Ibersol SGPS (IBS) investor relations material

Executive summary

• Turnover reached €121.3 million, up 4.7% year-over-year, with like-for-like growth of 2.5% and the remainder from expansion.

• Consolidated EBITDA was €26.3 million, with a margin of 21.7%, up from 21.1% in Q1 2025.

• Net loss narrowed to €2.5 million from €3.5 million in the prior year.

• Operating profit improved to €0.5 million, compared to a loss of €0.6 million in Q1 2025.

Financial highlights

• Gross margin increased by 0.8 p.p. to 77.1% of turnover, driven by higher contribution from Concessions and Catering.

• Personnel costs were 32.5% of turnover, slightly down from last year, despite a 5.7% rise in minimum wage.

• External supplies and services costs rose faster than sales, reaching 24.1% of turnover, mainly due to higher royalties.

• Amortisation, depreciation, and impairment losses totaled €25.9 million, up €0.8 million year-over-year, mainly from right-of-use assets.

• Net financial result was -€3.4 million, less negative than last year due to lower lease interest.

Outlook and guidance

• GDP growth forecasts for 2026: 1.8% in Portugal and 2.2% in Spain, both slightly lower than 2025.

• Extreme weather, geopolitical conflict, and rising fuel prices have negatively impacted consumer confidence and may require intensified promotions.

• New Barcelona Airport concession began in May 2026; temporary negative margin impact expected during restaurant conversions.

• Continued expansion planned for KFC, Taco Bell, and Pret A Manger brands, with further airport tenders under evaluation.