Stakeholders and materiality
LISTENING TO AND ENGAGING ALL OUR STAKEHOLDERS
We consider listening to our stakeholders an essential tool in our daily operations, and we continue to develop new engagement processes to ensure ever greater integration of stakeholder inputs into our corporate strategies.
For each stakeholder category, we have identified the main tools, listening channels, and the frequency of contact, with the aim of gathering their expectations and needs, and communicating the results achieved and the programs promoted by the Group. The feedback from these engagement activities is always considered, reviewed, and shared internally, and is taken into account when defining our objectives and business strategy, in the knowledge that values that emerge and are established through dialogue strengthen our reputation and ethics.
OUR APPROACH TO DIALOGUE WITH OUR STAKEHOLDERS
Environment
+
We embrace the mission of serving as a model of excellence in environmental protection, and we embrace the principles of environmental sustainability in our strategic choices and business processes at all levels.
TOOLS AND CHANNELS
Direct contacts with authorities, dedicated working groups
FREQUENCY
Continuous dialogue and regular meetings
Financial community
+
Dialogue with the financial community is ongoing and aimed at ensuring complete transparency, in compliance with legal requirements and in line with best practices.
TOOLS AND CHANNELS
Press releases, periodic presentations of financial results, conference calls, shareholders’ meetings, meetings with investors and analysts, one-to-one presentations, roadshows, shipyard tours. Dedicated Investor Relations email address for institutional investors and retail shareholders.
FREQUENCY
As required by law and internal organizational models. Dialogue with investors is ongoing and linked to investor engagement strategies, while dialogue with analysts is ongoing and connected to analyst engagement strategies.
Community
+
We are aware of our role within local communities and take their needs into account, collaborating with all key territorial stakeholders through a systemic approach. We promote proactive initiatives that encourage the development of local communities and the areas in which we operate.
TOOLS AND CHANNELS
Participation in working groups, meetings with representatives of NGOs and non-profit organizations, institutions, and civil society associations, press conferences. Regular meetings with schools and universities for exchange and progress on research topics, internships.
FREQUENCY
Continuous dialogue and regular meetings
Customers
+
We are always attentive to the needs of our customers: every ship is the result of a strong relationship with the shipowner.
TOOLS AND CHANNELS
The entire shipbuilding process includes constant interaction between the project managers and the customer and their staff.
FREQUENCY
Direct and ongoing relationship
Suppliers and Partners
+
Our suppliers are a valuable and strategic resource: this is why we foster long-term relationships characterized by the sharing of expertise and development.
TOOLS AND CHANNELS
Meetings with strategic suppliers, specific audits at selected suppliers, feedback questionnaires. Various activities related to health and safety topics.
FREQUENCY
Continuous dialogue and regular meetings
Human Resources
+
For us, people come first. Constant collaboration and cooperation drive both individual and collective growth, sharing ideas and practices, skills and actions.
TOOLS AND CHANNELS
Training days, individual performance evaluation interviews, discussions with trade unions and employee representatives, involvement in specific initiatives. Courses, activities, and e-learning on health and safety topics.
FREQUENCY
Continuous dialogue and regular meetings
Trade unions
+
We confirm the importance of a participatory approach with workers’ representatives by ensuring appropriate levels of involvement, awareness, and shared responsibility regarding production objectives and issues of common interest. For this reason, we have implemented a new industrial relations system in line with the relevant commercial, economic, and production context.
TOOLS AND CHANNELS
Meetings, working and discussion groups, and establishment of special joint bodies to address various issues with trade unions at all levels.
FREQUENCY
Continuous dialogue and regular meetings
Institutions and Public Administration
+
The specific nature of our business requires constant interaction with Institutions and Public Administration.
