Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2024-12-31	17886000000	dkk
ifrs-full:Assets	2023-12-31	17778000000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2024-01-01	2024-12-31	15036000000	dkk
ifrs-full:Revenue	2023-01-01	2023-12-31	12927000000	dkk

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   <mrv:CorporateGovernanceReport contextRef="ctx-1" id="f1__s10__7__7" xml:lang="en">Corporate governanceRoyal Unibrew’s corporate governance framework is based on recommendations by the Danish Committee on Corporate Governance, current legislation and regulations, best practices and internal rules. Royal Unibrew strives to fulfil its responsibilities to shareholders, customers, employees, authorities and other stakeholders while actively pursuing the creation of long-term value.Annual General Meeting / shareholdersThe ultimate authority in all affairs of Royal Unibrew is the Annual General Meeting (AGM). According to the Articles of Association of Royal Unibrew, AGMs shall be called not earlier than five weeks and not later than three weeks prior to date of the AGM. It is an objective to formulate the notice convening the meeting and the agenda in a way that gives shareholders an adequate presentation of the business to be transacted at the AGM. Proxies are limited to a specific AGM and are formulated also to allow absent shareholders to give specific proxies for individual items of the agenda – either to the Board of Directors or to a person attending the AGM. All documents relating to AGMs are available at Royal Unibrew’s website no later than three weeks prior to the AGM.Each share of a nominal value of DKK 2 entitles the holder to one vote. Royal Unibrew’s shares are not subject to any restrictions of voting rights, and the Company has one class of shares.Proposals for resolutions to be considered at the AGM may be submitted by shareholders to the Board of Directors no later than six weeks prior to the date of the AGM.Board of DirectorsThe Board of Directors is responsible for the overall and strategic management of the Company and to ensure that the Company is properly, reasonably and soundly managed in compliance with applicable legislation and regulations. Furthermore, the Board of Directors supervises the organi-zational, financial and performance management of Royal Unibrew and continuously evaluates the work performed by the Executive Management on behalf of the shareholders.Attendance at meetings (in total 10)  Position  Board meetingsPeter Ruzicka ChairJais Valeur Deputy ChairMartin Alsø* Board memberTorben Carlsen  Board memberHeidi Kleinbach-Sauter Board memberClaus Kærgaard* Board memberMichael Nielsen*  Board memberChristian Sagild Board memberCatharina  Board memberStackelberg-HammarénKenn Hvarre Board member Lise Mortensen Board member   Attended the meeting   Did not attend the meeting   Not a board member at the time *  elected by the employeesThe Board of Directors performs its tasks in accordance with the Rules of Procedure of the Company governing the Board of Directors and the Executive Management. These Rules of Procedure are reviewed and updated annually by the Board of Directors.The Board of Directors usually meets for six annual ordinary board meetings. Under normal circumstances at least one of the meetings centers around the Company’s strategy and prospects, and at least one meeting takes place in a market in which the Company operates with a deepdive into the local business. In 2024, four extraordinary meetings were held resulting in a total of ten board meetings during the year.The Board of Directors has established the following commit- tees:Nomination and Remuneration CommitteeThe Nomination and Remuneration Committee consists of the Chair and the Deputy Chair of the Board of Directors. The principal obligations of the Committee are to prepare and complete evaluation of the Board of Directors including selec- tion and nomination of potential new candidates to the Board of Directors and Executive Management and securing overall succession planning of the Board of Directors and the Execu- tive Management. Additionally, the committee is tasked with evaluating and advising on the remuneration of the Board of Directors and the Executive Management. Furthermore, the committee ensures the regular updating of the remuneration policy and verifies adherence to its principles. In 2024, the Committee held a total of six meetings.Attendance at meetings (in total 6)    Remuneration and   Position  Nomination CommitteePeter Ruzicka ChairJais Valeur Deputy Chair  Attended the meeting   Did not attend the meeting   Not a committee member at the time Audit CommitteeThe Audit Committee consists of two members: the Chair (Lise Mortensen) and one member (Peter Ruzicka) of the Board of Directors. The principal duty of the Audit Committee is to secure quality and integrity in the Company’s presen- tation of financial statements, audit and financial reporting including compliance with relevant accounting legislation and other legal requirements. In addition, the Audit Committee monitors accounting and reporting processes, audit of the Company’s financial reporting, risk issues and the external auditor’s performance and independence. Moreover, the Audit Committee oversees the responsibility of monitoring the whistle-blower reporting system and ESG reporting. Finally, the Audit Committee assesses and recommends elections of external auditors to the Board of Directors. The external auditor has participated in all ordinary meetings of the Audit Committee. The committee held six meetings in 2024.Attendance at meetings (in total 6)  Position  Audit Committee MeetingsLise Mortensen Chair Audit CommitteeBoard memberPeter Ruzicka  Chair of the Board of DirectorsChristian Sagild  Board member  Attended the meeting   Did not attend the meeting   Not a committee member at the time Evaluation of the work of the Board of DirectorsThe Board of Directors undergoes an annual evaluation to ensure its collective expertise aligns with Royal Unibrew's strategic needs. This process verifies that the Board possesses substantial knowledge and experience in Fast Moving Consumer Goods (FMCG), production, global sales and marketing of brands, business-to-business markets, strategic and general management, and financial and capital market matters relevant to publicly listed companies. The Chair of the Board oversees this evaluation. At a minimum, the evaluation encompasses the performance of the Executive Management and the dynamics between the members of the Board of Directors, and between the Board of Directors and the Executive Management. Every third year, an external consultant participates in the review to provide additional insight. The evaluation combines the results of structured questionnaires with supplementary interviews. The outcome guides the Board in aligning its competencies with Royal Unibrew's business model and strategic objectives to ensure continued effectiveness.Responsibilities and composition of the Board of Directors When forming the Board of Directors, the Company priori- tizes members possessing the necessary competencies. As part of the annual evaluation the Board of Directors conducts an assessment to ensure that the board composition aligns with Royal Unibrew Group’s activities, considering both competencies, independency and diversity among members.Candidates for the Board of Directors are recommended for election by the AGM supported by motivation in writing by the Board of Directors as well as a description of the recruiting criteria. The individual members’ competencies and creden- tials are described in the below section on the Board of Direc- tors and the Executive Management (see page 63-66).Three of the members of the Board of Directors are elected by the employees of Royal Unibrew for a period of four years pursuant to the Danish Companies Act. Latest election took place in 2022.New board members are upon their election introduced to the Company through a focused introduction program.Executive ManagementThe CEO and the CFO report to the Board of Directors. Together with the Senior Leadership Team (SLT), they are responsible for the day-to-day short- and long-term duties, management and strategy of the Company. In addition to the SLT, the company operates with a Growth Leadership Team (GLT) comprising leaders within Group functions and country managers with broad experience and special expertise within their area of business. SLT and GLT are committed to realizing our strategy of becoming THE PREFERRED CHOICE in local markets.Diversity and inclusion A total of 153 leaders takes up a formal leadership role in the company and Royal Unibrew maintains a gender composition of 61% male and 39% female (2023: 68% male, 32% female) in the international management teams. The company aims to achieve a minimum of 40% representation for the under-represented gender within its Board of Directors and interna-tional management teams by 2025. For the leadership team, as defined under section 139c of the Danish Companies Act, Royal Unibrew is targeting 30% representation for the under-represented gender by 2027. Recruitment processes empha-size inclusivity by actively seeking candidates of all genders, with a focus on encouraging the underrepresented gender to pursue leadership roles. Underrepresented gender (%)2024 2023Board of directors 50% (3/6) 33% (2/6)Leadership team 38% (5/13) 27% (3/11)International management team 39% (60/153) 32% (53/164)The Board of Directors currently includes six members elected by the Annual General Meeting (AGM) and three members elected by employees based in Denmark. Of the AGM-elected members, three are Danish, and three represent other nationalities, with an equal distribution of genders (50% female representation). We are committed in the future to suggest processes that can help facilitate a minimum of 40% representation for the underrepresented gender among the employee elected members. Royal Unibrew’s approach to board composition prioritizes complementary skills across education, experience, age, background, nationality, and gender to foster a well-rounded and competent Board. The Nomination and Remuneration Committee considers these factors when identifying new board candidates, ensuring both male and female candidates are included. Candidate recommendations focus on the indi-vidual’s qualifications and their potential contribution to the Board’s overall performance and effectiveness.Whistle-blower systemRoyal Unibrew is committed to doing business according to high ethical standards striving to be responsible, committed, holistic, creative, ambitious as well as honest and open.The Company’s secure whistle-blower system provides employees and third parties doing business with Royal Unibrew the possibility to report knowledge or suspicion of unethical behavior in violation of Royal Unibrew’s Code of Conduct or other illegal behavior.The whistle-blower system can be accessed from Royal Unibrew’s group website (www.royalunibrew.com) as well as the websites of Royal Unibrew’s subsidiaries’ and is avail- able in eleven languages. When communicating through the whistle-blower system, the communication is encrypted, and complete anonymity can be chosen and maintained in connection with reporting. All reports are evaluated by Group General Counsel and Director of Finance and Treasury. The Audit Committee oversees the monitoring of the whis- tle-blower reporting system. Reporting is made in compli-ance with national data protection regulation and GDPR. In 2024, 25 reports were received via the whistleblower portal, of which 10 were cases within scope of the whistleblower reporting system. Corporate Governance Report 2024The Board of Directors regularly reviews Royal Unibrew’s corporate governance framework and policies in relation to the activities of Royal Unibrew. A detailed description as well as an overview of Royal Unibrew’s position on each of the recommendations have been prepared in compliance with recommendations on corporate governance issued by the Danish Committee on Corporate Governance, cf. Section 107b of the Danish Financial Statements Act.    For further information see  →Corporate Governance Report 2024TaxTax Contribution &amp; SustainabilityRoyal Unibrew plays a vital role in driving economic prosperity and job creation across the communities where we operate. Through employment, local investments, and tax contributions, we actively support sustainable development and economic resilience. We recognize that the tax payments are a key component of social impact, funding essential public services and infrastructure in the regions where we operate.As part of our commitment to transparent tax disclosures, Royal Unibrew aligns with the United Nations Sustainable Development Goals (SDGs) - No 1 Poverty, No 10 Reduced Inequalities and No 17 Partnerships. Rooted in business integrity, our tax policy ensures compliance, transparency, and responsible corporate citizenship, reinforcing our role in sustainable economic growth. Transparency &amp; ComplianceRoyal Unibrew operates primarily in European countries and complies with both national and international tax regulations. We adhere to OECD transfer pricing guidelines and engage external advisors to ensure accurate documentation and compliance. We maintain a proactive and transparent  dialogue with tax authorities as part of routine regulatory processes. In the event of tax reviews, we work closely with external advi-sors to ensure full alignment with applicable regulations and best practices. In 2024, Royal Unibrew sold goods in certain jurisdictions included on the EU list of non-cooperative tax jurisdictions (so-called tax havens) including Trinidad, Panama, Antigua, Bahamas, Turks and Caicos and the U.S. Virgin Islands. These activities are effectively fully taxed in Denmark.Seeking tax incentivesAt Royal Unibrew, we actively evaluate and utilize tax incen-tives where they align with industry norms and contribute to maintaining a competitive market position. These incentives are leveraged in a responsible manner, ensuring compliance with local and international tax regulations. One such example is the step-up tax arrangement agreed upon with the Italian tax authorities in 2019. The arrangement was part of a reverse merger, enabling the recognition of intangible assets valued at EUR 40 million, which are eligible for tax deductions under Italian tax law over a five-year period. To benefit from this tax treatment, Royal Unibrew paid a one-time step-up tax of 16% amounting to EUR 6.4 million in 2019. Royal Unibrew remains committed to responsible tax plan-ning, ensuring that all tax incentives utilized are aligned with legal frameworks and best practices. Our approach supports long-term value creation while maintaining transparency and compliance in all tax-related matters.Introduction to country-by-country reporting (CBCr)Royal Unibrew operates across multiple jurisdictions, contributing to tax revenues through profits and employment. Royal Unibrew seeks to comply with all tax legislation as part of our business opera-tions, and we have prepared the country-by-country tax disclosure based on the GRI 207 tax guideline. Country-by-country key figures 2024Revenues from intragroup Total employee transactions with Balance of Corporate income tax Country-by-country key  Number of employees remunerationRevenues from third other tax jurisdictions, intercompany debt Profit/loss before tax Tangible assets other paid on a cash basis, Calculated local tax figures - IFRS, 2024averageDKKmparty sales DKKmDKKmDKKmDKKmthan cash DKKmDKKmon profit (loss) DKKmDenmark  1,400   956   4,866   583   24   997   1,819   191   187 Finland  765   438   3,170   152   96   737   1,273   144   149 Norway  350   200   1,422   203   552   36   713   7   9 Italy  263   154   1,393   185   828   57   484   1   2 France  135   77   360   106   371   47   148   5   13 Holland  348   322   1,587  112     1,121   -3   893   23   15 Latvia  332   81   452   145   21   61   180   1   14 Lithuania  328   80   528   128   36   18   219   6   2 Estonia  34   14   81   1    -     -10   25    -      -   United Kingdom  14   10   99    -     9   5   4   2   1 United States  10   15   177    -     35   -5   29   2   4 Canada  94   84   269    -     227   -3   159   -2   1 Sweden  68   54   485   1   66   -76   102    -      -   Belgium  65   15   75    -     114   -11   41    -      -   China  0  0  72    -      -     15    -    4     4  4,206   2,500   15,036   1,616   3,500   1,865   6,089   384   401 Total tax contributionIn 2024, Royal Unibrew had a total tax contribution of DKK 8,728 million (2023: DKK 7,259 million) divided between taxes borne of DKK 384 million (2023: DKK 250 million) and taxes collected of DKK 8,344 million (DKK 7,009 million). Taxes collected comprise excise duties, VAT, personal taxes and social security contributions.Total tax contribution 2024Personal taxes &amp; social Country-by-country key figures -  Excise duties  VAT   security contributions Corporate taxes  Tot a l  IFRS, 2024DKKmDKKmDKKmDKKmDKKmDenmark  238   251   331   191   1,011 Finland  2,071   766   94   144   3,075 Norway  1,804   722   62   7   2,595 Italy  253   259   54   1   567 France  8   -1   4   5   16 Holland  430   -8   103   23   548 Latvia  103   81   31   1   216 Lithuania  171   92   1   6   270 Estonia   -     17   5    -     22 United Kingdom  21   16   3   2   42 United States   -      -     1   2   3 Canada  11   20   32   -2   61 Sweden  166   99   22    -     287 Belgium   -     2   6    -     8 China   -     3    -    4   7  5,276   2,319   749   384   8,728 Sustainability statements</mrv:CorporateGovernanceReport>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f1__s10__7__8" xml:lang="en">Diversity and inclusion A total of 153 leaders takes up a formal leadership role in the company and Royal Unibrew maintains a gender composition of 61% male and 39% female (2023: 68% male, 32% female) in the international management teams. The company aims to achieve a minimum of 40% representation for the under-represented gender within its Board of Directors and interna-tional management teams by 2025. For the leadership team, as defined under section 139c of the Danish Companies Act, Royal Unibrew is targeting 30% representation for the under-represented gender by 2027. Recruitment processes empha-size inclusivity by actively seeking candidates of all genders, with a focus on encouraging the underrepresented gender to pursue leadership roles. Underrepresented gender (%)2024 2023Board of directors 50% (3/6) 33% (2/6)Leadership team 38% (5/13) 27% (3/11)International management team 39% (60/153) 32% (53/164)The Board of Directors currently includes six members elected by the Annual General Meeting (AGM) and three members elected by employees based in Denmark. Of the AGM-elected members, three are Danish, and three represent other nationalities, with an equal distribution of genders (50% female representation). We are committed in the future to suggest processes that can help facilitate a minimum of 40% representation for the underrepresented gender among the employee elected members. Royal Unibrew’s approach to board composition prioritizes complementary skills across education, experience, age, background, nationality, and gender to foster a well-rounded and competent Board. The Nomination and Remuneration Committee considers these factors when identifying new board candidates, ensuring both male and female candidates are included. Candidate recommendations focus on the indi-vidual’s qualifications and their potential contribution to the Board’s overall performance and effectiveness.</mrv:StatementOfTheDiversityPolicies>
   <mrv:SustainabilityReport contextRef="ctx-1" id="f1__s10__7__10" xml:lang="en">General disclosuresBasis for preparation BP-1Royal Unibrew is a limited liability company registered in Denmark, listed on Nasdaq Copen-hagen A/S and included in the Danish OMX C25. The sustainability statement for the period January 1 - December 31, 2024, presented in the Annual Report 2024, comprises the consolidated sustainability statement of Royal Unibrew A/S and its subsidiaries (Group) and associates, aligned with the company’s financial statements. The assesment of our upstream and downstream value chain as defined by our impacts, risks and opportunities, policies, actions, targets and metrics. We have not omitted specific information corresponding to intellectual property, know-how or the results of innovation or impending developments or matters in the course of negotiation.General accounting policies BP-2The consolidation scope is aligned with that of our Financial Statements, and covers Royal Unibrew A/S (the parent company) and the subsidiaries over which Royal Unibrew A/S exercises control. See an overview of Royal Unibrew’s legal entities on pages 212-213 (Group structure). For disclosures pertaining to E1-6 and SBM-3 in E4, we also consider oper-ational control when determining the consol-idation scope. Figures related to water, waste,  energy and CO emission has been restated in 2accordance with ESRS requirements. Royal Unibrew applies the time horizons stipu-lated in the ESRS. Specific principles for value chain estimates, sources and uncertainties are described under the relevant metrics and targets. Royal Unibrew holds various ISO certi-fications verified by certifying bodies related to Food Safety (&gt;99% of production volume), Quality, Environment and Occupational Health and Safety. They, together with the general management systems required by various rele-vant EU and national regulations, also form input for reporting and data. The sustainability statement of Royal Unibrew for 2024 has been prepared in accordance with the EU Corporate Sustainability Reporting Directive (CSRD EU 2022/2464) . Several goals were revised in 2024, and two new goals on water and sustainable agriculture were added.Accounting estimates and judgementsWe employ various assessments and estimates for reporting specific data points. When applied they are stated in the relevant accounting policies. For example, our EU taxonomy KPIs, including revenue, OPEX and CAPEX, are individ-ually evaluated to determine eligibility. When calculating Scope 3 emissions, we use different methods, such as activity-based and spend-based approaches, along with emission factors.In preparation of the sustainability statement, Royal Unibrew aims to focus on information that is material and relevant for affected stake-holders and users of the statement.Royal Unibrew has applied the phase-in provi-sions in accordance with appendix C of ESRS 1 as to not providing qualitative nor quantitative description of anticipated financial effects for environment (E1-9), water and marine resources (E3-5), biodiversity and ecosystem (E4-6) and resource use and circular economy (E5-6). Governance at Royal UnibrewGOV-1 and GOV-2Our sustainability activities are anchored at the Board of Directors who is, together with the Executive Management, responsible for the overall and strategic management of Royal Unibrew, including our sustainability strategy, impacts, risks and opportunities (IROs), poli-cies and overall goals and targets. The ultimate authority in all affairs of Royal Unibrew is the Annual General Meeting (AGM). Our strategy actions and targets are set by our Executive Management (CEO and CFO) who are responsible for implementing material sustain-ability matters through the Growth Leadership Team, consisting of the CEO, the CFO together with 16 SVPs and VPs from our main markets and Group functions. The sustainability area adheres to the same principles as all other busi-ness critical processes and decisions. The Audit Committee ensures the quality and integrity of the Royal Unibrew’s presentation of the sustainability statement, audit and ESG reporting, including compliance with rele-vant legal requirements. In addition, the Audit Committee monitors accounting and reporting processes, audit of the sustainability statement, IROs and the external auditor’s performance and independence, and in the end assists the Board of Directors on due diligence, results and effectiveness of policies, actions and targets for sustainability matters.  We have an obligation to investigate any inci-dents occurring regarding risks in general, but specifically incidents of non-compliance with our policies on business conduct, including whistleblowers, i.e. our Business Ethics Policy supported by our internal risk management policy covering Financial, ESG and cyberse-curity risks and opportunities. It is overseen by our VP, Group General Counsel, and the Director, Treasury, Finance &amp; ESG, with the CEO having the overall responsibility for moni-toring compliance. All other aspects of busi-ness conduct are overseen, implemented and managed like other ESG aspects.The Executive Management together with the Growth Leadership Team is responsible for implementation of governance processes, controls and procedures to monitor, manage and oversee impacts, risks and opportunities at company and subsidiary level. The Audit Committee monitors and the Board of Direc-tors reviews material IRO findings and relevant metrics. The Board of Directors approves targets proposed by the Executive Management.  The Board of Directors conducts an annual evalu-ation to ensure that the board composition aligns with Royal Unibrew’s strategy and activities, consid-ering both competencies and diversity among members. It is assessed that the Board members  and Executive Management as a whole possess appropriate skills and expertise supported by detailed business relevant insight provided by the Executive Management, Senior Leadership Team and company experts regarding sustainability and specific IROs. For further details, we refer to the incorporation by reference table 2, page 148. Three of the members of the Board of Directors are elected by the employees at Royal Unibrew for  a period of four years. The latest election took place in 2022. Employee elected members are considered dependent.The Nomination and Remuneration Committee prepares and completes the evaluation of the Board of Directors, ensuring targets for sustain-ability is included in the remuneration..The six AGM elected members of the Board of Directors are all considered independent (100%).  All have relevant experience as to the sectors, prod-ucts and geographic locations of Royal Unibrew.  All the elected members are non-executives and the gender diversity is 50:50.In 2024, the Growth Leadership Team, the Audit Committee and the Board of Directors reviewed all the mandatory and material, sub and sub-subtopic IROs.Please find the IRO list under section SBM-3.Incentive schemes GOV-3The Nomination and Remuneration Committee is tasked with evaluating and advising on the remuneration of the Board of Directors and the Executive Management, including the short-term and long-term incentive programs (STIP/LTIP), where ESG performance is integrated. The remuneration of the Executive Manage-ment comprises a gross salary, a short-term ordinary cash-based bonus, a long-term share-based incentive program and other customary benefits. The fixed remuneration is based on benchmarks from similar positions in C25 companies in Denmark. The variable remunera-tion is designed to drive performance in line with our strategy and our financial and non-financial targets. The proportion of total expensed variable remu-neration (STIP and LTIP) to Executive Manage-ment linked against all sustainability-related targets for 2024 corresponds to 18%. The per-formance is monitored via the scoring provided by Morningstar Sustainalytics, which factors in Climate Change amongst 400 data points in 70 dimensions, including environment, e.g. climate, water, eco-design, social topics, e.g. lost time in- cidents, human capital development, responsible marketing and products, as well as governance topics related to corporate governance, business integrity, whistleblowers and more. The remuneration of the Board of Directors consists of a fixed fee and no variable remunera-tion linked to sustainability matters. For  further details on remuneration of the Board  of Directors and Executive Management, we refer to the incorporation by reference table 2, page 148.Due Diligence GOV-4Royal Unibrew has embedded responsible business conduct principles and commitments in several policies as well as in processes and procedures, where the most significant are our Business Ethics Policy, Environment &amp; Climate Policy and Supplier Code of Conduct. The minimum requirement is to be in compli-ance with legal requirements and recognized international guidelines, conventions and standards wherever we do business. We want to act responsibly and contribute positively to our stakeholders and society at large. Our employees are trained in the policies on a regular basis, and the policies form the basis for our general business transactions, operations, products and services, supply chain and other business relations. They are communicated to stakeholders outside our company.We want to avoid adverse impacts in areas such as environment, human rights, employment, bribery, competition, taxation and consumer interests as addressed by our policies. Therefore, we perform due diligence to identify risks (actual and potential) and prioritize our actions if required for preventing, mitigating or remediating adverse impacts. We strive to engage with relevant stake-holders in the due diligence process, to make sure that they are informed in case of adverse impacts but also to ensure communication on how the impacts are addressed. We track the effectiveness of these measures.   Risk management and controls GOV-5Sustainability data are reported in a centralized system and consolidated at group level. Roles and responsibilities are defined, securing data collection and validation.The headquarter in Denmark is responsible for the internal control activities of the sustainability data and prepare the monthly reporting.Royal Unibrew has integrated IROs in its Enter-prise Risk Management (ERM) Framework, and updated policies and procedures, including controls. The Audit Committee monitors the procedures and the reporting process for the IROs. The Executive Management reports find-ings and developments on IROs to the Board of Directors on an ongoing basis and at least annu-ally. The prioritization of risks is done on several levels before presenting to the Audit Committee. The background material is prepared and presented by the Director, Treasury, Finance &amp; ESG, together with the VP, Sustainability, which also have the responsibility to report back to the responsible data owners.The Executive Management also reports on due diligence including several key aspects such as major transactions as mergers and acquisitions, results and effectiveness of poli-cies, specific actions taken to achieve strategic objectives and targets and metrics to measure progress.  Based on the findings from due diligence and the evaluation of policies, the Executive Management may suggest changes to the business strategy. This could involve reallocating resources, shifting focus to new markets, or adjusting operational practices to better align with the company’s goals and miti-gate identified risks. StrategyStrategy, operating model and value chain SBM-1Our sustainability strategy is an integral part of our corporate strategy, THE PREFERRED CHOICE. Hence, we consider sustainability to be essential for future proofing our business. Our ambition is to be among the leaders in the beverage industry with respect to ESG actions and the demand for sustainable products. We strive to reduce impacts and risks of our oper-ations and products while at the same time delivering sustainable business growth, utilizing opportunities and considering stakeholders views.Royal Unibrew is a leading regional multi-bev-erage company with strong local brand portfolios in our main markets in the Nordic region, the Baltic countries, the Netherlands, Belgium and Luxembourg, Italy, France and Canada. In addition, our products are sold in more than 70 countries in the rest of the world. Our customers are On- and Off-trade outlets, venues and premises as well as distributors and agents. The distribution of employees mirrors our revenue per market (see Own Employees S1-6). Our total revenue in 2024 was DKK 15 billion.We continue to develop our multi-beverage and multi-niche strategy. We operate in both the non-alcoholic and alcoholic beverage segment with 54:46 revenue split in 2024, where we want to provide a variety of choices such as low/no sugar alternatives in the non-alcoholic segment and low/no alcoholic alternatives in the alcoholic segment making sure we cater for diverse consumption occasions. We are highly dependent on a stable, high quality and sustainable supply of ingredients such as barley and sugar (agriculture-based) and packaging material (cans, PET, glass, cardboard and plastic film, including recycled material). Therefore, we work closely with our suppliers and experts to understand ESG impacts, risks and opportunities in the entire value chain, all the way from the farm, forest, oilfield, mine to return/recycling facility, etc. Consumption of energy, generation of waste and safety of employees is relevant in all steps of the value chain, and likewise is transportation between parties. IT is a prerequisite in all our transactions, including production processes, and therefore protection of private data and a keen focus on cyber security is key. Maintaining business integrity is a must in our industry. We encourage all potentially affected business part-ners, their employees and other stakeholders to speak up in case of actual or potential business integrity issues.We operate 20 production sites across 10 countries. All beverages are essentially filled in cans, glass or PET bottles, irrespective of product category. Traded goods are part of our product portfolio and distributed together with our own products and sold to our customers in retail, convenience and hotels, restaurants and cafés. Some of our products are cooled at retail/convenience and in on-trade. Consumers either enjoy our high-quality safe products away from home or at home, where they either deposit or sort the packaging for recycling. The packaging is collected and recycled, reused or used for energy recovery. We have always been committed to contrib-uting positively to the communities we are part of, limiting our environmental footprint, estab-lishing safe and developing working condi-tions for our employees and delivering high quality responsible products. We continue our commitment to UN Global Compact and the Sustainable Development Goals. Our strategy and operating model remain well-suited to support integration of material ESG aspects related to our business and transition plans. During 2024, we continued the implementation of our strategy and objectives with concrete actions and initiatives to achieve our targets in our three strategic pillars: •  Our consumers and customers•  Our products•  Our peopleIt is our ambition to remain a global leader in sustainable beverages and we are progressing well on our defined key sustainability priorities except for safety, where we still have room for improvement. As a consequence, safety will be our top priority in 2025. We have initi-ated a comprehensive action plan to drive changed behavior and create a safety mindset throughout the organization.  