SOL S p A : Group 2025 annual report

S O L G R O U P

A N N U A L R E P O R T

INDEX

9 Consolidated sustainability reporting

1. OUTLINE ACCOUNTS AND EXPLANATORY NOTES SOL GROUP

2. Income statement

3. Statement of financial position

4. Cash flow Statement

5. Statement of changes in consolidated shareholders'

6. Notes to the Financial Statements

147 Certificate of the Consolidated financial statements pursuant to Article 154-bis of Italian Legislative Decree 58/1998

Euro 47,164,000.00 fully paid up

Tax Code and Register of Companies of Milan, Monza Brianza, Lodi No. 04127270157

Business Reg. No. 991655

Chamber of Commerce Milan, Monza Brianza, Lodi

BOARD OF DIRECTORS Chairman and Managing Director

Aldo Fumagalli Romario

Deputy Chairman and Managing Director

Marco Annoni

Director with special powers

Giovanni Annoni

ÿþÿþ

Director with special powers

Giulio Fumagalli Romario

Director with special powers

Andrea Monti

Directors

Federica Annoni Margherita Tronconi

Cristina Grieco (Independent) Anna Gervasoni (Independent) Antonella Mansi (Independent) Elli Meleti (Independent)

Francesco Giammaria (Independent)

GENERAL MANAGERS Daniele Forni Claudio Garbellini

BOARD OF STATUTORY AUDITORS Chairman

Giovanni Maria Alessandro Angelo Garegnani

Regular auditors Giuseppe Marino Paola De Martini

Alternate Auditors Annalisa Randazzo Lucia Foti Belligambi

AUDITING COMPANY EY SPA

Via Meravigli n. 12 20123 Milan

POWERS GRANTED TO THE DIRECTORS

(CONSOB Communication No. 97001574 dated February 20, 1997)

To the Chairman and Deputy Chairman: legal representation before third parties and the court; several powers of ordinary administration; joint powers of extraordinary administration, it being understood that for the

implementation of the relevant acts the signature of one of the two is sufficient with written authorisation from the other; without prejudice to some specific acts of particular importance that are reserved to the competence of the Board of Directors.

To Directors with special appointments: powers of ordinary administration relevant to Legal and Corporate Business (Giulio Fumagalli Romario) and the Organisation of Information Systems (Giovanni Annoni) with single signature.

REPORT

ON OPERATIONS SOL GROUP

INTRODUCTION

This Annual Financial Report as at December 31, 2025, is drawn up pursuant to Article 154-ter of Italian Legislative Decree 58/1998 and prepared in accordance with the International Accounting Standards (IFRS) issued by the International Accounting Standard Board (IASB) recognised by the European Union pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of July 19, 2002, as well as with the implementation regulations set out in Article 9 of Italian Legislative Decree no. 38/2005. These IFRS principles also include all revised International accounting standards (IAS) and all of the interpretations of the International Financial Reporting Interpretation Committee (IFRIC), previously called Standing Interpretations Committee (SIC).

This document, in PDF format, does not constitute fulfillment of the obligations deriving from the Directive 2004/109/EC (the "Transparency Directive") and by Delegated Regulation (EU) 2019/815 (the "ESEF Regulation"

- European Single Electronic Format) for which a specific format was developed.

ALTERNATIVE PERFORMANCE INDICATORS AND DEFINITIONS

The Report on Operations and the consolidated financial statements include economic and financial indicators used by Management to monitor the Groupʹs economic and financial performance. These indicators are not defined or specified in the applicable financial reporting regulations. As the composition of these measures is not regulated by the reference accounting standards, the calculation criterion used by Management may not be consistent with the criterion used by other groups and may therefore not be comparable. The Alternative Performance Measures are constructed exclusively from the historical accounting data and are determined in accordance with the provisions of the Guidelines on Alternative Performance Measures issued by ESMA on October 5, 2015, (2015/1415) as per CONSOB Communication no. 92543 of December 3, 2015, and ESMA on April 17, 2020, are not audited ESMA Guidelines on Alternative Performance Measures (APMs).

The following Alternative Performance Measures are presented in this Report on Operations:

• Gross Operating Margin (EBITDA): It is the difference between ˮRevenuesˮ, ˮTotal Costsˮ and ˮPayroll and related costsˮ and can be derived directly from the consolidated Income Statement. However, this measure is not defined in IFRS accounting standards; as a result, it may not be homogeneous and therefore not comparable with that of other groups.

• EBITDA margin: It is calculated as the ratio of EBITDA to ˮRevenues from sales and servicesˮ.

• Operating result: It represents the ˮOperating resultˮ that can be derived directly from the Consolidated income statement.

• Operating result margin: It is calculated as the ratio of the Operating result to ˮRevenues from sales and servicesˮ.

• Investments: They represent the sum of the investments shown in the explanatory notes to the consolidated financial statements under ˮTangible Fixed Assetsˮ less ˮOther changesˮ of the item ˮOther assets under construction and advancesˮ.

• Net financial position (net financial indebtedness): It is determined, in accordance with ESMA Guideline 32-382-1138, as the sum of net current borrowing and non-current borrowing, both of which include financial payables arising from lease agreements in accordance with IFRS 16. ˮNet current borrowingˮ is the algebraic sum of cash and cash equivalents, current financial assets (such as securities held for trading) and current borrowing.

GENERAL CONTEXT

SOL is an Italian multinational group operating in Europe, Turkey, Morocco, Brazil, India, China, Kuwait, Ecuador and Peru across two main business sectors: the production, applied research and marketing of technical, pure and medical gases (Technical Gas Division); and Home Healthcare services (Home Care Division).

The year 2025 began with the geopolitical tensions that had emerged over the previous two years still ongoing, with conflicts in Ukraine and the Middle East continuing to impact the global economy. However, unlike the previous year, the European macroeconomic landscape showed the first signs of recovery consolidating in the second half of the year, moving beyond the period of stagnation that had characterised 2024.

Inflation continued to stabilise, enabling central banks - foremost among them the ECB - to implement further and more decisive measures to ease monetary policy. The gradual reduction in interest rates began to have a positive impact on investment and on the cost of debt for businesses.

In the industrial gases sector, following the volatility seen in 2024, the stabilisation of energy costs, combined with a modest but steady recovery in industrial production, led to an increase in sales compared with the previous financial year.

The home care sector recorded a decidedly positive trend, driven not only by an increase in the number of patients served, but also by a wider range of services offered and the integration of new technological solutions for remote monitoring.

Looking ahead to the first half of 2026, further geopolitical tensions in the Middle East are expected to increase uncertainty in the global economy, particularly with regard to rising energy supply costs and cost of raw materials.

RESULTS AND MANAGEMENT TREND

1. Economic trend

   The 2025 financial year closed with consolidated turnover of Euro 1,776.1 million, representing an increase of 10.3% compared with the previous year (of which -0.7 pp were due to exchange rate effects and +1.9 pp to changes in the scope of consolidation). Growth was driven by both the domestic market (Euro 677.1 million, up 9.0% compared to 2024) and foreign markets (Euro 1,099.0 million, up 11.1% compared to 2024). In particular, the Technical Gas Division achieved sales of Euro 852.9 million (marking an 8.2% increase compared to 2024). This result reflects the Group's ability both to attract new customers in the markets in which it operates and to manage inflationary pressures and rising production and transport costs through a careful pricing policy. The Home Healthcare Service Division (Vivisol) confirmed its sustained growth momentum, achieving sales of Euro 923.1 million (+12.3% compared to 2024), driven by a steady increase in new prescriptions patients, particularly in the sleep apnoea and advanced homecare segments.

   The Gross Operating Margin (EBITDA) stood at Euro 451.6 million (representing 25.4% of turnover), up from Euro 403.8 million representing 25.1% of turnover in 2024. The increase in EBITDA of Euro 47.8 million (+11.8% compared to 2024) is the result of a careful policy of keeping operating costs in check in relation to sales growth. During the year, major Air Separation Units in Croatia and India became fully operational, while investments in new plants in Germany and Greece are currently being finalised. The related start-up costs arising from making the new investments operational were absorbed without having a significant negative impact on profit margins.

   The operating result came to Euro 270.0 million, equating to 15.2% of sales, up by 11.8 million compared to the figure for the same period of 2024 (Euro 237.2 million, or 14.7% of sales).

   Consolidated net profit reached Euro 167.0 million (compared to Euro 147.7 million as at December 31, 2024).

   The average number of employees as at December 31, 2025, amounted to 7,623 (7,291 as at December 31, 2024).

2. Trends in the financial position

The cash flow amounted to Euro 345.6 million (19.5% of sales), up by 11.0% compared to 2024 (equal to Euro 311.4 million).

Tangible and intangible capital expenditure incurred during 2025 amounted to Euro 231.3 million, with Capex standing at 13.0%.

Net financial indebtedness amounted to Euro 484.3 million, of which Euro 95.2 million related to lease agreements (IFRS 16), against investments and acquisitions made during the year totalling Euro 248.5 million.

The "Net debt to equity" ratio stood at 0.407 (as at December 31, 2024), while the "Net debt to EBITDA" (Cash Flow Cover) ratio stood at 1.07 (1.09 as at December 31, 2024).

The application of IAS 29, ˮFinancial Reporting in Hyperinflationary Economiesˮ, with reference to Turkey, had no material impact on the consolidated financial statements of the SOL Group.

SHARE PERFORMANCE ON THE STOCK EXCHANGE

SOL stock opened 2025 with a price of Euro 37.15 and closed as at December 30, 2025, at Euro 48.95. During the year, the stock achieved a maximum price of Euro 54.20, while the minimum came to Euro 31.35.

QUALITY, SAFETY, HEALTH AND ENVIRONMENT, REGULATORY AFFAIRS AND SUSTAINABILITY

The focus on quality, health, safety and environment was constantly active throughout 2025 with an intense internal auditing activity and with checks by third parties, both by Notified Bodies for Certification and by the Auditing Bodies of the Public Administration.

