Introduction

Implenia is a leading multinational construction and real estate service provider that offers a comprehensive range of services and outstanding expertise. With integrated services from a single source, the company plans, implements and manages large-scale real estate projects in urban centres as well as complex infrastructure for mobility and energy. Implenia supports its clients throughout the entire lifecycle of their buildings. Clients benefit from the high-level expertise of our consulting, development, planning, execution and management units, which work together seamlessly to provide optimum solutions (read more).

Sustainable development must be implemented across all Divisions and put into practice by everyone throughout the company. It is a Group-wide responsibility that touches on all activities and requires the commitment of all employees at every level of the company. This is why Implenia practises an integrated form of sustainability management, with a Global Sustainability Team and with specialists in the Divisions and global functions.

The Global Sustainability department’s job is to address significant issues in consultation with stakeholders, set Group-wide standards and propose measures and targets for the various organisational units. Responsibility for implementation usually rests with operational line management in the Divisions and global functions. Each Division appoints individuals who are responsible for safety, quality and sustainability.

At the beginning of each year, the Divisions and global functions define and sign off on their annual goals, which are based on the company-wide sustainability goals. Over the course of the year, divisional management talks to the individuals responsible for the goals at a series of strategy and progress meetings. At the first meeting, the annual goals are discussed, amended where necessary and approved. At subsequent meetings, the progress of implementation is discussed and next steps are defined. This process allows Implenia to check regularly whether the measures are on course and to coordinate between different business units. At the end of each year, the Sustainability Committee determines the degree to which the sustainability goals have been achieved (see goals overview). This status is then ratified by the IEC together with the Sustainability Report and approved for publication by the Board of Directors.

Sustainability has been anchored in Implenia’s values since 2009 as an integral part of the company’s strategy.

1. DIALOGUE WITH STAKEHOLDERS

The following overview shows how Implenia works with its key stakeholders.

1.1 Employees

Implenia requires its managers to foster active dialogue with their staff. The annual target-setting meetings and performance reviews, which take place every year, are major vehicles for this. The company also uses various internal communications tools, including the Intranet, the employee magazine “Impact”, staff events (in-person and virtual) and newsletters at all levels of the organisation. In addition, Implenia communicates via internal and external social media platforms such as Viva Engage, LinkedIn, Facebook, TikTok and Instagram to bring employees together and promote dialogue between them.

1.2 Customers

Implenia attaches great importance to continuous and transparent dialogue with its customers. As well as regular contact at project level, the company encourages general communication with its customers to create mutual understanding and bring in valuable external perspectives. Alongside this direct communication, Implenia carries out systematic customer satisfaction surveys to identify potential improvements. By getting involved in the early planning stages, the company can identify opportunities for more sustainable solutions and give comprehensive advice on alternatives and options.

1.3 Shareholders and investors

Implenia follows an open, transparent and timely information policy in the interests of its shareholders and investors. See also “Media & Investors”.

1.4 Business partners

Implenia works with business partners that share its core values. Subcontractors, suppliers and manufacturers have to sign up to the Code of Conduct For External Business Partners. Implenia also has a supplier management system, which makes business relationships more transparent and enables communication on an equal footing. Regular audits are conducted with the most important suppliers, providing an opportunity to develop possible improvements.

1.5 Public authorities

Implenia values open and professional relations with governmental institutions. The company works hard to comply with all the laws that apply to its heavily regulated field of activity. In the event of alleged or actual infringements, the company cooperates fully with the authorities, helps with investigations and communicates transparently.

It also maintains close contact with public sector bodies when engaged in urban development and infrastructure projects. Implenia runs such major projects in close cooperation with the relevant authorities and prioritises holding architectural design competitions, which help ensure projects meet the highest possible standards in terms of sustainability, functionality and aesthetics.

1.6 Social partners

As one of the leading companies in the construction sector, Implenia has a special responsibility as an employer and maintains constant and active dialogue with its social partners. Regular meetings are held to share information and discuss each other’s needs.

1.7 Associations

Implenia has representatives working with various organisations and industry associations, including the Swiss Association of Building Engineers and its sections and professional associations, the Swiss Network for Sustainable Building (NNBS), and the Hauptverband der deutschen Bauindustrie in Germany. Environmental organisations are also important partners in the company’s activities. Open dialogue is fostered through active participation in business and trade associations in different countries. This underlines the commitment Implenia has made to actively drive the change towards a sustainable construction and real estate industry together with its customers and partners. A list of Implenia's memberships can be found here.