Additionally, we are intensifying our efforts and have estab-lished clear sustainability goals for water management and agricultural practices.With respect to carbon emissions, we are shifting our focus from internal operations to the entire value chain with a particular emphasis on raw materials, packaging materials and distribution.Value chainRoyal Unibrew’s value chainAGRICULTUREIt is important that we achieve a stable, high-quality and sustainably supply of ingredients we use for our beverages e.g. barley and sugar.WAT E RWe apply a water conscious approach to consumption of our most important raw materialPACKAGING  MATE R IALSWe work closely with our suppliers and experts to understand the entire footprint of packaging material, upstream and down stream.TRADED PRODUCTSOur partnerships with suppliers of goods we distribute but do not produce ourselvesOwn operationsPRODUCTION &amp; PACKAGINGWe operate in 10 counties and have 20 production sites. With our brewing, mixing, bottling and packaging capabilities, we produce beverages for consumption all over the world. WAREHOUSING &amp; DISTRIBUTIONWe strive to optimize our product availability through our well-established distribution setup. We distribute our own as well as partnership products. CUSTOMERSWe partner with retailers, bar and restaurant and whole-salers/distributors. AFFECTED COMMUNITIESWe have always been committed to contributing positively to the commu-nities we are part of, limiting our envi-ronmental footprint, establishing safe and developing working conditions for our employees and delivering high quality responsible products.CONSUMERSWith our THE PREFERRED CHOICE strategy, we stive to offer consumers a broad variety of beverages that complements the occasions that individuals participate in from music events to exercising and dinner with friends or family. Stakeholder engagementInterests and views of stakeholders SBM-2Royal Unibrew strives to work with a balanced approach towards our stakeholders by disclosing, informing, consulting and discussing impacts and risks to our business, how we control these as well as by expressing the opportunities for us, commercially as a sustainable business company and locally as a sustainable partner and not least as a preferred workplace. Our key stakeholders are defined in our strategic formulation: we want to be THE PREFERRED CHOICE for our employees, consumers, customers, shareholders and the future. Furthermore, our business partners, suppliers, legislators, local communities, service providers, and NGOs are among our stake-holders.Through recurring meetings and concrete sustainability work streams with selected stakeholder representatives, we gain valuable insights into their needs, potential concerns, knowledge and mutual development possi-bilities, which is utilized as input for our due diligence and IRO assessments. This applies to both affected stakeholders and users of the sustainability statement.The meetings take place at least on an annual basis with strategic suppliers and customers, whereas meetings with authorities, trade asso-ciations, investors/analysts are more regular. Customers and relevant authorities serve as proxies for consumers. Meetings with repre-sentatives from local communities are on an ad hoc basis, when relevant. Internal meetings and consultations with worker representatives in workers councils, business units, the Senior Leadership Team, the Audit Committee and the Board of Directors typically follow an annual wheel with 4-6 meetings.The Growth Leadership Team, Audit Committee and Board of Directors are informed of signif-icant inputs from stakeholders, typically in conjunction with planned meetings. Input from stakeholders has informed our work with the revised goals for 2025 and beyond on water, sustainable agriculture, CO and packaging, 2but also the more stringent targets on lost time incidents as well as the renewed focus on whis-tleblowers and cyber security. In the DMA and the identification of key focus areas for our own workforce (S1), the interests of all our employees have been considered. All employees may be affected by the material impacts. The degree of impact does not depend on age, gender, or nationality etc. We are still in the process of expanding our knowledge of the workers in our value chains (S2). We have a good understanding of the employees at our direct suppliers (tier 1) and customers (tier 1), but the knowledge of workers in the outermost part of our value chains and of suppliers who produce raw materials in risk coun-tries still needs to be expanded. Starting with wine,  we are enhancing the transparency from the field to the table, gradually improving our understanding of the workers in our value chains.As a multi-beverages company customers and consumers are at the core of our strategy and operating model. The material impacts, risks and opportunities are closely linked to the consumers and customers choosing and enjoying our products. It is important for us to produce and deliver beverages with a high level of food safety, thereby not exposing consumers to unnecessary risks when they enjoy our prod-ucts. The type of consumers relevant for Royal Unibrew products depends on category, repre-senting all demographics, regardless of age, gender or geography. Key stakeholder groupsHow we engage with key stakeholdersStakeholder Key stakeholders of/from How we engageSuppliers MalthousesSupplier due diligencePackaging material Site visitsIngredientsAuditsUtilitiesRegular meetingsTraded productsEmployees Own employees Workers councilsUnionsTownhall meetingsEmployee surveysTrainingProduction  EquipmentProcess discussionsand warehousingWarehouse systemsMeeting and analysesDistribution Partners for traded products Supplier due diligenceTransportation companiesSustainability collaborationsExternal warehousesLeasing of trucks and carsStakeholder Key stakeholders of/from How we engageCustomers On-TradeCustomer support and trainingOff-TradeAnnual meetingsBorder tradeContract negotiationDistributorsExhibitionsCredit insuranceConsumers Claim supportProduct trialsNational food authoritiesCampaignsDeposit return systemsSocial mediaCompany home pageCommunities AuthoritiesDonation and sponsorshipsMunicipalitiesDialogue and meetings with Trade associationsauthorities, trade associations and NGOsNGOsInvestors  Credit institutionsQuarterly financial reportsand lendersESG rating agenciesInvestor callsStock exchangeCapital markets daysAnnual shareholder meetingsMaterial topics for Royal UnibrewMaterial impacts, risks and opportunitiesE1 – CLIMATE CHANGESustainability Matter IRO S M LClimate Change AdaptationClimate change reducing harvest of agri-culture and forest based raw materials  Impact, Potential, Negativeand paper fibresClimate Change MitigationSustainable products preferred by Impact, Potential, PositiveconsumersScope 1+2 GHG emissions contribute to Impact, Actual, Negativeclimate changeScope 3 GHG emissions contribute to Impact, Actual, Negativeclimate changeEnergyDemand for renewable energy by Impact, Actual, PositivesuppliersPower grid underinvestments resulting in Financial riskless or no access to renewable energyE3 – WATER AND MARINE RESOURCESSustainability Matter IRO S M LWater and marine resourcesWater consumption for beverage production Impact, Actual, NegativeLocation in the value chain:  Upstream   Own operations  DownstreamE4 – BIODIVERSITY AND ECOSYSTEMSSustainability Matter IRO S M LImpacts on the extent  and condition of ecosystemsPoor growth techniques resulting in land degradation, desertification, soil sealing Impact, Actual, Negativeand leaking of nutrients E5 – RESOURCE USE AND CIRCULAR ECONOMYSustainability Matter IRO S M LResource inflows,  including resource useAgriculture based raw materials Impact, Actual, NegativeAccess to recycled material Impact, Potential, NegativeTransitional risks regarding packaging Impact, Actual, NegativematerialTransitional risks regarding packaging Financial riskmaterialResource outflows related  to products and servicesUtilization of by products from produc-Impact, Actual, Positivetion (resource outflows)Waste generation Impact, Actual, NegativeTime horizon:S Short-term    MMedium-term  LLong-termS1 – OWN WORKFORCESustainability Matter IRO S M LWorking conditionsWorkplace safety at Royal Unibrew  Impact, Actual, NegativeS2 – WORKERS IN THE VALUE CHAINSustainability Matter IRO S M LWorking conditionsWorkplace safety in our value chain Impact, Actual, NegativeS4 – CONSUMERS AND END-USERSSustainability Matter IRO S M LPersonal safety of consumers  and or end usersConsumer health and nutrition Impact, Potential NegativePersonal safety of consumers  and or end usersFood safety Impact, Actual, NegativeG1 – BUSINESS CONDUCTSustainability Matter IRO S M LCorporate CultureRebates/discounts in the beverage industry with risks of non-compliance Financial riskwith business conductCorporate CultureData ethics &amp; cyber security Impact, Actual, NegativeCorporate CultureData ethics &amp; cyber security Financial riskProtection of WhistleblowersWhistleblower framework Impact, Actual, NegativeMaterial impacts, risks and opportunities – interaction with strategy and business model  SBM-3General description of IROsClimate impacts from operations, transpor-tation and refrigeration (adaptation and miti-gation), generation of waste and safety of employees is relevant in all value chain stages, except consumers. IT is a prerequisite in all our transactions, including production processes, and therefore lack of protection of private data and cyber security incidents are also material impacts and risks in the entire value chain. Moreover, we encourage all potentially affected business partners, their employees, and other stakeholders to speak up if they are subject to or discover any irregularities, i.e. protection of whistleblowers is relevant in all stages of the value chain as well.In our operations, we are highly dependent on agriculture-based raw materials as well as fiber-based (forest), fossil-based (oil), alumi-num-based (bauxite mine) and glass-based (sand) packaging material, which may impact biodiversity, ecosystem dependency and resource consumption and waste. Customers’ and consumers’ deposit return and waste management downstream is fundamental for reuse and recycling of packaging material which in turn are affected by both transitional and physical risks.Water consumption is material in our own oper-ations as a raw material and for cleaning.Consumers' health and safety may be impacted by unsafe products. In the beverage sector, competitiveness and the use of discounts and rebates increase the risk of mistakes or misuse and conflicts of interest relating to e.g. hospitality or free goods. This risk is related to corporate culture and controls. The affected stakeholders are Royal Unibrew, customers and ultimately the consumers.We have always been committed to contrib-uting positively to the communities we are part of, limiting our environmental footprint, estab-lishing safe and developing working conditions for our employees and delivering high quality responsible products. We do, however, not consider affected communities to be material at this point.When summarizing the material impacts, the majority are related to people both within the social and governance areas, whereas the impacts for the environmental topics currently are assessed to be environmental impacts with no significant social relevance as defined in the ESRS’. We believe that our current strategy and operating model reduce adverse impacts and potential risks as well as provide opportunities. The majority of IROs are linked to actual impacts and risks, i.e short-term, whereas the effect of climate on agriculture-based raw material and consumer choice of sustainable products, impacts of water consumption for operations, access to recycled material is medium- and long-term challenges. Material impacts upstream and downstream are indi-rectly driven by our activities but managed via our business relationships. Impacts of our own operations are direct activity driven.Zooming in on Environmental topicsClimate change (E1)Royal Unibrew considers climate-related impacts, risks and opportunities throughout our entire value chain and the interactions with the strategy and business model considerations as outlined in the transition plan.We have identified climate-related physical risks, including:•  Climate change reducing harvest of agriculture and forest based raw materials and paper fibersWe have identified climate-related transition risks, including:• Access to renewable energy, power grid underinvestment resulting in less or no access to renewable energy•  Demand for renewable energy by suppliersWe have identified climate-related impact, including:• Scope 1, 2 and 3 emissions contributing to climate change• Sustainable products preferred by cunsumersOur strategy and operating model enable prevention of negative impacts and risks and support utilization of positive impacts.  Biodiversity and Ecosystems (E4)Being a beverage company dependent on FLAG (Forest, Land and Agriculture) based raw materials such as barley, sugar and fiber-based packaging and biomass for energy purposes, our policies are committed to protection of biodiversity upstream and at our own facilities. Therefore, we are committed to zero-defor-estation by 2025 and sustainable agriculture by 2030. We prefer working with suppliers that are either working in accordance with interna-tionally recognized standards or are applying regenerative practices. Royal Unibrew has identified a potential impact of soil sealing from the current agriculture practices applied for our major commodities barley, sugar and hops.Own workforce and workers in the value chain (S1 and S2)Royal Unibrew has identified workplace safety for our own workforce as a material negative impact. In our goals supporting our strategy THE PREFERRED CHOICE, we specifically address our people in relation to safety and well-being.As a consequence of the limitations of our current due diligence, we currently assess that workplace health and safety is material for the workers in our value chain. We source the majority of our raw materials and services in Europe (more than 80%), which is lowering potential risks of other violations as well.Our strategy, goals and policies on respon-sible sourcing supports prevention of negative impacts and risks.Consumers (S4)Consumers’ health and safety may be impacted by unsafe products (physical, biological or chemical or allergen contamination). Our certified Global Food Safety Initiative (GFSI) recognized food safety systems with processes and operating procedures prevent adverse effects from actually happening. Royal Unibrew is aware of the global chal-lenges formulated by World Health Organi-zation (WHO) regarding overweight, obesity and the associated risks of cardiovascular diseases, cancer and diabetes as well as the risk of alcohol abuse that are linked to excess consumption of food and beverages. Our strategy on providing great tasting of no and low sugar, calorie and alcohol containing products is part of the initiatives to reduce the potential health impacts for consumers.Financial risksWe do not see a significant risk of material adjustments to the financial statements in the next annual report (2025).ResilienceBuilding resilience into our strategy and busi-ness model is crucial for addressing material impacts, risks and opportunities. We believe that we have a robust process for identification of potential IROs and for conducting thor-ough IRO assessments. Furthermore, we have demonstrated our ability to adapt and respond to and recover from changing circumstances such as the pandemic, geopolitical challenges on energy and other supplies as well as the ongoing macroeconomic challenges, impacts and risks related to availability of raw materials and changes in statutory restrictions.  The fact that we continuously review and update our strategy and operating model to address new impacts, risks and opportunities and to learn from past experiences is also supporting our resilience. In 2024, Royal Unibrew has assessed its resil-ience on the IROs covering the short- and medium-term (zero to five years). And as mentioned we revised our goals to better drive our behavior to reduce adverse impacts and to be better aware of potential resources and investment needed. We are planning on applying scenario analysis as part of our long-term planning covering more than five years.There were a few changes to material impacts, risks and opportunities in 2024, compared to 2023 as the assessment methodology has been adjusted (2023 was voluntary). This has resulted in several aspects/topics not being considered material such as E2, S3 and subtopics and sub-subtopics for S1, S2, S4 and G1.Double materiality assessmentMateriality assessment process  IRO-1In 2024, we applied the principles of the ESRS to conduct our double materiality assessment (DMA). We used the same approach as in 2023 but made significant adjustments to imple-ment the ESRS approach along with lessons learned in previous years. All subsidiaries of Royal Unibrew have been considered in the materiality assessment in accordance with our reporting policies. Step 1: Identification of Impacts The starting point for the 2024 materiality assessment was the ESRS list of sustainability topics, which we complemented with enti-ty-specific topics. The entity-specific topics are based on our goals, industry standards and SASB requirements. Most of the topics have been reported since 2020. We drew on the 2023 materiality update and sustainability report, as well as other sources, to comple-ment the list. This included data on identified impacts, due diligence findings, internal and external stakeholder expectations, past salient issues, regulatory requirements, and Royal Unibrew’s strategy and priorities.We use a web-based IT tool developed by Position Green as part of the process. The process is in accordance with the requirements in ESRS 1.Step 2: Assessment of Topics Building on our 2023 materiality update, we applied the DMA concept described in ESRS 1 and assessed the topics on the longlist for impact and financial materiality. For the iden-tification of impact materiality, we assigned responsibility for topics to internal subject matter experts to apply the ESRS criteria for significance. In addition, the views and priorities of external stakeholders and internally recognized experts and standards were involved. We operate in 5x5 matrices and assess:•  Severity of negative and significance of posi-tive impact (scale, scope and remediability)•  Likelihood of potential impacts, risks and opportunities materializing•  Magnitude of financial effect related to EBITDA •  Where in the value chain the impact occurs•  Whether the impact is actual or potential•  When the impact is expected to occur (short-term: &lt;1 years, medium-term: 2-5 years, long-term: &gt;5 years). The topic owners used open sources and company data, along with their overall expertise and judgment, to assess each topic. Several calibration meetings were held to align interpretations of the criteria and scales used and to develop a shortlist of impact material topics. For financial materiality, we drew on our well-established Enterprise Risk Manage-ment (ERM) system, which includes processes for risk assessments and risk factors that are regularly considered by the regional units and global expert functions. We mapped the longlist of topics against the risk universe to assess whether the sustainability matters on the list were part of the regular risk assess-ments conducted by the regional units and global expert functions. Furthermore, we conducted a top-down exer-cise to identify Royal Unibrew’s major sustain-ability-related dependencies and associated risks and opportunities. The decision-making process for topic materi-ality is based on guidance in the ESRS and from EFRAG. Accordingly, severity criteria for nega-tive impacts were given more weight in the decision-making process, which also factored in stakeholder expectations for our reporting. The process included several workshops and sessions to calibrate and align topic assess-ments and the understanding of thresholds. The outcome of the double materiality assess-ment was a shortlist of material topics, each deemed either impact or financially material, or both. For reporting purposes and reader acces-sibility, we grouped topics based on similarities, internal governance structures, and, in some cases, stakeholder feedback and insights. The result is the list of sustainability topics that form the body of this sustainability statement.Step 3: Validation and ApprovalThe final list of material topics was approved by Royal Unibrew’s Growth Leadership Team, supported by the Audit Committee, and finally approved by the Board of Directors. We report on each of the topics in this sustainability statement.Step 4: Implementation The DMA dictates the content of our sustain-ability disclosures and guides our priorities on sustainability issues. In many areas identified as material, we have defined specific goals and targets and actions to measure our perfor-mance and disclose these metrics and targets as well as supporting actions in our sustain-ability statement. EnvironmentClimate change (E1)An extensive analysis has been carried out to identify our carbon dioxide equivalent emission sources, in alignment with the GHG Protocol. All production sites report their activity data monthly which allows us to calculate and report our CO emissions. These activity data include, 2but is not limited to, electricity purchases and own electricity production, fuel consumption, refrigerant consumption as well as heat and cooling related energy purchases. Scope 1 and 2 emissions represent around 10% of our total carbon dioxide equivalent emissions, while Scope 3 emissions represent around 90%. This split is therefore considered when assessing the impact of GHG Emissions from a climate change perspective.Physical risks in our own operations were assessed against our insurance company’s detailed reports, in which details for different categories of climate related hazards, such as flooding and drought are included, and our assets and activities exposure risks are measured. The analysis considers likelihood, magnitude and duration depending on the nature of the risk.Internal knowledge of physical risks in relation to upstream agriculture and forestry allows us to consider, even though there is indication of drought/precipitation related impacts and risks, it is not material due to our geographies and local sourcing.For climate-related transition events we considered common risks and opportunities across the whole organization, such as the opportunity of using more efficient production and distribution processes. In all cases we considered the likelihood, magnitude and dura-tion of transition events, within short-, medium- and long-term time horizons.We have not identified assets or business activ-ities that are incompatible with a transition to a climate-neutral economy.Climate-related scenario analysisClimate models aligned with the GHG/SBTi framework have been considered when assessing materiality. We will introduce more formalized climate related scenario analysis based on International Sustainability Standards Board (ISSB) and former Taskforce for Climate Related Financial Disclosures (TCFD) Guidelines starting in 2025.Physical climate risks were assessed using geospatial coordinates specific to our opera-tional locations, based on the different reports provided by our insurers. Based on these reports, we could analyze different chronic and acute hazards such as water stress or storm water exposure, to name a few. This also applies to our local sourcing of agricul-ture-based raw material.Transition risks were analyzed at a group level, considering policy, legal, technological, market and reputational risks as listed by TCFD.Royal Unibrew acknowledges potential limita-tions in this analysis, but despite these limitations, the current results are believed to represent the best available scientific knowledge and data. Pollution (E2)Pollution is not material for Royal Unibrew. Being an agricultural based beverage company, there is a very limited consumption of substances of concern or very high concern. Any accidental emissions will not have any longer term effects and very limited acute effects. The assessment covers upstream, own operations and down stream. We consult regularly with local commu-nities.   Water and marine resources (E3)Aqueduct Global Water Risk Atlas (WRI) was selected as the tool to map water risks at a basin and site level, which allows us to obtain a baseline and future projections. Water consumption was deemed material from an impact perspective in our own operations. Water is by far our most important raw mate-rial, and we are highly dependent on access to high-quality water for our products and for cleaning in our operations.Water consumption may also be significant upstream in agriculture and in relation to manufacture of pulp for the fiber-based pack-aging material we source, but the impact is not considered material at this point. Only 0.04% of our water withdrawal is in extremely high water stressed areas, so we virtually do not operate in high or extremely high water stressed areas, which also applies to our agriculture-based raw materials. However, in several locations we do experience limitations for water supply and wastewater treatment related to the capacity of the public water-works and wastewater treatment plants, which poses potential risks for our freedom to operate. Marine resources are not material for Royal Unibrew. Biodiversity and ecosystems (E4)Being in the beverage sector there is a depen-dency on forest and agriculture derived raw materials and packaging materials. Direct effects of climate are described under E1 and water under E3. Impacts on the state of species has not been fully assessed yet, but we believe that there is a potential material impact on soil degradation with current farming prac-tices. The biodiversity and ecosystem area will be further assessed.We have reviewed all our facility locations against the Baseline Water Stress indicator of Aqueduct and the database for EU Natura 2000 sites, analyzing Europe's most valuable and threatened species and habitats. We iden-tified no sites in protected areas but 11 sites close to biodiversity sensitive areas as defined by Natura 2000, but we have not identified any actual negative impact. Royal Unibrew has not made detailed scenario analysis yet.Circular economy (E5)The material impacts, risks and opportunities relating to circular economy apply to all our facilities except ABC in Toronto, Canada, where the transitional risk related to EU packaging and packaging waste directive as well as the single use plastics directive does not apply.The inherent consumption of biological raw and packaging material (agriculture and forest based) as well as significant consumption of packaging material based on plastics (oil), glass (sand) and aluminum (bauxite mines) make it material. The risks on agricultural-based raw material are described further under E1, E3 and E4.Access to recycled packaging material of food grade quality, in our upstream operations, as well as availability of consumer-friendly reuse serving opportunities, for the downstream use of our products, may also present physical risks to transition.We do have a positive impact where we utilize by-product from production for food, feed, biogas and soil enhancement as well as having a substan-tial (approximately 90%) recycling of production waste. At the same time, we focus on optimizing recipes and processes to reduce consumption and we focus on rethinking, reducing, reusing and recycling and recyclability of packaging material to reduce the potential value chain impact. Governance (G1) To determine the company-specific governance topics, a gross list of IROs regarding business conduct, such as corporate culture (business integrity), anti-corruption and bribery, protec-tion of whistleblowers, political engagement and management of suppliers, was prepared.The protection of whistleblowers remains a priority, and we have an increasing number of justified cases. Data protection and cyber secu-rity is deemed material from a human rights perspective but also as a potential financial risk if not managed sufficiently.Violation of anti-corruption and competition law in our business conduct regarding rebates and discounts is a potential financial risk in our sector and is deemed material.Policies, goals, metrics and targetsMDR-P, MDR-TRoyal Unibrew is working in accordance with international and national legislation, as well as international guidelines, conventions, and standards for environment, social conditions, governance and sustainability. Our policies and systems ensure compliance. Royal Unibrew’s policies provide guidance for the employees, third parties acting on behalf of Royal Unibrew and suppliers regarding anti-corruption, envi-ronment/climate, human rights and labor stan-dards, quality and product safety, data safety, competition, and responsible marketing. The basic requirement is legal compliance combined with awareness of potential impacts, risks and opportunities. Thus, the policies and procedures ensure our freedom to operate. The Business Ethics Policy and the Environment &amp; Climate Policy are in general related to our employees and any business relationship and interaction. Our Supplier Code of Conduct, Data Protection and Data Ethics Policy and Whistleblower Policy, are by nature addressing suppliers and third parties acting on behalf of Royal Unibrew, as well as potential whistleblowers, investors and analysts as well as the Board of Directors and the Executive Management. Our Growth Leadership Team is responsible for implementing the poli-cies and goals, typically via formalized processes and procedures. The essential stakeholders also defined by the business strategy are considered when developing the policies. The policies are described in detail in the topical standards E1, E3, E4, E5, S1, S2,. S4 and G1. As are metrics, targets and actions. Our management of material sustainability matters is carried out through setting of overall goals, targets and sub-targets supported by processes, procedures and specific actions to fulfill these. Each major market must establish market specific actions to ensure policy compli-ance and to achieve overall goals. The necessary procedures for implementation may be devel-oped locally and aligned with Group policies and goals, except for IT and Procurement, which are centralized Group functions.Royal Unibrew monitors the effectiveness of our policies and actions through various metrics and targets as defined by the ESRS as well as enti-ty-specific topics. The methodologies, assump-tions and validation of metrics and targets, including link to policies and stakeholder involve-ment, are described in our accounting policies. All goals and targets are time-bound and milestones may be relevant for some. Under the reporting on topical standards, we include our current known and ongoing initiatives and actions. Not all of those constitute key actions. In 2025 we will continue our work on crystalizing key actions and quantifying the expected effect towards achieving our goals.Policies and systemsPolicy Systems, procedures and guidelinesEnvironment•  Business ethics PolicyISO 14001  (9 sites)•  Environmental &amp; Climate Policy•  Supplier Code of ConductEnvironmental &amp; Energy Management systems, incl. energy audits (20)Disclosures: CDPSocial•  Business ethics PolicyEthical guidelines ISO 45001  •  Supplier Code of Conduct(3 sites)Occupational Health and Safety Management Systems Employee Engagement Survey ISO 9001  (8 sites)Global Food Safety initiative (GFSI)  recognized systems  (16 sites)Governance•  Business ethics PolicyEthical guidelines•  Data protection and data  Supplier Management Proceduresethics policyMandatory training: •  Whistleblower policyGDPR, Cybersecurity, Business Integrity, •  Supplier Code of ConductResponsible marketing, etc.