Make the ordinary extraordinary 2024 Sustainability Report
Make the ordinary extraordinary 2024 Sustainability Report
Guardini S.p.A. Via Cravero, 9, 10088 Volpiano (To) - Italy Tel. +39 011 995 2890 www.guardini.com Edited by Bios Management Srl August 2025
3 LETTERS TO STAKEHOLDER 5 GUARDINI 6 More family, more future About us 8 History: tradition in our hearts, the future in our sights 10 Our production philosophy 12 The key ingredient: a balance of values 15 SUSTAINABILITY IN OUR DNA 16 By nature, by choice The sustainability Strategy: Stakeholders, Material Topics 18 and the ESG Plan Corporate Governance 26 Shared value: the company’s role in society 28 PROCESS 30 Low Impact Energy consumption 32 Waste management 34 PLANET 38 Climate Action Emissions 40 Environmental impacts in our value chain – Scope 3 43 PRODUCT 48 Sustainable Innovation Quality products 50 Material innovation and circular economy 52 Input materials 54 Output materials 55 PEOPLE 58 Inclusive World Guardini People: a successful team 60 Customers-focus: every product tells a story 66 Supply chain: open innovation 68 Be part of the change 70 METHODOLOGICAL NOTE 72 DATA TABLES 74 GRI INDEX 94 Index
2024 Sustainability Report 4
LETTER TO STAKEHOLDERS 5 Letter to Stakeholders Resilience: this is the word that best defines our spirit today. It is paired with cautious optimism and a strong determination to act – and to act with excellence – inspired every day by our deeply Italian values, which have always guided our choices. The year 2024, now behind us, was not without its challenges. Nevertheless, the recovery in consumer demand has encouraged us to look to the future with confidence, driving us toward product diversification and a renewed commitment to Research and Development (R&D). The global geopolitical and economic context remains unstable and full of challenges: the rising costs of raw materials, energy, and labor make competing in the market increasingly complex. Despite these challenges, we have continued with determination along our Sustainability path, a conscious choice from which we cannot – and do not wish to – turn back. Protecting natural resources, fostering skills, and safeguarding the values built over 75 years of history today stand at the core of our daily commitment. During the year, we stepped up our research into the use of more sustainable, PFAS-free coatings - an important step that required significant Investments in Research and Development (R&D), generating production complexities, material waste and efficiency losses. It is, however, a necessary path, and the market is increasingly recognizing the value of this effort. Our consolidated expertise has made us a trusted partner for leading retailers, both in Italy and abroad, positioning us as a solid European alternative in the bakeware sector. With 86 Employees, 115 Suppliers and 650 distribution partners, we have contributed - on our scale - to the national economy, supporting employment while promoting Corporate Social Responsibility (CSR) and the values of Made in Italy. Ensuring production continuity, reducing our Environmental Impact in terms of CO2 Emissions and resource use, and building meaningful partnerships for the development of increasingly sustainable products are the commitments we pursue every day. The pages of this third Sustainability Report, shared with all our Stakeholders, provide tangible evidence of our commitment. Elena Guardini, Managing Director Marco Guardini, Managing Director
GUARDINI More family, more future 6
There is no such thing as a favourable wind for the sailor who doesn’t know where to go Lucio Anneo Seneca 60 baking moulds designed and produced in-house 86 employees 17,000 m2 of industrial space 7
8 2024 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, and from e-commerce to more traditional channels.
