Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2025-12-31 | 18269000000 | dkk |
| ifrs-full:Assets | 2024-12-31 | 17886000000 | dkk |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2025-01-01 | 2025-12-31 | 15723000000 | dkk |
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 15036000000 | dkk |
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<mrv:CorporateGovernanceReport contextRef="ctx-1" id="f1__s10__7__7" xml:lang="en">Corporate governanceRoyal Unibrewâs corporate governance framework is built on recommendations of the Danish Committee on Corporate Governance, relevant legislation and regulations, best practices, and internal policies. We are committed to fulfilling our responsibilities to shareholders, customers, employees, authorities, and other stakeholders while actively pursuing the creation of long-term value.Annual General Meeting / shareholdersThe Annual General Meeting (AGM) constitutes the highest authority in all matters relating to Royal Unibrew. Pursuant to Royal Unibrewâs Articles of Association, the AGM shall be convened no earlier than five weeks and no later than three weeks prior to the date of the meeting. It is the objective of Royal Unibrew to ensure that the notice convening the AGM, including the agenda, is prepared in a manner that provides shareholders an adequate and comprehensive basis for evaluating the matters to be addressed at the meeting. Proxies are limited to a specific AGM and are formulated to allow absent shareholders to give specific voting instructions on individual agenda items, either to the Board of Directors or to another appointed representative attending the AGM. All documents relating to the AGM are made publicly available on Royal Unibrewâs 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 Unibrewâs 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 holds overall respon-sibility for the strategic management of the company and ensures that operations are managed properly, reasonably, and soundly in compliance with applicable laws and regu-lations. In addition, the board oversees Royal Unibrewâs organizational structure, financial performance, and operational management, while continuously evaluating the work performed by the Executive Management to safeguard shareholder interests. The Board of Directors operates in accordance with the companyâs Rules of Procedure, which govern both the Board of Directors and the Executive Management. Rules of Procedure are reviewed and updated annually to ensure continued relevance and compliance.The Board of Directors typically convenes six ordinary meetings each year, with at least one meeting dedicated to the companyâs strategy and prospects, and another held in a key market to provide an in-depth review of local opera-tions. In 2025, three extraordinary meetings were added, bringing the total number of board meetings to nine for the full year.The Board of Directors has established the following committees:Remuneration and Nomination CommitteeThe Remuneration and Nomination 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 the selection and nomination of potential new candidates to the Board of Directors and Executive Management, and to ensure overall succession planning of the Board of Directors and the Executive 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 2025, the Remuneration and Nomination Committee held a total of four meetings.Audit CommitteeThe Audit Committee consists of the Chair, Lise Skaarup Mortensen, and one board member, Peter Arne Ruzicka. Its primary responsibility is to ensure the quality and integrity of the companyâs financial statements, audits, and financial reporting including compliance with applicable accounting standards and legal requirements. The committee also oversees accounting and reporting processes, monitors audit activities, evaluates risk management issues, and assesses the external auditorâs performance and independence. In addition, it is responsible for monitoring the whistle-blower reporting system and ESG reporting. Finally, the Audit Committee recommends the appointment of external auditors to the Board of Directors and ensures their independence. The external auditor participated in all meetings of the Audit Committee. In 2025, the Audit Committee held a total of six meetings.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, busi-ness-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. 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 Exec-utive 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 objec-tives to ensure continued effectiveness.Responsibilities and composition of the Board of Directors When forming the Board of Directors, the company prioritizes members possessing the necessary competencies. As part of the annual evaluation, the Board of Directors conducts an assessment to ensure that the board composi-tion aligns with Royal Unibrew Groupâs activi-ties, considering both competencies, indepen-dency, 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 membersâ competencies and credentials are described in the below section on the Board of Directors and the Executive Management (see pages 57-59).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, and the next election will consequently take place in 2026. 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 Business Lead Team (BLT), they are responsible for the day-to-day short- and long-term duties, management, and strategy of the company. The BLT focuses on financial performance, business environment, and resource alloca-tion. This leadership team consists of eight members, including the Executive Manage-ment, experienced group function leaders and general managers from Royal Unibrewâs largest markets.In addition to the BLT, the company operates with a Growth Leadership Team (GLT) that consists of BLT members, leaders of group functions and country managers with broad experience and special expertise within their area of business. The GLT is a leadership team with a particular focus on strategy develop-ment with focus on deployment of the growth framework and driving efficiencies, ensuring sustainable growth. The GLT also focuses on developing our talent and business model. The GLT consists of 19 members. Diversity We aim to achieve a minimum of 40% repre-sentation for the underrepresented gender within the Board of Directors and international management teams. For the Board of Directors, now including both the AGM-elected and the employee-elected members, we have adopted the June 30, 2026, deadline of the Gender Balance Act to reach at least 40%. For the leadership team, as defined under section 107f of the Danish Financial Statements Act, Royal Unibrew is targeting 30% representation of the underrepresented gender by 2027. Recruit-ment processes emphasize inclusivity by actively seeking candidates of all genders with a focus on encouraging the underrepresented gender to pursue leadership roles. 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 gender distribution. We are committed to proposing processes that can help facili-tate a minimum of 40% representation of the underrepresented gender among the members elected by the employees.Royal Unibrewâs approach to board compo-sition prioritizes complementary skills across education, experience, age, background, nation-ality, and gender to foster a well-rounded and competent Board of Directors. The Remuner-ation and Nomination Committee considers these factors when identifying new board candidates, ensuring both male and female candidates are included. Candidate recommen-dations focus on the individualâs qualifications and potential contribution to the boardâs overall performance and effectiveness.Whistleblower systemRoyal Unibrew is committed to conducting business in accordance with high ethical stan-dards and acting responsibly, transparently, and with integrity.The companyâs secure whistleblower system allows employees and third parties doing busi-ness with Royal Unibrew to report knowledge or suspicions of unethical behavior in violation of Royal Unibrewâs Code of Conduct or other illegal behavior.The whistleblower system can be accessed from Royal Unibrewâs Group website (www.royalunibrew.com) as well as the websites of Royal Unibrewâs subsidiariesâ, available in 15 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 Treasury, Risk Management & ESG. The Audit Committee oversees the monitoring of the whistleblower reporting system. Reporting is made in compli-ance with national data protection regulation and GDPR. In 2025, six reports were received via the whistleblower system, of which one was within scope of the whistleblower reporting system. Corporate Governance Report 2025The Board of Directors regularly reviews Royal Unibrewâs corporate governance framework and policies to ensure alignment with the companyâs activities. A comprehensive descrip-tion along with an overview of Royal Unibrewâs position on each of the recommendations have been prepared in compliance with recommen-dations on corporate governance issued by the Danish Committee on Corporate Governance, cf. Section 107b of the Danish Financial State-ments Act.2025Underrepresented gender Tot a l Female Male Ta rgetAGM-elected members 6 3 3- gender split 50% 50% 40%Employee-elected members 3 0 3- gender split 0% 100% 40%Executive Management** 2 0 2- gender split 0% 100% N/AInternational management team 131 50 81- gender split 38% 62% 40%Leadership team* 12 5 7- gender split 42% 58% 30%* employed by Royal Unibrew A/S, as defined by the Danish Companies Act.**equal gender distribution is not applicable when there are 2 membersTax contribution and sustainability Royal Unibrew plays an important role in driving economic prosperity and job creation in the communities where we operate. Through employment, local investments, and tax contri-butions, we help foster sustainable development and economic resilience. We recognize that tax payments are a key component of our social impact, helping to fund essential public services and infrastructure across our markets. As part of our commitment to transparent tax disclo-sures, Royal Unibrew aligns its approach with the United Nations Sustainable Development Goals (SDGs): Goal 1: No Poverty, Goal 10: Reduced Inequalities, and Goal 17: Partnerships for the Goals.Our Tax Policy is rooted in business integrity and aims to ensure compliance, transparency, and responsible corporate citizenship, reinforcing our contribution to sustainable economic growth.We also monitor evolving European expecta-tions for responsible tax governance, including increased transparency requirements under emerging EU sustainability reporting standards.Transparency and compliance Royal 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 dialog with tax authorities as part of routine regulatory processes. In the event of tax reviews, we collaborate closely with external advisors to ensure full alignment with applicable regulations and best practices.Pillar Two (global minimum tax)Royal Unibrew is in scope of the EU/OECD Pillar Two framework and complies with Denmarkâs Minimum Taxation Act, which introduces the global minimum tax rules for large multinational groups. In 2025, Royal Unibrew sold goods in certain jurisdictions included on the EU list of non-co-operative 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 incentives At Royal Unibrew, we assess and utilize tax incentives where they align with industry practices and support our competitive market position. We use such incentives responsibly and in 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 40m, 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 6.4m in 2019. We continue to evaluate relevant tax incentives in line with evolving OECD and EU expectations for responsible and sustainable tax planning.Royal Unibrew remains committed to respon-sible tax planning, ensuring that all tax incentives utilized are aligned with legal frameworks and best practices. Our approach supports long-term value creation while maintaining transpar-ency 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 operations, and we have prepared the country-by-country tax disclosure based on the GRI 207 tax guideline.We recognize the increasing focus on transparency across Europe and continue to ensure that our reporting follows applicable requirements and accepted international standards.Country-by-country key figures 2025Revenues from intragroup Total employee transactions with Balance of Corporate income tax Country-by-country key Number of employees remuneration Revenues from third other tax jurisdictions, intercompany debt Profit/loss before tax Tangible assets other paid on a cash basis, Calculated local tax figures - IFRS, 2025averageDKKmparty sales DKKmDKKmDKKmDKKmthan cash DKKmDKKmon profit (loss) DKKmDenmark 1,424 1,032 5,039 678 1,583 1,010 1,964 234 224 Finland 872 465 3,157 183 2 719 1,349 154 146 Norway 334 277 1,667 21 590 -29 742 16 -1 Italy 289 163 1,458 216 976 78 525 4 27 France 125 74 364 82 323 55 129 15 13 Netherlands 357 357 1,501 78 1,104 78 980 27 -5 Latvia 340 85 448 153 5 74 181 - 19 Lithuania 338 72 516 110 0 47 219 4 5 Estonia 35 15 126 1 2 -18 26 - - United Kingdom 11 8 98 - 11 5 2 2 1 United States 10 15 192 - 26 10 23 - 5 Canada 86 74 247 - 197 5 133 1 -2 Sweden 64 51 477 1 0 -46 59 1 -19 Belgium 67 56 393 - 4 -31 74 - -10 China - - 40 - 0 9 - 3 3 4,352 2,744 15,723 1,523 4,823 1,966 6,406 461 406 Total tax contributionIn 2025, Royal Unibrew had a total tax contribution of DKK 9,577m (2024: DKK 8,728m) divided between taxes borne of DKK 461m (2024: DKK 384m) and taxes collected of DKK 9,116m (DKK 8,344m). Taxes collected comprise excise duties, VAT, personal taxes and social security contributions which include both employee-paid amounts and an employer-paid portion.Our total tax contribution shows the taxes we pay and collect across the value chain, and how we contribute to the societies where we operate.Total tax contribution 2025Personal taxes & social Country-by-country key figures - Excise duties VAT security contributions Corporate taxes Tot a l IFRS, 2025DKKmDKKmDKKmDKKmDKKmDenmark 239 260 318 234 1,051 Finland 2,434 878 105 154 3,571 Norway 1,792 716 94 16 2,618 Italy 272 290 68 4 634 France 7 -2 32 15 52 Netherlands 451 3 113 27 594 Latvia 108 82 33 - 223 Lithuania 183 94 18 4 299 Estonia - 33 5 - 38 United Kingdom 21 18 3 2 44 United States 8 - 1 - 9 Canada 22 14 20 1 57 Sweden 195 113 24 1 333 Belgium 30 -2 21 - 49 China - 2 - 3 5 5,762 2,499 855 461 9,577 Sustainability Statement</mrv:CorporateGovernanceReport>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f1__s10__7__8" xml:lang="en">Diversity We aim to achieve a minimum of 40% repre-sentation for the underrepresented gender within the Board of Directors and international management teams. For the Board of Directors, now including both the AGM-elected and the employee-elected members, we have adopted the June 30, 2026, deadline of the Gender Balance Act to reach at least 40%. For the leadership team, as defined under section 107f of the Danish Financial Statements Act, Royal Unibrew is targeting 30% representation of the underrepresented gender by 2027. Recruit-ment processes emphasize inclusivity by actively seeking candidates of all genders with a focus on encouraging the underrepresented gender to pursue leadership roles. 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 gender distribution. We are committed to proposing processes that can help facili-tate a minimum of 40% representation of the underrepresented gender among the members elected by the employees.Royal Unibrewâs approach to board compo-sition prioritizes complementary skills across education, experience, age, background, nation-ality, and gender to foster a well-rounded and competent Board of Directors. The Remuner-ation and Nomination Committee considers these factors when identifying new board candidates, ensuring both male and female candidates are included. Candidate recommen-dations focus on the individualâs qualifications and potential contribution to the boardâs overall performance and effectiveness.</mrv:StatementOfTheDiversityPolicies>
