ANNUAL REPORT 2023

Dear Shareholders,

As we ended our record-breaking year ever, there is no other way to start this message than with a sincere appreciation for the hard work and commitment from our over than 1,600 employees, who made sure that we exceeded last years’ historical performance once more, and by a large margin.

To our shareholders and financial partners, I would also like to extend my gratitude for your trust in Ascendum as your business partner in the different markets where we operate.

Your continued belief in our vision, allow us to grow and seize new opportunities. Ascendum had an unprecedented year in 2023, with total sales exceeding the 1.3 billion euros highmark (8.3% more than in 2022). We also improved our profitability levels, with a 186 million euros EBITDA, a net profit margin of 8%, and stable financial indicators - Equity/Assets of 38% and Net debt/EBITDA of zero. These results were possible even with the challenging and uncertain conditions we faced in 2023 (geopolitical, macroeconomic, FX and market wise).

2023 was marked by the continuous consolidation of important investments. Through our digital transformation program and initiatives, that enhance the way we work and connect with our customers, optimizing our service performance, every step of their journey.

I am also very excited to share a big achievement from 2023, a true reflection of how our “Expect More” motto is going stronger: Ascendum won the Best Retail & Distribution Project category at the Portugal Digital Awards® 2023, with its GenAI - New Service AI Assistant Project. These awards recognize companies that are driving the digital transformation of their businesses, keeping pace of market innovation.

As we continue to evolve and innovate, I could not be prouder of how Ascendum is pioneering the path to a more efficient, modern and sustainable company.

2023 was quite a year and you can still expect more from us!

Thank you for your never-ending commitment and dedication to Ascendum.