9 GUARDINI Global Presence 35.5% Italy 64.5% Abroad DISTRIBUTION NET REVENUE FROM SALES AND SERVICES (M €) 2022 23.1 15.3 2023 2024 12.5 7% Other channels 4% Online sales 11% Loyalty 65% Large retailers 13% Wholesalers
With the appearance of the first household appliances in Italian homes, Guardini chooses to focus on the domestic market and selects the baking tin 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 next generation, 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 10 2024 Sustainability Report History: tradition in our hearts, the future in our sights
Guardini, which has now become one of Europe’s leading companies in the production of baking moulds, is now an exporter of the best of Made in Italy to over 60 countries around the world, promoting sustainability as one of its distinctive features, and striving each day for a greater awareness of its environmental and social responsibility. 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 11 GUARDINI
12 2024 Sustainability Report PRODUCTION 6 million products manufactured each year on average 27 Guardini-branded product lines 44 Private Label collections BRAND GLOBAL SPHERE BUSINESS SPHERE CORPORATE SPHERE Geopolitical context Climate change Social challenges Stakeholder expectations Regulatory standards Competitive environment Structure of the supply chain “Promoting the Italian cooking delight” Financial capital Industrial and intangible assets Natural resources People and know-how Vision and Strategy Key resources Integrated system Co-design and industrialization Quality system Sales and customer satisfaction Procurement Manufacturing Our production philosophy The Made in Italy design, the focus on quality and the versatility of production are the key elements of a virtuous journey of industrial development that has made us a robust and technologically advanced company. Appreciated by customers for our quality and reliability, we are now a partner of choice in the production of baking moulds, covering all distribution channels and market segments in more than 60 countries, including Europe, Arab nations, America and North Africa. 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. We approach market challenges and opportunities with enthusiasm, aiming to anticipate trends and respond promptly to our Customers’ needs. Beyond high Product Quality standards, there is increasing attention to product sustainability, such as the choice of coatings, the reduction of plastics in packaging, the use of FSC-certified paper, and the development of PFAS-free products. Over the years we have progressively expanded our portfolio of “green” lines, both within Private Label Collections and under the Guardini brand, such as XBake, made with X-Carb® certified steel with reduced Environmental Impact. Within a constantly evolving context, our business model seeks to enhance the financial, human, technological, relational, and natural resources available to us in an integrated system capable of supporting Sustainable Growth and generating Shared Value in the medium and long term.
13 GUARDINI 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 optimized 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 designed for creative cakes, suitable for both home and professional use. 3. Disposable moulds and trays: The collection consists of paper and plastic moulds for sweet and savoury baking, trays for displaying cakes 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 baking 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 and 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 accessoires: 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
2024 Sustainability Report 14 ANODISED ALUMINIUM COLLECTION For professional performances AIR FRYER ACCESSORIES The must-haves of the moment TINPLATE MOULDS Versatile, practical and convenient EASY BAKE BIO LINE 100% compostable or recyclable, 100% Made in Italy BOROSILICATE GLASS PANS Durable and 100% recyclable Latest Innovations NEW A Taste for Innovation! In 2024 we expanded our offering of air fryer accessories, including disposable baking paper moulds and reusable silicone versions, ensuring speed, cleanliness, and flawless results without using a traditional oven. With a wide range of shapes, materials, and colors, our accessories are designed for those who love to follow the latest culinary trends and experiment in the kitchen, adding a touch of creativity to every recipe.
15 GUARDINI The key ingredient: a balance of values OUR VISION To promote the Italian cooking delight worldwide, while preserving and passing on the values of our family tradition. OUR MISSION To offer high-quality, accessible products that make every moment in the kitchen light and enjoyable, while generating a positive impact on the environment and the community. OUR VALUES 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 with 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.
SUSTAINABILITY IN OUR DNA By nature, by choice 16
The best preparation for tomorrow is doing your best today H. Jackson Brown Jr 9 Material topics identified Contributing to 9 SDGs 12 Sustainability goals 17
18 2024 Sustainability Report The sustainability Strategy: Stakeholders, Material Topics and the ESG Plan 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. We have decided to be part of this change by integrating sustainability further and further into our business model and promoting its spread throughout the entire value chain. Our commitment to a responsible business model has taken shape through the drafting and annual update of our Sustainability Report. This is not just a document, but a transparency tool that reflects our Environmental Impact and enables open dialogue with all our Stakeholders. From this growing awareness, we have developed concrete, measurable Goals and Achievements, integrated into a Sustainability Plan that today guides our strategic choices. In 2024, we took another significant step forward by calculating our Scope 3 CO2 Emissions - an initiative that represents not only an act of responsibility but also an opportunity to build a “shared framework,” actively involving all actors in our ecosystem. 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. Stakeholders Our channels of communication with our stakeholders — such as our customer service, website and social networks, for example — along with engagement activities carried out throughout the year — from attendance at trade fairs to participation in development programmes, customer visits and supplier audits — are essential in obtaining a fuller and more accurate view of the sustainability context in which we operate. The perspectives, needs, and expectations that emerged from these interactions are essential for updating material topics and ensuring the proper definition of the company’s strategic priorities.
