Spadel

Le rôle des organes d'administration, de direction et de surveillance (GOV-1)

Spadel s'engage à intégrer la durabilité au cœur de ses activités, guidée par un cadre de gouvernance solide. Cette section détaille les processus, les contrôles et les mécanismes de surveillance que Spadel a mis en place pour surveiller et gérer ses questions de durabilité.

La durabilité est directement supervisée par 16 membres du comité de pilotage RSE et 8 membres exécutifs (le comité exécutif), et est supervisée indirectement par 7 membres non exécutifs (le conseil d'administration). La représentation du personnel dans ces organes se fait par le biais de réunions dédiées avec les représentants du personnel de Spadel.

Le comité de pilotage RSE est composé du comité exécutif et d'autres salariés dont l'expertise est pertinente pour la gestion des sujets de durabilité. Le comité exécutif est composé des cadres supérieurs du groupe Spadel et compte 35 % de femmes. Le conseil d'administration est composé de 57 % d'administrateurs indépendants avec un taux de représentation de femmes de 2/7. Tous les membres de cet organe de surveillance ont une grande expérience dans le secteur des produits de grande consommation (PGC) et représentent les différentes zones géographiques dans lesquelles Spadel est active.

Chaque ESRS et les IRO, cibles et KPI associés ont un promoteur ESRS dédié, membre du comité exécutif. Ces promoteurs ont été choisis pour leurs connaissances et leur expertise spécifiques sur des questions de durabilité particulières.

Informations transmises aux organes d'administration, de direction et de surveillance de l'entreprise et questions de durabilité traitées par ces organes (GOV-2)

Le comité de pilotage RSE tient des réunions trimestrielles pour discuter des progrès et des obstacles à la réalisation des cibles et des IRO importants de Spadel. Chaque promoteur ESRS est chargé de présenter le statut de l'ESRS et les IRO importants associés. Ce processus concerne tous les IRO importants. Les recommandations du comité de pilotage RSE et les décisions du comité exécutif sont partagées avec le conseil d'administration lors de ses réunions.

Afin de s'assurer que les décisions stratégiques prises par le comité exécutif et le conseil d'administration tiennent compte des risques physiques, transitoires et systémiques de durabilité, Spadel intégrera dans son inventaire des risques de 2025 les risques identifiés grâce à la DMA.

Intégration des résultats en matière de durabilité dans les systèmes d'incitation (GOV-3)

Spadel dispose d'un plan d'incitation à long terme (ILT) incluant des métriques de durabilité applicable aux membres du comité exécutif. Ce plan vise à favoriser une vision à long terme de la prise de décision alignée sur la vision de Spadel :

i) créer de la valeur durable pour les actionnaires de l'entreprise et ; ii) créer un impact positif sur la société et l'environnement.

À ce titre, l'ILT est composé de critères financiers et extra-financiers. Les critères extra-financiers portent sur l'amélioration du score B Corp de Spadel. Ce score est un KPI global qui prend en compte les considérations environnementales, sociales et de gouvernance dans une valeur finale. Les incitations liées à l'amélioration du score B Corp ne sont pas exprimées en pourcentage de la rémunération variable. B Corp (ou B Corporation) est une certification internationale décernée aux entreprises qui répondent à des normes élevées de performance sociale et environnementale, de transparence et de responsabilité. Les plans d'incitation de Spadel sont approuvés par le conseil d'administration, sur recommandation du comité rémunérations et nominations.

Comme indiqué dans les Exigences générales du présent rapport (GOV-3), les systèmes de rémunération de Spadel s'appuient sur la certification B Corp. Bien qu'en vertu de celle-ci, les considérations relatives au changement climatique soient un sous-thème du score total, il n'existe aucun KPI de rémunération dédié au climat à quelque niveau que ce soit de l'organisation.

Déclaration sur la diligence raisonnable en matière d'information sur la durabilité (GOV-4)

La diligence raisonnable de Spadel en matière de durabilité est ancrée dans des normes et des certifications solides, ce qui souligne l'engagement ferme de l'entreprise envers la durabilité, la qualité et la gouvernance éthique. Les certifications ISO, Food Safety System Certifications (FSSC) et PME+ constituent un élément clé de cette approche.

La diligence raisonnable de Spadel s'étend également à la gestion durable de ses sites d'extraction et à son incidence sur les communautés locales, comme le démontre sa certification Alliance for Water Stewardship (AWS). Cette certification valide l'approche proactive de Spadel en matière de collecte de données, d'évaluation des risques et de surveillance continue de ses pratiques de gestion de l'eau.

Par ailleurs, Spadel renforce son engagement en faveur des principes environnementaux, sociaux et de gouvernance (ESG) au travers de sa certification B Corp. Cet engagement est favorisé par de solides structures de contrôle interne, comme indiqué dans les sections GOV-1 et GOV-2 du cadre de gouvernance de l'entreprise.

Gestion des risques et contrôles internes de l'information en matière de durabilité (GOV-5)

Le principal instrument utilisé pour gérer les risques chez Spadel est l'inventaire des risques. Il a été élaboré en 2011 afin d'identifier tous les risques critiques ESG et non-ESG du Groupe, à la demande du comité d'audit de Spadel. Cette évaluation est mise à jour tous les deux ans.

La méthodologie utilisée pour identifier les risques prend en compte deux variables : • gravité du risque : mesure la conséquence d'un événement • probabilité du risque : mesure la probabilité qu'un événement se produise.

Chaque risque est évalué sur une échelle de 1 à 3 pour les deux variables. Les risques classés « critiques » (3) pour la gravité et « probables » ou « hautement probables » (2 ou 3) pour la probabilité sont considérés comme des risques importants.

Chaque risque important est confié à un responsable du risque, membre du comité exécutif, afin d'en assurer une gestion appropriée. Le responsable du risque rend compte au comité Risques de Spadel lors de plusieurs réunions qui se tiennent tout au long de l'année.

En complément de l'inventaire des risques, une DMA a été réalisée en 2024 selon la même méthodologie que celle appliquée pour l'importance du point de vue financier. Les risques identifiés par la DMA seront intégrés lors de la prochaine mise à jour de l'inventaire des risques 2025 et inclus dans le cycle de gestion des risques existant.

Les contrôles internes de Spadel sont conçus pour être spécifiques à un sujet et s'intègrent parfaitement au respect, par l'entreprise, des diverses normes et certifications, notamment ISO, Food Safety System Certifications, Bcorp, Alliance for Water Stewardship et Ellen MacArthur.

Stratégie, modèle économique et chaîne de valeur (SBM-1)

Stratégie et modèle économique

Le groupe Spadel englobe cinq marques de produits : Bru, Spa, Carola, Wattwiller et Devin. Ces marques fournissent de l'eau minérale naturelle, de l'eau aromatisée et des limonades aux consommateurs à la recherche de boissons de qualité et naturelles en Belgique, aux Pays-Bas, au Luxembourg, en France et en Bulgarie. Aucun produit de Spadel ne fait l'objet de restrictions sur ses marchés d'exploitation.

Le nombre total de salariés du groupe est de 1.359 (629 salariés pour le BeNeLux, 111 salariés en France et 619 en Bulgarie). 100 % du chiffre d'affaires (379.347.723 EUR) et toutes les activités du groupe Spadel sont directement liés au secteur ESRS Alimentation et Boissons.

Spadel reconnaît que son modèle économique repose entièrement sur le maintien d'un écosystème sain, l'établissement de relations solides avec les communautés locales et la promotion de choix sains pour les consommateurs. Mais elle a également conscience que son modèle économique impacte l'environnement.

« Source of Change » est la stratégie RSE de Spadel à l'horizon 2025. Elle s'applique à l'ensemble du groupe, y compris toutes les marques, tous les portefeuilles de produits et toutes les régions d'activité (usines et sites administratifs). Les objectifs de la stratégie Source of Change de Spadel pour 2025 se concentrent sur quatre grandes catégories : (1) We act green, (2) We act pure, (3) We act local, and (4) We act together.

Chaîne de valeur

La chaîne de valeur de Spadel comprend trois flux interconnectés : i) l'emballage et les ingrédients, ii) les opérations centrales et iii) l'extraction d'eau minérale et de source.

Intérêts et points de vue des parties intéressées (SBM-2)

L'orientation stratégique de Spadel sur la durabilité a été définie en collaboration avec les principales parties intéressées internes et externes. Concernant la stratégie Source of Change 2025, une multitude de parties intéressées se sont engagées de manière proactive à garantir que la stratégie soit élaborée par et pour les personnes touchées et concernées par l'entreprise.

Parmi les principales parties intéressées impliquées, Spadel interagit avec des fournisseurs, des clients clés, des partenaires commerciaux et des pairs, des systèmes de certification, des associations sectorielles, des ONG mondiales, régionales et locales, des membres du milieu universitaire et des experts tiers. En ce qui concerne les parties intéressées internes, de nombreuses fonctions au sein des services du Groupe ont été consultées, dont l'ensemble des sites d'approvisionnement et des représentants du personnel.

