IBERSOL • 2023 Integrated Management Report

INTEGRATED MANAGEMENT REPORT 2023 Global situation The European Central Bank’s macroeconomic projections indicate that the world economy grew by 3.3% in 2023, in a context of strong private consumption and resilient labour markets, with growth ex- pected to slow to 3.1% in 2024. In 2023, world economic activity was sustained by the emerging economies, including China, and, among the advanced economies, by the United States. Economic growth in the United States has been more resilient than previously forecast and is expected to fall slightly in the short term. Real GDP in the third quarter of 2023 grew by 1.3% in quarter-on- quarter terms, as a result of the dynamism of private consumption, recovery in private investment and an increase in public spending. The available indicators suggest a slowdown in consumer spending in the fourth quarter. Economic growth is expected to intensify as of the second half of 2024. In 2023, average economic growth in the Euro Area stood at around 0.6% and is expected to remain weak in the short term (0.8% in 2024 and 1.5% in 2025 and 2026). Restrictive financing conditions are curbing demand, helping to reduce inflation which, in average annual terms, should fall from 5.4% in 2023 to 2.7% cent in 2024, 2.1% in 2025 and 1.9% in 2026. Available indicators suggest that growth should strengthen in 2024, as real disposable income rises – supported by falling inflation, wage growth and resilient employment – and export growth keeps pace with improving external demand. Economic, sectorial, and regulatory context Economic and Sectorial Framework 25