19 SUSTAINABILITY IN OUR DNA Category Relevance* Engagement methods Priority topics Customers including retailers, distributors, loyalty, online sales platforms • Regular meetings • Trade fairs • Development projects • Company visits • Questionnaires • Website • Newsletter • Social networks • Product reliability • Supply Chain transparency • High level of service and support • Innovative and sustainable solutions End Consumers • Website • Social networks • Newsletter • After-sales service channels • Quality and accessibility of products • High levels of service and support Human Resources including Employees, Committees, Workers' Representatives, Trade Unions • Internal communications • Regular individual and collective meetings • Social Performance Team • Reporting channels • Employment stability • A healthy, safe, and stimulating working environment • Transparent communication and involvement in corporate objectives Ownership • Regular meetings with committees and management • Full meetings • Business continuity and development • Stakeholders welfare Institutions and governmental bodies which also includes Chambers of Commerce and Consulates • Conventions • Call for tenders and support projects • Regulatory compliance Trade Associations leading ones such as FIAC (ANIMA), FEC, API, CBA • Conventions • Technical-institutional round tables • Active participation in development Credit Institutions • Company results presentation • Risk management • Availability, timeliness, and accuracy of information Suppliers and Business Partners of raw materials, traded products, non-core products and services, production line designers • Questionnaires • Audit • Regular meetings • Trade fairs • Reliability and continuity of the relationship • Collaborative support and responsibility in the supply chain * The Relevance scores were determined based on each stakeholder's level of influence in business decisions and dependence on business performance.
20 2024 Sustainability Report Material topics The process of reviewing the material topics is fundamental to defining the content to be included in the reporting and the short-term and long-term sustainability goals, based on the organisation’s most significant impacts, taking into account possible changes resulting from variations in business activities and relationships. The process involves both an internal and an external context analysis. For the internal dimension, company documents such as the Code of Ethics, Management Review, Audit results, risks identified through Risk Assessment, and internal projects and procedures related to ESG areas were analyzed. For the external dimension, international reporting standards and frameworks such as the GRI 2021 Universal Standards, AA1000, SASB, and MSCI were reviewed, alongside a thorough benchmarking exercise against sector best practices. This year, we also considered the new structure introduced by the ESRS (European Sustainability Reporting Standards), aligning the identified topics with the list of sustainability issues included in the thematic ESRS. The impact assessment was conducted from an inside-out perspective, evaluating impact relevance across two key dimensions: magnitude and probability. Magnitude was measured on a scale from 1 (low) to 5 (extreme), taking into account the extent, scope, and, in the case of negative impacts, the level of irreversibility. Probability, also assessed on a scale from 1 (unlikely) to 5 (very likely), was applied exclusively to potential impacts.
21 SUSTAINABILITY IN OUR DNA ESG Material topics Impacts Positive/ negative Effective/ potential Relevance* (1-5) ESRS Topic G Ethical and responsible Corporate Governance Increased trust from Stakeholders thanks to compliance with regulations (anti-trust, anti-competitive behavior, transparency) P E 5 G1 - Business conduct Cases of non-compliance with laws and corruption could undermine the Corporate Governance system and cause financial and reputational damage to the company N P 1 The existence of whistleblowing channels ensures proper information management and protection of whistleblowers P E 4 E Reduction of environmental Impacts from production Reduction of CO2 Emissions and energy consumption through process Energy Efficiency P E 3 E1 Climate change - Climate change mitigation E1 Climate change - Energy Sustainable Innovation Lower environmental impact through the use of more sustainable, recyclable materials with higher recycled content P E 3 E5 - Resource use and circular economy - Resource inflows, including resource use Resource and waste management within a circular economy approach Reduced use of resources and raw materials through greater focus on recovery within the production process P E 3 E5 - Resource use and circular economy - Waste E5 - Resource use and circular economy - Resource outflows related to products and services Focus on waste sorting and recovery, leading to reduced reliance on disposal methods (e.g. landfill, incineration, etc.) P E 4 S Development and protection of human resources Ensuring fair contractual and wage conditions fosters economic and social well-being for Employees and their families P E 4 S1 - Own workforce - Working conditions S1 - Own workforce - Equal treatment and opportunities for all Improvement of employees’ hard and soft skills through training and development programs P E 3 Potential decline in employee satisfaction due to a hostile work environment, unequal treatment, and insufficient recognition of individual skills, with consequences on corporate productivity N P 2 Health and safety at work Focus on working conditions, health and safety at work reduces accidents and occupational illnesses, enhancing employee well-being P E 4 S4 - Own workforce - Working conditions Failure to comply with regulatory obligations, procedures, and preventive measures could lead to accidents and occupational illnesses N P 2 Product quality and safety Product healthiness, ensured through high standards and a certified management system, safeguards the health of customers and end consumers P E 5 S4 - Consumers and end-users - Personal safety of consumers and/ or end-users S4 - Consumers and end-users - Information-related impacts on consumers and/or end-users - Privacy Marketing non-compliant products could undermine relationships with customers and end consumers N P 2 Protection of stakeholders’ privacy through the cybersecurity systems adopted by the company P E 3 Responsible supply chain Accidents or cases of non-compliance within the supply chain may cause operational disruptions and reputational damage with stakeholders N P 1 S2 - Workers in the value chain - Working conditions S2 - Workers in the value chain - Other rights Protection of workers’ human rights across business partners, with an absolute ban on any form of forced or child labor P E 3 Responsible marketing and sustainability awareness Increased stakeholder trust thanks to clear and transparent communication P E 3 S4 - Consumers and end-users - Information-related impacts on consumers and/or end-users E1 - Climate change E5 - Circular economy - Resource outflows related to products and services Lower environmental impact through greater awareness of sustainable consumption models P P 1 * The Relevance scores were determined based on each stakeholder's level of influence in business decisions and dependence on business performance.
