Double Materiality

We updated our 2023 materiality study to adopt double materiality, an approach that reflects both impact and financial materiality.

It is a milestone in our commitment to transparency and strategic governance: it aligns our decision-making with stakeholder expectations and addresses material issues across the value chain.

What does double materiality involve?

Double materiality considers two key perspectives that are crucial for comprehensive decision-making:

Stakeholders

We analyse in detail the stakeholders we engage with and, based on that assessment, design communication and engagement strategies to respond to their needs and expectations.

We seek strong, transparent, and long-lasting relationships with all of them: clear communication, timely information, and active participation in our initiatives and decisions.

Standards

Data-driven materiality analysis:

Updating our materiality assessment allows us to better manage our impacts, identify key risks and opportunities, and reinforce our commitment to sustainable practices.

Our materiality matrix:

Our strategy

We developed our sustainability strategy based on three pillars:

Through FRISA Consciente we integrate environmental, social, and governance criteria into our business model. On that basis we propose a strategy aligned with the Sustainable Development Goals and our three strategic pillars.

The strategy consolidates Grupo FRISA’s goals and actions to generate positive environmental, social, and governance impact, and to strengthen its leadership in the real estate sector.

Our Commitment to the SDGs

The 2030 Agenda of the United Nations establishes 17 Sustainable Development Goals (SDGs), comprising 169 interconnected targets aimed at promoting comprehensive development in the economic, social, and environmental spheres.

Grupo FRISA is committed to conducting its operations in full alignment with the Sustainable Development Goals. While all 17 goals are relevant to our company, we have identified 9 in which our actions have a particularly significant impact:

Our goals

• Environmental

  • Certify 30% of the Shopping Center portfolio (290,000 m²) under the EDGE standard.

  • Certify 35,000 m² of leasable area in new industrial buildings under EDGE.

  • Cut the Shopping Centers’ annual energy spending by at least 30%.

• Social

  • Have at least 380 employees take part in volunteer activities.

  • Ensure 100% of employees have individual 2026 (SMART) objectives under the new Performance Evaluation Model.

  • Create 2 specialized management units: Organizational Development, and Compensation and Benefits.

• Governance

  • Create the Sustainability Department, a unit specialized in the Group’s ESG management.

  • Hold one ESG training session a year for the Board of Directors and its Committees.

  • Integrate sustainability processes into SAP, the Group’s ERP.

Source: 2025 Sustainable Annual Report, 2026 Goals.