ESG Report 2024 - BOLLE BRANDS

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BE BEYOND

LIVE · WORK · PLAY WE CREATE INNOVATIVE SUSTAINABLE PRODUCTS THAT HELP YOU LIVE LIFE TO THE MAX.

THE COMMITMENT FROM THE MANAGEMENT

At Bollé Brands, we are deeply committed to tackling the critical environmental and social challenges of our time. Over the past three years, we have methodically developed and strengthened our ESG strategy. This year, our efforts were recognised as our business became B Corp Certified, a testament to our progress and our steadfast commitment to sustainable business practices. We take immense pride in this achievement, which reflects the collective dedication of our entire team to uphold best practices and confront significant challenges head-on.

In FY24, we achieved remarkable results in our sustainability programme. Notably, we exceeded our Science-Based Targets initiative (SBTi) certified Scope 1&2 greenhouse gas reduction target of -43% between 2021 and 2030, accomplishing this target six years ahead of schedule. Additionally, we have managed to reduce the carbon footprint per product of our Bollé Safety range by 15-20% (vs. 2021). We expect similar positive outcomes for our Sport and Luxury brands, ensuring we remain on track to meet our 2027 targets.

Our commitment extends beyond environmental impact. We have made significant strides in our social initiatives, including the publication of a comprehensive HR policy, enhancement of our employee engagement survey process, and improvements in internal communication. These actions are aimed at fostering a more inclusive, engaged, and well-informed workforce.

To further solidify our sustainability commitments, we have embedded our long-term goal of creating a positive impact on society and the environment into our Articles of Association, demonstrating our enduring dedication to these principles. This governance enhancement is reinforced by our rigorous Ethics and Compliance

programme, which underscores our unwavering commitment to ethical business conduct. Moreover, in alignment with our sustainability goals, we introduced an ESG component in our employee bonus plan, effectively embedding ESG principles into our organisational culture and incentivising active employee participation in our sustainability objectives. Our efforts align with B Corp standards and the Ten Principles of the United Nations Global Compact, as evidenced by the EcoVadis Gold Medal awarded to Bollé Safety in 2023.

Looking ahead, we are committed to deepening our ESG integration through a new double materiality exercise and preparing for the Corporate Sustainability Reporting Directive (CSRD).

INTRODUCTION

GET TO KNOW BOLLÉ BRANDS BETTER

MAKING ESG A KEY ELEMENT OF OUR STRATEGY

BECOMING A CERTIFIED B CORPORATION

01ENVIRONMENT

MITIGATING OUR IMPACT ON BIODIVERSITY

REDUCING OUR GREENHOUSE GAS EMISSIONS

REDUCING THE ENVIRONMENTAL IMPACT OF OUR PRODUCTS AND PACKAGING

REDUCING THE ENVIRONMENTAL IMPACT OF OUR SUPPLY CHAIN

REDUCING THE ENVIRONMENTAL IMPACT OF OUR OFFICES

GUARANTEEING THE SAFETY AND QUALITY OF OUR PRODUCTS

02 SOCIAL

ELEVATING EMPLOYEE EXPERIENCE: THE INTRODUCTION OF OUR NEW HR POLICY

DEVELOPING THE DIVERSITY, INCLUSION AND ENGAGEMENT OF EMPLOYEES

SUPPORTING CAUSES ALIGNED WITH OUR VALUES

ENSURING ETHICAL WORKING PRACTICES IN OUR SUPPLY CHAIN

03 GOVERNANCE

PUTTING ESG AT THE HEART OF DECISION-MAKING

TRANSPARENTLY COMMUNICATING WITH OUR STAKEHOLDERS

BUILDING TRUST: OUR COMMITMENT TO ETHICAL BUSINESS PRACTICES DEVELOPING AN ESG CULTURE

CONCLUSION

ANNEX

LINK BETWEEN OUR ESG STRATEGY AND THE SUSTAINABLE DEVELOPMENT GOALS

INDICATORS, PROGRESS AND OBJECTIVES

METHODOLOGIES

DEFINITIONS

INTRODUCTION

BOLLÉ BRANDS GET TO KNOW

WHO ARE WE?

Bollé Brands is a Group specialised in protective equipment, more specifically positioned in the eyewear and head protection market. We have always placed innovation at the heart of our ambition. We are progressively integrating social and environmental issues into our strategy and our daily work, at all levels of the company. 3

EMEA: France, UK, Italy NAM: USA

APAC: Hong Kong, Japan, Australia

KEY DATES

Bollé was founded by Louis Séraphin Bollé in Oyonnax, France, the birthplace of the country’s plastics industry
The start of the sports adventure. Bollé sells its first ski goggles. At the same time, the industrial division supplies glasses to Aérospatiale, the French army and the French navy
Robert and Maurice Bollé, known as the kings of eyewear, launched their first sunglasses and created the crown symbol as a guarantee of quality
Launch of the first series of protective glasses and goggles for the industry
Creation of the Bollé Safety division and brand
Since 2000, Bollé has been expanding worldwide with offices on every continent. Introduction of B-Green recyclable packaging

ORGANISATION

At Bollé Brands, we design and distribute eye and head protection. We have a worldwide presence, and our activities are divided into 2 divisions and 4 brands. SAFETY

50% of turnover

Protective equipment for professionals

OUR GLOBAL STRATEGY

SPORT AND LUXURY

50% of turnover

Sports and lifestyle equipment (ski helmets, cycling helmets, goggles, eyewear)

In 2019, we revised our strategy to meet new technical, social and environmental challenges. The company's development is now built around 6 key elements:

CUSTOMER FIRST

Improve the quality of customer service

ESG

Consider our social and environmental impact at every level of the company

DIGITAL

Develop the company’s digital presence and visibility

STEP UP

Bollé launches its first range of ski helmets

EPIC

Put innovation at the heart of the product development process

EDP

Set up continuous improvement projects in all areas

Bollé launches its first line of cycle helmets

Efficiency, Delivery, Profitability

2007 2011 2015 2019 2024 2021

Introduction of Solis B-Green: eco-designed safety eyewear

Bollé Safety launches ranges dedicated to tactical and first responders and healthcare professionals

Bollé Safety reveals its Go Green sustainability plan

Bollé Brands becomes a Certified B Corporation

“MAKING ESG

OF OUR STRATEGY A KEY ELEMENT

Our commitment to integrating ESG in our strategy and operations has been recognised this year with two major distinctions: becoming a Certified B Corporation and being awarded an EcoVadis Gold Medal for Bollé Safety. These achievements reflect our team's dedication to continually improving our environmental and social impact while building a sustainable business model.

OUR ESG AMBITION

We may still be at the beginning of our journey towards a sustainable model, but we are progressing year after year to measure and improve our environmental and social impact. This year, we enshrined our long-term commitment to having a material positive impact on society and the environment in our Articles of Association, ensuring that our ESG approach remains central to our future activities. This commitment has been recognised by B Lab, as we became a Certified B Corporation, allowing us to join a global movement of companies sharing the same ambition to have a positive impact on society.

2019 2023 2021 2022 2024

First eco-friendly offers

BE BEYOND definition of our ESG strategy

OUR STAKEHOLDER ECOSYSTEM: DIALOGUE AT EVERY LEVEL, INTERNALLY AND EXTERNALLY

The impact of our activity extends beyond the boundaries of our company. The scale of the environmental and social challenges requires a collective response. We are committed to working with our ecosystem, which is why we have put in place tools for dialogue with our internal and external stakeholders.