22 2024 Sustainability Report Reduction of environmental impacts from production Aware of our Environmental Impact, we monitor and calculate CO2 Emissions across the entire Supply Chain in order to identify and implement Energy Efficiency solutions at every stage of our Business model. Resource and waste management within a circular economy approach Our commitment translates into the responsible use of raw materials, the reduction of waste during production, and careful waste management, promoting recovery and recycling solutions. Sustainable innovation We continuously invest in Research and Development (R&D) to implement solutions that reduce our environmental Impact, promoting responsible design and the use of sustainable, recycled, and recyclable materials in products and packaging. Ethical and responsible Corporate Governance We conduct our activities in accordance with the principles of integrity, legality, and responsibility, as set out in our Codes of Conduct and in compliance with Legislative Decree 231. Regulatory compliance is particularly relevant with regard to the sectors in which our products are marketed and the potential impacts on End Consumers. Development and protection of human resources We apply the principles of Corporate Social Responsibility (CSR) set out in our Code of Ethics and the SA8000 certification, fostering an inclusive work environment, ensuring equal opportunities for growth, and safeguarding work-life balance, with the goal of contributing to employee well-being and to the local communities they belong to.
23 SUSTAINABILITY IN OUR DNA Health and safety at work Protecting Health and Safety at Work is a fundamental principle, ensured through a robust system of prevention and protection, compliant with the highest regulatory standards and focused on continuous improvement. Product quality and safety Through a certified management system, we ensure product quality, safety, and full traceability at every stage of the supply chain and throughout all company processes. The same attention is given to the protection and handling of data relating to business partners and customers. Responsible supply chain Our Code of Conduct for business partners establishes the ethical and legal principles that our suppliers must comply with, with the aim of ensuring full regulatory compliance, mitigating risks, and strengthening meaningful strategic partnerships. Responsible marketing and sustainability awareness Through our corporate communication channels, we ensure maximum transparency in the dissemination of technical product information, promoting responsible use and proper disposal to encourage more sustainable consumption models.
24 2024 Sustainability Report ESG Plan Since last year, we have chosen to formalize our commitment within a Sustainability Plan, engaging the entire organization at all levels in a virtuous path of continuous improvement. In the short to medium term, the Plan operates both strategically and operationally, based on the new Actions4More program, which integrates Sustainability into the company’s mission through four cross-cutting pillars: Process Low Impact Optimizing processes to reduce Environmental Impact. Planet Climate Action Promoting actions for the climate and the health of the planet. People Inclusive World Valuing people and creating inclusive opportunities. Product Sustainable Innovation Innovating to create sustainable, high-quality products. The 12 identified targets, linked to their respective material topics, are associated with specific Key Performance Indicators (KPIs), allowing us to monitor progress toward achieving our goals. The Plan is shared with Department Heads, who are responsible for integrating commitments into policies and operational procedures, while promoting the engagement of all internal resources and stakeholders in achieving the goals. At the date of approval of the Sustainability Report, the Board of Directors approved the current ESG Plan, which is scheduled for annual updates.
