Sustainability reporting as a strategic and differentiating element

The regulatory context

The value we give to transparency

Sustainability Reporting represents a key opportunity to analyse and share our sustainability performance with stakeholders.

From 2024, the Integrated Report has been replaced by a dedicated section within the Management Report, in line with the entry into force of the Corporate Sustainability Reporting Directive (CSRD). The new regulation also introduces the European Sustainability Reporting Standards (ESRS), which define the new mandatory reporting standards.

Alignment with the CSRD has enabled us to consolidate the path already undertaken in the sustainability area, strengthening processes, technological tools and governance, while promoting an increasingly structured dialogue with stakeholders in the name of transparency.

The double materiality analysis

The identification of material topics

The double materiality analysis enables the identification of the most significant sustainability topics for our Group and for stakeholders, guiding our long-term strategy and initiatives.

In 2025, the analysis was updated in line with the ESRS standards, adopting an approach that considers both the impacts of our activities on the environment and society (impact materiality) and the ESG risks and opportunities that may influence economic and financial performance (financial materiality).

The process involved both internal functions and external stakeholders, leading to the identification of the main impacts, risks and opportunities relevant to the Group.

The connectivity with economic-financial information

An integrated document

The main objective of the CSRD is to place sustainability results on an equal footing with those reported in the statutory financial statements and to recognize their natural connection. Connectivity is therefore a crucial element in the preparation of the Financial Statements Package.

Economic-financial and sustainability information are managed in an integrated manner, with the aim of ensuring consistency and alignment across the different reporting areas. This approach makes it possible to present the company’s performance and main risk factors clearly and transparently, providing an overall and coherent view of both economic results and sustainability topics.

The Internal Control System

Reliable data and information

With the entry into force of the CSRD, we have introduced a specific internal control system, integrated into the broader Internal Control and Risk Management System and aligned with Model 262.

To achieve this objective, a risk management and internal control model has been defined and progressively implemented, designed to ensure data quality and to support the Chief Executive Officer and the Manager in charge of preparing the corporate financial reports in issuing certifications to the market regarding the compliance of Sustainability Reporting with European reporting standards (ESRS) and with the specifications adopted pursuant to Regulation (EU) 2020/852 (the so-called EU Taxonomy).

The European Taxonomy

Share of eco-sustainable Revenues, CapEx, OpEx

The European Taxonomy is a classification system for economic activities that contribute to the following environmental objectives: climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, and the protection of biodiversity and ecosystem health.

The analyses carried out have led to the identification of the share of Revenues, CapEx and OpEx considered eligible and/or aligned with the European Taxonomy.
Below are the results for 2025: