IBERSOL | Annual Report 2021

Consolidated Financial Performance The fourth quarter of 2021 was marked by the fifth wave of infections, brought on by a new and more infectious strain, which led to the lock- down of a significant percentage of populations due to increases in the number of infected people. This fact led to a slowing of the recovery that had become noticeable since the end of the summer, October having shown the best relative performance, with Portugal surpassing sales of 2019 and Spain reduc- ing losses to 25%, directly related to the positive evolution of traffic at airports, especially in more tourism-dependent locations and a smaller number of restaurants with drive-thru services. Sales in Angolan restaurants reflect the evolution of the local currency – which does not take into account the impact of currency exchange – and continue to be the least affected by the effects of the pandemic. The evolution of sales by segment illustrates the different impacts of the various waves and restrictions in place over the past two years, as com- pared to the same period of 2019. Monthly sales evolution by segment vs 2019 40,0% 20,0% 0,0% -20,0% -40,0% -60,0% -80,0% -100,0% Counters Restaurants Concessions & Catering -26% -18% -9% -35% -21% 9% 18% jan/20 fev/20 mar/20 abr/20 mai/20 jun/20 jul/20 ago/20 set/20 out/20 nov/20 dez/20 jan/21 fev/21 mar/21 abr/21 mai/21 jun/21 jul/21 ago/21 set/21 out/21 nov/21 dez/21 6% -38% 1st Wave Mar. 2020 2nd Wave Oct. 2020 3rd Wave Jan. 2021 4th Wave Jan. 2021 5th Wave Nov. 2021 24