25 SUSTAINABILITY IN OUR DNA Targets KPIs Baseline (2023) Target 2024 Performance 2024 2025 2026 PROCESS Reduction of environmental impacts from production Reduction of energy consumption in machinery and production plants Machine energy (kWh) / No. of press strokes 0.049 4% reduction vs. baseline 0.041 6% reduction vs. baseline 8% reduction vs. baseline Reduction of plant energy consumption (lighting) Total energy consumed (kWh) / Plant opening hours 18.64 18.64 16.51 [1] 15.00 9.5 Resource and waste management within a circular economy approach Reduction of unsorted waste Total unsorted waste (tons) / Total waste (tons) 8.93 tons 20% reduction vs. baseline 99% reduction vs. baseline <= 1% unsorted waste <= 1% unsorted waste Increase in percentage of recycled paper on total Purchase of recycled paper (Kg) / Total paper purchased (Kg) 0% 0% 0% 30% 50% PLANET Reduction of environmental impacts from production Share of purchased energy certified as renewable energy Amount (kWh) of renewable energy purchased with certificate of origin / Amount (kWh) energy consumed T1+T2 0% 0% 0% 0% 51% Share of green renewable energy self-produced Amount (kWh) of self-produced renewable energy / Amount (kWh) energy consumed T1+T2 1.89% (22,367 kWh) 1.90% 1.19% 10% 49% Scope 2 CO2 Emissions - Market Based (electricity) Scope 2 market based calculation (tons CO2e) 541.51 - 680.91 - 0 Calculation of the organization’s carbon footprint, as baseline for the decarbonization plan V V PRODUCT Sustainable innovation Increase in percentage of recycled plastic on total used for packaging Purchase of recycled plastic for packaging (Kg) / Total plastic purchased for packaging (Kg) 23% 30% 26% 40% 50% PEOPLE Ethical and responsible corporate governance Adoption of Model 231 V V Formalization of the Sustainability Policy (new) - V Safety for own workforce Zero workplace accidents during the year (new) - 0 0 Responsible supply chain Definition of a Supplier assessment grid based on ESG criteria Definition and pilot implementation of the Supplier ESG assessment grid - V Responsible marketing and sustainability awareness Social campaigns to raise awareness on Sustainability topics Total annual reach in Italy (Facebook + Instagram + Linkedin) 301,667 700,000 924,852 900,000 900,000 LEGEND: •Target achieved in 2024 •Target not achieved in 2024 •Target not set for 2024 Notes: [1] In 2024, the number of plant operating hours increased (3,966 hours vs. 2,880 hours in the previous year)
26 2024 Sustainability Report Corporate Governance A solid Corporate Governance system, integrated risk management, continuous dialogue with stakeholders, and the fulfillment of commitments to society underpin our daily operations and define our long-term value. Initially incorporated as a limited liability company, since the 1990s Guardini has operated as a joint stock company while retaining its family ownership structure. We adopt a traditional Corporate Governance model, consisting of the Shareholders’ Meeting, a management body - the Board of Directors - and a supervisory body - the Board of Statutory Auditors. The Board of Directors holds the central role in defining the company’s strategic and decision-making direction, with the ultimate goal of ensuring its Sustainable Growth. Specifically, the Board reviews and approves strategic, industrial, and financial plans; defines the nature and level of risk compatible with strategic objectives; evaluates the effectiveness of the internal control system; and decides on transactions considered strategically significant. The Board of Statutory Auditors is responsible for overseeing compliance with the law, the Articles of Association, and the company’s bylaws, ensuring adherence to principles of sound administration and verifying the adequacy of the internal control system. All members of the governing bodies are respected figures in finance and legal affairs, with proven managerial expertise and many years of experience. For further details on the procedures for selecting, appointing, and remunerating members of the Governing Bodies, please refer to the most recent version of the Articles of Association. Board of Directors (in office until 31/12/2024) • Chairman of the Board: Guardini Giovanni - Company representative • Chief Executive Officer: Terzano Anna Maria - Company representative • Chief Executive Officer: Guardini Elena - Company representative with executive role • Chief Executive Officer: Guardini Marco - Company representative with executive role Board of Statutory Auditors (in office until 31/12/2024) • Chairman of the Board of Statutory Auditors: Borgnino Riccardo • Statutory Auditor: Morello Cristina • Statutory Auditor: Scapola Angelo • Alternate Auditor: Bronzo Ettore • Alternate Auditor: Bodo Marco Board of Directors Board of Statutory Auditors Total members 4 5 of which women 2 1 of which men 2 4 of which aged < 30 < 50 years 1 2 of which aged > 50 years 3 3 Compliance and risk management are of fundamental importance and are managed in an integrated and coordinated manner. To ensure that all those operating on behalf of or in the interest of the Company act in accordance with the principles of transparency, fairness, and legality, in 2024 the Company officially adopted the Organizational, Management and Control Model 231, in compliance with Legislative Decree 231/2001. The Supervisory Body, tasked with monitoring its effective implementation, regularly holds meetings and conducts inspections. We announced the adoption of the Model through a dedicated newsletter and our LinkedIn channel, also making it available on the corporate website to ensure that all our partners were informed. In addition, all employees take part in specific training programs designed to promote ethically sound behavior and prevent potential risks.