Les parties intéressées externes ont été impliquées par le biais d'entretiens et de questionnaires, tandis que les parties intéressées internes ont participé à des enquêtes et à des ateliers de design thinking. Les contributions qualitatives des différents processus d'implication ont été recueillies et discutées par le comité de pilotage RSE en vue d'élaborer et de mettre à jour la stratégie et la vision du groupe.

Les points de vue de toutes les parties intéressées consultées pour l'élaboration de la stratégie ont également été pris en compte dans la DMA 2024, dans le cadre de laquelle Spadel a procédé à des consultations directes avec les parties intéressées internes (entretiens) et indirectes avec les parties externes (documents historiques de la consultation au sujet de la stratégie, recherche documentaire, etc.).

Les résultats des consultations indirectes et directes des parties intéressées impliquées dans le processus DMA sont actuellement examinés par le comité de pilotage RSE et serviront à l'élaboration de la stratégie Source of Change 2030 durant l'année 2025.

Incidences, risques et opportunités importants et leur lien avec la stratégie et le modèle économique (SBM-3)

Spadel a identifié une liste de 31 incidences, risques et opportunités (IRO) importants liés à 9 ESRS. La description complète, y compris l'impact potentiel ou réel des IRO sur la société, l'environnement (incidences) et l'activité (risques et opportunités) figure dans le tableau ci-dessous.

Compte tenu de la nature des opérations de Spadel, l'ensemble de son modèle économique, de sa chaîne de valeur, de ses relations d'affaires et de sa stratégie sont directement liés et influencés par les IRO importants.

Description des procédures d'identification et d'évaluation des incidences, risques et opportunités importants (IRO-1)

En 2024, Spadel a mené sa première analyse de double importance (DMA) selon une approche en quatre étapes : définir le périmètre, identifier les thèmes et les IRO, évaluer l'importance du point de vue de l'incidence et du point de vue financier et valider l'importance.

1) Définir le périmètre

Dans un premier temps, les entités juridiques et les unités opérationnelles relevant des obligations de déclaration de la CSRD ont été identifiées et validées par le CFO de Spadel. Une fois qu'un périmètre juridique clair a été défini, Spadel a identifié ses régions d'activité directe, les marchés clients, les principaux produits et services achetés, le portefeuille de produits, les principaux clients et les flux globaux de matières premières.

2) Identifier les thèmes et les IRO

En partant des thèmes, sous-thèmes et sous-sous-thèmes de l'ESRS, Spadel a regroupé et adapté la liste des questions de durabilité à évaluer. Pour chacune d'elles, Spadel a élaboré une longue liste d'incidences (positives et négatives), de risques et d'opportunités (IRO) pour ses opérations propres et toute la chaîne de valeur.

3) Évaluer l'importance du point de vue de l'incidence et du point de vue financier

Au travers de consultations directes (entretiens) et indirectes (recherche documentaire) avec les parties intéressées, Spadel a recueilli des informations qualitatives relatives aux IRO identifiés en fonction de l'importance du point de vue de l'incidence (perspective interne) et de l'importance du point de vue financier (perspective externe).

Critères d'importance du point de vue de l'incidence • ampleur : ampleur de l'incidence sur l'environnement et la société ; • étendue : ampleur de l'incidence en termes de personnes ou/et de ressources naturelles touchées ; • caractère : mesure dans laquelle il peut être remédié à l'incidence ; • probabilité : probabilité que l'incidence se produise.

Critères d'importance du point de vue financier • incidence financière : l'ampleur de l'incidence financière sur l'entreprise ; • probabilité : la probabilité que l'incidence se produise.

4) Validation de l'importance

Les IRO importants ont fait l'objet de plusieurs processus de validation.

Les principales hypothèses de l'évaluation incluent i) l'utilisation d'approximations des parties intéressées externes comme contribution des parties touchées ; ii) que les experts de Spadel ont fourni une évaluation objective des questions de durabilité ; iii) que les points de vue de toutes les parties intéressées ont la même pertinence ; iv) que les informations issues de l'inventaire des risques de Spadel ont fourni des données exactes et à jour qui pourraient être extrapolées pour la DMA.

ESRS couvertes par la présente déclaration de durabilité (IRO-2)

Le tableau ci-dessous présente la liste complète des exigences de publication (Disclosure Requirements - DR) applicables à Spadel et intégrées dans la présente déclaration de durabilité.

Ces DR concernent toutes les ESRS sauf l'ESRS S2 : travailleurs de la chaîne de valeur. Cette norme a été soigneusement évaluée avec une attention particulière aux sous-traitants du transport et de la logistique et aux travailleurs des sous-traitants. Toutefois, la norme a été jugée non importante car, compte tenu de la nature diversifiée du secteur du transport routier en Europe, toute incidence de l'entreprise serait très dispersée et aurait donc une portée très limitée. De même, le caractère diversifié du secteur dilue les risques ou opportunités pour Spadel. Spadel a toutefois jugé ce thème pertinent et continuera de s'engager dans des initiatives visant à assurer une chaîne de valeur juste et responsable.

Plan de transition du changement climatique (E1-1)

Spadel reconnaît la nécessité critique de traiter et de réduire les incidences négatives du changement climatique, en passant à une économie à faible émission de carbone et en limitant le réchauffement climatique à 1,5 degré. Dès 2010, Spadel s'est fixé comme cible d'être neutre en carbone sur l'ensemble de la chaîne de valeur d'ici 2020 – une ambition qui s'est concrétisée grâce à la réduction des émissions et à la compensation carbone.

Reconnaissant la priorité de la réduction sur la compensation, Spadel a défini un programme de réduction des émissions de périmètres 1, 2 et 3 selon un cadre « bien en-dessous de 2 °C ». Il a été approuvé en 2019 par la Science Based Targets initiative (SBTi). En s'appuyant sur les dernières connaissances scientifiques sur le climat, Spadel a mis à jour cette cible et aligné son ambition d'une trajectoire à zéro émission nette sur des cibles à court terme (2030) et à long terme (2050). La SBTi a approuvé ces nouvelles cibles en 2024.

Cibles de réduction des émissions de GES de Spadel (par rapport à la référence de 2022)

Cible globale : d'ici 2050, atteindre zéro émission nette de GES sur l'ensemble de la chaîne de valeur. Cette cible est alignée sur l'objectif de limiter le réchauffement climatique à 1,5 °C.

Cible à court terme (2030) : • Réduire les émissions absolues de GES de périmètres 1 et 2 de 42 % • Réduire une partie des émissions de GES de périmètre 3 de 25 % • Impliquer une partie des fournisseurs du périmètre 3 dans la définition d'une cible basée sur des données scientifiques

Cible à long terme (2050) : réduire les émissions absolues des périmètres 1, 2 et 3 de 90 %

Une équipe dédiée Carbon Core, composée d'experts fonctionnels issus des achats, des opérations, du transport, de l'innovation, de la durabilité, des ressources humaines et de la finance, est directement responsable de ces cibles. L'équipe Carbon Core rend compte au comité de pilotage RSE lors des réunions trimestrielles, puis au comité exécutif et au conseil d'administration aux fins de mise en œuvre finale et prise de décision en matière d'investissements.

Le rôle clé de cette équipe multidisciplinaire est d'établir et de gérer les plans d'action spécifiques aux sites et les budgets, de suivre leur avancement et d'assurer le partage de l'information. Ainsi, l'équipe Carbon Core a conçu, en collaboration avec un tiers, un plan de transition à long terme qui a été approuvé par la SBTi via le formulaire de soumission zéro net. Ce plan de transition inclut des plans dédiés d'actions à court terme pour chaque site d'embouteillage.

Leviers clés identifiés par l'équipe Carbon Core

À court terme (2030) : Les périmètres 1 et 2 seront abordés par une combinaison d'actions sur l'efficacité/l'optimisation énergétique (réduction de l'énergie, récupération de chaleur) et le passage aux énergies renouvelables. Le principal levier du périmètre 3 est l'engagement des fournisseurs à fixer une cible fondée sur des données scientifiques, couvrant les fournisseurs d'emballage et de transport.

Avancement du plan de transition

Politiques liées à l'atténuation du changement climatique et à l'adaptation à celui-ci (E1-2)

Les politiques de Spadel relatives au changement climatique sont directement alignées sur sa stratégie Source of Change et son plan de transition approuvé par la SBTi. Les politiques de Spadel en matière de changement climatique couvrent l'ensemble de la chaîne de valeur et sont mises en œuvre par l'équipe Carbon Core.

Les politiques principales incluent : • Réduction des émissions de GES conformément aux cibles scientifiques • Transition vers les énergies renouvelables • Amélioration de l'efficacité énergétique • Engagement des fournisseurs dans la définition de cibles scientifiques • Surveillance et reporting réguliers des performances climatiques

Actions et ressources en rapport avec les politiques en matière de changement climatique (E1-3)

Ces actions incluent notamment une utilisation réduite et plus efficace de l'énergie, de nouvelles solutions d'emballage, la sensibilisation et l'interaction directe avec les fournisseurs et les consommateurs. Ces plans d'action sont élaborés et adaptés chaque année afin de s'assurer que les efforts sont alignés sur les évolutions du marché, de l'activité, de la réglementation et de la technologie.

