The double materiality analysis and the structured engagement of stakeholders

Within the regulatory framework outlined by the Corporate Sustainability Reporting Directive (EU Directive 2022/2464 – CSRD) and in accordance with the principles defined by the European Sustainability Reporting Standard 1 (ESRS 1) and ESRS 2, the Mondadori Group has conducted a structured update of its materiality analysis process, adopting an approach based on the principle of double materiality, focusing on:

This methodology allows for the integrated identification and assessment of Impacts, Risks, and Opportunities (IROs):

  • issues that generate significant impacts, whether positive or negative, actual or potential, on the environment, people, and human rights (impact materiality);
  • matters and risks that significantly influence the financial performance, position, or development of the organization (financial materiality).

The process was divided into five methodological phases:

  • definition of the analysis perimeter;
  • analysis of the internal and external sustainability context to identify activities along the value chain;
  • identification of a long-list of impacts, risks, and opportunities (IROs) to be subjected to assessment;
  • assessment of the relevance of the IROs and identification of significant topics through the application of thresholds;
  • identification of relevant topics and final validation of the results by the governing bodies.

During 2025, the Group further strengthened its process of listening to and engaging with stakeholders, reaching over 3,200 individuals, with an increase in participation compared to the previous year.

The activity involved the synergistic use of two tools:

  • one-to-one interviews with the main strategic suppliers (e.g., suppliers of paper, printing, data centers, and services);
  • dedicated surveys aimed at a broad spectrum of stakeholders, including readers and customers, teachers, employees, and financial analysts.

The resulting outcomes were analyzed comparatively with the internal assessments of the Risk Owners (Enterprise Risk Management) and validated by the Management Committee, the Control, Risk and Sustainability Committee, the Board of Statutory Auditors, and, ultimately, approved by the Board of Directors.

The results of the 2025 double materiality analysis

The update of the analysis for 2025 confirmed the underlying themes of previous years, while introducing new strategic focuses that emerged from listening to stakeholders and from technological evolution.

Among the areas of greatest strategic relevance (IROs), the following stand out:

  • Social Impact and Consumers: promotion of reading, editorial independence, quality and accessibility of educational tools for social inclusion. In this area, the responsible use of Artificial Intelligence (AI) in editorial production processes emerges as a new central theme, aimed at guaranteeing the reliability of content and protecting copyright and intellectual property.
  • People and Value Chain: worker well-being, diversity, equity and inclusion (DEI), skills development. In 2025, extending attention to a safe and respectful working environment also for workers in the downstream value chain, such as our franchisees within the Retail store network, took on particular importance.
  • Environmental Impact: mitigation of climate change (with a new specific focus on electricity consumption in paper and print production upstream in the supply chain), circular economy and packaging management, reduction of water consumption, and protection of biodiversity to combat deforestation.
  • Governance and Ethics: transparent business conduct, responsible management of relationships and payments to suppliers, prevention of corruption, and utmost attention to cybersecurity for the protection of the privacy of employees, customers, and partners.