27 SUSTAINABILITY IN OUR DNA Supporting this system, a Whistleblowing procedure is in place, in compliance with Legislative Decree 24/2023, governing the receipt, analysis, and management of reports concerning crimes, violations, or behavior not compliant with internal regulations. The reporting channel is directly accessible through the corporate website, ensuring whistleblowers’ anonymity and confidentiality. Beyond full compliance with current regulations, we have adopted an integrated management system based on Codes, Policies, and Certifications, designed to provide effective and continuous oversight of relevant issues: • Code of Ethics, Corporate Code of Conduct, and Business Partner Code of Conduct: we uphold and promote fundamental principles concerning human rights, health and safety, ethical integrity, and environmental protection, which are essential requirements for all our collaborators. • Quality Policy and ISO 9001 Certification: we are committed to fostering a culture of quality, understood as the ability to meet customer needs in both products and services. To this end, we adopt rigorous internal processes and responsible procurement policies, also aimed at safeguarding food safety. • Social Responsibility Policy and SA 8000 Certification: we operate in line with the principles set out in the Universal Declaration of Human Rights and ILO conventions, committing to safeguard human and labor rights for employees and suppliers. • Product Safety Policy and AEO Certification: as an Authorized Economic Operator (AEO), we ensure the safety of goods throughout the international supply chain, guaranteeing proper documentation transmission and compliance with regulatory requirements. Management provides adequate communication tools and oversees compliance with these documents by internal staff and external partners, enabling them to pursue the Company’s mission as effectively as possible. All collaborators bear the daily responsibility of implementing policy commitments within their scope of activity and promptly reporting any issues encountered through the established channels. Furthermore, with the establishment of the Social Performance Team and the support of external consultants, we identify and manage risks to which we are exposed, with the aim of turning them into opportunities for growth and development. In the ESG domain as well, designated managers provide regular updates to corporate management, which supervises progress and validates the content of both the Report and the Sustainability Plan. In recent years, with the aim of ensuring business continuity and minimizing vulnerability, the Company has undertaken a structured program to strengthen its cybersecurity standards. We have implemented advanced protection systems, including next-generation anti-malware and antivirus solutions, and we rely on external professionals for monitoring and detecting potential data breaches. Server security has also been tested and reinforced, with the introduction of procedures for regular data backups. We have established an access control system and circulated internal regulations on the proper use of IT tools, in compliance with current personal data protection legislation, including the EU GDPR (2016/679).
28 2024 Sustainability Report Shared value: the company’s role in society We calculated the value generated and distributed according to the methodology set out in GRI Standard 201-1 “Economic Performance”, thus defining the dimensions of economic value generated (revenues) and economic value distributed (operating costs, wages and benefits, remuneration of capital providers, payments to public administration, and community investments). The economic value retained by the “corporate system” was calculated as the difference between economic value generated and distributed. Data on economic value generated and distributed were calculated by reclassifying the items of the income statement in the statutory financial statements. In 2024 the Company generated an economic value of €16,556k (+24% YoY), consisting of revenues from core operations (sale of products and services), financial activities, and ancillary activities. In addition, during the year the Company received contributions from Public Administration amounting to €651k. The economic value generated was distributed among stakeholders with whom Guardini had economically significant relationships and who provided resources such as labor, investments, and public services, thereby contributing to the creation of the Company’s economic wealth. Specifically, the economic value distributed, amounting to €17,482k (+14% YoY), was allocated as follows: • 69.8% for Operating costs: €12,204k (+15% YoY). In line with GRI provisions, this item also includes compensation to directors and collaborators. • 27.6% for Wages and benefits: €4,829k (+12% YoY). This item also includes fringe benefits (company cars, fuel, tolls, etc.). • 1.8% for Capital providers’ remuneration: €317k (+18% YoY). • 0.7% for Public Administration remuneration: €131k (+15% YoY).
