Code of Conduct

Since LIST was founded in 1901, our family-owned company has successfully established itself in the market across four generations through reliability, trust, professional expertise, and a clear set of values. Our reputation as a trustworthy and responsible partner is the result of the daily work of all our employees—and a valuable asset that we must protect and preserve together.

Sustainable business success is not measured solely by financial metrics.
It is also reflected in the way we treat one another and our business partners, how we make decisions, and how consistently we take responsibility. Integrity, legal compliance, and ethical conduct are fundamental prerequisites for us. These pillars form the foundation for the trust that customers, suppliers, government agencies, and society place in us.

Against this backdrop, it is particularly important to us to establish a shared understanding of responsible behavior in a corporate context. This Code of Conduct serves as a binding framework for all LIST employees—regardless of their role, position, or area of responsibility. It summarizes the most important legal requirements, internal company regulations, and ethical standards that are intended to guide our daily actions.

Compliance with these principles is not optional for us; it is mandatory. Legal violations or unethical behavior can have serious consequences—ranging from regulatory sanctions and financial losses to long-term damage to our reputation. Therefore, it is in LIST’s immediate interest that each and every individual be familiar with the applicable regulations, act responsibly, and seek support in a timely manner when in doubt.

This Code of Conduct is intended as a resource and guide. It is designed to provide practical guidance and help us navigate difficult situations with confidence. If you have any questions or observe misconduct, we ask that you address these issues openly—whether with your supervisors, the Compliance Office, or other points of contact within the company. We strongly encourage you to voice any concerns at an early stage. Openness and transparency are an important part of our corporate culture.

We count on your responsible participation to embody and promote LIST’s values in our daily work. Together, we thereby lay the foundation for our sustainable success and a trusting working relationship—today and in the future.

The Executive Board of LIST AG

Nordhorn, January 27, 2026

LIST's Core Values

As individuals and citizens of this country, we expressly commit ourselves to the inalienable principles as adopted in the UN Universal Declaration of Human Rights of December 10, 1948.

The starting point and purpose of our business activities is the pursuit of economic success. In doing so, our goal is to work with our clients to develop the best possible solutions for their needs—solutions that are functional, economical, and sustainable. We are also committed to creating spaces that contribute to the social, cultural, and urban development of our society. All of this inspires us and gives meaning to our actions.

In doing so, we remain committed to our values and fundamental ethical principles. For over 125 years—and for the future.

LIST Principles

1. CLARITY

Clarity in thought and action is our promise and our standard—for ourselves and for everyone who works with us. For us, this means:

Straight Talk:

We address issues directly, provide honest feedback, and do not shy away from uncomfortable truths. In doing so, we treat one another with respect and listen to each other.

Reliability:

We keep our promises, both written and verbal. Our conduct is characterized by fairness and consistency. No hidden agendas, no unpleasant surprises. We meet deadlines, stay within budgets, and maintain quality standards.

Leadership:

We believe in the principle of leadership. It provides direction and sets the framework, ensures teams function effectively, and helps resolve dilemmas. Leaders are enablers and team players—professionally skilled and socially intelligent.

2. AMBITION

Ambition drives us to go beyond what is expected. We want to make a difference, develop bold visions, and achieve goals that sometimes seem difficult to attain. In doing so, we act thoughtfully and with prudent optimism. For us, this means:

The Courage to Progress:

It all began over 100 years ago with one man and his trowel. Today, we rank among the top 50 of over 80,000 construction companies in Germany. Our history shows what is possible when we think big.

Entrepreneurship:

Entrepreneurship means creating value on one’s own initiative and actively shaping the future—despite uncertainty, risk, and incomplete information. It’s about making decisions and seizing opportunities—with personal responsibility, a willingness to perform, and optimism. That’s why we at LIST promote co-entrepreneurship.

Passion for Innovation:

We drive initiatives forward before they become standard practice. This is particularly true in the areas of digitalization, process and product innovation, and sustainability.

