2022 Sustainability Report

SUSTAINABILITY IS A CHOICE 2022 Sustainability Report

SUSTAINABILITY IS A CHOICE 2022 Sustainability Report

1 03 - ENVIRONMENTAL RESPONSIBILITY Concrete actions for a sustainable future The production process: management of impacts Sustainable thinking: a new model of development 04 - PROMOTERS OF CHANGE The sweet taste of growing together Guardini People: a successful team Customer-focus: every product tells a story Open innovation: broadening horizons to narrow the gap Actions4more: People, Product, Process, Passion METHODOLOGICAL NOTE DATA TABLES GRI INDEX LETTER TO STAKEHOLDERS 01 - GUARDINI More family, more future About us The company: a story of Italian innovation built on tradition The products: Made in Italy in the world The key ingredient: a balance of values 02 - SUSTAINABILITY IN OUR DNA By nature, by choice Commitment to the 2030 Agenda: Stakeholders, Material Issues and SDGs Corporate governance: promoting sustainable success Shared value: the role of the company in society 3 4 6 8 10 12 14 16 21 23 26 28 36 40 42 47 50 53 56 58 68 Contents Guardini S.p.A. Via Cravero, 9, 10088 Volpiano (To) - Italia Tel. +39 011 995 2890 www.guardini.com Graphic design and layout by WITHUB S.p.A. Edited by Bios Management Srl August 2023

2 3 LETTER TO STAKEHOLDERS 2022 Sustainability Report Letter to Stakeholders Within the delicate context of the post-pandemic recovery, 2022 began with the tragic war in Ukraine which had significant impacts on business, particularly the cost and availability of raw materials and energy, creating new challenges to be tackled in an increasingly complex present. It is thanks to our continuous improvement mindset that we have been able to confront such an extraordinary year in a pro-active and dynamic way, with an awareness that today, even more so than in the past, we all have an active part to play in the change, taking a decisive stand through concrete actions and choices. It is this sense of responsibility which is driving us to renew our efforts to continue our sustainability journey, one which is not an abstract concept but a concrete commitment to telling our story, our values, our connection to our roots and our vision for a better future for us and for generations to come. We want to leave behind a shared legacy, one that takes many forms: the environment, through safeguarding of natural resources; culture, with values and skills acquired over seventy-five years of Italian tradition; and lastly the products themselves, built to last and designed to create opportunities for joy, emotion and sharing. This is why, although it is not a regulatory requirement, we have chosen to publish our first sustainability report, and we are proud to be able to share our results, which are not the end point for us but rather stages along a virtuous journey of growth. Guaranteeing continuity of production, investing in supply chains by introducing principles of shared responsibility, reducing our environmental impact in terms of emissions and resource consumption, creating valuable partnerships for the development of sustainable products and solutions: these are our commitments which we pursue every day with the vital contribution of the men and women of Guardini, who have shown resilience and team spirit in the face of a constantly evolving context. We offer them our heartfelt thanks. Elena Guardini, Managing Director Marco Guardini, Managing Director

GUARDINI Sempre più famiglia, sempre più futuro More family, more future There is no such thing as a favourable wind for a sailor who doesn’t know where to go Seneca the Younger 60 baking moulds designed and produced in-house 93 employees 17,000 m2 of industrial space

6 7 GUARDINI 2022 Sustainability Report About us With Guardini, cooking has a whole new flavour. Over our 75 years of history, the artisan workshop of the past has developed into the leading company revolutionising the world of baking moulds with its lightweight, state-of-the-art products. A fresh way to enjoy your cooking, worry-free, safe in the knowledge that things will turn out right. Experience and tradition are the cornerstones of our projects shaping production methods and products that still look to the future, modern and innovative, always capturing the latest market trends and the needs of the informed and advanced customer. Our products combine practicality and versatility with functionality to create a special feeling, one of sharing, love and togetherness. The search for new and more sustainable materials, continuous innovation in the production process and an awareness of our social responsibility are factors that are recognised not only in Italy, our target market, but also by countries beyond our borders, fuelling our strong export focus. Our product catalogue and numerous private label collections are distributed through multiple sales channels, ranging from the large-scale retail trade to the loyalty channel, from e-commerce to more traditional channels. Global Presence 25% Italy 75% Abroad DISTRIBUTION CHANNELS NET REVENUE FROM SALES AND SERVICES (EUR mn) 7.5 15.3 8.7 27.3 36 18.4 4.4 Italy Abroad 2020 22.8 22.8 2021 2022 7% Other channels and online sales 10% Loyalty 10% Wholesale 73% Large retailers

