Ferretti S.p.A.

Reference: pages 37-38. Traditional model: Shareholders' General Meeting, Board of Directors and Board of Statutory Auditors. "There is no administrative body with specific expertise in ESG matters. However, the Board of Directors has an ESG Sustainability Committee responsible for addressing these topics" (p.37). The Board "consists of nine members, including two women (22%), seven men (78%), four independent members (44%) and two executive members (22%)" (p.37-38); no worker representation on the Board. Board committees: Nomination, Remuneration, ESG Sustainability, Strategic, and Controls and Risks. "The Group has not yet finalised the mechanisms through which responsibilities relating to impacts, risks and opportunities are integrated into the corporate mission" and no systematic target-monitoring process exists yet (p.37).

Reference: pages 43-44. "In 2024, Ferretti carried out its first Double Materiality Assessment... In 2025... the analysis was updated, confirming the issues identified as material in the first year, to which the pay gap and total remuneration were added as new issues." The update "was presented to and approved by the Board of Directors on 23 October 2025 during an ESG training session for its members" (p.43). The ESG Sustainability Committee meets annually to update the Board; the Board was also updated on regulatory developments during the year (p.44).

Reference: page 44. The Group's Remuneration Policy combines fixed and variable components for directors, Statutory Auditors and Executives with Strategic Responsibilities, with the variable component linked to financial and strategic indicators. "For the members of the administrative, management and supervisory bodies, there are no variable incentive schemes linked to sustainability criteria" (p.44) - a nil disclosure explicitly stated, not an omission.

Reference: pages 44-45. The report gives a mapping table of the five core due-diligence elements (embedding in governance/strategy, engaging affected stakeholders, identifying and assessing adverse impacts, taking actions, tracking effectiveness) against the specific paragraphs of the Sustainability Statement that address each (e.g. GOV-2, SBM-1, IRO-1 for embedding; S1-2/S1-3, S2-2/S2-3, S3-2/S3-3, S4-2/S4-3, G1-1 for engagement and remedy; E1-3/E2-2/E3-2/E4-3/E5-2 and S-series action DRs for taking action) (pp.44-45).

Reference: page 46. "In 2025, work continued on the project to bring the company into line with the CSRD", building an Internal Control System for Sustainability Reporting (SCIIS) based on the CoSO Framework. "The SCIIS operational model has now been implemented; design testing has been carried out, and testing of the effectiveness of the controls will be completed by the time this document is approved." Priority datapoints were selected and placed in a risk control matrix; a walk-through was carried out end-to-end. "The main risks... concern potential errors in the processing or consolidation of data from primary sources... with particular attention paid to data from the value chain, over which the Group has no direct operational control" (p.46).

Reference: pages 47-48. Ferretti is built on "passion, innovation and excellence", pursuing a strategy centred on luxury yacht design and manufacturing. "Since 2024, the Ferretti Group has embarked on a structured sustainability programme, preparing its first consolidated sustainability reporting and setting clear objectives with targets for 2025/2027" (p.47). Ferretti S.p.A. applied the Art.18(1)(a) exemption from segment-level revenue disclosure since it "mainly operates in a single sector - the construction and sale of luxury yachts" (p.47). Upstream value chain: engine, equipment, fibreglass/glazing, furniture/deck, electronics, upholstery and logistics suppliers; downstream: shipowner customers and the dealership network (p.48).

Reference: pages 49-50. Key stakeholder groups and engagement tools: Industry Associations (conferences), Media, Regulatory bodies, Financial community (investor/analyst meetings, incl. the DMA), Employees (training, whistleblowing platform), Workers in the value chain, Affected communities (Scuola dei Mestieri, donations), and Customers (trade fairs, CSI survey). "The Group does not yet have formal processes in place for systematically gathering feedback from key stakeholders and incorporating it into the development of its strategy and business model" and communication to governance bodies on stakeholder views "is not yet systematically organised" (p.50).