1.8 Local population

At its large-scale construction projects, Implenia invites local authorities and members of the local community to get involved during planning and implementation. Activities range from information events and site visits to targeted dialogue with specific stakeholders.

1.9 Media

Implenia runs an active and open communications policy. Corporate Communications provides the media with timely and comprehensive information about important events. Journalists are regularly invited to information event with the aim of ensuring they remain personally up to date with the company’s activities and business performance. In this way Implenia provides transparency to the broader public as well as to its specific stakeholders.

1.10 Society

Alongside media communication, Implenia attaches great importance to direct exchanges with the general populace and values their insights into its activities. For example, the company invites school children to visit construction yards and projects in Switzerland and Germany as part of its annual Futures Day. Implenia also invites the general public to visit its major construction sites and organises public events to mark project completions; recent examples include a metro construction site in Oslo (Norway) and the opening of a tunnel and railway station in Varberg (Sweden). Working with universities and other educational institutions, Implenia gives students from different disciplines the opportunity to gain insights into various business areas and visit selected project sites.

Implenia’s sustainability strategy encompasses the economic, environmental and social dimensions of sustainable development. Working with internal and external stakeholders, the company conducted an initial materiality analysis in 2015 based on guidelines set by the Global Reporting Initiative (GRI). Implenia carried out an all-new analysis in 2023 based on the “double materiality” approach. In addition to the previously identified topics, this analysis took account of aspects identified by the GRI Standards and European Sustainability Reporting Standards (ESRS). In 2024 and 2025, the global sustainability team reviewed and sharpened the material topics from the previous year. Clarifications of specific impacts, risks and opportunities relating to ESRS thematic standards were incorporated into the current report.

The double materiality approach aims to assess a company’s impact on the environment, society and the economy (inside-out perspective), while also evaluating the financial opportunities and risks of sustainability issues for the company’s business (outside-in perspective). An internal survey was conducted among members of the Board of Directors, the IEC, senior management and sustainability specialists in order to identify major issues that have a financial impact on the business. Meanwhile, the impact on the environment, society and economy was assessed in an online survey targeted towards external stakeholders, including key clients, suppliers, NGOs, investors, banks, universities, trade associations, unions, competitors, the media and the authorities.

This extensive analysis helped Implenia to identify the following material topics as defined by the GRI standards. Links are given to the chapters containing the goals and measures that relate to the topics:

• Health & safety (GRI: Occupational Health and Safety)
• Internal working conditions (GRI: Employment, Diversity and Equal Opportunity,
  Training and Education)
• Circular economy (GRI: Materials)
• Integrity (GRI: Anti-corruption, Anti-competitive Behaviour, Non-discrimination)
• Environmental protection (GRI: Waste)
• Energy and CO₂ (GRI: Energy, Emissions)
• Supply chain (GRI: Supplier Environmental Assessment, Supplier Social Assessment)
• Economic performance (GRI: Economic Performance)
• External workers (GRI: Employment)

The material topics match the requirements of the Swiss Code of Obligations Art. 964b as follows:

• Health and safety: Employee concerns
• Internal working conditions: Employee concerns
• Circular economy: Environmental concerns
• Integrity: Respect for human rights, combatting corruption
• Environmental protection: Environmental concerns
• Energy and CO₂:Environmental concerns
• Supply chain:Respect for human rights, environmental concerns
• Economic performance: Description of business model
• External workers:Respect for human rights

3.1 Risk management at Implenia

The systematic management of opportunities and risks is the central pillar of successful corporate management. This is why Implenia uses a comprehensive enterprise risk management (ERM) system based on integrated processes and clearly defined responsibilities.

The ERM helps management make decisions and achieve strategic and operational goals. Twice a year, management identifies the most relevant risks. Within the Board of Directors, the Audit Committee handles all risk management matters.

As a construction and real estate services company with a broad portfolio, Implenia is affected by climate change in a variety of ways. The ERM also helps the Group assess opportunities and risks relating to climate change and other sustainability matters. These are identified, evaluated and monitored on an annual basis using standardised processes, with measures being formulated accordingly. Implenia has defined a five-level impact scale to assess the possible impact and determine the probability of a risk occurring. Implenia also uses the ERM impact scales in its materiality analysis to ensure consistency.

