IBERSOL • 2023 Integrated Management Report

Consolidated Financial Statements At 31 December 2023, the group had unused Commercial Paper Programs andmedium and long-term lines of 23 million euros and unused short-term treasury support lines of 10 million euros. The following table shows financial liabilities (relevant groups) considering undiscounted contractual cash flows: < 1 year from 1 to 5 years > 5 years Loans 15 790 517 12 663 526 - Lease liabilities 40 161 966 118 666 755 70 179 247 Other non-current liabilities - 3 704 - Trade payables and accrued ex- penses 71 192 348 - - Other current liabilities 592 529 - - Total 127 737 360 131 333 985 70 179 247 The increased costs shown above exclude remuneration payable (note 5.3.3.). The amount of other current liabilities excludes balances with the state and income to be recognized (note 5.3.). 7.5. Capital risk The company seeks to maintain a level of equity appropriate to the characteristics of the main business (cash sales and supplier credit) and to ensure continuity and expansion. The balance of the capital structure is monitored based on the financial leverage ratio (defined as: net interest-bearing debt / (net interest-bearing debt + equity)) with the aim of placing it in the 50%-75% range. The financial leverage ratio is negative -26% on 31 December 2022 and 16% on 31 December 2023, as shown in the table below: dec. 2023 dec. 2022 Lease liabilities 229 007 968 90 873 709 Loans 28 454 044 70 081 886 Other financial assets -1 580 739 -3 068 858 Cash and bank deposits -188 538 842 -237 132 629 Net debt 67 342 431 -79 245 892 Shareholders' funds 354 924 089 383 693 560 Total capital 422 266 519 304 447 668 Rácio de alavancagem financeira 16% -26% 468