Stakeholder dialogue and double materiality analysis

We are aware that the constantly evolving social and economic context and the ever-increasing awareness of consumers require every company to be able to cope with new dynamic scenarios. For this reason, we believe that a structured approach to stakeholder involvement is necessary to guide the corporate strategy on issues potentially relevant to the Intesa Sanpaolo Group and its stakeholders.

Non-financial and sustainability reporting focuses on relevant aspects that reflect the impacts, positive or negative, actual or potential, generated by the activities of the Intesa Sanpaolo Group on the economy, the environment and people, including the impacts on their human rights, capable of significantly influencing the perception of its stakeholders.

Compared to the 2023 reporting, conducted according to the GRI Standards – Universal Standards (2021), the Group's 2024 double materiality analysis is aligned with the ESRS, which integrate the concept of materiality, requiring consideration of both the impact of the Group's activities (impact materiality) on external and internal stakeholders and the external risks and opportunities that have or may have material financial implications on the Group (financial materiality). Specifically:

• impact materiality takes into account the impacts related to the company's own operations and the upstream and downstream value chain that are significant for the Group, both positive and negative, and actual or potential (inside-out logic), in the short, medium or long term. The Group's impact identification and assessment phases were conducted in continuity with the approach adopted in 2023; 
• the financial materiality (outside-in logic) envisaged by the ESRS reporting standards considers the sustainability issues that generate: 
  • risks that affect or may affect the development of the company, its financial position, economic performance, cash flows, access to finance or cost of capital in the short, medium or long term; 
  • opportunities that have, or can be expected to have, a significant financial influence for the Group in the short, medium or long term.

In 2024, the Group analysed both dimensions, and reported in the Consolidated Sustainability Statement on the aspects relevant to these prospects, in order to identify and assess material impacts, risks and opportunities, also referred to as material IROs (impacts, risks and opportunities).

The Group conducted the double materiality analysis by considering and enhancing the peculiarities of the business lines and geographies in which it operates and in which the counterparties with whom the Group has business relationships operate. The type of suppliers and counterparties is a further element considered during the analysis and evaluation phase.

The aspects relating to double materiality, in addition to being a fundamental element of sustainability reporting, are decisive as they contribute to orienting the corporate strategy on issues relevant to the business and stakeholders.