MESSAGE FROM THE CHAIRMAN

The RAR Group comprises a diversified set of businesses whose management is coordinated by RAR - Sociedade de Controle (Holding), S.A..

Despite the volatile environment of markets affected by two active international conflicts, high inflation levels, and consequent high interest rates, the characteristics of the RAR Group's business portfolio, and above all, the quality and commitment of our managers and employees, have allowed these impacts to be economically quite moderate.

It has been possible to improve the performance of the Group and the optimisation of operating conditions, reflected in positive results for the RAR Group companies.

Focused on maintaining the competitive strength and resilience of its strategic businesses, the RAR Group continues - cautiously - its development and consolidation process, aiming to strengthen its stability and confidently move forward with new investments.