All of these checks had a positive outcome.

Overall, the certifications obtained over the years pursuant to international standards ISO 9001, ISO 14001, ISO 13485, ISO 45001, ISO 22000 - FSSC 22000, ISO 50001, ISO 27001, ISO 22301, ISO 17025 and ISO 17034 were

renewed and extended to new activities, new certification standards, as well as new operational sites of the Group. As part of its technical gas activities, SOL Spa obtained the ISCC EU certification as a trader (both a paper trader and a trader with storage at its Salerno plant) in the bio-LNG market, a liquid biofuel derived from sustainable sources. This certification falls within the scope of environmental sustainability and confirms compliance with the requirements for biofuels in Europe, in line with the EU RED III Directive.

SOL Spa, VIVISOL Srl and STERIMED Srl confirmed the UNI PdR 125:2022 Gender Equality Certification, a milestone towards a more equitable and inclusive workplace. STERIMED Srl also confirmed SA 8000 certification, a standard focused on working conditions.

The certification status was also confirmed for the enforcement of the PED directive in the internal production of vaporisers and of the 93/42 Directive for the production of medical devices.

In 2025, the Macedonian company TGS achieved ISO 17025 accreditation for the methods of analysis used in its laboratory. This status, granted in Italy by Accredia, was also confirmed for the laboratories of SGPM (Italy), GTS (Albania), SOL Serbia and Sterimed (Italy).

In 2025, Cryolab maintained its ISO 21973 certification for the transport of cells for therapeutic use and research.

The SOL BRANCH BELGIUM WANZE site maintained the ISCC Plus certification for environmental sustainability, the first company in the industry to do so for CO2 production.

Always as part of technical gases and biotechnology, at the end of 2025, ISO 9001 certification status stood at 44 sites in Italy and 47 in Europe (of which 1 belonging to the German company CT BIOCARBONIC, a jointly controlled company consolidated using the equity method) and 15 non-EU.

In the area of food safety, the number of sites in Italy certified to ISO 22000 was 2 and 31 outside Italy (one of which belongs to the German company CT BIOCARBONIC).

In 2025, ISO 14001 certification for the environmental management system was confirmed, covering 10 sites in Italy and 27 sites outside of Italy.

The certification of the safety management system according to the ISO 45001 standard is applied in 40 sites in Italy and 24 sites outside of Italy.

The excellence certification status (ISO 9001, ISO 14001, ISO 45001) was confirmed, maintaining European EMAS Registration for the SOL GAS PRIMARI plants of Verona, Mantua and for the head office in Monza for SOL Spa activities.

As part of home care activities, the certification status (ISO 9001) of the Vivisol sites was 23 sites in Italy and was expanded to 77 sites outside of Italy.

The ISO 14001 certification of the environmental management system of Vivisol Srl Registered office and 8 sites outside Italy were also confirmed, and the certification of the safety management system according to the ISO 45001 standard, applied at 19 sites in Italy and 8 sites outside of Italy.

Work also continued on the implementation of the Responsible Care Programme and in accordance with the principles of corporate Social Responsibility.

PHARMACEUTICAL-REGULATORY ACTIVITIES AND MEDICAL DEVICES

The Group's regulatory activities, both in Italy and abroad, continued in 2025 as well.

In 2025, FLOSIT PHARMA (Morocco) was granted marketing authorisation for the supply of medical oxygen in tankers and hospital tanks.

At the end of 2025, the Group had:

• 146 Marketing Authorisations for medical gases filed in 26 countries (19 EU and 7 non-EU);

• 62 Pharmaceutical Workshops, of which 60 are medical gas production workshops, plus the Sitex of Geneva workshop (production of Galenic drugs) and the Diatheva workshop of Cartoceto (production of API from Biotechnology and sterile experimental drugs in small volume packaging). There are 13 medical gas production workshops in the Home Care area (of which 3 in Italy), and 47 in the Technical Gas sector (of which 16 in Italy).

  In 2025, 14 GMP inspections of medical and medical gas production workshops were carried out by the relevant national agencies, while distribution centres underwent 5 GDP inspections; one inspection concerned the distribution of medical devices. One of the groupʹs companies underwent a routine inspection of its local pharmacovigilance activities.

  Medical regulatory activities focused on the launch of the first production and sales of icodextrin-based perito-neal dialysis solutions, for which VIVISOL holds the relevant Marketing Authorisation.

  In 2025, the transition from CE marking to the Medical Device Regulation (MDR) was completed for certain Medical Devices manufactured by SOL Spa, as well as for Oxide Dispensing Medical Devices manufactured by SOL Group Lab, a company within the SOL Group.

  SOL GROUP INVESTMENTS

  During the 2025 financial year, investments were made for Euro 130.7 million in the ˮtechnical gasesˮ sector and for Euro 85.8 million in the ˮhome careˮ sector as detailed below:

• in Italy, work on the construction of the new logistics centre of VIVISOL NAPOLI in Marcianise (Caserta) was completed;

• in Italy, work on the construction of the new plant to produce liquid carbon dioxide in San Donato Val Di Comino (Frosinone) continued;

• in Italy, work has begun to increase the production capacity of the air separation unit in San Martino Buon Albergo (Verona);

• following the purchase of the building, work began on the modernisation of the SOL Group's headquarters in Monza;

• in Italy, the UB filling plant in Marcianise was completed, as was the expansion of the Cremona Medical Centre, as part of a wider project to streamline the Medical Centres, which is due to be completed in 2026;

• in Italy, construction began on a new cryobank at the Pomezia site;

• In Austria, the revamping of the 200 & 300 bar industrial filling plant in Wiener Neustadt was completed;

• in Germany, the 200 & 300 bar Helium filling plant with a purity of 6.0 was completed;

• in Slovenia, work has begun on the revamping project for the filling plant in Jesenice;

• in Greece and Germany, construction work on the new air separation units for SOL HELLAS in Thessaloniki and SOL spa in Frankfurt was completed, with production set to begin in early 2026;

• in Greece, work has begun on the construction of two new VSA plants for the production of gaseous oxygen to supply two steelworks;

• in La Réunion (French Overseas Territories), a medical gas filling branch was established.

• in India, BHORUKA SPECIALTY GASES completed the project to expand its ultra-pure gas production capacity in Indapur and began work on a new production plant in Haroalli;

• in Italy and Germany, the programme to improve, modernise and streamline secondary production plants continued;

• in Italy as well as abroad, a number of on-site industrial and medical systems were built and launched, and means of transport, distribution and product sales have been enhanced with the purchase of cryogenic tanks, cryogenic liquid distribution reservoirs, cylinders, dewars and electrical medical devices, all to sustain the group's development in all sectors of activity and geographic areas;

• investments continued to develop IT systems for both the technical gas and home-care sectors.

  MAJOR CORPORATE TRANSACTIONS

  During 2025, the following partnerships and acquisitions were made, both in Italy and abroad:

• the acquisition of FREYCO KOHLENSÄURE SERVICE GmbH, in Germany;

• the acquisition of CSAIR Sàrl, in Switzerland;

• the acquisition of a majority stake in BERMAN Srl, in Italy;

• the acquisition of a 20% stake in BIOMETHAN GREEN 1, in Italy, which is involved in the development of innovative projects in the biomethane sector;

• the acquisition of an 80% stake in AENDUO Srl, in Italy, which is involved in the development of telemedicine software;

• the acquisition, in partnership with a local shareholder, of a 90% stake in WUXI LIYUAN MEDICAL OXYGEN Co., Ltd. in China;

• the increase to 80% of the stake in SHANGHAI BOHAO HEALTH SERVICE Co., Ltd., in China;

• the launch of a strategic partnership in Kuwait.

  RESEARCH AND DEVELOPMENT ACTIVITIES

  Research activities, which characterise and support the Group's development, continued during the year; these activities mainly comprise research associated with the development of new production and distribution technologies, with the promotion of new applications for technical gases and with the development of new drugs and services in health and home care.

  In particular, the acquisition of AENDUO srl expanded the Groupʹs research and development activities in the IT sector for its home-care business.

  SHARES OF THE PARENT COMPANY HELD BY GROUP COMPANIES

  As at December 31, 2025, the Parent Company SOL Spa did not own treasury shares. The other companies of the Group did not own shares of the parent company SOL Spa.

  During the 2025 reporting year, no SOL shares were purchased or sold either by the Parent Company itself or by other Group Companies.

  INTRA-GROUP TRANSACTIONS AND TRANSACTIONS WITH RELATED PARTIES

  Transactions carried out with related parties, including intra-group transactions, cannot be considered as atypical or unusual, as they are part of the normal activities of Group companies. These transactions are settled at arm's length, taking into account the characteristics of the supplied goods and services.

  Information on transactions with related parties, including those required by the Consob communication of July 28, 2006, are shown in the notes to the Consolidated Financial Statements as at December 31, 2025, to which reference is made.

  CONSOLIDATED SUSTAINABILITY REPORTING ESRS 2 - GENERAL DISCLOSURES

  BASIS FOR PREPARATION

  Disclosure requirement BP-1 - General basis for preparation of sustainability statements This document is the Consolidated Sustainability Reporting (hereinafter also the ˮReportingˮ) of the SOL Group (hereinafter also ˮthe Groupˮ), prepared in accordance with Italian Legislative Decree 125/2024, issued in implementation of Directive 2022/2464/EU (ˮCorporate Sustainability Reporting Directiveˮ) and the requirements of Regulation (EU) 2020/852 of the European Parliament and of the Council and its Delegated Regulations.

  The Consolidated Sustainability Reporting was prepared in accordance with the European Sustainability Reporting Standards (hereinafter also referred to as ESRS) promulgated by the European Union; the reporting boundary includes the Parent Company SOL Spa and all companies consolidated on a line-by-line basis in the Groupʹs Annual Financial Report as at December 31, 2025.

