About this report
Welcome to our 2025 sustainability report. "Transparency builds trust" is one of our values and the driver behind this CSRD-aligned report.
Setting the scene for this report and its links to CSRD
We’re a “wave 2” company and we will still need to report according to the CSRD, getting an additional two years to comply.
We’re using this time to continue getting ready to be compliant with the obligations, focusing on the added-value of the current framework. We continue to believe in the transparency and benefits this legislation is bringing.
This sustainability report is to be understood as CSRD-aligned, without the ambition to be complete or fully compliant. In our opinion it is visually appealing and easy to navigate, yet using the transparency of the framework to be transparent about our impact.
The structure of this report follows the five pillars of our sustainability strategy. Per chapter we disclose the relevant CSRD data points.
Additionally, we provide an overview of the data points we reported on.
Basis for preparation of the sustainability statement
Our sustainability statement has been prepared in accordance with the simplified version of the European Sustainability Reporting Standards (ESRS) as applicable at the end of the reporting period, following the ESRS 2.0 framework.
We are pursuing CSRD-aligned reporting on a voluntary basis. As such, our sustainability statement has not been subject to an external assurance engagement for the current reporting period.
Consolidation and reporting boundary
Our sustainability statement is prepared on a consolidated basis and uses the same reporting boundary as our consolidated financial statements. Our consolidation approach follows an equity-based method.
As a result, there are no differences between the reporting boundary used for our sustainability reporting and the boundary used in our consolidated financial statements.
Value Chain Coverage
Our sustainability statement covers our own operations and includes relevant information on upstream and downstream value chain impacts, risks and opportunities where material.
Adjustments to comparative information
During mid-2025, the following entities exited our group: Pivaco, Powerstation, Follaets Painting, and ForGrowth.
A strategic capital reinforcement took place involving Imtech, C-bimco, Imtech Engineering Poland and C-Tech Holding with SDM Corporate Finance Group (SDM). Cordeel Group remains the reference shareholder.
Additionally, a strategic capital reinforcement involving C-battery with SDM took place. C-energy remains the reference shareholder.
All our sustainability KPIs have been retroactively adjusted to reflect these changes and ensure proper comparability with prior-period data, in line with ESRS 1 General Requirements (paragraphs 85, 86 and 88).
CSRD:
Phase-In provisions
We apply the ESRS phase-in provisions under ESRS 1 paragraph 125(b) to defer specific disclosures where we do not yet have complete and reliable data, especially in the value chain. We will expand the scope and quality of reporting year by year as our internal systems, methodologies and supplier data improve.
E1 (Climate – Scope 3): For the 2025 reporting period, we will report Scope 3 mainly for Category 1 (Purchased goods and services), which we expect to be our largest Scope 3 category. We will include the remaining Scope 3 categories in future reporting periods.
E4 (Biodiversity – value chain): In 2025, we will start by reporting value-chain biodiversity impacts where we have the best information and where impacts are most likely to be significant. We will broaden supplier coverage and detail over time.
E5 (Resource use & circular economy): For 2025, we will focus mainly on waste (waste generated and treatment). We will add broader circular economy information over time (e.g., materials used, materials leaving our operations, and recycled content) as data quality improves.
EU Taxonomy (Taxonomy Regulation): We have not yet completed our assessment of the eligibility and alignment of our economic activities under the EU Taxonomy Regulation.
We are currently working towards conducting this assessment and commit to including the required KPI disclosures (turnover, CapEx, OpEx) in our sustainability statement at the latest by our FY 2027 report.
CSRD:
FAQ
Yes, and we explain this openly. During mid-2025, four entities exited the group: Pivaco, Powerstation, Follaets Painting, and ForGrowth. At the same time, a strategic capital reinforcement brought external investor SDM Corporate Finance Group into Imtech, C-bimco, Imtech Engineering Poland, C-Tech Holding, and C-battery. Cordeel Group remains the reference shareholder in all of these, but their weighting in our consolidated figures changed. We retroactively adjusted all sustainability KPIs for prior periods to reflect these changes, in line with ESRS 1. This means year-on-year comparisons in this report reflect a consistent perimeter, not the original reported numbers.
We are a “wave 2” company and have two additional years to reach full CSRD compliance. We have chosen to prepare voluntarily and publish a CSRD-aligned report now, structured around the five pillars of our strategy and the relevant ESRS data points. It is transparent about what we are still building out, including a formal Scope 3 reduction target (expected by end 2026) and full EU Taxonomy assessment (by our FY 2027 report).
We have not yet completed our full EU Taxonomy assessment. We have committed to including the required KPI disclosures — turnover, CapEx, and OpEx — in our sustainability statement at the latest by our FY 2027 report. On CSRD: our sustainability statement follows the ESRS 2.0 framework and has not yet been subject to external assurance. We are using the additional time to build out data quality, particularly for Scope 3 categories beyond purchased goods and services, and for biodiversity.