<mrv:SustainabilityReport contextRef="ctx-1" id="f1__s10__7__10" xml:lang="en">General information2025 marked the second year of reporting in accordance with the EU Sustainability Reporting Standards (ESRS). Based on learnings from the previous year, we have implemented changes to improve the readability of the Sustainability Statement as well as minor adjustments to the reporting scope.Stakeholder engagement across the value chain remains an integral part of Royal Unibrewâs way of doing business and provides valuable input to the Double Materiality Assess-ment (DMA). This process has not resulted in changes to our strategy or business model.The DMA conducted in 2025 is largely a contin-uation of Royal Unibrewâs first year of reporting in alignment with European Sustainability Reporting Standards (ESRS). Key changes to Impacts, Risks, and Opportuni-ties (IROs) include the identification of Diversity, Equity, and Inclusion (DEI) as a material topic, while waste was assessed as not material. Data ethics and cybersecurity are excluded from both financial and impact materiality; however, these topics remain priorities for Royal Unibrew and are addressed in the risk management section in the management report. Previously reported positive impacts were reassessed and found immaterial. Royal Unibrew considered the amendments introduced by Delegated Regulation (EU) 2023/2772 (ESRS Quick Fix) and will apply the phase-ins for anticipated financial effects as well as (S1) non-employees and persons with disabilities, while continuing to report on all material topics as in the first year of reporting.Disclosure requirements coveredIRO-2We have aligned the identified Impacts, Risks, and Opportunities (IROs) with the relevant ESRS data requirement and conducted a comprehensive materiality assessment to evaluate the relevance of sustain-ability topics to our business model and stakeholdersâ decision-making needs. This process identified the sustainability information disclosed in this statement. A description of material and non-material topics is provided under SBM-3, and the process applied for their determination is outlined under IRO-1. The list of relevant data points related to other legislation is presented on pages 129-131. Disclosure Page Requirement descriptionnumberGENERAL INFORMATIONESRS 2 - GENERAL DISCLOSURESBP-1 General basis for preparation of sustainability 68statementBP-2 Disclosures in relation to specific circum-68stancesGOV-1 The role of the administrative, management, 69and supervisory bodiesGOV-2 Information provided to and sustainability 69matters addressed by the undertakingâs administrative, management, and supervisory bodiesGOV-3 Integration of sustainability-related perfor-69mance in incentive schemesGOV-4 Statement on due diligence 71GOV-5 Risk management and internal controls over 71sustainability reportingSBM-1 Strategy, business model, and value chain 72SBM-2 Interests and views of stakeholders 74SBM-3 Material impacts, risks, and opportunities and 76their interaction with strategy and business modelIRO-1 Description of the processes to identify and 79assess material impacts, risks, and opportu-nitiesIRO-2 Disclosure requirements in ESRS covered by 66the undertakingâs sustainability statementDisclosure Page Requirement descriptionnumberENVIRONMENTE1 - CLIMATE CHANGESBM-3, E1 Material impacts, risks, and opportunities and 82their interaction with strategy and business modelIRO-1, E1 Description of the processes to identify and 83assess material impacts, risks, and opportu-nitiesE1-1 Transition plan for climate change mitigation 84E1-2 Policies related to climate change mitigation 85and adaptationE1-3 Actions and resources in relation to climate 85change policiesE1-4 Targets related to climate change mitigation 86and adaptationE1-5 Energy consumption and mix 88E1-6 Gross scopes 1, 2, 3 and total GHG emissions 89E3 - WATER AND MARINE RESOURCESSBM-3, E3 Material impacts, risks, and opportunities and 92their interaction with strategy and business modelIRO-1, E3 Description of the processes to identify and 92assess material impacts, risks, and opportu-nitiesE3-1 Policies related to water and marine 92resourcesDisclosure Page Requirement descriptionnumberENVIRONMENTE3 - WATER AND MARINE RESOURCESE3-2 Actions and resources related to water and 93marine resourcesE3-3 Targets related to water and marine 93resourcesE3-4 Water consumption 94E4 - BIODIVERSITY AND ECOSYSTEMSSBM-3, E4 Material impacts, risks, and opportunities and 95their interaction with strategy and business modelIRO-1, E4 Description of the processes to identify and 95assess material impacts, risks, and opportu-nitiesE4-2 Policies related to biodiversity and ecosys-96temsE4-3 Actions and resources related to biodiversity 96and ecosystemsE4-4 Targets related to biodiversity and ecosys-97temsE4-5 Impact metrics related to biodiversity and 98ecosystems changeENVIRONMENTE5 - RESOURCE USE AND CIRCULAR ECONOMYSBM-3, E5 Material impacts, risks, and opportunities and 99their interaction with strategy and business modelIRO-1, E5 Description of the processes to identify and 99assess material impacts, risks, and opportu-nitiesE5-1 Policies related to resource use and circular 99economyE5-2 Actions and resources related to resource use 100and circular economyE5-3 Targets related to resource use and circular 101economyE5-4 Resource inflows 102E5-5 Resource outflows 102SOCIALS1 - OWN WORKFORCESBM-3, S1 Material impacts, risks, and opportunities and 110their interaction with strategy and business modelS1-1 Policies related to own workforce 110S1-2 Processes for engaging with own workers 111and workersâ representatives about impactsS1-3 Processes to remediate negative impacts and 111channels for own workers to raise concernsS1-4 Taking action on material impacts on own 111workforce, and approaches to mitigating material risks and pursuing material opportu-nities related to own workforce, and effec-tiveness of those actionsS1-5 Targets related to managing material nega-113tive impacts, advancing positive impacts, and managing material risks and opportunitiesS1-6 Characteristics of the undertakingâs 114employeesSOCIALS1 - OWN WORKFORCES1-9 Diversity metrics 115S1-14 Health and safety metrics 116S1-16 Remuneration metrics 116S1-17 Incidents, complaints, and severe human 117rights impactsS2 - WORKERS IN THE VALUE CHAINSBM-3, S2 Material impacts, risks, and opportunities and 118their interaction with strategy and business modelS2-1 Policies related to value chain workers 118S2-2 Processes for engaging with value chain 119workers about impactsS2-3 Processes to remediate negative impacts 119and channels for value chain workers to raise concernsS2-4 Taking action on material impacts on value 120chain workers, and approaches to managing material risks and pursuing material oppor-tunities related to value chain workers, and effectiveness of those actionsS2-5 Targets related to managing material nega-120tive impacts, advancing positive impacts, and managing material risks and opportunitiesSOCIALS4 - CONSUMERS AND END USERSSBM-3, S4 Material impacts, risks, and opportunities and 121their interaction with strategy and business modelS4-1 Policies related to consumers and end users 121S4-2 Processes for engaging with consumers and 122end users about impactsS4-3 Processes to remediate negative impacts 122and channels for consumers and end users to raise concernsS4-4 Taking action on material impacts on 123consumers and end- users, and approaches to managing material risks and pursuing material opportunities related to consumers and end users, and effectiveness of those actionsS4-5 Targets related to managing material nega-124tive impacts, advancing positive impacts, and managing material risks and opportunitiesGOVERNANCEG1 - BUSINESS CONDUCTSBM-3, G1 Material impacts, risks, and opportunities and 127their interaction with strategy and business modelIRO-1, G1 Description of the processes to identify and 127assess material impacts, risks, and opportu-nitiesG1-1 Corporate culture and business conduct 127policiesG1-1 Protection of whistleblowers 128G1-3 Prevention and detection of corruption and 128briberyG1-4 Confirmed incidents of corruption or bribery 128General 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 2025 Sustainability Statement of Royal Unibrew has been prepared in accordance with the EU Sustainability Reporting Standards (ESRS) and section 99a of the Danish Financial Statements Act. The Sustainability Statement presented in the Annual Report 2025 comprises the consoli-dated sustainability statement of Royal Unibrew A/S and its subsidiaries (the Group) and asso-ciates, aligned with the companyâs financial statements. In identifying Impacts, Risks, and Opportunities (IROs), we have conducted an assessment across the upstream and down-stream value chain. Disclosures pertaining to E1â6 and SBM-3 in (E4) operational control is also considered when determining the consolidation scope. We have not omitted any information relating to intellectual property, know-how, innovation results, impending devel-opments, or matters under negotiation.Disclosures in relation to specific circumstances BP-2Accounting estimates and judgmentsWe apply various assessments and estimates when reporting specific data points. When applied, they are disclosed in the relevant accounting policies.When calculating scope 3 emissions, we apply different methods in alignment with the GHG Protocol, including activity-based and spend-based approaches, combined with emission factors such as industry averages and suppli-er-specific data (primary data). These methods involve an inherent risk of inaccuracy; however, to improve precision, we continuously work to enhance data quality by incorporating more primary data in close cooperation with our suppliers. This is a journey we have been on for several years, and we consider our approach to be robust.For details, see the accounting policies reported under all the relevant metric disclosures.Changes in preparation or presentation of sustainability information(E1-6) Total Gross Indirect (Scope 3) GHG Emissions: Improvements in data quality, updates in specific areas from estimated to calculated values, and revised methodologies resulted in a restatement of the 2024 scope 3 emissions figure from 592,396 tCOe to 2574,532 tCOe (-3%).2The EU Taxonomy restatement of total FY 2024 CAPEX from 973 to 1,107 mDKK results in a recalculation of the share of Taxonomy eligible CAPEX, changing from 8.3% to 7.3%.Other standardsRoyal Unibrew holds various ISO certifications verified by accredited bodies, covering food safety (>99% of production volume), quality, environment, and occupational health and safety. They form part of the input for reporting and data collection together with the general management systems required by relevant EU and national regulations. The data has not been validated by an external body.Use of phase-in provisionsRoyal Unibrew has considered the amend-ments introduced by Delegated Regulation (EU) 2023/2772 (ESRS Quick Fix), which clarify and define certain disclosure requirements, to facil-itate implementation during the initial reporting years, including the application of phase-in provisions in accordance with Appendix C of ESRS 1. Consequently, Royal Unibrew does not report on non-employees (S1-7), persons with disabilities (S1-12), nor provide qualitative or quantitative descriptions of anticipated finan-cial effects for climate (E1â9), water and marine resources (E3â5), biodiversity and ecosystems (E4â6), and resource use and circular economy (E5â6).Incorporation by reference Incorporation by reference has been applied. The list of data points incorporated by refer-ence is provided on page 131.An overview of Royal Unibrewâs legal entities is provided on pages 190-191 (Group structure).GovernanceGOV-1 and GOV-2The role of the administrative, management, and supervisory bodiesSustainability is embedded across the orga-nization. Royal Unibrewâs sustainability gover-nance is aligned with governance structures for non-ESG areas. For additional information on governance, refer to page 44.Skills and expertiseThe Board of Directors and the Executive Management (CEO and CFO) are assessed to have the required skills and expertise. An annual assessment is conducted to ensure the continued alignment of competencies, and every three years the assessment is performed by an external consultant. Detailed