  In the definition of the contents of the Consolidated Sustainability Reporting, in particular in the analysis and assessment of impacts, risks and opportunities (hereinafter also collectively referred to as IROs), the stakeholders of the Groupʹs value chain were considered, both upstream, such as suppliers and partners which are crucial for the procurement of materials and services, and downstream, such as customers and patients. In this context, the IRO-related information on the value chain reported in this document refers to the policies adopted by the Group (which apply not only to the employees, contractors and directors of SOL Group companies, but also to all those who, for various reasons, come into contact with the Group (such as: suppliers, partners, customers, etc.) and to Scope 3 GHG emissions metrics.

  The frequency of Reporting is annual; the Group has applied the phase-in provisions in accordance with Appendix C of ESRS 1 for ESRS S1-11, S1-12, S1-13, S1-14 for non-employees only, S1-15, for which the reporting obligation was subsequently postponed by Directive 2024/1306.

  Disclosure requirement BP-2 - Disclosures in Relation to Specific Circumstances

  In preparing the Consolidated Sustainability Reporting, the SOL Group adopted the definition of time horizons in line with ESRS 1 6.4.b.

  In particular, the time horizons were defined as follows:

• Short period: one year (i.e., the period adopted by the company as the reference period for its financial statements);

• Medium-term: one year to five years;

• Long-term: over five years.

In preparing the disclosures, the Group needed to make use of estimates concerning data and information relating to the value chain for the calculation of Scope 3 emissions (more on this in the relevant section).

Where estimates have been made, these can be found at the bottom of the relevant figure. Overall, the level of uncertainty in these estimates is low. With regard to Scope 3 emissions, there is low uncertainty for most categories (including 1, 2, 3, 4, 11 and 15), as this is mainly linked to standard emission factors. However, a medium level of uncertainty remains for categories 6, 7 and 13, for which assumptions regarding activity data had to be made.

For further details, see section ESRS E1-6. With regard to hours worked, these are based partly on actual data and partly on estimates. For further details, see section ESRS S1.14.

The SOL Group does not include in its sustainability reporting disclosures pertaining to other regulations requiring the disclosure of sustainability information or other generally accepted standards and frameworks for sustainability reporting with the exception of the requirements of Regulation (EU) 2020/852 of the European Parliament and of the Council and its Delegated Regulations.

GOVERNANCE

SOLʼs governance structure includes the following bodies: the Shareholdersʼ Meeting, the Board of Directors with its Board committees (Remuneration Committee, Related Party Transactions Committee and Control, Risk and Sustainability Committee), the General Management, the Board of Statutory Auditors, the Financial Reporting Officer, the Manager in charge of preparing the Consolidated Sustainability Reporting, the Preventative Employers, plus the Internal Control Function, the Supervisory Body pursuant to Italian Legislative Decree No. 231/2001 and other corporate departments involved in the companyʼs internal controls. The Control, Risk and Sustainability Committee, which has been operational since January 1, 2024, has the task of supporting the Board of Directorsʹ assessments and decisions regarding the internal control and risk management system, and sustainability topics related to the Groupʹs activities.

The Board of Directors has the main role of governance and management of the company, with the fundamental objective of pursuing the sustainable success of the Group, always taking into account the interests of all relevant stakeholders. All significant sustainability initiatives are evaluated by the Board of Directors. In fact, it is the Board of Directors that approves the information contained in the annual Consolidated Sustainability Reporting, as well as the double materiality analysis that identifies material impacts, risks and opportunities for the Group in the terms of sustainability. In addition, the Managing Directors and Executive Directors, together with the General Management, define the strategy, approve the Sustainability Plan and define the SOL Groupʹs ESG targets.

The Board of Directors of SOL Spa consists of 12 members: there are 5 executive members (42%), 6 women (50%) and 7 independent directors (58%). There is no employee representation.

The Board of Statutory Auditors of SOL Spa, the main supervisory body, consists of 5 members: 3 men (60%) and 2 women (40%). The members of the Board have professional experience from various industry sectors, including prominent roles in ESG, which enriches their expertise in the field. There is no employee representation.

The Parent Companyʹs Board of Directors consists of members with solid and relevant expertise in the production and distribution of technical gases, as well as in home and hospital care services. In addition, to ensure that the Board of Directors can adequately oversee any ESG risk that may affect the Groupʹs business in a medium to long-term perspective, as well as material impacts and opportunities, the Board includes members with experience gained in business contexts characterised by a strong focus on ESG topics, including ESG risks, in top management roles or alternatively in the public - institutional sector closely related to sustainability topics, such as sustainable finance and business conduct.

Integrated Management System

The commitment to ESG principles is embodied in the policies that the SOL Group has adopted. In these documents, the topics arising from the double materiality analysis are addressed in detail. The policies, approved by the Chairman, Vice Chairman and General Management, are a tangible expression of the Groupʹs commitment to ESG principles.

In this context, the Group Integrated Management System represents an important tool for implementing and monitoring policies and objectives. The SOL Group has been engaged in the certification process of its units since 1994. The initial ISO 9001 certification of the main Italian sites was gradually joined by other standards relevant to the Groupʹs activities, as the certification scope was extended to new sites and countries.

The following table shows the situation as at December 31, 2025, of the certified sites of Group companies, broken down by reference standard:

Country Company ISO 9001 ISO 45001 ISO 14001 EMAS ISO 50001 ISO 13485 ISO 27001 ISO 22000

Quality Occupational

Health and

Safety

Environment

Environment

Energy Medical devices

Data security

Food safety

(continues)

(continues)

Country Company ISO 9001 ISO 45001 ISO 14001 EMAS ISO 50001 ISO 13485 ISO 27001 ISO 22000

Quality Occupational

Health and

Safety

Environment

Environment

Energy Medical devices

Data security

Food safety

Home-care service sector

Austria VIVISOL AUSTRIA 2 - - - - - - -France FRANCE OXYGENE 15 - - - - - - -MBAR 1 - - - - - - -

VIVISOL FRANCE 13 - - - - - - -Germany VIVISOL DEUTSCHLAND 4 - - - - - - -MEDTEK 1 - - - - - - -

SERVICE

PROFI GESUNDHEITS 1 - - - - - - -

INTENSIVSERVICE 1 - - - - - - -

PIELMEIER 1 - - - - - - -Greece VIVISOL HELLAS 3 - - - - 3 - -Ireland DIRECT MEDICAL 2 - - - - - - -Italy ITOP 1 - - - - - - -VIVISOL 19 18 1 - - 2 1 -

VIVISOL CALABRIA 1 - - - - - - -VIVISOL NAPOLI 1 1 - - - - - -VIVISOL SILARUS 1 - - - - - - -

Netherlands VIVISOL NEDERLAND 1 - 1 - - - 1 -Poland PALLMED 23 - - - - - 21 -MEDSEVEN 1 - - - - - - -

United Kingdom DOLBY MEDICAL 4 4 4 - - - 2 -

Spain VIVISOL IBERICA 4 4 3 - - 1 5 -

SOL Spa, VIVISOL Srl and STERIMED Srl achieved the Gender Equality Certification in accordance with the UNI PdR 125:2022 standard, which recognises the Group's progress towards a more equitable and inclusive workplace. It should also be noted that STERIMED Srl obtained SA 8000 certification, a standard focused on working conditions. Moreover, with regard to the traceability of sustainability of the supply chain, the Wanze site in Belgium holds ISCC Plus certification for the biogenic CO2 it produces, while SOL Spa holds ISCC EU certification for the storage and marketing of bioLNG.

At least once a year, the Board of Directors is involved and updated by the Corporate Executive Department for Quality, Safety, Environment, Regulatory Affairs and Sustainability on the results of the double materiality analysis and the identification of material IROs. This frequency increases when changes occur in the context or when events arise that may affect the materiality assessment of IROs.

A further official discussion forum is the Steering Committee, chaired by the Corporate Executive Department for Quality, Safety, Environment, Regulatory Affairs and Sustainability, which meets annually with the aim of promoting

sustainability objectives and projects, as well as coordinating and stimulating the operational structures of all Group companies on the matter. Members of the Steering Committee are the Directors, the General Management and the Executive Directors. The Group is committed to refining and formalising its approach to IRO governance. In this way, the company is committed to aligning its governance with the CSRD, ensuring that sustainability and material impacts are an integral part of strategic oversight.

Administrative, management and supervisory bodies take these impacts, risks and opportunities into account in their work and decisions, ensuring that sustainability and material impacts are an integral part of strategic oversight. In this context, the monitoring and control of impacts, risks and opportunities is carried out by the Board of Directors through the Risk and Sustainability Control Committee. The operational management of IROs is delegated to the relevant Executive Departments.

The detailed list of material impacts, risks and opportunities can be found in paragraph SBM-3 of the Sustainability Reporting. This list has been approved by the Board of Directors of SOL Spa.

With regard to the Remuneration Policy, approved by the BoD of SOL Spa on March 27, 2025, it includes ESG components in the variable portion of the medium- to long-term remuneration reserved for Executive Directors and General Management, and in the variable but short-term portion (annual MBO) intended solely for the Group's General Management. In particular, for Executive Directors, the ESGs - which account for 30% - include metrics relating to accident rates, employment growth within the Group, and the Gender Index, defined as the percentage of women in managerial and senior managerial roles. According to the General Management, the LTI Plan is based on six objectives, including the severity index aimed at improving workplace safety, reducing (stabilising) personnel turnover and, for them too, increasing the proportion of women in management roles. With regard to the General Management, an annual cash bonus is also provided, which is likewise linked to short-term budgetary targets, including maintaining a low Group Severity Index, reducing ˮCritical Non-complianceˮ, which, among other characteristics, have the potential to cause harm or pose a serious risk to the safety or health of personnel, customers or patients, and, finally, an increase in the Gender Index.