Reference: page 51. "In 2025, the list of impacts, risks and opportunities (IROs) was updated with the input of financial analysts... the pay gap and total remuneration were identified as material topics." "In 2024, the Ferretti Group carried out an analysis of the current financial effects of physical risks related to climate change... With regard to the opportunities identified as part of the Double Materiality, no current financial effects were identified. A resilience analysis of the strategy and business model has not yet been carried out" (p.51). Each topical chapter opens with its own material-IRO table.

Reference: pages 51-53. The 2025 DMA updated a first (2024) structured assessment. Long-list construction mapped topics against ESRS 1 AR16, then IROs were identified across own operations, upstream and downstream, each assigned a "boundary". Assessment used Severity/Likelihood scales, an "inherent" (pre-control) basis, human-rights impacts given maximum severity weighting regardless of likelihood, and a 1-5 year reference time horizon (p.52). Validation applied a materiality-threshold matrix. Stakeholder engagement in 2025 consisted of individual interviews with financial analysts (p.53). Results were approved by the Board on 23 October 2025 (p.53).

Reference: page 35 (Basis for preparation), pages 135-141 (Appendix, Content Index). "The ESRS Content Index, which can be found in the 'Appendix' section of this document, provides details of the reported indicators" (p.35), mapping each covered ESRS 2 and topical Disclosure Requirement to the report section addressing it. "We have not omitted any specific information corresponding to intellectual property, know-how, impending developments or matters in the course of negotiations" is not separately stated by Ferretti; instead, value-chain information is limited under the first-three-years relief: "the Decree allows the omission of information relating to the value chain, provided adequate reasons are given" (p.35).

Reference: page 56. "The Ferretti Group has not yet adopted a transition plan, but it intends to publish one in 2028." It states an aim "to achieve climate neutrality by 2050" consistent with the Paris Agreement, but "at present, no assets or production activities have been identified as being incompatible with the transition to a climate-neutral economy, nor have climate scenarios been assessed for their consistency with the key climate-related assumptions set out in the financial statements." Ferretti "is not excluded from the EU Paris-aligned benchmarks" (p.60).

Back-filled from ESRS 2 IRO-1 / the E1 climate-DMA section (pages 54-56). This disclosure requirement did not exist under the 2023 ESRS the report was prepared against. In 2024 Ferretti assessed physical climate risk at its production sites against three IPCC-consistent scenarios to 2100: RCP2.6 ("best-case", aligned with Paris/Kyoto), RCP4.5 ("intermediate", 2-3C rise) and RCP8.5 ("worst-case", business-as-usual, 8.5 W/m2) (p.54-55). Financial-impact testing used RCP8.5 with a 2030 (short-term) horizon. "The estimated cost of any potential damage is less than 2% of EBITDA, while the potential physical damage to assets does not exceed 10% of the site's total value"; results were "considered valid for 2025 as well" (p.55). Transition-risk screening likewise found no significant transition risks (p.56).

Back-filled from the E1 climate-DMA section (page 54). This disclosure requirement did not exist under the 2023 ESRS the report was prepared against. "At present, the Ferretti Group has not yet carried out an analysis of the resilience of its strategy and business model with respect to climate change. Nevertheless, the Group is committed to implementing a structured Enterprise Risk Management system, with the aim of strengthening its ability to adapt to a constantly changing context" (p.54). A stated non-performance, reported plainly rather than forced into a positive finding.

Reference: page 56. Ferretti relies on its Code of Ethics and the 2020 Quality and Environmental Policy (linked to ISO 9001/14001), whose "primary objective is to continuously improve the performance of the Management System... while protecting the environment with a particular focus on pollution prevention and sustainable development." "At present these policies are not fully aligned with ESRS standards. As a result, no specific measures have been introduced to manage the impacts, risks and opportunities associated with climate change mitigation and adaptation in a structured manner" (p.56).

Reference: pages 57-59. Four main 2025 actions with CapEx figures: energy-efficiency improvements at production sites (EUR155,915, ongoing since 2015); development of photovoltaics (EUR343,641; Ravenna plant completed, La Spezia 50% operational, Il Massello 165kW system completed in 2025); purchase of certified Guarantees of Origin, achieving "100% coverage of Ferretti S.p.A.'s electricity consumption" from certified renewable sources (EUR22,000); and a boat-level data acquisition system for emission monitoring, launched in 2025 (EUR48,750).