•  Remuneration Polic•  Investor Relation PolicyDisclosure requirements coveredIRO-2We have aligned the IROs with the relevant ESRS data points and conducted a thorough materiality assessment. This evaluation helped us ascertain their relevance to our business model and the deci-sion-making requirements of the Sustainability statement's users. Consequently, this analysis identi-fied the key sustainability information presented in this statement Description of material and non-material topics has been elaborated under SBM-3 and the process of determination is described under IRO-1. The list of relevant datapoints related to other legislation is shown at page 146-148.Disclosure Page Requirement DescriptionnumberESRS 2 General disclosuresBP-1 General basis for preparation of sustainability statements 73BP-2 Disclosures in relation to specific circumstances 73GOV-1 The role of the administrative, management, and supervisory bodies 74GOV-2 Information provided to and sustainability matters addressed by the 74undertaking’s administrative, management, and supervisory bodiesGOV-3 Integration of sustainability-related performance in incentive schemes 75GOV-4 Statement on due diligence 75GOV-5 Risk management and internal controls over sustainability reporting 75SBM-1 Strategy, business model, and value chain 76SBM-2 Interests and views of stakeholders. GOV-2 26(a) 78SBM-3 Material impacts, risks, and opportunities and their interaction with 80strategy and business model. GOV-2 26(b)IRO-1 Description of the processes to identify and assess material impacts, 84risks, and opportunities. GOV-5 (a,b,c,d,e)IRO-2 Disclosure requirements in ESRS covered by the undertaking’s  88sustainability statementDisclosure Page Requirement DescriptionnumberE1 Climate ChangeE1-1 Transition plan for climate change mitigation 93E1-2 Policies related to climate change mitigation and adaptation 96E1-3 Actions and resources in relation to climate change policies 96E1-4 Targets related to climate change mitigation and adaptation 96E1-5 Energy consumption and mix 98E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 99E3 Water and marine resourcesE3-1 Policies related to water and marine resources 104E3-2 Actions and resources related to water and marine resources 104E3-3 Targets related to water and marine resources 105E3-4 Water consumption 106Disclosure Page Requirement DescriptionnumberE4 Biodiversity and ecosystemsE4-1 Transition plan and consideration of biodiversity and ecosystems 108E4-2 Policies related to biodiversity and ecosystems 109E4-3 Actions and resources related to biodiversity and ecosystems 110E4-4 Targets related to biodiversity and ecosystems 110E5 Resource use and circular economyE5-1 Policies related to resource use and circular economy 113E5-2 Actions and resources related to resource use and circular economy 113E5-3 Targets related to resource use and circular economy 114E5-4 Resource inflows 116E5-5 Resource outflows 116S1 Own workforceS1-1 Policies related to own workforce 126S1-2 Processes for engaging with own workers and workers’ representa-126tives about impactsS1-3 Processes to remediate negative impacts and channels for own 126workers to raise concernsS1-4 Taking action on material impacts on own workforce 128S1-5 Targets related to managing material impacts 129S1-6 Characteristics of the undertaking’s employees 130S1-14 Health and safety metrics 132S1-17 Incidents, complaints and severe human rights impacts 132Disclosure Page Requirement DescriptionnumberS2 Workers in the value chainS2-1 Policies related to value chain workers 134S2-2 Processes for engaging with value chain workers about impacts 134S2-3 Processes to remediate negative impacts and channels for value chain 134workers to raise concernsS2-4 Taking action on material impacts on value chain workers 135S2-5 Targets related to managing material negative impacts, advancing 135positive impacts, and managing material risks and opportunitiesS4 Consumers and end-usersS4-1 Policies related to consumers and end-users 137S4-2 Processes for engaging with consumers and end-users about impacts 137S4-3 Processes to remediate negative impact and channels for value chain 137workers to raise concernsS4-4 Taking action on material impacts on consumers and end-users and 138effectiveness of those actionsS4-5 Targets related to managing material negative impacts, advancing 140positive impacts, and managing material risks and opportunitiesG1 Business conductG1-1 Corporate culture and business conduct policies 143G1-1 Protection of whistleblowers  144G1-1 Data protection, ethics and cyber security  144G1-3 Prevention and detection of corruption and bribery 145G1-4 Confirmed incidents of corruption or bribery 145EnvironmentWe want to be THE PREFERRED CHOICE for the future, and it is our ambition to be one of the most sustainable beverage companies globally.   We are in the process of converting our energy consumption to renewable energy in the entire value chain, and we collaborate with our part-ners and other stakeholders to reduce CO2emissions as well as our use of resources by fostering a circular mindset and protecting biodiversity and ecosystems. All this while contributing positively to society at large and people in our value chain specifically. We apply a precautionary principle to ensure that factors which may present an environmental or climate risk are monitored, avoided or mitigated.Royal Unibrew’s Environment &amp; Climate Policy aims to minimize potential impacts on the environment and climate by reducing resource consumption such as energy, water, materials, as well as the associated emissions, to protect biodiversity and ultimately to do no harm. Our Environment &amp; Climate Policy applies to Royal Unibrew, and our suppliers are supported by our Supplier Code of Conduct which stipulates more detailed requirements regarding climate transitioning, resource use and circularity as well as sustainable agriculture.  We have ambitious environmental and climate goals and targets that are well-integrated in our management processes and systems enabling prevention and mitigation of material impacts, risks and opportunities. Systematic monitoring allows us to make continuous improvements and communicate our performance both inter-nally and externally.Our overall goals for the environment remained unchanged in 2024 with a maintained focus on climate and circularity but with underlying targets established for our long-term net-zero target for 2040, including Forest, Land and Agriculture (FLAG), as well as our near-term 2030 FLAG targets, were approved by SBTi in 2024. We have, therefore, decided to align our climate goals with these, i.e. our target for Scope 1, 2 and 3, including FLAG, is now 60% CO reduction by 2030, compared to 2019. 2We have decided to embed a specific goal for water to a maximum consumption of 2.5 hl per hl beverage in 2030 as well as revising our goal on packaging material aiming for 100% circular packaging by 2030. All the goals are under-pinned by targets. 82% of our production volume is covered by ISO14001 certification, all production sites are regulated by permits.   Royal Unibrew has reviewed the material impact, risk and opportunities in 2024. The material topics and impact assessment are basically unchanged, however, pollution (E2) has not been assessed to be material.  Climate ChangeESRS E1Royal Unibrew has assessed both the physical and transitional impact of climate change, along with the associated risks and opportunities to climate change mitigation, adaptation and energy consumption. We consider climate-related impacts, risks and opportunities throughout our entire value chain and the interactions with the strategy and business model considerations as outlined in the transition plan. Our strategy and material impacts, risks and opportunities, are supported with relevant policies and goals.IRO S M LClimate change adaptation, climate change reducing harvest of agriculture and forest based raw materials Impact, Potential, Negativeand paper fibersClimate change mitigation, sustainable products Impact, Potential, Positivepreferred by consumersClimate change mitigation, scope 1+2 GHG emissions Impact, Actual, Negativecontribute to climate changeClimate change mitigation, scope 3 GHG emissions Impact, Actual, Negativecontribute to climate changeEnergy, Demand renewable energy by suppliers Impact, Actual, PositiveEnergy, power grid underinvestments resulting in less Financial riskor no access to renewable energyLocation in the value chain: Upstream   Own operations  DownstreamTime horizon:S Short-term    MMedium-term  LLong-termTransition plan E1-1Our commitment to environmental sustain-ability is unwavering, and we are fully aware of the critical role businesses play in addressing climate change. The Science Based Target Initiative (SBTi) approved our Scope 1, 2 and 3 absolute reduction targets in 2023 in align-ment with the overarching objective of limiting global warming to 1.5°C as outlined in the Paris Agreement. In 2024, as a continuation of the SBTi alignment, Royal Unibrew also got FLAG (Forest, Land and Agriculture Guidance) near-term and the long-term Net-Zero targets for 2040 approved. The Net-Zero target implies diminishing 90% of our total Scope 1, Scope 2, and relevant Scope 3 emissions. For the 10% residual emissions, we intend to utilize GHG removals across our value chain. That said, we are still working on developing our formal ESRS aligned transition plan, bringing additional clarity on key decarbonization levers and gran-ular assessment of the effect of these including a view on the gaps towards achieving our targets. This work will continue in 2025. In the following pages we outline our current parame-ters of an upcoming transition plan.The principles guiding our decarbonization efforts remain unchanged. We recognize this is not an individual effort only but a collaborative path towards enhancing climate resilience, i.e. our own operations and the entire value chain are considered. In our own production we aim primarily at efficiency improvements, resource optimizations and transitioning from fossil fuels to renewable energy, as well as adding renew-ables to the grid. Many of these decarboniza-tion challenges are shared with our suppliers, who are also pursuing similar strategies to reduce their footprint. Importantly, the levers associated with our value chain reinforce our commitment to a circular economy mindset, where resource optimization remains a central principle as well as considerations on more resilient and sustainable practices for agricul-ture, distribution and refrigeration. In 2024, we continued developing and implementing our roadmaps, recognizing that actions in accor-dance with these levers contribute significantly to our policy objectives and targets. We consider several factors when establishing roadmaps. We anticipate future market trends and closely monitor regulatory changes across all our markets at both local and group levels, for example for considering upcoming require-ments for packaging material. Additionally, we expect technological and process advance-ments in the entire value chain to enhance envi-ronmental performance, particularly in energy and efficiency. These assumptions guide our strategic decisions and help us stay ahead in a rapidly evolving industry. The plan relies on close cooperation with stakeholders, including regulatory bodies, trade associations, suppliers and customers. Engaging with these groups ensures that we align our goals with broader industry standards and expectations. A collaborative approach is also crucial for navigating regulatory landscapes and fostering innovation through shared knowledge and resources. We consider the availability of resources, such as agriculture-based raw material and packaging material, during our materiality assessment. This process helps us identify and prioritize the most critical resources needed for our sustainability initia-tives and enlightens us with potential oppor-tunities that will contribute to advancing our climate transition plan. By understanding resource availability, we can better plan and allocate our efforts to areas where they will have the most significant impact. Our internal projects targeting Scope 1 and 2 emissions are mainly funded from our own CAPEX/OPEX investments, which we actively manage to meet industry demands. Examples of such sustainability projects include infra-structure upgrades such as electric boilers or heat pumps installation. By continuously monitoring and adjusting our resource alloca-tion, we ensure that we are well-equipped to achieve our environmental goals and respond to emerging challenges.In regards of Scope 3, active supplier engage-ment is crucial for achieving our sustainability targets. We prioritize collaborative projects that drive meaningful environmental improvements, with a key focus on solutions that optimize resource consumption. These initiatives include, for example, the analysis of new packaging formats designed to reduce material usage while maintaining critical product functionality and performance standards.Our strategy, operating model and goals remain well-suited to support integration of material aspects related to our business and transition plans. We implement our strategy and objectives by defining concrete actions and initiatives, as the ones presented above, to achieve our targets for our strategic pillars: Our products addressing climate and environmental aspects.Royal Unibrew’s Executive Management is responsible for the climate transition plan. They provide strategic guidance, policies and targets for the entire organization which are approved by the Board of Directors. The Board of Directors oversees the company's overall strategy and supervises organizational, finan-cial and performance management of Royal Unibrew. In addition, it continuously evaluates the work performed by the Executive Manage-ment on behalf of the shareholders, being ulti-mately responsible for assessing the nature of risks and opportunities associated with Royal Unibrew's strategic direction and activities as well as implementation of effective risk and opportunity identification, assessment and mitigation. The Board of Directors approves policies annually, as well. The Audit Committee reviews the adequacy and effectiveness of the risk management system.Our emissions reduction strategy builds on the foundational work we have initiated in the past. This approach systematically addresses environmental challenges across our opera-tional scope, focusing on practical, executable solutions that can drive meaningful change. We have clear actions ahead that will contribute to a reduction of our carbon footprint across our entire value chain.For Scope 1 and 2, we have revised our target of being 100% emission free by the end of 2025 (excluding distribution and biogenic emissions). We continue our key actions planned including the switch from fossil fuel to renewable alternatives such as electricity and biobased fuels, producing our own electricity, continuing sourcing renewable electricity via Renewable Energy Certificates (RECs), and sourcing the rest of the needed energy via certificates to track its origin as well as imple-mentation of further efficiencies. The change is to align our company goals with the SBTi approved targets. In addition, we also realize that in several markets, the energy infrastruc-ture for electricity and biobased heating and thus availability of renewable energy sources is not developing in accordance with our need and ambitions. For Scope 3, key actions planned include increasing recycled content in packaging mate-rials, optimizing product formulations to reduce sugar content, introducing electrification in selected distribution transportation lanes, implementing more energy-efficient coolers at customer sites, and collaborating with suppliers to develop low-carbon procurement strategies and reduce upstream and downstream emis-sions across our value chain. Recognizing the critical importance of supplier collaboration, we aim to engage with our value chain partners through strategic partnerships, shared sustain-ability targets, and collaborative decarbon-ization initiatives to drive collective progress towards our emissions reduction goals.As we enter 2025, we are updating our targets towards 2030, where the SBTi-approved commitments will be the basis of our climate ambitions, i.e. a revised target for scope 1, 2 and 3 where we increase our ambition from 50% reducing the absolute emission of CO to 60% 2by 2030, compared to 2019.Impacts, risks and opportunities affect our financial planning as they are primary reasons for managing and defining CAPEX/OPEX projects but also procurement of goods and services to mitigate our risk exposure. We can outline a common example throughout our breweries to elucidate it further: New heat pumps installed are a way of gaining energy efficiency and diminishing energy usage, which implies CAPEX investments and is part of the mitigation plan for decreasing our exposure to the risk of carbon pricing mechanisms and the availability and access to renewable energy in the grid. By diminishing the total energy use, our resilience is strengthened. We expect ongoing CAPEX investment in climate mitigation in the years to come. Our work on the transition plan is informed by the EU Taxonomy Regulation (EU) 2020/852 and its Climate and Environment Delegated Acts (EU) 2021/2139, and (EU) 2023/2486, respectively, which establish a classifica-tion system for environmentally sustainable economic activities. This regulatory framework provides us with a structured approach to identifying, reporting, and potentially financing activities that substantially contribute to climate change mitigation and adaptation while doing no significant harm to other environ-mental objectives. By leveraging this frame-work, we ensure that our financial decisions directly support our climate objectives, creating alignment between our strategic investments and environmental commitments. Investments and funding supporting the implementation of and aligned with our transition plan can be found in our disclosures in relation to the EU Taxonomy. To analyze the effectiveness of the different actions taken and partnerships established, metrics are evaluated at a site, region and group level to optimize our work. Regarding our own operations, we have improved our total energy intensity per hl produced in 2024 by 6% compared to last year.When analyzing total energy consumption, 54% of Royal Unibrew’s consumption is based on renewable energy from our own production or RECs. This establishes a clear path forward, although potential locked-in GHG emissions may arise from our production at minor sites. They represent between 10-15% of our total emissions from Scope 1 and 2, when consid-ering the actual production capabilities and installed technologies. While we consistently drive efficiency improvements across all our sites, we recognize that potential for further optimization still exists and believe these sites will not compromise our emission reduction targets.When analyzing Scope 3 emissions, the main contributors are our purchased goods and services and downstream distribution. In connection with our materials, we continue to down gauge and focus on the recycling content in different packaging categories which not only contributes towards our circularity goals but also to our emission diminishing trajecto-ries. In 2024, we saw an increase of the total recycled content PET bottles, which reduces the footprint for these categories. Likewise, initiatives are in place for raw materials, distri-bution and refrigeration. When looking at the efficiency measured as mkgCOe per hectoliter, 2we have reduced the impact in all parts of the value chain except for packaging and down-stream transportation. Overall, we are on track to deliver the approved SBTi-targets for Near-Term and Net-Zero in 2040. From a 2019 baseline year, we have despite acquisitions and doubling in our revenue, decreased absolute emissions by 34% in Scope 1 and 2, and an increase of 6% in Scope 3. However, the relative (mkgCO/hl) development 2in Scope 3 shows a 5% reduction compared to 2019, when considering restated emmissions and volumes. The roadmaps for Scope 3 have been developed and resources allocated for implementation.6%We have improved our total energy intensity (kWh/hl) by 6% from 2023 to 2024Policies E1-2Royal Unibrew is working in accordance with international and national legislation, as well as international guidelines, conventions, and stan-dards for managing material impacts, risks and opportunities related to climate change mitiga-tion and adaptation. Our policies ensure proper management and implementation of material impacts, risks and opportunities by the Execu-tive Management and the Growth Leadership Team. The policies are aligned with international frameworks such as Science Based Target initiative (SBTi), the GHG protocol and they are available at our web-page.Policies addressing climate change include:Environment &amp; Climate Policy, where: •  Climate change mitigation strategies are considered for preventing and reducing greenhouse gas emissions;• Climate change adaptation strategies are considered for fostering behavioral change, as for example by having a circular mindset where reuse, recycling and minimization of waste is continuously assessed;•  Reducing resource consumption is encouraged, hence contributing to energy efficiency improvements;•  Renewable energy deployment is mentioned as a key enabler of the transition, diminishing our direct emissions impact from own production and encouraging continuous improvement for all our stakeholders in the complete value chain.Our Business Ethics Policy, where our respon-sibilities and commitments regarding environ-ment and climate are stated at a general level. This policy is our commitment to be and act responsibly and contribute positively to our stakeholders and society at large.The Supplier Code of Conduct, which is essentially our business ethics policy with specific climate related requirements regarding management of suppliers in the broadest sense and their suppliers’ goals, transition plans and concrete data points.Royal Unibrew’s policies provide guidance for employees, third parties acting on behalf of Royal Unibrew and suppliers regarding envi-ronment and climate. The basic requirement is legal compliance combined with awareness of potential impacts, risks and opportunities. Thus, they ensure our freedom to operate. Actions and resources E1-3 Different actions were executed during 2024 to maximize efficiency at all our sites and continue reducing our footprint. These actions, along with our daily operations, are fundamental to achieving our climate-related policy objectives and targets. They ensure our transition plan is carried out effectively, with the right resources allocated. This approach highlights our commit-ment to sustainability, improves our operations, encourages innovation, and strengthens our reputation as a responsible company. By inte-grating these measures into our core activities, we are better positioned to meet regula-tions, satisfy stakeholder expectations, and contribute positively to the global fight against climate change.When considering the decarbonization levers identified, actions can be grouped as follows: Efficiency improvements• Process standardization• Equipment substitution• Heat and ventilation optimization• Heat recovery from processesTransition from fossil fuels  to renewable energy• Solar PV installation for renewable energy generation•  Analysis and preparation for adapting boilers to burn renewable fuels such as biomethane, pellets, etc.Enhancing a circular mindset  and reducing resource consumption•  Reducing material (raw and pack use) and increasing reuse and recycled content•  Increasing no/low sugar content in carbon-ated soft drinks, reducing sugar•  Introducing more electrification in selected lanes and trucks in distribution •  More efficient coolers at our customers Targets (E1-4)We have ambitious environmental and climate targets that are well-integrated in our manage-ment processes and systems. Monitoring allows us to make continuous improvements and communicate our performance both inter-nally and externally. Our overall KPIs for the environment remain unchanged with a main-tained focus on climate and circularity.For Scope 1 and 2 emissions, our goal was to be 100% CO emission free by the end of 2025, 2excluding distribution and biogenic emissions. In 2024, 54% of our production was emission free and 92% is planned with approved CAPEX. As mentioned, we have revised the target to align our company goals with the SBTi approved targets as well as adjusting to the still limited infrastructure on renewable electricity. We will continue implementing our roadmap for zero emissions. This will be aligned with the actions taken during 2024 and will therefore be related to the decarbonization levers identified. In 2023, SBTi approved our near-term 2030 climate targets which are compatible with limiting global warming to 1.5°C for scope 1,2 and 3. In 2024, our FLAG target and long term net-zero targets for 2040 were approved by SBTi. The targets are derived using an Absolute Contraction Approach.For the long-term, we are committed to reach net-zero greenhouse gas emissions across the value chain by 2040. This commitment implies reducing absolute Scope 1 and 2 GHG emissions 90% by 2040 from a 2019 base year. Furthermore, we committed to reduce abso-lute Scope 3 GHG emissions from the same categories as for the near-term, 90% within the same timeframe, including an absolute Scope 3 FLAG GHG emissions 90% reduction within the same timeframe. In 2024, we revised our internal target for Scope 1, 2 and 3 to align with our approved SBTi target, i.e. committing to 60% absolute reduction on CO in 2030, compared to 2019. 2In addition to the contribution from scope 1 and 2 levers, We mainly see a smaller contribu-tion from cooler efficiency as one of the levers planned for scope 3. Our current baseline year 2019 is unchanged. The baseline was restated for Scope 3 in accordance with the GHG/SBTi protocol and guidelines to include the latest acquired sites: Vrumona, the Netherlands, and San Giorgio, Italy.Metrics E1-5Energy consumption and mixOur total energy consumption from fossil sources equaled 140,351 MWh in 2024, representing 46% of our total consumption. Our total energy consumption from renewable sources equaled 162,537 MWh, representing 54% of our total energy consumption. From those, 74% is from electricity purchased under Guarantees of Origin, 12% from Purchased Steam from different renewable sources such as biogas, 7% was self-generated electricity from solar PV installations in Denmark, Italy, Latvia and Lithuania, and 7% from Purchased Heat from biogas.§  Accounting policyTotal Energy Consumption (MWh):  Total Renewable Energy Consumption + Total Fossil Energy Consumption (MWh)Total Fossil Energy Consumption (MWh): Fuel consumption from coal, crude oil, natural gas, and other fossil sources (MWh) + Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh)Total Renewable Energy Consumption (MWh): Purchased or acquired renewable electricity, heat, steam, and cooling (MWh) + Self-generated non-fuel renewable energy (MWh)Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh): Purchased Green Tariff Electricity + Purchased heat and steam from biogas (certificates, mash, natural gas) + Purchased steam from electric boiler + Purchased steam from landfill gas.Data is collected from invoices from the Royal Unibrew group on a monthly basis and converted to kWh using factors provided by the Department for Environment, Food &amp; Rural Affairs (DEFRA). DEFRA factors are updated annually Energy intensity per hl produced: Calculated as total energy consumption per hl produced. Percentage change is the ratio between year 2023 and 2024.The 2023 figures are restated to reflect the acquisition of Vrumona, Amsterdam in Canada and San Giorgio.Energy intensity based on net revenue Calculated as total energy consumption per net revenue  from activities in high climate impact sectors, where 3 Manufac-turing is relevant for all Royal Unibrew’s activities. Percentage change is the ratio between year 2023 and 2024.Energy consumption and mix 2024 2023Fuel consumption from coal and coal products (MWh) 0 0Fuel consumption from crude oil and petroleum products (MWh) 8,101 25,244Fuel consumption from natural gas (MWh) 128,405 133,900Fuel consumption from other fossil sources (MWh) 1,410 2,110Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 2,435 28,031Total fossil energy consumption (MWh)  140,351 189,285  Share of fossil sources in total energy consumption (%) 46.2% 58.3%Consumption from nuclear sources (MWh) 1.105 954Share of consumption from nuclear sources in total energy consumption (%) 0.4% 0.3%Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal  waste of biological origin, biogas, renewable hydrogen, etc.) (MWh) 0 0Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 151,629 126,334The consumption of self-generated non-fuel renewable energy (MWh) 10,908 8,171Total renewable energy consumption (MWh)  162,537 134,505  Share of renewable sources in total energy consumption (%) 53.5% 41.4%Total energy consumption (MWh)  303,993 324,744Energy intensity per hectoliter produced (kWh/hl) 0.02 0.022023 figures are restatedEnergy intensity per net revenue 2024 2023 %N/N-1Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors (KWh/DKK) 0.020 0.025 -20%Gross Scopes 1, 2, 3 and Total GHG emissions E1-6The emissions for the different scopes and categories include all the gases covered by the GHG protocol, considering the most recent Global Warming Potential values published by the IPCC. 75% of the emissions are calculated using primary activity data.The acquisitions of Vrumona in The Nether-lands and San Giorgio in Italy have a signif-icant impact in our total emissions. For this reason, when comparing total emissions from previous years with 2024, acquisitions need to be considered. To achieve comparability, we restated the emissions for 2019, which serves as our baseline year, and 2023. Biogenic emissions are accounted and consid-ered out of scope. For scope 2, they account for 3,635 tons of COe, deriving from our 2purchased heat and steam from renewable sources. For biogenic scope 1 emissions, we are still working on developing methodologies to account for the emissions from our fermen-tation process. This work will continue in 2025 and will be reported in the next reporting cycle. FLAG emissions, derived from our raw materials and fiber based packaging materials consump-tion, represent around 15% of the total Scope 3 emissions reported.GHG intensity based on net revenueEmissions intensity for the location-based method, when considering total greenhouse gas emissions per net revenue, was 43 tons carbon dioxide equivalent per mDKK in 2024.Emissions intensity for the market-based method, when considering total greenhouse gas emissions per net revenue, was 42 tons carbon dioxide equivalent per mDKK in 2024.Financial effectThere are numerous plans for power grid investments in Europe, as outlined in the IEA outlook on the renewable sector. However, these developments will take time to mate-rialize. The financial effect for Royal Unibrew includes the purchase of certificates. While the financial materiality is significant due to the high likelihood of these investments, the overall financial impact on the company is expected to be limited.Metrics E1-6Retrospective Milestones and target years% 2019 Annual % target/ 2024 20232024/2023(Base year) 2030 2040base yearScope 1 GHG emissionsGross Scope 1 GHG emissions (tCOeq) 34,524 38,981 -11% 41,673   -60% -90% -5%2Scope 1 - Fuels 28,662 32,867 -13% 36,434Scope 1 - Vehicles 5,862 6,114 -4% 5,239    Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)Scope 2 GHG emissionsGross location-based Scope 2 GHG emissions (tCOeq) 14,478 21,168 -32% 29,185    2Gross market-based Scope 2 GHG emissions (tCOeq) 499 3,556 -86% 57,059   -60% -90% -5%2Significant Scope 3 GHG emissionsTotal Gross indirect (Scope 3) GHG emissions (tCOeq) 592,396 587,102 1% 560,970  21 Purchased goods and services 367,646 369,042 0% 363,671 -60% -90% -5%2. Capital goods * 122,820 123,494 -1% 110,134  3. Fuel-and-energy-related activities (not included in scope 1 + 2) 8,116 11,165 -27% 9,237 -60% -90% -5%4. Upstream transportation and distribution 9,050 9,100 -1% 8,148 -60% -90% -5%5. Waste generated in operations 43 45 -5% 57 -60% -90% -5%6. Business travel 4,851 4,878 -1% 2,709 7. Employee commuting 7,206 7,246 -1% 4,6338. Upstream leased assets          9 Downstream transportation and distribution 58,160 44,807 30% 40,578 -60% -90% -5%10. Processing of sold products          11. Use of sold products 13,501 16,423 -18% 21 ,743 -60%  -90% -5%12. End-of-life treatment of sold products 1,003 902 11% 60 -60% -90% -5%13. Downstream leased assets14. Franchises  15. InvestmentsTotal GHG emissionsTotal GHG emissions (location-based) (tCOeq) 641,398 647,251 0% 631,8282Total GHG emissions (market-based) (tCOeq) 627,419 629,639 0% 659,7022*  figures are estimated on a volume basis, but are not an accurate representation. Acquisitions impact the expenditure hence the total emissions.2019 and 2023 figures are restated§  Accounting policyThe calculations cover the Royal Unibrew group and include energy consumption from fuels, electricity, and purchased heat and steam. GHG Intensity Ratio: Calculated as total GHG emis-sions from activities in high climate impact sectors  divided by net revenue from activities in high climate impact sectors (DKK). GHG Emissions Calculation: GHG emissions (kg COe): weight/or unit quantity (kg) * emission factor 2(kg COe/kg or kg COe/unit). 22Scope 1: Direct COe emissions from all sources 2owned or controlled by the company, including natural gas, diesel, fuel oil, propane, and LPG. Energy consumption is converted from invoiced or metered units to kWh and kg COe using Net Calorific Value. 2Emissions from our own vehicles are calculated using DEFRA emission factors, considering the type of fuel they use, and the distance travelled. Biogenic emissions, if applicable, are considered out of scope in alignment with the GHG Protocol. Scope 2 (Location-Based): Indirect COe emis-2sions from sources not owned or controlled by Royal Unibrew but used in our operations, such as purchased electricity, steam, heating, and cooling. Energy consumption is converted from invoiced or metered units to kg COe using Net Calorific Value. 2Location-based emissions are calculated based on a country-specific emission factor. Scope 2 (Market-Based): Indirect CO emis-2sions from sources not owned or controlled by the company but used in our operations, such as purchased electricity, steam, heating, and cooling. Energy consumption is converted from invoiced or metered units to kg COe using Net Calorific Value. 