Each of the three ESG parameters included in the three-year Long-Term Incentive scheme for Executive Directors accounts for 10%, while in the LTI scheme for General Managers, the three ESG parameters together account for 25%, and in their annual MBO, the two ESG components account for 15%.

In this context, targets relating to the reduction of greenhouse gas emissions have not yet been included in variable remuneration.

In order to prepare the Sustainability Reporting, the Group mapped the information on existing Due Diligence practices, despite the fact that no formal, structured process is in place to date. The policies adopted by the SOL group with regard to social and environmental topics are detailed within the chapters on ESRS topics. Below are references to safeguards to mitigate the negative environmental, social and governance impacts that the SOL group causes or could cause to date.

Embedding due diligence into governance, strategy, and business model ESRS 2 - General disclosures | Disclosure requirement GOV-1

ESRS 2 - General disclosures| Disclosure requirement GOV-3 ESRS 2 - General disclosures | Disclosure requirement IRO-1

Engaging with affected stakeholders in all key steps of the due diligence ESRS 2 - General disclosures | Disclosure requirement SMB-2

Identifying and assessing negative impacts

ESRS 2 - General disclosures | Disclosure requirement SBM-3 ESRS 2 - General disclosures | Disclosure requirement IRO-1

Taking action to address negative impacts

ESRS E1 - Climate Change | Disclosure requirement E1-3

ESRS E3 - Water and Marine Resources | Disclosure requirement E3-2

ESRS E5 - Resource Use and Circular Economy | Disclosure requirement E5-2 ESRS S1 - Own workforce | Disclosure requirement S1-4

ESRS S2 - Workers in the Value Chain | Disclosure Requirement S2-4 ESRS S4 - Consumers and end-users | Disclosure requirement S4-4 ESRS G1 - Business conduct | Disclosure requirement G1-3

Tracking the effectiveness of these efforts and communicating ESRS E1 - Climate Change | Disclosure requirement E1-3

ESRS E3 - Water and Marine Resources | Disclosure requirement E3-2

ESRS E5 - Resource Use and Circular Economy | Disclosure requirement E5-2 ESRS S1 - Own workforce | Disclosure requirement S1-4

ESRS S2 - Workers in the Value Chain | Disclosure Requirement S2-4 ESRS S4 - Consumers and end-users | Disclosure requirement S4-4 ESRS G1 - Business conduct | Disclosure requirement G1-3

Due diligence is an ongoing practice that responds to and can trigger changes in the companyʹs strategy, business model, activities, business relationships, and operational, procurement and sales contexts.

The SOL Groupʹs system of internal control and management of impacts, risks and opportunities (IRO) is an integrated system carried out by several corporate bodies and organisational units. The bodies are multi-layered: at the top there is the Board of Directors, the Risk Control and Sustainability Committee, the Director in charge of the risk control and management system, the Board of Statutory Auditors and the Supervisory Body.

The first level of control is entrusted to the individual operational lines. This consists of checks carried out by those who implement certain activities in compliance with company procedures and by those who have supervisory responsibility. It ensures the smooth running of day-to-day operations and also relies on the cooperation and indications of of trade union representatives and workersʹ safety representatives. The second level is entrusted to structures that contribute to the definition of risk measurement methodologies, their identification, evaluation and control (Risk Management). This allows the verification of compliance with regulatory obligations (Compliance). In particular, this control is implemented, as regards IROs relating to occupational safety, quality, pharmaceutical, environmental and sustainability compliance, through the Corporate Executive Department for Quality, Safety, Environment, Regulatory Affairs and Sustainability; as regards administrative-accounting and financial compliance, through the Financial Reporting Officer and the Departments reporting to him/her, including the Budgeting and Control Department and the Administrative Department; with regard to IT Compliance, through the Information Technology & DigitalDepartment; with regard to Legal Compliance, through the Legal Affairs Department; with regard to GDPR Privacy Compliance, through the Group Data Protection Officer; with regard to Antitrust and Anti-Corruption Compliance, through the departments identified and dedicated to such matters. Finally, the third level is entrusted to the Internal Control Function, which reports directly to the Board of Directors and has direct access to all information. In 2024, the Group started a process aimed at structuring and strengthening the existing Internal Control System in order to extend it to the areas of interest for Sustainability Reporting. In this context, the SOL Group has defined an internal procedure for managing the process of preparing and approving the sustainability reporting, which requires, among other things, that data be collected from all Group companies through an IT platform and then validated by the Corporate departments. The system allows an efficient and articulated distribution of activities (data

loading and validation), thus enabling different levels of responsibility to be identified. The internal procedure also includes guidelines for calculating metrics.

In the broader context of establishing a structured internal control system over sustainability reporting, the Group has at present assessed and identified the completeness and integrity of data as a risk associated with sustainability reporting as a whole. In order to mitigate this risk by ensuring a shared understanding of terms and definitions within the data collection process, regular training sessions are organised for employees involved in data collection. Looking forward, the Internal Audit department will be involved in the verification of the testing phases that will be defined and implemented, in the follow up on the implementation of improvement actions, as well as in the updating of the BoD, according to timeframes that will be duly defined.

STRATEGY

Established in 1927 in Italy, the SOL Group conducts business in the field of production, applied research and marketing of technical and medicinal gases, homecare, biotechnologies and production of energy from renewable sources.

Present today in 33 countries with 7,623 employees, distributed in Europe (86%), Asia (7%), South America (7%) and Africa (1%).

The parent company SOL Spa has been listed on the Italian stock exchange since July 1998.

In the following paragraphs, the main business sectors of the SOL Group are described with the identification of the downstream stakeholders the Group addresses.

In the industrial sector, the Group supplies technical gases (compressed, liquefied, and cryogenic), equipment, plants, and services to customers operating in most industrial sectors: steel, metallurgy, glass and ceramics, metal fabrication, chemical and pharmaceutical, food and beverage, petroleum industry, and services for the environment and transportation of goods and people.

In the health sector, it serves hospitals (public and private), Scientific Hospitals and Treatment Centres, University Hospitals, Clinical Research Centres, Medically Assisted Reproduction Centres, nursing homes and assisted living facilities, supplying medicinal gases, medical devices for the administration and dosing of medicinal gases, equipment, gas distribution systems, facility management services, hospital environment health services, global service management services for electro-medical equipment, sterilisation plants and the turnkey construction of cryobiology rooms and laboratories.

As regards home care, the Group provides via VIVISOL services and treatments for chronic patients who, on behalf of the health systems of different countries, are cared for outside a protected setting such as a hospital. VIVISOL is able to comprehensively take care of chronic patients often suffering from crippling diseases and socially fragile conditions, or in need of life-sustaining treatments, with the aim of keeping them in their social and emotional context, thus improving their quality of life. VIVISOL provides home-based respiratory and infusion therapies as well as remote medicine and monitoring services and highly complex medical and nursing care. VIVISOL also has extensive experience and expertise in the management and supply of medical aids, offering a service that includes: delivery to the patientʹs home, technical support, maintenance, sanitisation, disinfection and online software for computerising data. Thanks to consolidated experience in the sector, VIVISOL is now established among the leading home care providers in Europe and beyond.

In the biotechnology sector, the Group develops tests and analytical services in the world of human and animal clinical research and diagnostics, conducts clinical trials for the development of proprietary biotechnological molecules, performs accredited genomic and molecular genetic diagnostic services, develops bioinformatics pipelines for clinical data management, and validated production processes for biotechnological molecules such as antibodies and recombinant proteins that it produces as medicinal products.

In the field of production of energy from renewable sources, as of 2002, the Group operates 16 hydroelectric power plants in Albania, Bosnia Herzegovina, North Macedonia and Slovenia, along with a wind power facility in India.

In 2021, the SOL Group drew up its first Sustainability Plan (SP), a fundamental tool to further strengthen the SOL Groupʹs strategic vision of sustainability by translating it into qualitative and quantitative targets that the Group will pursue until 2030. The SP, which responds to some of the global challenges (United Nations Sustainable Development Goals, or SDGs), has been supplemented with initiatives, proposed by Group employees, gathered from the Little Big Innovations project. The Plan is based on the following pillars:

• Sustainable Production Process, by increasing the percentage of energy consumed from renewable sources, optimising the energy efficiency of the sites/products supplied, reducing CO2 emissions from transport, and increasing the circularity of processes;

• Dialogue and Listening, with a strengthening of the process of listening to patients and doctors, of employees to improve the working environment, with the dissemination of Code of Ethics principles, with community support;

• Sustainability in the Working Environment, promoting an inclusive working environment, maintaining high safety standards for employees and partners working with the SOL Group;

• Sustainable Innovation, continuing to offer sustainable products/services such as BioCO2, LNG, BioLNG and supporting our customers in improving the sustainability of their processes.

  As far as the supply chain is concerned, the SOL Group is aware that the role of the supplier is becoming increasingly important in order to be able to respond effectively to the new sustainability challenges, seeking an ever greater engagement of the entire value chain. Suppliers with whom the company comes into contact are asked to make SOLʹs value system their own, as it is considered an effective and safe vehicle for the proper and transparent management of relations. The upstream value chain is integrated between the different business areas: it mainly includes suppliers of electricity, technical gases, medical devices, transport, maintenance and technical assistance services, and nursing services. On the other hand, the downstream value chain serves patients in the home care area and industrial and medical customers for technical gases.

  Disclosure requirement SBM-2 - Interests and views of stakeholders

  In order to maintain an ongoing dialogue with stakeholders on sustainability topics, in 2025 the SOL Group continued the process of listening to key stakeholders through various channels. Internal and external communication activities were carried out to deepen the efforts made to ensure environmental, social and economic sustainability.

  Key stakeholders include customers and patients, employees, investors/shareholders, suppliers and partners, authorities and public bodies and communities. Below is a list of some of the stakeholder engagement tools used:

• Customers and patients: customer and patient satisfaction ratings, social media channels, websites, patient apps.

