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Materiality and Double Materiality Analysis

For many years we have considered the outcomes of the regular updates of the Materiality Analysis to revise our guidance, planning, and monitoring ESG tools, – i.e. the Policy, the Framework, and the Sustainability Plan -, as well as to draft the ESG disclosure. ​

More recently, in 2024, to prepare our Sustainability Report in compliance with the requirements set out by the EU Directive on Sustainability Reporting (CSRD), the Italian Legislative Decree 125 of 6 September 2024 and the criteria set by the European Sustainability Reporting Standards (ESRSs), we conducted a Double Materiality Analysis. More accurately we carried out this analysis through a structured process, in accordance with the guidelines set out in the “IG1: Materiality Assessment Implementation Guidance issued by the European Financial Reporting Advisory Group (EFRAG).

The new reporting standards require IROs to be identified from two perspectives:

  • Impact Materiality: focused on identifying the positive and negative impacts that company activities generate or could generate on the external context.
  • Financial Materiality: aimed at identifying the risks and opportunities arising from ESG-related factors that could impact the company’s financial position, performance, cash flow, access to funding, or capital costs.

The evaluation of IROs considers different time horizons and includes both the Group’s direct operations and its upstream and downstream value chain.

The process was structured into the following key phases:

PHASE 1: UNDERSTANDING THE CONTEXT

PHASE 2: IDENTIFICATION OF IMPACTS, RISKS AND OPPORTUNITIES (IROS)

PHASE 3: ASSESSMENT OF IMPACTS, RISKS AND OPPORTUNITIES (IROS) AND CONSOLIDATION

To determine the relevant sustainability issues to be included in the reporting, the quantitative results of the assessments for each IRO were displayed in a heatmap. This tool made it possible to classify impacts into different levels of relevance (high, medium or low) and identify those exceeding a pre-established relevance threshold. The results of the materiality analysis were then presented to the Board of Directors, which approved them on 19 December 2024. The analysis conducted in 2024 identified 22 relevant IROs, 16 of which fall under Impact Materiality and 6 under Financial Materiality.