IBERSOL | Integrated Management Report | 2025

INTRODUCTION The year 2025 was marked by consistent growth for the Ibersol Group, against a challenging macroeconomic and sectoral backdrop that continues to test consumer confidence and the ability of companies to adapt. In- flation, pressure on household disposable income, geopolitical conflicts and changing consumption patterns in the fast-food sector continued to shape the environment in which we operate, reinforcing the importance of management discipline, innovation and customer focus. Against this backdrop, the Group has demonstrated an ability to adapt and grow, resulting in the capacity to achieve results in a particularly intense competitive environment. This performance stems from a diversified business model, in which the “Counters” segment stood out due to strong sales growth – driven by the integra- tion of NRS (which operates 39 KFC units in the region of Valencia, Spain) and the dynamism of the KFC and Taco Bell brands – while Restaurants and Concessions & Catering maintained a positive trajectory, benefiting from an increased presence in airports and the growth of the delivery channel through aggregators. The year was also marked by a continued effort of selective and disciplined investment, focused on opening new restaurants and renovating units in Portugal, Spain, and Angola. In this regard, we significantly strength- ened our presence across the three geographies in which we operate. In Portugal, we proceeded with the expansion plan for KFC and Taco Bell by opening new restaurants, which enhanced our network capillarity and brand awareness. In Spain, we consolidated operations in airports with the completion of conversions to permanent formats in Madrid and Tenerife, alongside the development of concessions in Barcelona and Malaga, thereby strengthen- ing our positioning in the travel and concessions channel. 1 .1 Message from the Chairman of the Board 6