Second-Party Opinion Download

Sustainalytics is of the opinion that the Grupo Elektra Financing Framework Linked to Sustainability aligns with the Sustainability-Linked Bond Principles 2023. This assessment is based on the following:

Selection of Key Performance Indicators

Grupo Elektra Financing Framework Linked to Sustainability includes one KPI Number of stores that are Edge Certified (see Table 1). Sustainalytics considers the KPI chosen to be adequate given that: i) it is an indirect measure of Grupo Elektra’s performance on a relevant and material issue applicable to the company and industry; and ii) it follows a clear and consistent methodology; but iii) it is not benchmarkable against science-based targets.

Calibration of Sustainability Performance Targets

Sustainalytics considers the SPT to be aligned with Grupo Elektra’s sustainability strategy. Sustainalytics further considers the SPT to be ambitious based on past performance.

Bond Characteristics

Grupo Elektra will link the bonds’ financial characteristics to the achievement of the SPT, such as an increase or decrease of the bond coupon. Failure to achieve the SPT will trigger a change in the coupon.

Reporting

Grupo Elektra commits to report on the progress on the KPI in its annual reports published on its corporate website or as per investors’ requests, and to obtain a limited assurance report. Grupo Elektra is committed to disclosing its progress on the KPI and any information that enables investors to monitor the level of ambition of the SPT. The reporting commitments are aligned with the Sustainability-Linked Bond Principles 2023.

Verification

Grupo Elektra commits to have a limited assurance report conducted against the achievement of the SPT for the KPI. This is aligned with the Sustainability-Linked Bond Principles 2023.