• Employees: "SOL Connect" intranet portal and "SOL News" newsletter, Performance Management Programme, employee health and well-being initiatives, gender and cultural diversity initiatives, onboarding programme for new recruits, annual training programme.

• Investors/shareholders: conference calls to present results, individual and group meetings, calls, sharehold-ersʹ meetings, press releases.

• Suppliers and partners: qualification questionnaires, audits, meetings.

• Authorities and public bodies: individual and group meetings.

• Community: social media.

Dialogue with stakeholders is crucial for corporate strategy and long-term value creation. Listening, also during the double materiality process, made it possible to identify the most material ESG topics and then to inform management about emerging priorities. The active engagement of stakeholders is crucial to define and implement an effective ESG Sustainability Plan, ensuring that the Groupʹs actions meet their expectations.

As far as employees are concerned, the desire to inform and involve all colleagues has led to the adoption and

continuous enhancement of various communication tools, on the one hand, and the development of dedicated processes, on the other. As the main internal communication tool, ˮSOL Connectˮ is a corporate intranet that constitutes the link between the headquarters and the territory, both in Italy and internationally. It is a constantly updated platform where one can find information, news and services for employees, as well as useful tools for daily work. It is a constantly evolving tool, especially with regard to "iApps", applications that are constantly being updated and developed to ensure that existing workflows are updated and new ones created. In order to stay constantly up-to-date on company activities and projects, the long-standing in-house "SOL News" newsletter, the company's house organ provides in-depth articles on the main news affecting the Group.

Another fundamental tool is the atmosphere survey: knowing the company atmosphere allows us to have a representation of its state of health, as perceived by the people who are part of it; the atmosphere influences business and peopleʼs behaviour. The survey, carried out at the end of 2024 and coordinated by the Corporate Executive Department for Personnel and Legal Affairs, involved all Italian employees of the Group. Also in the Groupʹs foreign companies, regular employee surveys are conducted.

The partners the SOL Group uses are external employees such as nurses, doctors, physiotherapists, recipients and drivers who are considered key workers in the value chain and represent a key group of stakeholders for the company. For this category of workers with regard to the topics of health and safety and training and skills development, regular information activities, also carried out through employers (e.g. for drivers and recipients), are the main way of engaging external contractors. In fact, the SOL Groupʹs prerogative is to build increasingly robust information processes that enable external contractors to be fully aware of the activities or services provided and the procedures required by the Group, also to protect their health and safety.

It is specified that, as far as human rights are concerned, no material impacts related to external contractors were identified.

Finally, with regard to patients and customers, the SOL group integrates its strategy and business model with the welfare, interests, opinions and rights of customers and patients through corporate tools, such as the Code of Ethics, health and safety initiatives, the SOL groupʹs Anti-Corruption Code, the internal whistle-blowing channel and, more generally, through all actions designed to ensure that human rights are always respected and working conditions improved. Moreover, as stated in the Code of Ethics, the SOL Group orients its activities towards satisfying the best and legitimate expectations of its customers and patients by providing them with quality products and services at competitive conditions, in compliance with the rules set up to protect competition and the market.

In addition to the information already provided in GOV-2, the BoD is also informed of the results of the Group's main stakeholder engagement initiatives on sustainability topics, such as the results of the climate survey.

The dual materiality process has enabled the identification of significant impacts, risks and opportunities related to business operations and the value chain. The following tables provide a summary of the material impacts, risks and opportunities that emerged from the double materiality assessment, indicating whether these elements concern the companyʹs direct operations or the entire value chain, both upstream and downstream, and specifying the expected time horizons.

MATERIAL IMPACTS

Damage to persons, property or operations resulting from climate risks

Risk Own operations Medium-term -

Contribution to resource depletion through consumption of raw materials

Environmental impacts related to the production of hazardous and non-hazardous waste

Current negative

impact

Current negative

impact

Own operations Medium-term Caused by

and directly connected to

Own operations Short-term Caused by

and directly connected to

S1 - OWN WORKFORCE

Creating channels and opportunities for communication between employees and workers to develop a collaborative working environment

Promoting the well-being of employees through the implementation of dedicated activities and benefits, within a healthy and stimulating working environment

Current positive

impact

Current positive impact

Own operations Medium-term Caused by

Own operations Medium-term Caused by

(continues)

Issues relating to traceability, controls

or quality and safety management systems of medicines and medical devices

Potential negative impact

Own operations, downstream

Short-term Caused by

Awareness-raising and dissemination of a culture of ethics, fairness and inclusion, and respect for human rights by management, employees, business partners and other stakeholders

Current positive impact

Upstream, own operations, downstream

Medium-term Caused by and directly connected to

Non-compliance with applicable laws, regulations and internal and external standards, with indirect economic impacts on stakeholders

Potential negative impact

Own operations Medium-term Caused by

Violation of competition laws can lead to fines, legal action and reputational damage

Risk Own operations, downstream

Short-term -

In general, the material impacts, risks and opportunities (IROs) identified by the SOL Group are closely related to the strategies implemented by the Group and its key activities performed, business relationships and the entire value chain.

To date, the Group has no economic amounts directly related to sustainability risks assessed as material in this reporting.

As part of its commitment to an increasingly structured approach to sustainability, the SOL Group is committed to periodically reviewing its analyses of material impacts, risks and opportunities. However, it should be noted that, at present, the Group has not yet formalised a qualitative/quantitative assessment of the resilience of its strategy and business model in dealing with material impacts and risks.

IMPACT, RISK AND OPPORTUNITY MANAGEMENT

The dual materiality process, coordinated by the Corporate Executive Directorate for Quality, Safety, Environment, Regulatory Affairs and Sustainability, was developed along two main lines: impact materiality and financial materiality.

The Group has followed the EFRAG IG1 guide: Materiality Assessment, to identify and assess the impacts, risks and opportunities associated with sustainability topics. In the first phase, concerning the understanding of the context, industry benchmarks were carried out, supported by internal analyses. In the second phase, dedicated to the identification of IROs, the Group integrated several parameters to reflect the complexity of its business, considering the geographical and sectoral diversity of its operations, while also taking into account the list of themes, sub-themes and sub-sub-themes set out in ESRS 1 Application Requirement 16. Specific methodologies have also been defined for assessing the materiality of impacts (impact materiality) and risks and opportunities (financial materiality), described in the following paragraphs. It should be noted that the methodology was not modified in 2025 and that the need for an update is assessed annually.

As part of the impact materiality assessment activities, the Corporate Executive Department for Quality, Safety, Environment, Regulatory Affairs and Sustainability has organised meetings with SOL Group management, during which participants were asked to quantify the magnitude of each identified impact, calculated as the product of the ratings attributed to the benefit (for positive impacts) or severity (for negative impacts) and the probability of occurrence.

In this regard, the following evaluation criteria are specified:

• the benefit, rated on a range from 1 to 5, indicates the significance of the positive effect (scale) and the spread of the impact (magnitude);

• severity, assessed on a range from 1 to 5, represents the significance of the negative effect (scale), the spread of the impact (magnitude) and the irreparable nature, without considering any mitigation actions taken by the Group;

• the probability of occurrence was assessed on a range from 1 to 5 for potential impacts, and set at 5 for actual impacts.

  In particular, with regard to negative impacts on human rights, priority was given to severity over likelihood. Once all the assessments were gathered, the Group consolidated the results and set the materiality threshold at ʺ3ʺ (material impact). It is important to emphasise that, if an impact has received a rating higher than ʺ3ʺ by even one group of stakeholders, that impact has been considered material for reporting purposes.

  In assessing financial materiality, the SOL Group considered both the magnitude of risks and opportunities as well as their likelihood. This process was conducted through specific interviews with risk owners as part of the structured ʺEnterprise Risk Managementʺ (ERM) process implemented in the SOL Group. During the interviews, it was also possible to explore in greater depth the links between impacts and interdependencies and the risks and opportunities identified. In line with the ERM methodology adopted by the Group, the approach taken focused on assessing the magnitude of each risk over the most likely time horizon, estimating the probability, and assessing the detectability of the risk or opportunity. When assessing all risks and opportunities, the mitigation and control

  measures that have been implemented and are currently in place are taken into account when calculating residual risk.

  The assessment process adopted by the SOL Group involves calculating a score by multiplying the probability score, the severity score and the detectability score of the events in accordance with the following method:

• a numerical assessment (on a scale of ʺ1ʺ to ʺ5ʺ) of the extent of sustainability-related risks/opportunities, defined in terms of costs, business continuity and financial impact;

• a numerical assessment (on a scale of ʺ1ʺ to ʺ5ʺ) of the probability of occurrence of sustainability-related risks and opportunities.

• a numerical assessment (on a scale of ʺ1ʺ to ʺ5ʺ) of the detectability of the events with risks and of sustainability-related opportunities.

The threshold for assessing financial materiality was set conservatively a ʺ39ʺ (medium/low), on a scale ranging from ʺ1ʺ to ʺ125ˮ. The results of the process were shared and approved by the Board of Directors of SOL Spa.

The following table lists the ESRS disclosure requirements that guided the preparation of the Groupʹs Sustainability Report 2025.