business insights are provided by the Executive Manage-ment, the Business Lead Team, and subject matter experts on sustainability and specific impacts, risks, and opportunities (IROs).Board composition and diversityThe Board of Directors consists of six members elected by the Annual General Meeting, with the majority being independent (83%). Three employee-elected members serve four-year terms; the most recent election was in 2022. Employee-elected members are considered dependent.All elected members are non-executive (0 executive and 9 non-executive), and the gender diversity in 2025 was 33% female and 67% male.The Board of Directors conducts an annual evaluation to ensure its composition aligns with Royal Unibrewâs strategy and activities, consid-ering both competencies and diversity.For further details, refer to the section Board of Directors and Executive Management on page 56.Processes, controls, and proceduresRoyal Unibrew investigates all reported inci-dents related to risks, including non-compliance with policies on business conduct and whis-tleblower reports. This includes adherence to the Business Ethics Policy and the internal risk management policy covering financial, IT and ESG. The investigation committee includes the VP, Group General Counsel, and the Director, Treasury, Risk Management & ESG, and are separated from the chain of management, with the Audit Committee holding overall responsi-bility for monitoring compliance. Other aspects of business conduct are managed in line with ESG governance processes.IROs are an integral part of doing business at Royal Unibrew and are embedded into work-streams in the same way as other critical areas. The Board of Directors, the Audit Committee, and the Growth Leadership Team, review and approve all material IROs annually. Incentive scheme GOV-3The Remuneration and Nomination Committee evaluates and advises on the remuneration of the Executive Management, including short-term and long-term incentive programs (STIP and LTIP) where ESG performance is inte-grated.Executive Management remuneration consists of a fixed gross salary, a short-term cash-based bonus, a long-term share-based incentive program, and other customary benefits. Fixed remuneration is benchmarked against compa-rable positions at C25 companies in Denmark. The variable remuneration is designed to support the companyâs strategy and achieve-ment of financial and non-financial targets.In 2025, 14% of the total expensed variable remuneration (STIP and LTIP) for the Executive Management was linked to sustainability-re-lated targets, such as COe intensity reduction 2in scope 1, 2, and 3, reduction in lost time inci-dent frequency, and ESG rating by Morningstar Sustainalytics.The Board of Directors receives a fixed fee only, with no variable remuneration linked to sustain-ability matters. Further details on remuneration for the Board of Directors and the Executive Management are available in the Remunera-tion Report on Royal Unibrewâs Group website www.royalunibrew.com.Due diligence GOV-4Royal Unibrew integrates responsible busi-ness conduct into key policies and processes, ensuring compliance with laws and interna-tional standards. We conduct due diligence to identify and address actual and potential risks, engage stakeholders, and monitor effective-ness to prevent or mitigate adverse impacts.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 prepares the monthly reporting.Royal Unibrew has integrated IROs into its Enterprise 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 annually. Prioritization of risks follows three levels before reporting to the Audit Committee. Level 1: Functions and business units identify risks, assess impact, and implement mitigations. Level 2 (GLT): Reviews and prioritizes key risks, assigns ownership and timelines. Level 3 (BLT): confirms enterprise level priorities, approves mitigation direction and ensures strategic alignment. The background material is prepared and presented by the Director, Treasury, Risk Management & ESG, together with the VP, Sustainability, who also have the responsibility to report back to the responsible data owners.The Executive Management also reports on sustainability due diligence, covering several key aspects such as major transactions, including mergers and acquisitions; the results and effectiveness of policies; specific actions taken to achieve strategic objectives and targets; and metrics used to measure prog-ress. 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 reallo-cating resources, shifting focus to new markets, or adjusting operational practices to better align with the companyâs goals and mitigate identified risks.Core elements of due diligence Page numbera) Embedding due diligence in governance, strategy, and business model 69-71, 76-78, 82, 92, 95, 99, 110, 118, 121, 127b) Engaging with affected stakeholders in all key steps of the due diligence 74-75, 79-80, 111, 119, 122c) Identifying and assessing adverse impacts 79-80, 83-84, 92, 95, 99, 111, 119, 122-123d) Taking actions to address those adverse impacts 85-86, 93, 96-97, 100-101, 111-113, 120, 123, 124e) Tracking the effectiveness of those efforts and communicating 86-91, 93-94, 97-98, 101-103, 111-117, 120, 123-125, 128StrategyStrategy, operating model, and value chain SBM-1Our sustainability strategy is an integral part of our corporate strategy, anchored in our ambi-tion to be THE PREFERRED CHOICE. It means that we want to be THE PREFERRED CHOICE for the future with an ambition to be among the most sustainable beverage companies glob-ally. We aim to reduce the impacts and risks of our operations and products while deliv-ering sustainable business growth, leveraging opportunities, and considering stakeholder perspectives. We continue our commitment to the UN Global Compact and the UN Sustainable Development Goals.Royal Unibrew is a leading regional multi-bev-erage company with strong local brand port-folios in key markets across the Nordic region, the Baltic countries, the Netherlands, Belgium, Luxembourg, Italy, France, and Canada. In addition, our products are sold in more than 70 countries worldwide. We operate 20 produc-tion sites across 10 countries. Our customers include on-trade and off-trade outlets, venues, distributors, and agents. Royal Unibrew oper-ates within the Food and Beverage Manu-facturing sector as defined by EFRAG. Our total revenue in 2025 was DKK 15.7bn. For employees by geography, refer to S1-6.We offer a wide range of choices, including low/no sugar alternatives in the non-alcoholic segment and low/no alcohol alternatives in the alcoholic segment, ensuring that we cater for diverse consumption occasions. Value chain: Inputs and outputsRoyal Unibrewâs value chain is illustrated on page 73. We are highly dependent on a stable, high-quality, and sustainable supply of ingre-dients such as barley and sugar, which are agriculture-based raw materials, as well as packaging materials including cans, PET, glass, cardboard, and plastic film, incorporating recycled content. To ensure this supply, we work closely with suppliers and experts to understand ESG impacts, risks, and opportuni-ties across the entire value chainâfrom farms and forests, to oil fields, mines, and recycling facilities.Energy consumption and employee safety are relevant at all stages of the value chain; as is transportation and logistics between parties. IT systems are essential for all trans-actions and production processes. Maintaining business integrity is critical in our industry, and we encourage all business partners, their employees, and other stakeholders to speak up about actual or potential integrity issues.The majority of our beverages are filled in cans, glass bottles, PET bottles or kegs, regardless of product category. Traded goods are part of our portfolio and distributed alongside our own products to retail, convenience, and hospitality customers, including hotels, restaurants, and cafés. Some products are cooled at the loca-tions in the on-trade and off-trade. Consumers enjoy our high-quality products either at home or away from home, where they either deposit or sort the packaging for recy-cling. Collected packaging is recycled, reused, or used for energy recovery.Stakeholder engagementInterests and views of stakeholders SBM-2As a multi-beverage company operating across multiple regions and markets with a complex value chain, stakeholder engagement is integral to our day-to-day business. Through contin-uous stakeholder engagement, we can identify and understand risks, capture business oppor-tunities, and optimize operations. The insights gained through these interactions inform our due diligence processes, materiality assess-ments, and strategic decision-making.Meetings with strategic suppliers and customers occur at least annually, while those with author-ities, trade associations, and investors/analysts are more frequent. We do not engage directly with consumers; instead, we gain knowledge primarily through our customers and relevant authorities. We are in the process of expanding our knowl-edge of workers in our value chain (S2). We have a solid understanding of employees at our direct suppliers (tier 1) and customers (tier 1). However, our direct knowledge of workers in the peripheral parts of the value chain, including suppliers producing raw materials in high-risk countries, still needs to be strengthened. The work is ongoing in accordance with plan. We are enhancing transparency from field to table and gradually improving our understanding of workers across the value chain.Internal meetings with worker representatives, business units, the Business Lead Team, the Audit Committee, and the Board of Directors typically follow an annual cycle of four to six meetings.The Board of Directors, Audit Committee, and Growth Leadership Team, are informed of significant feedback from stakeholders, typi-cally in conjunction with planned meetings. The stakeholder engagements have not resulted in changes to the strategy or business model. How we engage with key stakeholdersStakeholder Engagement Purpose of engagement Outcome from engagementEmployees Daily engagement with managers, co-workers, and Develop clear understanding of our ESG priorities, long-The engagement provides valuable understanding of what workers' representatives, including local trade unions, term objectives including adherence to our internal policies, drives employee motivation and retention.directly and via various communication platforms, such including the Code of Conduct.Identify uncovered critical areas impacting performance.as intranet (Uniworld) and various Royal Unibrew apps.Ensure a safe working place with good opportunities, Insight will guide targeted actions to reach our targets for aligning with employee expectations and requirements, our people.An employee engagement survey is conducted annually.creating Royal Unibrew ambassadors and attracting talents.Consumers Company website and social media.Communicate sustainability efforts and engage Enhanced brand reputation and consumer awareness on Marketing campaigns and advertising.consumers.responsible consumption.Via consumer proxies such as customers and authoritiesUnderstand changing consumer trends and preferences.Improved recycling rates and consumer participation. Promote circular economy and recycling initiatives. How we engage with key stakeholdersStakeholder How we engage Purpose of engagement Outcome from engagementCustomers Regular meetings via our key account managers. Support partners in delivering safe and sustainable Product development and allocation of marketing budget Customer support and training. products.to product brand development and campaigns with a sustainability position. Store visits.Maintain alignment on commercial and sustainability objectives in overall customer plans.Strengthened customer relationships and improved Participating in events and exhibitions.Collaborate on product distribution and sustainability product handling practices.Business interactions with our brand partners.initiatives to lower emissions in the supply chain.Enhanced distribution efficiency and ESG alignment.Suppliers Supplier due diligence including site visits.Clear understanding of our ESG priorities and long-term Gained insights into sector-specific challenges.Regular meetings and contract management.objectives.Better understand supplier sustainability commitments Practical, hands-on support to guide implementation.and targets.Alignment of stakeholder strategies with our strategy for Pinpointed areas for improvement across the supply chain.mutual success.Adherence to our policies, including the Code of Conduct.Investors Quarterly financial reports and investor calls.Ensure transparency on financial and ESG performance.Maintained investor confidence and secured funding.and lendersCapital markets day, roadshows, and Annual General Communicate our strategy and long-term targets.Improved ESG scores and market reputation.Meeting. Investor engagement strengthens relationships, clarifies investor expectations, improves communication of our business model, and provides insight into how we are assessed against peers.Trade associations Participate in national and international trade associations Participate actively in the preparation of legal and To influence changes in regulation and standards including for the beverage industry.regulatory requirements that impact Royal Unibrew, taking changes that makes the industry more sustainable.all relevant perspectives and interest into consideration.Communities Responsibility initiatives and donations.Support local development and social responsibility. Strengthened community relationships where we operate. Dialog and meetings with authorities and NGOs.Strengthened community impact and credibility.Invest and improve cooperation and shared sustainability initiatives.Material topicsMaterial impact, risks, and opportunities SBM-3The following section provides the complete list of Impacts, Risks, and Opportunities (IROs) identified in 2025, with detailed descriptions under each topical section. Key changes compared to the previous reporting period include the identification of Diversity, Equity, and Inclusion (DEI) as a material topic. Waste was assessed and deemed not material. Data