2Market-based emissions are calculated according to associated energy attribute certificates. If no certif-icates are purchased, residual emission factors are used to establish total quantities of emissions for the specific sites. The certificates applied are either bundled or unbundled. Scope 3: Includes all other indirect emissions that occur in the value chain, not considering Scope 1 and 2. Approximately 80% of our Scope 3 value chain emissions were within the scope of our SBTi, 2019 being our base year. We calculate our emissions annually and recalculate within the deadline for acquisitions/divestments. The primary contributors to our Scope 3 emissions are Purchased Goods and Services, Capital Goods, Downstream transportation, and Downstream Refrigeration. For all categories, activity data has been used to quantify the volumes, except for sites that represent less than 1% of the total beverage production volume, such as ABC, where contributions are estimated. The emission factors are based on industry standards or suppli-er-specific data, depending on the category. For categories 4 and 9, some suppliers directly report their emissions on a Well-to-Wheel basis, and when not possible DEFRA emission factors are applied using the ton.km method. If those methods cannot be applied, either spend-based or approximations considering the total volume moved are applied. 75% of our scope 3 emissions are calculated using activity data. Category 1 includes all upstream (i.e. cradle-to-gate) emissions from the production and purchase of products in the reporting year. This includes packaging material, raw materials and traded goods. Activity data is collected for each category and its corresponding subcategory (i.e., category raw material, subcategory malt) and paired with a COeq emission factor. The emission factors vary 2depending on each subcategory and are collected from peer reviewed databases such as Agrybalise, Ecoinvent, or “Den store Klimadatabase”, among many others. For packaging materials, the recycled content of the primary packaging is considered, hence affecting the emission factor utilized. Category 9 includes downstream transportation, which considers third-party distribution of our produced goods, either by road, rail, sea or air. When available, data provided directly from third-party logistics services is collected, ensuring its alignment with internationally recognized standards such as EN 16258. When needed, we follow the ton-km approach ourselves, where the total load weight is multiplied by the total distance driven and trans-formed into emissions by multiplying by a certain emission factor (well-to-wheel).  As Scope 3 emissions contribute the most to our impact, a deeper dive is presented to further under-stand the different categories, both included and left out of scope. The following Scope 3 categories are calculated based on activity data from our different business processes: •  Cat. 1: Purchased Good and Services Packaging material Raw material Traded goods •  Cat. 3: Fuel- and Energy-Related Activities not included in Scope 1 or Scope 2 •  Cat. 5: Waste generated in operations •  Cat. 9: Downstream Transportation •  Cat. 11: Cooling emissions from refrigerators and other systems, which includes our total fleet of refrigerators in Denmark, Finland, and The Netherlands, as well as post-mix systems in each of these countries. The following Scope 3 categories are estimated based on different data availability: •  Cat. 2: Capital Goods, based on CAPEX expendi-ture at a group level •  Cat. 6: Business Travel, based on previous years’ business travel •  Cat. 7: Employee Commuting, based on total amount of FTE and approximating total distance travelled •  Cat. 4: Upstream Transportation and Distribution is estimated based on the total purchases of packaging and raw material as collected for Cat. 1.  •  Cat 12: End-of-Life treatment of Sold Prod-ucts is estimated based on total volume of beverages sold for the accounting period, considering its packaging type and end-of-life treatment. The following Scope 3 categories are excluded as they are not material to our operating model.  •  Cat. 8: Upstream Leased Assets •  Cat. 10: Processing of Sold Products •  Cat. 13: Downstream Leased Assets •  Cat. 14: Franchises •  Cat. 15: Investments The rationale behind leaving them out is that we did not lease any upstream or downstream asset during 2024 or any previous year, we do not have franchises, we are not a private nor public financial institution, and all emissions regarding investments in which we have oper-ational control have been incorporated in the rest of the categories.Water and  Marine ResourcesESRS E3Water and marine resources are particularly influenced by multiple environmental factors, necessitating an integrated approach for proper management. The Disclosure Requirements for water and marine resources are therefore embedded within other ESRS’ to ensure a thorough and interconnected analysis, which can be noticed when examining the results in other sections of this disclosure, in particular Climate Change, Biodiversity and Ecosystems and Resource use and Circular economy.Water consumption was deemed material from an impact perspective in our own operations. Water is by far our most important raw mate-rial, and we are highly dependent on access to high-quality water for our products and for cleaning in our operations.Water consumption may also be significant upstream in agriculture and in relation to manufacture of pulp for the fiber-based pack-aging material we source, but the impact is not considered material at this point. Only 0.01% of our production is in extremely high water stressed areas, so we virtually do not operate in high or extremely high water stressed areas, which also applies to our agri-culture based raw materials. Marine resources are not material for Royal Unibrew. We have mapped our different materials and its potential marine or sea origin and have only identified one, Kieselguhr, that is used as filtering media, which based on extensive scientific evidence was not deemed material neither from an impact or a financial perspective.   IRO S M LWater, water consumption for beverage production Impact, Potential, NegativeLocation in the value chain: Upstream   Own operations  DownstreamTime horizon:S Short-term    MMedium-term  LLong-termPolicies E3-1Royal Unibrew is working in accordance with international and national legislation, as well as international guidelines, conventions, and stan-dards for managing its material impacts, risks and opportunities related to water resources. Our policies ensure management of material impacts, risks and opportunities and are imple-mented by the Executive Management and the Growth Leadership Team.  The policies addressing water include: • Environment &amp; Climate Policy where:    •We aim to reduce water withdrawal and consumption by promoting responsible use and sourcing in our own operations.   •We aim to protect biodiversity and ulti-mately do no harm by minimizing emis-sions to water.• Business Ethics Policy, where our responsibil-ities regarding protection of the environment are reinforced. This policy is our commitment to be and act responsibly and contribute positively to our stakeholders and society at large. • Supplier Code of Conduct, with specific requirements for agriculture- and forest-based raw material suppliers to minimize water consumption (as for example in connection with their irrigation practices).Royal Unibrew’s policies provide guidance for the employees, third parties acting on behalf of Royal Unibrew and suppliers regarding the envi-ronment and climate, which therefore includes water. The basic requirement is legal compli-ance combined with awareness of potential impacts, risks and opportunities. Actions and resources E3-2Different actions were executed during 2024 to maximize water efficiency at all our sites and continue reducing our footprint. These actions, along with our daily operations, are funda-mental to achieving our water-related policy objectives and targets. However, we acknowl-edge that these will not alone suffice. We will continue the work on identifying key actions, quantify the effects from these and identify any gaps towards achieving our targets. Actions included, but were not limited to, new circuits for reuse of water such as the case of pasteurizer water replenishment by water collected in other parts of the process, new metering devices to maintain and extend our data collection and monitoring capabilities, and new process equipment, which replaces older and less efficient ones such as bottle washers, contributing to diminishing resource consump-tion. Resources are strategically deployed to be able to avoid the excessive use of water and reduce it by means of efficiency measures as the ones presented above.We will continue to allocate the necessary CAPEX/OPEX to reduce water consumption and further support reuse of water, e.g. by applying less water in pre-treatment while always adhering to required product specifica-tions. In connection to our raw materials and the critical importance of water availability for their production, we promote regenerative agri-culture practices. These practices are designed to enhance water resilience, ensuring that our agricultural processes are sustainable and capable of withstanding environmental chal-lenges. We aim to create a more resilient agri-cultural system that supports both our produc-tion needs and the broader ecosystem.100% of our wastewater is treated prior to discharge to the recipient. We measure the quality of our wastewater to ensure we are not affecting the receptor bodies, and this is done either by the production sites or by a third-party provider, or a combination of both. These measurements are performed on a monthly or quarterly basis, depending on the parameter analyzed. In order to guarantee that our waste-water poses no harm to the receiving environ-ment, we consistently collect samples to verify that potential contaminants such as nitrates and phosphates are within acceptable limits prior to discharge and indicative measures such as COD (Chemical Oxygen Demand) are also analyzed for understanding our discharge water quality.We also address water and ecosystem quality in a project where we in collaboration with World Wildlife Fund (WWF) are restoring freshwater ecosystems in Latvia. The cooper-ation entails educations of our employees and society at large.Targets E3-3We have well-established targets in alignment with our environmental management and local efficiency programs, as well as legal require-ments laid out in our environmental approvals and wastewater discharge permits depending on the country we are operating in, based on agreements on water withdrawal and expected quality of discharges.We already have clear targets at each site that align with our environmental management and local efficiency programs. These targets meet the legal requirements specified in our environ-mental approvals and wastewater discharge permits, which vary by country and site. Condi-tions are based on agreements about how much water we can withdraw and the quality of the water we discharge, hence we monitor our water use and discharges every month to ensure compliance.As we deemed water consumption material when conducting our 2024 double mate-riality assessment (DMA), we have revised our strategy and established new targets to monitor. From 2025 we will introduce a goal on water intensity of 2.5 hectoliter of water with-drawal per hectoliter of beverage produced at a group level by 2030. In 2024, we withdrew 3.2 hectoliters of water per hectoliter of beverage produced on average across all our sites, so we believe this target will challenge us to improve our practices.The goal will cover all our production facilities. By directly linking water consumption with production, this target will drive us to achieve our policy goals as it will encourage more effi-cient water use, reduce waste, and promote sustainable practices across all operations. Additionally, setting this target will help us track progress, identify areas for improvement, and demonstrate our commitment to environmental stewardship to stakeholders and the commu-nity.GOALS2.5Water intensityof 2.5 hectoliter of water withdrawal per hectoliter of beverage produced at a group level by 2030Water consumption E3-4Total water consumption in 2024 was 3 against 1,437,418 m2,090,594 m in 2023. The increase can be explained by the addition of two new large sites, Vrumona and San Giorgio, which increased business activity for the group and consequently our resource consumption. Royal Unibrew’s production sites are not located in high or extremely high water stressed areas, except for a small site in Estonia, 3which withdrew 1,871 m of water, representing only 0.04% of the total water withdrawal. Withdrawal of water in low and medium-low water-stressed areas constituted approxi-mately 53% in 2024. Water consumed is either based on municipal supply or water from own wells. Water intensity, when measured as total water 3consumption in our own operations in m per 3million DKK net revenue, was equal to 139 m/DKK in 2024.Metrics E3-4A summary of the presented figures can be seen in the following table:Data to be reported Unit 2024 20233Total water consumption  m 2,090,594   1,437,418 Total water consumption in areas at water risk, including 3areas of high-water stress m177 693Total water recycled and reused m0 03Total water stored and changes in storage m  0 0Water intensity hl/hl 3.2 3.03Water consumption per mDKK net revenue  m/DKK 139 111§  Accounting policiesThe total water withdrawal and wastewater discharges at a group level are consolidated based on inputs from each production site, data is obtained monthly and controlled for accuracy and completeness.Water withdrawalThe sum of all water drawn into the boundaries of our sites from all sources for any use over the course of the reporting period.Water consumption The amount of water drawn into the boundaries of our sites and not discharged back to the water environment or a third party over the course of the reporting period.The total water consumption is calculated for the entire Royal Unibrew group within the Group.Calculation: Water withdrawal – Water dischargeThe 2023 figures are restated to reflect the acquisition of Vrumona, Amsterdam in Canada and San Giorgio.Water discharge The sum of effluents and other water leaving the boundaries of our sites and released to surface water, groundwater, or third parties over the course of the reporting period. Cooling water is considered in the total sum of water discharge.Water stressBaseline water stress measures the ratio of total water demand to available renewable surface and groundwater supplies. Water demand includes domestic, industrial, irrigation, and livestock uses. Available renewable water supplies account for the impact of upstream consumptive water users and large dams on downstream water availability. Higher values indicate more competition among users.Water stress is analyzed using WRI water stress thresholds. We utilize geolocations for all our sites, categorize them accordingly, and follow the Aque-duct water risk framework (Aqueduct 4.0).The % of water withdrawal from specific water stress levels can then be obtained when consid-ering the above-mentioned classification and the water withdrawal indicators as described above.Water consumption per net revenueProvides the relationship between the volumetric water consumption and the total net revenue of 3the company and is expressed in m per million DKK of net revenue.Wate withdrawal intensity Total water withdrawal in hl / total production volume in hl.Biodiversity  and EcosystemsESRS E4The impact of climate, land-use and water consumption on biodiversity and ecosystems and loss of biodiversity is increasingly being articulated as a major challenge, at least at the same order of magnitude as climate. This is underlined with legislation such as CSRD and the EU Taxonomy, but also strategies and goals in EU and internationally such as the Kunming-Montreal protocol, supported by recognized frameworks such as Science Based Targets for Nature (SBTN) and Taskforce for Nature-Related Financial Disclosures (TNFD).Royal Unibrew is dependent on agriculture- and forest-based materials, and we have currently assessed soil sealing and poor soil health as a potential material impact based on current farming practices.IRO S M LImpacts on the extent and condition of ecosystems, poor growth techniques resulting in land degradation, Impact, Actual, Negativedesertification, soil sealing and leaking of nutrientsLocation in the value chain: Upstream   Own operations  DownstreamTime horizon:S Short-term    MMedium-term  LLong-termTransition plan E4-1Royal Unibrew’s strategy of being THE PREFERRED CHOICE includes a commitment to build a long-term sustainable business and to minimize the environmental footprint of our operations and effects in the entire value chain from raw material to end-of-life consumption.We have an aspiration to become net-positive based on our goals, policies and actions. Being a beverage company dependent on FLAG (Forest, Land and Agriculture) based raw materials such as barley, sugar and fiber-based packaging and biomass for energy purposes, our policies are committed to protection of biodiversity upstream and at our own facilities. Therefore, we are committed to zero-deforestation by 2025 and sustainable agriculture by 2030. We prefer working with suppliers that are either working in accordance with internationally recognized standards or are applying regenera-tive practices. In 2024, we have added a specific goal on sustainable agriculture, driven by ESRS E1 Climate, but also relating to reducing leakage of nutrients, use of pesticides, improving soil health, water resilience and biodiversity, i.e. 50% of our major raw materials barley, sugar and hops must be procured under these terms by 2030. These elements will inform the formal-ized biodiversity transition plan to be estab-lished in 2025.Royal Unibrew believes that our strategy and goals provide resilience for biodiversity and ecosystems-related physical, transition and systemic risks. The effect is indirect even though 11 sites are located close to Natura 2000 or other protected areas but we do not have emission that may affect these areas; however, we need to make a deeper assess-ment of our FLAG-based products, especially sourced outside of Europe. More than 80% of our raw material is sourced in Europe close to our physical locations. Fiber-based pack-aging material is sourced in North America and Europe. Our strategy and goals are built on the assessment by Science Based Targets for Nature (SBTN) for our sector (brewers) and the Taskforce for Nature-Related Financial Disclo-sures.The scope of the preliminary considerations of resilience is in line with the SBTN sector assessment for brewers where the terrestrial challenges, pollution, water consumption and GHG emission mainly is upstream and medium to very high. Whereas our own operations are very high on water consumption and high on GHG emissions there are no significant GHG contributions from downstream.The time horizon currently investigated is short- to medium-term up to five years ahead.As inputs for our consideration of resilience, we have reviewed scientific articles from experts, consultants, Bloomberg and FLAG commodity experts for predictions and scenarios for avail-ability of essential materials and then indirectly ecosystem dependencies sourcing primarily from Europe. We see climate effects impacting harvests but not yet impacting our procure-ment (E1). We are planning to conduct scenario analysis to build a stronger resilience platform, as well as we are planning to involve more nature proxies such as SBTN and WWF.In addition to the stakeholders mentioned above, we have had meetings with relevant suppliers of raw materials and fiber based packaging material. Policies and goals E4-2Policies on biodiversity are integrated in broader environmental and sustainability policies. Our policies do not specify details on biodiversity topics.Royal Unibrew’s Environment &amp; Climate Policy and the Supplier Code of Conduct encompass commitment to protect biodiversity through managing a sustainable agricultural and forest supply chain with commitments to improve-ments over time in accordance with inter-national standards such as SAI (Sustainable Agriculture Initiative) or Global GAP (Good Agricultural Practices). We will favor regener-ative farming working to promote biodiversity, minimizing the use of artificial fertilizers, pesti-cides and irrigation.Climate-related impacts are discussed under E1 Climate Change and water-related impacts under E3 Water and Marine Resources. Land use change is addressed under our zero-de-forestation commitment. Direct exploitation and invasive species are not relevant for Royal Unibrew. Pollution (E2) is not assessed to be material at this point. Potential impacts on workers in the value chain are described under S2 Workers in the value chain.The concrete assessment of the state of species has not been carried out yet. However, based on the proxy of sourcing locally close to our production sites, not in protected sites, we estimate a lower impact. Conditions of the ecosystem in terms of soil sealing and other poor soil health are a material impact, driven by currently prevailing farming methods, where certified sustainable farming methods and regenerative farming will reduce the risks.As mentioned, Royal Unibrew is clearly depen-dent on ecosystem services (raw materials). The initial assessment shows a material impact of climate on availability of raw materials (E1). However, the initial assessment based on loca-tion, evaluation, assessment, prepare strategy (LEAP) approach as per TNFD does not indicate material challenges in the short-term assuming that the major raw materials are sourced close to our production sites. However, it is an area where Royal Unibrew will do more in-depth assessments going forward.Traceability of raw materials are implemented via our policies and procedures for food safety, and we are currently working on full transpar-ency in relation to the coming EU Corporate Sustainability Due Diligence Directive (CSDDD), initiated with wine &amp; spirits in 2024 and to be further expanded in 2025 and beyond. The EU Deforestation Regulation (EUDR) requirements for wood will further support this. Our policy, commitment and goals on sustain-able sourcing of agriculture and fiber-based materials set requirements and favor suppliers that adhere to protection of biodiversity in accordance with SAI and/or Global GAP.We have primarily focused our analysis on the big volumes and spends where the majority or more than 80% is sourced in Europe. We remain in dialogue with our suppliers on potential impacts and risks. Monitoring of compliance with the policies and goals is carried out via supplier assessments, supplier meetings and continuous challenges of the assessments of impacts, e.g. as to loca-tions upstream. We require that suppliers keep records of due diligence and compliance with the requirements.The scope of the policies is upstream all the way back to the field/farm level and our own operations and is also relevant for third parties acting on behalf of Royal Unibrew.Relevant standards for the policies and goals are the internationally recognized SAI and Global GAP, Program for Enforcement of Forest Certification (PEFC), and Forest Stewardship Council (FSC) as well as international conven-tions/protocols on biodiversity and relevant EU strategies and regulation. Stakeholders are considered when setting the requirements and goals and the ambitions are aligned and based on consultations with farmers, suppliers and proxies.We encourage suppliers and their employees to speak up if they have any concerns regarding actual or potential violations or misconduct. They are informed via our contracts, where the Code of Conduct for suppliers are integrated. GOALS50%FLAGNear-term target of 50% absolute CO reduction in 22030, compared to 201950%Barley, sugar and hopsThe target is 50% sustain-ably sourced barley, sugar and hops by 2030Actions and resources E4-3Royal Unibrew is at the early stages with regard to actions in major markets to further farming techniques and technical improvements supporting less consumption of energy and pesticides. We have introduced procurement of raw material sourced from farmers that apply less soil disturbance, use cover crops, rotate crops and reduce use of pesticides, indicated to not only lowering CO emissions but also 2reducing leak of nutrients, while improving water resilience and biodiversity. We will continue the work in 2025 together with other companies representing the food and feed sector to ensure development of common standards.In 2024, we updated the review of our physical locations’ vicinity to nature protected areas or protected species under the Natura 2002 umbrella, concluding we are not currently located in protected areas, where we may have an impact. In 2024, our FLAG-related near-term target of 50% absolute CO reduction in 2030, 2compared to 2019, and net zero target in 2040 were approved by SBTi, which was also the case for our commitment to zero deforestation.   In 2025, we will elaborate further on the biodiver-sity and ecosystem assessments of raw materials and suppliers as well as the scope of protection and endangered species in connection to our due diligence together with our main stakeholders. Furthermore, we will initiate more detailed assessments aligned with SBTN and TNFD.Royal Unibrew has not yet incorporated local and indigenous knowledge and nature-based solutions (S2). However, when applying sustain-able farming practices, it is acknowledged that specific regional aspects are to be considered, when establishing and documenting criteria and standards.In 2024, we allocated resources in Group Procurement, Sustainability and Marketing in Finland and Denmark to initialize development  and sourcing of malting barley aligned with regenerative practices the approach being to establish pilot scale projects demonstrating the possibilities with the said techniques. Public funding is anticipated in Denmark as part of the recent green tripartite agreement (CO2reduction and land-use change) on agriculture, however, our actions are not dependent on this. A premium is currently being paid in markets where pilot projects are conducted such as in France, United Kingdom, Denmark, Finland, etc. We have not estimated the potential costs yet. Targets E4-4Royal Unibrew has several targets and commit-ments related to biodiversity and ecosystems. The majority was finalized and approved in 2024. We are committed to zero-deforestation in 2025 via our SBTi approved FLAG targets from May 2024, upstream and in own operations. In addition, we have a target of using 100% PEFC and FSC certified fiber-based packaging mate-rial for upstream activities.Our SBTI approved near-term target for FLAG of 50% reduction of CO by 2030 compared to 22019 and long-term net-zero target in 2040, upstream, may indirectly positively affect biodi-versity by reducing the climate impactsReferring to our new target for sustainable agriculture, we aim at 50% of sustainably sourced barley, sugar and hops by 2030, either in accordance with internationally recognized standards such as SAI and Global GAP and/or recognized regenerative farming practices. Consequently, we have initiated pilot size sourcing, upstream.Fresh water restoration projects are described under E3.We apply the ecological thresholds as defined by the planetary boundaries where six out of nine are already crossed. We address biosphere integrity (loss of biodiversity and ecosystem services), land-system change (deforestation and land use changes) and climate (global warming, flooding, draught), especially the latter two. Sustainable farming practices are generally recognized as having a positive effect on biodiversity and also improving soil health, water resilience and reducing leakage of fertil-izers and pesticides. In addition, our FLAG-re-lated climate targets also have an impact on farming practices, and thirdly zero deforesta-tion as well as certified fiber-based packaging will reduce deterioration of ecosystems and enhance biodiversity. We are aiming at estab-lishing science-based targets also for nature.Target setting was informed by the Kunming-Montreal framework, EU’s Biodiversity strategy and national policies, e.g. in Denmark as laid out in the green tripartite agreement (industry groups, political parties and envi-ronmental organizations) aiming at reducing impact on climate, land use change and imple-mentation of sustainable practices. The targets and focus are also informed by the preliminary assessment of SBTN for the brewing sector. Upstream stakeholders as well as internal busi-ness units have been consulted.The targets are timebound, cover all entities and sustainable farming practices for our major materials barley, sugar and hops. They are generally related to avoidance, minimization and restoration. Royal Unibrew does not currently apply off-sets.The targets aim to reduce the material impacts on ecosystems and biodiversity related to our ecosystem dependency being a beverage company significantly based on agricultural raw materials upstream and wood-based packaging material from upstream sources. In addition, farming practices and deforestation may lead to a decline in ecosystem value, i.e. land degra-dation and soil sealing, as well as biodiversity reduction. Furthermore, upstream farming activities have a high climate impact. In our own operations high and very high impact is related to GHG emissions, described under E1, and water consumption, described under E3.  Assumptions are based on SBTN, international protocols and treaties, EU strategy and national policies. All the scientific evidence is not yet conclusive, except for climate related aspects; however, we base our assessment on the LEAP approach by TNFD.§  Accounting policyRoyal Unibrew assesses its locations against the Natura 2000 network, designated under the Birds and Habitats Directives (Council Directive 92/43/EEC). Geolocations of all operating sites are plotted using the Natura 2000 Viewer and categorized into sites that are in or close to these areas and those that are not.The Royal Unibrew group are included in the assessment, and the units reported are the number of sites. Frequency of analysis is annually or if new site is acquired. Zero-deforestation by 2025 compared to 2020 to be documented by suppliers in accordance with EUDR wood-based products. As the regu-lation has been postponed one year, collection of data and documentation will be compiled in 2025.The geographies covered are Europe and the US, where our production sites are located, and our main sourcing is derived from.Ecological thresholds are defined by the plane-tary boundaries where six out of nine are already crossed. We address biosphere integrity (loss of biodiversity and ecosystem services), land-system change (deforestation and land use changes) and climate (global warming, flooding, drought), especially the latter two.Resource use and Circular EconomyESRS E5The material impacts, risks and opportu-nities relating to Circular Economy apply to all our facilities, except ABC in Toronto, Canada, where the transitional risk related to EU packaging and packaging waste directive as well as the single use plastics directive does not apply.The inherent consumption of biological raw and packaging material (agriculture and forest based) as well as significant consumption of packaging material based on plastics (oil), glass (sand) and aluminum (bauxite mines) make it material. The risks on agricultural-based raw material are described further under E1, E3 and E4.Access to recycled packaging material of food grade quality as well as availability of consum-er-friendly reuse serving opportunities may also present physical risks to transitioning, therefore, it is assessed to be material impact and financial risk.We do have a positive impact where we utilize by-product from production for food, feed, biogas and soil enhancement as well as having a substantial (approximately 90%) recycling of production waste. IRO S M LResource inflows, including resource use, agriculture Impact, Actual, Negativebased raw materialsResource inflows, including resource use, access to Impact, Potential, Negativerecycled materialResource inflows, including resource use, transitional Impact, Actual, Negativerisk regarding packaging materialResource inflows, including resource use, transitional Financial riskrisk regarding packaging materialResource outflows related to products and services, Impact, Actual, Positiveutilization of by products from productionResource outflows related to products and services, Impact, Actual, Negativewaste generationLocation in the value chain: Upstream   Own operations  DownstreamTime horizon:S Short-term    MMedium-term  LLong-termPolicies E5-1Royal Unibrew’s Environment &amp; Climate Policy includes a commitment to application of a circular mindset where minimization (i.e. prevention), reuse and recycling is addressed as well as a general commitment to reducing resource consumption. Energy recovery is considered in markets where the public energy infrastructure supports production of energy from waste.Sustainable sourcing commitments are laid out in our Business Ethics Policy and further elaborated in our Supplier Code of Conduct. It encompasses application of circular designs, implicitly addressing renewable resources, and specifically for suppliers of agriculture based raw materials, sustainable farming methods such as regenerative/conservation farming principles and certifications are expected. Most of the markets where we operate already have mature deposit return systems (DRS) supporting post-consumer recycling of primary packaging material and closed loops ensuring access to high quality food grade material. In addition, reuse/refill of glass bottles, crates, kegs, pallets, and more is well-established. The average return of PET bottles is currently 87% and in Denmark, Norway, Finland, Estonia and Lithuania above 90% across all primary packaging types. Royal Unibrew has further-more integrated monitoring of environmental aspects, such as resource consumption and waste generation, in our environmental management systems in all markets. Our company wide goals on e.g. packaging material support the rethink, reduce, reuse and recycling concept.The policies and supporting goals and proce-dures relevant for resource consumption and circular economy are applicable to the entire value chain, all our geographies and affected stakeholders. They address end-of-life and includes refrigeration and reuse at our customers. Deposit return and recycling in general is communicated to consumers as large.Water is elaborated further under E3 and Agri-culture-based raw materials under E1 and E4.  