Measuring our ESG impacts and setting our ESG objectives

• Publishing our first voluntary Sustainable Development report

• Measuring our biodiversity footprint

Bollé Brands became a Certified B Corporation

STAKEHOLDERS INTERACTION GROUPS INTERACTION TOOLS INTERNAL

STAFF

MANAGERS

SUPPLIERS

ESG Ambassadors, employee representatives (staff delegates and local managers)

ESG and Human Resources are under the responsibility of the CEO and a member of the Executive Committee (VP HR and ESG) EXTERNAL

Quality inspectors and procurement teams working closely with our factories

CUSTOMERS Sales teams & Customer Service

PROFESSIONAL ORGANISATIONS

NONPROFIT ORGANISATIONS

Outdoor Sports Valley, Union Sport & Cycle, United Nations Global Compact

Breast Cancer Research foundation B Lab, B Corp Communities

CIVIL SOCIETY Athletes, ambassadors

Internal communication platform (Viva Engage), Engagement survey platform

SEDEX, a platform for managing social and environmental risk of our partners

Annual satisfaction surveys, discussion platform to guide product development

Reporting tools and seminars

Financial & product donations, volunteering time B Impact Assessment

Websites, press

1ENVIRONMENT

• Mitigate the impact of our activities on biodiversity

• Reduce our greenhouse gas emissions for Scope 1, 2 and 3

• Minimise the environmental impact of our products and packaging

2

SOCIAL

• Develop employee diversity, inclusion and engagement

• Ensure ethical labour practices in our supply chains

• Through our philanthropy strategy, support causes aligned with our values

We have structured our ESG strategy based on a materiality assessment completed in 2021, that highlighted the following ESG challenges for Bollé Brands:

ENVIRONMENT

• Climate change

• Circular economy

• Hazardous substance management

SOCIAL

• Respect for human rights in the supply chain

• Diversity, inclusion and employee well-being

GOVERNANCE

• Governance, accountability and transparency

• Other key issues for Bollé Brands which are addressed by other programs in the company1

Additionally, we recently identified biodiversity as a critical environmental topic. For each challenge, we have measured our impact and set action plans that are detailed in this report. With the upcoming implementation of the CSRD regulation in Europe, we plan to conduct a double materiality assessment and critically evaluate our current ESG strategy.

SECURING A BRIGHTER FUTURE

3 GOVERNANCE

• Be a B Corp Certified company

• Communicate transparently with our stakeholders

• Ensure high ethical standards and responsible business conduct

• Develop an ESG culture at every level of the company

OUR CONTINUOUS CHALLENGE

Today, we have to reconcile our business growth objectives with a reduction of our environmental impact. We do not claim to provide complete solutions, but we are exploring several avenues:

1

Acquisition of market shares in our business sectors

2

A higher value-added product offering: better technical specifications, longer life, reduced environmental impact

“We are incredibly proud to be recognized as a Certified B Corporation. This achievement reflects the collective efforts across all areas of our business to embrace more sustainable practices. However, this is just the beginning. We are committed to continuing our leadership in sustainability, pushing boundaries, and guiding our industry on this rewarding yet challenging journey.”

WHAT IS B CORP?

B Corp was created by B Lab, a network aiming to transform the global economy for the benefit of individuals, communities and the planet. Today, more than 9,000 companies worldwide have obtained this label.

WHY B CORP?

• To incorporate ESG at the highest level of the company

• To involve our teams in the long term

• To guarantee the onboarding and maturity of our stakeholders

• To rely on a framework for continuous improvement towards greater transparency, critical thinking and rigour when monitoring our activities

• To exchange best practices with companies within the B Corp community

Signing the B Corp Agreement requires meeting at least 80 points. 86.8 points

KEY PROJECTS AND BEST PRACTICES

GOVERNANCE

• We included our long-term commitment to have a material positive impact on society and the environment in our Articles of Association, to ensure the company's long-term commitment to sustainability. (Part. PUTTING ESG AT THE HEART OF DECISION-MAKING)

• We integrated an ESG section into the employee bonus scheme, activated when employees complete ESG actions such as participating in a Climate Fresk, attending ESG ambassador events, or completing their Ethical E-learnings. (Part. GOVERNANCE)

• We developed a compliance programme encompassing our Code of Ethics and related policies, including our anti-corruption and whistleblowing policies. All employees receive annual training on these topics and have access to an anonymous whistleblowing mechanism to raise complaints. (Part. BUILDING TRUST: OUR COMMITMENT TO ETHICAL BUSINESS PRACTICES)

WORKERS

• We conduct an annual engagement survey to foster two-way communication between employees, managers and top management. This results in yearly action plans, the most recent of which includes the recruitment of an internal communications coordinator to enhance internal communications. (Part. DEVELOPING THE DIVERSITY, INCLUSION AND ENGAGEMENT OF EMPLOYEES)

• Since 2023, we have ensured that all employees are paid at least a Living Wage, as defined by the Living Wage Organisation. This has resulted in specific raises for a small portion of our staff each year. (Part. ELEVATING EMPLOYEE EXPERIENCE: THE INTRODUCTION OF OUR NEW HR POLICY)

COMMUNITY

• We introduced a Volunteer Day, granting each employee one paid day per year to support a non-profit organisation. Our ESG ambassadors also organise group actions and events with non-profits to enhance our impact and foster team building. (Part. SUPPORTING CAUSES ALIGNED WITH OUR VALUES)

• We established a robust sustainable procurement programme that uses SEDEX and SMETA audits to ensure ethical practices throughout our supply chain. (Part. ENSURING ETHICAL WORKING PRACTICES IN OUR SUPPLY CHAIN)

ENVIRONMENT

• We developed ambitious action plans to measure and reduce our impact on Climate Change and the Erosion of Biodiversity. (Part. MITIGATING OUR IMPACT ON BIODIVERSITY)

• We track our impact at the product level with high granularity and are significantly increasing our use of recycled materials and low-carbon energy in manufacturing. (Part. ENVIRONMENT)

CUSTOMERS

HEALTH & SAFETY

Impact Business Model or IBM2

4.8 POINTS

B Lab acknowledged the positive impact of our business model. Bollé Brands’ core mission is to develop high-quality equipment for eye and head protection. As a world-renowned specialist in this field, we safeguard millions of people annually, helping to prevent disabling injuries.

• Given our focus on protective equipment, we have established a robust quality program. Our proactive and expert customer service and quality teams ensure that each product delivers effective protection for our users, from the certification process through to end-use monitoring.

OUR CHALLENGES AND PERSPECTIVES

At Bollé Brands, we are committed to the continuous improvement vision represented by the B Corp Certification. While this is a significant milestone for us, we remain forward-looking with ambitious ESG targets set for 2027 and 2030.

In the coming 12 months, we will review and refine our ESG programme in light of the CSRD and evolving B Corp standards. This time period will also allow us to conduct a double materiality assessment to reassess our ESG challenges and further integrate ESG considerations into our business model.

2 See the definition in Annex

01

ENVIRONMENT

Our products have an environmental impact throughout their life cycle from the extraction of raw materials, through production, transport and use phase, until their end of life. Our company is aiming for strong growth in the next few years through the acquisition of new market shares and the commercialisation of products with higher added value. In this context, it is key that we accompany this growth with a sharp reduction of our products' environmental footprint, all along the value chain.

OUR COMMITMENTS

Mitigate the impact of our activities on biodiversity

OUR OBJECTIVES

Reduce our greenhouse gas emissions for Scope 1 , 2 and 3

Minimise the environmental impact of our products and packaging

OUR PROGRESS

This year has been pivotal for our environmental programme. We significantly enhanced our environmental impact measurement capabilities by acquiring an LCA tool. Recognizing that standards for calculating eyewear greenhouse gas emissions are still in development, we have decided to be transparent about our process by publishing a White Paper titled “Calculating PPE Eyewear Greenhouse Gas Emissions,” detailing our methodology. Additionally, the Bollé Safety team set new product objectives and developed an ambitious roadmap for 2027 and 2030.

Finally, we have made substantial progress in reducing our greenhouse gas footprint in both direct and indirect operations:

• Achieved a 43% absolute reduction in Scope 1 & 2 emissions, surpassing our 2030 targets by 6 years.

• Reduced GHG emissions per product by 15% to 20% for our Bollé Safety Brands, primarily through a significant increase in recycled materials and the adoption of low-carbon energy in production.

OUR CHALLENGES AND PERSPECTIVES

Improve our biodiversity measurement methodology

Boost sales of eco-designed products

Increase the share of low-carbon energy in production

3 See “Mitigating the

4

5

6

MITIGATING ON BIODIVERSITY OUR IMPACT

DID YOU KNOW?

Since 1970, 69% of the world’s vertebrate population has disappeared7

x10

The current extinction pace is 10 to 100 faster than any previous mass extinction8

THE GLOBAL BIODIVERSITY SCORE: MEASURING OUR IMPACT ON BIODIVERSITY

The Global Biodiversity Score (GBS) quantifies the impact of a company’s activities on biodiversity.

A company’s Global Biodiversity Score (GBS) is measured in MSA.km². An impact of 1 MSA.km² is equivalent to the destruction of a biodiversity-rich area of 1 km² because of human activity.

A company’s GBS is calculated across several dimensions:

• Pressures and type of ecosystems: the GBS calculates the biodiversity impacts on terrestrial and freshwater ecosystems, taking into account five types of pressures: climate change, land use and land use change, ecotoxicity, hydrological disturbance and water eutrophication. The company’s impact through invasive species is not taken into account, as there is no reliable data on this subject.