TOOLS AND CHANNELS
Direct contacts, web, dedicated working groups, definition and development of joint projects
FREQUENCY
Continuous dialogue and regular meetings
FROM MATERIALITY TO DOUBLE MATERIALITY: A PATH IN LINE WITH THE CSRD
For years we have carried out a structured and consolidated materiality analysis process, aimed at identifying the sustainability issues relevant to our internal and external stakeholders. Over time, this has enabled us to identify actual and potential impacts—positive and negative, short- and long-term—generated by our activities on the economy, environment, and people, including human rights. At the same time, we have assessed elements capable of substantially influencing stakeholder decisions and evaluations. In 2024, in line with the requirements introduced by the Corporate Sustainability Reporting Directive (CSRD), we updated our approach by conducting a double materiality analysis, compliant with the European Sustainability Reporting Standards (ESRS).
THE ANALYSIS IS STRUCTURED ALONG TWO INTERCONNECTED DIMENSIONS
IMPACT MATERIALITY
Analysis of actual or potential, positive or negative impacts that the company may generate on people and the environment. The assessment considered the entire value chain, upstream and downstream, including products, services, and business relationships, even those not contractual.
FINANCIAL MATERIALITY
Assessment of risks and opportunities that may have significant effects on the Group’s economic and financial situation.
1. Context Analysis
+
First, we conducted an in-depth study of the national and European regulatory framework, internal documentation, and the main trends in the shipbuilding and shipyard sector.
2. Identification of IROs
+
We then identified the impacts, risks, and opportunities (IRO), starting from a comprehensive mapping of the value chain and the stakeholders involved, analyzing inputs, outputs, and the geographic contexts in which we operate. The study was enhanced by analysis of the Risk Universe developed within the Enterprise Risk Management (ERM) system.
3. IRO Assessment
+
The identified elements were mapped to the topics required by the ESRS and evaluated using specific methodological approaches:
Impacts were assessed through a “Sustainability Survey”, involving over 500 internal and external stakeholders (customers, suppliers, institutions, trade unions, financial community, etc.).
Risks were selected from the Group’s Risk Universe (around 200 events), focusing on those of ESG nature. The assessment was conducted using the ERM model, considering probability and impact, in line with the thresholds of Risk Appetite and Risk Tolerance.
Opportunities were assessed by the cross-functional working group through dedicated workshops, using an analysis based on likelihood of occurrence and the potential magnitude of financial effects in the short, medium, and long term.
4. Results analysis
+
The double materiality analysis conducted in 2024 led to the identification of 30 impacts, 27 risks, and 21 relevant opportunities, all linked to the material topics provided by the ESRS and shown in the double materiality matrix below:
In the following accordion you will find a brief description of the main Impacts, Risks, and Opportunities (IRO) by topic.
E1. - Climate Change
+
The Group’s activities generate impacts linked to the presence of greenhouse gases throughout the entire value chain. At the same time, the adoption of more energy-efficient technologies in processes and products, combined with awareness-raising initiatives directed at end users, represents a concrete opportunity. The main risks concern inadequate emission management, difficulty in promptly aligning with emerging technologies for the ecological transition, and the potential for unexpected costs related to adapting to extreme climate events. Opportunities arise from developing solutions in line with global decarbonization goals, enhancing competitiveness, efficiency, and investor attractiveness.
E2 - Pollution
+
Industrial operations generate impacts related to the presence of pollutants and hazardous substances in the atmosphere, processes, and discharges, such as sulfur and nitrogen oxides, heavy metals, and COD. At the same time, collaboration with responsible suppliers and partners enables the promotion of innovative technologies aimed at emission reduction. The main risks include inadequate management of atmospheric emissions, potential contamination of soil, subsoil, and marine waters in the event of incidents or spills. Opportunities focus on developing sustainable solutions, also thanks to synergies with leading research institutions.
E3 - Water and Marine Resources
+
Shipyard operations involve impacts related to increased water consumption, especially at sites located in areas of water stress. The main risk is related to inadequate management of water discharges, with potential consequences for the marine environment and regulatory compliance.