Personal Growth:

Ambition applies to each and every one of us. We celebrate people who want to achieve something and surpass their own limits. We nurture talent and actively support its development within the company.

3. RESPONSIBILITY

Responsibility is the conscious decision to stand by our actions—toward ourselves and our company, our business partners, our society, and future generations. Those who engage in construction shape living spaces. That comes with a responsibility. For us, this means:

Family-Owned Company:

We don’t think of responsibility in terms of quarters, but in terms of decades—toward employees, customers, business partners, and society. Clear values and a strong corporate culture guide our actions. We plan for the long term for the good of the company rather than for the short term for the good of our own team—this is how responsibility becomes a principle we live by.

Sustainability:

Resources are limited. This applies to both our business and personal resources. Every project consumes materials, energy, and space—resources that are finite. Sustainability means using all resources wisely and not wasting them.
In this comprehensive sense, we are committed to sustainable practices and business operations.

Diversity:

A diverse team brings together different perspectives, experiences, and ideas, making us more creative and resilient as a company. We create an environment where everyone can reach their full potential—regardless of gender, origin, age, or background.
We view this attitude, rooted in respect and empathy, as a deeply human obligation that shapes our corporate culture.

4. PROFITUM’

Profitum is reflected in our consistent pursuit of excellence in everything we do.
We do not settle for second best. For us, this means:

100% Customer Focus:

We want to understand exactly what our customers truly need. Only then can we meet—and even better, exceed—their expectations. Our goal is to delight our customers.

Profitum Team:

We want to work with the best. That’s why we set high standards for our team’s professional expertise. We recognize exceptional talent and actively support its development within the company.

Collaboration:

We’re good on our own, but we’re better together. Mutual support and genuine teamwork make all the difference—across all locations and business units.

Composure:

We keep a cool head even in challenging situations. We approach problems constructively and with a focus on solutions. Emotions have their place, but they do not dictate our actions.

Supplementary Guidelines

5. Avoiding Conflicts of Interest

We take care not to jeopardize LIST’s interests through a conflict with personal goals.

6. Preventing Corruption

We do not tolerate any corrupt behavior. We expect the same from our business partners. Business decisions must not be influenced by irrelevant or private interests or relationships of individual persons, nor motivated by personal gain. We avoid even the appearance of corruption and/or bribery.

For further details on conduct in competition, please refer to our Anti-Corruption Policy, as well as all other compliance-related regulations at LIST.

7. Protection of Trade Secrets

We recognize the importance of our company’s knowledge and protect it carefully. We respect the intellectual property of third parties (e.g., competitors or business partners).

8. Preventing Money Laundering

We do not engage in money laundering and remain vigilant against suspicious activities.

Money laundering refers to the attempt to channel illegally obtained money into the legal financial system in order to conceal its criminal origin. This can occur, for example, through opaque financial transactions, cash payments, or the involvement of third parties.
We carefully vet the parties with whom we do business and immediately report suspicious transactions to the relevant internal departments or authorities in accordance with legal requirements.

9. Social Engagement

We support cultural, environmental, social, athletic, scientific, and other community projects that are important to us, without compromising our integrity. We make donations and provide sponsorship within the framework of applicable legal requirements and in accordance with our approval process. Our Donations and Sponsorship Policy provides the framework for this.

Implementation of the Code of Conduct

1. Dissemination

The Code of Conduct is accessible to everyone (LIST Connect) and is communicated, among other ways, through training sessions. Our executives ensure that their employees are familiar with and adhere to the Code as well as supplementary compliance regulations.

With regard to the principles set forth in this Code and compliance with them, our Board of Directors, our executive management, and our leaders serve as role models.

2. Controls

We conduct regular reviews to ensure compliance with this Code and the supplementary compliance regulations.

3. Consequences

We investigate any indications of violations of this Code of Conduct and/or legal violations and thoroughly resolve them.

Violations of the Code may result in consequences under labor law (ranging from a written warning to termination), civil claims for damages, and potential criminal or administrative penalties for the individual concerned.