• Time: > Static impact: represents the persistent impact on biodiversity caused by past impacts on biodiversity

> Dynamic impact: impacts occurring during the assessment period, usually over one year.

OUR APPROACH TO BIODIVERSITY

Environmental threats go beyond climate change and include plastic pollution, land use, and ecotoxicity, all of which pose significant risks to ecosystems. To address this, we annually assess our impact on biodiversity using Caisse des Dépôts1 Global Biodiversity Score. Additionally, we align our targets and action plans with IPBES recommendations to support a world of sustainable living conditions.

BOLLÉ BRANDS DESTROYED BIODIVERSITY OVER: STATIC DYNAMIC

0.12 MSA.km2 terrestrial terrestrial = 21% 2nd arrondissement of Lyon = 2X Place Bellecour

9.9 MSA.km2

7 WWF: WWF Living Planet Report: Devastating 69% drop in wildlife populations since 1970

8 IPBES: Global Assessment Report on Biodiversity and Ecosystem Services

THE 5 MAIN PRESSURES IMPACTING BIODIVERSITY ACCORDING TO THE IPBES

OUR GLOBAL BIODIVERSITY SCORE IN FY24 (BETWEEN APRIL 2023 AND MARCH 2024, SCOPE 1+2+3)

Excl. ecotoxicity, see annex for details

Lac de la Tête d'or

As this is our second biodiversity footprint assessment, the following limitations and areas for improvement have been identified:

EXPLOITATION OF FOOD, MINERAL AND ENERGY RESOURCES

INVASIVE SPECIES LAND USE

1 2 5

3 4POLLUTION CLIMATE CHANGE

Between FY22 and FY24, we have significantly reduced all our impacts on the erosion of biodiversity. We estimate that about 75% of this reduction is linked to a decrease in the quantity of products sold, following the Group’s strategic emphasis on marketing high value-added products

OUR PROGRESS

Our target is to reduce our dynamic impact by 2027 and to reduce by 5% our static impact on biodiversity by 2027 across all our scopes. In FY24, we have acted on two main levers to reduce these impacts:

• Climate Change pressure: absolute reduction in greenhouse gas emissions coupled with a significant reduction in greenhouse gas emissions per product (up to 19% vs. last year)

• Land Use pressure: we now mostly use recycled or FSC certified paper and cardboard in all our packaging, which has significantly reduced our pressure on Land Use in FY24.

• Conversion factors for material purchases are based solely on European data, leading to an underestimation of our global impact, considering our material sourcing from regions such as Asia.

• The current assessment likely overestimates the impact of services purchased, constituting 90% of our static impact. We are still investigating solutions to improve the accuracy of this measurement.

REDUCING OUR GREENHOUSE GAS EMISSIONS

OUR CARBON FOOTPRINT

RAW MATERIALS

Purchasing product components

5,123 TCO2e

PRODUCTION Energy consumed by manufacturers

4,432 TCO2e

9%

3,753 TCO2e OTHER SCOPE 3 EMISSIONS (purchase of services and travel) 5

70 TCO2e related to office activities (SCOPE 1 & 2 EMISSIONS ONLY)

WASTE IN PRODUCTION

Waste and scraps generated in manufacturers' production processes

424 TCO2e

UPSTREAM TRANSPORT

from suppliers to storage centres

622 TCO2e

DISTRIBUTION from storage centres to end customers

331 TCO2e

STORAGE

Energy consumed by storage centres

1,151 TCO2e

END OF LIFE

Waste collection and processing

423 TCO2e

DID YOU KNOW?

Greenhouse gas emissions are calculated from the company's financial and physical data. Our calculation methodology is based on the GHG Protocol, which separates emissions into several Scopes and categories:

SCOPE 1: : direct emissions, linked to the company’s combustion of fossil fuels (gas, oil, coal)

SCOPE 2: indirect emissions, related to the company’s energy purchases (mostly electricity)

16 ktCO2e

SCOPE 3: all other indirect emissions, separated into 15 categories (employee transport, purchasing, product transport, product end-of-life, etc.).

To take into account all of a company’s emissions, we have to measure Scope 1, 2 and 3.

99% of the group’s emissions are in its Scope 3

Total emissions generated by Bollé Brands between April 2023 and March 2024. In 2021-2022 Bollé Brands emitted 29 ktCO2e. In FY24, we significantly reduced our emissions. This reduction can be attributed to our concerted efforts to lower the emissions associated with our products, as well as a reduction in the quantity of products sold. The Group's strategic emphasis on marketing high value-added products has played a pivotal role in this achievement.

THE EQUIVALENT OF

GREENHOUSE GASES: WHAT ARE THEY?

Man-made greenhouse gases (mainly CO2) are the cause of climate change. Climate change is generally associated with an average increase in temperature, compared to a pre-industrial level.

OUR OBJECTIVES

REDUCE OUR GREENHOUSE GAS EMISSIONS

Our targets have been validated by the Science-Based Target Initiative (SBTi) meaning that they are aligned with maintaining global warming below 1.5°C

• Solar panels in Australian offices

• Purchase of renewable energy in French and US offices

• Increase of recycled materials in products and packaging

• Almost 20% low-carbon energy in production SCOPE 1+2+3

Contribute to carbon neutrality for Scopes 1, 2 and 3 by 2045. Drastically reduce our emissions by 90% and offset residual emissions on Scopes 1, 2 and 3 by 2045.

OUR PROGRESS

To curb the impacts of climate change, the IPCC reminds us that we need to rapidly reduce our greenhouse gases emissions to limit the average temperature increase to well below 2°C by 2100.

Reducing our greenhouse gas emissions throughout our value chain is a key issue for us. Between FY21 and FY24, we have reduced the CO2e emissions of our products between 0% and 19%, depending on the product categories.

OUR CHALLENGES AND PERSPECTIVES

Despite a slight increase in air freight, our continuous efforts over the past three years have led to a significant reduction in CO2 emissions. This improvement is largely due to our increased use of recycled materials, FSC-certified cardboard and paper in our packaging, and the adoption of low-carbon energy sources in our production processes.

We have also reviewed and improved our roadmap for Bollé Safety with new targets on product and sourcing for 2027.

To contribute to carbon neutrality, our action plan has three distinct steps.

1MEASURE

We carried out four iterations of our carbon footprint for Scopes 1, 2 and 3. We regularly update our emissions counting methodology to improve its accuracy and granularity.

To better measure the impact of our products, we purchased a Life-Cycle Assessment tool and shared a white paper titled “Calculating PPE Eyewear Greenhouse Gas Emissions,” detailing our methodology.

2

REDUCE

We identified three main emission reduction levers and are progressively implementing action plans accordingly:

Material Use: All our brands aim to increase the share of recycled and bio-based materials in their products and packaging, targeting a 5% to 10% reduction in CO2e per product.

Low Carbon Energy: By 2027, we plan to use 55% low-carbon energy in our production, targeting a 20% reduction in CO2e per product.

Diminish Air Freight: We will continue to diminish air freight across our operations, targeting a 6% reduction in CO2e per product.

3 COMPENSATE

Our long-term goal is to contribute to carbon neutrality. In addition to our medium-term greenhouse gas reduction targets, we have begun supporting carbon capture initiatives. This includes backing a reforestation project in France, which has provided us with 100 tCO2e of Label Bas Carbone credits.

We also estimate that our plan to reduce greenhouse gas emissions avoided 2,686 tonnes of CO2e10 during FY24. This is the result of our effort to reduce air freight (-1,154 tCO2e), the purchase of low-carbon energy in production (-956 tCO2e) and the use of recycled, bio-based and FSC certified materials (-576 tCO2e).

REDUCING THE ENVIRONMENTAL IMPACT

OF OUR PRODUCTS AND PACKAGING

To make our products, we need to consume raw materials, energy and water. Our activity therefore contributes to climate change, plastic pollution and the erosion of biodiversity. To help guide the development of products and packaging with low environmental impacts, we have built a clear and transparent definition of what we consider to be eco-friendly products.

OUR OBJECTIVES

INDICATORS

SPORT AND LUXURY

OUR PROGRESS

In FY24, we reviewed our definition of "eco-friendly" products to be more accurate and transparent with our customers. We also bridged a significant technical gap in our two divisions by launching our first lenses containing recycled materials. Previously, it was challenging to obtain these materials without compromising lens quality or optical clarity.

SAFETY DIVISION

In FY24, we set ambitious new targets for 2027 and 2030, and decided to fully transition all models to eco-designed versions instead of offering them as an option. This significant shift delayed some product launches until October 2024. Additionally, during FY24, we progressively replaced standard packaging with eco-packaging made from 100% recycled plastic and recycled or FSC-certified cardboard, achieving 83.8% of our sales. We aim to reach our 95% target by FY25.