Transitioning from virgin to reuse/recycled mate-rial is integrated into our objectives on 100% recycled, reusable and recyclable material by 2025, and in our goal on 100% recycled content in corrugated cardboard, paper labels and shrink film and 80% by in PET bottles by 2030 (the latter an amendment from 100%). Our invest-ment in filling lines, where we enable conversion from fossil-based plastics (shrink film) to fiber-based (cardboard) packaging material supports these goals. A goal on water has been estab-lished in 2024.Actions E5-2In the beverage industry, resource consump-tion and circularity, apart from water (described under E3), is closely connected to packaging material and agriculture-based raw materials (also described under E1 and E4) and to a lesser extent chemicals for cleaning, cooling and conditioning. The group functions working with Procurement, Supply Chain and Sustainability as well as relevant functions and employees in our markets and at our production sites have headed up the actions and implementation thereof in these areas during 2024.  In 2024, Royal Unibrew continued its actions towards circularity of our packaging material respecting that packaging material serves a critical role of protecting the beverages and avoiding food waste at our warehouses, down-stream distribution and consumption. However, we acknowledge that these will not alone suffice. We will continue the work on identifying key actions, quantify the effects from these and identify any gaps towards achieving our targets. Food safety requirements for primary pack-aging are stringent, as it is vital to protect the products, avoid food waste and ultimately to protect consumer health. Therefore, our approach to circularity is founded on the primary purpose of packaging materials’ ability to protect the product. We primarily use materials, which can easily be separated, sorted, recycled or reused. In addition, we are reviewing the assortment of materials to further reduce complexity. We continue to work on projects to reduce the amount of mate-rial used with the limitations and restrictions mentioned above. Regarding use of biological resources (agricul-ture-based raw material, mainly sugar, barley and hops), we continued to work on recipe and process optimizations to lower consumption, lowering loss and waste at our production sites by planning optimizations, and we continued our focus on providing great tasting no/low sugar containing beverages, lowering the sugar consumption, as well. Consumption of technical resources (typically cleaning agents) is linked to hygiene require-ments, conditioning chemicals for cooling system and boilers. We constantly work on optimizing CIP (clean-in-place) cycles to lower use of chemicals (mainly acids and caustics) and water, as well as refrigerants such NH, and 3CO for beer and carbonated soft drinks (CSD).2Circular principles are also applied to our production waste and waste upstream and downstream, and most of our production waste is recycled. We have goals to increase that further and to reduce landfilled waste to a minimum (typically building materials). In major markets waste is used for energy recovery. However, we must keep our focus on looking for solutions to increase the value in accordance with the waste hierarchy, i.e. to reduce waste. Organic byproducts and organic waste are utilized 100% for food, feed and biogas and we will continue this effort.In 2025 and beyond, we will continue to work on implementing circularity principles more broadly in our supplier management processes in relation to shipping materials, equipment, building materials, etc. We need to further elaborate on actions and goals specifically for the transitional risks related to packaging material, where new pack-aging and packaged water regulation applicable from 2030 is being rolled out in the EU and the challenging access to high quality post-con-sumer recycled PET is relevant too. Thus, we are restating our goal on packaging material from 100% recycled, recyclable or reusable in 2025 to include specific reuse targets and expanding the scope to include all packaging material as well as specific requirement related to renew-able energy at our suppliers (tier 1) in line with the new requirements. We are also looking at revising our targets on recycled content of shrink film, corrugated cardboard and PET. For several reasons, shrink film is most likely being banned from 2030 and we are seeing chal-lenges on the robustness of corrugated card-board in distribution, where more material needs to be added to ensure strength. The access to high quality recycled PET is also declining, and the cost is going up. Therefore, we will further investigate the optimum between environ-mental, technical and protective properties for packaging material.Our sector is characterized by using reusable (e.g. kegs and glass bottles) and recyclable packaging systems in most of our markets supported by strong deposit return systems (approximately 87% return on average). However, the PPWR (EU Packaging and Pack-aging Waste Regulation) legislation does not take reuse of kegs, tank beer, post mix, etc. or the large recycling rates into consideration, and our customers (off-trade and on-trade) must ensure 10% reuse at the consumer end by 2030. Furthermore, a significant part of the standards and detailed requirements supporting the legislation are not developed yet. Therefore, we are having various projects to clarify potential road maps and CAPEX to ensure compliance by 2030. The projects are anchored at the Senior Leadership Team and are based on working groups consisting of Group Supply Chain, Procurement and Sustain-ability with input from suppliers of packaging material and machinery as well as customers. The roadmap(s) have not been established yet.We continue to look at and invest in filling lines that substitutes plastics by renewable paper and cardboard but also newer technologies. Reuse and recycling concepts for cups and plastic kegs at our customers and venues are being tested, especially by involving deposit return systems (DRS) that already has the logis-tics set-up. We are working closely together with other beverage providers such as breweries, carbon-ated soft drink, juice and water producers as well as customers and consumers to provide optimal collection and recycling systems both in countries with deposit return systems and in markets where it is under establishment. Royal Unibrew is involved in the DRS schemes in relevant markets either via seats at the board of directors or as members of the scheme. We are also involved in building the deposit return system in France via the four regional tests being conducted, ensuring reuse of our Lorina bottles.The plan for transitional risks for packaging material and access to recycled material of high quality will require OPEX and CAPEX. The financing of the CAPEX will not be linked specifically to green bonding or green loans.  Targets E5-3Our targets are related to policies on resource optimization, waste minimization and circular economy. Furthermore, they support reduction of material impacts of resource consumption and waste as well as identified transitional risks associated with access to recycled material of food grade and potential financial effects of the PPWR legislation from 2030. The targets are based on science and internationally recog-nized definitions and principles, including the waste hierarchy.Royal Unibrew has established an overall time-bound goal for resource influx and circularity related to packaging material. The circular product design is mainly related to packaging material. In 2024, 95% of the packaging material was recyclable, reusable or recycled. 5% is not, i.e. consisting of laminates (plastic laminates in inner liners for tanks) and bag-in-box concepts, small kegs and liquid paperboard, the latter meets the EU definitions for recyclability. For packaging material Royal Unibrew continues to work on light weighting and down gauging through design that changes the amount of material, being it virgin or recycled. The goal of 100% reusable, recyclable or recycled material in 2025 goes beyond legal requirements, and we are already at 95% in 2024. Therefore, we have decided to set a new more ambitious target and to align it further with the PPWR regulation applicable from 2030. Therefore, we are setting a specific reuse target of 10%, recyclability at a minimum of 70% by 2030 and recycled content aligned legal requirements and the existing targets of 100% recycled content for paper labels, shrink film and corrugated cardboard and 80% for PET.  Science Based Target initiative’s (SBTi) approval of Forest, Land and Agriculture Guidance (FLAG) materials includes a commitment to zero-deforestation ahead of the EU Defor-estation Regulation (EUDR) requirements with the latest amendment. We aim at 100% of the procured fiber-based paper and cardboard is certified in accordance with the require-ments of Forest Stewardship Council (FSC) or Program for the Endorsement of Forest Certi-fication (PEFC), which is also a requirement as per our Supplier Code of Conduct.For refrigeration downstream we also have a target on 50% reduction of the carbon footprint in 2030 compared to 2019. The target is part of the SBTi approved near-term target and goes beyond legislation. This indirectly supports take back schemes and also focuses on refrigerants (E1).Sustainable sourcing, as laid out in our Supplier Code of Conduct, encourages and favors suppliers with sustainability objectives (S2). Targets on packaging described above and the new goals on sustainable agriculture further the implementation (E4). Our fleets of refriger-ators and other cooling systems applied at our customers are subject to specific requirements for efficiency and refrigerants are taken back on average every fifth year. We apply a LIFO principle (last in first out) to enhance the transi-tion to more efficient units (E1).  The targets involve suppliers, our production, customers and consumers. The stakeholders involved in the target setting have been proxies for customers as well as analytics, the Board of Directors and the Growth Leadership team as well as trade associations.Current waste targets are measured year-on-year (annually) and the scope is our own facilities. It includes waste sorting to maintain a recycling target of at least 90% but progres-sively higher and reducing land-filled waste year-on-year. These targets are linked to our commitments in the environmental manage-ment systems. Waste sorting and disposal options are linked to national/municipal regu-lation.Proper treatment of waste, including recycling, is ensured via well-established collection bins on site supporting sorting in accordance with national and municipal regulation on waste. Requirements for suppliers on waste set requirements upstream, and downstream for customers and consumers the same applies, where also deposit return schemes in most of our markets support recycling/reuse of pack-aging material.Organic by-products from brewing at our facilities (spent grain, yeast and filter material (Kieselguhr)) are 100% utilized for food, feed, biogas and soil enhancement every year. Relevant stakeholders are employees at our facilities and local municipalities.We have not yet specific goals or targets on biological or technical materials, except for a constant focus on optimizations and efficien-cies of relevant recipes and processes, but all are monitored at least on an annual basis  But a keen focus on on recipe optimization, process optimizations and our strategy on no/low beverages lower the consumption of raw materials, as well as production planning and loss/scrap targets have a positive impact on minimization. Each production site has targets on reduction of water consumption. Water related goals and targets are disclosed under E3.Metrics E5-4, E5-5Agriculture-based raw material (biologic) for our beverages constitutes together with pack-aging material and water the largest resources used at our sites. The total recycled weight of packaging materials including fiber based corrugated cardboard and paper labels was 87,700 tons in 2024, corresponding to 58% of the total weight of the category. 95% of our packaging is recycable.0% of our biological materials are currently sustainably sourced. This figure represents a conservative approach, acknowledging that a proper documentation method for sustainable sourcing has not yet been established.§  Accounting policyThe total weight of products is obtained by assuming that the density of our beverages is equal to 1 kg per liter, hence transforming our total sales volumes in hectoliter to weight in tons  .The total weight of biological materials and packaging materials is obtained based on total purchases, which translates into the materials that flowed into the boundaries of the group during the reporting period.Recyclable packaging material is calcu-lated on the total sales volume per type of primary packaging (which is the packaging in direct contact with the product itself, as for example a can or a PET bottle) is obtained from all markets for the reporting period. The percentage of recyclable packaging material is obtained as a proportion between the total sales volume of beverages contained in recy-clable primary packaging in relation to the total sales volume for all primary packaging for the reporting period.Cans, PET bottles, glass bottles, and volumes delivered in bulk such as a tank for beer, are considered recyclable. Packaging which contains laminates, such as plastic laminates in inner liners for tanks and bag-in-box concepts, small kegs and liquid paperboard, are consid-ered not recyclable.Resource inflows - Overall total weight (ton) 2024Products 1,740,324Biological materials (agriculture and forest based raw and packaging material) 144,708Total Packaging Materials 151,282Total weight of resource inflows 2,036,315Recycled content 2024 2023Corrugated cardboard 94% 94%Paper labels 50% 87%Shrink film 26% 59%r—PET 31% 28%HDPE /CAPS 3% 0%Glass 73% 73%Aluminum 62% 62%Steel 57% 57%Royal Unibrew has 20 production sites and the main equipment used is steel tanks, pipes, pasteurizers, filling lines (machinery and conveyors, bottle washers and rinsers, PET blowers, utility, HVAC and compressors, sepa-rators, (de-)palletizers, packaging machines, mixers (syrup, CO).2Royal Unibrew does not have insight into the absolute consumption of resources upstream but in general, the resource inflow at tier 1 suppliers is based on raw material from agricul-ture and packaging material to be cut, stamped or molded. Glass production utilize high temperature furnaces and are based on either silica and/or/glass culets) and for other mate-rials the raw materials and recycled content is typically introduced further upstream than tier, e.g. cans and PET bottles are also relying on material from mines or oil fields and paper and cardboard is based on forestry, milling process etc.Royal Unibrew’s main output is alcoholic and non-alcoholic beverages. To protect the product primary, secondary and tertiary pack-aging material is used for packing. Including materials designed for reuse, i.e. glass bottles and steel kegs, other packaging material is designed for recycling. In addition, organic by-products are utilized for food, feed, biogas and soil enhancement.The shelf life of products (best before date or use by date) is in accordance with market stan-dards and depending on the individual product. Therefore, Royal  Unibrew has no excessive  food waste linked to expiry date. Repairability is related to machinery and equip-ment using service intervals and preventive maintenance. Here we are basing our frequency on experience and supplier recommendations.Scarcity of resources will most likely drive cost of goods sold (COGS) up, which is already observed for e.g. recycled PET. Whether the costs will be carried by customers/consumers remains uncertain but is not likely. Therefore, efficiency and optimization will be continued to balance it out. Waste management has been costed histori-cally. Therefore, the new EU Extended producer responsibility (EPR) regulation and Single Use Plastics (SUP) requirements and potential costs in this connection will be absorbed. De facto, most of our markets have been subject to these regulations for many years.Transitional risks related to the new regulation on packaging and packaging waste, applicable from 2030, may result in stranded assets for older fillings lines and additional investments to meet reuse requirements from our customers (on-trade and off-trade). The potential effect of the reuse requirements on equipment and capacity cannot be assessed at this point as the implementation has not been initiated. Secondly, we are already transitioning from fossil-based solutions (shrink film) to fiber-based solutions (paper and cardboard) to substitute plastics and other initiatives are ongoing.External verification of data is carried by authorities and certifying bodies where rele-vant.§  Accounting policyTotal waste is calculated as the sum of waste diverted from disposal (recyclable) and directed to disposal (non-recyclable). Non-recyclable waste includes hazardous and non-hazardous materials directed to disposal through incineration, landfill, or other disposal operations. The percentage of non-recycled waste is calculated as the ratio of non-recycled waste to total waste.Recycled waste refers to materials that have been reprocessed into new products, materials, or substances for their original or alternative uses. The classification of recycled waste is governed by national legislation. The most common types of recycled waste include organic house hold waste, plastic, paper, glass, metal, and electronics. Incinerated waste is used to generate heat and/or, electricity, through various combustion processes. The primary type of waste for incin-eration is non-hazardous solid waste, measured in tons. Incinerated waste is reported for the  Royal Unibrew group within the group and equals the sum of incinerated waste from the Royal Unibrew group in tons. This data is reported monthly.The total volume of waste sent to landfill includes non-hazardous waste, and inert waste (waste that does not decompose) according to Directive 1999/31/EC. The total landfill waste indicator sums the volume of waste in tons for these three categories. This data is reported monthly.Waste (ton) 2024 2023Non-hazardous Preparation for reuse 0 0Recycled 15,346 14,770Other recovery operations 0 0Diverted from disposal 15,346 14,770Incinerated 1,066 795Landfill 763 519Other disposal operations 0 401Directed to disposal 1,829 1,716Hazardous Preparation for reuse 0 0Recycled 0 0Other recovery operations 0 0Diverted from disposal 0 0Incinerated 106 89Landfill 0 0Other disposal operations 0 0Directed to disposal 106 89Total waste 17,281 16,575Non-recycled waste 1,935 1,403% non-recycled waste 11% 8%EU Taxonomy DisclosureAccounting PrinciplesThe EU Taxonomy framework provides an opportunity for Royal Unibrew to disclose our eligible revenue and investments based on a recognized standard.  For 2024, EU Taxonomy requirements mandate Royal Unibrew to report on eligibility and align-ment for all 6 environmental objectives. The EU Taxonomy is still evolving and remains subject to interpretation. We are dedicated to continuous improvement and will maintain our position at the forefront of sustainable practices. We will reassess our KPIs on an annual basis. Royal Unibrew's process for eligibility and alignmentDuring 2024, we assessed our economic activ-ities, to determine their eligibility and align-ment with the EU Taxonomy. Our assessment involved an initial screening of all activities aligned with the EU Taxonomy Compass and all the delegated acts. Our analysis focused on identifying activities that fall under the scope of the current legis-lation regardless of their size. We established the eligibility of each activity, followed by a thorough assessment of its alignment with the technical screening criteria. This involved eval-uating each activity against the specific criteria to verify its compliance.There are not reported on any new activities.Taxonomy eligibilityRoyal Unibrew is currently eligible under the EU Taxonomy criteria. However, Royal Unibrew is working towards full alignment with the EU Taxonomy, as we gradually continue to enhance our documentation and verification processes. We are committed to meeting these standards and ensuring our economic activities align with the environmental objectives set forth by the EU Taxonomy.Revenue KPIIn 2024, the EU taxonomy-eligible revenue totaled DKK 0.5m, a decrease from DKK 1m in 2023. This revenue was generated from the solar park in Faxe, Denmark. The proportion of EU taxonomy-eligible revenue represents 0% of the total revenue. CAPEX KPIFor 2024, Royal Unibrew is reporting six eligible activities. under CAPEX. The total eligible capital expenditures (CAPEX) amounted to DKK 80.3m, (2023: DKK 75.9m). This represents 8.3% of the total CAPEX for 2024 (2023: 3.2%). Key activities contributing to our eligible CAPEX include increased spending on solar photo-voltaic technology, water supply systems, and charging stations for electric vehicles, while expenditures on electric heat pumps and energy efficiency equipment saw reductions.Activity 4.1 (Electricity generation using solar photovoltaic technology) amounting to DKK 9.7m relating to our solar parks. We have heat pumps installed which are eligible under Activity 4.16 (Installation and operation of electric heat pumps) amounting to DKK 5.3m. Additionally, the following expenditures are reported: Activity 5.1 (Construction of new buildings): DKK 6.6m; Activity 7.3 (Installation, maintenance, and repair of energy efficiency equipment): DKK 10.6m; Activity 7.4 (Installation, maintenance, and repair of charging stations for electric vehicles): DKK 36.2m; and Activity 7.5 (Installation, mainte-nance, and repair of instruments and devices for measuring, regulation, and controlling energy performance of buildings): DKK 11.9m. OPEX KPIFor 2024, Royal Unibrew is reporting eight eligible activities under OPEX. The total eligible OPEX for 2024 amounts to DKK 27.6m. Activity 6.5 (Transport by motorbikes, passenger cars, and light commercial vehicles) amounts to DKK 14.7m. Activity 5.1 (Construc-tion, extension, and operation of water collec-tion, treatment, and supply systems) amounts to DKK 5.9m. Activity 4.16 (Installation and operation of electric heat pumps) amounts to DKK 2.2m. Activity 5.3 (Construction, extension, and operation of wastewater collection and treatment) amounts to DKK 2.2m. Activity 7.3 (Installation, maintenance, and repair of energy efficiency equipment) amounts to DKK 1.2m. Activity 4.0 (Electricity generation using solar photovoltaic technology) amounts to DKK 0.7m. Activity 7.4 (Installation, maintenance, and repair of charging stations for electric vehicles in buildings and parking spaces attached to buildings) amounts to DKK 0.4m. Activity 7.5 (Installation, maintenance, and repair of instru-ments and devices for measuring, regulation, and controlling energy performance of build-ings) amounts to DKK 0.3m. Proportion of turnover from products or services associated with taxonomy-aligned economic avtivities - disclosure covering year 2024Substantial contribution criteria DNSH criteria Economic activities (1)A ELIGIBLE ACTIVITIESA.1 Eligible taxonomy-aligned activitiesTurnover of eligible taxonomy -aligned activities (A.1)  0 0% 0%A.2 Eligible not taxonomy-aligned activitiesElectricity generation using solar photovoltaic tecnology CCA - 4.1 0.5 0.0% 0%Turnover of eligible not taxonomy -aligned  activities (A.2) 0.5 0.0% 0%Total (A.1+A.2) 0.5 0.0% 0%B NON-ELIGIBLE ACTIVITIESTurnover of non-eligible activities (B) 15,035  100%Total (A+B) 15,036  100%Proportion of CapEx from products or services associated with taxonomy-aligned economic avtivities - disclosure covering year 2024Substantial contribution criteria DNSH criteria Economic activities (1)A ELIGIBLE ACTIVITIESA.1 Eligible taxonomy-aligned activitiesCapEx of eligible taxonomy-aligned activities (A.1)  0 0 N N N N N N N 0.0%A.2 Eligible not taxonomy-aligned activities 0.0%Electricity generation using solar photovoltaic technology CCA - 4.1 9.7 1.0% N/EL EL N/EL N/EL N/EL N/EL 1.4%Installation and operation of electric heat pumps CCA - 4.16 5.3 0.5% N/EL EL N/EL N/EL N/EL N/EL 0.5%Construction, extension and operation of water collection, treatment CCA - 5.1 6.6 0.7% N/EL EL N/EL N/EL N/EL N/EL 0.0%and supply systemsRenewal of water collection, treatment and supply systems CCA - 5.2 0.0 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.4%Transport by motorbikes, passenger cars and light  CCA - 6.5 0.0 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.0%commercial vehiclesInstallation, maintenance and repair of energy efficiency equipment CCA - 7.3 10.6 1.1% N/EL EL N/EL N/EL N/EL N/EL 0.7%Installation, maintenance and repair of charging stations for electric CCA - 7.4 36.2 3.7% N/EL EL N/EL N/EL N/EL N/EL 0.0%vehicles in buildings (and parking spaces attached to buildings)Installation, maintenance and repair of instruments and devices for CCA - 7.5 11.9 1.2% N/EL EL N/EL N/EL N/EL N/EL 0.1%measuring, regulation and controlling energy performance of buildingsCapEx of eligible not Taxonomy-aligned activities (A.2) 80.3 8.3% 0% 100% 0% 0% 0% 0% 3.2%Total (A.1+A.2) 80.3 8.3% 0% 100% 0% 0% 0% 0% 3.2%B NON-ELIGIBLE ACTIVITIESCapEx of non-eligible activities (B)  893  91.7%Total (A+B)  973  100%Proportion of OpEx from products or services associated with taxonomy-aligned economic avtivities - disclosure covering year 2024Substantial contribution criteria DNSH criteria Economic activities (1)A ELIGIBLE ACTIVITIESA.1 Eligible taxonomy-aligned activitiesOpEx of eligible taxonomy-aligned activities (A.1)  0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% N N N N N N N 0.0%A.2 Eligible not taxonomy-aligned activitiesElectricity generation using solar photovoltaic technology CCA - 4.1 0.7 0.2% N/EL EL N/EL N/EL N/EL N/EL 0.0%Installation and operation of electric heat pumps CCA - 4.16 2.2 0.5% N/EL EL N/EL N/EL N/EL N/EL 0.7%Construction, extension and operation of water collection, treatment CCA - 5.1 5.9 1.4% N/EL EL N/EL N/EL N/EL N/EL 1.2%and supply systemsRenewal of water collection, treatment and supply systems CCA -  5.2 0.0 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.1%Construction, extension and operation of waste water collection  CCA - 5.3  2.2 0.5% N/EL EL N/EL N/EL N/EL N/EL 0.8%and treatmentTransport by motorbikes, passenger cars and light commercial CCA - 6.5 14.7 3.6% N/EL EL N/EL N/EL N/EL N/EL 4.0%vehiclesInstallation, maintenance and repair of energy efficiency equipment CCA - 7.3 1.2 0.3% N/EL EL N/EL N/EL N/EL N/EL 0.5%Installation, maintenance and repair of charging stations for electric CCA - 7.4 0.4 0.1% N/EL EL N/EL N/EL N/EL N/EL 0.2%vehicles in buildings (and parking spaces attached to buildings)Installation, maintenance and repair of instruments and devices for CCA - 7.5 0.3 0.1% N/EL EL N/EL N/EL N/EL N/EL 0.1%measuring, regulation and controlling energy performance of  buildingsOpEx of eligible not Taxonomy-aligned activities (A.2) 27.6 6.7% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 7.7%Total (A.1+A.2) 27.6 6.7% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 7.7%B NON-ELIGIBLE ACTIVITIESOpEx of non-eligible activities (B) 384 93.3%Total (A+B) 411 100%§  Accounting policiesRevenueRevenue consists of income generated from the sale of products and services during the financial year. It includes revenue recognized under IFRS 15. The revenue KPI is defined as Taxonomy-eli-gible revenue (numerator) relating to solar panels and energy projects divided by total Revenue (denominator).CAPEXCAPEX consists of additions to tangible assets covering property, plant, and equipment (PPE) and intangible assets during the financial year. It includes additions to PPE (IAS 16), intangible assets (IAS 38), and right-of-use assets (IFRS 16). The CAPEX KPI is defined as Taxonomy-eli-gible CAPEX (numerator) relating to solar panels and energy projects divided by total CAPEX (denominator).OPEXOPEX consists of expenses related to the operation and maintenance of tangible assets, including property, plant, and equipment (PPE), and intangible assets during the financial year. It includes expenses recognized under IAS 16 and IAS 38. The OPEX KPI is defined as Taxon-omy-eligible OPEX (numerator) relating to solar panels and energy projects divided by total OPEX (denominator).Double counting None of our activities contribute to multiple objectives. For the CAPEX and OPEX allocations, we have identified the economic activities in the Climate Delegated Act and the Environmental Delegated Act mapped these with relevant purchases. Thereby, we ensure that no CAPEX or OPEX are double counted.Changes to accountingThere has been no changes to accounitng.Disaggregation of KPIs There has been no disaggregation of revenue, CAPEX or OPEX for the assessed economic activities.EU Taxonomy AppendixRow Nuclear related activities1 The undertaking carries out, funds or has exposures to research, development, Nodemonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.2 The undertaking carries out, funds or has exposures to construction and Nosafe operation of new nuclear installations to produce electricity or process heat, including for the purpose of district heating or industrial process such as hydrogen production, as well as their safety upgrades, using best available technologies.3 The undertaking carries out, funds or has exposures to safe operation Noof existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes, such as hydrogen production from nuclear energy, as well as their safety upgrades.Fossil gas related activities4 The undertaking carries out, funds or has exposures to construction or oper-Noating of electricity generation facilities that produce electricity using fossil gaseous fuels.5 The undertaking carries out, funds or has exposures to construction, refur-Nobishment, and operation of combined heat/cool and power generation facili-ties using fossil gaseous fuels.6 The undertaking carries out, funds or has exposures to construction, refur-Nobishment and operation of heat generation facilities that produce heat/cool using fossil gaseuos fuels.SocialWe are committed to maintaining and continuously improving our employees’ safety and keeping a harassment free working environment. We recognize that one accident is one too many, and we continue to focus on mitigating risks by allocating more resources and sharing best practices across the Group. This commitment extends to employees in our value chain. To protect consumers, we produce in accor-dance with the highest quality and food safety standards. 99.9% of our production volume is thus certified in accordance with the interna-tional recognized Global Food Safety Initiative’s (GFSI) standards such as FSSC 22000, IFS and BRC. We want to support the consumers in making healthy, nutritious and sustainable choices by always providing an alternative to regular beverages, i.e., sugary drinks, alcoholic drinks, etc. We promote responsible drinking and have high ambitions for both the healthier and the more sustainable choice. Moreover, we want to provide transparency for the consumer when choosing beverages.Our policies covering social matters are included in our Business Ethics Policy and further elaborated in Supplier Code of Conduct. The policies are aligned with the principles set out in the Universal Declaration of Human Rights (UDHR) by the International Labor Orga-nization (ILO), the UN Guiding Principles, the Ten Principles of the UN Global Compact and rele-vant UN Sustainable Development Goals.Compared to 2023, we have strengthened our work on health and safety in our own opera-tions and initiated a series of initiatives that will be rolled out in 2025. Furthermore, we have updated our Supplier Code of Conduct and initiated efforts to further enhance our due dili-gence processes in our upstream value chains. Our goals and targets have been reviewed and we have added specific reduction targets at our own operations for severity of incidents and perceived safety. We reviewed our materiality assessment from 2023 and aligned it with the European Sustain-ability Reporting Standards (ESRS). Diversity, Equity and Inclusion was not assessed to be material IROs as well as work related rights in our own operations. For S1 we have applied the phase in options for S1-7 (non-employees), S1-12 (disability) and S1-14 (health and safety for non-employees)In S2 we still have limitations of data about some parts of value chains.  