With the appearance of the first household appliances in Italian homes, Guardini chooses to focus on the domestic market and selects the baking pan as its flagship product, manufactured with advanced industrial automation technology and the use of new non-stick coating materials. Structural and technological investments in the new factory in Volpiano and the brand’s entry into the large-scale retail trade lead to the “Factory with a view to the future”, a future that began when the children Elena and Marco joined the company. The story begins in the immediate post-war period, when Luigi Guardini, unsatisfied with the everyday routine offered by factory work, had the insight, enthusiasm and determination to found ‘F.lli Guardini’, an artisan workshop specialising in household goods. The company is a real family business: in addition to the founder and his brothers Silvio and Giacomo, his nephew Giovanni, at the time a child with a passion for construction and technical drawing, is also involved in the project. 1950 1980 1990 The untimely death of Luigi Guardini did not stop the company’s production, which grew through major structural expansion and an increasingly comprehensive product range. Keeping pace with an unexpected, yet very welcome growth requires a transition from artisanal company to an organised factory, a transformation that takes place in the new plant at Borgaro Torinese. The company enters the new millennium with a new generation at the helm, more than 90 employees and around 17,000 m2 of production space, in which the manufacturing facilities sit alongside a modern building designed on a human scale to accommodate the administrative offices and exhibition spaces. 1960 1970 2000 Today 8 9 GUARDINI 2022 Sustainability Report The company: a story of Italian innovation built on tradition Guardini, which has become one of Europe’s leading companies for the production of baking moulds, is now an exporter of the best of “Made in Italy” to 60 countries around the world, promoting sustainability as one of its distinctive features, striving each day for a greater awareness of its environmental and social responsibility.

10 2022 Sustainability Report 11 GUARDINI The products: Made in Italy in the world Made in Italy design, product quality, versatility of customisation options and efficient customer service are the key elements of a virtuous journey of industrial development that have made us a robust and technologically advanced company, recognised as a leader in the production of baking moulds. At the Volpiano plant, we have direct and complete control over the entire process: from the selection of raw materials to the management of processing technologies, monitoring the quality of finished products, to logistics, thus guaranteeing high standards of efficiency at every stage of the production cycle. Major, ongoing investments in technological development and the ability to modulate production according to market demands have proven to be the secret of success: guaranteeing high productivity without ever sacrificing the attention to detail and reliability that have always been the hallmarks of our brand. Our most highly prized aspects are the highly automated lines for the production of muffin moulds and springforms, which can be customised in size and colour, the numerous automatic lines for quick moulding, and the pad printing line, which allows the baking moulds to be decorated with high-resolution original images for a bespoke service. Our success also comes from our continuous search for quality materials: Hi-Top steel allows products to be made with the optimised thickness, offering a significant saving in cooking time with the same performance; furthermore, the use of the latest generation of non-stick coatings means that food is easy to remove from the mould and the mould itself can be thoroughly cleaned after use. Rounding out the catalogue are our silicone products, ceramic baking dishes, a practical collection of disposable moulds and trays, and various lines of special accessories for preparing and decorating sweet and savoury recipes. With a daily output of around 50,000 pieces, we are now a leader in the sector, overseeing all distribution channels and market segments, and are “Made in Italy” ambassadors in over 60 countries across Europe, the Middle East, America and North Africa. Building on our 75-year history, we are ready to take on the challenges and opportunities offered by the latest market trends with renewed energy, powered by a constant hunger for technological innovation and sustainable excellence. PRODUCTION 10 million products manufactured each year 20 Guardini-branded product lines 50 collections of Private Labels BRAND 50,000 pieces produced daily present in over 60 countries 75 years of history 1. Steel moulds: The company’s core business, the production of steel moulds with non-stick coating, is divided into 12 different collections by colour and type of coating under the Guardini brand name. Made of ECCS steel, they feature an optimised thickness that guarantees optimal baking results, calibrated use of raw materials and reduced oven time. With 60 different shapes, our steel moulds also meet the requirements of private label projects worldwide. 2. Die-cast aluminium moulds: This collection consists of 6 baking moulds, perfect for creative cakemaking at home or professionally. 3. Disposable moulds and trays: The collection consists of paper and plastic moulds for sweet and savoury baking, trays for displaying cakes and savoury snacks, ramekins for muffin and cupcake baking, and cake bases and boxes for transporting cakes. All products in the collection are strictly Made in Italy. 4. Silicone moulds: The collection consists of silicone moulds for cooking and freezing, which are flexible and non-stick, providing easy and perfect demoulding. Simple to clean, they can be easily stored anywhere and are suitable for use in a conventional oven, microwave, refrigerator and freezer, withstanding temperatures from -40°C to 260°C. 5. Ceramic baking dishes: A full range of white ceramic baking moulds, offering a contemporary interpretation of traditional baking methods and materials. Suitable for conventional and microwave ovens and also perfect as serving dishes. White ceramic baking dishes made from a material that is resistant to high temperatures and thermal shock. Extremely impact-resistant, these long-lasting dishes are ideal for ultra-intensive use. 6. Baking accessories: The line features accessories that offer inspiration in the kitchen and help you to make your recipes look their very best for special occasions. 1 4 5 6 2 3 An oven is an insulated thermal chamber in which food is cooked by exposure to heat. Since heat is radiated by diffusion, it is very important that the material used to make the mould has an optimised thickness in order to minimise the barrier effect between the heat source and the food. The steel used for our baking moulds is a special type of steel, called ECCS (Electrolytic Chromium Coated Steel), which has excellent elasticity properties and can therefore be produced in very thin gauges (0.3/0.4 mm), without compromising its mouldability during the production process. The thin gauge of the steel guarantees excellent baking performance, reducing cooking time, saving energy, and avoiding any unnecessary waste of materials.