S&L DIVISION:

In FY24, we significantly increased the proportion of eco-friendly products in our range, reaching 40% ecodesigned products compared to 29% in FY23.

PRODUCT OUR ECO-FRIENDLY EXAMPLE OF RANGES

SWIFT

Frame in recycled PC

31% Recycled materials in the product

Protective eyewear, Bollé Safety

X-FUSION MIPS

55% recycled materials in the product

59% recycled PC visor

100% Recycled PC external shell

50% recycled EPS internal shell

100% recycled plastic straps and adjusters

100% recycled textile parts

Ski Visor Helmet, Bollé

DESSA

45% bio-based frame (castor oil)

Sunglasses, SPY

DEFINITION OF AN ECO-FRIENDLY PRODUCT

Eco-acetate frame

Sunglasses, Serengeti

At Bollé Brands, a product must meet a set of prerequisite conditions and fulfil at least one of the following product's criteria to be designated as eco-friendly.

PREREQUISITES

Must check all prerequisites

Recycled or bio-sourced materials must have equivalent certification or documentary proof

No direct competition with food for people or animal feed

No increase in CO2e emissions compared to an equivalent standard product

Any communication should clearly state the environmental benefit of the product

Transport by land and sea freight (except for prescription products)

(NEW) PRODUCT CRITERIA

Must check at least one of the criteria

Eco-designed > 20% recycled or bio-sourced materials

Eco-produced > 50% low-carbon11 energy in the production process

> 20% CO2e reduction vs. a standard equivalent12

ARTHUR

LIFE-CYCLE ASSESSMENTS

MEASURING THE ENVIRONMENTAL GAINS OF OUR ECO-FRIENDLY PRODUCTS

In Fiscal Year 24, following our FY23 Life Cycle Assessment, we decided to internalise the Product LCA expertise. We purchased an LCA tool called EcoDesign Studio, which follows the Environmental Footprint 3.0 methodology recommended by the European Commission and allows us to use the EcoInvent Database for our calculations. We are progressively implementing a plan to share more information on our products’ footprint across our different brands.

DID YOU KNOW?

A Life-Cycle Assessment measures the impact of a given product on 16 different dimensions, including climate change, resource depletion, pollution, toxicity, eutrophication and acidification.

“Calculating our products' carbon footprint is now essential, as many customers and distributors seek to reduce their environmental impact. With a reliable tool that covers the entire product life cycle, we can quickly provide precise information and assess the impact of our development choices (materials, production sites, design, etc.).”

OUR CHALLENGES AND PERSPECTIVES ILLUSTRATIVE LIFE-CYCLE ASSESSMENT RESULTS

Vincent Azibert, Product, Lifecycle & Compliance Director

OUR PROGRESS

In FY24, we conducted nearly 50 LCAs using our EcoDesign Studio tool. Additionally, we wrote and shared a white paper that transparently presents our methodologies to our customers.

We plan to communicate our products’ carbon footprint in the next eco-friendly release of Bollé Safety products.

Our S&L teams are on track to target specific products for conducting LCAs.

REDUCING THE

ENVIRONMENTAL IMPACT

OUR SUPPLY CHAIN OF

At Bollé Brands, we work with trusted partners to manufacture our products. We measure the impact of our suppliers on a yearly basis using environmental questionnaires and 4-pillar SMETA audits. These assessments covered all our product categories and more than 70% of our global production. This year, we accelerated our ambitious action plan to support our suppliers in reducing their environmental impact.

OUR OBJECTIVES

INDICATORS

OUR PROGRESS

In FY24, we incentivised our suppliers to use low-carbon energy for manufacturing our products, either through direct solar production and consumption or, through the purchase of International Renewable Energy Certificates.

We also started to improve the environmental data quality regarding recycled materials and their impacts by working with our suppliers to certify our recycled products with third-party standards, such as the Global Recycled Standard.

Finally, we chose to work with suppliers who have mature ESG programmes for the upcoming launches of top-selling eco-friendly products. As key partners, these suppliers undergo regular SMETA audits, provide recycled materials with strong third-party guarantees, and are committed to exploring or utilizing low-carbon energy sources.

“In FY24, we met with renewable energy providers in our main areas of production. We contacted our suppliers to encourage them to purchase low-carbon energy. This project increased the share of renewable energy in our supply chain from 1.1% in FY23 to 19.6% in FY24.”

OUR CHALLENGES AND PERSPECTIVES

Support our suppliers in adopting best-in class practices 1 2

Support our suppliers in calculating their greenhouse gas emissions

Massify the use of low-carbon electricity in locations where low-carbon energy is priced at a high markup 3

ENVIRONMENTAL IMPACT REDUCING THE

OUR OFFICES OF

We have 7 offices across the world. Our French, American and Australian offices gather more than 80% of our employees. In FY24, we renewed our facilities’ environmental audit, to measure our consumption of gas, electricity, water, and waste and subsequent greenhouse gas generation. Although our direct operations only represent a small fraction of our global impact, it is our duty to demonstrate leadership in improving our environmental footprint.

OUR OBJECTIVES

INDICATORS

OUR PROGRESS

In FY24, renewable energy represented 56% of our energy mix. This is due to the installation of solar panels in Australia and the purchase of renewable energy for our French and Carlsbad offices.

These actions led to a substantial reduction in greenhouse gas emissions. Specifically, we reduced our Scope 1 and 2 emissions by 43% compared to the FY22 baseline, achieving our Scope 1 & 2 reduction targets for 2027 (-30%) and 2030 (-42%) ahead of schedule.

Additionally, we continued our efforts to diminish waste and enhance our recycling stream by deploying waste management programmes in France and the US. These programmes now revalorize paper, plastic, and include composting solutions.

“The Australian solar panels have consistently exceeded our expectations.

In FY24 we delivered a total CO2 emissions reduction of 50 tCO2e versus FY22. Overall this represents almost all of the Scope 2 reduction at Group level (-42% in FY24 vs FY22).

Let the sun shine!”

OUR CHALLENGES AND PERSPECTIVES

Control our slightly increasing energy consumption with HVAC13 management plans.

Find low-carbon energy solutions for our remaining consumption of grid electricity

Address the increase in our water consumption and implement water efficiency plans

OF OUR

THE SAFETY AND QUALITY

PRODUCTS

We must ensure that our products and production processes do not contain substances that are harmful to our consumers and the environment. This is why we established a Restricted Substance List.

OUR OBJECTIVES

OUR PROGRESS

1

Our restricted Substance List is updated twice a year to be compliant with the evolution of the regulations. This year, we added a specific section regarding PFAs.

2

Currently, 99% of our S&L products comply with our hazardous substances list, and 100% of Bollé Protection products meet the criteria. We have discontinued the production of the only product that might contain a hazardous substance to achieve 100% compliance by 2025.

3 DID YOU KNOW?

Harmful substances are substances that may pose a risk to human health or the environment. They may be used in production processes or be present in products. Several laws list and regulate their use such as the European Union's REACH regulation, the CPSIA, Proposition 65 in California and the WorkSafe ACT in Australia.

We carried out SMETA audits in our suppliers’ production sites and controlled their management of hazardous substances. While most of our suppliers properly handle them, we still noted a few situations where suppliers need to improve their practices to eliminate any risks of local pollution

Whenever a non-compliance was detected, we worked closely with our suppliers to correct it within the timeframe specified by the third-party auditor.

OUR CHALLENGES AND PERSPECTIVES

1 2 3

Manage the upcoming regulation changes regarding PFAs and BPAs

Production site: continue to support our suppliers to improve their use and management of hazardous substances

Keep renewing our product verification process every six months

To ensure a high level of human health and environmental protection against harmful substances, we offer products that are more eco-friendly and that follow our Restricted Substance List (99% for our current Sport & Luxury and 100% for Bollé Safety products). We also closely monitor regulations, such as those concerning PFAs (Perand polyfluoroalkyl substances), which are globally recognized and will be subject to restrictions in the coming years due to their harmful effects on human and environmental health. Currently, we don’t have any PPE products which contains PFAs above the tolerance threshold and we make sure that new products don’t contain any PFAs.”

DID YOU KNOW?

PFAs are chemical substances with specific properties used in many everyday products. Extremely persistent, PFAs are found in all environmental compartments and can expose people through air, food, drinking water, and various everyday products and objects.

In 2023 and 2024, numerous scientific studies highlighted the widespread presence of PFAs pollution in both terrestrial and aquatic environments, while others demonstrated the toxicity of these substances and their impact on human health.

