Stakeholder engagement & inputs We used our 2023 stakeholder survey — covering employees, customers, suppliers and their representatives — as a baseline. In 2024, we placed greater emphasis on external data sources compared to 2023, including ENCORE, Embuild publications, Circular Flanders, the World Economic Forum Risk Report, and High Water Risk Area data, cross-referencing these with our own multi-year KPIs. We also conducted eight internal expert interviews (e.g., QHSE coordinator, Group Legal Counsel).

Impact materiality Impacts are assessed on a gross basis across four dimensions: Scale, Scope, Irremediability, and Likelihood, each scored 1–5. A score of 3 (“important”) serves as the materiality threshold. While impacts are scored without factoring in existing prevention or mitigation measures, these are taken into account at a later stage when defining our action lens and reporting on material topics. Mitigation and remediation actions are addressed separately within each topic-level disclosure.

Financial materiality Financial materiality is assessed by summing magnitude and likelihood scores, with a threshold of ≥ 6. Inputs included qualitative interviews with the Cordeel Group CFO, the CFO of Cordeel Nederland, and four financial partners. Dependencies on natural and social resources — such as water availability in stressed regions and raw material supply chains — were explicitly factored into the scoring.

Areas of heightened risk We operate in Belgium, the Netherlands, Hungary, Poland, Serbia, Bulgaria, and Germany, with the majority of our revenue concentrated in Belgium and the Netherlands.

As most of our suppliers and subcontractors operate in these regions, our supply chain is not significantly exposed to high-risk geographies, and no specific business relationships were identified as carrying heightened risk profiles beyond those captured through our operational and geographic risk considerations.

Demolition and excavation activities are fully subcontracted to specialised parties.

Several operations in Flanders and the south/southwest of the Netherlands are located in high or extremely high water stress areas. Despite this, our water consumption remains low relative to other sectors, and water withdrawals were limited with above-average infiltration rates. As a result, E3 – Water did not meet our materiality threshold, though we continue to monitor it.

Changes from prior period The 2024 assessment placed greater emphasis on external data sources to benchmark and validate our internal data, representing the primary process-level change compared to 2023.  driven in part by our land bank of over 1 million m² in Belgium, a significant portion of which is greenfield.

The assessment was validated by our Board of Directors and will be updated annually.