12 13 GUARDINI The key ingredient: a balance of values Our company culture is the key to our success, a story of Italian entrepreneurship based on a values handed down through the generations: the importance of family, hard work, and respect for the environment. These lasting principles, which have taken on new meanings, guide our work on a journey of continuous improvement, always seeking to maximise customer satisfaction and make full use of the professional skills of all of the people who contribute each day to making our company one which is unique in the industry. Customer Focus, Quality and Innovation are the cornerstones of our projects, shaping production methods and products that look to the future. This vision is not limited just to researching functionality of the object, it extends to creative design, which makes us a proud standard-bearer for Made in Italy expertise and quality around the world. Influences from different fields and partnerships with the main players in the sector help to guide us in our constant search for the best technologies and materials with the aim of creating value, sharing the pleasure of cooking. Experience, Passion and Spirit of Collaboration are the key ingredients for a company that considers human resources to be integral to driving growth. Since we believe that only highly qualified and passionate people are capable of transforming simple raw materials into outstanding products of impeccable quality, investment in people is not only a moral priority, it is also a strategic choice for ensuring the sustainable growth of the company. Progress, Responsibility and Sustainability are the hallmarks of our mission: to accelerate the pace of innovation while ensuring an ever-improving quality of life, reconciling economic growth and the creation of shared value. Since we are aware that human well-being is indivisible from the well-being of the planet, we are committed to promoting sustainability, taking responsibility for the consequences of our actions to safeguard future generations. The way to realise this vision is through the creation of a virtuous circle which involves all stakeholders in the search for responsible solutions for choosing and processing materials and the end-of-life management of products. 2022 Sustainability Report

The best preparation for tomorrow is doing your best today H. Jackson Brown Jr SUSTAINABILITY IN OUR DNA By nature, by choice 10 material issues identified Contributing to 9 SDGs 3official awards

16 17 SUSTAINABILITY IN OUR DNA 2022 Sustainability Report Commitment to the 2030 Agenda: Stakeholders, Material Issues and SDGs Climate change, social inequalities, political tensions: the challenges facing humanity no longer have national borders, they affect the entire planet and therefore require global responses. The United Nations 2030 Agenda, to which the Next Generation EU and the Italian recovery and resilience plan directly relate, sets out the priorities which all countries must respond to and lays the foundations for a new development model that can deliver a better present and future for our planet and the people who inhabit it. Sustainability has always been an integral part of our business model with the aim, in both the short and long term, of creating favourable conditions for not only economic prosperity, but also environmental and social wealth, responding to the needs of our stakeholders who are an integral part of the socio-economic fabric in which we operate and which is impacted by our business. Stakeholder In order to achieve a complete stakeholder mapping, the Senior Management and Heads of Department were involved in a series of activities: • Through a series of one-to-one interviews and an interactive workshop, relevant stakeholder categories were identified in order to define a comprehensive list of which of them are currently or potentially affected by the company’s activities and to increase alignment with the sustainability context in which we operate. • Once the analysis process was completed, each category identified was assigned a relevance score, taking into account the stakeholder’s level of influence in business decisions and its dependence on business performance. This allows management strategies to be prioritised, activating the most appropriate engagement methods to ensure that the strategic objectives are achieved, while respecting the voice of all stakeholders. • Having performed the mapping, which clearly shows the distinctive features of our business model, was enhanced by defining the engagement methods applied, identifying the main topics of interest and their relationship to the company ones. Category Relevance Engagement method Priority topics Customers including retailers, distributors, loyalty, online sales platforms • Regular meetings • Trade fairs • Development projects • Company visits • Commercial documentation • Questionnaires • Website • Newsletter • Online and offline industry magazines • Product reliability • Supply chain transparency • High levels of service and support • Innovative and sustainable solutions End consumers • Website • Social media • Newsletter • Online and offline magazines • After-sales service channels • Quality and accessibility of products • High levels of service and support • Shared brand values Human Resources including Employees, Committees, Workers' Representatives • Internal communications • Regular individual and collective meetings • Code of Conduct • Social Performance Team • Reporting channels • Employment stability • A healthy, safe and stimulating working environment • Transparent communication and involvement in corporate objectives Trade Unions • Regular meetings • Meetings on company issues • Responsible business management Ownership • Regular meetings with committees and management • Full meetings • Business continuity and development • Stakeholder welfare Embracing a sustainable approach has proved to be not just a reputational benefit, with customers and consumers, but also an opportunity to reduce costs and risks, increasing the drive for innovation and creating a stimulus for value generation for the entire supply chain. Since that improvement comes from knowing and measuring our impacts, our commitment led to the drafting of our first Sustainability Report, which has proven to be the most appropriate tool for describing our approach to sustainability and the distinctive features of our business model. The document, which has been heavily supported by the Senior Management and produced with the collaboration of all people involved in the company, is not designed to be a unilateral publication, instead it offers an opportunity to establish an active and collaborative dialogue with all stakeholders, to incorporate their expectations, needs and requirements, with the common goal of building a prosperous and resilient future. The SA 8000 Ethics Certification is an accredited standard that meets the needs of organisations that wish to differentiate themselves for their commitment to sustainable development, with a focus on social issues. In 1999, we were the third company in Italy to believe in and achieve the certification, which more than 20 years ago was already aiming to spread the word about sustainability and corporate social responsibility. Since then, these values have been integrated into every aspect of how we do business, values which today are, happily, shared increasingly widely.

