The materiality analysis was conducted to assess the impact of sustainability and ESG topics from two perspectives: an 'impact' perspective, considering the negative or positive impacts of the Company's business and its activities on the environment, the people it works with, and the communities it operates in; and a 'financial' perspective, assessing the risks or opportunities that environmental and social issues represent for the Company's activity and value. This includes impacts through the services it provides as a real estate company as well as through its business relationships, throughout URW's value chain.

URW's strategy and business model are designed to be responsive and adaptable to the topics identified as material for URW. The Group continuously monitors and evaluates performance in relation to these impacts and risks and seizes opportunities that align with its strategic objectives. The Better Places roadmap ensures that URW's strategy and business model are resilient and sustainable, capable of delivering value to its stakeholders while mitigating potential risks.

The financial implications were determined in the context of the Group's risk mapping and thresholds. This comprehensive assessment allowed URW to have a preliminary view of which topics were deemed more material for the Company, considering their probability of occurrence, and understanding their potential impact on the Company's operations, reputation, as well as its short, medium, and long-term prospects.

URW's materiality analysis considered the Company's activities directly and indirectly impacting the sustainability topics identified. This impact framework provided URW with an understanding of how companies of the real estate sector and related sectors depend on nature or society. During this phase, URW considered a sustainability topic to be significant from an impact perspective if it related to the Company's tangible or potential influences (influences meaning the impacts associated with URW's own operations and its value chain, including its business relationships).

The financial implications were determined in the context of the Group's risk mapping and thresholds. This comprehensive assessment allowed URW to have a preliminary view of which topics were deemed more material for the Company, considering their probability of occurrence, and understanding their potential impact on the Company's operations, reputation, as well as its short, medium, and long-term prospects.

The financial implications were determined in the context of the Group's risk mapping and thresholds. This comprehensive assessment allowed URW to have a preliminary view of which topics were deemed more material for the Company, considering their probability of occurrence, and understanding their potential impact on the Company's operations, reputation, as well as its short, medium, and long-term prospects.

The Better Places roadmap ensures that URW's strategy and business model are resilient and sustainable, capable of delivering value to its stakeholders while mitigating potential risks. The comprehensiveness and proactive nature of URW's approach enhances its competitiveness and contributes to long-term value creation.

The double materiality analysis conducted in 2023 complemented the previous risk assessments and materiality analyses to identify and assess these factors, considering both internal operations and external environment.

URW's strategy and business model are designed to be responsive and adaptable to the topics identified as material for URW. The Group continuously monitors and evaluates performance in relation to these impacts and risks and seizes opportunities that align with its strategic objectives. The Better Places roadmap ensures that URW's strategy and business model are resilient and sustainable, capable of delivering value to its stakeholders while mitigating potential risks.