PHAROL SGPS S A : informs on Reduction of Tax Liabilities

Announcement | Lisbon | 11 May 2023

Reduction of Tax Liabilities

PHAROL, SGPS, S.A. ("PHAROL") was today notified by the Portuguese Tax Authority of the 2006 Tax Assessment and Accounts Settlement Statement, pursuant to a court decision handed down in the judicial challenge process, which outcome is favourable to PHAROL's claim.

In this process, PHAROL's potential tax liabilities have been materially reduced from 170M€ on April 30, 2023, to 22M€ as of today, which amounts to a reduction of 147M€.

As regards the global amount of potential tax liabilities, PHAROL thus reduces from about €390M on December 31, 2022, to about €241M as of today (already considering possible default interest on the lawsuits).