Reference: page 60. "At present, the Ferretti Group has not set any GHG emission reduction targets, either in absolute terms or in terms of intensity. Nor has it established specific targets for Scope 1, 2 and 3 emissions. The base year and the benchmark for measuring progress have yet to be identified, and no targets have been set for 2030 or 2050... a scientifically based methodology for aligning any targets with the goal of limiting global warming to 1.5C has not yet been adopted." Instead, seven non-quantitative operational targets are listed (GO purchase - achieved; PV installation - ongoing to 2026; Scope 3 monitoring - ongoing to 2026; ISO 14001 for Ravenna - ongoing to 2026; emission-monitoring app - ongoing; HVO pilot - ongoing; lower-emission powertrain launch - ongoing to 2026) (pp.58-60).

Reference: page 61. Total energy consumption rose slightly from 60,343.60 MWh (2024) to 70,413.56 MWh (2025). "31% of energy is self-generated from non-renewable sources, while the remaining 68% comes from renewable energy sources" (p.61); the renewable share rose from 2% to 31% of total consumption, driven mainly by 19,321 MWh of purchased Guarantees of Origin. Energy intensity for high-climate-impact-sector activities (NACE 30.12) was 54.99 MWh/EURmn net revenue in 2025, up from 48.65 in 2024 (p.61).

Reference: pages 62-66. Gross Scope 1: 7,543.29 tCO2e (2024) to 9,788.36 tCO2e (2025). Scope 2 market-based fell from 11,289.17 to 1,800.30 tCO2e (driven by the GO purchase); Scope 2 location-based fell from 6,533.70 to 5,564.52 tCO2e. Total Scope 3 rose from 2,899,308.04 to 3,363,250.51 tCO2e, dominated by Category 11 (use of sold products): 2,560,051.54 to 3,059,935.04 tCO2e. Total GHG emissions (market-based) rose from 2,918,140.51 to 3,374,839.17 tCO2e. GHG intensity (market-based) rose from 2,352.68 to 2,635.44 tCO2e/EURmn (p.65). "The reporting period coincides with the accounting of data provided by the entire value chain... corresponding to the 2025 financial year" (footnote 20, p.66); Scope 3 relies partly on secondary/spend-based data (p.66).

Reference: page 67. "Currently, the company has not implemented any projects specifically designed to remove greenhouse gases or mitigate emissions financed through carbon credits." A stated nil position, listed as a covered DR in the ESRS Content Index (p.136).

Reference: page 67. "At present, the company does not use internal carbon price mechanisms, despite recognising the potential of these tools in supporting decision-making processes and encouraging the adoption of climate-related policies and targets." A stated nil position, listed in the Content Index (p.136).

Reference: pages 55-56, 68-71. Physical-risk testing under RCP8.5/2030 found potential damage "below the established materiality thresholds": estimated cost under 2% of EBITDA and physical asset damage under 10% of site value, so "no significant physical climate risks have been identified" (p.55); transition-risk screening likewise found nothing material (p.56). Under the EU Taxonomy, eligible climate-mitigation revenue (activity 3.3, low-carbon transport) was EUR1,182,086 thousand against net revenue of EUR1,280,556 thousand (p.71), but multiple DNSH criteria (climate adaptation, water, circular economy, pollution, biodiversity) were assessed as "not fulfilled" on a precautionary basis, so alignment is not achieved (pp.69-70).

Reference: page 89. Shared with E3/E4: "Although the Ferretti Group has various corporate tools and policies related to sustainability, including its Code of Ethics and management systems, it has not yet adopted specific policies addressing topics such as pollution, water management and biodiversity, as these are not considered a priority in relation to its current sustainability strategies and the operational management of the business. However, the Group plans to develop appropriate tools over the coming years."

Reference: page 90. Shared with E3/E4: "During this reporting period, the Ferretti Group has not taken, nor does it intend to take in the coming years, any specific action on these topics, due to the still partial knowledge of its value chain. However, the Group is committed to formalising initiatives in these areas in future financial years."