18 19 SUSTAINABILITY IN OUR DNA 2022 Sustainability Report Material issues and SGDs The process that we have introduced to raise awareness of sustainability issues involves all corporate functions in a multi-stage process: • First, a kick-off meeting was organised in which the senior management set out to front-line staff a strong and explicit commitment to delivering the transformation necessary to make Guardini a truly sustainable company. • Following this meeting, interviews were conducted with heads of department aimed at identifying strengths in the current management of sustainability issues and areas of lesser control, considering the entire value chain and taking into account relevant aspects that emerged from relations with key stakeholders. • An analysis of various internal and external sources, key peers and reference frameworks, including the SASB and GRI Standards, enabled us to identify and update industry sustainability trends and understand Guardini's positioning with respect to specific ESG issues. • As a result of this analysis, a workshop was held with senior management and heads of department to define the significant impacts from which risks and opportunities arise that contribute negatively or positively to creating or maintaining the company's value in the short and long term. The results from this work allowed the impacts to be grouped into ten material issues, which were prioritised according to the level of significance for the company and the importance attributed by stakeholders. The materiality analysis process enabled us to gain greater awareness of the impacts of our activities and to identify the issues covered in this report, with the ultimate goal of ensuring full alignment between stakeholder expectations and sustainability reporting. The material issues identified will be the basis for formalising a Sustainability Plan, a fundamental tool for monitoring the development of projects and the effectiveness of the activities undertaken and to assess the progress achieved against the defined objectives as part of a continuous improvement process. Category Relevance Engagement method Priority topics Institutions and governmental bodies which also includes Chambers of Commerce and Consulates • Events and webinars • Calls for tenders and support projects • Active participation in development • Regulatory compliance Trade Associations leading ones such as FIAC (ANIMA), FEC, API, CBA • Conventions • Technical-institutional round tables • Support and active role in category development Credit institutions • Company results presentation • Occasional meetings • Risk management • Availability, timeliness and accuracy of information Suppliers of raw materials, traded products, non-core products and services • Questionnaires • Audit • Regular meetings • Trade fairs • Code of Conduct • Reliability and continuity of the relationship • Collaborative support and responsibility in the supply chain Business Partner such as production line designers, material suppliers, sub-suppliers • Development projects • Regular meetings • Involvement and support for innovation Agents • Regular meetings • Trade fairs • Customer visits • Reliability and continuity of the relationship Local Community and NGO Associations • Initiatives in the local area • Supporting public benefit initiatives Academia including colleges, vocational schools and universities • Training courses within the company • Employment and training opportunities Media Offline and Online • Interviews and press conferences • Availability, timeliness and accuracy of information Competitors direct and indirect, national and international • Trade fairs • Events and webinars • Press review Relevance for stakeholders Impact of Guardini Ethical and responsible governance Environmental Governance Social Resource and waste management for a circular economy Responsible marketing and sustainability awareness Technological innovation and digitisation Responsible supply chain Open innovation, inter-company collaboration and dialogue with associations Occupational health and safety Development and protection of human resources Reducing the environmental impacts of production Sustainable design

21 SUSTAINABILITY IN OUR DNA Corporate governance: promoting sustainable success Sound corporate governance, integrated risk management, dialogue with stakeholders and fulfilment of the commitments made to society are the basis for our daily actions and determine our true value over time. We adopt a traditional governance model where the corporate bodies are represented by the Shareholders' Meeting, the Board of Directors and the Board of Statutory Auditors. All members of the company's governing bodies are leading figures in the finance and legal fields with proven technical skills and many years of experience. SHAREHOLDERS' MEETING APPOINTMENT Board of Statutory Auditors Boards of Directors Auditing Company Initially established in the form of a limited liability company, since the 1990s Guardini has taken the legal form of a joint-stock company while retaining a family base. Indeed, the company is run by Elena Guardini and Marco Guardini, Managing Directors, with the support of their father Giovanni Guardini, Chairman of the Board of Directors, and his wife Annamaria Terzano, in the role of Director (with a current term of office until 31/12/2022). Board of Directors Board of Statutory Auditors Number of members 4 5 of which women 2 1 of which men 2 4 aged < 30 < 50 years 2 2 aged > 50 years 2 3 The Senior Management is directly committed to verifying the effectiveness of the management system, ensuring that the guidelines on quality, social responsibility and safety of goods (ISO 9001, SA 8000, AEO), formally defined in the Company Policy and validated through the Management Review, are systematically implemented and applied at all company levels. Thanks to a system which has been consolidated over the years, the setting up of an internal Social Performance Team involved in monitoring activities, and the input of external consultants who assist the company on regulatory aspects, we identify and manage the risks to which we are exposed so that we can turn them into opportunities for growth and development. The frequent internal and external audits we undergo (by customers, certifying bodies, local health authorities, etc.) contribute to promoting the use of the process approach and risk-based thinking as part of continuous improvement. A relationship based on continuous dialogue at all levels of the organisation and the provision of dedicated channels enable the prompt communication of any critical issues identified to the relevant internal governing and administrative bodies. 20 Ethical and responsible governance We conduct our business in accordance with the principles of integrity, legality and accountability, which are preconditions for ensuring the generation of value in the short and long term. Regulatory compliance assumes greater significance in respect of the sectors for which our products are intended and the potential impacts caused to end customers. Resource and waste management for a circular economy We are committed to reducing the resources and raw materials used in the value chain and to implementing actions for reusing and recovering the waste and materials used in production. Technological innovation and digitisation The development of new technologies in industry at the same time as the digitisation of processes ensure the economic and environmental sustainability of our company, through greater production efficiency and better allocation of resources. Reducing the environmental impacts of production We recognise the impact of our business in terms of atmospheric emissions and we invest in research into systems to monitor consumption, improve plant efficiency and increase the renewable share within the energy mix. Responsible supply chain The sustainability profile of a company encompasses the management of its supply chain according to consistent principles, which include, in addition to legal regulatory compliance and protection of human rights, a focus on environmental and social aspects to reduce impacts along the entire value chain. Responsible marketing and sustainability awareness We have established a relationship of trust with our stakeholders by transparently communicating the impact of our products in the use phase and promoting sustainable consumption models through our sincere and concrete commitment. Health and safety at work As a necessary precondition for minimising exposure to occupational risks, safety is ensured through an effective prevention and protection system for workers and dedicated training and awareness-raising initiatives. Sustainable design This topic promotes sustainability throughout the product life cycle with the aim of reducing its overall environmental impact by minimising the consumption of raw material and the input of energy, using certified recyclable packaging and materials that guarantee quality and durability. Open innovation, inter-company collaboration and dialogue with associations With the aim of fostering a culture of innovation, supporting the growth of the sector and promoting the development of new business models, it is essential to have a shared approach aimed at the co-creation of sustainable solutions. Development and protection of human resources We believe that investing in human resources is a priority, promoting an inclusive work environment, ensuring equal opportunities and providing an improving work-life balance, for the well-being of workers and their communities. 2022 Sustainability Report