Being an ingrained operator and partner of local communities is deeply engrained in Royal Unibrew’s DNA. Nevertheless, in the strict sense of the ESRS S3 Affected communities was not deemed material.Own workforce ESRS S1Our employees are at the core of our business and are also a vital pillar in our strategy 'THE PREFERRED CHOICE.' We are committed to maintaining and continuously improving our employees’ safety and ensuring a harassment-free working environment where everyone can thrive and unfold their potential. Health and safety are material and recognizing that one accident is one too many, we continue to focus on mitigating risks by allocating more resources and sharing best practices across the Group. Compared to 2023, we have strengthened our health and safety efforts in our own operations and initiated a series of initia-tives that will be rolled out in 2025. Our goals and targets have been reviewed, and we have added specific reduction targets for lost time incident frequency and severity at our own operations.IRO S M LWorking conditions, workplace safety at Royal Unibrew Impact, Actual, NegativeLocation in the value chain: Upstream   Own operations  DownstreamTime horizon:S Short-term    MMedium-term  LLong-termMaterial impacts, risks and opportunities SBM-3In Royal Unibrew’s strategy and ambitions “Our people” is mentioned as one of the major stake-holders underpinned by our overall goals where three out of nine are focusing on our employees safety, sustainability and proudness. Through recurring meetings and concrete sustainability work streams with selected stakeholder representatives, we gain valuable insights into their needs, potential concerns and mutual development possibilities. We believe that these insights are fully elucidated and implemented in our strategy. All employees at Royal Unibrew’s production sites or offices are part of the Royal Unibrew workforce and are employed by the company. Employees are defined as individuals who have an employment relationship with Royal Unibrew. Non-employees are individuals or third party providers, who have contracts with Royal Unibrew to supply labor. Non-employees often perform specific tasks in a limited period. The use of non-employees is very limited, there-fore, we do not have a formalized process for engaging with them but rather a case by case approach. Royal Unibrew has identified work-place safety for our own workforce as a mate-rial negative impact. In the DMA and the identification of key focus areas, the interests of all our employees have been considered. All employees may be affected by the material impacts, and the degree of impact does not depend on age, gender, or nationality etc.  For many years, Royal Unibrew has been creating jobs while transitioning to greener operations. We provide the proper training in new skills, health and safety if any changes are made in the daily job routines. None of our operations have significant risk of neither forced labor nor child labor and are all located in low-risk countries.  Policies S1-1Royal Unibrew has several policies, which are related to management of impacts, risks and opportunities for our employees such as our Business Ethics Policy, supported by Ethical Guidelines. In most of our markets these poli-cies are further supported by local adaptations, e.g. on occupational health and safety. The policies are signed off by our Board of Directors and available on our webpage. Business Ethics Policy Our Business Ethics Policy applies to all employees and includes commitments regarding IT &amp; Data Security, Political &amp; Char-itable contributions, Anti-Bribery &amp; Anti-Cor-ruption, Quality &amp; Food Safety, Environment &amp; Climate, Human Rights &amp; Labor Standards and Responsible sourcing. The Business Ethics Policy is aligned with the Universal Declaration of Human Rights, with the principles set out by the International Labor Organization (ILO), the UN Guiding Principles, the UN Global Compact Principles, and relevant UN Sustainable Devel-opment Goals. The Business Ethics Policy and our Supplier Code of Conduct emphasizes, that we will never participate in or benefit from any form of child or forced labor, slavery, or human traf-ficking in any part of our operations, including our recruitment processes. Ethical Guidelines Our Ethical Guidelines are a supplement to Royal Unibrew’s Business Ethics Policy and apply to all employees. The purpose of the Ethical Guidelines is to ensure that all employees of the Royal Unibrew Group and anyone acting on behalf of Royal Unibrew have a common framework and consistent standpoint on how we do business. The guidelines provide comprehensive guid-ance on several ethical issues such as Gifts and Entertainment, Conflicts of Interests, Safe-guarding Important Information, Environmental responsibilities, and the Application of Human Rights in our Business.  Processes for engaging  and remediation S1-2, S1-3In Royal Unibrew we want to foster an open dialogue. We want to encourage an open feed-back culture and engages with employees in many ways either formally through the workers councils, where representatives of the employees and management meet on a regular basis to discuss challenges, new initiatives, and progress and in performance development interviews conducted at least twice per year. Furthermore, there are ad hoc and informal meetings between managers and employees to discuss cooperation, roles and responsibilities and challenges on a daily basis. The dialogue can be initiated by both managers and employees. The dialogue will typically be on site level but can also be on national level. As a minimum we follow the EU regulation on protection of union and/or workers represen-tatives. The overall responsibility for engagement is anchored at the Executive Management and overseen by the Board of Directors. Initiatives are implemented via the Growth Leadership Team and supported by our values and expec-tations on behavior. Once a year, we conduct an engagement survey, where all employees assess topics such as competence development, management, well-being and stress. In addition, everyone may anonymously report perceived bullying, discrimination or harassment as part of the survey. The results of the engagement survey are shared and discussed with employees, and if there are specific areas to be improved, action plans are established. Measurements of prog-ress and feedback are essential for achieving ongoing advances in our people management and in people development. In 2024, the engagement survey did not indi-cate particular areas of concern for specific group of employees. All employees can raise their concerns. They can speak up on their own, through workers’ representatives, union representatives, managers, HR or via our whistleblower mecha-nism. If a worker is entitled to remedy because of anything happening in the daily work, we will always provide remedy at least as the legisla-tion entitles. The workers’ councils are site specific and in markets where there is more than one site also at national level. Workers’ representa-tives’ responsibilities are integrated in their job description and the duties are carried out as a part of the working time. Meetings are held on a regular basis according to national law, and the agendas and minutes/protocols for every meeting are recorded. We have not experienced any cases where workers’ representatives have suffered any form of retaliation. Our leadership expectations and human resource processes ensures that we share human right matters with workers’ representatives consistently across all markets.  In addition, all sites are subject to and apply to the EU or National regulation on this matter. The transition to a greener, climate neutral economy has not had any negative impact on our employees and their safety. Resources allocated to managing material impact (Health and safety)  Health and safety at the workplace are over-seen and handled by the local working envi-ronment committees and representatives, who are elected/appointed for all professional areas. Our health and safety committees and workers’ representatives are appointed and elected in accordance with local regulations and EU regu-lations. The tasks are handled as part of the representatives’ working time. In 2025, an additional FTE will be added to focus exclusively on this area, along with the necessary resources to carry out the planned activities. The actions planned and future initiatives do not require significant operational expenditures (OPEX) and/or capital expenditures (CAPEX) Actions S1-4Royal Unibrew takes action to address material impacts, risks and opportunities through our occupational health and safety management systems. All employees (100%) are covered in the health and safety management that encompass procedures for identification and control of potential hazards (physical, chem-ical, biological, ergonomic, psychological health and well-being aspects), training, monitoring, recording and investigation of incidents and legal compliance.  Royal Unibrew addresses workers’ safety at all management levels, including the Growth Lead-ership Team, and we measure the effect of our initiatives and track performance daily and have been doing this for many years. We share best practices among our different production sites and markets and showcase initiatives that have a significant effect. As we aim for zero lost time incidents, we have conducted behavior-based safety campaigns in several markets during 2024. In addition, we have worked on communicating safety aspects to enhance incident prevention, not only concentrating on lost time incidents but also on safety observations and near-misses. Improving root cause assessments for preven-tive measures has been in focus as well as we have conducted more inspections and audits.  Royal Unibrew has three sites that are ISO 45001 certified. By law or by ISO 45001 certif-icates all sites (100%) are obligated to have procedures on hazard identification and risk assessment, and at least every third year a workplace safety assessment is carried out, which covers physical, chemical, biological, ergonomic and psychological health aspects.   We consider safety culture to be a central and important topic. Actions and targets are in place and one of our overall sustainability goals is a 100% safety culture, encompassing targets for lost time incidents, severity of incidents, perceived safety and bullying/discrimination/harassment. The targets cover all employees across the Royal Unibrew group. In 2024, we did not have any fatal accidents among our employees or contractors, and we have not had any fatalities for the past plus three years. We did, however, experience a relatively high lost time incident frequency compared to the industry average. An extraordinary effort has been initiated to focus on employee safety and well-being, and in 2024, we launched a series of initiatives. The launch was initiated by the Growth Leadership Team, including a video presenting the commit-ments and actions starting at the beginning of 2025. The video targeted all employees and was integrated at the Growth Leadership Team’s and international managers’ meet-ings and shared with all other managers and employees throughout the organization.  Furthermore, we are establishing a new group function to improve our health and safety performance supported by a Group Excellence Team with representatives from all markets to ensure progress on behavior-based safety and sharing of best practices.  We monitor the effect of our initiatives and track performance continuously of both inci-dents but also near-misses and safety obser-vations on a daily basis.  Furthermore, we continuously align our lead-ership model with our strategic ambitions and growth goals while fostering a 100% sustainable culture. This includes aiming for high employee pride, inclusion, and a strong employee perception of Royal Unibrew being a sustain-able company. We also strive for 80% of our employees to be Royal Unibrew ambassadors and to provide a healthy work environment. In 2024, we have strengthened our efforts within several areas:  •  Strengthening our recruitment processes to improve diversity among candidates and hires  • Supporting the growth of an even more inclusive culture • Deploying talents across the organization •  Focusing on building robust succession plans, and having tailormade development plans • Rolling out the Expectations framework in the markets • Launching a new employee engagement survey concept SafetyIn 2025, we will conduct: •  One safety-day for all employees •  Two safety campaigns  •   Development of basic safety principles and sharing of best practices between markets •  Safety walk/talks by managersTargets S1-5Our overall goal is a 100% safety culture across the company.  We have targets and initiatives in place on safety culture aiming at reducing the LTIF (lost time incident frequency) below the industry average (4-5 incidents per 1 million working hours). From 2025, our target is to reduce the LTIF by 20% year on year. In addition, we have added a target of reducing severity of incidents year on year. The targets for workplace safety are part of the people goals agreed by the Growth Leadership Team and approved by the Board of Directors. Development and implementation of actions within this field will be in cooperation with workers councils and union representatives. We track the performance on an everyday basis.  Royal Unibrew also considers psychological wellbeing as part of the employee health and safety and is also targeting a harassment, bullying and discrimination free working envi-ronment. The goal is that more than 90% of our employees, measured in the employee engage-ment survey, do not experience any form of harassment. The same applies to the perceived safety.  The frequency of lost time incidents was on the same level in 2024 compared to 2023, resulting in 12.8 incidents per 1 million working hours (2023: 13.0). Therefore, we have started a range of initiatives anchored at the Executive Management level.   In 2024, initiatives to reduce the frequency and severity of incidents have been strengthened through campaigns and transparent reporting of incidents and near-misses at production sites. Additionally, there has been an enhanced focus on workplace safety from top manage-ment and leadership teams at every production site.§  Accounting policiesEmployee data is collected from local HR departments, the Group's Human Capital Management system, and Health and Safety Management Systems.A yearly engagement survey is conducted to assess Safety Culture.Work statistics are reported locally and consoli-dated at the group level.Our employee engagement survey has changed significantly compared to 2023. Among other things, the questions and the scoring have been revised. Therefore direct comparison of the scores between 2023 and 2024 is not entirely possible.Characteristics of employees in own workforce S1-6 We strive to cultivate the proudest employees, as they are the foundation for Royal Unibrew’s success and progress. Our performance builds on our deeply rooted culture as well as our strong experience and know-how within the beverage industry. We continuously work to ensure that our leadership model accommo-dates our strategic ambitions to deliver future growth, while nurturing a sustainable culture and providing a healthy working environment. Among the core initiatives to support our ambi-tion of being THE PREFERRED CHOICE for our people are the establishment of Royal Unibrew’s Expectations. Our Expectations are rolled out in each market through locally defined behaviors supporting them in delivering on their market strategy. Hence, the expectations framework works as a strategic catalyst. In addition, we have initiatives covering organizational and people development, engagement surveys and digitalization of people processes, etc. Metrics S1-6Headcount, FTE and genderEmployee per gender (headcount) 2024Number of employees Gender (headcount) Male   3,105 Female   1,244 Other   14 Not reported  2 Total employees  4,365 Metrics S1-6Headcount, FTE and genderEmployees per gender (FTE) FTE  Female  Male  Other  Not reported To t a l Number of employees  1,195 3,029 14 2 4,240Number of permanent employees  1,084 2,761 14 1 3,860Number of temporary employees  104 260 0 1 365Number of non-guaranteed employees  7 8 0 0 15Employees per country, permanent, temporary, and non-guaranteed hours (FTE) 2024Number of Number of Number of Number of Number of employees Female Male employees permanent temporary non-guaranteed Country(headcount)(headcount)(headcount)(FTE)employees (FTE)employees (FTE)employees (FTE)Belux 69 18 51 66 63 4 0Canada 104 31 73 83 83 0 0Denmark 1,427 280 1,147 1,398 1,367 21 10Estonia 35 18 17 35 34 1 0Finland 812 260 552 803 658 142 3France 130 45 85 128 117 11 0Italy 260 83 177 257 230 27 0Latvia 334 94 240 329 315 14 0Lithuania 332 139 193 332 318 14 0Netherlands 375 98 277 373 280 93 0Norway 401 116 285 350 308 40 2Sweden 62 31 31 62 59 3 0UK 14 6 8 14 14 0 0US 10 4 6 10 10 0 0Employee turnover (headcount)2024 2023Number of employees who have left the organization 649 694Turnover (%)  15.3% 17.7%§  Accounting policiesEmployee data is collected from local HR systems and the Group's Human Capital Management system. Data is calculated on year-end except employee turnover, which is based on year average.Gender diversity is calculated annually as the percentage of male and female full-time employees (FTEs) to the total number of FTEs. The amounts for "Other" and "Not Reported" are subject to some un-certainty.The calculation of full-time equivalents (FTEs) is performed at the end of each month and is based on employees' contractual hours. In a standard workweek, an employee working the full number of weekly hours is considered a full-time equivalent (FTE). An employee working half of those weekly hours is considered a part-time equivalent, calculated proportionally. The definition of a Full-Time Equivalent may vary by country according to local norms. This calculation includes both permanent and temporary workers. The employee turnover rate is calculated as the percentage of total number of voluntary and involun-tary departures by full-time-equivalents (FTE) end of year.Metrics S1-14Health and safety metrics The following data is used to monitor the development of our impact on health and safety. We believe the data provides an accurate and complete picture. Work-related ill health cases are not recorded in the major markets, as Royal Unibrew only gets involved if there is an investigation from the authorities.  Work-related accidents 2024 2023% employees covered by health and safety management systems 100% 100%Number of fatalities own workforce 0 0Number of fatalities - Non-employees 0 0Number of recordable work-related accidents 222 181Rate of work-related accidents 31.8 27.9Number of lost time incidents - own workforce  89 85Lost time incident frequency 12.8 13.0§  Accounting policiesInformation is gathered from all sites. The number of work-related fatal accidents includes all types of employees but separated in contractors and own employees. Fatalities, if any, are included in the number and rate of recordable injuries. Number of recordable work-related incidents includes all incidents regardless of absence. The rate of work-related accidents is calculated as number of recordable work-related accidents per 1 million work hours. Number of lost time incidents is calculated as incidents resulting in absence from work for one day or more and the frequency is calculated per 1 million working hours..Incidents, complaints and severe human rights impacts S1-17Incidents, complaints and severe human rights impacts Unit 2024Complaints filed through channels for people in own workforce to raise Number 15concernsHereof incidents of discrimination, including harassment Number 2Hereof complaints of severe human rights incidents Number 0Hereof breaches of the UNGPs Number 0Hereof number of complaints filed to National Contact Points for OECD Number 0Multinational EnterprisesAmount of material fines, penalties and compensation related to the DKK 0above mentioned incidentsConfirmed severe human rights incidents connected to own workforce Number 0Confirmed severe human rights incidents connected to own workforce Number 0that are cases of nonrespect of UN Guiding Principles and OECD Guide-lines for Multinational EnterpriseFines, penalties and compensation for damages related to confirmed DKK 0severe human rights incidents§  Accounting policiesIncidents of discrimination and harassment and number of complaints filed:  Data is retrieved from the Whistleblower portal and by contacting heads of HR across the group. This is done by appointed persons in Royal Unibrew to ensure anonymity. The total number of complaints reflects the total number of incidents received including all cases of discrimination and/or harassment.Cases of severe human rights incidents, breaches of the UNGPs and complaints filed to National contact points for OECD Multinational enterprises: Cases filed against a Royal Unibrew legal entities. Fines, penalties, and compensation: include any financial payments paid in relation to confirmed incidents within the fiscal year.Workers in  the value chain ESRS S2We have a good understanding of the employees at our direct suppliers (tier 1) and customers (tier 1), but the knowledge of workers in the outermost part of our value chains and of suppliers who produce raw materials in risk countries still needs to be expanded. We are in the process of expanding our knowledge of the workers in our value chains and therefore, we have postponed part of the reporting. As a consequence of the limitations to our due diligence, we currently assess that as a minimum workplace health and safety is material for the workers in our value chain. We source the majority of our raw materials and services in Europe (more than 80%), which is lowering potential risks of violations as well. IRO S M LWorking conditions, workplace safety in our value chain Impact, Actual, NegativeLocation in the value chain: Upstream   Own operations  DownstreamTime horizon:S Short-term    MMedium-term  LLong-termPolicies S2-1Supplier Code of Conduct Royal Unibrew’s Supplier Code of Conduct outlines the expectations we have for our suppliers regarding business integrity, human rights and labor standards, food safety and quality, and environmental sustainability. The Code applies to all suppliers of goods and services, as well as other deliveries to Royal Unibrew, licensees, partners, distributors and carriers, agents, consultants and other vendors etc. The Code was updated in 2024. The Code is based on legislation and interna-tionally recognized conventions and guidelines such as OECD guidelines for Multinationals, UN Universal Declaration on Human rights, UN Guiding Principles on Business and Human Rights, International Labor Organization Stan-dards, UN Global Compact and UN Sustainable Development Goals. The Supplier Code of Conduct underlines that the supplier must ensure a safe, healthy and secure working environment in accordance with applicable laws and other relevant industry standards. The supplier must have adequate processes and procedures for a safe working environment, protective equipment and work-place training when needed. The tier 1 suppliers that are present on our sites must follow our health and safety requirements.   Both our Business Ethics Policy and our Supplier Code of Conduct emphasize that we will never participate in or benefit from any form of child or forced labor, slavery, or human trafficking in any of our operations, including our recruitment processes. The Code of Conduct has been adopted by the board of directors. Processes for engaging S2-2There are significant variations in our ability to interact directly with employees in the value chains, depending on whether it is employees at our direct suppliers or customers or further up or down the value chain. We acknowledge that our responsibility extends to the furthest reaches of the value chain; however, we natu-rally have different capacities to manage this.  Our value chains are diverse, and our interac-tions and touchpoints vary accordingly from very close, long-term collaborations, encom-passing upstream activities like raw material sourcing from farms to end-of-life operations for our products. It also involves partnerships with suppliers of goods we distribute but do not produce ourselves (traded goods). Our tier 1 suppliers are often local, and we have partnered with many of them for years. A number of these value chain partners frequently deliver raw material or provide services such as distribution and engagement with these suppliers is direct. Royal Unibrew is committed to local sourcing and therefore most of our raw material is produced in Northern Europe. However, we source ingredients that are not produced locally such as extracts from tropical fruits, wine, and some spirits and more. Our procurement department has the primary contact with our raw material and other suppliers. The vast majority of our suppliers, we have direct communitaion. We ask all suppliers to recognize our Supplier Code of Conduct by signature (included in our contracts and general terms). We ask our supplier to adhere to our Code of Conduct and manage the outlined requirements and responsibility further down in the value chain.  Agriculture often depends on seasonal workers, and in some cases also migrant workers. Several cases about unsafe working conditions and forced labor in agricultural supply chains have been reported over time. Though not related to Royal Unibrew, it is very important that none of such cases can be found at producers supplying Royal Unibrew, i.e. we have general knowledge of major risks in our value chain.   Processes for remediation S2-3To conduct proper due diligence and reme-diate any potential negative impact, we have initiated a project with our wine producers supplying our markets in Finland, Norway and Sweden. This project is spearheading our efforts regarding more transparent value chains and will provide important learnings before we expand the project to other raw materials. We have a risk-based approach and will expand our initiatives step by step.  Workers in our value chain are encouraged to speak up. They can use our whistleblower mechanism available on our website, or they can contact us directly if they experience violations of our Code of Conduct or other critical issues. Critical issues may relate to the work itself, contract conditions, wages, or other aspects of human right violations or the environment. We have not experienced any complaints on severe human rights incidents in 2024. We track and monitor issues raised and addressed via our whistleblower-system.If we experience negative impacts on human rights in our supply chain, we will assess how we can remedy this and provide remediation activities on a case-by-case basis.Our payment terms are aligned with the Unfair Trading Practices (UTP) regulation for agricul-ture and food supply chains. The regulation aims to creating a fair and more transparent trading environment, ensuring that suppliers are treated fairly and paid promptly for their goods and accommodates small and medium-sized companies’ potential liquidity challenges.  Actions S2-4Several markets already have implemented Transparency Acts, and the upcoming EU legis-lation on due diligence (CSDDD) has prompted further review of our policies and supplier management system. Supported by our supply chain management procedures, we believe that we have a robust system based on due dili-gence, risk assessments and periodic review of supplier performance, where concerns will be addressed as they arise. Our supplier management program is risk-based and initiated with a due diligence process (commercial, environmental, social, including food safety and governance) as the basis for approval. We monitor potential contro-versies and incidents with our suppliers. In case of incidents and non-conformities, we engage with the supplier to get full understanding of the cause/root cause and preventive actions taken, and we may conduct visits depending on severity and repetitiveness.  Based on the above-mentioned risk assess-ment, certain suppliers are audited, and an outcome of an audit may be that we need to support the supplier with implementation of specific programs to improve performance. Suppliers are re-approved every third year.  In 2024, we began expanding our due diligence processes and launched a strategy for sustain-ability in wine and spirits. One pillar in this strategy is focusing on working conditions and environmental topics in the value chains. Addi-tionally, we initiated a pilot project that will be rolled out in 2025, providing us with profound knowledge of the value chains and potential risks in wine production. This project will lay the foundation for further knowledge building and is an important step in managing the due dili-gence process in our value chain and preparing for the implementation of the CSDDD, as well as setting relevant objectives and targets. In 2023, the non-governmental organization (NGO) Finwatch made us aware of a potential breach of our Supplier Code of Conduct and we therefore visited several wine producers in South Africa in 2023 and to follow up again in 2024. Our visit did not result in any actions for the producer in question, as there was a basis for the criticism raised. Another instance in 2023, relating to sexual harassment of women at a tea plantation in Kenya, reported by BBC. Our supplier of the tea (traded goods) which we distribute, established immediate remedia-tion and has implemented a range of activities to prevent this type of human rights abuse from emerging again.  Resources for managing material impactOur resources dedicated to managing our material impact on workers in the value chain consist of several elements, including people in both our group functions and in the local markets that are allocated to this work. Addi-tionally, investments in data systems and tools to support the work, as well as a cost, yet to be determined, for conducting audits at suppliers, producers, and subcontractors. Targets S2-5We are aiming at reducing negative impacts in our value chain by ensuring that all critical suppliers and third parties acting on behalf of Royal Unibrew adhere to our Supplier Code of Conduct or have a similar document of their own by 2025. The assumption behind the targets/activities is, that the risk of unhealthy and unsafe working conditions is present in many countries and many sectors.  We have established quantitative and quali-tative targets in our pilot project for wine and spirits, which gradually will be extended to other suppliers and products. Our partners must be committed to transparent value chains - from farm to bottle. Producers of wine and wine growers located in high and medium risk countries will be audited according to amfori BSCI Code of Conduct by 2026.The targets are aligned with our policies and goals.In 2025, we will establish a system to enhance responsible procurement and begin creating transparent value chains for raw mate-rials sourced from high-risk countries and/or regions. With this ambition we will start expanding our due diligence process and increase our positive impact in the value chain.  Our action plan is primarily focusing on the upstream value chain and having a risk-based approach based on country/region and type of raw material. We base our risk rating on amfori BSCI. We will assess and adjust the progress on the individual targets and activities on an annual basis and report performance in our annual sustainability statement. Consumers and end usersESRS S4IRO S M LPersonal safety of consumers and or end users, Impact, Potential, Negativeconsumer health and nutritionPersonal safety of consumers and or end users, food Impact, Actual, NegativesafetyLocation in the value chain: Upstream   Own operations  DownstreamTime horizon:S Short-term    MMedium-term  LLong-termOur responsibility towards consumers and their proxies such as our customers and relevant authorities and experts are at the core of our strategy, THE PREFERRED CHOICE. Royal Unibrew is aware of potential health challenges as formulated by WHO regarding overweight, obesity and the associated risks of cardiovascular diseases, cancer and diabetes as well as risk of alcohol abuse. Moreover, we are aware of our obligation to provide safe products, i.e. clearly labelled and produced in a controlled environment. We believe in consumer choice. We want to help consumers make healthy and nutritious choices by always providing an alternative to regular products, e.g. sugary, alcoholic beverages etc. Therefore, our strategy, policies and goals aim at minimizing the two material sector inherent potential impacts on the health of consumers, i.e. product safety and responsible products. All consumers and end users that are consuming our products are included in the scope of the disclosures. The negative impact is related to individual incidents. Policies S4-1The Business Ethics Policy includes commit-ments for quality, food safety, responsible marketing and responsible products as well as the following topics: IT &amp; Data Security, Polit-ical &amp; Charitable contributions, Anti-Bribery &amp; Anti-Corruption, Environment &amp; Climate, Human Rights &amp; Labor Standards and Respon-sible sourcing. The policy is aligned with OECD guidelines for Multinationals regarding consumer interests, the Universal Declaration of Human Rights and respects therefore the UN Global Compact Principles, and relevant UN Sustainable Development Goals. The Business Ethics Policy is adopted by the Board of Directors and is avail-able at our website. We believe in consumers’ choice. We want to help consumers make healthy or nutritious choices by always having an alternative to regular products, e.g. sugary, alcoholic bever-ages, etc. We want to provide transparency for the consumer when choosing beverages. With our THE PREFERRED CHOICE strategy, we strive to offer consumers a broad variety of beverages that complement the occasions that individuals participate in, from music venues to exercising and dining with friends or family. Implementation and management of policies and goals to reduce and prevent potential impacts on health and safety of consumers follows our overall governance principles. On quality and food safety the goals are further supported by our certified quality and food safety management systems. Processes for engaging S4-2Bringing people together and facilitating great moments and enjoyment is the heart of our business. We are continuously striving to match the consumers’ preferences by offering a broad range of products that delivers a choice for every occasion and consumer Our primary engagement is with our customers, as we do not sell directly to consumers. There-fore, we only have a formal procedure for engaging directly with consumers, if  we receive a complaint from a consumerRoyal Unibrew communicate and reaches out to consumers through our customer services and by being present at various events, such as festivals and other venues where our products are enjoyed and we can interact directly with the consumers. We also connect with consumers via proxies such as our customers, WHO, Food Authorities and NGOs. We have robust procedures for handling complaints from both consumers and customers. We welcome any feedback, including complaints, as they provide valuable opportuni-ties for us to learn and improve. We pay partic-ular attention to food safety-related complaints and have processes in place to identify potential food safety risks through our internal controls. Customers and consumers can provide feed-back or file complaints either directly via our website or through our customer service teams.  