In 2024, we updated our ESG strategy and prioritization, now grounded in the concept of double materiality. This means we not only assess how our activities impact the environment and society, but also how these factors influence our business. This dual perspective (inside-out & outside-in) highlights both financial materiality and impact-based materiality. The European Sustainability Reporting Standards (ESRS) have introduced more rigorous criteria, providing a standardized approach for conducting and reporting on double materiality. Each topic was assessed for its severity—considering scale, scope, and remediable aspects—as well as its financial implications, including the likelihood of occurrence and potential financial impacts on performance, assets and liabilities, cash flows, access to finance, and cost of capital.

The adoption of double materiality goes beyond mere formality; it represents a deliberate and proactive step forward. Our aim is to align our materiality approach more closely with the upcoming CSRD regulations, leveraging the concrete guidance on double materiality requirements. This step allows us to further examine our impact and the related effects on our business, leading to a reassessment and refinement of our priorities.