IDI | IDIP FP | Holding Companies | France | Sustainability / ESG

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Sustainability score

Company (Sector)
2.5 (5.5)

Sustainability is made of analytical items contributing to the E, the S and the G, that can be highlighted as sustainability precursors and can be combined in an intellectually acceptable way. This is the only scale made available

More on Sustainability / ESG ...

	Score	Weight

Governance
Independent directors rate	4/10	25%	More ...
Board geographic diversity	0/10	20%
Chairman vs. Executive split		5%

Environment
CO₂ Emission	1/10	25%	More ...
Water withdrawal	2/10	10%

Social
Wage dispersion trend	0/10	5%	More ...
Job satisfaction	3/10	5%
Internal communication	10/10	5%

Sustainability score

2.5/10

100%

Sustainability matters

AlphaValue’s scoring model was previously deemed inapplicable to IDI, as several data inputs necessary for the computation of Environmental and Social scores did not pertain to holding company-type structures such as IDI. However, IDI has demonstrated a clear commitment to ESG principles, notably with the creation of an ESG Committee within its supervisory board in 2022. The HoldCo places significant emphasis on integrating sustainability considerations within its investment strategy, promoting responsible practices across its portfolio companies.

IDI has progressively expanded ESG reporting and carbon footprint assessments across its portfolio companies. In 2025, the Group continued its annual ESG data collection, covering its investments through standardised reporting, while several portfolio companies completed or updated their carbon footprint assessments. However, the rollout remains incomplete, with further assessments planned for 2026. This should improve the monitoring of ESG performance across the portfolio.

Environmental score

Company (Sector)
1.3 (4.5)

Data sets evaluated as trends on rolling calendar, made sector relative

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Parameters	Score	Sector	Weight
CO₂ Emission	1/10	6/10	30%
Water withdrawal	2/10	4/10	30%
Energy	1/10	5/10	25%
Waste	1/10	3/10	15%
Environmental score	1.3		100%

Environment matters

AlphaValue’s automated Environment scoring model was previously not applicable to IDI, as several data inputs necessary for the computation of the score did not pertain to holding company-type structures such as IDI. However, IDI has progressively strengthened its environmental reporting, encouraging portfolio companies to assess and reduce their environmental impact. Several holdings now have recent carbon footprint assessments, while others are expected to complete theirs in 2026. The Group also uses dedicated reporting tools to monitor environmental indicators across its portfolio. Nevertheless, data coverage remains incomplete, limiting the comparability of environmental performance across investments.

Environmental metrics

n/a Energy (GJ) per €m in capital employed	CO₂ tons per €m in capital employed	n/a Cubic meter water withdrawal per €m in capital employed	n/a Tons waste generated per €m in capital employed

IDI Other Financials

Sector figures

Company	Environment score	Energy (total, in GJ)	CO₂ Emissions (in tons)	Water Withdrawal (in m3)	Waste (total, (in tons)

