Letter from the CEO

I am pleased to present Gonvarri Industries’ Sustainability Report for the 2025 financial year, set against a challenging global
backdrop that reinforces the need for robust and efficient industrial organizations. With more than six decades of experience, in
2025 we demonstrated the resilience of our industrial operations, improved operational efficiency and made progress in
diversifying our portfolio, relying on innovation and digitalization to consolidate our position as an international supplier of
efficient, safe and sustainable metal solutions.

In the environmental sphere, 2025 was a significant year in the implementation of our Carbon Neutral 2030–2050 Plan. We
reduced Scope 1 emissions by 4.4%, improving emissions intensity to 10.18 kg of CO₂ per ton sold. These advances were supported
by a lower reliance on fossil fuels, increased use of renewable electricity — which now accounts for 61% of total electricity
consumption — and the implementation of efficiency, electrification, heat recovery and on-site photovoltaic projects at our plants.

People’s health and safety remain an absolute priority. In 2025, we strengthened our safety culture through training,
improvements to equipment and facilities, and greater employee involvement. Since 2020, the Group has invested more than €18
million in health and safety, reflecting a firm commitment to the goal of zero accidents.

The transition to a low-carbon industrial model also requires action on materials across the value chain. In this context, low-carbon
steel is of particular relevance to Gonvarri Industries as a steel service center serving industry and the automotive sector. In 2025,
we focused on preparing for this transition through dialogue with producers, progress in certification and traceability, and the
alignment of our ambitions with the actual availability of this type of steel. Looking ahead to 2026–2027, we anticipate a regulatory
and industrial turning point that will enable the gradual integration of green steel into our offering and allow us to better support
our customers in their decarbonisation strategies.

On the social and governance front, we continued to promote talent development, training and diversity, while fostering safe and
inclusive working environments. Our DRIVE Management Model guides decision-making and ensures strong standards of ethics,
compliance and accountability, in constant dialogue with our stakeholders.
I would like to thank everyone at Gonvarri Industries for their commitment and dedication. To our customers, suppliers and
partners, thank you for your trust and collaboration as we continue to build a more competitive and sustainable industry.

We will continue to move forward with determination, true to the values of honesty, humility, perseverance and hard work, with
the conviction that sustainability is a strategic lever for securing the industrial future of Gonvarri Industries.