Reference: page 90. Shared with E3/E4: "The Ferretti Group's strategy does not include specific targets relating to pollution, water and biodiversity... The Group's current limited understanding of the value chain has not yet allowed it to set strategic targets to pursue."

Reference: page 89 (shared E2/E3/E4 Policies text - see E2-1). Ferretti "has not yet adopted specific policies addressing topics such as pollution, water management and biodiversity, as these are not considered a priority in relation to its current sustainability strategies and the operational management of the business." The Group states it "plans to develop appropriate tools over the coming years" (p.89).

Reference: page 90 (shared E2/E3/E4 Actions text - see E2-2). "The Ferretti Group has not taken, nor does it intend to take in the coming years, any specific action on these topics, due to the still partial knowledge of its value chain" (p.90).

Reference: page 90 (shared E2/E3/E4 Targets text - see E2-3). "The Ferretti Group's strategy does not include specific targets relating to pollution, water and biodiversity. As mentioned above, these topics were found to be material only in relation to the value chain. The Group's current limited understanding of the value chain has not yet allowed it to set strategic targets to pursue" (p.90).

Reference: page 89. The single material E4 sub-topic is "Direct impact drivers on biodiversity loss": "Damage to biodiversity caused by the depletion of resources during the procurement phase and by pollution generated when the boat is in use", identified as both an upstream and downstream impact (p.89). No dedicated biodiversity transition plan exists; the shared E2/E3/E4 text states the Group "has not yet adopted specific policies" and has not set targets for this area (pp.89-90), so there is no transition plan to report beyond this stated absence.

Reference: page 89 (shared E2/E3/E4 Policies text - see E2-1). No dedicated biodiversity policy exists; "although the Ferretti Group has various corporate tools and policies related to sustainability, including its Code of Ethics and management systems, it has not yet adopted specific policies addressing topics such as pollution, water management and biodiversity" (p.89).

Reference: page 90 (shared E2/E3/E4 Actions text - see E2-2). "During this reporting period, the Ferretti Group has not taken, nor does it intend to take in the coming years, any specific action on these topics, due to the still partial knowledge of its value chain." The Group states it is "committed to formalising initiatives in these areas in future financial years" (p.90).

Reference: page 90 (shared E2/E3/E4 Targets text - see E2-3). No biodiversity targets are set: "the Ferretti Group's strategy does not include specific targets relating to pollution, water and biodiversity", and its "current limited understanding of the value chain has not yet allowed it to set strategic targets to pursue" in this area (p.90).

Reference: page 81. The Code of Ethics and the "New Product Development" procedure (linked to ISO 9001) "define the environmental and eco-sustainable requirements that the Design Department must meet", covering process environmental impact, component/material selection for product-life sustainability, and information on environmental impacts during transport, delivery or use. "It should be noted that these policies do not fully comply with the ESRS Standards" (p.81).

Reference: pages 82-83. Five 2025 actions: modular systems for bottom boards/decks replacing iron/aluminium wire netting (EUR36,506); 3D steel printing on the CRN 145 project (EUR15,000); the Obsolete Project recovering scrap materials ("over 5,000 items were recovered and subsequently sold for a total of EUR200,000"); the Refitting Project, where Retail Works projects rose from 85 (2024) to 99 (2025); and registration of Zago on a circular-economy waste platform.

Reference: pages 83-84. Non-quantitative targets: enhancing 3D printing use in engineering (2024 base, target 2026, ongoing); expanding modular systems (achieved for the Fibreglass Division in 2025, extended to 2026 for Steel); and a pilot project replacing thermoplastic with recyclable thermosetting resins (2025 base, ongoing). "The identified targets do not fully comply with ESRS standards as they are of a qualitative nature" (p.83).

Reference: pages 84-85. Total weight of products/materials used fell from 14,273.11 t (2024) to 13,514.70 t (2025). "0%" of biological materials are reported as sustainably sourced, and "no data is available on the weight in both absolute value and percentage, of secondary reused or recycled components" (0% for both years) (p.84). Main renewable material: wood/teak; main non-renewable: ferrous steels, aluminium alloys, stainless steel, resins, foams, glass/carbon fibres, copper, bronze and lead (p.83).

