Second-Party Opinion Download

Sustainalytics is of the opinion that the Ülker Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2023 and the Sustainability-Linked Loan Principles 2023. This assessment is based on the following:

Selection of Key Performance Indicators

The Ülker SustainabilityLinked Financing Framework defines two KPIs: i) Absolute scope 1 and 2 GHG emissions; ii) Absolute scope 3 GHG emissions (see Table 1). Sustainalytics considers KPI 1 to be very strong and KPI 2 to be strong based on their materiality, relevance, scope of applicability and comparability to external benchmarks.

Calibration of Sustainability Performance Targets

Sustainalytics considers the SPTs to be aligned with Ülker’s sustainability strategy. Sustainalytics further considers SPT 1 to be highly ambitious and SPT 2 to be ambitious based on the comparison with past performance, peer performance and science-based trajectories, as applicable.

Financial Characteristics

Ülker will link the financial characteristics of its sustainability-linked financing instruments to achievement of the SPTs. The financial characteristics may include coupon or margin adjustment or a premium payment and are to be detailed in the specific transaction documents.

Reporting

Ülker commits to report on an annual basis on its performance on the KPIs in its annual sustainability report which will be published on its website. Ülker commits to disclose relevant information that may affect the KPIs.

Verification

Ülker commits to have external limited assurance conducted against each SPT for each KPI at least once a year and publish the verification report on its website.