We collect and report data on consumer complaints, withdrawals, recalls, and any viola-tions in terms of labeling, marketing, and litiga-tion. The local quality and legal-departments manage non-conformities and implement potential corrective actions.We reach out to the consumers via marketing campaigns and we engage with consumers via transparent and informative labelling on all products and marketing campaigns supporting responsible drinking. In our marketing activities, we comply with legislation and guidelines developed for our sector aimed at protecting particularly vulner-able groups such as children and young adults. For energy drinks and carbonated soft drinks this means we only target consumers above 13 years old and above 18 years old for alco-hol-based products. Age limits for influencers have been strengthened to above 20 years old in some markets.  Royal Unibrew’s products have no impact on consumers’ privacy, and we do not retaliate against any consumer. Processes for remediation S4-3Our products are not inherently harmful to consumers and do not increase risks of chronic diseases except for excess consumption or abuse. A minor part of consumers suffers from intolerance for specific ingredients, and according to applicable laws these ingredients/allergens are clearly labelled on the products. In case of any severe food safety incident Royal Unibrew will, after consultations with the food authority and depending on the severity, engage with affected consumers on the relevant market by making a public recall. Royal Unibrew strives to offer more sustain-able products and market them responsibly to address global challenges linked to excess consumption of food and beverages as formu-lated by WHO, concerning obesity and the asso-ciated risks of cardiovascular diseases, cancer and diabetes as well as alcohol abuse. We are not only aware of the challenges, but we also work to reduce these challenges.  Consumers suffering from any of the above are considered more vulnerable and to mitigate this we have several initiatives. Our goal is to develop and offer no/low alternatives in all categories and in all our markets and hereby offering customers healthier choices.  Royal Unibrew also wants to be the market leader by offering new products, more informa-tion and transparent communication about the products. We have transparent and informative labelling on all products and our marketing campaigns are supporting responsible drinking. We act responsibly in all commercial communi-cation of products, including advertising, spon-sorships and promotions, especially regarding minors and other vulnerable consumers. The right to food is recognized as a fundamental human right, where food safety is a key compo-nent. Ensuring food safety is a critical aspect, as unsafe food can lead to serious health issues and undermine the overall well-being of indi-viduals. No severe negative human rights issues have been reporting and measures to provide remedy for any human rights impact has not yet been relevant for Royal Unibrew. Consumers can contact our customer service in the respective country, and contact information is available at our websites. The same applies to our customers who can contact a call center directly. Product complaints are reviewed and recorded by the quality department.Product complaints are investigated and in cases of non-conformity, root cause assess-ment, corrective and preventive measures are implemented. We provide replacement prod-ucts for consumers or customers depending on the complaint, if it is justified, and the extent of the issue. If we are at customers' sites, we will replace the products. We consider these proce-dures to be the most effective way to provide remedy to both consumers and customers. If the complaint is raised via our whistleblower portal we have policies and procedures in place to protect the consumer see G1-1.  In the very rare cases where we must recall a product, consumers who have purchased this product will be compensated directly from the place where they bought it.  Actions S4-4 Royal Unibrew identifies and implements actions needed to act on our material impacts, risks and opportunities on product safety and responsible drinking. The latter relating to consumer health and nutrition. Management and implementation of our policies, goals, targets and actions is an integrated part of our quality and food safety management systems. In addition, we promote responsible drinking in various campaigns and through various channels. Material impact – Food safety Food safety is essential to Royal Unibrew. If there is a serious breach in our processes, and we unknowingly send products to the market containing unwanted materials or foreign matter, it may potentially pose a significant risk to consumers.  We review and stay on top of potential food alerts, concerns and new legislation on raw materials, ingredients, including allergens, label-ling, food contact materials, etc. Periodic review of international and national legislation from authorities/bodies such as the EU, the World Health Organization (WHO), UN Food and Agri-culture Organization (FAO), European Food Safety Authority (EFSA) and US Food and Drug Administration (FDA) are amongst our sources as is our national and international trade associ-ations such as Brewers of Europe, European Soft Drink Association (UNESDA) and more. Royal Unibrew adheres to and provides products in accordance with the highest quality and food safety standards. All production sites are food safety certified in accordance with international Global Food Safety Initiative (GFSI) recog-nized standards. Good Manufacturing Practice (GMP), where hazard analysis, risk assessments of health and nutritional concerns, complaint handling and recall procedures, food fraud and food defense are integrated, as are procedures for communication with consumers. 99.9% of our production volume is certified in accordance with GFSI standards, e.g. FSSC 22000, IFS and BRC. Product quality is tested continuously, and we address all non-conformities that may affect consumers. Due to our diligent management of product safety, including staying on top of food alerts, we only experienced 4 withdrawals in total (labelling and quality) and 1 recall in 2024. In 2024, we continued the improvement of our management systems and controls locally. Furthermore, to enhance focus on product safety, we established a Center of Excellence for Quality to improve cross-site collaboration, sharing of best practices and knowledge across Royal Unibrew markets.  Resources allocated to managing material impact Food safetySignificant resources have been allocated for the development and assurance of food safety at the Royal Unibrew group in accordance with our certified food safety systems. These resources are dedicated both to the technical control of our production processes and to addressing food safety inquiries from customers and consumers. Resources have also been allocated to Good Manufacturing Practice (GMP), where hazard analysis, risk assessments of health and nutritional concerns, complaint handling and recall procedures, food fraud and food defense are integrated.The Royal Unibrew group have dedicated human resources to handle food safety.§  Accounting policiesEach site in the group reports their certificates. This data is used to calculate the percentage of production volume certified according to GFSI standards (e.g., FSSC 22000, IFS, and BRC). Each site in the groups reports their number and causes of withdrawals and recalls, respec-tively. The reporting is done on a yearly basis by Group QA and Group Sustainability.Material impact – Consumer Health &amp; Nutrition  Royal Unibrew is aware of the challenges formulated by WHO regarding obesity and the risk of alcohol abuse linked to excess consump-tion of food and beverages. Therefore, we have established goals supporting development and introduction of products in each category with no or low calories and alcohol, as well as a goal and commitment to promote responsible drinking.  Subsequently, we offer consumers a choice of great tasting beverages with clearly labeled products – going beyond regulatory require-ments in major markets. This includes labeling energy content per 100 ml, full nutritional disclosure on our homepage for beer, warnings on energy drinks for children, pregnant and lactating women, and observing more stringent rules regarding the marketing of products.We act responsibly when advertising our prod-ucts, and we comply with legislation and guide-lines by Brewers of Europe, UNESDA and the national trade associations. In some markets advertising of alcohol containing beverages is not allowed. In other markets there is a legal age limit regarding sales of alcohol, etc. We also consider vulnerable consumers such as chil-dren, pregnant and lactating women. Our commitment to responsible marketing and products is unambiguous as stated in our Busi-ness Ethics policy, and it is our responsibility to prioritize quality over quantity for products containing alcohol and sugar. We display nutri-tional information at least per legal require-ments. Our policies are aligned with the major trade associations such as Brewers of Europe and UNESDA. In addition, we participate in relevant multistakeholder  initiatives to continu-ously improve healthy choices for consumers at national and international level.In 2024, we received 6 notifications regarding violations of labeling requirements, and we received 2 notifications regarding non-com-pliance with marketing codes or regulations related to either advertising or promotion, including advertising to youth and other susceptible consumers. As a member of Brewers of Europe, we are also committing to their strategy on responsible drinking and in 2024, we joined UNESDA, which confirms the minimum age limit of advertising and sales of soft drinks to children below 13 years of age already applied at Royal Unibrew. The revenue split between alcoholic and non-alcoholic beverages was 46% and 54% in 2024, and we hold a strong market position within the zero-calorie and zero-sugar segment for carbonated soft drinks, energy beverages and water as well as no/low alcohol containing beer, cider and ready to drink (RTD) beverages. By having a strong emphasis on innovation, marketing regular and zero-products together and making sure both alternatives have great taste, we act responsibly.  We support a large variety of sports and health initiatives through our sponsorships regionally and locally with our 0.0% alcohol local brands such as ice hockey and basketball. We ensure that alternatives to alcoholic choices are always available and well-advertised, and our programs for education are tailormade to meet main concerns in our different markets. Resources allocated to managing material impact consumer Health and NutritionThe resources allocated to managing health and nutrition form a significant portion of the overall marketing budget for the entire Royal Unibrew Group. Simultaneously, efforts are made to develop new products with fewer calories, less sugar, and lower alcohol content. Additionally, resources are invested in estab-lishing sponsorships, communication and training programs that promote products with these beneficial attributes.§  Accounting policyThe local quality departments formally register all complaints daily. Non-conformities related to labels or marketing codes are registered and reported to Group Quality, which consolidates the data.Targets S4-5Food safety Food safety is fundamental to us and essential for our license to operate as a company. Our primary targets are therefore to maintain the high standard we already have and uphold the certifications that our production sites have. Due to the nature of our production with predominantly closed processes, the biggest risks are related to unwanted microbiological activity in our products.  In 2025, we will align group quality and food safety targets across all markets. We work continuously towards zero risks in relation to allergens or food safety in general.  Performance will be tracked monthly, covering areas such as complaints, recalls/withdrawals, first-time-right, audit results and partnership compliance. Our efforts will also include advancing on food safety and quality requirements for suppliers.  Targets and KPIs are established for first-time-right, complaints, withdrawals and recalls and implementing corrective and preventive actions to solve non-conformities is part of our toolbox.  Consumer Health &amp; Nutrition We have goals for managing potential safety and health impacts for consumers. The first goal is to ensure that no/low products grow faster than the average portfolio and faster than the market year on year. No/low should be understood as no or low sugar, calories or alcohol in our entire beverage portfolio.Further-more, to be the preferred partner of choice for customers as a sustainable beverage supplier by 2030 is the second goal relevant for our consumer proxies, i.e. our customers.  We continuously track the development in our sales volume and the share of no/low sugar compared to regular sugar containing soft drinks, energy beverages and water and the development in share of non-alcoholic/low alcoholic beers, cider and RTD.In 2024, the volume growth in no/low sugar alternatives compared to regular products, e.g. carbonated soft drinks, water and energy drinks, increase by 39% from 2023 to 2024, while regular products increased by 23% in the same period, indicating that we are on track with our target.The no/low alcoholic segment (beer, cider and ready-to-drink) on the other hand decreased by 4% from 2023 to 2024, compared an increase 5% regular and therefore we are not on track. We will continue the activities in the future.§  Accounting policiesThe data is based on the market share of no/low versus regular calorie content beverages across the categories of carbonated soft drinks, water, and energy drinks, as well as alcoholic beverages (beer, cider, and ready-to-drink). Sales volumes are utilized to assess the balanced development and launch of new no/low and regular products. The benchmark market data is externally sourced. To determine if the demand for no/low categories is growing faster than the market (in terms of sales volume), we calculate the RU market growth. If RU growth surpasses market growth, the criteria are met. In markets where RU holds the largest market share, the KPI is measured based on RU's ability to maintain its market position in that specific market.GovernanceRoyal Unibrew’s strategy, THE PREFERRED CHOICE, along with our governance framework and policies, as well as our operating model and performance culture, form the foundation of the way we do business, including how we interact with our business partners.  The Business Ethics Policy, underpinned by other policies such as our Data Protection, Policy on Investor Relations, Whistleblower Policy and the Supplier Code of Conduct, is our commitment to be and act responsibly, to contribute positively to our stakeholders and society at large, i.e. our consumers, customers, people, shareholders, other business part-ners, suppliers, and the future. Respecting and complying with the laws, international stan-dards, and practices wherever we do business is the foundation. Processes and procedures are implemented to ensure compliance and performance is tracked.  The policies apply to all Royal Unibrew’s employees, providers of goods and services, and third parties acting on behalf of Royal Unibrew as well as consultants, contractors and advisors. We encourage anyone who becomes aware of actual or potential violations of the policies to speak up. The basic objective of our policies related to business conduct is to be in compliance and investigate and report any instances of breaches.Compared to 2023, we have changed the impact, risk and opportunity assessment of data security and cyber security based on new knowledge, more detailed assessments and increasing attention from our stakeholders. In addition, we have added protection of whis-tleblowers as a material impact as well as finan-cial risks of rebates/discounts related to several aspects of business integrity such as corrup-tion and bribery as well as competition, which at the end of the day may affect consumer pricing. Business ConductESRS G1Corporate culture and business conduct policies G1-1Royal Unibrew’s corporate culture is governed by our policies and the basic drive of doing the right things, acting responsibly, and respecting our stakeholders’ views and interests. Our approach to business ethics is to conduct business responsibly with integrity, honesty, and transparency and in compliance with our Business Ethics Policy and international and local standards for responsible business conduct. The Business Ethics Policy covers anti-corruption, breaches of competition law, data protection and data privacy, IT security, political and charitable contributions. In addi-tion, our Corporate Governance statement regulates how and when we communicate on sustainability commitments, requirements for the Board of Directors and risk management. The latter is further supported by an internal risks management policy (see under data protection). Animal welfare is not relevant to Royal Unibrew’s business model.The policies apply to all Royal Unibrew’s employees, providers of goods and services, and third parties acting on behalf of Royal Unibrew as well as consultants, contractors and advisors. We encourage anyone who becomes aware of actual or potential violations of the policies to speak up.  The policies, except the internal risk manage-ment policy, including financial, ESG and cyber security risks, are communicated on our website and integrated in contracts and busi-ness terms.We conduct annual training of relevant employees and business functions on topics such as competition law, marketing law, anti-corruption and -bribery, data security and protection (GDPR) as well as cyber secu-rity to ensure compliance with policies and to protect our business, employees, consumers, etc. Training and internal controls will continue in 2025.IRO S M LCorporate culture, rebates/discounts in the beverage industry with risks of non-compliance with business Financial, RiskconductCorporate culture, data ethics and cyber security Impact, Actual, NegativeCorporate culture, data ethics and cyber security Financial, RiskProtection of Whistleblowers, whistleblower frameworkImpact, Actual, NegativeLocation in the value chain: Upstream   Own operations  DownstreamTime horizon:S Short-term    MMedium-term  LLong-termProtection of whistleblowers G1-1The whistleblower scheme is a vital tool for identifying and reporting actual or potential irregularities. Regular training is conducted to ensure internal compliance, and it is tailored to the specific roles of employees both inside and outside of Royal Unibrew.Royal Unibrew’s whistleblower policy and reporting system is based on the legal require-ments under Danish law. It offers a framework to report suspicion or knowledge of illegal or unethical behavior or non-compliance with our policies helping us to discover and fight corruption, criminal activities, personal or envi-ronmental injury, human rights violations, finan-cial losses and more. The whistleblower policy specifically states that whistleblowers are protected against retaliation. The system is accessible through our website in seven languages and allows for anony-mous encrypted communication if desired. For substantiated reports, investigations are conducted, and external consultants may be involved if necessary. If a criminal offense is suspected, the police may be informed. The functions at most risk are sales and marketing.Reports are evaluated by the Group General Counsel and Director of Treasury, Finance &amp; ESG, with oversight from the Audit Committee. All reporting complies with national data protection regulations and GDPR. All reports are treated as confidential and are deleted when no longer necessary. The whistleblower system is operated and maintained by an independent IT and compli-ance company. Reports are encrypted and the system meets strict IT security requirements and is audited annually for GDPR compliance.In 2024, 25 reports were received via the whis-tleblower portal, of which 10 were cases within the scope of the whistleblower system.§  Accounting policyThe total number of whistleblower cases received through the Whistleblower portal utilized across the group in 2024. Verified cases (10) correspond to matters within the framework of the whistleblower policy. Data protection, ethics and cyber security G1-1Our General Data Protection and Data Ethics Policy specifies requirements and principles to the design, purchase and implementation of technologies, especially new technologies, including AI, and processing of personal data. The principles include topics such as legality, ethical design, security, transparency, and respect for human rights. In addition, cyber security is covered in our internal risk management policy, laying out the principles for identification, assessment, management and communication of risks and opportunities, basically calling for cost-effec-tive controls and contingency plans, detailing Executive Management responsibility and that of the relevant managers, i.e. the Director of Treasury, Finance &amp; ESG and VP Group IT, both reporting to CFO in the case of cyber security.   All employees are annually required to complete mandatory training in aspects of GDPR, cyber security and IT-security.No activities did by their nature trigger any need for specific initiatives in relation to data ethics.Cyber securityAt Royal Unibrew, significant efforts have been made in the last year to strengthen cyber security as we prioritize initiatives to enhance resilience against emerging cyber threats. In 2024, a structured risk evaluation process was implemented to ensure alignment with industry standards, governance practices, and regulatory compliance such as NIS2, closely integrating with our Enterprise Risk Manage-ment framework. Cyber security is embedded within our broader risk management efforts, reinforcing our preparedness, and safeguarding critical operations.We conduct cyber security awareness training and phishing campaigns, where we strengthen our organizational resilience, including dedi-cated Board training in cyber and information security. We keep a vigilant eye on the metrics related to cyber security incidents together with our strategic partners in the cyber security landscape to adapt continuously to the ever-changing threat landscape. We have ramped up our capabilities and capacity for both oper-ational cyber security and governance as Royal Unibrew is increasingly being met with stronger compliance requirements from customers and partners in all markets.This has led to increased focus on supply chain resilience in addition to continued improve-ments for classic IT. We have initiated Business Impact Analysis for key suppliers focused on cyber security resilience and are obtaining relevant audit statements such as ISAE 3402 declarations from new suppliers handling crit-ical assets and services for Royal Unibrew. Poli-cies within our Information Security Manage-ment System (ISMS) are being updated to align with Royal Unibrew’s risk profile and regulatory standards. These initiatives are designed to minimize vulnerabilities across our supply chain and ensure high information security standards..By integrating these measures into our ESG strategy, Royal Unibrew reaffirms its commit-ment to operational integrity, stakeholder trust, and sustainable governance. No overarching targets are set in relation to cyber incidents. Subsequently, no metrics are established.Corporate culture, competition law and anti-corruption/anti-bribery G1-3, G1-4All white-collars (employee at risk) are annu-ally required to complete mandatory training in aspects of anti-corruption and anti-bribery. Training is carried out as online (e-learning) training sessions supplemented by targeted physical trainings and follow-ups where needed. 90% of the white-collars (functions at risk) have completed the training in 2024.All white-collars are exposed to high-risk situ-ations where violations of business integrity as corruption and bribery may occur. Their role in negotiations, deals, managing contracts, and handling payments places them in a position where they potentially could be influenced by unethical practices. Therefore, they are part of the training program. Employees interacting directly with clients and handle transactions, are often exposed to high-risk situations where violations of business integrity as well as corruption and bribery may occur. Their role in negotiating deals, managing contracts, and handling payments places them in a position where they could potentially be influenced by unethical practices in relation to rebates, discounts and other transactions common for our sector.. These groups are part of the training program. The Audit Committee and Board of Directors (supervisory bodies) receive information/updates twice per year from the Group General Counsel. In addition, they receive ad hoc infor-mation if relevant.There were no reported convictions of violation of anti-corruption or anti-bribery laws  cases in 2024, nor any fines.. Subsequently, no actions were taken to address breaches in procedures and standards of anti-corruption and anti-bribery.In 2025, we continue our efforts to prevent potential violations of competition law and corruption related to our sector specific chal-lenges.Royal Unibrew tracks any litigation linked to business conduct, data protection, including cyber security, and to protection of whis-tleblowers as well as any non-compliances. Furthermore, we track the required training targets as well as the number of cases.§  Accounting policyWhite-collar employees are defined as those primarily working in offices or managerial roles, such as in planning departments, production leadership, finance, and marketing/sales. The statistics on completion-% is extracted from the e-learning training system.Table 1: Other legislationBenchmark Disclosure Requirement  SFDR Pillar 3 regulation EU Climate  and related datapoint Data PointreferencereferencereferenceLaw reference Materiality SectionESRS 2 GOV-1 21 (d) X X Sustainability statement S1-6 Characteristics of employees in own workforceESRS 2 GOV-1 21 (e) X Sustainability statement Governance at Royal Unibrew (GOV-1 and 2)ESRS 2 GOV-4 30 X Sustainability statementESRS 2 SBM-1 40 (d) i X X X Not applicable for RUESRS 2 SBM-1 40 (d) ii X X Not applicable for RUESRS 2 SBM-1 40 (d) iii X X Not applicable for RUESRS 2 SBM-1 40 (d) iv X Not applicable for RUESRS E1-1 14 X X Sustainability statement Transition plan (E1-1)ESRS E1-1 16 (g) X X Not applicable for RUESRS E1-4 34 X X X Sustainability statement Targets (E1-4)ESRS E1-5 38 X Not applicable for RUESRS E1-5  37 X Sustainability statement Metrics (E1-5)ESRS E1-5 40-43 X Not applicable for RUESRS E1-6 44 X X X Sustainability statement Gross scopes 1,2,3 and Total GHG emissions (E1-6)ESRS E1-6 53-55 X X X Sustainability statement Gross scopes 1,2,3 and Total GHG emissions (E1-6)ESRS E1-7 56 X Sustainability statement GHG removals and GHG mitigation projects financed through carbon credits and internal carbon pricing (E1-7, E1-8)ESRS E1-9 66 X Not applicable for RU Anticipated financial effects from material physical and transition risks and potential climate-related opportunities (E1-9)ESRS E1-9 66 (a), 66 ( c) X Material - phase inESRS E1-9  67 (c) X Not applicable for RUESRS E1-9 69 X Not applicable for RUESRS E2-4 28 X Not applicable for RUESRS E3-1 9 X Sustainability statement E3 Water and marine resourcesESRS E3-1 13 Sustainability statement Policies E3-1ESRS E3-1 14 X Not applicable for RUESRS E3-4 28 ( c) X Sustainability statement Actions and ressources (E3-2)ESRS E3-4 29 X Sustainability statement Water consumption (E3-4)ESRS 2- SBM 3 - E4 paragraph 16 (a) X Sustainability statement Material impacts, risks ans opportunities - interaction with strategy 16 (a) iand business model (SBM-3)Benchmark Disclosure Requirement  SFDR Pillar 3 regulation EU Climate  and related datapoint Data PointreferencereferencereferenceLaw reference Materiality SectionESRS 2- SBM 3 - E4 paragraph 16 (b) X Sustainability statement Material impacts, risks ans opportunities - interaction with strategy 16 (b)and business model (SBM-3)ESRS 2- SBM 3 - E4 paragraph 16 ( c) X Sustainability statement Material impacts, risks ans opportunities - interaction with strategy 16 (c)and business model (SBM-3)ESRS E4-2 24 (b) X Sustainability statement Policies and goals (E4-2)ESRS E4-2 24 ( c) X Not applicable for RUESRS E4-2 24 (d) X Sustainability statement Material impacts, risks and opportunities - interaction with strategy and business model (SBM-3)ESRS E5-5 37 (d) X Not applicable for RUESRS E5-5 39 X Not applicable for RUESRS 2- SBM3 - S1 14 (f) X Not applicable for RUESRS 2- SBM3 - S1 14 (g) X Not applicable for RUESRS S1-1 20 X Not applicable for RU Policies (S1-1)ESRS S1-1 21 X Not applicable for RU Policies (S1-1)ESRS S1-1 22 X Not applicable for RU Policies (S1-1)ESRS S1-1 23 X Sustainability statement Material impacts, risks and opportunities (SBM-3)  Resources allocated to managing material impact S1-4   Health and safety.ESRS S1-3 32 ( c) X Not applicable for RU Actions (S1-4), Targets (S1-5)ESRS S1-14 88 (b), 88 ( c) X X Sustainability statement Material impacts, risks and opportunities (SBM-3)  Resources allocated to managing material impact S1-4   Health and safety.   Actions (S1-4) Targets (S1-5)ESRS S1-14 88 € X Sustainability statement Actions (S1-4) Targets (S1-5)  S1-14 Health and safety metricsESRS S1-16 97 (a) X X Not applicable for RU Non-material topics, entity specific   (S1-16) Remuneration – gender pay gap and CEO to median employee ratioESRS S1-16 97 (b) X Not applicable for RU Non-material topics, entity specific   (S1-16) Remuneration – gender pay gap and CEO to median employee ratioESRS S1-17 103 (a) X Sustainability statement S1 Own workforce, Targets S1-5Benchmark Disclosure Requirement  SFDR Pillar 3 regulation EU Climate  and related datapoint Data PointreferencereferencereferenceLaw reference Materiality SectionESRS S1-17 104 (a) X X Sustainability statement S1 Own workforce, Targets S1-5ESRS 2- SBM3 – S2 11 (b) X Not applicable for RU Material impacts, risks and opportunities (SBM-3)ESRS S2-1 17 X Sustainability statement Policies (S2-1) ESRS S2-1  18 X Sustainability statement Policies (S2-1) ESRS S2-1 19 X X Sustainability statement Due Diligence (GOV-4) Policies (S2-1)ESRS S2-1 19 X Sustainability statement Due Diligence (GOV-4) Policies (S2-1)ESRS S2-4 36 X Sustainability statement Policies (S2-1) Actions (S2-4)ESRS S3-1 16 X Not applicableESRS S3-1 17 X X Not applicableESRS S3-4 36 X Not applicableESRS S4-1  16 X Sustainability statement Policies (S4-1) ESRS S4-1 17 X X Sustainability statement Processes for engaging and remediating (S4-2, S4-3)ESRS S4-4 35 X Sustainability statement Processes for engaging and remediating (S4-2, S4-3)ESRS G1-1 10 (b) X Sustainability statement Corporate culture and business conduct policies (G1-1) Corporate culture, competition law and anti-corruption/anti-bribery (G1-3, G1-4)ESRS G1-1 10 (d) X Sustainability statement Protection of whistleblowers (G1-1)ESRS G1-4 24 (a) X X Sustainability statement Corporate culture, competition law and anti-corruption/anti-bribery (G1-3, G1-4)Corporate culture, competition law and anti-corruption/anti-bribery ESRS G1-4 24 (b) X Sustainability statement(G1-3, G1-4)Table 2: Incorporations by referenceESRS disclosure requirement Incorporations by referenceThe role of the administrative, management  and supervisory bodies: ESRS 2 GOV-1 (21 a-e, 20 c, 23 a, b) See section "Board of Directors and Executive Management" the Management Statements on page 63-66.Integration of sustainability-related performance in incentive schemes: ESRS 2 GOV-3 (29 d) and ESRS (E1, 13) for climate related targets See section "Remuneration" in the Management Statement on page 61 and 62.</mrv:SustainabilityReport>