Reference: page 85. "Due to the exclusive nature of Ferretti Group products, the extent to which they can be repaired varies" by damage type. Expected product durability is not monitored ("Currently, Ferretti does not monitor or collect data on the expected durability of products placed on the market", footnote 33); an ICOMIA industry-average estimate of 45 years (displacement motorboat) and 50 years (high-performance motoryacht) is cited for comparison only. "Currently, no data is available on the proportion of recycled content in products and packaging" and no system exists to track circularity of materials after first use (p.85).

Reference: pages 86-87. Main waste streams: resins, metals, wood products, plastics, paints, solvents and adhesives. Total waste rose from 4,468.59 t (2024) to 4,665.87 t (2025); hazardous waste fell from 338.66 t to 301.03 t. Non-recycled waste share fell from 100% (2024) to 99.97% (2025). Data are drawn from waste transport forms (FIR) and the Italian MUD environmental declaration, with estimates used for municipal waste not subject to MUD reporting (p.87).

Reference: pages 51, 85. Listed in the Content Index (p.138) under E5 Metrics. The general SBM-3 finding applies: "With regard to the opportunities identified as part of the Double Materiality, no current financial effects were identified" (p.51); circular-economy actions (modular systems, 3D printing, the Obsolete Project) carry only current-year CapEx/OpEx figures, with "no provision for future financial resources" (E5-2 footnote, p.82), and no anticipated financial-effects figures specific to resource use are separately quantified.

Reference: pages 93-94. Policies include the Code of Ethics (equal opportunity, anti-discrimination), the MBO internal regulation for objective-based incentives, the Selection procedure, the Recruitment procedure, the Diversity and Inclusion Policy, the Working Time Policy, and the education/training procedure. On forced/child labour: the Group applies "dedicated management systems and controls that comply with the Minimum Age Convention (ILO no. 138) and the Worst Forms of Child Labour Convention (ILO no. 182)", though "this specification has not been found in other policies" (p.94).

Reference: page 94. "Relations between corporate functions and trade union organisations are characterised by transparency, independence and integrity." In December 2024, negotiations concluded for the Ferretti S.p.A. integrative company contract (CIA) valid 1 January 2025 to 31 December 2027, strengthening work-life balance, parenthood support and welfare provisions. "All employees are subject to collective bargaining agreements." Ferretti S.p.A. and Zago S.p.A. also run periodic anonymous home-work mobility surveys via the MMSurvey application, feeding a 2025 Home-to-Work Travel Plan covering the new Ravenna site.

Reference: pages 94-95. Two whistleblowing routes: an online portal (ferretti.uat.integrity.complylog.com) generating a trackable case ID, or a meeting with the Manager. Reports are confirmed within seven days, assessed, and either closed within three months if unfounded or investigated; records are kept securely for up to five years. Protections against retaliation follow Legislative Decree 24/2023. Separately, employees may request an extraordinary medical examination, though "a system has not yet been implemented to assess its effectiveness" (p.95).

Reference: pages 96-98. Actions realised in 2025: Corporate Welfare System (Ferretti S.p.A./Zago S.p.A.; up to 50% of the result bonus convertible to welfare goods); HSE and skills training (EUR273,591); the "Protagonists of Sustainability" e-learning course on the 2030 Agenda; the People Management Academy (EUR30,170; 20 new participants in 2025); a data-processing/privacy remediation plan (EUR66,400); remote working introduced for one day/week; and safety measures (EUR1,316,714) including lifeline installation on overhead cranes. "Thanks to a long-standing commitment... Ferretti S.p.A. has reduced its accident frequency rate... by 82% compared with 2010" (p.97). "Unless otherwise specified, no procedures are currently in place to monitor and assess the effectiveness of these measures" (p.96).

Reference: pages 98-99. Five targets, set by management "without the involvement of employee representatives": +10% training hours by 2025 (Not achieved - actual training hours fell due to lower course attendance and cost-cutting); remote working rollout (Achieved); a 2026 gender-equality assessment (implementation in 2026); accident severity index below 0.4% (Achieved, ~0.44% to <0.4%); and accident frequency index below 8 per million hours worked (Not achieved - "the rate of recordable work-related injuries in 2025 has, in fact, exceeded the set target", attributed partly to inexperienced new hires) (p.99).