Les actions de décarbonation physique se concentreront sur des catégories d'émissions plus petites telles que les déchets produits lors de l'exploitation, les déplacements domicile-travail des salariés, l'utilisation des produits vendus et le traitement en fin de vie des produits vendus.

Targets related to climate change mitigation and adaptation

Spadel has set Science-Based Targets (SBTi-approved in 2024) aligned with a 1.5°C pathway to achieve net-zero GHG emissions by 2050 across its entire value chain.

Overall Net-Zero Target

Target: Achieve net-zero GHG emissions across the entire value chain by 2050

• Alignment: Aligned with limiting global warming to 1.5°C
• Validation: SBTi-approved

Short-term Targets (2030)

Scope 1 & 2 Emissions (2030)

Progress to date (2024):

• Scope 1 emissions: 7,785 tCO₂e
• Scope 2 emissions (market-based): 18 tCO₂e

Scope 3 Emissions - Absolute Reduction (2030)

Progress to date (2024): 9,672 tCO₂e for categories with short-term targets

Scope 3 - Supplier Engagement (2028)

Progress to date: 48% (vs 43% in 2022)

Long-term Target (2050)

Scope 1, 2 & 3 Emissions (2050)

Progress to date (2024): Total Scope 3 emissions: 143,917 tCO₂e

Notes on Methodology

• Baseline year: 2022 was chosen as representative with no specific external factors influencing operations
• Target type: All targets are absolute (gross targets), not accounting for carbon credits, avoided emissions or removals
• Coverage: Global target covering 100% of Scopes 1 & 2 emissions and 67% of Scope 3 emissions
• Methodology: GHG Protocol framework; market-based method for Scope 2
• Validation: Science-Based Targets initiative (SBTi) approved in 2024, aligned with 1.5°C pathway and Paris Agreement

Energy consumption and mix

Scope and methodology

The energy consumption metrics cover all Spadel production sites (Spa and Bru in Belgium, Carola and Wattwiller in France, Devin in Bulgaria). Emission factors for scope 1 are from EU PEF databases and Ademe. Scope 2 factors are from AIB databases. All purchased electricity is backed by guarantees of origin certificates verifying renewable sources (100% green electricity). The metrics do not rely on significant assumptions.

Energy consumption by source (2024)

Energy intensity in high climate impact sectors

All Spadel activities fall under high climate impact sector G: "Wholesale and retail trade and repair of motor vehicles and motorcycles". The entire net revenue falls under this high climate impact sector.

Net revenue: Aligned with financial statements (page 87): EUR 379.3 million (2024).

Energy efficiency actions in 2024

The following table shows specific decarbonisation actions completed in 2024, with associated energy savings and CO₂ reduction:

Note: These actions are described here for context but belong in E1-3 (actions) under the new ESRS structure.

Gross Scopes 1, 2, 3 and Total GHG emissions

Overview

Spadel reports its GHG emissions following the GHG Protocol across Scopes 1, 2, and 3. The baseline year is 2022, and the company has set targets for 2030 and 2050. All metrics are gross emissions reported in tCO₂eq. Emissions have not been externally validated except by the non-financial auditor.

Total GHG emissions by scope

Scope 3 emissions by category

Scope 3 categories excluded: Categories 8, 10, 13, and 14 are excluded as they are not relevant to Spadel's business model or activities.

GHG intensity

Net revenue for 2024: EUR 379.3 million.

Methodology and scope

Accounting framework: GHG Protocol.

Scope 1: Emission factors from EU PEF databases and ADEME. No disaggregated information by consolidated accounting group included.

Scope 2: Market-based method used. Emission factors from AIB databases. 100% of purchased electricity is certified as renewable via Guarantees of Origin. No validation by external bodies other than non-financial auditor.

Scope 3: Emission factors from EU PEF/OEF databases and ADEME, except for major PET suppliers where specific emission factors were evaluated. Activity-based data used where possible, based on purchase orders or actual quantities consumed/received (e.g. energy and purchases). Approximately 25% of Scope 3 data comes directly from Spadel's suppliers. Coverage: 67% of total Scope 3 emissions.

Boundaries: Operational control approach per GHG Protocol. Categories 8 (upstream leased assets), 10 (processing of sold products), 13 (downstream leased assets), and 14 (franchises) are excluded as not relevant.

Biogenic CO₂: Not tracked or disclosed separately from gross Scope 3 emissions.

EU ETS: Spadel is not part of the EU Emissions Trading System (ETS).

Carbon offsets (E1-7)

Spadel invests in carbon reduction credit projects to offset emissions:

• Water for Climate project (Rwanda): Gold Standard certified. 7.5% of 2024 emissions offset.
• Soma Polat wind farm (Turkey): Gold Standard certified. 75.4% of 2024 emissions offset.
• Saint Nikola wind farm (Bulgaria): Verra certified. 17.1% of 2024 emissions offset.

Total offset: 162,767 tCO₂eq (corresponding to Spadel's Scopes 1, 2, and 3 footprint).

82.9% of credits are Gold Standard; 17.1% are Verra certified.

Future contracted credits: 54,601 tCO₂eq contracted but not yet delivered (45,407 tCO₂eq from Turkish wind farm GS398; 9,194 tCO₂eq from Bulgarian wind farm VCS1258).

Additional credits will be issued and reserved from the Water Access Rwanda project (GS6598), subject to verification and availability.

Note on carbon neutrality claims: Spadel previously made public statements regarding CO2 neutrality via the CO2 Neutral label. However, given recent observations on the meaning of carbon neutrality and upcoming regulations, Spadel has decided to phase out its carbon neutrality communication for the time being.

Internal carbon pricing (E1-8)

Spadel does not currently have an internal carbon pricing mechanism. Following SBTi approval of net-zero targets in April 2024, initial investigations were conducted to understand internal carbon pricing mechanisms and their potential role in Spadel's net-zero roadmap. This work will continue in 2025.

Projets d'absorption et d'atténuation des GES financés au moyen de crédits carbone (E1-7)

Conformément à la logique du zéro émission nette, Spadel a abandonné sa communication sur la neutralité carbone. Cependant, elle honore ses initiatives existantes en matière de compensation carbone, dans le cadre de ses actions « d'atténuation au-delà de la chaîne de valeur ».

Tarification interne du carbone (E1-8)

[Note: The document does not show specific internal carbon pricing information in the visible content, but this DR is listed as applicable to Spadel.]

Anticipated financial effects from material physical and transition risks and potential climate-related opportunities

Phase-in exemption

Spadel utilise la disposition transitoire (phase-in exemption) pour E1-9 - Incidences financières escomptées des risques physiques et de transition importants et des opportunités potentielles liées au changement climatique.

Disclosure status

According to the table on page 21:

The dash ("-") in the page column indicates that substantive disclosure for E1-9 is not provided in the sustainability statement.

Data point requirements

According to the table on page 23, the following E1-9 data points are subject to phase-in:

Policies related to pollution

Spadel acknowledges that it has not yet established formal policies that meet CSRD requirements for pollution management. The company states that existing standards (often referred to as "policies" internally) will be converted into formal Group-level policies during 2025, including considerations for microplastics.

Current pollution-related standards (to be formalized as policies in 2025)

The company currently operates under two key standards that govern pollution prevention:

Norme Spadel de gestion de l'eau (Spadel Water Management Standard)

Scope:

• Applies to all 5 extraction sites: Spa, Lorcé, Ribeauvillé, Wattwiller, and Devin
• Focuses on protection of water resources against pollution

Key content/principles:

• Detailed watershed mapping
• Risk analysis on water resources
• Emergency plans in high-risk areas
• Uses AWS certification as the Group standard to ensure practices meet globally recognized initiatives

Monitoring:

• Local implementation monitored by operational teams at each site
• Group-level monitoring and accountability is the responsibility of the Group Operations Director

Programme d'excellence en environnement Spadel (Spadel Environmental Excellence Program)

Key content/principles:

• Inspired by the ISO 14001 certification process
• Describes necessary measures to avoid environmental risks related to production activities
• Includes close monitoring of water quality at various stages of the production process
• Emergency response plans for environmental accidents (oil leaks, vehicle accidents, etc.)
• Crisis communication plans to handle incidents transparently and effectively
• Pollution prevention through risk analysis and clear action plans

Scope:

• All production sites

Monitoring:

• Local implementation monitored by operational teams at each site
• Group-level monitoring and accountability is the responsibility of the Group Operations Director

Stakeholder involvement

External stakeholders were not consulted in defining the standards, but are fully involved in their implementation. The environmental risk assessment process included direct interaction with fire departments to evaluate and discuss solutions for managing risks.

Future policy development

Spadel explicitly states: "In order to ensure alignment with CSRD requirements, these standards will be converted into Group-level applicable policies during 2025, including considerations for microplastics."

