IBERSOL | Integrated Management Report 2022

INTRODUCTION 2022 was a complex year because, at the end of February, the mili- tary conflict in Ukraine began and with it the worsening of global geopolitical tensions, which once again put the Group’s brand port- folio to the test. The problems in the supply logistics chain, which had already be- gun in the years of the pandemic, were compounded by increases in fuel prices, which resulted in increased costs for our suppliers and finally, as a chain, inflation reached high levels, reducing the purchas- ing power of families. This was a scenario that persisted throughout 2022 and will also be unavoidable in 2023. These challenges did not affect our expansion and refurbishment plans, and so throughout the year we carried out openings in our different brands, where I highlight the strong growth of Taco Bell and KFC, but also the openings and refurbishments of Pizza Hut, the leading brand in its segment. Throughout the year, the Group’s portfolio once again demonstrated a high resilience, recording solid growth when compared with the previous year, which had been marked by a period of confinement and restrictions on mobility. A decisive contribution to this sales evolution was made by the recovery in tourism, with strong growth, greater mobility and a consequent increase in private consumption. In this context of recovery and resilience, I would like to highlight the performance of the travel and catering segments, which recovered strongly from the impacts of the pandemic, both due to the recov- ery of the aviation sector and the increased mobility of passengers in airports, as well as the growth in consumption per client and the normalisation of corporate and private events. Message from the Chairman of the Board of Directors 8