22 23 SUSTAINABILITY IN OUR DNA 2022 Sustainability Report Shared value: the role of the company in society Guardini has calculated the value generated and distributed according to the GRI Standard 201-1 'Economic Performance', defining the scale of the economic value generated (revenue) and the economic value distributed (operating costs, salaries and benefits, remuneration of capital providers, remuneration of the public administration, investments in the community). The economic value retained by the company has been calculated as the difference between the economic value generated and distributed. The data on the economic value generated and distributed were calculated by reclassifying the items in the income statement of the annual financial statements. In 2022, the company generated an economic value of EUR 23,687k (-37.1% YoY), consisting of income from core operations (sales of products and services), financial operations and ancillary operations. The decrease is mainly attributable to lower recurring revenues, although a clarification must be made here: 2021 revenues were exceptionally high due to a large promotion of the loyalty channel, which is therefore not to be regarded as standard, and this can be seen in a 2022 revenue trend returning to pre-2021 levels. On one hand, turnover in 2022 was affected by a general slowdown in the consumption of kitchen products, which led to a reduction in revenues in the established markets, offset, however, by a significant demand for stock from the company's main customer. Of the economic value generated, 94% was distributed among stakeholders with whom Guardini had economically significant relationships and who contributed resources such as labour, investments, loans, services for the public benefit, social benefit programmes, etc., thus contributing to the company's economic wealth. Specifically, the economic value distributed totalled EUR 22,259k (-30.9% YoY) and is broken down as follows: • 70% for operating expenses totalling EUR 16,620k (-29.4% YoY). The decrease is directly correlated with the reduction in the economic value generated. It should be noted that, in line with GRI provisions, the item also includes remuneration to directors and contractors. • 22% for salaries and benefits totalling EUR 5,146k (-22.9% YoY). Note that this item also includes fringe benefits (company cars, fuel, motorway tolls, etc.). • 0.5% for payments to capital suppliers totalling EUR 114k (+2.5% YoY), the increase being driven by a rise in the interest rates payable on bank loans and charges paid on the new loan received from Simest. • 2% for payments to the public authorities totalling EUR 592k (-71.3% YoY). This item includes current taxes and indirect taxes. The economic value resulting from the difference between the value generated and that distributed is retained by the company and consists of value adjustments, deferred tax assets and liabilities, allocations to provisions and profit/loss for the year. In 2022, the economic value retained corresponds to 6% of the economic value generated and totals EUR 1,428k (-73.9% YoY). This share relates to depreciation and amortisation, profit for the year, prepaid and deferred income tax (IRES, Italian corporate income tax) and contributions received. The continuous improvement approach is exemplified by the policies implemented in the different areas: • Quality policy: our efforts are aimed at promoting a culture of quality, meaning the ability to satisfy customer needs at both product and service level and to protect the health and safety of end consumers by gearing our procurement policy to ensure it is fully compliant for food preparation and favouring suppliers which are highly reliable. • Social Responsibility policy: we conduct ourselves in a socially responsible manner in accordance with the principles agreed in the UN Declaration and the ILO conventions and recommendations, and are committed to ensuring the protection of human rights for employees, contractors and suppliers. • Product safety policy: as an Authorised Economic Operator (AEO), we ensure that goods are safe throughout the international supply chain by assuring that documentation is correctly transmitted and by verifying that during all stages of the supply chain, in all business processes and in transport to the customer, the requirements of the regulations are met. • Environmental policy: we do not simply limit ourselves to regulatory compliance; we define an annual improvement plan in order to check which corrective actions are the most appropriate to apply in order to minimise our environmental impact. The commitment to achieving a balance between the economic, social and environmental aspects is reaffirmed in the Code of Ethics, the Code of Business Conduct and the Code of Conduct for Commercial Partners. The Senior Management provides suitable communication tools and oversees compliance with these documents, which are a guide and support for all those who, directly or indirectly, permanently or occasionally, work with or for Guardini, enabling them to pursue the Company's mission in the most effective manner.

