IBERSOL | Integrated Management Report | 2025

FINANCIAL YEAR ACTIVITY Founded in 1991, Pans & Company opened its first restaurant in Barcelona. It entered the Portuguese market in 1996 and is today one of the leading brands in the Iberian market within the Sandwich and Coffee & Bakery category, with a presence in the Spanish, Portuguese, and Andorran markets. Pans & Company closed the financial year with 75 restaurants in Spain (49 company-owned and 26 franchised) and 49 points of sale in Portugal (41 Pans & Company restaurants and eight Café Pans kiosks). Highlights throughout 2025 included the opening of a new unit at Adolfo Suárez Airport, the closure of three franchised units in Barcelona, Galicia, and Valladolid, and a temporary closure at the Aqua Portimão shopping centre. 2025 was a year of growth for Pans, particularly in the travel segment and the delivery channel, where the brand has continued to consolidate its market position with a significant commitment to product innovation, embodied in several campaigns launching new sandwiches and complementary products. In this regard, mention must be made of the launch of “Os Redondos” [The Round Ones], a new category of bagel sandwiches aimed at the value segment, as well as a comprehensive overhaul of salad, side dish, and dessert offerings. This represents a clear investment in new product development with the aim of reaffirming the brand’s value proposition, which continues to differentiate itself through the quality and variety of its range. PORTUGAL AND SPAIN 60