ethics and cybersecurity are excluded from both financial and impact materiality; these topics remain priorities for Royal Unibrew and are addressed within the risk management section. Other changes are primarily technical, including items that have been merged, refined, or renamed. Workplace conditions, including health and safety, are now categorized into upstream and downstream activities (S2). Scope 1, 2, and 3 greenhouse gas emissions are consolidated and assessed collectively. The impact of climate change adaptation related to harvests is not deemed material; however, related aspects continue to be analyzed under E3, E4, and E5. Agricultural-based raw materials are now addressed under E4 rather than E5 as previously.Upon reassessment, the positive impacts reported in 2024, were deemed immaterial. ENVIRONMENTE1 CLIMATE CHANGESub-topic Main impacts, risks, and opportunities Time horizon Climate change Carbon emissions from Beverage production emits greenhouse gases (Scopes 1â3), contributing to climate change and impacting ecosystems, â â â mitigationoperations and value chainwater systems, and biodiversity.Carbon pricing Expansion of carbon taxes and rising EU carbon prices could significantly increase operational costs through higher energy â mechanismsexpenses, direct taxes, and compliance requirements.Energy Renewable energy in Transitioning to renewable energy creates risks of supply instability and higher costs due to aging infrastructure, unbalanced â operations and value chaininvestments, and geopolitical tensions, potentially disrupting operations and supply chains.E3 WATER AND MARINE RESOURCESWater Water management in Water is critical for beverage production and operational processes, and its availability depends on healthy freshwater â operationsecosystems and effective wastewater treatment. Our water withdrawal can contribute to local water stress and impact freshwater environments.Location in the value chain: Upstream Own operationsDownstreamImpact materiality: + Positive - NegativeTimehorizon: short-term medium-term long-term Financial materiality: + Opportunity RiskENVIRONMENTE4 BIODIVERSITY AND ECOSYSTEMSSub-topic Main impacts, risks, and opportunities Time horizon Impacts on Biodiversity and ecosystem Cultivation of raw and packaging materials can drive land-use change and cause runoff, impacting water systems and â the extent and conditionsreducing resilience to climate risks, while harming biodiversity across ecosystems.condition of ecosystemsE5 RESOURCE USE AND CIRCULAR ECONOMYResource in- Packaging material Limited availability of recycled packaging materials, forcing use of virgin material, and EU regulations banning certain â â â and resource sourcing and regulationspackaging formats and substituting recycling with reuse may increase the environmental footprint significantly.outflowLimited availability of sustainable packaging materials and stricter EU regulations create supply chain vulnerabilities, compliance pressures, and potential costly equipment upgrades or stranded assets.SOCIALS1 OWN WORKFORCESub-topic Main impacts, risks, and opportunities Time horizon Health and Workplace health, safety, Health and safety issues as well as working conditions, where harassment, bullying, and discrimination may occur, can have â safetyand well-beingnegative impacts and challenge stakeholder trust.Diversity Attraction and Inability to attract and retain talent is a potential financial risk for business success. Lack of diversity and inclusion focus â retention of talentsmay reduce the ability to attract and retain employees.S2 WORKERS IN THE VALUE CHAINWorkplace safety in our Lack of good working conditions, including health and safety, have a negative impact on workers in the value chain, for â value chain: upstreamupstream activities such as agriculture and packaging.Health and safetyWorkplace safety in our Lack of good working conditions, including health and safety, have a negative impact on workers in the value chain, including â value chain: downstreamdownstream activities like distribution and sales.Location in the value chain: Upstream Own operationsDownstreamImpact materiality: + Positive - NegativeTimehorizon: Short-term Medium-term Long-term Financial materiality: + Opportunity RiskSOCIALS4 CONSUMERS AND END USERSSub-topic Main impacts, risks, and opportunities Time horizon Consumer health and Excessive beverage consumption may lead to obesity, related diseases, and potential misuse or abuse depending on indi-â Personal nutritionvidual consumption patterns.safety of consumers Food safetyFood allergens, microbiology, chemicals or foreign materials may pose serious health impact. Intentional acts like food fraud, â and end usersbio-terrorism or tampering may have negative health effects as well.GOVERNANCEG1 BUSINESS CONDUCTSub-topic Main impacts, risks, and opportunities Time horizon Protection of Whistleblower frameworkLack of effective whistleblower protection, negatively affects employeesâ psychological safety and trust, creating a work-whistle- place culture that they are not proud of.blowersCorruption Rebates/discounts in the Intense industry competition and practices like discounts, rebates, and hospitality offerings increase risks of errors, misuse, â and briberybeverage industry with and conflicts of interest, including financial guarantees in certain markets.risks of non-compliance with business conductLocation in the value chain: Upstream Own operationsDownstreamImpact materiality: + Positive - NegativeTimehorizon: short-term medium-term long-term Financial materiality: + Opportunity RiskDouble materiality assessmentMateriality assessment process IRO-1In 2025, we conducted a Double Materiality Assessment (DMA) as a continuation of our first ESRS-compliant reporting in 2024. The approach follows previous years, with adjust-ments introduced in 2024 to align with ESRS requirements. The business model and value chain remain unchanged. All Royal Unibrew subsidiaries were included in the assessment in accordance with our reporting policies.The process is supported by a web-based IT tool developed by Position Green and complies with ESRS 1 requirements and EFRAG guidance. The DMA is reviewed annually, and strategic focus areas are integrated into relevant work-streams. For governance details, please refer to page 69.Stakeholder engagement is integrated into our daily operations and ensures continuous input. During the DMA process, relevant internal and external stakeholders are involved to analyze, validate, and refine the assessment through dialog on material topics.Financial materiality assessment is supported by our Enterprise Risk Management (ERM) system, which includes structured processes for risk identification and evaluation. Sustain-ability topics were compared with the risk universe to confirm relevance. As the business model and value chain remain unchanged, no new risks were identified through the ERM system for this yearâs assessment.Refer to page 76 for a complete list of IROs and details on changes from the previous year. Each topic is described in further details in its respective section.The topical sections Environment and Gover-nance provide a detailed description of the process applied and the analysis conducted for topics deemed material. Affected commu-nities (S3) and pollution (E2) are not consid-ered material for Royal Unibrew. As a beverage company with products for human consump-tion, the use of substances of concern or substances of very high concern is extremely limited. Any accidental emissions are assessed as having no long-term effects and only minimal acute impacts. The assessment covers upstream activities, own operations, and down-stream processes, and we maintain regular consultation with local communities.Step 1: Identification of impacts and financial risksWe started with a comprehensive list of topics based on ESRS requirements and entity-spe-cific considerations. This long list builds on years of conducting DMAs. Inputs include industry standards and SASB requirements. Each topic is reviewed and updated as needed.Additional sources include data on identified impacts, due diligence findings, stakeholder expec-tations, past salient issues, regulatory require-ments, and Royal Unibrewâs strategic priorities.Step 2: Assessment of topics We applied the double materiality concept described in ESRS 1. Topic owners used open sources, company data, and professional judgment to assess each topic. The process included workshops and calibration sessions to ensure consistent interpretation of thresholds and criteria.Materiality was assessed using a 5x5 matrix for impact and financial dimensions, considering:⢠Severity of negative and significance of posi-tive impacts (scale, scope, remediability)⢠Likelihood of potential impacts, risks, and opportunities materializing⢠Magnitude of financial effect related to EBITDA⢠Location of impact in the value chain⢠Whether the impact is actual or potential⢠Expected timing (short-term: <1 year; medi-um-term: 2â5 years; long-term: >5 years)External and internal stakeholder input was incorporated throughout the assessment. The outcome was a shortlist of material topics classified as impact material, financial material, or both.Step 3: ApprovalThe shortlist of material topics was reviewed and subsequently approved by the Growth Leadership team (GLT), Audit Committee (AC), and the Board of Directors (BoD), during their respective meetings.Step 4: Implementation The DMA determines the content of our sustainability disclosures and guides our priorities on material sustainability issues. For the majority of material areas, we have defined specific goals, targets, and actions to measure performance.Environment informationWe 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, and we collaborate with our partners and other stakeholders to reduce COe emissions as 2well 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. We apply a precautionary principle to ensure that factors which may present an environmental or climate risk are monitored, avoided, or mitigated.Royal Unibrewâs Environment and 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. Suppliers are further supported by our Supplier Code of Conduct which stipulates more detailed requirements regarding climate transition, resource use and circularity, as well as sustainable agriculture. We have ambitious environmental and climate targets, unchanged in 2025: They are well-in-tegrated 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 internally and exter-nally. 78% of our production volume is covered by ISO14001 environmental certification. All production sites operate under relevant envi-ronmental and operational permits issued by local authorities. Royal Unibrew has reviewed the material impacts, risks, and opportunities in 2025. The material topics and impact assessment are basically unchanged.Climate changeESRS E1Material impact, risks, and opportunities SBM-3Royal 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, as well as their interaction with our strategy and business model, as outlined in the transition plan. Our strategy, material impacts, and risks are supported by relevant policies goals, and financing of expenditures (CAPEX). In 2025, we assessed climate impacts across our operations and in the full value chain, considering our own and suppliersâ emissions. We identified transitional risks related to carbon pricing and renewable energy access, but no material physical risks. These impacts and risks were further evaluated under different climate scenarios and their potential implications.We have not identified assets or business activ-ities that are incompatible with a transition to a climate-neutral economy.Royal Unibrew does not apply internal carbon pricing schemes.Access to renewable energyEnsuring access to renewable energy across our operations is one of the challenges we face. Based on the potential consequences of limited availability and reduced energy supply secu-rity, the main financial impact relates to rising E1 CLIMATE CHANGESub-topic Main impacts, risks, and opportunities Time horizon Carbon emissions from Beverage manufacturing results in greenhouse gas emissions from production processes in our operations and upstream in â â â operations and value chainour supply chain from agriculture-based raw materials, packaging material and further upstream and downstream distribution, refrigeration, and end-of-life. These emissions contribute to climate change, which affects the natural environment, including water resilience, biodiversity, and ecosystem services (crops, timber, carbon sequestration, pollination, flood control, etc.). Climate Carbon pricing Potential expansion of carbon taxation beyond the current EU Emissions Trading System (ETS) framework may lead to â change mechanismsincreased cost pressures across operations. The inclusion of transportation and buildings in the Fit for 55 package, along mitigationwith rising carbon prices, could affect all Royal Unibrew sites within the EU through higher energy costs, direct carbon taxes, and compliance-related expenses. The EU has proposed a 90% reduction in COe emissions by 2040. In addition, Denmark 2and other EU member states are implementing national carbon taxes on industrial emissions (e.g., 100 EUR/ton) and indirectly on materials such as plastics.Energy Renewable energy in The transition to renewable energy introduces operational risks due to aging grid infrastructure and unbalanced investment â operations and value chainacross EU Member States. Instability in energy supply, compounded by geopolitical tensions, poses risks to energy-inten-sive operations such as processing, refrigeration, and transportation. These conditions may lead to production interruptions, increased operational costs, and disruptions across the supply chain.Location in the value chain: Upstream Own operationsDownstreamImpact materiality: + Positive - NegativeTimehorizon: short-term medium-term long-term Financial materiality: + Opportunity Riskoperational costs and business continuity. Energy-intensive processes such as produc-tion, refrigeration, and transportation could become more expensive or face interruptions, affecting product quality, safety, and availability. These challenges may