Letter from the President

June 2026

I am pleased to present the latest edition of our Annual Report. More than an exercise in accountability, this document reflects who we are and the way we conduct our business. In keeping with our commitment to transparency, the following pages highlight the key milestones, challenges and achievements that shaped our performance throughout 2025

During the year, moderating inflation helped to ease some of the pressure on consumers and contain certain business costs. Nevertheless, the operating environment remained challenging due to a number of factors, including geopolitical tensions, the continued shift towards private-label products and an increasing regulatory burden. Despite these headwinds, Grupo IFA maintained its leading position in the food retail sector across Southern Europe.

Strength and a resilient business model

In 2025, the Group achieved consolidated revenue of €45.573 billion across Spain, Portugal and Italy, representing growth of 5.4% compared with the previous year. In Spain, sales reached €19.152 billion, an increase of 5.2% over 2024¹.

Today, Grupo IFA operates more than 11,200 stores across Europe, with a total retail sales area of 7.6 million square metres, including 4 million square metres in Spain. In our domestic market, we operate more than 5,700 stores¹, serving 82% of the Spanish population².

Our 2025 results reinforce our commitment as an essential sector, confirm the strength of our partnerships with our members and demonstrate the success of our regional business model, built on proximity, an extensive product assortment, and high-quality fresh and locally sourced products at competitive prices.

A strategic commitment to manufacturer brands

In line with our business model, our objective is to meet the full range of our customers’ needs. This means offering everything from the latest innovations by leading brands to private-label products, while maintaining manufacturer brands as the cornerstone of our value proposition.

In 2025, close to 80% of our sales came from manufacturer brands, giving us a market share of just over 20%. These figures reflect sustained positive growth in recent years, with an increase of 0.2 percentage points compared with 2024 and more than 5.7 percentage points since 2012³.

Our universal offering, based on the broadest selection of products, manufacturers and price points, has enabled us to differentiate ourselves from competitors and establish Grupo IFA as Spain’s leading platform for manufacturer-brand products. Strengthening this position through initiatives that continue to support manufacturer brands will therefore remain one of our strategic priorities.

Committed to society

At IFA, we remain firmly committed to creating shared value for both our business and society. As in previous years, we have prepared our Economic, Social and Environmental Impact Report in collaboration with KPMG to provide a comprehensive assessment of the Group’s contribution to society.

The report shows that Grupo IFA contributed almost €11.5 billion to the economy, equivalent to 0.7% of Spain’s GDP. We also supported employment for more than 153,000 people globally, including over 88,000 in Spain, making us one of the country’s largest private-sector employers. In fact, this represents the equivalent of 13% of all jobs created in Spain during 2025².

Throughout 2025, Grupo IFA further strengthened its commitment to quality employment and social impact by creating opportunities for thousands of people through a business model that combines first-job opportunities, a strong female workforce, stable employment and a significant contribution to the wider economy.

As highlighted by KPMG in our annual report, for every direct job created by Grupo IFA, a further two jobs are generated across the Spanish economy.

From a broader social perspective, since 2015 we have promoted initiatives aimed at tackling childhood obesity while encouraging sport and healthy eating through strategic partnerships with our stakeholders.

Driving continuous improvement

This year we strengthened our commitment to innovation and digital transformation with the launch of IFA Delfos, a data-driven collaboration platform designed to enhance cooperation with manufacturers. Supported by the Centre for the Development of Technology and Innovation (CDTI), the platform enables the sharing of commercial intelligence to identify market opportunities, optimise product assortments and develop joint action plans based on real consumer behaviour.

We also relaunched IFA START, our open innovation platform dedicated to transforming the food retail sector. The initiative promotes collaboration between retailers, start-ups and emerging technologies to accelerate industry transformation and develop solutions that deliver tangible business impact.

As we close another successful year, we continue to strengthen our business model while moving confidently towards the future. None of this would have been possible without the commitment, dedication and hard work of every member and professional across Grupo IFA. I would like to express my sincere gratitude to all of them for their invaluable contribution.

We look ahead to the coming year with confidence, supported by a resilient, customer-focused and sustainable business model that is well positioned to continue creating value for our customers, members, suppliers and society as a whole.

Kind regards,

JERÓNIMO MARTÍN RODRÍGUEZ

Chairman and Chief Executive Officer IFA Retail, S.A.