IBERSOL | Integrated Management Report | 2025

INTEGRATED MANAGEMENT REPORT 2025 Gross margin The gross margin, which represented 77.2% of turnover, increased by 1.0 percentage point compared to the previous year, reflecting the greater stability of food product inflation and the increased weight of sales to aggregators, who have a higher gross margin. Personnel costs Despite the significant impact of the increase in the minimum wage – around 5% – and the difficulty in managing the high absenteeism rates due to sick leaves in Spain, the weight of personnel costs decreased by 0.3 percentage points in 2025 to 30.4%. The increase in turnover and the fact that some concessions, especially Madrid Airport, operated in 2024 with provisional or initial formats and lower productivity, justifies this favourable variation in this item of cost. External Supply and Services Costs related to “External Supplies and Services” represent 23.2% of turnover, which signifies a reduction of 4.1 percentage points compared to the same period in 2024. However, this reduction is explained by the application of IFRS 16 standards to the old contracts of the Barcelona Airport concession, which in 2024 reached the passenger traffic levels of 2019 and was not relevant for the purposes of applying the standard last year. If we correct for this Barcelona effect, external supplies and services would have increased by 0.7 percentage points due to: - an increase in commissions paid to aggregators due to the greater weight of sales through aggregators; - greater weight of franchised brands, particularly in the final formats of new Spanish airport concessions, with a consequent increase in royalties paid. 89