Ackermans & van Haaren	3/10	n/a	830,245	n/a	n/a
Adyen	5/10	196,643	3,494	n/a	n/a
Amundi	6/10	68,443	4,761	32,085	161
Bolloré	8/10	586,192	24,716	n/a	7,688
Bouygues	7/10	35,710,000	1,827,000	1,000,000	5,222,758
D’Ieteren Group	7/10	751,291	157,542		180,359
Deutsche Boerse	6/10	291,589	30,092	74,633	20
DWS	6/10	61,308	820
EdenRed	4/10	128,160	6,755	45,540	357
En+	4/10	366,900,000	52,300,000	998,100,000	165,100,000
Eurazeo	4/10	n/a	532	n/a	n/a
Euronext NV	6/10	63,446	3,288
Exor	4/10	n/a	36	n/a	n/a
GBL	7/10	23,191,337	100	17,524,000
Hal Trust	3/10		2,182,000
IDI^CR	1/10	n/a		n/a	n/a
Industrivärden	10/10	2,478,746	186,025	2,478,746	170,948
Investor	10/10	9,305,035	125,096	10,992,852	132,483
Kinnevik Investment	6/10	630	5,683	n/a	n/a
Leonteq AG	6/10	12,722	84
London Stock Exchange Group	10/10	623,614	69,004	372,637	7,438
Nexi	8/10	230,170	5,527	n/a	11,589
Partners Group	4/10		2,211	2,374,472
Pluxee	4/10	74,611	2,914	56,080	1,682
Porsche SE	4/10		54
Prosus	4/10	333,205	20,914	n/a	4,977
sino AG	1/10
Sonae	9/10	3,487,324	140,621	1,784,888	106,324
Swissquote Group Holding	10/10	15,066	608	4,333	280
Tessenderlo Group	2/10	12,678,199	669,183	17,008,277	1,102,492
thyssenkrupp	3/10	231,076,000	21,000,000	292,315,523	1,627,472
Vivendi	6/10	39,758	2,265	n/a	n/a
Wendel	6/10	n/a	142,718	n/a	n/a
Wise	4/10	11,393	1,634	n/a	n/a
Worldline	6/10	272,866	8,165	n/a	n/a

MORE DATA

Social score

Company (Sector)
4.5 (6.0)

Social matters

Similarly, Social scoring, which was also previously deemed inapplicable, is becoming more relevant as IDI has advanced its Social impact agenda. The company promotes equitable and responsible policies within its operations and those of its investee companies. At the holding company level, IDI reported gender parity among its 18 employees at year-end 2025, alongside widespread employee shareholding and initiatives supporting professional development. These measures reflect progress in social practices.

Quantitative metrics (67%)

Set of staff related numerical metrics available in AlphaValue proprietary modelling aimed at ranking on social/HR matters

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Parameters	Score	Weight
Staffing Trend	5/10	20%
Average wage trend	7/10	35%
Share of added value taken up by staff cost	1/10	25%
Share of added value taken up by taxes	1/10	20%
Wage dispersion trend	0/10	0%
Pension bonus (0 or 1)	0
Quantitative score	3.9/10	100%

Qualitative metrics (33%)

Set of listed qualitative criterias and for the analyst to tick

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Parameters	Score	Weight
Accidents at work	10/10	25%
Human resources development	5/10	35%
Pay	0/10	20%
Job satisfaction	3/10	10%
Internal communication	10/10	10%

Qualitative score	5.6/10	100%

Sector figures

Company	Social Score	Quantitative score	Qualitative score	Staffing

Sonae	8.1	7.4	9.7	58,241
thyssenkrupp	7.6	8.6	5.6	92,550
Investor	7.3	8.1	5.8	19,342
Adyen	7.3	7.3	7.2	4,931
Bouygues	7.1	7.7	5.9	197,400
Amundi	7.1	6.0	9.3	5,286
D’Ieteren Group	6.9	7.0	6.8	50,166
Swissquote Group Holding	6.9	5.9	9.0	1,470
London Stock Exchange Group	6.9	5.7	9.3	28,526
Worldline	6.8	6.2	8.0	17,500
Exor	6.7	5.9	8.3	23.0
Wise	6.7	6.9	6.2	10,126
Prosus	6.6	5.5	9.0	46,615
Partners Group	6.6	6.3	7.2	2,028
Leonteq AG	6.4	5.0	9.3	534
Ackermans & van Haaren	6.3	6.0	7.2	25,196
EdenRed	6.0	5.8	6.6	12,180
Eurazeo	6.0	5.8	6.5	617
Nexi	5.8	4.1	9.3	11,129
Tessenderlo Group	5.8	6.3	4.8	7,159
Industrivärden	5.8	4.3	9.0	15.0
Deutsche Boerse	5.8	4.6	8.3	16,600
DWS	5.8	4.7	7.9	4,470
Euronext NV	5.6	3.8	9.3	3,167
En+	5.6	6.1	4.5	94,378
Vivendi	5.3	4.7	6.6	2,000
Kinnevik Investment	5.1	4.6	6.2	48.0
sino AG	5.1	4.3	6.7	26.0
Hal Trust	5.1	6.7	1.7	44,021
Wendel	4.9	6.0	2.7	95,390
Bolloré	4.7	4.7	4.8	3,072
GBL	4.5	4.8	4.0	29,678
Pluxee	4.5	5.1	3.3	5,555
Porsche SE	2.5	1.2	5.1	50.0

