Ibersol SGPS (IBS) investor relations material

Executive summary

• Revenue for the first half of 2026 reached €260.0 million, up 5.4% year-over-year, with like-for-like growth of 4.4% driven by a stronger Q2 and easing consumer concerns.

• Consolidated EBITDA was €59.0 million (22.7% margin), slightly higher than last year, but margin declined by 0.4 p.p.

• Net profit from continued operations was -€0.1 million, down from €1.6 million in the prior year.

• The group expanded by acquiring 10 KFC restaurants in Galicia and continued its brand expansion strategy.

Financial highlights

• Turnover increased to €260.0 million from €246.7 million, a 5.4% rise year-over-year.

• Gross margin improved by 1.0 p.p. to 77.6% due to a favorable sales mix and selective price adjustments.

• EBITDA rose to €59.0 million, but the EBITDA margin fell to 22.7% from 23.1% year-over-year.

• Operating income was €8.9 million, up €2.2 million from the previous year.

• Net financial result was -€9.1 million, €1.5 million more negative than last year, mainly due to higher lease interest.

Outlook and guidance

• GDP growth forecasts for 2026: 1.8% in Portugal and 2.3% in Spain, both slightly lower than 2025.

• Geopolitical instability and inflation above 2% continue to impact consumer confidence and margins.

• Renovation of Barcelona Airport concessions expected to negatively impact margins during construction closures, with completion targeted by end-2026 and 2027.

• Expansion plans for KFC, Taco Bell, and Pret A Manger brands will continue, with new airport tenders under evaluation.