Second-Party Opinion Download

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

Selection of Key Performance Indicators

The Abertis SustainabilityLinked Financing Framework defines three KPIs: i) Absolute scope 1 and 2 GHG emissions (tCO2e); ii) Scope 3 GHG emissions intensity associated with purchased goods and services (tCO2e/million km); and iii) Number of electric vehicle charging points (EVCPs) installed (see Table 1). Sustainalytics considers KPI 1 to be very strong, KPI 2 to be strong and KPI 3 to be adequate 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 Abertis’ sustainability strategy. Sustainalytics further considers: i) SPTs 1.1 and 1.2 to be highly ambitious; ii) SPTs 2.1 and 2.2 to be moderately ambitious; and iii) SPT 3 to be ambitious based on a comparison with historical performance, targets set by peers and science-based trajectories, as applicable.

Financial Characteristics

Abertis has linked the financial or structural characteristics of its sustainability-linked debt instruments to achievement of the SPTs, which may trigger a change in the financial or structural characteristics, such as a coupon step-up, a change in the redemption premium or a margin adjustment.

Reporting

Abertis commits to report on an annual basis on its performance on the KPIs in its integrated annual report or similar report published on Abertis’ website. Abertis commits to disclose relevant information that may affect the KPI’s progress.

Verification

Abertis commits to have external limited assurance conducted against each SPT for each KPI at least once a year.