ESRS 2 GOV-3 Integration of sustainability-related performance into incentive schemes

General disclosures

ESRS 2 - General disclosures Governance

E1-1 Transition Plan for climate change mitigation Environmental information ESRS E1 - Climate Change Strategy

E1-SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model

ESRS 2 IRO-1 Description of the processes to identify

and assess material climate-related impacts, risks and opportunities

Environmental information ESRS E1 - Climate Change Strategy

ESRS 2 - General disclosures

Impact, risk and opportunity management

E1-2 Policies related to climate change mitigation and adaptation Environmental information

ESRS E1 - Climate Change

Impact, risk and opportunity management

E1-3 Actions and resources in relation to climate change policies Environmental information

ESRS E1 - Climate Change

Impact, risk and opportunity management

E1-4 Targets related to climate change mitigation and adaptation Environmental information

ESRS E1 - Climate Change Metrics and targets

E1-5 Energy consumption and mix Environmental information ESRS E1 - Climate Change Metrics and targets

E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions Environmental information ESRS E1 - Climate Change Metrics and targets

E1-7 GHG removals and GHG mitigation projects financed through carbon credits

Environmental information ESRS E1 - Climate Change Metrics and targets

E1-8 Internal carbon pricing Environmental information ESRS E1 - Climate Change Metrics and targets

E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities

ESRS 2 IRO-1 Description of the processes to identify

and assess material water and marine resources-related impacts, risks and opportunities

For the 2025 financial year, the Group decided to exercise the phase-in option

General disclosures

ESRS 2 - General disclosures

Impact, risk and opportunity management

E3-1 Policies related to water and marine resources Environmental information

ESRS E3 - Water and marine resources Impact, risk and opportunity management

E3-2 Actions and resources related to water and marine resources Environmental information

ESRS E3 - Water and marine resources Impact, risk and opportunity management

E3-3 Targets related to water and marine resources Environmental information

ESRS E3 - Water and marine resources Metrics and targets

E3-4 Water consumption Environmental information

ESRS E3 - Water and marine resources Metrics and targets

E3-5 Anticipated financial effects from water and marine resources-related impacts, risks and opportunities

ESRS 2 IRO-1 Description of the processes to

For the 2025 financial year, the Group decided to exercise the phase-in option

General disclosures

and circular economy-related impacts, risks and opportunities

ESRS 2 - General disclosures

Impact, risk and opportunity management

E5-1 Policies related to resource use and circular economy General disclosures

ESRS 2 - General disclosures

Impact, risk and opportunity management

E5-2 Actions and resources related to resource use and circular economy

General disclosures

ESRS 2 - General disclosures

Impact, risk and opportunity management

E5-3 Targets related to resource use and circular economy Environmental information

ESRS E5 - Resource use and circular economy - Metrics and targets

E5-4 Resource inflows Environmental information

ESRS E5 - Resource use and circular economy - Metrics and targets

(continues)

ESRS topic Disclosure Requirement ESRS Reference Section

E5-5 Resource outflows Environmental information

ESRS E5 - Resource use and circular economy - Metrics and targets

E5-6 Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities

For the 2025 financial year, the Group decided to exercise the phase-in option

ESRS 2 - General disclosures - Strategy

ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model

Social Information

ESRS S2 - Workers in the value chain - Strategy

S1-1 Policies related to own workforce Social Information

ESRS S1 - Own workforce

Impact, risk and opportunity management

S1-2 Processes for engaging with own workers and workers' representatives about impacts

S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns

S1-4 Processes to remediate negative impacts and channels for own workers to raise concerns

S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

Social Information

ESRS S1 - Own workforce

Impact, risk and opportunity management

Social Information

ESRS S1 - Own workforce

Impact, risk and opportunity management

Social Information

ESRS S1 - Own workforce

Impact, risk and opportunity management

Social Information

ESRS S1 - Own workforce Metrics and targets

S1-6 Characteristics of the undertaking's employees Social Information

ESRS S1 - Own workforce Metrics and targets

S1-7 Characteristics of non-employees in the undertaking's own workforce

Social Information

ESRS S1 - Own workforce Metrics and targets

S1-8 Collective bargaining coverage and social dialogue Social Information

ESRS S1 - Own workforce Metrics and targets

S1-9 Diversity metrics Social Information

ESRS S1 - Own workforce Metrics and targets

S1-10 Adequate wages Social Information

ESRS S1 - Own workforce Metrics and targets

S1-11 Social protection For the 2025 financial year, the Group decided to exercise the

phase-in option

S1-12 Persons with disabilities For the 2025 financial year, the Group decided to exercise the

phase-in option

S1-13 Training and skills development metrics Social Information

ESRS S1 - Own workforce Metrics and targets.

For the 2025 financial year, the Group decided to exercise the phase-in option for what concerns skill development

S1-14 Health and safety metrics Social Information

ESRS S1 - Own workforce Metrics and targets.

For the 2025 financial year, the Group decided to exercise the phase-in option only for non-employees

S1-15 Work-life balance metrics For the 2025 financial year, the Group decided to exercise the phase-in option

S1-16 Compensation metrics (pay gap and total compensation) Social Information

ESRS S1 - Own workforce Metrics and targets

S1-17 Incidents, complaints and severe human rights impacts Social Information

ESRS S1 - Own workforce Metrics and targets

ESRS 2 SBM-2 Interests and views of stakeholders General disclosures

ESRS 2 - General disclosures Strategy

ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model

Social Information

ESRS S2 - Workers in the value chain - Strategy

S2-1 Policies related to value chain workers Social Information

ESRS S2 - Workers in the value chain Impact, risk and opportunity management

S2-2 Processes for engaging with value chain workers about impacts

S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns

S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness

of those action

Social Information

ESRS S2 - Workers in the value chain Impact, risk and opportunity management

Social Information

ESRS S2 - Workers in the value chain Impact, risk and opportunity management

Social Information

ESRS S2 - Workers in the value chain Impact, risk and opportunity management

S2-5 Targets related to managing material negative impacts, advancing Social Information

positive impacts, and managing material risks and opportunities

ESRS S2 - Workers in the value chain Metrics and targets

ESRS 2 SBM-2 Interests and views of stakeholders General disclosures

ESRS 2 - General disclosures Strategy

ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model

Social Information

ESRS S4 - Consumers and end-users Strategy

S4-1 Policies related to consumers and end-users Social Information

ESRS S4 - Consumers and end-users Impact, risk and opportunity management

S4-2 Processes for engaging with consumers and end-users about impacts

S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns

S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions

Social Information

ESRS S4 - Consumers and end-users Impact, risk and opportunity management

Social Information

ESRS S4 - Consumers and end-users Impact, risk and opportunity management

Social Information

ESRS S4 - Consumers and end-users Impact, risk and opportunity management

S4-5 Targets related to managing material negative impacts, advancing Social Information

positive impacts, and managing material risks and opportunities

ESRS 2 GOV-1 The role of the administrative, management and supervisory bodies

ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities

ESRS S4 - Consumers and end-users Metrics and targets

General disclosures

ESRS 2 - General disclosures Governance

General disclosures

ESRS 2 - General disclosures

Impact, risk and opportunity management

G1-1 Business conduct policies and corporate culture Governance Information

ESRS G1 - Business conduct

Impact, risk and opportunity management

G1-2 Management of relationships with suppliers Governance Information ESRS G1 - Business conduct

Impact, risk and opportunity management

G1-3 Prevention and detection of corruption and bribery Governance Information

ESRS G1 - Business conduct

Impact, risk and opportunity management

G1-4 Incidents of corruption or bribery Governance Information ESRS G1 - Business conduct Metrics and targets

The table below lists the information arising from other EU legislation, reported in this Consolidated Sustainability Reporting, as indicated in Appendix B of ESRS 2 (List of datapoints in cross-cutting and topical standards that derive from other EU legislation).

Disclosure requirement and related datapoint

SFDR Reference Pillar 3 reference

Benchmark Regulation EU climate law Reference reference

ESRS 2 GOV-1 Boardʹs gender

diversity paragraph 21 (d)

ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e)

ESRS 2 GOV-4 Statement on due diligence paragraph 30

ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities, paragraph 40 (d) i

ESRS 2 SBM-1 Involvement in activities related to controversial weapons, paragraph 40 (d)ii

ESRS 2 SBM-1 Involvement in activities related to controversial weapons, paragraph 40(d)iii

ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco, paragraph 40 (d) iv

ESRS E1-1 Transition plan to reach climate neutrality by 2050, paragraph 14

ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g)

Indicator number

13 of Table #1 of Annex I

Indicator number 10 Table #3 of Annex I

Indicators number 4 Table #1 of Annex I

Indicator number 9 Table 2 of Annex I

Indicator number 14 Table #1

of Annex I

Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 (17)

Table 1: Qualitative information on Environmental risk

and Table 2: Qualitative information on Social risk

Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation

(EU) 2022/2453, Template 1: Banking book - Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity

Commission Delegated

Regulation (EU) 2020/1816 (16), Annex II

Delegated Regulation (EU) 2020/1816, Annex II

Commission Delegated Regulation (EU) 2020/1816, Annex II

Delegated Regulation (EU) 2020/1816, Annex II

Delegated Regulation (EU) 2020/1818 (18) Article

12 (1) and Delegated Regulation (EU) 2020/1816, Annex II

Delegated Regulation (EU) 2020/1818 (18) Article

12 (1) and Delegated Regulation (EU) 2020/1816, Annex II

Delegated Regulation (EU) 2020/1818, Article 12.1 (d) to (g), and Article 12.2

Regulation (EU) 2021/1119,

Article 2 (1)

ESRS E1-4 GHG emission reduction targets paragraph 34

Indicator number 4 Article 449a of Regulation (EU) Table #2 of Annex I No 575/2013; Commission

Implementing Regulation (EU) 2022/2453, Template 3:

Banking book - Climate change transition risk: alignment metrics

Delegated Regulation (EU) 2020/1818, Article 6

ESRS E1-5 Energy consumption from fossil Indicator number

sources disaggregated by sources (only high climate impact sectors) paragraph 38

ESRS E1-5 Energy consumption and mix paragraph 37

ESRS E1-5 | Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43

ESRS E1-6 | Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44

5 Table #1 and Indicator n. 5 Table #2 of Annex I

Indicator number 5 Table #1 of Annex I

Indicator number 6 Table #1 of Annex I

Indicators number 1 and n. 2 Table #1 of Annex I

Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation

(EU) 2022/2453, Template 1: Banking book - Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity

Delegated Regulation (EU) 2020/1818, Article 5 (1), 6

and 8 (1)

(continues)

(continues)

(continues)

(continues)

ENVIRONMENTAL INFORMATION

EUROPEAN TAXONOMY

Regulation (EU) 2020/852 ( Taxonomy) is part of the regulatory framework outlined by the European Union starting in 2018 with the publication of the Action Plan to finance sustainable growth and subsequently relaunched in 2019 with the European Green Deal, with the ultimate goal of meeting the challenges posed by climate change and ensuring the continentʹs ecological transition to carbon neutrality by 2050, with an intermediate target of a 55% reduction in greenhouse gas emissions by 2030.