require us to reevaluate production methods, invest in energy-effi-cient technologies, and explore alternative energy sources. Ultimately, restricted access to renewable energy could lead to supply chain instabilities and higher consumer prices. These pressures, however, are likely to accelerate the industryâs transition toward more sustainable practices as companies seek to reduce risk and improve resilience.Resilience analysisThe analysis of climate scenarios shapes our understanding of climate change in the context of the company and support our ambition. As our strategy builds on strong regional opera-tions, agility, and innovation, the ability to adapt our decisions and make adjustments based on different scenarios is considered a pre-requisite and is embedded in our way of working. The resilience analysis was carried out at Group level during 2025 and informs our double mate-riality assessment and its consequent deci-sions. The analysis shows that our strategy and business model is resilient. We conduct resilience analysis of our strategy and business model against climate change by stress-testing under Shared Socioeconomic Pathways (SSP) based scenarios across short-, medium-, and long-term horizons. Although global scenarios provide long-term projections, we translate these into our operational planning by mapping scenario assumptions (e.g,. carbon pricing trends, renewable energy penetration, and physical hazard intensification) onto near-term business cycles. The process evaluates transition and physical risks using likelihood, magnitude, and severity criteria, integrating both the Taskforce on Climate-Related Financial Disclosures (TCFD) and double materiality methodology. The analysis covers own oper-ations and the full upstream and downstream value chain; no exclusions have been identified. Key uncertainties include renewable energy availability, policy and carbon pricing trajec-tories, emission factor accuracy, and timing of technology development and deployment. Results inform strategic planning, investment decisions, and mitigation actions, ensuring alignment with our climate transition plan and long-term resilience objectives.IRO-1To better understand our climate impacts and our contribution to climate changes, an analysis was conducted to identify emission sources in alignment with the GHG Protocol. Scope 1 and 2 emissions account for approximately 10% of our total COe emissions, primarily arising from 2electricity consumption and heat and steam generation within our operations. Scope 3 emis-sions represent around 90% of our footprint and occur across the value chain, including upstream activities such as agriculture and packaging production, and downstream processes such as transportation and refrigeration. This allocation is a key consideration when assessing actual and potential climate-related impacts and informs the development of our decarbonization road-maps and overall business strategy.The analysis of risks considers likelihood, magnitude, and duration depending on the nature of the risk within short-, medium- and long-term time horizons. Physical risks in our own operations are assessed against our insurance companiesâ evaluation, in which details for different catego-ries of climate-related hazards, such as flooding and storms are included, and our assets and activities exposure risk is measured. Climate-related transition risks were first assessed at Group level, where we considered common risks and opportunities across the entire organization, such as the opportunity of using more efficient production and distribution processes, and later on considering individual assets and businesses which may entail partic-ular challenges such as the localized production to decrease transportation, where we high-lighted opportunities to get our production closer to the market consequently minimizing transportation efforts to reach our clients.When carrying out our double materiality assessment, we also consider transition risks as defined by the TCFD framework. This means evaluating how changes in climate-related policies, technologies, market dynamics, and stakeholder expectations could influence both the financial materiality of our operations and the impact we have on the environment and society. By integrating these risks, we ensure that our strategy remains resilient and aligned with the transition to a low-carbon economy.Our capital investment plan supports the time horizons of the risks and is reflected in our COe reduction roadmap. 2Scenario analysisOur scenario analysis applies three climate pathways to explain how climate-related factors influence our material topics: Very low emissions, intermediate emissions, and very Scenarios based on Shared Socioeconomic PathwaysSSP 1-1.9° SSP2 - 4.5° SSP 5 - 8.5°Very low emission scenario Intermediate scenario Very high scenario, emissions continue to risehigh emissions. This perspective does not change materiality but provides context for understanding our risk management approach.Under a very low emission scenario, transition risks dominate. High carbon prices and strict regulation could significantly increase costs for operations and procurement if decarboniza-tion lags. Conversely, these conditions create opportunities for renewable energy adoption and low-carbon innovation. In intermediate emissions scenarios, carbon pricing remains moderate, while physical hazards begin to affect operational resilience. Under very high emissions scenarios, tran-sition risks are minimal, but climate-related hazards such as extreme weather may chal-lenge supply chain stability. Our decarboniza-tion roadmaps and renewable energy adoption form the backbone of our transition plan and strengthen resilience across operations, trans-portation, and sourcing.Climate-related hazards may affect operational resilience and sourcing stability, particularly in intermediate and high-emission scenarios. While these risks do not currently cross financial materiality thresholds, they remain relevant for long-term planning and adaptation measures.Packaging and raw material sourcing are primarily exposed to transition risks under very low emission scenarios, driven by regulatory pressure and carbon pricing mechanisms. These dynamics create compliance chal-lenges but also accelerate innovation in circular packaging solutions. Under very high emission scenarios, physical risks such as resource constraints may influence supply chain reli-ability. Climate change impacts on agricultural ecosystems may influence ingredient avail-ability over time. While our sustainable sourcing initiatives aim to improve resilience, benefits require ongoing monitoring and will require further analysis in order to capture benefits and understand challenges of its adoption.Transition plan E1-1We have committed to climate targets vali-dated by the Science Based Targets initiative (SBTi), aligned with a 1.5°C pathway under the Paris Agreement, cf. E1-4.Decarbonization levers and investmentsDecarbonization levers identified in our own production include efficiency improvements, resource consumption optimizations (circular mindset), and transitioning from fossil fuels to renewable energy, as well as adding renew-ables to the grid. Across our markets, we have identified targeted initiatives to expand renewable energy use across our vehicle fleet, including company cars and trucks. Our internal projects targeting scope 1 and 2 emissions are mainly funded from our own CAPEX/OPEX investments. Examples of such projects include infrastructure upgrades such as electric boilers and heat pumps installation. By contin-uously monitoring and adjusting our resource allocation, we ensure that we are on-track to achieve our environmental goals and respond to emerging challenges.With regard to the rest of our value chain, levers include circular initiatives for packaging mate-rial such as lightweighting and increasing recy-cled content, for raw materials, e.g., optimizing recipes to reduce sugar content, introducing electrification and other renewable energy sources for trucks and in selected distribu-tion transportation lanes, implementing more energy-efficient coolers at customer sites, and engaging with suppliers to develop low-carbon strategies.Link to the TaxonomyOur 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. By leveraging this framework, we ensure that financial decisions support our climate objectives, creating alignment between our strategic investments and environmental commitments. Investments and funding that support the implementation of our transition plan are partly reflected in our EU Taxonomy disclosures. These investments extend beyond the Taxonomy activities, as the transition plan also includes broader initiatives that contribute to our decarbonization pathway.Locked-in emissionsPotential locked-in emissions could be derived from our smaller production sites, representing between 10-15% of our total emissions from scope 1 and scope 2, when considering the actual production capabilities and installed tech-nologies. While we continue to drive efficiency improvements across all sites, we recognize that further optimization potential remains. We do not expect these sites to hinder the achievement of our emission reduction targets.Royal Unibrew is not excluded from the EU Paris-aligned Benchmarks.Roadmap to 2030 and beyondRoyal Unibrewâs ambition is to be THE PREFERRED CHOICE as the local beverage partner, and we aim to be a global leader in sustainable beverages. Our strategy builds on strong regional multi-beverage operations, agility, and innovation. Subsequently, we have established the Climate Transition Plan; a COe roadmap for 2030 and 2beyond that leverages our operating model and empowers local businesses to manage portfolios, production, logistics, and customer relationships. This structure enables implemen-tation of climate actions tailored to local needs, while centralized functions provide strategic guidance, scale benefits, and procurement, cf. E1-4 decarbonization roadmap. The transition plan guides investment decisions, operational changes, and supplier engage-ment as part of our decarbonization pathway, ensuring resilience and long-term value creation for customers, consumers, employees, shareholders, and communities.Royal Unibrewâs Executive Management is responsible for the Climate Transition Plan. They provide strategic guidance, policies and targets for the entire organization. These are approved by the Board of Directors. The Audit Committee reviews the adequacy and effectiveness of the risk management system. In 2025, the scope 1, 2, and 3 emissions (market-based) decreased by 14%, and by 20% compared to 2019 (E1-6).Actions and resources deployed in 2025 to achieve these results and advancing our transi-tion plan are detailed in section E1-3.Royal Unibrew is not excluded under Articles 12(1)(d)-(g) and 12(2) of Commission Dele-gated Regulation (EU) 2020/1818, as we do not engage in any activities subject for exclu-sion (e.g., fossil fuel production, controversial weapons, tobacco, or violations of UN Global Compact principles).Policies E1-2Royal Unibrew works in accordance with international and national legislation, as well as guidelines, conventions, and standards for managing material impacts, risks, and oppor-tunities related to climate change mitigation and adaptation such as the UN Global Compact Principles, UN SDGs, the GHG Protocol, SBTi, TCFD, and CDP. Our policies, approved by the Board of Directors, ensure proper management and implementation by the Executive Manage-ment and the Growth Leadership Team. The policies apply for Royal Unibrew, our stake-holders and society at large, i.e., our consumers, customers, people, shareholders, other business partners and suppliers. All geographical regions are in scope. The interests of stakeholders are considered when establishing the poli-cies either through direct consultations or by proxies such as the principles and guidelines forming the basis of the policies.Our Environment and Climate Policy aims to establish a framework for integrating sustain-ability considerations across Royal Unibrew's operations and value chain. It guides energy transformation, reduces environmental and climate impacts, and promotes collaboration with partners for continuous improvementâ addressing material impacts, risks, and opportu-nities such as cutting GHG emissions, fostering circularity, reducing resource and energy use, and advancing the use of renewable energy.Our Business Ethics Policy aims to estab-lish a responsible and ethical framework for addressing environmental considerations across Royal Unibrew's business operations and value chain. It seeks to ensure compliance with environmental standards and prac-tices, contributing positively to sustainability through the actions of employees and business partners. It indirectly relates to all our material impacts, risks and opportunities by enabling processes to ensure our commitments are properly implemented.Our Supplier Code of Conduct further details requirements and expectations for suppliers, including partners operating on behalf of Royal Unibrew, regarding environment, climate, and sustainability specifically on carbon emissions, agriculture, packaging material, and other climate-related requirements. The policies are available at www.royalunibrew.com.The actions disclosed in 2024 have been carried forward and expanded in 2025, as they form an integral part of our roadmap to net zero. Prior commitments were finalized in due time, including projects that improved energy efficiency, introduced renewable energy generation, and advanced low-carbon transport solutions. Building on these achievements, we scaled up initiatives, such as additional renew-able installations, heat recovery systems, and electrification in logistics. These efforts demon-strate continuity and acceleration, ensuring our decarbonization strategy remains on track and responsive to evolving conditions.In 2025, our actions continued to focus on three key areas: efficiency improvements, transition to renewables, and circular mindset. Several initia-tives were implemented to enhance efficiency across our sites and further reduce our carbon footprint. These, along with our daily operations, support the achievement