Reference: pages 100-101. Total employees fell from 2,118 (2024) to 2,076 (2025): 1,756 men, 320 women. By country: Italy 2,007, United States 55, Hong Kong 7, Singapore 2, Abu Dhabi 2, Monaco 2, Spain 1. Permanent contracts: 2,002 (2025) of 2,076 total; temporary: 72. Full-time: 2,052; part-time: 24. Employee turnover: 196 terminations, a 9% turnover rate (unchanged from 2024) (p.101).

Reference: page 102. Total non-employees fell from 58 (2024) to 26 (2025): 3 self-employed collaborators (agents), 19 temporary-staff workers, and 4 interns. Non-employees comprise "collaborators on a coordinated or continuous basis, contract workers and (curricular or extracurricular) internships."

Reference: page 103. "Currently, there are no agreements between the company and its employees for representation by a European Works Council (EWC), a European Company (SE) Works Council or a European Cooperative Society (SCE) Works Council." Collective bargaining coverage and social dialogue/workplace representation figures are reported for Italy (the only country meeting the >50-company/>10%-of-workforce reporting threshold) for both 2024 and 2025.

Reference: page 104. Top management: 81.5% men, 18.5% women (2024); women's share of top management rose to c.18.1% in 2025 on a total top-management headcount of 130 (2024) falling within a similarly split 2025 cohort. Workforce by age: under-30 242, 30-50 years 1,105, over-50 729 (2025 total 2,076), versus 263/1,157/698 in 2024.

Reference: page 104. "Wages are determined in full accordance with the applicable National Collective Bargaining Agreements (CCNL), which define wage levels considered appropriate to the standards envisaged." Foreign-currency remuneration is converted using monthly average rates (APAC) or the 31 December rate (AMAS); apprenticeship contracts are excluded from the Entry Wage calculation.

Reference: page 105. "In the reporting period, the number of employees covered by a social protection system amounted to 2021, or 97.35% of the total workforce (2,076 employees)", covering illness, unemployment, occupational injury, disability, parental leave and retirement. In the US (FGA and Allied Marine), Florida/US labour law applies, where social protection is not automatic except where a worker opts into disability insurance.

Reference: page 105. Average training hours per employee fell from 10 (2024) to 9 (2025): men 9 hours, women 10 hours in 2025. Training data for most Group companies comes from the HR Formazione - INAZ database; other companies use Excel sheets. "Currently, the company does not provide for periodic employee performance and career development reviews" (p.105).

Reference: pages 105-106. "In 2025, there were no serious accidents (i.e. resulting in more than six months' absence) within the Group", and zero work-related or occupational-disease deaths in both years. 2,102 of 2,102 workers (employees plus non-employees) were covered by the health and safety system in 2025 (100%). Recordable work-related injuries rose from 29 (2024) to 33 (2025); the accident incidence rate rose from 9.5 to 10.7; days lost to injuries rose from 878 to 792 (sic, reported as such in the source table, p.106).

Reference: pages 106-107. 100% of employees are entitled to family leave in both years. The share of eligible employees who took parental leave rose from 22% (2024) to 23% (2025) overall (25% women, 16% men in 2025). Full professional reinstatement is guaranteed at the end of parental leave under the applicable collective bargaining agreements.

Reference: pages 107-108. The overall gender pay gap moved from -0.74% (2024) to -3.75% (2025) (negative meaning average female pay exceeds average male pay at the aggregate level), explained by workforce composition: "around 69% of male employees are classified as manual workers, whilst over 75% of women are concentrated in clerical and higher-level roles." By category the gaps are positive: Managers 0.87%, Middle managers 8.24%, White collar 4.14%, Blue collar 8.34% (2025). The CEO pay ratio (highest-paid individual to median) fell from 107.47 (2024) to 88.40 (2025).

