URW pursued a study of international and sectoral ESG frameworks to understand how sustainability topics impact the Company’s business in terms of risks and opportunities. These sector-specific ESG standards provided detailed information on the financial impact of environmental and social issues on the business model. Complementary frameworks provided URW with a structured approach for assessing the likelihood, magnitude and nature of the effects of identified risks and opportunities, through the lens of the continuity of use or access to resources by URW as well as the Group’s dependence towards business relations. This phase involved evaluating the potential financial implications of each risk and opportunity for URW, 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 thresholds. This comprehensive assessment allowed URW to have a preliminary view of which topics were deemed more material for the Company.

URW also conducted an analysis of international and sectoral impact frameworks, to gauge how the Company’s activities directly and indirectly impact the sustainability topics identified. These impact frameworks provided URW with an understanding of how companies of the real estate sector and related sectors can impact the natural or society. During this phase, URW considered a sustainability issue 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 the services it provides as a real estate company as well as through its business relationships, throughout URW’s value chain.

The results were complemented by the pre-existing simple materiality analysis and sustainability risk analysis.