of our climate-related policy objectives and targets. They ensure our transition plan is carried out effectively, with the right resources allocated.Recognizing the critical importance of supplier collaboration, we engage with our value chain partners. During 2025, our efforts focused on aligning scope 3 calculation methodologies and obtaining supplier-specific emission factors, with the objective of reflecting our footprint more accurately and understanding the decar-bonization challenges across our value chain.Actions are implemented within different timeframes, with some of them already closed during 2025, and others requiring significant time for materializing. As an example, the design and commissioning of infrastructure for new heating capabilities based on renewable energy can take more than a year, while minor equipment substitution or additional insulation can be carried out in a matter of days. Hence, time horizons are dependent on each case, considering both the type of technology and the market and site where applied. In general, these activities will be implemented from 2025 to 2030 together with initiatives linked to our COe reduction roadmap described under the 2transition plan. We have CAPEX plans aligned with our targets, supporting supply/demand adjustments, as well as operating expenditure budgets to further support our plans.In 2026, we will continue the activities and make sprints to support further reduction of our carbon footprint and identify initiatives to close the gaps for our transition plan.The levers helped us achieve the following reductions during 2025: ⢠Efficiency improvements: 0.2%⢠Transition to renewable energy: 0.4%⢠Circular mindset: 9%The emission reductions in alignment with our targets are provided in section E1-4 and table E1-6. The metrics have not been validated by an external body other than the assurance provider.Targets E1-4Royal Unibrew has GHG emission reduction targets to manage climate-related impacts, risks, and opportunities. SBTi has approved both our near-term and long-term targets, and we have aligned our internal metrics across all sites to accomplish them.Targets are fully aligned with the organizational and operational boundaries applied in our GHG inventory. The same scopes and greenhouse gases (COe) included in the inventory are 2covered by the targets, ensuring consistency. No exclusions or boundary adjustments have been made, and all reduction targets are gross, meaning they do not rely on GHG removals, carbon credits, or avoided emissions.Royal Unibrew applies the Absolute Contraction Approach (ACA) and aims to reduce emissions across the entire value chain. Considering a cross-sector emission pathway, science-based and aligned with the 1.5°C pathway.Near-term targets to be achieved by 2030 compared to the 2019 base year:Reduce scope 1, 2, and 3 relevant emissions by 60%. To achieve the targets, decarbonization levers play a key role in all scopes. In the calculation of impact of the decarbonization levers, we are assuming product volume increase, which needs to be matched by at least similar effi-ciency improvements in scope 1 and 2, and product improvements in scope 3.Packaging remains our largest COe contrib-2utor, followed by raw materials, with distribution both upstream and downstream in the value chain ranking third. Based on current feasible levers identified, there is still a gap of approx-imately 20% which needs to be closed to achieve our 2030 target. As we advance initia-tives in raw materials, transportation, traded goods, and packaging, we will unlock additional levers for improvement.Decarbonization levers and COe reduction contributions in 20252% COe 2reduction vs. Action mkgCOe20242Efficiency improvements Equipment substitution and efficiency gains (San Giorgio, Crodo)1 0.2Energy audits at larger production sites (Faxe)0 0.0Transition to renewables Establishing business case for investments 0 0.0Structural preparations for installing new e- and biomass boiler (Faxe, Cido) 0 0.0Transitioning fleet of vans and trucks (Denmark, Finland) 2 0.4Circular mindset Recipe optimization selected brands (International, Italy)0 0.0Promoting more sustainable agricultural practices (Finland, Denmark)0 0.0Design manual for material choice0 0.0Supplier engagement on major raw materials, packaging materials and traded products (critical suppliers ) 47 9.0Loss reduction within our operations0 0.0A market-based approach is used to account for scope 2 emissions and to track performance.Long-term targets to be achieved by 2040 compared to the 2019 base year:Reduce scope 1, 2, and relevant scope 3 emis-sions by 90%, with the remaining 10% residual emissions addressed through GHG removals across the value chain.Our base year is 2019. The base year with the restatements as required by the SBTi/GHG protocols is considered representative for the climate impact of our operations.Long-term target for 2040Looking ahead to the period between 2030 and 2040, we are actively working to define how emis-sions will be further reduced beyond our near-term targets. While initial pathways are clear for scope 1 and 2 through electrification and renewable energy integration, longer-term projections require ongoing assessment. These include the pace of technolog-ical advancements in areas such as low-carbon raw materials, packaging and transportation, and evolving regulatory frameworks, which will play a key role in defining what is feasible in terms of setting credible interim milestones and prioritizing investments. As these elements mature, we will be able to refine our decarbonization roadmap, ensuring that our strategies remain aligned with industry best practices and emerging innovations.COe reduction roadmap toward 203021,000 tons COe2-60%Raw materials Brewing Packaging Distribution Refrigeration35990480370044514281512351000225320001630117281782024 2025 20302019DiscontinuedNew Supplier Energy Circular Supplier TransportGreening Energy GapTransition tobusinessrecipesengagementeîciencyrenewablesinitiativesengagementinitiativesof the grideîciencyOur net-zero journey% Scope 1 + 2 Scope 31008060402002019 20262030Metrics E1-5Energy consumption and mix75% of the renewable sources are from electricity purchased under Guarantees of Origin; 11% from purchased steam from different renewable sources such as biogas; 9% was self-generated electricity from solar PV installations in Denmark, Italy, Latvia, and Lithuania; and 5% from Purchased Heat from biogas.Energy consumption and mix Unit 2025 2024Fuel consumption from coal and coal products MWh 0 0Fuel consumption from crude oil and petroleum products MWh 8,257 8,101Fuel consumption from natural gas MWh 128,927 128,405Fuel consumption from other fossil sources MWh 1,235 1,410Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources MWh 3,273 2,435Total fossil energy consumption MWh 141,692 140,351Share of fossil sources in total energy consumption % 46.1 46.2Consumption from nuclear sources MWh 1,020 1,105Share of consumption from nuclear sources in total energy consumption % 0.3 0.4Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) MWh 0 0Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources MWh 149,715 151,629The consumption of self-generated non-fuel renewable energy MWh 14,899 10,90Total renewable energy consumption MWh 164,614 162,537Share of renewable sources in total energy consumption % 53.6 53.5Total energy consumption MWh 307,326 303,993Energy intensity per hectoliter produced MWh/hl 0.02 0.02§ Accounting policiesData is collected monthly from invoices across the Royal Unibrew Group and converted to kWh using conversion factors provided by the Department for Environment, Food & Rural Affairs (DEFRA). These factors are updated annually. Total energy consumptionThis metric covers total energy consumption within our own production sites and warehouses. The consumption can be split on fossil energy consumption from crude oil, natural gas, and other fossil sources, as well as consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources, nuclear sources and renewable energy consumption from purchased renewable biogas, biomass or certified renewable electricity, heat and steam, as well as self-generated renewable energy from solar power. Energy intensity per hl producedCalculated as total energy consumption in MWh divided by total hectoliters (hl) produced.Energy intensity per net revenue Unit 2025 2024 %N/N-1Total energy consumption from activities in high climate impact sectors per net revenue from MWh/activities in high climate impact sectors mDKK 19.5 20.2 -3%§ Accounting policyEnergy intensity per net revenue Calculated as total energy consumption in MWh divided by total net revenue in mDKK, from activities in high climate impact sectors. The percentage change reflects the ratio between 2024 and 2025. High climate impact sectors used to determine energy consumption and intensity are derived from NACE code classification section C, including manufacture of beer, malt, soft drinks, mineral waters and other bottled waters.Net revenue is defined in note 5 of the financial statements.Metrics E1-6Retrospective Milestones and target years2019 Annual % target/ Unit 2025 2024 2025/2024(Base year) 2030 2040base yearScope 1 GHG emissionsGross scope 1 GHG emissions t COeq 36,129 34,524 5% 41,673 -60% -90% -5%2Percentage of scope 1 GHG emissions from regulated emission trading schemes % Scope 2 GHG emissionsGross location-based scope 2 GHG emissions t COeq 10,842 14,478 -25% 29,185 2Gross market-based scope 2 GHG emissions t COeq 657 499 32% 57,059 -60% -90% -5%2Significant scope 3 GHG emissions Total Gross indirect (scope 3) GHG emissions t COeq 489,851 574,532 -15% 562,303 21. Purchased goods and services t COeq 332,235 382,871 -13% 363,671 -60% -90% -5%22. Capital goods* t COeq 50,046 82,685 -39% 110,134 23. Fuel-and-energy-related activities (not included in scope 1 + 2) t COeq 10,495 8,116 29% 9,237 -60% -90% -5%24. Upstream transportation and distribution t COeq 12,618 10,738 18% 8,148 -60% -90% -5%25. Waste generated in operations t COeq 2,968 2,482 20% 1,390 -60% -90% -5%26. Business travel t COeq 4,318 4,851 -11% 2,709 27. Employee commuting t COeq 7,317 7,206 2% 4,633 28. Upstream leased assets t COeq 29. Downstream transportation and distribution t COeq 58,365 58,160 0% 40,578 -60% -90% -5%210. Processing of sold products t COeq 211. Use of sold products t COeq 10,470 16,420 -36% 21 ,743 -60% -90% -5%212. End-of-life treatment of sold products t COeq 1,019 1,003 2% 60 -60% -90% -5%213. Downstream leased assets t COeq 214. Franchises t COeq 215. Investments t COeq 2Total GHG emissionsTotal GHG emissions (location-based) t COeq 536,822 623,534 -14% 633,161 2Total GHG emissions (market-based) t COeq 526,637 609,555 -14% 661,035 2Metrics E1-6Biogenic emissions are reported separately in line with GHG Protocol and are excluded from gross reduction targets.For scope 1, they represent 16,006 tons of COe, deriving from our beer fermentation 2process.For scope 2, they account for 3,839 tons of COe, deriving from our purchased heat and 2steam from renewable sources in Finland.§ Accounting policyGeneralEmissions for the different scopes and categories include all the gases covered by the GHG protocol. (COe).2We consider the most recent Global Warming Poten-tial values published by the IPCC.Emission calculations cover 100% of the entities where we possess operational control.0% emissions arise from regulated emission trading schemes (EU ETS).Scope 1 GHG emissionsCovers direct emissions from sources owned or controlled by Royal Unibrew, related to GHG emis-sions from energy consumption at productions sites, warehouses at our production sites, logistics opera-tions and vehicles (owned or leased). Energy consumption includes direct emissions from natural gas, diesel, fuel oil, propane, and LPG. GHG emissions are calculated as energy consumption multiplied by relevant emission factors. Biogenic emissions, where applicable, are disclosed sepa-rately.Scope 1 Biogenic emissionsBiogenic COe emissions from beer fermentation are 2calculated at site level based on total beer volume produced and stoichiometric conversion factors. Only sites with beer brewing operation are included in this calculation. At sites where COe recovery 2systems are in place, only the net emissions (after recovery) are reported. At sites without recovery, the total COe generated during fermentation is included 2in the reported biogenic emissions.Scope 2 GHG emissions Covers indirect GHG emissions 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 2using Net Calorific Value. Location-based emissions are calculated based on a country-specific emission factor from IEA. Market-based is calculated using energy attribute certificates (RECs). If no certificates are purchased, residual emission factors from Asso-ciation of Issuing Bodies (AIB) are applied. Certifi-cates may be bundled or unbundled. Scope 2 Biogenic emissions Covers biogenic emissions from our purchased heat and steam from renewable sources. Activity data is collected monthly, and biogenic emissions are calcu-lated depending on the energy source (i.e., renewable heat from biogas, spent grains, etc.). Emission factors are from DEFRA. Scope 3 GHG emissionsIncludes GHG emission from the value chain that Royal Unibrew does not own or have control over as well as other indirect emissions not covered in scope 1 or 2. Emissions are calculated annually. For all categories, activity data has been used to quan-tify the volumes, except for sites that represent less than 1% of the total beverage production volume are estimated. The emission factors are based on verified databases or supplier-specific data.Royal Unibrew does not report on scope 3 emissions in categories 8, 10, 13, 14, and 15 as they are not rele-vant to our operations. We measure scope 3 GHG emissions using activ-ity-specific input from both upstream and down-stream value chain processes, including purchased goods and services, transportation, and use of sold products. For the reporting period, 82% of Scope 3 emissions were calculated using primary, activity-based data. Supplier-specific factors were available and applied for 31% of the total emission calculations, while the rest relied on secondary sources such as industry averages.We