29 SUSTAINABILITY IN OUR DNA The year closed with a loss, although showing significant improvement compared to the previous year. Nevertheless, the Company pursued a policy of continuity in distributing the value generated, for the benefit of its stakeholders, confirming the strategic decision to maintain a stable organizational structure and workforce, bearing the related costs. The loss recorded is considered contingent and not structural; therefore, no significant issues have been identified in terms of liquidity, nor risks that could compromise the Company’s financial stability in the medium-to-long term. DISTRIBUTION OF ECONOMIC VALUE CREATED (2024, thousands of €) +15% YoY 12,204 k€ Operating costs 317 k€ Remuneration to capital providers 4,829 k€ Remunerations and benefits 131 k€ Remuneration to the Public Administration TOTAL 17,482 +18% YoY +15% YoY +12% YoY +14% YoY 27.6% Salaries and benefits 69.8% Operating costs 0.7% Theoretical remuneration of the PA 1.8% Remuneration of debt capital providers
PROCESS Low Impact 30
When we strive to become better than we are, everything around us becomes better too Paulo Coelho 99.98% of waste recovered 31 Energy intensity 0.19MWh 2new production lines (Industry 4.0)
32 2024 Sustainability Report Energy consumption 2024 marked a recovery phase following the production and market slowdown recorded in 2023. Although no new industrial Investments were initiated, we maintained a strong focus on efficiency and the operational management of Environmental Impacts, building on existing measures and acting decisively to reduce waste and inefficiencies. The EMS energy monitoring system, now fully operational, enabled more accurate control of consumption. In particular, measuring consumption during plant downtime (e.g., weekends or night shifts) raised staff awareness, leading to stricter practices for shutting down unused machinery and reducing standby consumption. Regular meetings with department heads serve as strategic moments for analyzing energy performance and sharing corrective actions, fostering a process of continuous improvement across the organization. Key initiatives implemented in 2024 included: • Compressor optimization: seasonal reprogramming of units was implemented, selecting those with the best performance based on operating conditions. • Introduction of smart technologies: on a pilot line for cup and muffin production, a sensor was installed to detect paper fragments on the conveyor. The system activates compressed air only when needed, preventing mould damage and reducing energy consumption compared to the previous continuous mode. Following positive results on narrow conveyors, extending this technology to other lines is currently under evaluation. • Relamping expansion: replacement of lighting fixtures with high-efficiency LED devices continued, supported by motion sensors and, in the future, integration with smart automation systems. These actions reflect the shift toward an increasingly integrated and structured management of energy consumption. Within this framework, we are also designing a photovoltaic system to be installed on the plant roof, with the goal of covering at least 50% of the company’s electricity needs. Although the company does not yet purchase electricity from Renewable Energy sources with Guarantee of Origin (GO), we remain committed to reaching 100% Renewable Energy by 2025. For Guardini, Energy Efficiency is a strategic pillar in our decarbonization journey: reducing consumption means lowering Operating Costs and strengthening competitiveness, while contributing tangibly to the fight against climate change. In 2024, our total energy consumption reached 2,935 MWh, marking a 20% increase compared to the previous year, primarily due to the recovery of production lines following the slowdown in operations and market demand in 2023. Of the energy used, 1% came from Renewable Energy sources, while the remaining 99% was derived from fossil fuels, including diesel, gasoline, and natural gas purchased from non-renewable sources. Internal Renewable Energy production amounted to 16 MWh. Energy intensity, calculated as the ratio between energy consumed and net revenues, stood at 0.19 MWh for every thousand euros of revenues (MWh/ k€). In 2024, our corporate fleet consisted of 8 vehicles: 5 diesel, 2 gasoline, and 1 plug-in hybrid.
33 PROCESS - LOW IMPACT Indicator Unit of measurement 2023 2024 Energy consumption Consumption of fuels from coal and coal products [1] MWh 0.00 0.00 Consumption of fuels from crude oil and petroleum products MWh 152.79 80.82 of which gasoline [2] MWh 59.15 42.86 of which diesel [3] MWh 93.64 43.88 Consumption of fuels from natural gas [4] MWh 1,081.86 1,472.17 Consumption of fuels from other non-renewable sources MWh 0.00 0.00 Consumption of electricity, heat, steam, and cooling from fossil sources, purchased or acquired MWh 1,184.54 1,360.27 Total energy consumption from fossil sources MWh 2,419.18 2,919.19 Share of fossil sources in total energy consumption % 99% 99% Consumption of fuels from renewable sources, including biomass (also industrial and urban waste of biological origin, biogas, renewable hydrogen, etc.) MWh 0.00 0.00 Consumption of electricity, heat, steam, and cooling from renewable sources, purchased or acquired MWh 0.00 0.00 Self-produced Renewable Energy consumption without the use of fuels MWh 22.37 16.16 Total energy consumption from renewable sources MWh 22.37 16.16 Share of renewable sources in total energy consumption % 1% 1% Share of green electricity purchased and consumed in total electricity purchased % 0% 0% Total energy consumption MWh 2,441.55 2,935.36 Energy production Total energy production from non-renewable sources MWh 0.00 0.00 Total energy production from renewable sources [5] MWh 22.37 16.16 Energy intensity Energy consumption [6] vs. net revenues [7] MWh/k€ 0.19 0.19 NOTES: [1] For Guardini, the consumption of coal and coal products is not applicable. [2] Conversion factors used: diesel - Defra Conversion Factors 2024, Diesel (average biofuel blend), 9.89100 kWh/l. [3] Conversion factors used: gasoline - Defra Conversion Factors 2024, Petrol (average biofuel blend), 8.96900 kWh/l. [4] Conversion factors used: natural gas - Defra Conversion Factors 2024, Natural gas, 12.674 kWh/kg. [5] The energy produced comes from photovoltaic panels and is subject to direct measurement. [6] For this ratio, internal organizational energy consumption is used. [7] The figure relating to emission intensity was calculated using net production revenues as the denominator, equal to €12,545k for 2023 and €15,098k for 2024.