MORE DATA

Sustainability / ESG by AlphaValue:

Doubt driven, focused on dynamics

AlphaValue was set up in 2009 as an ESG native firm: since inception, no research could be published without filling up the ESG relevant items. ESG has always been there as a natural building block of the research effort.

Without much pretence, AlphaValue has accumulated 11 years of proprietary, practical data in a consistent way that has been made to "talk" with financial data. The efforts have been aimed at solving the main conundrum of ESG analytics: avoiding useless and noisy data. AlphaValue ESG data is intimately connected to the fundamental research work and its continuous updating process. In other words, AlphaValue ESG data can be made to resonate at will in terms of financial implications for those investors with the willingness to do so.

Over the last 3 years, this data, or rather the dynamic of this data, has been put at work so that it impacts directly and consistently on valuations across AlphaValue's 450 + stocks universe. This is considerable progress vs. the dominant "consumption" of ESG raw data: ESG-type conclusions are sitting next to valuation fundamentals but hardly any investor is in a position to bridge effectively the two in a consistent and repeatable way. It takes more than a spreadsheet to get stable and auditable results that work 100% of the time.

AlphaValue reckons that it currently is the only equity research provider in Europe to have reached this stage: a perfectly smooth on-boarding of ESG data, on a continuing basis, impacting valuation fundamentals day and night.

This is available on every stock, every sector, every stock selection, every day.

Heretical ESG opinions?

ESG is a contradiction in terms. Without a good Governance, the Social and Environment items will never show progress. Social is for stakeholders and thus unlikely to please shareholders. The long-term view that good pay/working conditions are ultimately good for shareholders is, like any promise, better left to those who want to believe in it. It does not work for normal investment horizons

Environmental gains will not happen without good Governance but this is not enough as environmental progress will not happen without coercion from governments/supra-governments. There is no reason why a corporate will spend more for a possible collective gain tomorrow when it can have better returns now for its shareholders.

The environment is a cost of massive complexity and a universal one as data improves and allows for intricate tracking of what corporates are up to. There is no practical way a corporate can be valued through a web of changing definitions of environmental data. AlphaValue holds the view that all corporates are made to pay through lower GDP growth expectations resulting from friction costs. The only dimension that really matters from an investment perspective is whether a given corporate makes an extra effort vs. peers. A good 'E' rating shall not be driven by absolute levels but by the dynamic of emission controls relative to peers. Dumping cement stocks because they spit out carbon is a narrow view of what ESG implies.

Sustainability scores only

AlphaValue always refused to supply a pecking order of its coverage along some improbable ESG scale. It just does not make sense to mix opposing signals in a single ranking.

Sustainability is a different proposition where analytical items contributing to the E, the S and the G can be highlighted as sustainability precursors and combined in an intellectually acceptable way. This is the only scale made available by AlphaValue.

Sustainability impacts target prices

From 1-12-2020, AlphaValue substituted sustainability metrics for its Governance and Social ones when it comes to impacting valuations;

Indeed since 2019, all DCF (or DCF equivalents for Financials) have been impacted by Governance and Social metrics to connect directly ESG-type findings into share price targets and bring consistency across the board. The impact is driven by adjusting the small 'g' conventionally used to assess the growth to infinity. This is being tweaked to recognise, say, that good governance ultimately pays off.

The same procedure is now stemming from Sustainability metrics instead.

For the record, this has been made possible as AlphaValue has finalised its proprietary E scoring, now extended to 4 items (GHG, Waste, Water, Energy) on which a degree of data stability seems to emerge.