24 25 2022 Sustainability Report DISTRIBUTION OF ECONOMIC VALUE CREATED (FY2022; EUR K) SUSTAINABILITY IN OUR DNA Remuneration and benefits 22% Remuneration PA 2% Net result retained 6% Remuneration of debt capital 0.5% Net result 70% Net result Operating costs Remuneration and benefits Remuneration PA Remuneration of debt capital Donations Net result retained 23,687 16,621 5,147 377 1,428 114

When we strive to become better than we are, everything around us becomes better too. Paulo Coelho ENVIRONMENTAL RESPONSIBILITY Concrete actions for a sustainable future 100% recovery of steel scrap Only 1.48% steel waste <1% of waste sent to landfill

28 29 ENVIRONMENTAL RESPONSIBILITY 2022 Sustainability Report The production process: management of impacts Reducing emissions through energy efficiency policies has become an increasingly important issue in the current global context, where a focus on climate change and risk mitigation are now top priorities. We have always been sensitive to environmental issues and in recent years we have decided to adopt a policy with a strong focus on sustainability, implementing solutions aimed at reducing consumption and emissions, proper waste management and the adoption of green product policies. Adopting sustainable practices not only improves a company's image in the eyes of consumers and regulators, it also allows for more effective risk management and investment planning, taking into account aspects that go beyond purely economic and financial drivers. Thanks to our participation in sustainability initiatives promoted by industry associations and the networking programme developed with one of our main customers, we are creating synergies with other organisations, becoming more open to discussions and seeking common solutions to shared problems. With the awareness of the significance of energy consumption and emissions in our business, the attention paid to this issue has increased considerably in recent years and has led to a series of investments and interventions targeting a significant reduction: • The replacement of the old, traditional heating system in one of the production plants with a radiant tube system has significantly improved the thermal comfort of the indoor environment as well as significantly reducing energy consumption. • Replacing the cooling tower with a more efficient closed-circuit chiller system means that the water used to cool the production lines is no longer dispersed and evaporated, instead the heat is recovered and reused in the heating system. • With the relamping work almost completed, the old incandescent bulbs have been replaced with an energy-efficient LED lighting system. In addition, motion sensors and dusk-to-dawn switches have been installed so that the lights are only used when necessary. • All factories have been equipped with automatic shutter doors to prevent heat loss as goods handling vehicles pass through. • All air compressors have recently been replaced with fuel-efficient models. Most notably in 2022, an energy consumption monitoring system (EMS) was installed which uses meters positioned at the main consumption centres (production lines, compressors, etc.) to allow us to assess the need for any reduction measures. Around the same time, we conducted an energy audit, an assessment aimed at defining the company's energy efficiency and identifying suitable actions to improve it. The main investment planned for 2023 involves an increase in the number of solar panels, which will reach a coverage of about 50% of the energy demand, bringing a significant benefit in terms of a reduced environmental impact. The remaining energy needs are currently covered by purchasing energy derived from 43% renewable sources. In one of the production plants, the implementation of the radiant tube heating system, already in use in another plant, to replace the existing methane convector heating system is also being assessed, with a view to improving energy efficiency, ensuring that excess heat is recovered and channelled into the system. Energy efficiency and emissions management 2015 saw the construction of the new office building, a highly advanced building designed in 2010 in accordance with strict eco-sustainability criteria (Class A). Equipped with innovative systems to make the building self-sufficient in energy, with a heating system that makes use of the temperature difference of the groundwater to power a heat pump, operated by a photovoltaic system; solar panels heat the water for the bathrooms. Thermally insulated, the building enjoys thermal comfort in all seasons and requires no non-renewable energy.