34 2024 Sustainability Report Waste management In 2024, we launched a strategic collaboration with ReLife, a company specialized in the treatment of hard-to-recycle waste such as silicon-coated paper. This partnership enables us to significantly reduce the share of unsorted waste sent to public disposal services, contributing to a more sustainable management of production scrap. At the same time, we launched the internal awareness campaign “Make a difference”, addressed to all Employees, aimed at promoting virtuous environmental practices and improving waste sorting within the company. Over the year, approximately 512 tons of waste were generated, representing a 22% increase compared to 2023, mainly due to the recovery of production. Of this total, 99.98% was sent for recovery, while only 0.02% was destined for disposal. Nearly all waste generated is classified as non-hazardous (99.79%) and consists mainly of: • Dust and particulates from the processing of ferrous materials: 455.4 tons. • Paper and cardboard packaging: 26.6 tons. • Wooden packaging: 24.81 tons. Overall, 99.77% of waste was recycled, while only 0.23% was not sent for recycling. In line with reducing Environmental Impact, in 2023 we acquired two new production lines compliant with Industry 4.0 requirements. These investments supported the continuation of our “paperless” strategy, contributing concretely to process digitalization and to the reduction of paper use. “Make a difference” is the internal awareness campaign that, over the course of the year, engaged all Employees in promoting responsible Waste Management. The initiative was carried out through dedicated communications, information posters, and training sessions coordinated by the Quality and Communication Managers. At the plant, traditional unsorted waste bins were replaced with dedicated recycling stations, equipped with clear signage, detailed instructions, and color codes to facilitate proper disposal of materials. The same approach was adopted in the offices. The results achieved so far show broad participation and growing awareness among colleagues, whom we continue to engage and motivate regularly to maintain high levels of attention and commitment. 99.79 % of waste generated is classified as non-hazardous 99.77 % of waste generated was sent for recycling 99.98 % of waste generated was diverted from landfill through recovery operations
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36 2024 Sustainability Report Waste generated by category [t] Waste generated [t] Waste diverted from landfill [t] Waste sent to landfill [t] Destination 13.02.05* Mineral oils for engines and gear systems 0.50 0.50 - Other recovery operations 15.01.11* Metal packaging 0.12 0.12 - Other recovery operations 15.02.02* Absorbents, filter materials 0.25 0.25 - Other recovery operations 20.01.21* Fluorescent tubes and other mercury-containing waste 0.09 0.09 - Other recovery operations 08.03.18 Spent printing toner cartridges 0.07 0.07 - Other recovery operations 16.02.14 End-of-life equipment 0.03 0.03 - Other recovery operations 16.06.05 Other batteries and accumulators 0.03 0.03 - Other recovery operations 12.01.02 Dust and particulates from ferrous metals 455.36 455.36 - Recycling 15.01.01 Paper and cardboard packaging 26.06 26.06 - Recycling 15.01.02 Plastic packaging 4.34 4.34 - Recycling 15.01.03 Wooden packaging 24.81 24.81 - Recycling 08.01.11* Waste paints and varnishes 0.10 - 0.10 Landfill disposal TOTAL [t] 511.75 511.65 0.10 Waste diverted from landfill through recovery operations [t] Place of generation Weight [t] Destination Hazardous waste 13.02.05* Mineral oils for engines and gear systems On-site 0.50 Other recovery operations 15.01.11* Metal packaging On-site 0.12 Other recovery operations 15.02.02* Absorbents, filter materials On-site 0.25 Other recovery operations 20.01.21* Fluorescent tubes and other mercury-containing waste On-site 0.09 Other recovery operations TOTAL Hazardous waste diverted from landfill [t] 0.96 Non-hazardous waste 08.03.18 Spent printing toner cartridges On-site 0.07 Other recovery operations 12.01.02 Dust and particulates from ferrous metals On-site 455.36 Recycling 15.01.01 Paper and cardboard packaging On-site 26.06 Recycling
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