3.2 Process to identify climate opportunities and risks

Implenia is continuously expanding its risk process, with guidance from the recommendations of the international Task Force on Climate-related Financial Disclosures (TCFD). The company considers both physical risks (such as the increasing frequency of extreme weather events) and transitional risks (such as regulatory changes and shifts in market demand). Implenia uses qualitative and quantitative methods to assess the significance of these risks.

In 2025, Implenia optimised its climate-related assessment framework to better capture the risks and opportunities created by the transition to a low-carbon economy. Building on the previous methodology, which limited itself to the 1.5°C scenario, the company is now evaluating a broader range of possible climate scenarios. This multi-option approach, which follows the recommendations of the TCFD, enables Implenia to stress-test strategies and investments under various potential future scenarios.

Climate scenarios are model-based pathways that explore alternative futures based on assumptions about policies, technologies, energy demand and behaviour. They lead to different levels of global warming and are defined at the global level rather than being tailored to individual companies or sectors. While Implenia can assess potential financial impacts and the probability of risks under each scenario, it cannot influence the scenarios themselves.

The list below presents a comparative summary of the key characteristics of the three climate scenarios used by Implenia:

• 1.5°C scenario (IEA NZE 2050)

  This scenario assumes the Earth will warm by a maximum of 1.5°C compared to pre-industrial levels. The construction sector is under strong pressure from regulators, investors and customers to decarbonise. Transitional risks dominate, while physical risks remain low. However, there is a high reputational and compliance risk.

  Opportunities: Competitive advantage through early adoption of low-carbon technologies, circular construction and leadership in sustainable innovation.

• Scenario “well below 2°C” (IEA B2DS)

  This scenario assumes the Earth will warm by well below 2°C compared to pre-industrial levels, with higher warming than the 1.5°C scenario. Therefore, the consequences of climate change become clearly noticeable. This scenario combines increasing physical risks – such as heat stress and flooding – with accelerated transition demands. It changes building design, energy systems and choice of materials.

  Opportunities: Growth potential in the areas of climate-resistant infrastructure, urban adaptation planning and electrification through the integration of renewable energies.

• 4.3°C scenario (RCP 8.5)

  If the Earth warms by 4.3°C compared to pre-industrial levels, serious physical climate impacts dominate, including property damage, weather-related delays and rising insurance costs. Transition risks are less immediate, but long-term disruptions threaten business continuity.

  Opportunities: Increasing demand for climate-resistant infrastructure, retrofitting at-risk structures and redesigning buildings to withstand extreme conditions.

Within the risk assessment process, Implenia focuses on factors that particularly affect the company. These include general developments in the construction and real estate markets, upcoming legislative changes and emerging trends in important markets. Risks and opportunities are then prioritised based on probability of occurrence and potential impact.

The company also takes account of regional differences and varying time horizons, and aligns its risk assessment with its financial planning cycles. Risks are considered over the following time horizons:

• Short-term horizon (less than 1 year): Focus on operational risks such as supply chain disruptions, project delays, short-term interest rate fluctuations and the immediate impact of extreme weather events (acute physical risks) that may impact construction sites or logistics.
• Medium-term horizon (2 to 5 years): Assessment of strategic risks, including regulatory changes (e.g. new building regulations, ESG reporting standards, or CO₂ pricing mechanisms such as the EU Emissions Trading System), shifts in market demand, labour availability and rising insurance costs associated with climate-related risks.
• Long-term horizon (over 5 years): Considers chronic physical risks (such as rising temperatures and sea levels) and technological shifts in the way things are built. These risks can affect asset resilience, long-term investment decisions and the profitability of certain types of projects.

During the assessment process, the potential financial impact, likelihood of occurrence and possible mitigation measures were identified for each material climate-related risk. Thanks to this detailed analysis, effective strategies can be developed that address the risks and take advantage of the opportunities offered by the transition to a low-carbon economy.

3.3 Overview of climate-related risks

The following tables show Implenia’s climate risk analysis, which was carried out in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), taking into account the three scenarios described above. They represent the potential impact and probability of occurrence of each risk in each scenario. For this, we distinguish between transition and physical risks. Transition risks arise from the shift towards a more climate‑friendly economy. They do not result from climate change itself, but from political, regulatory, technological and market‑driven changes associated with the transition. Physical risks, by contrast, stem from the direct impacts of climate change and affect operations, projects, assets and supply chains.