Actions and resources related to pollution

Spadel has identified two main targets related to pollution prevention and water protection at its extraction sites. Concrete actions are planned and validated annually to ensure alignment with regulatory, market and operational circumstances.

Action 1: Strengthen risk control for water resources

Objective: To ensure each site improves its risk indicator and achieves at least a "Core" score in the environmental excellence programme.

Scope: Own operations - all production sites

Time horizon: Actions planned and validated annually; target year not explicitly stated for this action, but linked to the environmental excellence programme target (2030)

Description: Spadel will continue to implement actions aimed at strengthening risk control for water resources. The Group will establish action plans for all production sites.

Resources: Not quantified. The disclosure notes that "investments CAPEX and OPEX are relevant for process changes and compliance with regulation and pollution mitigation strategies" and that "dedicated teams at each extraction site are permanently involved in this issue and in all associated actions."

Link to target: This action supports achieving the target of defining the risk management indicator for each site.

Action 2: Achieve "Core" level in environmental excellence programme across all sites

Objective: To achieve "Core" level (>60% on fundamental criteria) in Spadel's internal environmental excellence programme across all sites by 2030.

Scope: Own operations - all sites

Time horizon: Target year 2030 (long-term)

Description: The Group will continue to implement audits and action plans to address identified weaknesses. Focus will be on criteria that have not been met and that will enable achievement of a sufficient score in Spadel's environmental excellence programme. The programme takes into account ISO 14001 criteria related to prevention and control of water emissions and specific loads.

Resources: Not quantified. Dedicated teams at each extraction site are involved.

Link to target: Directly linked to the target "Achieve a 'Core' level score in the environmental excellence programme for all sites by 2030" (baseline 2024: 80%, target 2030: 80%).

Scope limitations

The disclosure explicitly states: "No action extends to commitments upstream or downstream in the value chain." All actions described were adopted in previous years.

Future disclosure commitment

Spadel notes that to adopt fully CSRD-compliant reporting, the Group will publish actions at Group level for all 2025 targets. For this reference year (2024), it was not possible to collect information quickly enough.

Targets related to pollution

Spadel has established two dedicated targets for all its extraction sites focused on water pollution prevention:

Target 1: Risk Management Indicator for Each Site

Target 2: Environmental Excellence Programme Score

Microplastics Targets

No official corporate target related to microplastics has yet been defined. Spadel continues to evaluate potential risks, regulatory developments and mitigation strategies to inform future commitments in this area.

Pollution Measurement (E2-4)

Laboratory testing conducted in 2024 by an external laboratory confirmed that no pollutants exceeded the thresholds set in Annex II of Regulation (EC) No 166/2006. Therefore, Spadel is not required to disclose metrics related to pollutants in the 2024 CSRD report.

Pollution de l'air, de l'eau et des sols (E2-4)

[Note: While E2 pollution is identified as a material topic, the specific pollution metrics content is not fully visible in the provided text extract.]

Anticipated financial effects from pollution-related impacts, risks and opportunities

Not disclosed.

Spadel has used the phase-in exemption for ESRS E2-6 (Incidences financières escomptées des incidences, risques et opportunités liés à la pollution).

Policies related to water and marine resources

Spadel does not currently have formal policies on water and marine resources as defined by ESRS E3-1, but operates under internal standards (normes) that address water management. The company explicitly states:

"Afin d'assurer l'alignement sur les exigences de la CSRD, ces normes seront converties en politiques à l'échelle du Groupe courant 2025."

(Translation: "In order to ensure alignment with CSRD requirements, these standards will be converted into Group-level policies during 2025.")

Water Management Standards (current approach)

While these are described as "normes" (standards) rather than policies, they function as the framework for water governance until formal policies are adopted:

1. Norme Spadel de gestion de l'eau (Spadel Water Management Standard)

• Scope: All Spadel extraction sites and wells across all five water sources (Spa, Bru, Wattwiller, Carola, Devin)
• Key content:
  • Describes ambition, processes and actions to mitigate or prevent negative impacts of water withdrawal on environment and local communities
  • Specifies maximum authorized withdrawals for each well (by hours, months, years)
  • Defines indicators to monitor and analyses to ensure water quality
  • Establishes risk identification methodology for water resource quality
  • Details collaboration with local stakeholders to protect water resources
  • Ensures legal compliance of processes over time
• Governance: Local implementation monitored by operational teams at each site; Group-level oversight by the Group Operations Director
• Public availability: Not publicly accessible ("ces parties sont pleinement impliquées dans leur mise en œuvre" but standards themselves are internal)
• Links to standards: Aligned with Alliance for Water Stewardship (AWS) certification requirements and regulatory requirements (pumping tests)
• Monitoring: Local teams monitor implementation; Group Operations Director provides oversight at Group level

2. Norme Spadel pour les tests de pompage (Spadel Pumping Test Standard)

• Scope: All Spadel wells
• Key content:
  • Describes methodology to set maximum water withdrawal limits
  • Defines methodology to establish maximum sustainable water flows in each well
• Governance: Group Operations Director
• Links to standards: Regulatory requirements for pumping tests

Standards coverage of ESRS E3-1 topics

The standards address:

• Water management: Clear definition of sustainable water management with guidelines and objectives for sustainable use and protection
• Water use and sourcing: Best practices and regulatory thresholds for sustainable water withdrawals; responsible watershed management
• Water treatment: Wastewater treatment measures (through AWS)
• Pollution prevention: Guidelines to prevent soil pollution; water quality monitoring
• Efficient use: Guidelines for efficient resource use

Not addressed: Product and service design

Transition to policies

Spadel commits to converting these standards into Group-level policies during 2025 to ensure alignment with CSRD requirements.

Actions and resources related to water

AWS Platinum Certification Program

Action description: Obtain AWS (Alliance for Water Stewardship) Platinum certification for all sites by 2025. This target aims to ensure sustainable water management for Spadel and local communities.

Scope: Own operations - all five water sources and production sites (Spa and Bru in Belgium, Carola and Wattwiller in France, Devin in Bulgaria)

Time horizon:

• Target: 2025
• Status 2024: 80% complete
• Implementation period for past actions: 2020-2024
• Devin site certification application to be launched in 2025

Actions implemented (2020-2024):

• Water resources survey
• Enhanced well monitoring
• Strengthened interaction with local stakeholders

Resources allocated:

• Financial: Implementation of past and future actions to obtain AWS Platinum certification does not involve significant CAPEX investments. OPEX investments are relevant for process changes and AWS submission.
• Non-financial: All operational teams at each site are permanently involved in this issue, which is at the heart of Spadel's business.

Link to policy/target:

• Linked to Spadel's "Source of Change 2025" strategy (We act green pillar)
• Voluntary target set by Spadel executive committee
• Based on AWS standard
• Target: 0% certification in 2021 (baseline) → 100% by 2025
• Status 2024: 80%

Expected outcomes:

• Sustainable source management
• Full alignment with AWS standard requirements
• Long-term water availability while preserving exceptional purity
• Sustainable basin management

Water Efficiency and Conservation Activities

Spadel implements multiple activities for increased water efficiency and conservation. However, due to time constraints, these activities are not yet structured and grouped according to ESRS E3 requirements. In 2025, Spadel will develop a structured roadmap to be published in next year's report.

Additional Water Management Targets

While not detailed as separate action plans in the excerpts, Spadel has set two additional water-related targets:

1. Annual extraction volumes target:

   • Ensure that annually, extracted volumes are below maximum annual volumes (in %)
   • Status: Ongoing/annual
   • Completion rate 2024: 60%
   • Mandatory target

2. Water Extraction Index (WEI) target:

   • Ensure that annually, the Water Extraction Index is below 10%
   • Status: Ongoing/annual
   • Completion rate 2024: 1.8%
   • Voluntary target
   • Aligned with the policy and scientific economic policy of the Water Scarcity and Droughts service (IP/A/ENVI/ST/2007-17 PE 401.002)

Targets related to water

Spadel has set voluntary water targets aligned with scientific standards, approved by the executive committee as part of the Source of Change 2025 strategy. All targets apply to the five water sources and are fully aligned with standard objectives. The target on water extraction is linked to Spadel's pumping test standard, while other targets are linked to good water management standards.

Target 1: AWS Platinum Certification

Target 2: Annual Extraction Volumes Below Maximum

Target 3: Water Extraction Index (IEE) Below 10%

Water consumption

E3-4 Water consumption metrics (2024)

Spadel guarantees water of the highest quality, composed of 100% natural ingredients and sourced from sustainable basins. This commitment is reinforced by the Platinum certification awarded to all Spadel sites by the Alliance for Water Stewardship (AWS).

The table below presents the 2024 water consumption data measured directly using meters installed at each production site. The total stored water and recycled/reused water is based on the total volume of water reservoirs. No standards are used in this methodology, as water consumption data is measured at each production site. There is no change concerning water storage in m³ related to Spadel's own operations. The metric is not based on any significant assumptions. The measurement of the metric is validated by AWS.

Related target

Spadel has set a target to ensure that annual volumes extracted are lower than maximum annual volumes, with a 2024 achievement of 60% (ongoing/annual, mandatory target).