E4 - Biodiversity
+
The Group’s production activities impact biodiversity, reducing the variety of species present in nearby areas and altering natural habitats and ecological balances. In response, the development of innovative solutions with lower impact on marine biodiversity represents an important opportunity to improve the company's competitiveness and profitability.
E5 - Resource Use and Circular Economy
+
The main impacts concern the environmental consequences resulting from improper treatment and disposal of waste generated during the various operational phases. Among the risks are potential shortages of raw materials and ineffective management of both hazardous and non-hazardous waste. The opportunity lies in the development of circular processes that promote reuse and more efficient disposal, thereby improving the company’s competitiveness and profitability.
S1 - Own Workforce
+
The impacts of this topic mainly concern the improvement of employee well-being and the balance between private and professional life, thanks to welfare plans and training programs dedicated to health and safety. At the same time, there are potential negative impacts related to increased accidents, occupational diseases, and damage to physical and mental health resulting from inadequate safety management or malfunctions of company assets. Significant impacts also arise in the area of rights protection, with risks of discriminatory behavior and non-compliance with current labor regulations. In terms of cybersecurity, impacts concern the possible breach of sensitive data, causing damage to the company and all stakeholders involved.
The main risks include non-compliance with national and international health, safety, and data protection regulations, as well as risks related to the management of labor relations and the retention of key personnel, which may compromise the Group’s production continuity and competitiveness.
The main opportunities consist in strengthening competitiveness and innovation, thanks to an inclusive and stimulating work environment that promotes the development of skills, talent retention, and a corporate culture based on fairness and safety. This results in an improved reputation and reduced costs linked to accidents and inefficiencies, while ensuring solid data protection and opening up new business opportunities in the field of cybersecurity.
S2 - Workers in the Value Chain
+
The main impacts concern the possible violation of human rights along the supply chain due to insufficient controls, and the protection of confidentiality, integrity, and availability of company data, threatened by unauthorized disclosures or improper handling of sensitive information. At the same time, there is an increase in data protection and security, thanks to the development of targeted security plans and systems involving all internal and external stakeholders.
Associated risks include non-compliance with national and international regulations regarding personal data protection and cybersecurity, with particular attention to sector-specific and military regulations and the National Cybersecurity Perimeter. Additionally, the Group faces the risk of unavailability of specialized external labor, which is essential to meet production needs.
Opportunities arise from efficient cybersecurity management, which helps reduce costs associated with potential breaches, ensures operational continuity, and strengthens the trust of customers and stakeholders.
S3 - Affected Communities
+
Impacts include inconveniences for the community caused by company activities and economic benefits through collaborations, contracts, taxes, and investments in infrastructure. Risks are associated with possible failure to address local needs and violations of human rights, with social and environmental repercussions. Opportunities lie in local economic development with new job creation and a reduction in disputes thanks to active dialogue and collaborations with institutions.
S4 - Consumers and End Users
+
The main impacts concern increased customer satisfaction and trust through effective relationship management and the development of targeted solutions, along with greater efficiency, safety, and reliability of products. However, risks persist related to delivery delays, non-compliance with quality standards, and breaches of data protection. Reputational and legal risks are also connected to commercial agreements and cybersecurity regulations. Opportunities lie in strengthening competitiveness and profitability through customer loyalty and acquisition, the development of innovative technologies—particularly for offshore wind and product connectivity—and the assurance of high-quality standards that consolidate the company's reputation. Finally, efficient cybersecurity management ensures operational continuity and opens up new business opportunities related to the use of autonomous navigation systems.
G1 - Business Conduct
+
The main impacts concern the potential compromise of the company's reputation due to improper conduct such as tax evasion and anti-competitive practices, as well as the promotion of ethical and transparent values in the maritime sector and throughout the supply chain. The most relevant risks include non-compliance with anti-corruption regulations and personal data protection, along with possible exposure to advanced cyber threats. Opportunities focus on strengthening operational continuity and cost reduction through effective cybersecurity management, as well as enhancing attractiveness to investors thanks to transparent and robust ESG performance.