do not include biogenic emissions from scope 3. Category 1: Upstream (i.e., cradle-to-gate) GHG emissions of purchased products. This includes packaging materials, 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 COe emission factor. Data is collected from invoices, 2representing total purchase volumes for the year for each site and country. Emission factors vary depending on each subcategory and are collected from suppliers and peer reviewed databases such as Acribalyse, Ecoinvent, or Den store Klimadatabase. For packaging materials, the recycled content of the packaging is considered, hence affecting the emis-sion factor applied. Category 2: Upstream GHG emissions related to actual capital expenditures (property, plant and equipment) on consolidated level. Expenditures are categorized, and emission factors are assigned accordingly, using EXIOBASE as source.Category 3: Fuel- and energy-related activities not included in scope 1 or scope 2, based on activity data. Activity data at a site level is the same as used for scope 1 and scope 2 calculations. Emission factors are from DEFRA and IEA. Category 4: Upstream GHG emissions related to inbound transportation and distribution are estimated based on the total purchases of packaging and raw materials as collected for category 1. Considering the total purchased volumes and the quantities moved in a full truck, we calculate emissions considering distance to our suppliers and cargo moved. Emission factors are from DEFRA. Category 5: Downstream GHG emissions related to waste generated in operations. Calculations are based on total waste quantities per site, which are collected monthly, and emission factors are from DEFRA.Category 6: Business travel, based on previous yearsâ business travel from data delivered from our travel agency. Data is collected annually, and emission factors are from DEFRA. Category 7: Employee commuting, based on total amount of FTE and approximating total distance from home to work. Category 9: 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 supplier data is not available, we apply mode specific calculation approaches: road transport is calculated using the vehicle kilometer approach as recommended by DEFRA, while rail transport is calcu-lated using the tonne-kilometre approach.Category 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. Emission factors are collected from IEA. Category 12: Downstream GHG emission from end-of-life treatment of sold products is estimated based on total volume of beverages sold for the accounting period, considering its packaging type and end-of-life treatment. Emission factors are collected from DEFRA. Emissions intensity per net revenueMethod 2025 2024Location-based 34.1 tons COe/mDKK 41.5 tons COe/mDKK22Market-based 33.5 tons COe/mDKK 40.5 tons COe/mDKK22§ Accounting policyEmissions intensity per net revenueCalculated as total emissions in tCOe (either considering the location- or market-2based approach) divided by total net revenue in mDKK. Net revenue is defined in note 5 of the financial statements.Water and marine resourcesESRS E3Material impacts, risks, and opportunities IRO-1, SBM-3Water and marine resources are particularly influenced by environmental factors such as climate change, ecosystems, resource use, and circular economy, necessitating an integrated approach for proper management.Water consumption is material from an impact perspective in our own operations. Water constitutes a key raw material, and our operations depend on reliable access to high-quality water for both production and cleaning processes.Upstream water consumption related to agri-cultural irrigation, pulp production for fiber-based packaging, and bauxite mining for cans has not been identified as material currently.Marine resources are not considered mate-rial for Royal Unibrew. We have mapped our different materials and its potential marine or sea origin and have only identified one, Kiesel-guhr, that is used as filtration media, which based on available scientific evidence was not deemed material either from an impact or a financial perspective. We virtually do not operate in high or extremely high water-stressed areas. Less than 0.8% of our production is in high water-stressed areas, and none in extremely high. This also applies to our agriculture-based raw materials. However, at several sites water usage and wastewater treatment are constrained posing potential risk to our freedom to operate.We are applying the Aqueduct Water Risk Atlas to map water risks, and we have consulted municipal utility companies and permitting requirements, as proxies for local communities. Policies E3-1Royal Unibrewâs policies are aligned with inter-national and national legislation, as well as inter-national guidelines, conventions, and standards, including the International Water Stewardship Standard (AWS). The policies support manage-ment of our material impacts and risks related to water resources, including but not limited to stewardship, withdrawal, quality, efficiency of production processes, and treatment before discharge. The policies are implemented by the Executive Management and the Growth Leadership Team. The policies addressing water include Environment and Climate Policy where we aim to reduce water withdrawal and consumption by promoting responsible use and sourcing in our own operations. We also aim to protect biodiversity and ultimately do no harm by mini-mizing emissions to water.Our Business Ethics Policy, where our responsi-bilities regarding protection of the environment are reinforced. This policy is our commitment to act responsibly and contribute positively to our stakeholders and society at large. The Supplier Code of Conduct, with specific requirements for agriculture- and forest-based raw material suppliers must minimize water consumption (e.g. in connection with irrigation practices). E3 WATER AND MARINE RESOURCESSub-topic Main impacts, risks, and opportunities Time horizon Water Water management in Water is the primary raw material in beverage production and is required for various operational purposes. Its availability and â operationsquality depend on ecosystem services that supply and regulate freshwater resources, as well as on effective wastewater treatment and receiving water quality standards. Our water withdrawal contributes to local water stress and affect fresh-water ecosystems, making water a material environmental impact.Location in the value chain: Upstream Own operationsDownstreamImpact materiality: + Positive - NegativeTimehorizon: Short-term Medium-term Long-term Financial materiality: + Opportunity RiskRoyal Unibrewâs policies provide guidance for the employees, third parties acting on behalf of Royal Unibrew, and suppliers regarding environmental and climate-related matters, including water. The basic requirement is legal compliance combined with awareness and actions to reduce potential impacts and risks in a local context.Actions and resources E3-2Several actions were carried out during 2025 to improve water efficiency at all our production sites and further reduce our footprint. These actions, along with our daily operations, are key to achieving our water-related targets. We will continue our work to identify key actions, quan-tify their impacts, and assess any gaps relative to our targets. Own operationsActions implemented in 2025 included, among others, an update of pipes and storage tanks to reduce potential water leaks, implementation of new metering devices to maintain and extend our data collection and monitoring capabilities, and the replacement of older and less effi-cient process equipment such as pasteurizers, contributing to diminishing resource consump-tion. In addition, enhanced monitoring and control of wastewater discharges were imple-mented at selected larger production sites. Resources are strategically allocated to prevent excessive water use and improve efficiency. The activities were supported by CAPEX/OPEX. We do see a positive impact at several sites where water withdrawal per produced hl of product decreased compared to 2024.In 2025, we also initiated establishment of water roadmaps for each of our production sites, focusing on major water consumers such as pre-treatment of water, CIP, bottle washers, and pasteurizers. This initiative will continue in 2026, alongside further assessment of additional water- reuse opportunities, including our site in Toronto, Canada, which is our only site located in a high or extremely- high water stressed areas. Water roadmaps will be established in 2026.Royal Unibrew will continue to prioritize allocation of CAPEX/OPEX to reduce water consumption and further support reuse of water.100% of our wastewater is treated prior to discharge to recipients. We measure the quality of our wastewater to ensure we are not affecting the receptor bodies. This is done either at 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 parameters analyzed. To guar-antee that our wastewater poses no harm to the receiving environment, we consistently collect samples to verify that potential contaminants such as nitrates and phosphates (nutrients) are within acceptable limits prior to discharge. Indic-ative measures, such as COD (Chemical Oxygen Demand), are also analyzed to understand our discharge water quality.RestorationWater consumption and wastewater discharges at all production sites are regulated through permits issued by local municipalities. Thus, challenges regarding water balance and potential sensitivity of the catchment areas we are part of are based on an evaluation by the relevant authorities. Royal Unibrew is looking into possible initiatives to take further action ourselves. As an example, we collaborate with the World Wildlife Fund (WWF) on restoring freshwater ecosystems in Latvia. This cooper-ation entails education of our employees and society at large. In 2025, we reconstructed two culverts on the Vildoga River and conducted educational hikes along the river.UpstreamIn connection to our raw materials and the critical importance of water availability for their production, we promote more sustainable agri-culture practices such as regenerative agricul-ture. These practices are designed to enhance water resilience and purification, ensuring that our agricultural processes are sustainable and capable of withstanding environmental challenges. We aim to create a more resilient agricultural system that supports both our production needs and the broader ecosystem. There was no significant progress in 2025. We will continue the initiative in 2026.Royal Unibrew will continue to prioritize alloca-tion of CAPEX/OPEX in 2026 to reduce water consumption, further support reuse of water, restoration of freshwater systems, and promote more sustainable practices in farming.Targets E3-3We have well-established targets at each production site aligned with our environmental management and local efficiency programs, as well as legal requirements laid out in our site-specific environmental approvals and wastewater discharge permits. The permits stipulate how much water we can withdraw and the quality of the water we discharge. Hence, we monitor our water use and discharge every month to ensure compliance.TAR GET2.5Water intensityof 2.5 hectoliter of water withdrawal per hectoliter of beverage produced at a Group level by 2030Water intensityWater consumption is considered material for all our production sites; therefore, we have a Group-wide target on water intensity of 2.5 hectoliters of water withdrawal per hectoliter of beverage produced by 2030. The target is based on sector performance benchmarks, and targets for sites not located in water scarce areas, permitting requirements, the anticipated increase in water pollution from compounds such as PFAS, chal-lenging water quality and limitations in municipal wastewater treatment capacity. As a result, regular engagement with utility companies and local authorities, as well as site audits, has been a part of the target-setting process.By directly linking water usage with production, this target will drive us to achieve our policy goals as it will encourage more efficient 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 commit-ment to environmental stewardship to stake-holders and the community; thus, reducing risks linked to regulation and reputation. While we reduced the water intensity by 5% in 2025., we still need to improve our efficiency by 20% by 2030.Metrics E3-4Royal Unibrewâs production sites are not located in high or extremely high water-stressed areas, except for one site in Toronto, Canada, which 3withdrew 40,078m of water, representing only 0.8% of the total water withdrawal. The increase is due to updated WRI/Aqueduct data: Previously only our small Estonian site was classified as high-risk, but the update now places our larger Canadian site in a high-risk area. Withdrawal of water in low and medium-low water-stressed areas constituted approximately 87% and medium-high 12% in 2025.3In 2025, 3,359,190 m of water was discharged.