Another target is to ensure that each year the water extraction index (WEI) is below 10%, with a 2024 achievement of 1.8% (ongoing/annual, voluntary target). The WEI is aligned with the economic and scientific policy of the EU Policy Department on Water Scarcity and Droughts, 2007 (IP/A/ENVI/ST/2007-17 PE 401.002).

Anticipated financial effects from material water and marine resources-related impacts, risks and opportunities

Spadel uses the phase-in exemption for this disclosure requirement. The anticipated financial effects from water and marine resources-related impacts, risks and opportunities are not disclosed in the 2024 reporting year.

According to the table of phase-in provisions used (page 11), Spadel applies the phase-in exemption for:

• ESRS E3: Anticipated financial effects from impacts, risks and opportunities related to water and marine resources (E3-5)

In the content table (page 21), E3-5 "Incidences financières escomptées des incidences, risques et opportunités liés aux ressources aquatiques et marines" is listed with a dash (-) in the page reference column, confirming no substantive content is provided.

Transition plan and consideration of biodiversity and ecosystems in strategy and business model

Transition Plan

Bien que nous n'ayons pas encore mené d'analyse de résilience complète sur la nature, notre DMA fournit une évaluation de haut niveau des risques financiers associés à la biodiversité et aux écosystèmes, qui intègre les connaissances de diverses parties intéressées et des recherches documentaires. La DMA a déterminé que Spadel a des incidences importantes sur la nature, tandis que les risques financiers associés à la biodiversité et aux écosystèmes ont été considérés comme non importants.

Integration into Strategy and Business Model (SBM-3)

Spadel est consciente que son modèle économique et sa stratégie dépendent d'écosystèmes sains qui protègent la disponibilité et la pureté de l'eau. Bien qu'aucune analyse de résilience dédiée n'ait été réalisée, Spadel part du principe que son activité dépend entièrement des ressources naturelles. L'entreprise comprend que l'épuisement de la biodiversité et des écosystèmes peut entraîner des risques physiques, de transition et systémiques.

Chez Spadel, nous comprenons que la biodiversité est le fondement des systèmes naturels qui soutiennent nos sources. Nous sommes depuis longtemps fermement attachés à protéger et à améliorer les habitats qui entourent nos sources d'eau. En préservant la biodiversité, nous garantissons la pureté de nos eaux et contribuons à l'équilibre de la nature. Cet engagement nous pousse à agir de manière responsable, en travaillant avec les communautés locales et les partenaires pour préserver la richesse de la vie pour les générations futures.

Geographic and Value Chain Scope

Spadel a identifié que ses cinq sites d'extraction, actifs dans l'extraction et l'embouteillage des eaux souterraines, impactent les zones sensibles sur le plan de la biodiversité.

Sites in Biodiversity-Sensitive Areas

Linkage to Other ESRS

Spadel est conscient de l'interconnectivité de la biodiversité et d'autres thèmes environnementaux. Pour ce rapport et compte tenu de l'interaction entre la biodiversité et les écosystèmes, les incidences et les dépendances identifiées et prises en compte pour SBM-3 et IRO-1 doivent être lues conjointement avec l'ESRS E1 et l'ESRS E3.

Policies related to biodiversity and ecosystems

Spadel does not currently have a specific policy on biodiversity and ecosystems in place. The company explicitly states that:

Policy under development (2025):

According to the disclosure, "Une approche et une politique en matière de biodiversité seront élaborées à l'échelle du Groupe courant 2025, mettant l'accent sur la fixation d'une cible à l'horizon 2030. Une fois cette stratégie validée, une politique sera mise en œuvre concernant la protection de la biodiversité sur les sites opérationnels et tout au long de la chaîne de valeur."

(Translation: "A biodiversity approach and policy will be developed at Group level during 2025, focusing on setting a target for 2030. Once this strategy is validated, a policy will be implemented concerning the protection of biodiversity on operational sites and throughout the value chain.")

Scope (planned):

• Operational sites and the entire value chain

Current approach:

While no formal policy exists, Spadel has established a voluntary target to implement one biodiversity restoration project per country by 2025. The company is also conducting a Biodiversity Footprint Analysis (BFA) using the Global Biodiversity Score (GBS) methodology to define impacts across operations and value chain. This assessment will inform the Double Materiality Assessment update in 2025.

The company collaborates with local experts in different countries (Natural Park of Sources in Belgium, Regional Natural Park of Ballons des Vosges in France, Bulgarian Biodiversity Foundation in Bulgaria) on restoration projects.

Actions and resources related to biodiversity

Biodiversity Roadmap

Spadel has developed a biodiversity roadmap to ensure all countries where it operates have a national biodiversity project aimed at restoring biodiversity. This roadmap addresses the company's main pressures and dependencies.

Time horizon: Short to medium term (Biodiversity Footprint Assessment planned for 2025)

Scope: Own operations (all sites and countries of operation)

Resources: Ongoing efforts by operational teams at each source site

Biodiversity Footprint Assessment (BFA)

In 2024, Spadel engaged an external provider to conduct an initial assessment of impacts, risks and opportunities for each site and for main raw materials. Results are being processed and will be integrated into Spadel's material IRO updates for reference year 2025.

Time horizon: Short term (2024-2025)

Scope: Own operations and upstream (sites and main raw materials)

Country-specific restoration projects (2024)

France: Munster Valley Forest Restoration

Action: Restoration of 6.5 hectares of forest in the Munster Valley, heart of the Vosges, to create a sustainable forest ecosystem resilient to climate change. Pioneer project in the region restoring forest biodiversity and the local water cycle.

Scope: Own operations

Partnerships: Public-private partnership with Parc naturel régional des Ballons des Vosges

Resources: 6.5 hectares

Belgium: Parc naturel des Sources Partnership

Action: Partner of Parc naturel des Sources since 2011. The PNS was opened in 2011 by Spadel for the municipalities of Spa and Stoumont and the Domaine de Bérinzenne association. The PNS works to protect the region's unique environmental heritage. Specifically, approximately 100 hectares of high-value meadows are currently being restored by the PNS through funds from Spadel and the Walloon Region, with the objective of improving biodiversity and the local water cycle (Malchamps and Bronromme).

Scope: Own operations

Time horizon: Long term (partnership since 2011, ongoing)

Partnerships: Parc naturel des Sources, Walloon Region

Resources (non-financial): Funding co-financed with Walloon Region

Expected outcomes: 100 hectares of high-value meadows restored, improved biodiversity and local water cycle

Belgium: WWF Lynx Habitat Restoration

Action: Partnership with WWF (2023-2024). Project aims to restore forest edges by creating more natural habitat for lynx prey, while also providing numerous hiding places for this predator.

Scope: Own operations

Time horizon: Short term (2023-2024)

Partnerships: WWF

Expected outcomes: Approximately 100 hectares of forest edges with high degree of restored biodiversity

Bulgaria: Rhodopes Peatlands Conservation

Action: Since 2022, Spadel has been a partner of the Bulgarian Biodiversity Foundation which studies, restores, protects and maintains 4.2 ha of peatlands in the Western Rhodopes (Chairski Ezera project). This project carries out activities covering the entire peatland habitat area in Natura 2000 zone BG0001030 of the Western Rhodopes, over a total area of 218 ha. Through direct and indirect conservation activities, work is being done to improve the conservation status of peatlands and marshy forests in the Chairski Ezera protected area.

Scope: Own operations

Time horizon: Medium term (partnership since 2022, ongoing)

Partnerships: Bulgarian Biodiversity Foundation

Resources (non-financial): 4.2 ha direct intervention, 218 ha total area covered

Cross-cutting approaches

For all projects described above:

• Spadel has established ongoing collaborations with partner organizations, local communities and consumers
• Spadel is working on long-term and continuous improvement of ecosystem services, including through the application of local knowledge and natural solutions
• No biodiversity offsetting has been included in Spadel's actions and strategy
• Implementation takes into account ongoing efforts by operational teams at each source

KPIs tracked

• Number of projects per country (tracked annually)
• Sites in or near biodiversity-sensitive areas (5 sites: Spa 38.84 ha, Bru 8.5 ha, Carola 4.1 ha, Wattwiller 6.4 ha, Devin 3.6 ha)
• Water extraction index (detailed in E3)

Targets related to biodiversity and ecosystems

Spadel has set a biodiversity target applicable to its five extraction sites across three countries (Belgium, France, and Bulgaria).

Biodiversity restoration target

Additional information

• The target addresses Spadel's material impact on biodiversity by investing in nature restoration
• Projects improve ecosystem services on which Spadel depends and align with EU regulations such as the European Nature Restoration Law
• Projects are implemented either directly in recharge basins of Spadel's sites or in different basins with similar challenges (e.g. improving infiltration and recharge, improving soil filtration, and improving overall biodiversity)
• No ecological thresholds or biodiversity offsets were used in setting this target
• No changes to target setting as this is the first year of reporting
• A Group-wide biodiversity approach and policy will be developed during 2025, focusing on setting a 2030 target

Métriques d'incidence liées à l'altération de la biodiversité et des écosystèmes (E4-5)

[Note: While E4 biodiversity is identified as a material topic, the specific metrics content is not fully visible in the provided text extract.]

