Second-Party Opinion Download

Span d.d. has developed the Span Sustainability-Linked Bond Framework dated May 2025, under which it intends to issue sustainability-linked bonds. The financial characteristics of the sustainability-linked bonds will be tied to the achievement of sustainability performance targets (SPTs) for two key performance indicators (KPIs): i) Number of SMEs registered in Span’s cybersecurity course; and ii) Absolute scope 1 and 2 GHG emissions.

We have assessed the KPIs as follows: KPI 1 as Adequate, given that it: i) is an indirect measure of Span’s performance on a material governance issue; ii) has a low scope of applicability; iii) follows a clear methodology that is not externally defined; and iv) cannot be compared to external contextual benchmarks. KPI 2 is also Adequate given that it: i) is a direct measure of the Group’s performance on a material environmental issue; ii) has a sufficient scope of applicability; iii) follows a clear methodology that is externally defined; and iv) facilitates comparison against a recognized external GHG emissions reduction trajectory.

In addition, both SPTs align with the Group’s sustainability strategy. We have assessed SPT 1 as Moderately Ambitious given that it: i) cannot be compared to past performance; and ii) is above peer performance given the efforts and resources required to deliver the programme on cybersecurity. SPT 2 is Ambitious given that it: i) cannot be compared to past performance; ii) is below the targets set by peers; and iii) is aligned with well-below-2°C (WB2D) science-based decarbonization pathway.