We anticipate that existing regulations banning certain specific PFAs will broaden their scope in the coming months or years, requiring all companies using them to find alternative solutions for their products.

02 SOCIAL

Without the women and men involved, our business could not exist. As for the environmental pillar, we seek to measure and improve our social impact across our entire value chain.

OUR COMMITMENTS

Develop the diversity, inclusion and engagement of our employees

OUR OBJECTIVES

GROUP

Through our philanthropy, support causes aligned with our values

Ensure ethical work practices in our supply chain in line with the principles of the United Nations Global Compact

SHARE OF STRATEGIC SUPPLIERS AUDITED WITH SOCIAL, ETHICAL AND ENVIRONMENTAL AUDITS (SMETA AUDITS OR EQUIVALENT)

OUR PROGRESS

In FY24, we reviewed our HR policy to standardise our commitments and processes across all our countries of operation. This policy includes specific actions and commitments regarding wages, working hours, health and safety, well-being, diversity, equity and inclusion, and employee development. We also committed to paying all our employees at least a Living Wage, awarding specific raises to a minor share of our employees to uphold this commitment.

FY24 was an opportunity for us to conduct our second employee engagement survey. We decided to internalise the evaluation and began using the third-party platform provided by Culture Amp. This change prompted methodological adjustments to measure employee engagement, and we adjusted our targets accordingly.

Finally, we strengthened our Sustainable Procurement programme by increasing the number of SMETA audits with our suppliers and improving our process to monitor the resolution of non-compliance through Corrective Action Plans.

OUR CHALLENGES AND PERSPECTIVES

Deploy and apply our HR policy in all our operations sites

Shorten our process following employee engagement survey to produce more concrete and relatable action plans

Maintain our standards regarding our Sustainable Procurement Processes

ELEVATING

THE INTRODUCTION EMPLOYEE EXPERIENCE

OF OUR NEW HR POLICY

In FY24, we developed a new HR Policy in order to standardise practices across our Business. This section highlights its key parts and the commitments made by the Group.

OUR OBJECTIVES

“At Bollé, we care for our employees as much as we can: on-boarding, promoting a healthy work-life balance and environment, encouraging Diversity and Transparency, empowering people through fostering autonomy and initiative”

VP HR & ESG

ESTABLISHING FAVOURABLE CONDITIONS TO PROMOTE A HEALTHY WORK-LIFE BALANCE

We reviewed all work conditions across our offices and decided to harmonise them, leading to improved conditions for some employees, as our programme often surpasses local regulations. Our programme includes:

100% of our employees are paid at least a Living Wage 14

Flexible remote working option of at least 1 day per week for our employees, generally 2 days15

A minimum of 20 days’ paid annual leave per year, in all our countries of operations.

Family friendly policy for young parents.

OUR PROGRESS

About 4% of our employees received a specific raise in FY24 to match the Living Wage

This includes employees from our Carlsbad and UK offices, where the legal wage is below the living wage, as well as students doing work-linked training in France.

ENSURING A SAFE AND HEALTHY WORK ENVIRONMENT

In FY24, we harmonised all our health and safety standards across all our locations. We created a Safety Committee and appointed a Group Health and Safety Leader. The Committee has the following key objectives:

Conduct a risk assessment in all offices and warehouse locations at least every two years.

Develop comprehensive mitigation strategies for identified hazards, focusing on prevention and employee well-being.

Products at a discounted rate from all our brands. Including ski & cycling helmet, ophthalmic eyewear, goggles and sunglasses

Achieve and maintain a zero accident rate in the workplace every year.

OUR PROGRESS

Development and communication of standard safety procedures in all offices.

Standardisation and increased frequency of emergency evacuation tests in all our offices.

Training on how to use fire extinguishers in the offices.

FOSTERING AUTONOMY AND INITIATIVE

Bollé Brands aims to support employees’ skills development, from hiring to their potential departure. Our relatively small size allows our HR teams to remain accessible to all employees and provide targeted support in the following situations:

We provide an integration journey for all employees that includes meetings with specific teams and more general meetings regarding HR, IT, and ESG. All new employees also participate in additional eLearning sessions.

We conduct annual performance reviews to support career advancement and personal development.

We support each promotion with tailored training to ensure that individuals are well-equipped for their new roles.

In case of issues, we have implemented a grievance mechanism to address concerns and ensure a fair and transparent resolution process.

OUR PROGRESS

Reshaping of our onboarding journey

Launch of a new e-Learning platform

OUR CHALLENGES AND PERSPECTIVES

1Automate our HR Reporting process

Roll out and consolidate our Health and Safety programme and produce our first Health and Safety reports.

Improve the employee performance review process to allow more frequent touchpoints between employees and managers. 2

DIVERSITY, INCLUSION

AND ENGAGEMENT

OF EMPLOYEES

The work and dedication of our employees represent the foundation of our company. We firmly believe that fostering inclusive working practices and enhancing employee engagement are key factors in the success of our company.

OUR OBJECTIVES

OUR PROGRESS

DIVERSITY

Today, we are addressing gender equity and diversity. We are proud to consider this an integral part of our values. 45% of our workforce is made up of individuals who identify as women, and this figure is 40% for our Executive Committee. This illustrates our commitment to ensuring that women are represented at a minimum of 40% at all levels of the company, including the highest levels of responsibility.

To go further, we realised an internal analysis to measure both unadjusted and adjusted gender wage gap16 within the organisation.

EMPLOYEE ENGAGEMENT

This year, we reshaped our employee engagement survey process in order to have a more detailed and objective view of employees’ engagement and we conducted it using the Culture Amp platform in December 2023. This platform made it easier to share the results with all employees.

This platform change prompted a methodological shift in measuring employee engagement and required us to revise our 2027 targets. Employee engagement is now measured based on five key questions, communicated to all employees. With a response rate of 88%, we measured an engagement score of 58%, with a target set at 70% by 2027.

To improve working conditions, we focused on enhancing internal communication across our brands and various locations. This led to the creation of a new role, the internal communication coordinator, who manages our new internal communication platform.

OUR CHALLENGES AND PERSPECTIVES

Improve our action plan process following our annual employee engagement survey to provide our plan to employees more quickly

Improve internal communication, especially regarding business updates to all employees

CAUSES SUPPORTING

OUR VALUES ALIGNED WITH

At Bollé Brands, we strive to remain closely connected to our areas of operation and support causes that align with our sport, social, and environmental values. In recent years, we have significantly enhanced our support to charities and non-profit organisations.

PINK OCTOBER

In FY24, following our first employee engagement survey, we recognized the need for employees to have time to support nonprofits that matter to them. Therefore, we created a Volunteer Day, allowing every employee in the Group to take one paid day off per year to volunteer for a nonprofit.

To go further, our ESG ambassadors organised several collective events throughout the year where employees could volunteer together.

FOOD BANK VOLUNTEER DAY WITH THE RESTAURANT DU COEUR (FRANCE)

OUR CHALLENGES AND PERSPECTIVES OUR PROGRESS

For Pink October 2023, Bollé Safety sold a limited edition of its flagship protective glasses: the Rush+ with pink temples. The company chose to join forces with several international charities, including the Breast Cancer Research Foundation to guarantee the biggest possible impact. Bollé Safety committed to donate $0.50 for each pair of glasses sold. The money raised was supplemented by a donation of $10,000. Cumulative donations amounted to €23,700 for FY24.

We also continued our financial support to nonprofits, setting up product donation schemes and taking part in charity events such as runs for cancer research and support for hospitals.

“ My participation in the Restaurant du Cœur’s food drive was a very rewarding experience. This volunteering effort reaffirms the importance of solidarity and mutual support.”

Bertrand VALLIER, Sourcing, QC & Compliance S&L

Increase the number of volunteer initiatives available to our employees

Develop a partnership with 1% for the Planet to significantly support causes and organisations with environmental purposes 2

PRACTICES

IN OUR SUPPLY CHAIN

Our responsibility does not stop at the company gates. As stipulated in the French Devoir de vigilance, companies have a responsibility to prevent all risks relating to the environment, human rights, labour practices and corruption within their own activities but also in those of their subcontractors and suppliers. The United Nations Global Compact has established 10 principles to guard against these risks. To monitor practices in our supply chains, we have become a member of SEDEX, an independent organisation that supports companies in their management of social and environmental risk within their supply chain.

