MESSAGE FROM THE CHAIRMAN

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

We have been facing truly exceptional conditions, now with the emergence of a war on the doorstep of the European Union and its impacts on the escalation of energy prices, raw materials, and worsening inflation.

Due to the characteristics of our business portfolio, but above all thanks to the quality and commitment of our managers and employees, these impacts have been quite moderate economically. It has been possible to improve the Group's performance and continue to reduce its debt, reflecting the optimisation of operating conditions and the decrease in the level of financial indebtedness that have been at the centre of attention of the companies that make up the RAR Group.

Focused on ensuring the competitive and robust position of its strategic businesses, the RAR Group continues its development process with a sense of prudence, seeking to strengthen its stability and invest in new areas.