Treasury shares

<p>Since 25-06-2023, the eighth treasury share repurchase program to be redeemed is in force. The maximum amount of which is EUR 25 million and, in no case, however, may the number of shares to be acquired exceed 8% of share capital at the time of approval by the board of directors, which was made up of 96,599,189 shares, which is equivalent to 7.7 million shares.</p>

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The shareholders' meeting, held on 06-16-2023, has approved the proposal to reduce the share capital through the amortization of the 5.16 million shares that the Company has in treasury stock, corresponding to the seventh program, a fact that represents a reduction of 5.34% of the share capital. The operation is pending completion of registration procedures.

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On 11-07-2022, the redemption of the 4.37 million shares held by the Company in treasury stock was recorded against the 2021 profit, 1.28 million of which corresponded to the fifth programme and 3.09 million to the sixth programme. The redemption entailed a reduction of 3.098 % of the share capital.

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On 20-07-2020, 3,944,584 treasury shares held by Ercros were redeemed against 2019 profit, and on 11-07-2022, a second redemption of 1,284,000 treasury shares was recorded against 2021 profit, after which the 5,228,584 treasury shares acquired under the fifth programme were redeemed, resulting in a 5.031% reduction in share capital.

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On 23-08-2019, the redemption of the treasury shares acquired under this programme was recorded against 2018 profit, resulting in a 2.325 % reduction of the share capital.

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On 24-07-2018, 986,502 of the acquired treasury shares held by the Company were redeemed against 2017 profit, and a second redemption of 453,108 treasury shares was recorded against 2018 profit on 23-08-2019, after which the 1,439,610 shares, representing 1.297 % of the share capital, were redeemed.

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On 24-07-2018, the redemption of the treasury shares acquired under this programme, representing 1.907 % of the share capital, was recorded.

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On 27-07-2017, the redemption of the 3,106,860 treasury shares acquired under this programme, representing 2.723 % of the share capital, was recorded.

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