IBERSOL | Integrated Management Report | 2025

INTEGRATED MANAGEMENT REPORT 2025 KPMG & Associados - Sociedade de Revisores Oficiais de Contas, S.A. Edifício Burgo - Avenida da Boavista, 1837, 16º 4100-133 Porto - Portugal +351 220 102 300 | www.kpmg.pt KPMG&Associados–Sociedade deRevisoresOficiais deContas,S.A., sociedade anónima portuguesaemembroda rede globalKPMG, compostapor firmasmembro independentes associadas com aKPMG International Limited, uma sociedade inglesa de responsabilidade limitada por garantia. KPMG&Associados–Sociedade deRevisoresOficiais deContas,S.A. CapitalSocial: 3.916.000Euros–PessoaColectivaNºPT 502161 078 Inscrito naO.R.O.C.Nº189 – Inscrito naC.M.V.M.Nº20161489 Matriculada naConservatória doRegistoComercialde Lisboa sobo NºPT 502161 078 STATUTORY AUDITORS’ REPORT (Free translation from a report originally issued in Portuguese language. In case of doubt the Portuguese version will always prevail.) REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion We have audited the accompanying financial statements of Ibersol, S.G.P.S., S.A. (the Entity), which comprise the statement of financial position as at 31 December 2025 (showing a total of 270,865,371 euros and total equity of 268,387,284 euros, including a profit for the year of 10,035,005 euros), the statement of income and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and the notes to the financial statements, including material accounting policy information. In our opinion, the accompanying financial statements give a true and fair view, in all material respects, of the financial position of Ibersol, S.G.P.S., S.A. as at 31 December 2025 and of its financial performance and its cash flows for the year then ended in accordance with the International Financial Reporting Standards, as adopted by the European Union. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and further technical and ethical standards and guidelines as issued by Ordem dos Revisores Oficiais de Contas (the Portuguese Institute of Statutory Auditors). Our responsibilities under those standards are further described in the “Auditors’ Responsibilities for the Audit of the Financial Statements” section below. We are independent the Entity in accordance with the law and we have fulfilled other ethical requirements in accordance with the Ordem dos Revisores Oficiais de Contas’ code of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 2 Valuation of financial investments (109,467,448 euros) and loans granted to subsidiaries (111,208,996 euros (See notes 5.1, 5.2 and 5.3 to the financial statements) The Risk Our response to the identified risk As mentioned in note 5.1 of the financial statements, financial investments are measured at cost less any impairment loss. The valuation of financial investments and loans granted to subsidiaries requires a significant degree of estimation and judgement by the Board of Directors, namely regarding the assessment of the recoverable amount of investments made when there impairment triggers are identified, since several the key assumptions are based on management expectations that are not observable in the market. The complexity and degree of judgement inherent to the valuation of financial investments and loans granted to subsidiaries as a key audit matter. Our audit procedures included, amongst others, those that we describe below:  We have inquired the Board of Directors about the basis of their estimates and judgements and challenged the assumptions made;  We have evaluated the design and implementation of the main controls implemented by the Entity in this area and analysed the budgeting procedures on which the projections are based, by comparing past performance with estimates made in previous periods and by reference to macroeconomic and sectoral information and projections produced by independent external bodies;  We have analysed the basis for the projections made by the Board of Directors and the assumptions used, such as inflation, projected economic growth and discount rates, and assessed their reasonableness and consistency, where applicable, for the various assets in the different locations and segments. We also assessed the impacts of alternative scenarios.  We have tested the integrity and mathematical accuracy of the discounted cash flow model;  We have reviewed the assessment of the impairment of loans granted based on the different variables, namely the assessment of credit risk;  We have carried out sensitivity analyses to changes in the relevant assumptions used;  We have involved our valuation specialists in order to assess the 547