amounting to 90.2 million euros in 31December 2024 (106 million euros in 31 December 2024). These deposits, together with the Angolan State Treasury Bonds (TBs), represent the Group’s interest-bearing assets. Without prejudice, given the value of these assets and their remuneration conditions, the profit and cash flows of the investment activity are not materially impacted by changes in the market interest rate. It should also be noted that the Angolan State Treasury Bonds, indexed to the US Dollar, bear a fixed interest rate. Based on simulations carried out on 31 December 2025, an increase of another 100 basis points in the interest rate, keeping everything else constant, would have a positive impact on the net profit for the period of 604 thousand euros (973 thousand euros in 2024). A reduction of 100 basis points would have a negative impact on the net profit for the period of 604 thousand euros. 444