IBERSOL | Integrated Management Report | 2025

INTEGRATED MANAGEMENT REPORT 2025 6.4. Capital risk Ibersol seeks to maintain a level of equity appropriate to the characteristics of the main business (cash sales and credit from suppliers) 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)). On 31 December 2025 and 2024, the financial leverage ratio was -118% and -149%, respectively, as shown in the table below: dec/2025 dec/2024 Borrowings obtained 0 9 832 442 Loans granted to subsidiaries -111 208 996 -130 908 996 Cash and bank deposits -34 133 360 -56 962 159 Net debt -145 342 357 -178 038 713 Equity 268 387 284 297 593 057 Total equity 123 044 928 119 554 343 Financial gearing ratio -118% -149% 527