30 31 ENVIRONMENTAL RESPONSIBILITY 2022 Sustainability Report Location based: A methodology that considers an average emission factor (kg of CO2e emitted per kWh consumed) for the electricity consumed, calculated on the basis of the national energy mix for the country in which the company operates. The higher the share of energy from renewable energy sources within the national energy mix, the lower the value of the associated emission factor. Market based: an approach that allows the amount of energy from renewable sources purchased directly by the company to be taken into account. The source of this energy must be certified by the Gestore dei Servizi Energetici (GSE, energy services provider) by issuing a certificate of origin. In order to reduce atmospheric emissions, in addition to many of the measures described above, fully electric internal goods handling vehicles have been purchased or leased, whilst consideration is being given to upgrading the company car fleet to hybrid technology, as well as purchasing a fully electric van. In order to track the effectiveness of the actions implemented, we have decided to calculate the annual direct and indirect emissions from energy purchases (scope 1 and scope 2 according to the GHG Protocol), using both the “Location based” form, which reflects the average emission intensity of the networks on which energy consumption takes place, and the "Market based” form, which reflects the emissions of the electricity available on the market. In 2022 Direct emissions (Scope 1), related to natural gas, petrol and diesel consumption, totalled 265 tonnes CO2e, down from 2021. Indirect emissions (Scope 2), related to the consumption and purchase of electricity from the grid, decreased in 2022 compared to the previous year, both when calculated according to the Location based and Market based method, falling to 499 and 474 tonnes of CO2e respectively. Scope 1 (in 2022) 265 t CO2e Scope 2 (in 2022) Location based 499 t CO2e Scope 2 (in 2022) Market based 474 t CO2e NOTE: For the Location based method, emission factors were calculated using SimaPRO software and the latest available data on the “Composition of the initial national mix used for the generation of electricity fed into the Italian electricity system” provided by the GSE pursuant to the MSE decree of 31/7/2009. For the Market based method, the same software was used, but entering the “Composition of the energy mix used to generate the electricity sold by the company”, also provided by the GSE pursuant to the MSE decree of 31/7/2009. Emission intensity indices were calculated by taking direct and indirect emissions in tons of CO2e, calculated by both the location-based and market-based methods, and relating them to the total steel used in production. 2020 2021 2022 1,430,187 1,590,067 1,343,901 1,639,786 1,609,288 1,567,666 2,579,398 2,556,917 1,546,822 ENERGY (kWh) Electricity consumption Purchased electricity Fuel consumption (natural gas) CO2 EMISSIONS [tCO2e] 1000 600 800 400 200 2020 2021 2022 271.75 300.75 265.12 461.08 794.38 499.97 1200 0.09 0.09 0.1 0.17 0.16 0.27 732.83 1095.13 765.10 1000 600 800 400 200 2020 2021 2022 430.04 753.88 474.48 1200 0.09 0.09 0.1 0.16 0.14 0.25 701.79 1054.63 739.61 271.75 300.75 265.12 t t Scope 1 Scope 2 Location based Direct emissions (tCO2e/t) Indirect emissions Location based (tCO2e/t) Scope 2 Market based Indirect emissions Market based (tCO2e/t) Scope 1 Direct emissions (tCO2e/t) It can also be seen that over the three-year period, the value of CO2e emissions which are relevant to Scope 2 calculated using the Market based method are lower than those calculated using the Location based method. This change has been achieved thanks to the company's focus on this issue, i.e. the purchase of energy from a mix that contains a higher proportion of renewable energy than the average available in the country, as well as a share of self-generated energy from our own photovoltaic panels.

32 33 ENVIRONMENTAL RESPONSIBILITY 2022 Sustainability Report From materials to waste We have implemented a procedure which is structured, formalised and mapped within the quality management system, differentiating the management and disposal of hazardous waste from non-hazardous waste. For the first category, containers have been installed outside the plant for the collection of all the main types of non-hazardous waste produced by the company; the disposal of this waste is managed by the Municipality of Volpiano. Instead, hazardous waste is collected in clearly defined areas within the plant. The request for disposal, including the type, size and weight of the waste, is made directly by the responsible personnel. For both types of waste, the forms issued by transporters must be recorded in the appropriate register no later than ten days after the document is issued. We have entrusted the recovery of steel scrap, the main raw material used in production, to two suppliers involved in the transformation of scrap and off-cuts into a reusable material mainly for the construction sector. Although 100% of steel waste is then processed into new products by companies in other sectors, the waste production index is constantly monitored to ensure it is constantly reduced. In 2022, steel scrap due to production or raw material defects accounted for 1.48% of all pieces produced. We have also achieved full recovery of wooden pallets at the end of their life through a service offered by our disposal company which, depending on the condition of the pallets, repairs them, refits them or converts them into chipboard, offering a virtuous circular economy model. For the collection of paper, cardboard and plastic, we are assessing specialist suppliers which can provide greater traceability of the supply chain by offering direct transport to the paper mill or to plastic recovery and recycling centres. At the same time, consideration is being given to installing an industrial cardboard shredder in the plant which, in addition to reducing disposal costs, would provide a significant cut in the number of journeys by disposers and the resulting greenhouse gas emissions. With a view to achieving an overall reduction in the amount of waste produced, the company also plans to do away with heat-shrink plastic film for packaging, a product which is often requested by the customer but which is superfluous for the purposes of proper packaging. For us, sustainability is an attitude to be applied every day and shared with all the people who are part of our business, through a variety of best practices. With this objective: • drinking water dispensers have been introduced for staff, resulting in the elimination of plastic bottles from vending machines; • all plastic cups and spoons inside the vending machines have been replaced with fully recyclable paper cups; • air dryers have been installed which are powered by the energy generated from the photovoltaic system to replace the use of paper towels; • the use of digital formats for communication is encouraged, with a 70% reduction in paper use. With the introduction of Industry 4.0 on eight production lines, the production process has been integrated and interconnected with the company management system. This makes it possible to exploit the opportunities for two-way communication, obtaining production data (number of pieces produced, line stops, etc.) from the plants and information on the orders needed by the line operators from the management system. This provides us with real-time information, enabling us to take prompt action on production efficiency and reduce the use of paper documents, in line with the company's paperless goal. Another logistics-related action has been paperless warehouse management: the logistics of finished products are controlled via Bluetooth terminals, which exchange information with the company management system without the need for paper documents. For packaging and secondary packaging, we favour the use of recycled and recyclable materials and, in the case of paper, from FSC-certified sources. Again with a view to reducing the amount of materials used, depending on the protection requirements of our products, we are committed to using less packaging material and minimising the physical size of products during transport. of steel scrap 1.48 % recovery of wooden pallets 100 %

