Dear Stakeholders,
Some of the most important things we do cannot be seen.
No one can see carbon emissions that are prevented, just as no one notices resources that are saved or risks that are avoided. Yet these unseen results are where technology creates lasting value. Through solutions such as Direct Reduced Iron (DRI) plants and Electric Arc Furnaces (EAFs), the steel industry is making a profound shift toward lower-carbon production. The impact is tangible: the emissions avoided by a single large-scale DRI-EAF complex can be comparable to taking hundreds of thousands of cars off the road every year. This is how engineering translates into benefits that extend far beyond industrial facilities.
At Tenova Group, enabling this transition is our purpose. Every day, we work alongside our customers to make metals and mining more sustainable, efficient, and safer. By combining technology, digital capabilities, and decades of industrial expertise, we continue to develop solutions that address some of the most pressing challenges of our time while supporting the competitiveness of the industries we serve.
At the same time, sustainability starts with ourselves. During 2025, we further expanded renewable energy generation at our Castellanza Campus and improved the efficiency of our operations, contributing to a reduction in our emissions. We strengthened our governance framework by reinforcing the Sustainability Steering Committee and introducing new procedures aimed at ensuring transparency, compliance, and responsible supply chain management.
Above all, we continued investing in our people. Their skills, dedication, and passion remain the foundation of our success. Through enhanced training programs, the launch of global Compliance Fundamentals initiatives, and the introduction of a new Digital Employee Hub, we continued fostering a culture built on knowledge, responsibility, and inclusion.
Sustainability is not a destination, but a continuous journey. It requires long-term vision, collaboration, and the courage to innovate. The progress described in this report reflects the commitment of our people and the trust placed in us by customers, partners, and stakeholders around the world.
Together, we are not only imagining a more sustainable future. We are engineering it.
Roberto Pancaldi
Chief Executive Officer