OUR OBJECTIVES

INDICATORS FY22 FY23 FY24 TARGETS

STRATEGIC SUPPLIERS WHO

STRATEGIC

“In the QC & Compliance department, the ESG control of our suppliers is an integral part of our strategic priorities for FY25. We are strengthening our actions in this field by conducting more SMETA 4-pillar audits with our suppliers and closely monitoring the implementation of corrective actions within the given deadlines following any case of noncompliance. It is important to note that when the level of criticality surpasses our internal criteria, we are able to initiate additional followup audits to verify the implementation of concrete actions on the ground, allowing us to efficiently eliminate the most significant risks.”

OUR PROGRESS

In FY24, we strengthened our Sustainable Procurement programme by increasing the proportion of audited strategic suppliers from 49% to 64% over the last two years. We also reviewed and enhanced our post-audit process. After a SMETA audit, the third-party auditor provides a Corrective Action Plan Report that outlines actions to address non-compliance cases. This year, we updated our process to ensure that suppliers validate and implement the Corrective Action Plan in a timely manner. The Quality Compliance and Control team now manages this process, working directly with suppliers and raising alerts to the Sourcing, ESG, and Legal teams if a supplier is classified as high risk (e.g., ≥4 Major Non-Compliances and/or ≥1 Critical Non-Compliance) following an audit.

OUR CHALLENGES AND PERSPECTIVES

1

Maintain supplier engagement on SEDEX.

2

Sustain our SMETA audit frequency for strategic suppliers.

3

Communicate more broadly on our suppliers’ corrective actions and the corresponding results.

OUR SUPPLY CHAIN RISK MANAGEMENT PROCESS

2 1

SUPPLIER COMMITMENT

Our suppliers sign our Supplier Code of Conduct. This legal document requires them to comply with social and environmental regulations and standards. It allows us to audit our suppliers and sanction them for non-compliance with the code.

Results: At the end of March 2024, 100% of our strategic suppliers had signed our Code of Conduct (vs. 96% in 2023).

3

RISK ASSESSMENT

With the tools provided by SEDEX, we assess our suppliers on two criteria:

1 • the risk inherent to each business, according to its sector of activity and location.

2 • the risk associated with the production site, using a self-assessment questionnaire and its previous audits.

Results: (see graph)

• we represent the assessed suppliers in a compliance risk matrix.

• 10 suppliers have a high risk of non-compliance, with an average risk score exceeding 6 out of 10. This is primarily due to the increased controls and adjustments implemented with suppliers who fully joined the Sustainable Procurement Programme and conducted their first SMETA audits this year.

4

AUDIT

We assess our strategic suppliers through SMETA audits conducted by independent accredited auditors. We prioritise suppliers with a high risk of non-compliance.

Results: at the end of March 2024, 30 SMETA audits or equivalents (e.g. BSCI) were carried out on suppliers in the two previous years.

ANTI-CORRUPTION

SUPPLIER CODE OF CONDUCT

SELFASSESSMENT QUESTIONNAIRE

Every year, we ask our suppliers to complete a self-assessment questionnaire on the SEDEX platform about their social and environmental practices. Result: 96% of our strategic suppliers had completed their questionnaire at the end of March 2024 (vs. 93% in 2023).

5

IMPLEMENT CORRECTIVE ACTIONS

We implement corrective actions based on audit results and the criticality level of any identified non-compliance.

• Critical non-compliance: we work with our suppliers to resolve them as soon as possible, in the timeframe required by the auditor, and follow up on a case-by-case basis.

• Other non-compliance: these mainly concern protective equipment, working hours and hazardous substance management. In these cases, we ask our suppliers to correct their non-compliances in the timeframe required by the auditor and check overall progress 2 to 3 times a year.

03 GOVERNANCE

GGovernance is the set of processes put in place to achieve our social and environmental objectives.

OUR COMMITMENTS

Put ESG at the heart Of our decision making

Communicate transparently with our internal and external stakeholders

OUR OBJECTIVES

Ensure high ethical standards and responsible business conduct

Develop an ESG culture within the company

OUR PROGRESS

In FY24, we enhanced our ESG strategy by embedding our long-term commitment to have a material positive impact on society and the environment into our Articles of Association and linking employee bonuses to ESG engagement, requiring annual e-learning and participation in ESG event19

We improved internal communications with a new Global Communications Coordinator and an internal communications platform. We updated our Ethics and Compliance programme with a new Code of Ethics, a Whistleblowing process, and an e-learning platform. Our ESG culture has continued to thrive, driven by our ESG ambassadors, environmental workshops, the introduction of individual employee ESG bonuses, and various ESG-related events.

OUR CHALLENGES AND PERSPECTIVES

Align our compliance with the CSRD (Corporate Sustainability Reporting Directive) that will apply to us starting FY26

Rollout our internal communications plan and measure improvement in employee perception using the employee engagement survey 1 2 3 4

Automate our yearly Gift Disclosure Control process

Increase the number of events organised by the ESG ambassadors, especially to include more volunteering initiatives to our employees

ESG AT THE HEART PUTTING OF

DECISION-MAKING

Bollé Brands recently became a Certified B Corporation, recognising the Group’s maturity in its ESG program. While we view ESG as an ongoing journey, we have established robust governance mechanisms to ensure it remains integral to our strategy and daily operations.

OUR OBJECTIVES

OUR PROGRESS

In FY24, we strengthened our ESG commitment by embedding long-term commitment to have a material positive impact on society and the environment into our Articles of Association. This ensures that environmental and social considerations are integrated with financial objectives at the highest level of governance, guaranteeing long-term commitment of the Group’s owners.

We also enhanced our ESG organisational structure by reinforcing the ESG team and establishing thematic wor-

OUR ESG ORGANISATION

king groups focused on eco-friendly product development and health and safety.

Additionally, we introduced an ESG component in employees’ bonus plans, requiring participation in mandatory e-learning on ESG and Compliance, as well as involvement in at least one ESG initiative per year. Options include Climate Fresk and 2tonnes workshops, Volunteer Day, or ESG ambassador events.

We have set up an organisation involving all levels of responsibility to help gradually develop ESG across the company.

ESG AMBASSADORS

INTERNS

Thematic working groups (development of eco-friendly offers, employee engagement, etc.)

TRANSPARENTLY COMMUNICATING

WITH OUR STAKEHOLDERS

The aim of transparent communication is to interact with and be understood by as many people as possible, both internally and externally.

OUR OBJECTIVES

OUR PROGRESS

In FY24, we responded to employees’ feedback by creating an internal communications coordinator role to enhance communications via our platform, Viva Engage.

Externally, we published our 2023 Sustainable Development Report, our Code of Ethics, and the White Paper "Calculating PPE eyewear Greenhouse Gas Emissions." Our Bollé Safety team also worked on a video miniseries highlighting our ESG programme.

OUR CHALLENGES AND PERSPECTIVES

Accelerate the deployment of our internal communication programme and achieve high engagement on our internal communication platform

Communicate clearly and transparently about business being a Certified B Corporation. 2 3 1

Regularly communicate on the company’s financial results and strategic directions to employees

OUR COMMITMENT

TO ETHICAL

Ethics and compliance are fundamental to our responsibility as a company to conduct business with high ethical standards and to reject any form of unethical behaviour such as bribery, corruption, and harassment. We not only prohibit these behaviours but also take a proactive approach to prevent them through policies, complaint mechanisms, and tailored training for our employees.

OUR PROGRESS

In FY24, we completely reshaped our ethics and compliance program.

OUR NEW CODE OF ETHICS AND ASSOCIATED POLICIES

Publication of our new Code of Ethics and its associated Anti-Bribery and Corruption Policy, Whistleblowing Policy and Grievance Policy.

PROMOTE ETHICS IN THE WORKPLACE

• Ensure a safe work environment, free of harassment and discrimination

• Protect human rights and prohibit child labour, modern slavery and forced labour

• Guarantee reasonable working conditions

• Ensure the freedom of association

GUARANTEE ETHICS IN BUSINESS CONDUCT

• Proactively ban bribery and corruption

• Avoid conflicts of interest

• Comply with competition and antitrust laws

• Control donations and sponsorships

2

TRAINING ALL OUR EMPLOYEES ON COMPLIANCE

To ensure that all our employees understand our policies and codes of ethics, we created personalised e-learning modules in French and English covering our Code of Ethics, Anti-Bribery and Corruption, Anti-Harassment, and Whistleblowing processes. All employees were required to complete these mandatory e-learning modules to unlock part of their yearly ESG bonus. By the end of FY24, 97.4% of our eligible employees had fully completed these e-learnings.