34 35 ENVIRONMENTAL RESPONSIBILITY 2022 Sustainability Report recyclable packaging 100 % 2022 2021 2020 Quantity % recycled material Quantity % recycled material Quantity % recycled material Ceramic and silicone 171.1 0% 401.3 0% 170.3 0% Steel 2.968.7 15% 6.677.5 15% 3.554.8 15% Plastic 48.6 6.80% 84.3 8.10% 73.2 8.60% Paper & cardboard 481.7 0% 956.9 0% 653.8 0% Wood 111.3 100% 172.3 100% 117.5 100% Total 3781.4 8292.3 4569.6 MATERIALS (t) RECYCLED MATERIALS (t) % of recycled input materials used to make the organisation's core products and services 2020 2021 2022 14.38% 4.569.6 14.81% 3.781.4 14.24% 8.292.3 average recycled steel content 20 % Our moulds are produced with a recycled steel content that ranges from a minimum of 15% to a maximum of 25%. This percentage, which may seem small at first glance, is actually a very good result considering the technical limitations related to the moulding of the product and the application of the non-stick coating, which require a high percentage of virgin steel. In line with our sustainability policy, our R&D work continues, in cooperation with our coating suppliers in order to increase the percentage of recycled steel in our products. 2022 Waste generated Waste not sent to landfill Waste sent to landfill Mixed steel 678.16 678.16 0 Paper & cardboard 37.94 37.94 0 Plastic 4.12 4.12 0 Toner 0.04 0.04 0 Wood 36.68 36.68 0 Miscellaneous 0.01 0.01 0 Hazardous waste 2.34 1.09 1.25 WASTE (t) This is why, over time, the cardboard slipcases used as the primary packaging of our products have mostly been replaced by labels, which use less paper, with no impact on the space allocated to product information and instructions for use. Secondary packaging has also been replaced with thinner but equally strong cardboard, switching from 'double wall' to 'microtriple' cardboard, helping to minimise the amount of space occupied during transport with the same performance (estimated savings of 40%). We are convinced that technological developments grow in line with cultural changes, so we are committed to improving the efficiency of production processes and increasing awareness of the “corporate culture” which combines the corporate values with the desire to deliver the desired environmental and societal change.

36 37 ENVIRONMENTAL RESPONSIBILITY 2022 Sustainability Report Sustainable thinking: a new model of development Product Carbon Footprint Thinking sustainably means, first of all, being aware of our impacts and then using this awareness to improve our processes. We therefore decided to conduct a Life Cycle Assessment study according to the most widely accredited international standards (ISO14040, ISO14044, ISO14067, PCR “Tableware and kitchenware” by EPD International), with the following objectives: • assessing the environmental impact and in particular the carbon footprint of an average Guardini pan; • identifying areas for improvement throughout the lifecycle of the pan (change-oriented approach); • communicate to stakeholders our strategic commitment to environmentally friendly production. In the preliminary phase of the Life Cycle Assessment study, all process along the entire product supply chain are analysed and mapped according to the following model: Raw materials Design CIRCULAR ECONOMY Consumption, use, reuse, repair Collection Recycling Residual waste Production manufacturing Distribution TRAY MOULDING • Steel and coating (g) • Electricity (MJ or kWh per source) • Production offcuts (g) • Production waste (g) FINISHED TRAYS • Paper (g) PACKAGED TRAY • Packaging material (g) CUSTOMER TRANSPORT TRANSPORT Truck (km) SCRAP AND PRODUCTION WASTE (G) TRANSPORT Truck (km) USE • Water • Electricity LANDFILL Steel (g) RECYCLING • Scrap and production waste (g) • Paper and cardboard (g) • Packaging film (g) • Electricity (MJ or kWh per source) • Water (L) RECYCLING TRANSPORT TRANSPORT Truck (km) LANDFILL TRANSPORT TRANSPORT Truck (km) TRANSPORT Truck (km, % total transport) STEEL • Hi Top Steel (kg, % total material) • PES (polyethersulphone)- based coating and PTFE (polytetrafluoroethylene) additive (kg, % total material) PAPER, GLUE • Paper Packaging (kg) • Glue Packaging (kg) TRANSPORT Truck (km, % total transport) PACKAGING • Packaging material Cardboard, plastic film (kg) TRANSPORT Truck (km, % total transport) UPSTREAM CORE DOWNSTREAM Life Cycle Assessment (LCA) is a methodology that measures the environmental footprint of a product or service throughout its entire life cycle, “from cradle to grave”. The scope of the analysis therefore extends from the extraction of the raw material to the production stages, the use of the product, and its end of life. Through the LCA study, the environmental footprint of a product/service is broken down into different 'impact categories', which represent the different impacts that the product/service generates in the different environmental sectors. One of the impact categories considered is the increase in the greenhouse effect (Global Warming Potential - 100 years), measured by the amount of CO2e emissions into the atmosphere generated by the consumption of energy and materials during the life cycle of a product/service. In this sense, the Carbon Footprint represents a subset of an LCA study. The purpose of an LCA study is to find out about the impacts generated and to put in place actions to reduce and compensate for those impacts. It is also a useful benchmarking tool within the industry to assess the most environmentally virtuous companies.

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