Anticipated financial effects from biodiversity and ecosystem-related impacts, risks and opportunities

Not disclosed.

According to the ESRS disclosure table, E4-6 (Incidences financières escomptées des incidences, risques et opportunités liés à la biodiversité et aux écosystèmes) references page "-", indicating this disclosure requirement is not reported in the sustainability statement.

Policies related to resource use and circular economy

Spadel explicitly states that no formalized Group-wide policy on circular economy and waste has been established for the reporting year.

The company explains:

"Compte tenu de l'évolution rapide de l'approche et de l'adaptation des processus métiers aux emballages et déchets dans le secteur des boissons, aucune politique en matière d'économie circulaire et de déchets n'a été formalisée à l'échelle du Groupe pour la présente année de référence."

(Translation: Given the rapid evolution of the approach and adaptation of business processes to packaging and waste in the beverage sector, no policy on circular economy and waste has been formalized at Group level for this reference year.)

Future policy development

Spadel commits that:

• In 2025, a vision, approach, and implementation plan will be developed at Group level
• This future policy framework will address and manage material impacts, risks, and opportunities related to resource outflows and waste

Current approach in lieu of formal policy

While no formal policy exists, Spadel has established:

• Targets based on the Single-Use Plastics Directive, stakeholder expectations, and competitive benchmarks

• Strategy: Source of Change 2025 strategy (validated by the Executive Committee) containing three targets:

  • Reduce plastic footprint of all single-use PET bottles by 15% by 2025 (baseline: 2018)
  • Achieve 100% rPET for all single-use PET bottles by 2025 (baseline: 2018)
  • Use 20% reusable packaging (consigned glass bottles and HOD) by 2025 (baseline: 2018)

• Scope: All countries of operation (Belgium, France, and Bulgaria)

• Stakeholder consideration: Targets developed considering indirect consultation with affected stakeholders and based on scientific evidence

The effectiveness of policies and actions related to waste impacts has not yet been established.

Actions and resources related to circular economy

Overview

Spadel has implemented actions across different brands and countries to achieve its circular economy targets, specifically:

• 15% reduction in plastic footprint
• 100% recycled PET (rPET)
• 20% reusable volumes of total volumes sold

Specific Actions

1. PET bottle lightweighting

Scope: Own operations / products
Actions taken:

• Spa bottle lightweighting (late 2023): PET bottles for still and sparkling water
• Spa lemonade bottle lightweighting (2024): 400 ml and 1,250 ml bottles
• Carola still water bottle lightweighting: Planned (no specific timeline)

Results achieved:

• Over 7% reduction in PET for Spa bottles in 2023
• 450 tonnes of single-use plastic avoided annually
• 164 tonnes of single-use plastic saved annually for Spa lemonades

2. Bag-in-box introduction and development

Scope: Own operations / products
Timeline: Introduced in 2022
Products: Spa and Wattwiller brands
Objective: Reduce plastic footprint and CO₂ footprint

Results:

• 10L bag-in-box format delivers over 60% plastic reduction compared to equivalent 1.5L PET bottles
• Over 40% CO₂ reduction compared to equivalent PET bottles

3. Integration of recycled PET (rPET)

Scope: Own operations / products
Timeline: Started in 2022

Actions:

• Roadmap created to integrate 30% rPET in single-use plastic bottle portfolio (bottles under 3L)
• Investment in 100% rPET bottles for fast-food chain since 2022

Results:

• 5% reduction in CO₂ impact for these SKUs compared to non-recycled bottles

4. Investment in reusable glass and crates

Scope: Own operations / products
Objective: Support 20% reusable volumes target

Resources allocated: Investment in additional reusable glass bottles and crates
Results: +14 million litres growth in 2024 compared to 2018 volumes

5. Attached caps for PET bottles (Wattwiller)

Scope: Own operations / products
Timeline: Introduced in 2023 by Wattwiller; rolled out across entire product portfolio from 2024 onwards
Objective: Promote recycling, reuse, and waste reduction

Innovation: Wattwiller was the first brand to adopt this innovation before regulatory mandate
Expected outcome: Minimize waste volume and improve recyclability of both bottle and cap components

Resources Allocated

No specific financial resources (capex/opex amounts) are disclosed for these actions. The disclosure mentions:

• Investments in 100% rPET bottles (2022)
• Investment in reusable glass and crates
• No quantified financial amounts provided

Link to Targets

All actions are linked to Spadel's Source of Change 2025 strategy targets under "We act green":

• 15% reduction in plastic footprint
• 100% recycled PET target
• 20% reusable volumes of total volumes sold

Targets related to circular economy

Spadel has developed targets focused on reduction, recycling, and reuse of resources. These targets apply to all countries of operation (Belgium, France, and Bulgaria). They are inspired by the Single-Use Plastics Directive, stakeholder expectations, and competitive benchmarks, demonstrating they were developed taking into account indirect consultation with affected stakeholders and based on scientific evidence. The targets were validated by Spadel's executive committee during the design of the Source of Change 2025 strategy.

Target 1: Plastic footprint reduction

• Target metric: Plastic footprint of all single-use PET bottles produced, upstream and in own operations
• Target value: 15% reduction
• Target year: 2025
• Baseline year: 2018
• Baseline value: 23,123 T of plastic
• Target type: Absolute
• Scope: Upstream and own operations
• Waste hierarchy: Prevention
• Status: Voluntary
• Progress to date (2024): 24,574 T (+6% absolute plastic footprint and -12.6% relative plastic footprint)

Target 2: Recycled PET content

• Target metric: rPET content in all single-use PET bottles produced in upstream operations
• Target value: 100% rPET
• Target year: 2025
• Baseline year: 2018
• Baseline value: 13.9%
• Target type: Absolute
• Scope: Upstream operations
• Waste hierarchy: Recycling (circularity model)
• Status: 100% = Voluntary; 25% = Mandatory according to SUP directive
• Progress to date (2024): 10.4%

Target 3: Reusable packaging

• Target metric: Reusable packaging (consigned glass bottles and HOD)
• Target value: 20%
• Target year: 2025
• Baseline year: 2018
• Baseline value: 10.2% (90.7 million litres)
• Target type: Absolute
• Scope: Upstream operations, including consigned glass bottles and HOD
• Waste hierarchy: Prevention
• Status: Voluntary
• Progress to date (2024): 9.7% (104.6 million litres)

Target validation and approach

All targets contribute to circular product design by reducing dependence on fossil raw materials in products or materials used. No changes have occurred in the setting of these targets, as this is the first year of reporting. The effectiveness of policies and actions related to waste impact has not yet been established.

In 2025, a vision, approach and implementation plan will be developed at Group level to address and manage the material impacts, risks and opportunities related to outgoing resources and waste.

Resource outflows

Products and materials

Spadel's products can be classified into 3 types: i) still and sparkling waters (natural mineral waters and spring waters), ii) still and sparkling flavoured waters, and iii) still or sparkling lemonades. All these products are packaged in PET bottles, bag-in-box, HOD, reusable glass bottles or cans.

Each Spadel product has an optimal shelf life that depends on the packaging material, format, brand and category. The methodology used to calculate direct metrics related to resource output data is based on SAP. The metrics do not rely on any significant assumptions.

Product durability by category

*Durability ranges depend on format size. Smaller containers have a lower shelf life. Product shelf life ("best before" or "use by date") complies with market standards and depends on each product.

Recyclability

The products manufactured and sold by Spadel are designed according to the circular principle of recyclability. They are consumed and biodegradable, so the content recyclability rate reaches 100%.

All packaging materials are 100% recyclable.

Recycled content by packaging category (2024)

In 2024, Spadel placed 28,227 tonnes of packaging materials on the market (including 24,574 tonnes of plastic). All these packaging materials have a dedicated recycling stream.

Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities

Phase-in exemption applied

Spadel has applied the phase-in exemption for ESRS E5-6. As indicated in the content table:

The disclosure shows a "-" in the page column, indicating no substantive disclosure is provided for this requirement in the 2024 reporting year.

This is consistent with the phase-in provisions listed in the report which state:

"Incidences financières escomptées des incidences, risques et opportunités liés à l'utilisation des ressources et à l'économie circulaire (E5-6)" under ESRS E5 phase-in provisions.

Waste

Waste streams

Spadel manages two main waste streams. The first waste stream concerns "post-production", i.e. all waste created during production, and although some of it is sorted and recycled, not all is currently subject to this process. It is important to note that the figures provided below are those of the post-production waste stream. This waste essentially consists of the following materials: PET bottles, bag-in-box, HOD, reusable glass bottles or cans.

Another waste stream concerns "post-consumption" and "post-production" packaging waste. It is located downstream in the value chain and is therefore indirect. Spadel deals with post-consumption waste, focusing on reducing, recycling and reusing packaging materials in accordance with regulatory requirements and our commitment to sustainability. The main materials present in this waste are plastic for PET bottles, LDPE films and cardboard.