Acknowledging the decisive role of the financial sector in mobilising the resources needed to achieve these ambitious objectives, the European Union, with the Taxonomy, wanted to create a common language for the benefit of all market players that would allow an unambiguous definition of ˮenvironmentally sustainableˮ activities with reference to the following environmental objectives: mitigation of climate change; adaptation to climate change; sustainable use and protection of water and marine resources; transition to a circular economy; prevention and reduction of pollution; protection and restoration of biodiversity and ecosystems. In particular, according to the Taxonomy, economic activities that contribute to at least one of the environmental objectives are considered "environmentally sustainable", provided that they do not cause significant damage to any of the environmental objectives (DNSH), that they are carried out in compliance with minimum safeguards of human rights, and that they meet the criteria laid down in the Regulationʹs delegated acts.

The European Taxonomy has evolved through a series of regulations that have progressively expanded and clarified the regulatory framework. In July 2021, Regulation (EU) 2021/2178 added to the disclosure requirements of Regulation (EU) 2020/852, detailing the methods for calculating and presenting the information to be disclosed. Subsequently, Delegated Regulation (EU) 2021/2139 (Taxonomy Climate Delegated Act), approved by the Council of the European Union on December 9, 2021, and which entered into force on January 1, 2022, identified the list of eligible economic activities and established the technical screening criteria for the first two environmental objectives: climate change mitigation and adaptation.

The scope of application was subsequently extended by Delegated Regulation (EU) 2023/2486 (Taxonomy Environmental Delegated Act), which defined the eligible activities and alignment criteria relating to the four additional environmental objectives. At the same time, Delegated Regulation (EU) 2023/2485 introduced further economic activities classified as eligible in relation to climate objectives, thereby completing the regulatory framework of the Taxonomy.

All companies that have to prepare the sustainability reporting according to Italian Legislative Decree 125/2024 are required to provide details regarding the portion of their turnover, the percentage of capital expenditure (CAPEX) and the percentage of operating expenditure (OPEX) pertaining to the Groupʹs economic activities that qualify as both potentially sustainable ("eligibleˮ), and actually environmentally sustainable (ˮalignedˮ) (i.e. meet the aforementioned requirements set out by Art. 3 of the Regulation).

On July 4, 2025, the European Union adopted Delegated Regulation (EU) 2026/73, which was published in the Official Journal of the European Union on January 8, 2026. This Regulation amends Delegated Regulation (EU) 2021/2178, simplifying the content and presentation of information on environmentally sustainable activities, and Delegated Regulations (EU) 2021/2139 and (EU) 2023/2485, simplifying certain technical screening criteria. In particular, under the provisions of the new regulation, non-financial companies can omit the assessment of eligibility and alignment with the Taxonomy for economic activities considered to be non-material, provided that these activities collectively account for less than 10% of the denominator of the relevant KPI. It is also possible not to assess the eligibility and alignment of their total OpEx with the Taxonomy, if this is not material to their specific business model. The DNSH (Do No Significant Harm) criteria, which are designed to prevent and reduce pollution relating to the use and presence of chemicals, have also been simplified (Appendix C). Finally, the simplification also applies to the tabular presentation of the information.

These amendments apply to sustainability reports published after January 1, 2026, although companies subject to the reporting requirement can still prepare their disclosures for the 2025 financial year in accordance with the previous version of the regulations. The Group has chosen to exercise this option by preparing the Taxonomy disclosure for the 2025 financial year, maintaining the same criteria and presentation methods as in the previous financial year. Finally, as part of the ongoing efforts to simplify sustainability reporting regulations (known as ˮOmnibusˮ), the European Union launched a public consultation on March 17, 2026, on proposed simplifications relating to the technical screening criteria for activities set out in the Delegated Regulations on Climate and the Environment, as well as on the methods for demonstrating compliance with them.

For the 2025 financial year, the joint assessment covers economic activities eligible under all climate and environmental objectives, namely:

• climate change mitigation;

• climate change adaptation;

• sustainable use and protection of water and marine resources;

• transition to a circular economy;

• pollution prevention and control;

• protection and restoration of biodiversity and ecosystems.

  With regard to the climate change mitigation (CCM) objective, the SOL team identified the following activities as eligible:

• Activity 3.10 - Manufacture of hydrogen;

• Activity 3.14 - Manufacture of organic basic chemicals, with regard to the Groupʹs acetylene production activities);

• Activity 4.5 - Electricity generation from hydropower;

• Activity 7.2 - Renovation of existing buildings (with reference to the renovation works on the Group's headquarters, as specified below1;

• Activity 7.4 Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings);

• Activity 7.6 Installation, maintenance and repair of renewable energy technologies.

  These activities were then subject to verification of the technical screening criteria in Annex I of Delegated Regulation (EU) 2021/2139 concerning the climate change mitigation (CCM) objective, compliance with the principle of not significantly harming any of the other environmental objectives (DNSH), and compliance with the minimum safeguards. This assessment identified the following as eligible-aligned activities: electricity generation from hydropower (activity 4.5), limited to the four plants located in North Macedonia and one in Slovenia, and the renovation of the Group's headquarters building (activity 7.2). With regard to the other activities identified as eligible, it should be noted that, following verification of the criteria relating to substantial contribution and DNSH, these activities were found not to be compliant for the following reasons:

• Activity 3.10 - Manufacture of hydrogen: this activity does not comply with the criteria for a substantial contribution with regard to the maximum threshold for greenhouse gas emissions throughout the lifecycle of the hydrogen produced at the Group's sites;

• Activity 3.14 - Manufacture of organic basic chemicals: this activity does not comply with the criteria for a substantial contribution with regard to the maximum threshold for greenhouse gas emissions resulting from the acetylene manufacturing process at the Group's sites;

• Activity 4.5 - Electricity generation from hydropower: the group's other power stations do not comply with the technical screening criteria (substantial contribution and DNSH) because they are not run-of-river plants or, in any case, the Group does not currently have the technical documentation required to demonstrate compliance;

• Activity 7.2 - Renovation of existing buildings: no other significant renovation activities took place within the rest of the Group during the year;

  1 With regard to Activity 7.2, it should be noted that this activity is also eligible under the EC objective (transition to a circular economy), with reference to Activity 3.2. For the purposes of assessing potential alignment, the Group identified the objective of mitigating climate change as the primary focus, given the nature of the activities carried out, and therefore, verified compliance with the relevant substantial contribution and DNSH criteria, as explained in more detail below.

• Activity 7.4 - Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings): it was not possible to verify full compliance with the DNSH for the sites in question;

• Activity 7.6 - Installation, maintenance and repair of renewable energy technologies: it was not possible to verify full compliance with the DNSH for the sites in question.

With regard to the aligned activity 4.5, the criterion of substantial contribution to the climate change mitigation objective was fulfilled as the power plants are run-of-river with no artificial reservoir. In order to verify that the activity 4.5 would not significantly harm the other objectives applicable to it - climate change adaptation (CCA); sustainable use and protection of water and marine resources (WTR); and protection and restoration of biodiversity and ecosystems (BIO) - an analysis of existing environmental procedures, global procedures and national regulations in force in the countries where the plants in question operate was performed, and compliance with the authorisations for their operation was verified.

In addition, a specific assessment (conducted according to the requirements of Appendix A of Annex I of the Climate Delegated Act) was carried out to identify the material physical climatic risks for the plants under review, and the relevant solutions and adaptation measures. The analysis identified the risks related to drought and water stress emerged as the most significant, in relation to which the most appropriate adaptation solutions were identified (e.g. adopting rainfall monitoring plans and tools).

In any case, the Group believes that these interventions are not urgent at this time, nor do they require significant investments.

With regard to Activity 7.2, the capital expenditure (CapEx) incurred by the Group during the year in connection with the construction and plant engineering works carried out at the Group's headquarters has been identified as eligible and aligned. In particular, the substantial contribution criterion for climate change mitigation was met, as the renovation complies with the applicable requirements for major renovations set out in the technical report in accordance with Italian Law 10, which verifies the compliance of the project with the requirements applicable to major renovations. In order to verify that the activity 4.5 would not significantly harm the other objectives applicable to it - climate change adaptation (CCA); sustainable use and protection of water and marine resources (WTR); the transition to a circular economy (CE); pollution prevention (PP) - a thorough analysis of the existing technical documentation was carried out, including verifying compliance with authorisations and operating procedures - with the engagement of suppliers and contractors involved in the renovation in question - as well as a review of compliance with applicable regulations.

In addition, a specific assessment (conducted according to the requirements of Appendix A of Annex I of the Climate Delegated Act) was carried out to identify the maerial physical climatic risks for the geographical location of the building, and the relevant solutions and adaptation measures. The analysis identified water-related risks, including hail and flooding, and temperature-related risks, such as extreme heat and cold, as the most significant. In response to these risks, the Group identified appropriate mitigation measures, including the use of durable materials and regular maintenance.

In terms of respecting minimum social safeguards, the SOL Group guarantees and promotes the protection of human rights, operating within the framework of the principles and criteria defined by the OECD Guidelines for Multinational Enterprises and the United Nations Guiding Principles on Business and Human Rights, including the relevant principles of the International Labour Organisation. Bearing this in mind, the Group adopted a Code of Ethics, a system for assessing suppliers based on social and environmental criteria, an Anti-Corruption Code and - where applicable - a 231 Organisational Model. The Group also requires its suppliers to familiarise themselves with and comply with the provisions of the Group's Code of Ethics, which explicitly refers to its main elements (e.g. ILOʹs fundamental conventions, Global Compact principles, the OECD Guidelines and the United Nations Guiding Principles on Anti-Corruption, etc.). This measure formally commits business partners to complying with the Group's established standards on human rights, decent working conditions and professional integrity.

