IBERSOL • 2023 Integrated Management Report

INTEGRATED MANAGEMENT REPORT 2023 WACC 2023 Growth Perpetuity WACC 2022 Growth Perpetuity Portugal - Counters 7,23% 2,0% 7,17% 2,0% Portugal - Restaurants and Catering 7,48% 2,0% 7,73% 2,0% Portugal - Travel 7,48% 2,0% 7,73% 2,0% Spain - Counters 7,23% 2,0% 6,71% 2,0% Spain - Restaurants 7,47% 2,0% 7,21% 2,0% Spain - Travel 7,47% 2,0% 7,21% 2,0% Angola - Counters 18,5% 2,0% 20,6% 2,0% Methods and assumptions used To determine the recoverable amount of goodwill and the Group’s main assets, the value in use was considered based on the 5-year and perpetuity business projections. The methods and main assumptions used in preparing the Group’s impairment tests were as follows: Judgments and estimates The complexity and level of judgment inherent to themodel adopted for the calculation of impairment and the identification and aggregation of cash generating units (CGU’s) implies considering this topic as a significant accounting estimate. For the purposes of impairment tests, the recoverable amount is the higher of the fair value of an asset less costs inherent in its sale and its value in use. The recoverable amount derives from assumptions related to the activity, namely, sales volumes, operating expenses, planned investments, refurbishment and closure of units, impact of other market players, internal Management projections and historical performance. These projections result from the budgets for the following year and the estimated cash flows for a subsequent four-year period reflected in the medium-long-term plans approved by the Board of Directors. Sensitivity analyzes were also performed on the main assumptions used in the base calculation, as shown below. Restaurants with signs of impairment are tested, considering operating results less amortization, depreciation and impairment losses of tangible fixed assets, intangible assets and goodwill, as well as other cash-generating units whenever circumstances determine or unusual facts occur. The negative profitability of the stores is an indication of impairment, and the subsequent impairment analysis considers the projected cash flows of each store. In cases of recent openings, such initial negative profitability may not be representative of the expected profitability pattern for that store and may not constitute an indication of impairment if such behavior was expected for that period. When an asset has an operating performance that exceeds the projections that previously supported the recording of an impairment loss, such loss is reversed to the extent that the value in use based on the updated projections exceeds the carrying amount. 451