CPAC

We are exposed to market risks in the ordinary course of our business, primarily foreign currency risk and, to a lesser extent, interest rate risk. Our foreign currency risk arises mainly from operating activities when income or expenses are denominated in a currency other than our functional currency. As of December 31, 2025, a reasonably possible appreciation of the U.S. dollar of 5% or 10% against the sol would have increased our consolidated profit before income tax by approximately S/812 thousand and S/1,625 thousand, respectively, while a reasonably possible depreciation of the U.S. dollar of 5% or 10% against the sol would have had an equal and opposite effect. As of December 31, 2025, all of our borrowings bore fixed rates of interest and, accordingly, management determined that an interest rate sensitivity analysis was not relevant. For additional information relating to quantitative and qualitative disclosures about these market risks, see note 26 to our consolidated financial statements included in this annual report on Form 20-F.