Finally, the SOL Group reported financial metrics for each eligible activity by turnover (Turnover), capital expenditure (CapEx) and operating expenditure (OpEx).

The analyses were conducted with a prudential approach, taking into account current interpretations of the Taxonomy regulation, as well as official clarifications provided by the EU Commission regarding the practical application of the regulation and the preparation of relevant disclosures. In line with evolving interpretations and regulatory requirements, the information presented in this chapter may be subject to further updates and revisions.

The Turnover KPI represents the portion of net revenues derived from services or products, including intangible products, that originate from eligible-aligned economic activities (numerator) divided by the total revenues (denominator) corresponding to the item "net sales" in the consolidated financial statements. Of the total revenue of Euro 1,776,086 thousand, Euro 13,679 thousand is included in the taxonomic analysis. Of the boundary under review, 0.77% of revenues is eligible, of which 0.17% is eligible and aligned; the remaining 99.23% consists of non-eligible revenues. For details regarding aligned activity 4.5, please refer to the previous section. Eligible turnover includes the Group's activities relating to the production of hydrogen and acetylene, as well as a non-aligned portion of activity 4.5.

The Turnover KPI was presented in tabular form using the template in Annex II of Delegated Regulation (EU) 2021/2178.

1. The Code constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a substantial contribution, as well as the section number of the activity

   in the relevant Annex covering the objective, i.e.:

   • Climate Change Mitigation: CCM

   • Climate change adaptation: CCA

   • Water and Marine Resources: WTR

   • Circular Economy: CE

   • Prevention and reduction of pollution: PPC

   • Biodiversity and ecosystems: BIO

2. Yes - Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective No - Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective N/EL - Not eligible; Taxonomy-non-eligible activity for the relevant environmental objective

3. Where an economic activity contributes substantially to multiple environmental objectives, non-financial undertakings shall indicate, in bold, the most relevant environmental objective for the purpose of computing the KPIs of financial undertakings while avoiding double counting. In their respective KPIs, where

   the use of proceeds from the financing is not known, financial undertakings shall compute the financing of economic activities contributing to multiple environmental objectives under the most relevant environmental objective that is reported in bold in this template by non-financial undertakings. An environmental objective may only be reported in bold once in one row to avoid double counting of economic activities in the KPIs of financial undertakings. This shall not apply to the computation of Taxonomy-alignment of economic activities for financial products defined in point (12) of Article 2 of Regulation (EU) 2019/2088. Non-financial undertakings shall also report the extent of eligibility and alignment per environmental objective, that includes alignment with each of environmental objectives for activities contributing substantially to several objectives, by using the template below:

   Proportion of turnover/Total turnover

   Taxonomy-aligned per objective Taxonomy-eligible per objective

   CCM 0.17% 0.60%

   CCA WTR CE PPC BIO

4. The same activity may align with only one or more environmental objectives for which it is eligible

5. The same activity may be eligible and not aligned with the relevant environmental objectives

6. EL - Taxonomy eligible activity for the relevant objective

N/EL - Taxonomy non-eligible activity for the relevant objective

DNSH criteria (Does Not Significantly Harm) (h)

As for the second indicator required by the taxonomy, the CapEx KPI was calculated by dividing the capital expenditures related to eligible-aligned assets (numerator) by the value constituting the total CapEx (denominator) corresponding to the commentary notes 8 ˮTangible fixed assetsˮ, 10 ˮOther intangible fixed assetsˮ of the consolidated financial statements. Specifically, the numerator for the calculation of CapEx is represented by additions to tangible and intangible assets and usage rights during the year, before depreciation, any revaluations and excluding changes due to Fair value.

The denominator, on the other hand, includes total capital expenditures and additions to usage rights, before depreciation, any revaluations and excluding changes due to Fair value. Of the total capital expenditure of Euro 231,252 thousand, Euro 6,996 thousand is included in the taxonomic analysis. Of the boundary under review, 3.03% of capital expenditure is eligible, of which 2.60% is eligible and aligned; the remaining 96.97% consists of non-eligible CapEx. For details regarding aligned activity 7.2, please refer to the previous section. The eligible capital expenditure refers to the installation of charging stations for electric vehicle at various Group premises and the installation of renewable energy technologies (specifically solar panels) at the premises of Diatheva Srl, Sol Spa and Vivisol Iberica S.L.U.

The details of the template required by Annex II of the Commission Delegated Regulation (EU) 2021/2178 of July 6, 2021, for the CapEx KPI are given in the following page.

1. The Code constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a substantial contribution, as well as the section number of the activity in the relevant Annex covering the objective, i.e.:

   • Climate Change Mitigation: CCM

   • Climate change adaptation: CCA

   • Water and Marine Resources: WTR

   • Circular Economy: CE

   • Prevention and reduction of pollution: PPC

   • Biodiversity and ecosystems: BIO

2. Yes - Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective No - Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective N/EL - Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective

3. Where an economic activity contributes substantially to multiple environmental objectives, non-financial undertakings shall indicate, in bold,

   the most relevant environmental objective for the purpose of computing the KPIs of financial undertakings while avoiding double counting. In their respective KPIs, where the use of proceeds from the financing is not known, financial undertakings shall compute the financing of economic activities contributing to multiple environmental objectives under the most relevant environmental objective that is reported in bold in this template by non-financial undertakings. An environmental objective may only be reported in bold once in one row to avoid double counting of economic activities in the KPIs of financial undertakings.

   This shall not apply to the computation of Taxonomy-alignment of economic activities for financial products defined in point (12) of Article 2 of Regulation (EU) 2019/2088. Non-financial undertakings shall also report the extent of eligibility and alignment per environmental objective, that includes alignment with each of environmental objectives

   for activities contributing substantially to several objectives, by using the template below:

   Proportion of CapEx/Total CapEx

   	Taxonomy-aligned per objective	Taxonomy-eligible per objective
   CCM	2.60%	0.43%
   CCA
   WTR
   CE
   PPC
   BIO

   DNSH criteria (Does Not Significantly Harm)

   	Climate Change Mitigation (11)	Climate change adaptation (12)	Water (13)	Pollution (14)	Circular Economy (15)	Biodiversity (16)	Minimum Proportion safeguards of Taxonomy (17) aligned (A.1.) or eligible (A.2.) CapEx, year 2024 (18)		Category (enabling activity or) (19)	Category (transitional activity) (20)
   	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T

   	N/A Yes Yes Yes Yes N/A	Yes	0.00%
   	N/A Yes Yes N/A N/A Yes	Yes	0.00%
   		0%		E
   		0%		T

   		0.05%
   		0.01%
   		0.02%
   		0.08%
   		0.08%

4. The same activity may align with only one or more environmental objectives for which it is eligible

5. The same activity may be eligible and not aligned with the relevant environmental objectives

6. EL - Taxonomy eligible activity for the relevant objective

N/EL - Taxonomy non-eligible activity for the relevant objective

Finally, with reference to the third KPI, i.e. operating expenses, an analysis of consolidated costs was carried out, and thus net of intercompany costs. The numerator corresponds to the portion of operating expenses of eligible assets included in the denominator related to non-capitalised direct costs associated with research and development, building renovation, short-term rental maintenance and repair, and any other direct expenditure related to the day-to-day maintenance of property, plant and equipment, and the denominator corresponds to the total OpEx related to the above categories. The main cost categories within the analysed boundary are maintenance costs.

Of the total OpEx of Euro 53,095 thousand, Euro 1,007 thousand is included in the taxonomic analysis. Of the boundary under review, 1.90% of the costs incurred and analysed are eligible, and 0.49% are also aligned. The remaining 98.10% were ineligible. For details regarding aligned activity 4.5, please refer to the previous section. Eligible operating expenses include the Group's activities relating to the manufacture of hydrogen and acetylene, as well as a non-aligned portion of activity 4.5.

The OpEx KPI is displayed in a tabular form using the template set out in Annex II to Delegated Regulation (EU) 2021/2178.

1. The Code constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a substantial contribution, as well as the section number of the activity in the relevant Annex covering the objective, i.e.:

   • Climate Change Mitigation: CCM

   • Climate change adaptation: CCA

   • Water and Marine Resources: WTR

   • Circular Economy: CE

   • Prevention and reduction of pollution: PPC

   • Biodiversity and ecosystems: BIO

2. Yes - Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective No - Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective N/EL - Not eligible; Taxonomy-non-eligible activity for the relevant environmental objective

3. Where an economic activity contributes substantially to multiple environmental objectives, non-financial undertakings shall indicate, in bold, the most relevant environmental objective for the purpose of computing the KPIs of financial undertakings while avoiding double counting. In their respective KPIs, where the use of proceeds from the financing is not known, financial undertakings shall compute the financing of economic activities contributing to multiple environmental objectives under the most relevant environmental objective that is reported in bold in this template by non-financial undertakings. An environmental objective may only be reported in bold once in one row to avoid double counting of economic activities in the KPIs of financial undertakings. This shall not apply to the computation of Taxonomy-alignment of economic activities for financial products defined in point (12) of Article 2 of Regulation (EU) 2019/2088. Non-financial undertakings shall also report the extent of eligibility and alignment per environmental objective that includes alignment with each of environmental objectives for activities contributing substantially to several objectives, by using the template below:

   Proportion of OpEx/Total OpEx

   	Taxonomy-aligned per objective	Taxonomy-eligible per objective
   CCM	0.49%	1.41%
   CCA
   WTR
   CE
   PPC
   BIO

4. The same activity may align with only one or more environmental objectives for which it is eligible

5. The same activity may be eligible and not aligned with the relevant environmental objectives

6. EL - Taxonomy eligible activity for the relevant objective

N/EL - Taxonomy non-eligible activity for the relevant objective