IBERSOL | Integrated Management Report | 2025

5.1.1. Financial shares Accounting policies Investments in shares of subsidiaries, associates and joint ventures are measured in accordance with IAS 27, at acquisition cost less any impairment losses. Subsidiaries are all entities (including structured entities) over which Ibersol has control. Ibersol controls an entity when it is ex- posed to, or has rights over, variable returns from its involvement with Ibersol, and has the ability to affect those returns through its power exercised over Ibersol. Dividends received from these investments are recorded as gains on investments, when attributed. Ibersol, SGPS, S.A. prepares consolidated accounts. Ibersol’s financial shares are as follows: dec/2025 dec/2024 % Acquistion value Acquistion value Ibersol Restauração, S.A. 100% 21 674 406 21 674 406 Iberusa Hotelaria e Restauração, S.A. 10% 8 703 962 8 703 962 Ibersol Madeira e Açores, S.A. 100% 15 386 800 15 386 800 Restmon Portugal, Lda 61% 499 448 499 448 Ibergourmet - Prod. Alimentares, S.A. 69% 57 020 57 020 Iberpret, S.A. 100% 50 000 50 000 Maestro - Serv. Gestão Hoteleira SA 4% 21 258 21 258 Ibersol Angola, S.A. 0,20% 720 720 Total 46 393 613 46 393 613 Accumulated impairment losses -499 448 -499 448 Total financial investments 45 894 166 45 894 165 INTEGRATED MANAGEMENT REPORT 2025 515