The metrics do not rely on any significant assumptions.

Total waste generated (2024)

In 2024, Spadel generated 2,444.3 tonnes of industrial waste, of which 181.9 tonnes were non-recyclable (7.4%). An Extended Producer Responsibility (EPR) scheme is used to manage waste at Spadel, ensuring more sustainable and recyclable products.

Spadel does not produce radioactive waste. The total quantity of hazardous waste at Spadel is 66.6 tonnes.

Waste diverted from disposal

Waste directed to disposal

Policies related to own workforce

Spadel has implemented three formal policies and multiple local standards and initiatives defining commitments, approach and management of material impacts, risks and opportunities related to own workforce. Implementation of all policies is supervised locally by teams at each site, with direct management by the Group Human Resources management. However, the CEO is responsible for implementing the health and safety standard.

Politique FlexiWork (FlexiWork Policy)

Scope: All functions that can be performed remotely or in a hybrid configuration. Excludes functions requiring physical presence such as factory or on-site operations.

Key content: Offers flexible work opportunities allowing employees to work three days per week remotely.

Oversight: Supervised locally by teams at each site, with direct management by the Group Human Resources management.

Politique Disconnect to Reconnect (Disconnect to Reconnect Policy)

Scope: All employees.

Key content: Advocates for setting healthy boundaries for work by encouraging employees to completely disconnect outside working hours. Promotes work-life balance and well-being.

Oversight: Supervised locally by teams at each site, with direct management by the Group Human Resources management.

Local health and safety standards

Scope: All workforce at Spadel factory sites.

Key content: Each Spadel entity has adopted several local standards to ensure healthy and safe work environments:

• Local standard for each country regarding prevention of safety incidents/accidents, emergency plan (Group crisis manual), code of conduct and certification
• ISO 45001 certification for occupational health and safety management systems (OHSMS) adopted by Bulgarian and French factories

Oversight: Supervised locally by teams at each site. The CEO is responsible for implementing the health and safety standard.

Link to international standards: ISO 45001 international standard for occupational health and safety management systems.

Due diligence on ILO fundamental conventions

Link to international standards: Spadel has due diligence policies on issues covered by International Labour Organization (ILO) fundamental conventions 1 to 8 (referenced in EU legislation point S1-1, paragraph 21).

Commitment for next reporting period

Spadel states that the mandate for ESRS sponsors will be reflected in CSRD-aligned policies that Spadel will develop for the next reporting year. Each ESRS has a dedicated ESRS sponsor who is a member of the executive committee, chosen for their specific knowledge and expertise on particular sustainability issues. The Director of Group Human Resources (Tatiana Goeminne) is the ESRS S1 sponsor.

Diversity, equity and inclusion

Regarding diversity, equity and inclusion, Spadel engages in recruitment initiatives and applies key metrics (such as gender parity and gender pay gap), but no policy or standard is available.

Initiatives:

• Recruitment partnerships with educational institutions, diverse candidate hiring initiatives, and local talent awareness initiatives
• Alignment with internationally recognized initiatives such as B Corp certification
• Will be integrated into a Group-wide policy by the next reporting year
• Close monitoring of gender parity in general, and particularly at senior management, executive committee and board of directors levels

Processus d'interaction au sujet des incidences avec les effectifs de l'entreprise et leurs représentants (S1-2)

[Note: While S1 own workforce is identified as a material topic, the specific engagement process content is not fully visible in the provided text extract.]

Procédures de réparation des incidences négatives et canaux permettant aux travailleurs de l'entreprise de faire part de leurs préoccupations (S1-3)

[Note: While S1 own workforce is identified as a material topic, the specific remediation process content is not fully visible in the provided text extract.]

Actions concernant les incidences importantes, approches visant à atténuer les risques importants et à saisir les opportunités importantes concernant les effectifs de l'entreprise, et efficacité de ces actions et approches (S1-4)

[Note: While S1 own workforce is identified as a material topic, the specific actions content is not fully visible in the provided text extract.]

Targets related to own workforce

Spadel has defined targets designed to build trust and maintain sustainable relationships with employees. These targets are distributed across Spadel's own operations and are not based on scientific evidence. Trade unions and site-specific safety committees have been appointed and participate in setting targets.

Target 1: Zero workplace accidents

Target 2: Training days per employee

Target 3: Gender pay gap

Additional workforce matters

No official company target has yet been defined concerning the impact of health crises or work-life balance of employees. However, metrics such as the number of critical crises (e.g., crisis reports) and internal emergency exercise reports could be used for this purpose.

Characteristics of the undertaking's employees

Headcount by gender (2024)

Headcount by country (2024)

Headcount by gender and country (2024, effectifs)

Headcount by country and contract type (2024, effectifs)

Employee turnover (2024)

In 2024, a total of 173 employees left Spadel, resulting in an employee turnover rate of 12.7% for the year 2024. The turnover rate was calculated as follows: 173*100/1359.

Methodology note

The available data as of 31/12/2024 was used to calculate this quantitative employee information. To count headcount, the number of employees under employment contract (payroll) present on 31.12 of the year was taken for all entities.

Diversity metrics

Gender split at top management level

The table below illustrates the representation of men and women at senior management level. The percentage of representatives of each gender at senior management level was determined by dividing the number of individuals of a particular gender by the total number of employees in senior management, then multiplying the result by 100.

*Within the meaning of ESRS, senior management is defined as staff who are one or two levels below the administrative and supervisory bodies.

Age band distribution

The table below presents the distribution of employees at senior management level by age band.

Adequate wages

Spadel s'engage à fournir des salaires équitables et compétitifs à tous les salariés, en veillant au respect des normes et de la législation locales en matière de salaire minimum.

Benchmark used: Local minimum wage standards and legislation only. No living wage benchmark is disclosed.

Coverage: Not disclosed.

Geographic scope: Not disclosed.

Targets/commitments: No forward-looking commitments disclosed.

Methodology: No methodology for living wage assessment is disclosed. The company references compliance with local minimum wage laws and standards.

Health and safety metrics

Methodology notes:

Recordable work-related accidents are defined as incidents resulting in work stoppage for the injured person. The number of accidents is determined by tracking daily safety incidents at service level, consolidating data via the Safety department, and reporting monthly at site and group level.

Compensation metrics

Pay gap

Spadel reports an adjusted gender pay gap for white-collar employees only. The pay gap does not include factory personnel, who are remunerated on a salary scale basis. The gender pay gap is determined by comparing the average hourly gross salary of the male population to that of the female population.

Remuneration ratio

Spadel reports the annual total remuneration ratio based on gross annual remuneration (not the total package). The ratio is calculated as the total annual remuneration of the highest-paid individual in the company divided by the median total annual remuneration of employees (excluding the highest-paid individual).

Methodology

The gender pay gap is calculated for white-collar employees only, excluding factory personnel who are paid on collective bargaining scales. The remuneration ratio is based on gross annual remuneration rather than total compensation packages. The company notes on page 63 that 'ESRS S1-16 | Ratio de rémunération excessif du directeur général, paragraphe 97, point b)' is marked as 'Sans objet' (Not applicable) in their compliance table, though the ratio is nonetheless reported.

Incidents, plaintes et incidences graves sur les droits de l'homme (S1-17)

[Note: While S1 own workforce is identified as a material topic, the specific incidents content is not fully visible in the provided text extract.]

Policies related to affected communities

Spadel does not currently have a formally adopted policy specifically addressing affected communities.

Planned Policy

Policy name: Politique sociétale liée aux communautés touchées (Societal policy related to affected communities)

• Status: Not yet implemented. Spadel plans to implement this policy by the next financial year (2025).
• Public availability: Not yet available, as the policy has not been adopted.
• Alignment with international standards: The company recognizes the importance of developing policies aligned with the European Sustainability Reporting Standards (ESRS) on material topics. However, specific alignment with UNGPs, OECD Guidelines, ILO Conventions, or UNGC is not explicitly mentioned.

Current Approach

While no formal policy exists, Spadel has established voluntary initiatives to manage its positive impact on affected communities:

• Target: Contribute 5% of net profit to support local partners and local solidarity actions by 2025
• Scope: Applies to downstream operations across all five extraction sites
• Types of contributions: Donations, financial contributions (partnerships, memberships, sponsorships), and time contributions (volunteering)
• Measurement framework: Inspired by the Business for Societal Impact Framework (B4SI)

Governance

The target related to affected communities was validated by Spadel's executive committee during the design of the Source of Change 2025 strategy. However, specific oversight structures for the forthcoming policy are not disclosed.

Engagement with Affected Communities

Spadel maintains ongoing interaction with local communities on various ESG topics to ensure a trusting and transparent relationship. However, affected communities were not directly contacted to set targets or monitor performance.

Processus d'interaction au sujet des incidences avec les communautés touchées (S3-2)

[Note: While S3 affected communities is identified as a material topic, the specific engagement process content is not fully visible in the provided text extract.]

Procédures visant à remédier aux incidences négatives et canaux permettant aux communautés touchées de faire part de leurs préoccupations (S3-3)

[Note: While S3 affected communities is identified as a material topic, the specific remediation process content is not fully visible in the provided text extract.]