Reference: page 108. "The Group reports that, for the reporting period, there were no incidents of human rights violations within its structure. Therefore, there are no complaints, significant impacts, sanctions, fines or claims related to these issues." A nil return, stated as a complete disclosure rather than a gap.

Reference: page 110. "In the absence of a specific code of conduct for suppliers", the Code of Ethics governs value-chain working relationships, covering human rights, discrimination, harassment and health and safety, with "formal adherence by contractual counterparties through specific clauses" and provision for on-site audits, particularly in higher-risk countries. Child/forced-labour compliance follows ILO Conventions 138 and 182; "during the 2021-2025 reporting period, no violations or suspected violations were identified within the supply chain" (p.111).

Reference: pages 109-110. "There is currently no structured channel available that allows workers in the value chain to interact directly with the company, nor has a systematic involvement process been formalised." A Supplier Portal is planned for completion by 2026/2027 to improve supplier communication, though it "does not constitute a direct channel of communication with individual workers" (p.110).

Reference: pages 109-110. Value-chain workers can use the same Group whistleblowing channel described under G1/S1 to raise concerns, referenced here (alongside the planned Supplier Portal) as the main formal remedy route, since "there is currently no structured channel available that allows workers in the value chain to interact directly with the company" beyond it (p.110).

Reference: page 111. Traceability of purchased raw materials: since Ferretti "does not source raw materials such as wood and steel directly, but instead receives finished goods", stricter supplier documentation (certificates of origin, EUDR compliance declarations) and sampling verification were introduced in 2025, prioritising suppliers with the greatest turnover impact. No dedicated financial resources were recorded for this internally-run action.

Reference: pages 111-112. Three targets: the Tier-1 ESG supplier pilot (2024 base, target 2026, ongoing - an ESG questionnaire was sent to one German Tier-1 supplier in 2025 to test the model); raw-material traceability (achieved in 2025); and the Supplier Portal (2025 base, target 2026/2027, in progress - software selection complete, implementation pending contract signature). "The defined targets do not fully comply with the ESRS standards as they are qualitative" (p.111).

Reference: page 114. "In 2025, the organisation continued to operate without a formally adopted policy for managing significant impacts on communities"; initiatives are instead planned annually against available budget. "A policy on donations was drawn up during 2025" and "will be formally adopted in 2026."

Reference: page 114. Engagement runs mainly through training partnerships (Scuola dei Mestieri, the Marine Engineering Master's course) rather than a formal consultation process. "By 2025 the Group had not yet introduced targeted measures to gain a deeper understanding of the views of the communities involved, particularly those most exposed to the impacts or at risk of marginalisation"; the whistleblowing channel is available as a reporting route (p.114). "The Ferretti Group does not consider indigenous peoples to be among the relevant affected communities" given its industrialised operating contexts (p.114).

Reference: page 114. Affected communities can raise concerns via the same Group whistleblowing channel described for own workforce and value-chain workers (S1-3); no dedicated community-specific remedy channel is described.

Reference: pages 115-118. Six initiatives: Scuola dei Mestieri vocational training (realised; the 2024/25 Ravenna edition trained 14 participants, "with more than half of the trainees being hired"); the Marine Engineering Master's degree with the University of Bologna (EUR1 million over 5 years, ongoing 2024-2028); support for children in El Salvador via David Beckham's Fund 7/UNICEF (a Riva Anniversario auction, realised); "Il Gusto per la Ricerca" charity dinner (EUR28,000, realised); a EUR5,000 donation to the "Il Battello" school in Sarnico; and other local initiatives (educational shipyard tours, an accessible exhibition with the State Tactile Museum Omero).

Reference: pages 118-119. Two targets: formalising a donations/community-engagement policy (implementation planned 2026), and expanding the Scuola dei Mestieri to involve c.15 young people (2024 base of 11, +25% target, target year extended to 2026, ongoing).

Reference: pages 120-121. Product-quality and safety commitments rest on the Code of Ethics (fair, non-discriminatory treatment of customers) and ISO 9001 certification (quality management, non-compliance handling), overseen by the Chief Quality & Services Officer. "The policies described below have not been formalised in accordance with ESRS requirements" (p.121).