3

CONTROLLING OUR EMPLOYEES

To mitigate the risk of non-compliance with our ethics policy, particularly regarding anti-corruption and anti-bribery, we required all employees to disclose any gifts or hospitality they received or gave during the fiscal year. This was done to ensure adherence to the conditions outlined in our Anti-Bribery and Corruption Policy. For this initial exercise, 72% of our employees completed the disclosure. We anticipated this relatively low response rate due to the fact that responses had to be hand-written for this first year of exercise.

4

SETTING

UP A WHISTLEBLOWING ANONYMISED PROCESS

We recognize that top-down processes may not control every aspect of our business. To address this, we established a third party-operated whistleblowing process. This allows anyone to report violations of legislation, our Code of Ethics, or actions that endanger people, nature, or business. Our Whistleblowing Policy ensures anonymity and non-retaliation for whistleblowers.

We have handled four cases of whistleblowing since the launch of the program late November 2023 and March 2024. This demonstrates both the system’s efficiency and employee awareness.

“ Speaking up for oneself, our colleagues, or any other stakeholders not only protects those involved from harm but also helps the Group address situations that may not have been identified otherwise, potentially preventing further damage. I am very thankful to each person who took the time to report throughout the year. We are all part of our colleagues' safety net, so you should never hesitate to speak up.”

OUR CHALLENGES AND PERSPECTIVES

Automate our Gift disclosure process and increase the employees’ answer rates 2 1

Update our Compliance Trainings for FY25.

AN ESG CULTURE DEVELOPING

OUR OBJECTIVES

ESG must be integrated into Bollé Brands’ overall operations. Therefore, we created a dedicated role in the company: the ESG ambassadors. These volunteers come from all company’s departments (products, digital, marketing, operations, HR, customer services, quality, sales) and are present throughout the Group (EMEA, APAC, NAM). Through their actions, ambassadors:

“Educate employees and raise awareness about ESG challenges.

Implement local initiatives to help reduce our offices' environmental impact, create engagement with ESG and help improve our employees' working conditions. 2 1

Each of the 16 ESG ambassadors received a letter of assignment from the CEO and a budget of €1,000 to:

• Lead Climate Fresk workshops

• Organise at least two local initiatives per year

Being an ambassador has been a great opportunity to become committed to ESG activities and concerns, especially since I've always been interested in environmental issues and social problems. It is also good for the Japanese team to have opportunities to learn what is good for the Earth, the society, and what companies can do to have a positive impact. I feel good knowing that I am working for a company that keeps striving for a greener environment. ”

Ando, ESG Ambassador & Account Administrator, Japan

22 ESG related event: Volunteering Day or Climate Fresk or 2tonnes workshop or ESG ambassador event

OUR PROGRESS

In FY24, we continued the ESG Ambassadors programme, now well-established in all our offices. With the integration of ESG into the employee bonus scheme, ESG Ambassadors organised further initiatives and trainings. By the end of FY24, we had trained more than 370 employees to the Climate Fresk workshops, and 136 employees (about 40% of our staff) to the 2tonnes workshops.

WHAT IS THE 2TONNES WORKSHOP?

The 2tonnes workshop is an immersive experience based on a data model that simulates and quantifies low-carbon transition scenarios. The goal for participants is to collaboratively build a scenario that will lead them towards emissions levels of 2 tons of CO2e per year by 2050, both for themselves and for the entire population. As a reminder, 2 tons is the average level of emissions per person to reach by 2050 to limit global warming to well below two degrees by 2100.

OUR ESG AMBASSADORS’ INITIATIVES

Between April 2023 and March 2024, our ESG ambassadors carried out 38 local initiatives across all our offices. They chose to focus on actions to improve our environmental impact, employees health and well-being, as well as volunteering events.

“Being part of the ESG Ambassadors’ team has been a great experience in trying to bring more sustainable alternatives to our current practices and be aware of the different sides to ESG. We aim to be a zero-plastic office in the UK: we are recycling about 90% of all of our rubbish, we have introduced eco-cleaning products and have eliminated over 50% of our printing ” Aurélie Mortier, ESG Ambassador & Client Accountant UK

OUR CHALLENGES AND PERSPECTIVES

Through our upcoming partnership with 1% for the Planet, we plan to support various local environmental associations, which will be selected by a vote from our employees. This will provide a great opportunity for our ESG Ambassadors to organise joint actions and events. Additionally, we will investigate new workshops to further educate employees on environmental issues, notably on biodiversity and the circular economy.

CONCLUSION

FY24 was pivotal for our ESG programme. We finalised and implemented measures, targets, and action plans across all key areas of our business. This progress was recognized with a Gold Medal from EcoVadis for our Bollé Safety brand and our Group becoming a Certified B Corporation. While these accolades are significant, we remain focus on the future and aim to achieve our 2027 and 2030 objectives by continuously refining our strategies and practices.

We have identified several areas for improvement in the coming year, as detailed throughout this report. Our main focus will be on three key points:

1

Challenge and Update Our ESG Programme: Conduct a double materiality exercise.

2

Prepare for the CSRD: Get our business ready for the Corporate Sustainability Reporting Directive.

3

Accelerate Our ESG Action Plan: Ensure we meet our 2027 ESG targets, particularly in biodiversity, carbon footprint, and employee engagement.

This year, we solidified our long-term commitment to sustainability by embedding the B Corp requirements into our Articles of Association. This formalisation reflects our dedication to integrating sustainability at the core of our governance. With upcoming regulations and our unwavering commitment to building a sustainable business, we strive for continuous, ambitious and transparent improvements. Our focus remains on achieving realistic yet impactful progress, driven by humility and a steadfast commitment to our ESG goals.

OUR ESG STRATEGY

AND THE SUSTAINABLE DEVELOPMENT GOALS LINK BETWEEN

AN INTEGRATED APPROACH TO SUSTAINABLE DEVELOPMENT GOALS

(SDGS)

OUR BUSINESS MODEL

ENVIRONMENT

SOCIAL

GOVERNANCE

OUR ESG STRATEGY

Our approach, aligned with Sustainable Development Goals, aims to maximise our positive impact and minimise our negative impact.

OUR COMPANY DESIGNS AND MARKETS PRODUCTS THAT GUARANTEE THE SAFETY OF OUR CUSTOMERS IN THEIR PROFESSIONAL AND LEISURE ACTIVITIES.

MITIGATE THE IMPACT OF OUR ACTIVITIES ON BIODIVERSITY

REDUCE OUR GREENHOUSE GAS EMISSIONS

MINIMISE THE ENVIRONMENTAL IMPACT OF OUR PRODUCTS AND PACKAGING

DEVELOP EMPLOYEE DIVERSITY, INCLUSION AND ENGAGEMENT

ENSURE ETHICAL LABOUR PRACTICES IN OUR SUPPLY CHAIN

ENSURE HIGH ETHICAL STANDARDS AND RESPONSIBLE BUSINESS CONDUCT

LINK WITH THE UN GLOBAL COMPACT

SUSTAINABLE DEVELOPMENT GOALS

Our strategy has been developed in consultation with our stakeholders, using the methodology of the United Nations Global Compact. This organisation proposes that companies follow a set of 10 principles to contribute to the 17 Sustainable Development Goals defined by the United Nations with the target date of 2030.

LINK BETWEEN THE UN GLOBAL COMPACT AND THE SDGS

HUMAN RIGHTS

1• Businesses should support and respect the protection of internationally proclaimed human rights

2• Businesses should make sure they are not complicit in human rights abuses

LABOUR

3• Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining

4• Businesses should contribute to the elimination of all forms of forced or compulsory labour

5• Businesses should contribute to the effective abolition of child labour

6• Businesses should contribute to the elimination of discrimination in terms of employment and occupation

ENVIRONMENT

7• Businesses should support a precautionary approach to environmental challenges

8• Businesses should undertake initiatives to promote greater environmental responsibility

9• Businesses should encourage the development and diffusion of environmentally friendly technologies ANTI-CORRUPTION

10• Businesses should work against corruption in all its forms, including extortion and bribery

BIODIVERSITY (ALL SCOPES)

PROGRESS AND OBJECTIVES INDICATORS,

CO2 EMISSION INTENSITY23

PRODUCTS

25 Most of our packaging are undergoing a running change to reduce their environmental impact. We will provide accurate data for this indicator in the next report.

26 As we don’t have water bills for some of our offices, we estimate water consumption based on average employee usage by country. We reviewed the calculation methodology this year and retroactively calculated water consumptions.

27 We changed our participation calculation methodology. Last year, we looked at the % of production covered by the supplier’s answers but we realised it was more traceable for us to track the % of suppliers answering the questionnaire out of the supplier pool.