Actions concernant les incidences importantes sur les communautés touchées, approches visant à gérer les risques importants et à saisir les opportunités importantes concernant les communautés touchées, et efficacité de ces actions (S3-4)

[Note: While S3 affected communities is identified as a material topic, the specific actions content is not fully visible in the provided text extract.]

Targets related to affected communities

Spadel has set one target related to affected communities, focused on supporting local partners and solidarity actions.

Target: Contribute 5% of net profit to support local partners and local solidarity actions by 2025

Methodology: The 5% calculation is inspired by the Business for Societal Impact Framework (B4SI), the global standard for measuring and managing a company's social impact. Spadel adapted this framework to include environmental initiatives. The measurement includes three types of contributions:

• Product donations
• Cash expenditures: partnerships, sponsorships, memberships, etc.
• Time: volunteering

Stakeholder engagement: Affected communities were not directly contacted to set this target, nor to monitor Spadel's performance against it or identify lessons learned. However, Spadel continuously engages with local communities on various ESG-related topics to ensure a trusting and transparent relationship.

Policies related to consumers and end-users

Spादel has identified product quality as a critical issue for consumers and end-users. However, no formal policy dedicated to consumers and end-users has been implemented as of the reporting year.

The company states: "L'année prochaine, Spadel mettra en œuvre une politique formalisée pour assurer la qualité des produits" (Next year, Spadel will implement a formalized policy to ensure product quality).

Quality, Safety and Environmental Standards (Programme d'Excellence)

While not constituting a formal consumer policy, Spadel currently relies on quality, safety and environmental standards embedded in its Excellence Programme:

Scope:

• Covers all operational activities of Spadel
• Applies to all consumers and end-users of Spadel

Governance:

• The CEO of Spadel is responsible for and oversees the implementation of the QSE (Quality, Safety, Environment) standards included in the Excellence Programme

Key content:

• Focus on safe manufacturing and supply of each product
• Ensures the highest levels of quality and service associated with optimal cost and lowest environmental impact
• Designed to identify and manage material quality risks for Spadel's consumers and end-users
• Standards aim to be compliant with external food safety certifications such as FSSC 22000, BRC and validation by local authorities (AFSCA or ARS)

Public availability:

• These standards are made available to consumers and end-users upon request

Link to international standards:

• Not explicitly disclosed in relation to UNGPs, OECD Guidelines, or other international frameworks

Monitoring implementation:

• Targets are reviewed monthly to provide an overview of progress against annual targets
• Each site has specific targets set in consultation with the Group Operations Director

Actions concernant les incidences importantes sur les consommateurs et utilisateurs finals, approches visant à gérer les risques importants et à saisir les opportunités importantes concernant les consommateurs et utilisateurs finals, et efficacité de ces actions (S4-4)

[Note: While S4 consumers and end-users is identified as a material topic, the specific actions content is not fully visible in the provided text extract.]

Targets related to consumers

Spadel has established targets related to consumers aimed at building trust and sustainable local partnerships. All targets are linked to the Spadel group's Quality, Safety and Environment standard included in the excellence programme, aimed at manufacturing and supplying products of impeccable quality. Targets are set at site level in consultation with the Group Operations Director and reviewed monthly.

Target 1: First-time quality target

• Type: Relative (intensity-based)
• Baseline year: 2021
• Baseline values:
  • Bru: 99.7%
  • Spa: 99.4%
  • Carola: 96.1%
  • GSW: 99.2%
  • Devin: 99.9%
• Target year: Annual review ("Une fois par an")
• Scope: All Spadel sites
• Methodology: Calculated by dividing the number of compliant bottles by the total number of bottles produced. Compliant bottles are those that fully meet quality requirements in terms of content, container and labelling.
• Progress 2024:
  • Bru: 99.6%
  • Spa: 97.8%
  • Carola: 100.0%
  • GSW: 99.9%
  • Devin: 99.5%

Target 2: No consumer complaints regarding quality

• Type: Relative (intensity-based)
• Baseline year: 2021
• Baseline values:
  • Bru: 0.67 ppm
  • Spa: 0.64 ppm
  • Carola: 0.89 ppm
  • GSW: 1.14 ppm
  • Devin: 0.42 ppm
• Target year: Annual review ("Une fois par an")
• Scope: All Spadel sites
• Methodology: Expressed as number of complaints per million bottles sold. Consumer and customer complaints for non-compliant quality are taken into account.
• Progress 2024:
  • Bru: 0.30 ppm
  • Spa: 0.81 ppm
  • Carola: 1.3 ppm
  • GSW: 1.09 ppm
  • Devin: 0.23 ppm

Target 3: Zero critical quality incidents

• Type: Absolute
• Baseline year: 2021
• Baseline values:
  • Bru: 1
  • Spa: 2
  • Carola: 5
  • GSW: 1
  • Devin: 4
• Target year: Annual review ("Une fois par an")
• Scope: All Spadel sites
• Methodology: Number of incidents that present a significant risk to the business. Two types of risks: (1) Risk to consumers (microbiological, chemical or physical contamination - see HACCP); (2) Image risk (legal, functional or visual non-compliance).
• Progress 2024:
  • Bru: 0
  • Spa: 3
  • Carola: 0
  • GSW: 0
  • Devin: 2

Note: Consumers or end users were not contacted directly to set these targets, nor to monitor Spadel's performance against them or to identify lessons learned. No serious problems concerning consumers or end users were reported in connection with human rights.

Business conduct policies and corporate culture

Spadel maintains policies focused on managing business conduct and corporate culture. The HR Director of the Group is responsible for implementing the code of conduct. For the SSPP, suppliers are responsible for raising awareness among their employees, agents and subcontractors accordingly.

Politique d'achats durables de Spadel (SSPP) / Spadel Sustainable Purchasing Policy

Scope: Applies to all suppliers as well as Spadel employees.

Key content: Ensures that suppliers transpose Spadel's values and commitments into their own business practices, to foster strong and sustainable business relationships based on common principles of integrity, honesty and sustainability. By adhering to SSPP criteria and Ecovadis, Spadel strives to achieve increasingly strict sustainability targets and adapt to evolving sustainability regulations regarding due diligence. Labor and human rights are one of the four themes of the Ecovadis assessment of suppliers.

The policy is built around three core principles, defining minimum standards to be respected:

• Principle 1: Ethical commitment in business conduct
• Principle 2: Environmental responsibility
• Principle 3: Social responsibility towards employees

Public availability: The policy is attached to each purchase order (PO) sent to suppliers. Suppliers must accept the SSPP to accept the PO.

Code de conduite de Spadel / Spadel Code of Conduct

Scope: Applies to all employees of all entities of the Spadel group, including independent contractors and consultants working for Spadel.

Who approves and oversees: The code is part of the corporate governance charter approved by the Board of Directors and is overseen by three departments: Human Resources, Legal Department and Internal Audit. These departments are responsible for drafting, updating and verifying the code as needed. The Executive Committee is responsible for implementing the code of conduct.

Key content: Translates the principles followed by the company in its business conduct and confirms its commitment to comply with all applicable laws and regulations. It ensures that all employees, consultants and independent contractors working for Spadel comply with all applicable laws and regulations, and accomplish their daily tasks in a lawful, ethical and value-creating manner.

Public availability: The code is made available to affected interested parties during onboarding of new recruits at Spadel, and is transmitted to all Group employees via the Learning Management System (LMS). Employees must complete the entire information session on the platform and sign a document confirming their participation at the end of the session. Follow-up is ensured by HR. The code of conduct is also available at any time on Spadel's intranet (OnePlace) in the Group's four languages. The code of conduct is attached (as an annex) to Spadel's corporate governance charter, and is accessible to all external parties via Spadel's website (www.spadel.com).

Monitoring: Employees must complete the full information session on the LMS platform and sign a document confirming their participation. Follow-up/monitoring is ensured by HR.

Corporate culture and values

Spadel's corporate culture is guided by its values, which guide the company's approach to achieving its objectives and fostering a positive, innovative and respectful work environment.

Gestion des relations avec les fournisseurs (G1-2)

[Note: While G1 business conduct is identified as a material topic, the specific supplier relationship management content is not fully visible in the provided text extract.]

Incidents of corruption or bribery

Disclosure status

Spadel has assessed ESRS G1-4 disclosures on fines for infringement of anti-corruption and anti-bribery legislation (paragraph 24, point a) as well as anti-corruption and anti-bribery standards (paragraph 24, point b) as not material ('Non important').

No quantitative metrics on incidents, convictions, fines, disciplinary actions, or contract terminations related to corruption or bribery are disclosed in the reporting period.

No narrative information on investigation procedures, speak-up mechanisms (beyond the assessment that ESRS G1-1 protection of whistle-blowers is not material), or public legal cases is provided in relation to G1-4.

Pratiques en matière de paiement (G1-6)

[Note: While G1 business conduct is identified as a material topic, the specific payment practices content is not fully visible in the provided text extract.]