IBERSOL | Integrated Management Report | 2025

CONSOLIDATED FINANCIAL STATEMENTS 8.2. Bank Debt Accounting policies Borrowings are recorded under liabilities at the nominal value received, net of issue costs, which corresponds to their respective fair value on that date. Subsequently, they are measured using the amortized cost method, with the corresponding financial charges calculated in accordance with the effective interest rate. The effective interest rate is the rate that discounts future payments over the expected life of the financial instrument to the net carrying amount of the financial liability. As at 31 December 2025 and 2024 current and non-current borrowings had the following detail: dec/2025 dec/2024 Non-current Bank loans 20 353 438 13 221 336 Commercial paper - - 20 353 438 13 221 336 Current Bank overdrafts - 1 300 340 Bank loans 5 664 536 4 605 304 Commercial paper - 9 834 000 5 664 536 15 739 644 Total borrowings 26 017 974 28 960 979 Total borrowings 5,0% 5,0% The increase in the average cost is due to the entry of NRS (note 6.1) with a higher financing cost than the Group. In December these contracts were repaid and canceled. The maturity of non-current bank borrowings and commercial paper is as follows: 454