SOCIAL

ENGAGEMENT AND DIVERSITY

ASSOCIATIVE PARTNERSHIPS

Suppliers who have completed their Self-Assessment questionnaire on SEDEX

GOVERNANCE

& COMPLIANCE

CULTURE

METHODOLOGIES

SPECIFIC METHODOLOGIES

Methodology for calculating the carbon footprint

Bollé Brands has been calculating its carbon footprint since 2021. Sustainable development consultancy UTOPIES drew up the methodology and carried out the first carbon footprint assessment. The methodology is based on the GHG Protocol and the CO2e emissions are calculated for Scopes 1, 2 and 3. More than 99% of our emissions fall under Scope 3 and the majority of these emissions are related to the life cycle of our products.

Product

life cycle emissions

These emissions are calculated by brand (Serengeti, Bollé, Bollé Safety etc.), product category (helmets, goggles, masks, etc.) and certain sub-categories (eco-friendly products, frame materials, etc.). For each item in a brand/category/subcategory, we considered a representative product for which we calculated the CO2e emissions with a cradleto-grave approach. This methodology enabled us to build a carbon footprint highlighting our emission reduction levers.

Other emission sources

• Scope 2: emissions related to energy consumption in our offices, location-based and market-based methodologies

• Other Scope 3 emissions: related to all expenditure not directly associated with the product life cycle. Spendbased method.

This year, we improved our methodology and retroactively calculated our greenhouse gas emissions from FY21 to FY24. Our update includes:

• Updating the emission factors for raw materials production, transport, end-of-life and grid electricity emission factors, using the EcoInvent 3.9 Database.

•Update of the emission factors used for Scope 2 emission calculation, from the ADEME database to the EcoInvent database.

•Inclusion of more granular renewable energy data in production (differentiated by product range, brands and countries of production)

•Update of emission factors for paper and cardboard, using research from Delft University to estimate the differences between FSC certified and non-FSC certified paper and cardboard.

Methodology for calculating the biodiversity footprint

Bollé Brands has been calculating its biodiversity footprint since 2022 using the Global Biodiversity Score (GBS) methodology and associated tools developed by

the Caisse des Dépôts Biodiversité. The tools require the collection of a significant amount of data including: financial information, product and material purchases, greenhouse gas emissions, water consumptions, land use data etc.

The GBS Tool subsequently converts and models this information into pressures and ultimately impacts on biodiversity, measured in MSA.km².

In our measures and analysis, the biodiversity impacts are calculated

• by Scope (scope 1, scope 3 upstream, scope 3 downstream)

• by Brand (Bollé, Bollé Safety etc.)

• by pressure type (Climate Change, Land Use, Ecotoxicity, Pollution)

• by data type (financial data, material data, greenhouse gas emissions etc.)

• differentiating dynamic and static impacts

• differentiating aquatic and terrestrial impacts

Methodology for estimating emissions avoided by products

First, we underline that avoided emissions can never be compared to effective Scope 1, 2 or 3 emissions. However, calculating avoided emissions allows us to estimate the impact of our greenhouse gas reduction effort by comparing effective emissions and fictitious emissions that would have been emitted in a business-as-usual scenario.

For the Bollé Brands, the biggest source of avoided emissions arises from the efforts carried out to reduce the carbon footprint of each of our products sold. To calculate them, we estimate the emissions that would have been emitted without proactive actions on our side with the following scenario:

FICTITIOUS SCENARIO EFFECTIVE EMISSIONS AVOIDED EMISSIONS

RAW MATERIALS No recycled or bio-based materials in our products or packaging

PRODUCTION Only use of electricity from the grid by our product manufacturers

TRANSPORT & DISTRIBUTION

Use of recycled and bio-based materials in parts of the products and packaging

Use of renewable energy in part of the production

Same share of air freight as in FY21 FY24 air freight share

Fictitious scenario

emissions

– Effective emissions

DEFINITIONS

Adjusted gender wage gap: measures the difference in pay between women and men after accounting for factors that determine pay, such as job role, education, and experience.

Bio-sourced material: material derived from renewable organic matter (biomass), of plant or animal origin. Some of these materials can be used as alternatives to petrochemical-based plastics.

Code of conduct: a set of business practices and standards that a company establishes and asks its stakeholders (employees, suppliers and other partners) to respect when entering into business relationships.

CO2e (CO2 equivalent): a unit of measurement to standardize the climate effect of different greenhouse gases. CO2 equivalent is the amount of carbon dioxide (CO2) that would cause the same contribution to climate change over a defined period of time (typically 100 years).

EF.3.0: environmental footprint database recognized by the European Commission to realize Product Environmental Footprint Calculations.

Employee Engagement Score: score calculated by an internal methodology, correlated with employees’ declared satisfaction at work and attrition rates. For Bollé Brands, the score is based on 15 questions taken from the yearly employee engagement survey, measuring the share of employees scoring above 7/10 on these questions.

FY (Fiscal Year): our company's reporting period. It covers the period from April 1 to March 31 of the following year. For example, FY23 covers the period from 1 April 2022 to 30 March 2023.

Greenhouse gases (GHG): gases of natural or anthropogenic origin that absorb and re-emit part of the sun's rays, phenomena that cause the greenhouse effect.

Impact Business Model (IBM): ways that a business is designed to create a specific positive benefit/outcome for one of its stakeholders. They may be based on their product, a particular process or activity, or the structure of the business. Impact Business Models are one of the three underlying aspects of a company’s social and environmental performance.

Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES): independent intergovernmental body established by States to strengthen the science-policy interface for biodiversity and ecosystem services for the conservation and sustainable

use of biodiversity, long-term human well-being and sustainable development.

Label Bas Carbone: the Bas Carbone label is a French certification that recognizes projects effectively reducing greenhouse gas emissions and promoting carbon sequestration. It ensures rigorous standards and transparency in measuring and validating carbon impact.

Location-based method: a method of calculating Scope 2 greenhouse gas emissions based on the emission intensity of electricity from electricity grids. It differs from the market-based method, which calculates emissions from the intensity indicated on electricity supply contracts.

Low carbon electricity: electricity generated by a source that emits low volumes of greenhouse gas in the atmosphere. This includes most renewable electricity sources and nuclear power.

Paris Agreement: signed by 193 members of the United Nations Framework Convention on Climate Change, this agreement aims to keep the increase in global average temperature well below 2°C above pre-industrial levels and preferably below 1.5°C.

Recycled material: this material can be derived from pre-industrial recycling (e.g. production off-cuts) or post-industrial recycling (e.g. end-of-life product recycling). It generally has a lower environmental impact than virgin materials.

Science-Based Target Initiative: an independent organization that certifies companies’ CO2e emission reduction targets. It verifies that the short-term (5 to 15 years) and long-term (contribution to carbon neutrality) objectives are well aligned with the Paris Agreement.

SDGs (Sustainable Development Goals): these goals are the 17 priorities for 2030, for economic and social development that respect people and the planet. They were adopted in 2015 by the UN.

Unadjusted gender wage gap: the difference between the average gross earnings of men and women, expressed as a percentage of the average gross earnings of men.

United Nations Global Compact: this initiative calls on companies to align their strategy and operations with the ten universal principles related to human rights, labour, environment and anti-corruption, and to take action to advance social goals and the implementation of the SDGs.

ESG is a topic that is changing our business every day. This transformation would not be possible without the involvement of our employees, suppliers and customers.

We would particularly like to thank UTOPIES, a key partner, who support us on a daily basis in the deployment of our ESG roadmap and on our objective to achieve B Corp certification in 2024.

We would also like to thank our other partners who support us in ESG projects that are crucial to our business, including the SEDEX teams, Outdoor Sports Valley, Culture Amp, Gingko21 and Altermaker.

The environmental and social challenges we face call for a collective response. Thanks to the collaborative work of all our stakeholders, we are energized and motivated to help profoundly change our industry.

IMAGES Couverture : Layla Kerley - P.5 : Stefan Hobmaier - P.6 : Gabe L’Heureux - P.8 : Fabian Bodet - P.9 : Selec Native - P.10 : Baliste Agency
P.12 : Selec Native - P.13 : Garth Oriander - P.19 : Gabe L’Heureux - P.24 : Fabian Bodet - P.25 : Stefan Hobmaier - Garth Oriander - P.28 : Gabe L’Heureux
P.31 : Garth Oriander - P.34 : Garth Oriander - P.38 : Baliste Agency - P.42 : Garth Oriander - Fabian Bodet - P.51 : Fabian Bodet

BOLLE BRANDS 34, rue de la Soie, 69100 VILLEURBANNE

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