The materiality matrix is the bedrock of our sustainability strategy. In 2024, we reviewed our materiality assessment in line with the CSRD (Corporate Sustainability Reporting Directive) double materiality approach, considering its two dimensions:

• Impact materiality looks at how our organisation affects the environment and society.
• Financial materiality focuses on how environmental and social issues can affect our business — such as the financial risks of climate change, new regulations, or supply chain disruptions.

This approach ensures both corporate risks and broader societal impacts are accounted for.

Each topic represented reflects the outcomes of our double materiality assessment, categorizing ESG issues based on their significance in terms of impacts on Sonae Sierra, and the impact of our activities on the environment and people.

In total, we identified 9 key topics and 12 related subtopics. The matrix below provides a more detailed view of these subtopics.

Sonae Sierra’s Sustainability Strategy is anchored in two strategic priorities – Future-Proof the Lived Environment and A Safe, Healthy and Engaged Workforce – vital areas in which we want to have a profound and far-reaching positive effect.

To assess the progress of our ambition we established long-term objectives according to our two strategic priorities: Future-proof the lived environment and Safe, healthy & engaged workforce.

The Science Based Target Initiative (SBTi) approved our near-term (2030) and  long-term (2040) targets on GHG emissions (global temperature limit 1.5°C) – leveraging our commitment to achieving net-zero emissions across the value chain by 2040.

Each year we define the annual sustainability targets and actions that will contribute to reach the long-term objectives.

We also track our progress against those targets and actions to make sure we stay on course.  To assess the progress of our  ambition, since 2005 we have commissioned external evaluations of our progress against these targets, and since 2008 these have also included internal sustainability actions.

The Sustainability Steering Committee (SSC) is responsible for overseeing the strategic direction and the delivery of the work from the Sustainability Strategic Priorities and Risk Management and is accountable to the Sonae Sierra Executive Committee. It is chaired by our CEO and includes among its members the Directors responsible for each Sonae Sierra business unit, as well as key corporate functions.