Project Details
Project
Mundys Sustainability-Linked Financing Second-Party Opinion (2025)
Client
Mundys
Project Type
Sustainability Linked Bond or Note; Transition;
Industry Group
Transportation Infrastructure
Use of Proceeds
N/A
Location
Italy
Evaluation Date
May 2025
Evaluation Summary
Sustainalytics is of the opinion that the Mundys Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2024. This assessment is based on the following:
Selection of Key Performance Indicators
The Mundys Sustainability-Linked Financing Framework defines the following KPIs: i) KPI 1: Absolute GHG emissions from scope 1 and 2; ii) KPI 2: Motorways scope 3 purchased goods and services GHG emissions intensity; iii) KPI 3: ADR scope 3 CO2e emissions per passenger (aircraft landing and take-off, kgCO2e/pax); iv) KPI 4: Percentage of senior and middle management positions held by women across the Group; and v) KPI 5: Percentage of electricity consumption from renewable sources (see Table 1). Sustainalytics considers KPIs 1 and 2 to be very strong and KPIs 3, 4 and 5 to be strong.
Calibration of Sustainability Performance Targets
Sustainalytics considers the SPTs to be aligned with Mundys’ sustainability strategy. Sustainalytics further considers SPT 1 to be highly ambitious, SPTs 2, 3 and 4 to be ambitious and SPT 5 to be moderately ambitious based on their past performance, peer performance and alignment with science.
Bond Characteristics
Mundys will link the financial characteristics of its sustainability-linked bonds to the achievement of the applicable SPTs. Mundys has communicated to Sustainalytics that at least KPIs 1, 2 and 3 will be included together for all bond issuances under the Framework. A coupon step-up or premium payment will be triggered depending on Mundys’ performance against the applicable SPTs on the specified target observation date.
Reporting
Mundys commits to report on its progress on the KPIs on an annual basis and expects to include the relevant figures in its Integrated Annual Report or in a separate report or document to be published on its website on an annual basis. Mundys further commits to disclose relevant information that enables investors to monitor the level of ambition of the SPTs. Mundys also commits to report on the updates on its sustainability strategy and ESG governance and recalculation of KPIs, SPTs and baselines. The reporting commitments are aligned with the SLBP.
Verification
Mundys commits to having an external reviewer provide a limited assurance against each SPT for each KPI at least once a year. Mundys will make the progress report and the verification assurance certificate available on its website. The verification commitments are aligned with the SLBP.