Reference: pages 121-122. A structured Customer Satisfaction Index (CSI) survey is administered by the CRM function at delivery, six months and one year after purchase. "In 2025, the redemption rate stood at 25%, with a total of 70 responses out of 283 questionnaires sent out." Effectiveness is also tracked via Net Promoter Score. Engagement is reinforced through owner events (Cannes Yachting Festival, Monaco Yacht Show, Singapore Yachting Festival).

Reference: page 122. Customers can raise concerns via the Group's whistleblowing channel, the "Customer Support" section of the website (region- and model-specific contacts for EMEA, Asia Pacific and Americas), or their authorised dealer. Retaliation-protection procedures apply to users of these channels, mirroring the S1/G1 whistleblowing safeguards.

Reference: pages 122-124. Four actions: updated operating procedures for warranty/complaint management (Guarantee Management, Corrective Action and Improvement Management, Non-Compliance Management), realised 2025; the Field Failure Report system, with a 16-level priority scale escalated by +16 for any safety impact, realised; new pre-delivery quality indicators at end-of-production and pre-delivery stages, realised; and semi-automated real-time KPI reporting (EUR27,123), realised. "The Ferretti Group classifies any significant adverse impacts as isolated incidents" rather than systemic (p.121).

Reference: pages 124-125. Targets include updating the governance process for survey-driven action plans (ongoing, extended to 2026); reducing the Warranty Index (warranty expense/turnover) to 2 (ongoing to 2026); adding an end-of-warranty CSI touch point (ongoing to 2026); and pre-delivery quality indicators (achieved in 2025). "In 2025, the Group did not set out any specific actions linked to measurable customer-related targets"; "there were no serious human rights issues or incidents in relation to Ferretti Group customers" during the year (p.124).

Reference: pages 126-129, 131-132. "The Double Materiality Assessment identified corporate conduct as one of the Group's most material issues", with material sub-topics limited to protection of whistleblowers, supplier relations/payment practices, and corporate culture (p.126). The Code of Ethics, attached to the Model 231 Organisation, Management and Control Model, governs conduct; "the document in question does not fully comply with the requirements set out by the ESRS" (p.127). Model 231 was updated and formally adopted on 24 February 2026; RAM S.p.A. adopted its own Model 231 in 2025 with training. Whistleblowing runs on the Euronet platform, with confidentiality overseen by the Supervisory Body (pp.127-128). 2025 actions: a Model 231/Code of Ethics understanding questionnaire (realised); RAM S.p.A. Model 231 rollout with training (realised); and a Board/Statutory Auditors ESG induction session with KPMG on 23 October 2025 (realised) (p.131-132).

Reference: page 130. Supplier selection is coordinated by Procurement using criteria including technical expertise, financial soundness, size, location and service quality. Ferretti "has begun updating the framework agreement" to standardise supplier obligations on waste management, safety and sustainability. Suppliers working on-site attend safety training. "For further details, see chapter 'S2-Workers in the Value Chain'."

Reference: pages 132-133. Five business-conduct targets, all referenced to "ESRS2 - G1": updating the Ferretti S.p.A. Code of Ethics (2025 base, target 2026, ongoing); updating Model 231 (2024 base, target 2026, ongoing); training on the updated Model 231 (2024 base, target 2026, ongoing); Model 231 training for Zago S.p.A. (2024 base, target 2026, ongoing); and Model 231 implementation with training for RAM S.p.A. (2024 base, target 2025, achieved). "The targets currently defined are primarily qualitative in nature and are therefore not fully aligned with ESRS standards" (p.132).

Reference: pages 130-131. Ferretti follows a "Passive cycle procedure" with standard terms of 90 days for production suppliers (60 for foreign suppliers), 30-120 days for service providers depending on type, and 30-60 days for investment suppliers. "As at 31 December 2025, maturity had been granted to 55 suppliers, with a total exposure of about EUR68 million, equal to about 21% of trade payables." "The average time taken by the Italian companies of the Group to pay an invoice was 103 days", with 48% of payments made within standard terms and 56% of suppliers paid within their agreed terms. "There were no legal proceedings pending for late payment for the Group" (p.131).