   <mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory contextRef="ctx-1" id="f1__s10__7__11" xml:lang="en">Double materiality assessmentMateriality assessment process  IRO-1In 2024, we applied the principles of the ESRS to conduct our double materiality assessment (DMA). We used the same approach as in 2023 but made significant adjustments to imple-ment the ESRS approach along with lessons learned in previous years. All subsidiaries of Royal Unibrew have been considered in the materiality assessment in accordance with our reporting policies. Step 1: Identification of Impacts The starting point for the 2024 materiality assessment was the ESRS list of sustainability topics, which we complemented with enti-ty-specific topics. The entity-specific topics are based on our goals, industry standards and SASB requirements. Most of the topics have been reported since 2020. We drew on the 2023 materiality update and sustainability report, as well as other sources, to comple-ment the list. This included data on identified impacts, due diligence findings, internal and external stakeholder expectations, past salient issues, regulatory requirements, and Royal Unibrew’s strategy and priorities.We use a web-based IT tool developed by Position Green as part of the process. The process is in accordance with the requirements in ESRS 1.Step 2: Assessment of Topics Building on our 2023 materiality update, we applied the DMA concept described in ESRS 1 and assessed the topics on the longlist for impact and financial materiality. For the iden-tification of impact materiality, we assigned responsibility for topics to internal subject matter experts to apply the ESRS criteria for significance. In addition, the views and priorities of external stakeholders and internally recognized experts and standards were involved. We operate in 5x5 matrices and assess:•  Severity of negative and significance of posi-tive impact (scale, scope and remediability)•  Likelihood of potential impacts, risks and opportunities materializing•  Magnitude of financial effect related to EBITDA •  Where in the value chain the impact occurs•  Whether the impact is actual or potential•  When the impact is expected to occur (short-term: &lt;1 years, medium-term: 2-5 years, long-term: &gt;5 years). The topic owners used open sources and company data, along with their overall expertise and judgment, to assess each topic. Several calibration meetings were held to align interpretations of the criteria and scales used and to develop a shortlist of impact material topics. For financial materiality, we drew on our well-established Enterprise Risk Manage-ment (ERM) system, which includes processes for risk assessments and risk factors that are regularly considered by the regional units and global expert functions. We mapped the longlist of topics against the risk universe to assess whether the sustainability matters on the list were part of the regular risk assess-ments conducted by the regional units and global expert functions. Furthermore, we conducted a top-down exer-cise to identify Royal Unibrew’s major sustain-ability-related dependencies and associated risks and opportunities. The decision-making process for topic materi-ality is based on guidance in the ESRS and from EFRAG. Accordingly, severity criteria for nega-tive impacts were given more weight in the decision-making process, which also factored in stakeholder expectations for our reporting. The process included several workshops and sessions to calibrate and align topic assess-ments and the understanding of thresholds. The outcome of the double materiality assess-ment was a shortlist of material topics, each deemed either impact or financially material, or both. For reporting purposes and reader acces-sibility, we grouped topics based on similarities, internal governance structures, and, in some cases, stakeholder feedback and insights. The result is the list of sustainability topics that form the body of this sustainability statement.Step 3: Validation and ApprovalThe final list of material topics was approved by Royal Unibrew’s Growth Leadership Team, supported by the Audit Committee, and finally approved by the Board of Directors. We report on each of the topics in this sustainability statement.Step 4: Implementation The DMA dictates the content of our sustain-ability disclosures and guides our priorities on sustainability issues. In many areas identified as material, we have defined specific goals and targets and actions to measure our perfor-mance and disclose these metrics and targets as well as supporting actions in our sustain-ability statement. EnvironmentClimate change (E1)An extensive analysis has been carried out to identify our carbon dioxide equivalent emission sources, in alignment with the GHG Protocol. All production sites report their activity data monthly which allows us to calculate and report our CO emissions. These activity data include, 2but is not limited to, electricity purchases and own electricity production, fuel consumption, refrigerant consumption as well as heat and cooling related energy purchases. Scope 1 and 2 emissions represent around 10% of our total carbon dioxide equivalent emissions, while Scope 3 emissions represent around 90%. This split is therefore considered when assessing the impact of GHG Emissions from a climate change perspective.Physical risks in our own operations were assessed against our insurance company’s detailed reports, in which details for different categories of climate related hazards, such as flooding and drought are included, and our assets and activities exposure risks are measured. The analysis considers likelihood, magnitude and duration depending on the nature of the risk.Internal knowledge of physical risks in relation to upstream agriculture and forestry allows us to consider, even though there is indication of drought/precipitation related impacts and risks, it is not material due to our geographies and local sourcing.For climate-related transition events we considered common risks and opportunities across the whole organization, such as the opportunity of using more efficient production and distribution processes. In all cases we considered the likelihood, magnitude and dura-tion of transition events, within short-, medium- and long-term time horizons.We have not identified assets or business activ-ities that are incompatible with a transition to a climate-neutral economy.Climate-related scenario analysisClimate models aligned with the GHG/SBTi framework have been considered when assessing materiality. We will introduce more formalized climate related scenario analysis based on International Sustainability Standards Board (ISSB) and former Taskforce for Climate Related Financial Disclosures (TCFD) Guidelines starting in 2025.Physical climate risks were assessed using geospatial coordinates specific to our opera-tional locations, based on the different reports provided by our insurers. Based on these reports, we could analyze different chronic and acute hazards such as water stress or storm water exposure, to name a few. This also applies to our local sourcing of agricul-ture-based raw material.Transition risks were analyzed at a group level, considering policy, legal, technological, market and reputational risks as listed by TCFD.Royal Unibrew acknowledges potential limita-tions in this analysis, but despite these limitations, the current results are believed to represent the best available scientific knowledge and data. Pollution (E2)Pollution is not material for Royal Unibrew. Being an agricultural based beverage company, there is a very limited consumption of substances of concern or very high concern. Any accidental emissions will not have any longer term effects and very limited acute effects. The assessment covers upstream, own operations and down stream. We consult regularly with local commu-nities.   Water and marine resources (E3)Aqueduct Global Water Risk Atlas (WRI) was selected as the tool to map water risks at a basin and site level, which allows us to obtain a baseline and future projections. Water consumption was deemed material from an impact perspective in our own operations. Water is by far our most important raw mate-rial, and we are highly dependent on access to high-quality water for our products and for cleaning in our operations.Water consumption may also be significant upstream in agriculture and in relation to manufacture of pulp for the fiber-based pack-aging material we source, but the impact is not considered material at this point. Only 0.04% of our water withdrawal is in extremely high water stressed areas, so we virtually do not operate in high or extremely high water stressed areas, which also applies to our agriculture-based raw materials. However, in several locations we do experience limitations for water supply and wastewater treatment related to the capacity of the public water-works and wastewater treatment plants, which poses potential risks for our freedom to operate. Marine resources are not material for Royal Unibrew. Biodiversity and ecosystems (E4)Being in the beverage sector there is a depen-dency on forest and agriculture derived raw materials and packaging materials. Direct effects of climate are described under E1 and water under E3. Impacts on the state of species has not been fully assessed yet, but we believe that there is a potential material impact on soil degradation with current farming prac-tices. The biodiversity and ecosystem area will be further assessed.We have reviewed all our facility locations against the Baseline Water Stress indicator of Aqueduct and the database for EU Natura 2000 sites, analyzing Europe's most valuable and threatened species and habitats. We iden-tified no sites in protected areas but 11 sites close to biodiversity sensitive areas as defined by Natura 2000, but we have not identified any actual negative impact. Royal Unibrew has not made detailed scenario analysis yet.Circular economy (E5)The material impacts, risks and opportunities relating to circular economy apply to all our facilities except ABC in Toronto, Canada, where the transitional risk related to EU packaging and packaging waste directive as well as the single use plastics directive does not apply.The inherent consumption of biological raw and packaging material (agriculture and forest based) as well as significant consumption of packaging material based on plastics (oil), glass (sand) and aluminum (bauxite mines) make it material. The risks on agricultural-based raw material are described further under E1, E3 and E4.Access to recycled packaging material of food grade quality, in our upstream operations, as well as availability of consumer-friendly reuse serving opportunities, for the downstream use of our products, may also present physical risks to transition.We do have a positive impact where we utilize by-product from production for food, feed, biogas and soil enhancement as well as having a substan-tial (approximately 90%) recycling of production waste. At the same time, we focus on optimizing recipes and processes to reduce consumption and we focus on rethinking, reducing, reusing and recycling and recyclability of packaging material to reduce the potential value chain impact. Governance (G1) To determine the company-specific governance topics, a gross list of IROs regarding business conduct, such as corporate culture (business integrity), anti-corruption and bribery, protec-tion of whistleblowers, political engagement and management of suppliers, was prepared.The protection of whistleblowers remains a priority, and we have an increasing number of justified cases. Data protection and cyber secu-rity is deemed material from a human rights perspective but also as a potential financial risk if not managed sufficiently.Violation of anti-corruption and competition law in our business conduct regarding rebates and discounts is a potential financial risk in our sector and is deemed material.</mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f1__s10__7__12" xml:lang="en">EU Taxonomy DisclosureAccounting PrinciplesThe EU Taxonomy framework provides an opportunity for Royal Unibrew to disclose our eligible revenue and investments based on a recognized standard.  For 2024, EU Taxonomy requirements mandate Royal Unibrew to report on eligibility and align-ment for all 6 environmental objectives. The EU Taxonomy is still evolving and remains subject to interpretation. We are dedicated to continuous improvement and will maintain our position at the forefront of sustainable practices. We will reassess our KPIs on an annual basis. Royal Unibrew's process for eligibility and alignmentDuring 2024, we assessed our economic activ-ities, to determine their eligibility and align-ment with the EU Taxonomy. Our assessment involved an initial screening of all activities aligned with the EU Taxonomy Compass and all the delegated acts. Our analysis focused on identifying activities that fall under the scope of the current legis-lation regardless of their size. We established the eligibility of each activity, followed by a thorough assessment of its alignment with the technical screening criteria. This involved eval-uating each activity against the specific criteria to verify its compliance.There are not reported on any new activities.Taxonomy eligibilityRoyal Unibrew is currently eligible under the EU Taxonomy criteria. However, Royal Unibrew is working towards full alignment with the EU Taxonomy, as we gradually continue to enhance our documentation and verification processes. We are committed to meeting these standards and ensuring our economic activities align with the environmental objectives set forth by the EU Taxonomy.Revenue KPIIn 2024, the EU taxonomy-eligible revenue totaled DKK 0.5m, a decrease from DKK 1m in 2023. This revenue was generated from the solar park in Faxe, Denmark. The proportion of EU taxonomy-eligible revenue represents 0% of the total revenue. CAPEX KPIFor 2024, Royal Unibrew is reporting six eligible activities. under CAPEX. The total eligible capital expenditures (CAPEX) amounted to DKK 80.3m, (2023: DKK 75.9m). This represents 8.3% of the total CAPEX for 2024 (2023: 3.2%). Key activities contributing to our eligible CAPEX include increased spending on solar photo-voltaic technology, water supply systems, and charging stations for electric vehicles, while expenditures on electric heat pumps and energy efficiency equipment saw reductions.Activity 4.1 (Electricity generation using solar photovoltaic technology) amounting to DKK 9.7m relating to our solar parks. We have heat pumps installed which are eligible under Activity 4.16 (Installation and operation of electric heat pumps) amounting to DKK 5.3m. Additionally, the following expenditures are reported: Activity 5.1 (Construction of new buildings): DKK 6.6m; Activity 7.3 (Installation, maintenance, and repair of energy efficiency equipment): DKK 10.6m; Activity 7.4 (Installation, maintenance, and repair of charging stations for electric vehicles): DKK 36.2m; and Activity 7.5 (Installation, mainte-nance, and repair of instruments and devices for measuring, regulation, and controlling energy performance of buildings): DKK 11.9m. OPEX KPIFor 2024, Royal Unibrew is reporting eight eligible activities under OPEX. The total eligible OPEX for 2024 amounts to DKK 27.6m. Activity 6.5 (Transport by motorbikes, passenger cars, and light commercial vehicles) amounts to DKK 14.7m. Activity 5.1 (Construc-tion, extension, and operation of water collec-tion, treatment, and supply systems) amounts to DKK 5.9m. Activity 4.16 (Installation and operation of electric heat pumps) amounts to DKK 2.2m. Activity 5.3 (Construction, extension, and operation of wastewater collection and treatment) amounts to DKK 2.2m. Activity 7.3 (Installation, maintenance, and repair of energy efficiency equipment) amounts to DKK 1.2m. Activity 4.0 (Electricity generation using solar photovoltaic technology) amounts to DKK 0.7m. Activity 7.4 (Installation, maintenance, and repair of charging stations for electric vehicles in buildings and parking spaces attached to buildings) amounts to DKK 0.4m. Activity 7.5 (Installation, maintenance, and repair of instru-ments and devices for measuring, regulation, and controlling energy performance of build-ings) amounts to DKK 0.3m. Proportion of turnover from products or services associated with taxonomy-aligned economic avtivities - disclosure covering year 2024Substantial contribution criteria DNSH criteria Economic activities (1)A ELIGIBLE ACTIVITIESA.1 Eligible taxonomy-aligned activitiesTurnover of eligible taxonomy -aligned activities (A.1)  0 0% 0%A.2 Eligible not taxonomy-aligned activitiesElectricity generation using solar photovoltaic tecnology CCA - 4.1 0.5 0.0% 0%Turnover of eligible not taxonomy -aligned  activities (A.2) 0.5 0.0% 0%Total (A.1+A.2) 0.5 0.0% 0%B NON-ELIGIBLE ACTIVITIESTurnover of non-eligible activities (B) 15,035  100%Total (A+B) 15,036  100%Proportion of CapEx from products or services associated with taxonomy-aligned economic avtivities - disclosure covering year 2024Substantial contribution criteria DNSH criteria Economic activities (1)A ELIGIBLE ACTIVITIESA.1 Eligible taxonomy-aligned activitiesCapEx of eligible taxonomy-aligned activities (A.1)  0 0 N N N N N N N 0.0%A.2 Eligible not taxonomy-aligned activities 0.0%Electricity generation using solar photovoltaic technology CCA - 4.1 9.7 1.0% N/EL EL N/EL N/EL N/EL N/EL 1.4%Installation and operation of electric heat pumps CCA - 4.16 5.3 0.5% N/EL EL N/EL N/EL N/EL N/EL 0.5%Construction, extension and operation of water collection, treatment CCA - 5.1 6.6 0.7% N/EL EL N/EL N/EL N/EL N/EL 0.0%and supply systemsRenewal of water collection, treatment and supply systems CCA - 5.2 0.0 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.4%Transport by motorbikes, passenger cars and light  CCA - 6.5 0.0 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.0%commercial vehiclesInstallation, maintenance and repair of energy efficiency equipment CCA - 7.3 10.6 1.1% N/EL EL N/EL N/EL N/EL N/EL 0.7%Installation, maintenance and repair of charging stations for electric CCA - 7.4 36.2 3.7% N/EL EL N/EL N/EL N/EL N/EL 0.0%vehicles in buildings (and parking spaces attached to buildings)Installation, maintenance and repair of instruments and devices for CCA - 7.5 11.9 1.2% N/EL EL N/EL N/EL N/EL N/EL 0.1%measuring, regulation and controlling energy performance of buildingsCapEx of eligible not Taxonomy-aligned activities (A.2) 80.3 8.3% 0% 100% 0% 0% 0% 0% 3.2%Total (A.1+A.2) 80.3 8.3% 0% 100% 0% 0% 0% 0% 3.2%B NON-ELIGIBLE ACTIVITIESCapEx of non-eligible activities (B)  893  91.7%Total (A+B)  973  100%Proportion of OpEx from products or services associated with taxonomy-aligned economic avtivities - disclosure covering year 2024Substantial contribution criteria DNSH criteria Economic activities (1)A ELIGIBLE ACTIVITIESA.1 Eligible taxonomy-aligned activitiesOpEx of eligible taxonomy-aligned activities (A.1)  0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% N N N N N N N 0.0%A.2 Eligible not taxonomy-aligned activitiesElectricity generation using solar photovoltaic technology CCA - 4.1 0.7 0.2% N/EL EL N/EL N/EL N/EL N/EL 0.0%Installation and operation of electric heat pumps CCA - 4.16 2.2 0.5% N/EL EL N/EL N/EL N/EL N/EL 0.7%Construction, extension and operation of water collection, treatment CCA - 5.1 5.9 1.4% N/EL EL N/EL N/EL N/EL N/EL 1.2%and supply systemsRenewal of water collection, treatment and supply systems CCA -  5.2 0.0 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.1%Construction, extension and operation of waste water collection  CCA - 5.3  2.2 0.5% N/EL EL N/EL N/EL N/EL N/EL 0.8%and treatmentTransport by motorbikes, passenger cars and light commercial CCA - 6.5 14.7 3.6% N/EL EL N/EL N/EL N/EL N/EL 4.0%vehiclesInstallation, maintenance and repair of energy efficiency equipment CCA - 7.3 1.2 0.3% N/EL EL N/EL N/EL N/EL N/EL 0.5%Installation, maintenance and repair of charging stations for electric CCA - 7.4 0.4 0.1% N/EL EL N/EL N/EL N/EL N/EL 0.2%vehicles in buildings (and parking spaces attached to buildings)Installation, maintenance and repair of instruments and devices for CCA - 7.5 0.3 0.1% N/EL EL N/EL N/EL N/EL N/EL 0.1%measuring, regulation and controlling energy performance of  buildingsOpEx of eligible not Taxonomy-aligned activities (A.2) 27.6 6.7% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 7.7%Total (A.1+A.2) 27.6 6.7% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 7.7%B NON-ELIGIBLE ACTIVITIESOpEx of non-eligible activities (B) 384 93.3%Total (A+B) 411 100%§  Accounting policiesRevenueRevenue consists of income generated from the sale of products and services during the financial year. It includes revenue recognized under IFRS 15. The revenue KPI is defined as Taxonomy-eli-gible revenue (numerator) relating to solar panels and energy projects divided by total Revenue (denominator).CAPEXCAPEX consists of additions to tangible assets covering property, plant, and equipment (PPE) and intangible assets during the financial year. It includes additions to PPE (IAS 16), intangible assets (IAS 38), and right-of-use assets (IFRS 16). The CAPEX KPI is defined as Taxonomy-eli-gible CAPEX (numerator) relating to solar panels and energy projects divided by total CAPEX (denominator).OPEXOPEX consists of expenses related to the operation and maintenance of tangible assets, including property, plant, and equipment (PPE), and intangible assets during the financial year. It includes expenses recognized under IAS 16 and IAS 38. The OPEX KPI is defined as Taxon-omy-eligible OPEX (numerator) relating to solar panels and energy projects divided by total OPEX (denominator).Double counting None of our activities contribute to multiple objectives. For the CAPEX and OPEX allocations, we have identified the economic activities in the Climate Delegated Act and the Environmental Delegated Act mapped these with relevant purchases. Thereby, we ensure that no CAPEX or OPEX are double counted.Changes to accountingThere has been no changes to accounitng.Disaggregation of KPIs There has been no disaggregation of revenue, CAPEX or OPEX for the assessed economic activities.EU Taxonomy AppendixRow Nuclear related activities1 The undertaking carries out, funds or has exposures to research, development, Nodemonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.2 The undertaking carries out, funds or has exposures to construction and Nosafe operation of new nuclear installations to produce electricity or process heat, including for the purpose of district heating or industrial process such as hydrogen production, as well as their safety upgrades, using best available technologies.3 The undertaking carries out, funds or has exposures to safe operation Noof existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes, such as hydrogen production from nuclear energy, as well as their safety upgrades.Fossil gas related activities4 The undertaking carries out, funds or has exposures to construction or oper-Noating of electricity generation facilities that produce electricity using fossil gaseous fuels.5 The undertaking carries out, funds or has exposures to construction, refur-Nobishment, and operation of combined heat/cool and power generation facili-ties using fossil gaseous fuels.6 The undertaking carries out, funds or has exposures to construction, refur-Nobishment and operation of heat generation facilities that produce heat/cool using fossil gaseuos fuels.</mrv:DescriptionofTheTaxonomyRegulation>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f1__s10__7__17" xml:lang="en">The Board of Directors and the Executive Board have today considered and approved the Annual Report of Royal Unibrew A/S for the financial year ended December 31, 2024.The Annual Report 2024 is prepared in accor-dance with IFRS Accounting Standards as adopted by the EU and disclosure requirements for listed companies in Denmark.In our opinion, the consolidated financial state-ments and the parent company’s financial state-ments give a true and fair view of the Group’s and the parent company’s financial position at December 31, 2024 as well as of the results of their operations and the Group's and parent company’s cash flows for the financial year 2024.In our opinion, the management review is prepared in accordance with relevant laws and regulations and contains a fair review of the devel-opment of the Group's and the Parent’s business and financial matters, the results for the year and of the Parent’s financial position and the financial position as a whole of the entities included in the consolidated financial statements, together with a description of the principal risks and uncertainties that the Group and the Parent face.The sustainability statement is prepared in accor-dance with the European Sustainability Reporting Standards (ESRS) as required by the Danish Finan-cial Statements Act as well as article 8 in the EU Taxonomy regulation.Furthermore, in our opinion, the annual report of Royal Unibrew A/S for the financial year January 1 – December 31, 2024, with the file name ROYAL-2024-12-31-0-en.zip, is prepared, in all material respects, in accordance with the ESEF Regulation.We recommend the Annual Report for adoption at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-42" id="f1__s10__7__20" xml:lang="en">Lars Jensen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-43" id="f1__s10__7__22" xml:lang="en">Lars Vestergaard</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-42" id="f1__s10__7__21" xml:lang="en">President &amp; CEO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-43" id="f1__s10__7__23" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="f1__s10__7__24" xml:lang="en">Peter Ruzicka</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="f1__s10__7__26" xml:lang="en">Jais Valeur</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-44" id="f1__s10__7__25" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-45" id="f1__s10__7__27" xml:lang="en">Deputy Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-46" id="f1__s10__7__28" xml:lang="en">Torben Carlsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-47" id="f1__s10__7__29" xml:lang="en">Kenn Hvarre</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-48" id="f1__s10__7__30" xml:lang="en">Heidi Kleinbach-Sauter</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-49" id="f1__s10__7__31" xml:lang="en">Claus Kærgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-50" id="f1__s10__7__32" xml:lang="en">Michael Nielsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-51" id="f1__s10__7__33" xml:lang="en">Christian Sagild</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-52" id="f1__s10__7__34" xml:lang="en">Catharina Stackelberg-Hammarén</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="f1__s10__7__18" xml:lang="en">Faxe,</sob:PlaceOfSignatureOfStatement>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s10__7__38" xml:lang="en">To the shareholders of Royal Unibrew A/SReport on the Financial Statements</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s10__7__39" xml:lang="en">OpinionWe have audited the consolidated financial statements and the parent financial statements of Royal Unibrew A/S for the financial year 1 January 2024 – 31 December 2024, which comprise the income statement, statement of comprehen-sive income, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting policy information, for the Group as well as the Parent, page 149 - 213. The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as endorsed by the EU and additional requirements of the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group’s and the Parent’s financial position at 31 December 2024, and of the results of its operations and cash flows for the financial year 1 January 2024 – 31 December 2024 in accordance with IFRS Accounting Standards as endorsed by the EU and additional requirements under the Danish Financial Statements Act.Our opinion is consistent with our audit book comments issued to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f1__s10__7__40" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those stan-dards and requirements are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements section of this auditor’s report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical require-ments applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to in Article 5(1) of Regulation (EU) No 537/2014.We were appointed auditors of Royal Unibrew A/S for the first time on 28 April 2021, for the financial year 2021. We have been reappointed annually by decision of the general meeting for a total continuous engagement period of four years up to and including the financial year 2024.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s10__7__41" xml:lang="en">Statement on the Management reportManagement is responsible for the Management report.Our opinion on the consolidated financial statements and the parent financial statements does not cover the Management report, and we do not as part of the audit express any form of assurance conclusion thereon.In connection with our audit of the consolidated financial statements and the parent financial statements, our respon-sibility is to read the Management report and, in doing so, consider whether the Management report is materially incon-sistent with the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management report provides the information required by the Danish Financial Statements Act. This does not include the requirements in paragraph 99a related to the Sustainability statement covered by the separate auditor’s limited assurance report hereon.Based on the work we have performed, we conclude that the Management report is in accordance with the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act except for the requirements</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f1__s10__7__43" xml:lang="en">Management's responsibilities for the Financial StatementsManagement is responsible for the preparation of consoli-dated financial statements and parent financial statements that give a true and fair view in accordance with IFRS Accounting Standards as endorsed by the EU and additional requirements of the Danish Financial Statements Act as well as the preparation of parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of consol-idated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group’s and the Parent’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate the Group or the Entity or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-1" id="f1__s10__7__42" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements and the parent financial statements for the financial year 1 January 2024 – 31 December 2024. These matters were addressed in the context of our audit of the consolidated financial statements and the parent financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Key audit matters Revenue recognitionThere are a significant number of transactions and contracts with customers.Sales contracts with certain customers are relatively complex with discounts and agreements with marketing contributions etc. This introduces an inherent risk to revenue recognition. Therefore, we have considered this a key audit matter. Reference is made to note 5 in the consolidated financial statements.How our audit addressed the key audit matterFor the purpose of our audit, the procedures we carried out included the following:•  We have considered the appropriateness of the Group’s revenue recognition policy and assessed the compliance with IFRS 15 Revenue from Contracts with Customers.•  We have evaluated the systems and key controls, designed and implemented by Management, related to revenue recog-nition.•  We have discussed with Management the key judgements related to recognition, measurement and classification of net revenue and marketing cost etc.•  In addition, we have performed substantive procedures. We have reviewed significant and complex customer contracts and the development in discounts and the treatment of marketing contribution to ensure that accounting policies are applied correctly.•  In addition, we have assessed whether the disclosures; note 5 in the consolidated financial statements meet the requirements of IFRSin paragraph 99a related to the Sustainability statement, cf. above. We did not identify any material misstatement in the Management report.</arr:KeyAuditMattersAudit>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f1__s10__7__44" xml:lang="en">Auditor's responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are free from mate-rial misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and these parent financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: •  Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro-priate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent’s internal control. •  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Entity to cease to continue as a going concern.• Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures in the notes, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial infor-mation of the entities or business units within the group as a basis for forming an opinion on the Financial State-ments. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.  We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a state-ment that we have complied with relevant ethical require-ments regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where appli-cable, safeguards put in place and measures taken to elimi-nate threats.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f1__s10__7__45" xml:lang="en">Report on compliance with the ESEF RegulationAs part of our audit of the Financial Statements of Royal Unibrew A/S, we performed procedures to express an opinion on whether the annual report of Royal Unibrew A/S for the financial year 1 January 2024 to 31 December 2024 with the file name ROYAL-2024-12-31-0-en.zip is prepared, in all mate-rial respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation), which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: •  The preparing of the annual report in XHTML format;• The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for financial information required to be tagged using judgement where necessary;•  Ensuring consistency between iXBRL tagged data and the consolidated financial statements presented in human readable format; and• For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained and to issue a report that includes our opinion. The nature, timing and extent of proce-dures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:•  Testing whether the annual report is prepared in XHTML format;•  Obtaining an understanding of the Company’s iXBRL tagging process and of internal control over the tagging process;•  Evaluating the completeness of the iXBRL tagging of the consolidated financial statements including notes;•  Evaluating the appropriateness of the Company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified;•  Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and•  Reconciling the iXBRL tagged data with the audited consoli-dated financial statements.In our opinion, the annual report of Royal Unibrew A/S for the financial year 1 January to 31 December 2024 with the file name ROYAL-2024-12-31-0-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f1__s10__7__46" xml:lang="en">Copenhagen,</arr:SignatureOfAuditorsPlace>
   <cmn:NameOfAuditFirm contextRef="ctx-54" id="f1__s10__7__49" xml:lang="en">DeloitteStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx-53" id="f1__s10__7__48" xml:lang="en">DeloitteStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-53" id="f1__s10__7__50">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-54" id="f1__s10__7__51">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-53" id="f1__s10__7__52" xml:lang="en">Lars Siggaard Hansen</cmn:NameAndSurnameOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-54" id