IBERSOL | Integrated Management Report | 2025

INTEGRATED MANAGEMENT REPORT 2025 7.5. Capital risk The company seeks to maintain a level of equity appropriate to the characteristics of the main business (cash sales and supplier credit) and to ensure continuity and expansion. The balance of the capital structure is monitored based on the financial leverage ratio (defined as: net interest-bearing debt / (net interest-bearing debt + equity)) with the aim of placing it in the 50%-75% range. On 31 December 2025 the ratio is below this range. The financial leverage ratio on 31 December 2025 and 2024 is 35% and 34% respectively, as shown in the table below: dec. 2025 dec. 2024 Lease liabilities 262 377 324 289 485 998 Loans 26 017 974 28 960 979 Other financial assets -1 235 099 -1 630 669 Cash and bank deposits -119 859 048 -140 659 284 Net debt 167 301 151 176 157 025 Shareholders' funds 316 968 501 342 570 049 Total capital 484 269 651 518 727 074 Financial leverage ratio 35% 34% 449