IBERSOL | Integrated Management Report | 2025

CONSOLIDATED FINANCIAL STATEMENTS As at 31 December 2025, the Group had 23.9 million euros in commercial paper not issued and credit lines contracted but not used. Some of the Ibersol Group’s borrowings contracts and commercial paper programs with financial institutions, corresponding to a total amount owed on 31 December 2025 of 9.9 million euros (i.e. 29% of the total contracted amount), include Financial Covenants, with compliance assessed on an annual basis. Such covenants can be summarized as follows: Financial Covenants ND/EBITDA < 3x - 4x Equity / Assets > 30% In this situation, only one contract in Spain is currently in effect, worth 8.9 million euros, and at 31 December, it was in compliance with the associated covenants. Additionally, there are contracts in which the respective creditors have the possibility to consider the debt overdue in the event of a change in shareholder control. At 31 December 2025, 8.9 million euros were being used under those conditions. 8.3. Lease liabilities Accounting policies Liabilities with leases are initially measured based on the present value of the lease liabilities at that date. Subsequently, the lease liability is adjusted for the effect of interest and lease payments, as well as possible modifications and remeasurements of the lease agreements. Lease payments include payments made to a lessor for the right to use an underlying asset during the lease term (excluding variable lease payments) and also include the exercise price of a call option, if there is an expectation reasonable for the Group to exercise it, and the amount of penalties for termination of contracts, if it is reasonably certain that the Group will trigger the possibility of termination. 458