§ 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. All volumes are registered in cubic 3meters (m).Water stored during the process is not registered, as the pace and integration of operations make separate tracking impractical. Water reused occurs across sites and is reflected in the overall consumption, but reuse volumes are not recorded independently.Total water consumptionTotal water consumption represents the volume of water withdrawn within the boundaries of our production sites that is not returned to the water environment or discharged to a third party. Water consumed is either based on municipal supply or water from own wells. It is calculated as the difference between total water withdrawal and total water discharge.Water withdrawal (usage) comprises all water drawn into our sites from any source, including self-supplied wells and water provided by third parties such as municipal utility companies.Total water consumption in areas of water riskWater stress is analysed using WRI water stress thresholds. We utilize geolocations for all Royal Unibrewâs sites, categorize them accordingly, and follow the Aqueduct Water Risk Atlas (Aqueduct 4.0). The water consumption associated with each water stress level is then determined by applying the percentage based risk classification to the corresponding water consumption volumes.Water dischargeWater discharge is the sum of effluents and other water leaving the boundaries of our sites, including cooling water and released to surface water or third parties over the course of the reporting period. Water withdrawal intensityTotal water withdrawal (usage) in hl divided by total production volume in hl. The percentage change reflects the ratio between 2024 and 2025.Water consumption per net revenueProvides the relationship between volumetric water consumption and the total net revenue of 3the company expressed in m per million DKK of net revenue. Net revenue is defined in note 5 of the financial statements.Data to be reported Unit 2025 20243Total water consumption m 1,985,379 2,090,594 Total water consumption in areas at water risk, including 3areas of high-water stress m6,012 1773Total water recycled and reused m0 03Total water stored and changes in storage m0 0Water withdrawal intensity hl/hl 3.1 3.23Water consumption per net revenue m/mDKK 126 139Biodiversity and ecosystemsESRS E4Material impacts, risks, and opportunities SBM-3The impact of climate, land-use, and water consumption on ecosystems and loss of biodiversity is increasingly being articulated as a major challenge, at least in 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), while respecting planetary boundaries.Royal Unibrew is dependent on agriculture- and forest-based materials, as well as packaging materials based on mining operations and high-water quality. We have currently assessed potential land-use change, poor soil health, water resilience and leak of nutrients and pesti-cides as a potential material impact based on current farming practices. Impacts and risks on biodiversity and ecosys-tems related to climate (E1), water (E3), and resource use and circularity (E5) are further elaborated in these chapters. Royal Unibrew has not identified any sites in our own operations or sites with material impact.IRO-1Resilience analysisOur strategy, business model, and targets are built on the assessment by Science Based Targets for Nature (SBTN) for our sector (brewers), the TNFD sector guidances, as well as the concept of planetary boundaries, EUs Biodiversity strategy and the Kunming-Mon-treal Protocol, etc. We believe that our strategy, business model, and targets provide resilience for biodiversity and ecosystems-related physical (drought/flooding), transitional (regulation, consumer preferences), and systemic risks (collapse of agricultural eco- system). We will, however, review it regularly. The potential impact is considered indirect, upstream from our own operations. While 14 sites are located near Natura 2000 or other protected areas, current assessments indicate that our emissions do not pose a risk to these areas. Compared to 2024, we have narrowed down the distance to a protected area, and we reviewed and mapped top 20 goods and services (spend wise) to the location where it was grown.The majority of our raw material is sourced in Europe close to our physical locations. Fiber-based packaging material is sourced in North America and Europe. We will make more detailed assessments of FLAG-based raw materials, when sourced outside of Europe and gain more insight further upstream for packaging materials. We have not conducted direct consultations with potentially affected communities but via the aforementioned proxies. E4 BIODIVERSITY AND ECOSYSTEMSSub-topic Main impacts, risks, and opportunities Time horizon Impacts on Biodiversity and ecosystem Agricultural and fiber-based raw materials can contribute to land-use change. Current cultivation and harvesting practices â the extent and conditionsmay lead to nutrient and pesticide leaks, which can affect water systems and reduce resilience to drought and flooding, condition of impacting yields. Poor soil health may lead to lower yields as well. These impacts can extend to biodiversity loss across ecosystemsterrestrial, freshwater, and marine environments.Location in the value chain: Upstream Own operations DownstreamImpact materiality: + Positive - NegativeTimehorizon: Short-term Medium-term Long-term Financial materiality: + Opportunity RiskPolicies E4-2Policies on biodiversity and ecosystem services are integrated into broader environmental and sustainability policies. Our policies do not specify details on biodiversity such as direct exploitation and invasive species. The scope of the policies is upstream including the field/farm level, our own operations, and for third parties acting on behalf of Royal Unibrew. International conventions/protocols on biodiversity and relevant EU strategies and regulation form the basis of our policies. The Executive management together with the Growth Leadership Team are responsible for implementation of the policies. The policies are available at www.royalunibrew.com.Royal Unibrewâs Environment and Climate Policy and the Supplier Code of Conduct encompass commitments to protect biodiversity through managing a sustainable agricultural and forest supply chain with obligations to improvements over time in accordance with international stan-dards such as Sustainable Agriculture Initiative (SAI) and Good Agricultural Practices (Global GAP). We will favor suppliers demonstrating sustainable and regenerative farming, i.e., working to promote biodiversity, minimizing the use of artificial fertilizers, pesticides, and irrigation.Linking policies to IRO, actions, and targetsClimate-related impacts are discussed under E1 Climate change and water-related impacts under E3 Water and marine resources. Land use changes are also addressed under our zero-deforestation commitment. Pollution (E2) is not assessed to be material at this point. Potential leakage of pesticides and nutrients is addressed under sustainable farming principles. Potential impacts on workers in the value chain are described under S2 Workers in the value chain. These aspects are also encompassed in our policies. 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 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 dependent on ecosystem services (raw and packaging mate-rials, water purification, pollination, flood control and more). The initial assessment shows a material impact of climate on availability of raw materials (E1). However, the initial assessment based on location, evaluation, assessment, prepare strategy (LEAP) approach as per TNFD does not indicate material challenges in the short-term assuming that the major raw mate-rials are sourced close to our production sites. However, it is an area where Royal Unibrew will do more in-depth assessments going forward and monitor development closely.In 2025, we did more in-depth reviews based on the guidance from TNFD for our sector (beverages) and the food and agriculture sector, amongst other things more info on our specific crops, scenario analysis and clarifying the ecosystem services utilized, enhanced assessment of interdependencies. We primarily focused our analysis on the big volumes and expenditures as well as remaining in dialog with our suppliers on potential impacts and risks. The scope of our assessment is expanding year on year. In 2026, we will work on making it even more robust.Traceability of raw materials is implemented via our policies and procedures for food safety, and we are currently working on transpar-ency in relation to the coming EU Corporate Sustainability Due Diligence Directive (CSDDD), initiated with wine and spirits in 2024, further expanded in 2025, and to be continued in 2026. The EU Deforestation Regulation (EUDR) requirements for wood will further support this; as will our own requirement for Programme for the Endorsement of Forest Certification (PEFC), or Forest Stewardship Council (FSC) certifica-tion. Compliance and stakeholdersMonitoring compliance with our policies and commitments is carried out via supplier assessments, supplier meetings, and public available information. We continuously chal-lenge the assessments of impacts. We require that suppliers keep records of due diligence and compliance with the requirements. Stakeholders are considered when setting the requirements. The commitments are aligned with and based on consultations with farmers, suppliers, and their 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 is integrated. Actions 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 COe emissions but also 2reducing leak of nutrients, while improving water resilience and biodiversity. Additional activities to achieve objectives and targets linked to biodiversity and ecosystem services regarding climate, water and circularity are described in E1, E3, and E5. In 2025, we continued activities from 2024 investigating opportunities for sustainable sourcing of agriculture-based raw materials, through meetings with our suppliers and larger farmers. We also participated in meetings and conferences aiming at establishing consortia between relevant parties and establishing common standards. We will continue the work in 2026 together with other companies repre-senting the food and feed sector, legislators, and NGOs to ensure development of common standards. This includes an EU EIT project on regenerative farming in Finland that we have been shortlisted for. The project is expected to be formalized at the beginning of 2026. As mentioned above, we have reevaluated our production sitesâ impact on biodiversity and ecosystems, where we still not assess a mate-rial negative impact.Together with our main stakeholders, we elabo-rated further on the biodiversity and ecosystem assessments of raw materials and suppliers as well as the scope of protection and endangered species in connection with our due diligence in 2025. We informed our assessments further by consulting scientific evidence on crop yields and dependency of irrigation in Europe for our main crops, and we consulted both SBTN, TNFD, and the sector guidances on beverages and agricul-ture to further understand our potential impact. We will continue to make more detailed assess-ments aligned with SBTN and TNFD in 2026. Royal Unibrew has not yet incorporated local knowledge and nature-based solutions (S2) which was also the case in 2024. The impact is due to our geographic locations not considered to be material. 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. Remedy has not been applicable in 2025.Allocation of resourcesResources are allocated in Group procurement, sustainability and marketing in Finland and Denmark to initialize development and sourcing of malting barley aligned with regenerative practices. The approach is to establish pilot scale projects demonstrating the possibilities with the said techniques. In 2025, we also entered into agreements with local farmers on procurement of more sustainable barley which is building on existing cooperation on using residual biomass from biogas for soil enhance-ment in Finland and on renewable energy expertise and service of our solar panel park in Denmark. These initiatives mark the beginning of further local cooperation for mutual benefit. Public funding is anticipated in Denmark as part of the recent green tripartite agreement (COe 2reduction 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 ecosystem services, implementing the commitments of our policies. We did not revise any of the targets in 2025. Performance on targets is reviewed as a minimum once per year. Actions are in place to ensure progress to fulfill commitments and targets. Targets for biodiversity are monitored through purchased agriculture based raw mate-rials and fiber-based packaging materials. No direct contributions from our locations have been identified in 2025, unchanged from 2024. Certified packaging materialWe are committed to zero-deforestation in 2025 via our SBTi approved FLAG targets from May 2024, upstream and in our own operations. Full documentation will be available when the EU IT tool for geo-locations (TRACES) and declaration of conformity from our suppliers are provided, most likely from 2027. In addition, we have a commitment to use 100% PEFC and FSC certified fiber-based packaging material for upstream activities, and 86% of our purchased fiber-based packaging material is certified. CO from forest, land-use, and agriculture2Our SBTI approved near-term target for FLAG of 60% reduction of COe by 2030 compared 2to 2019 and long-term net-zero target in 2040, upstream, may indirectly affect biodiversity by reducing the climate impacts. In 2025, the reduction in the near-term FLAG target was insignificant compared to 2019. Sustainable raw materialsWe aim at 50% of sustainably sourced barley, hops, and sugar 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. Barley, hops, and sugar are major raw mate-rials for our beverages. In 2025, less than 1% of our barley, hops, and sugar were sustainably sourced. We have used 2025 to gain further knowledge and understanding of the availability, potential premiums, data and documentation of these crops. We will increase purchased volume slowly in the next year and gradually ramp up purchased volumes toward 2030. In Finland, 8 tons of regenerative barley was sourced in 2025. In Denmark, we sourced 2 tons brew barley directly from a local estate applying several principles for sustainable farming such as application of organic fertilizers, cover crops.Ecological thresholdsWe 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, drought), especially the latter two. Sustainable farming practices are gener-ally recognized as having a positive effect on biodiversity and improving soil health, water resilience, and reducing leakage of fertilizers and pesticides. In addition, our FLAG-related climate targets also have an impact on farming practices. Zero deforestation as well as certified fiber-based packaging will reduce deterioration of ecosystems and enhance biodiversity. We are aiming at establishing science-based targets for nature within the next couple of years.The responsibility for respecting the ecological thresholds follows the general governance prin-ciples as laid out in ESRS 2 GOV-1 and GOV-2.Target setting, aim, and assumptionsTarget setting was informed by the Kunming-Montreal framework, EUâs Biodiversity strategy, and national policies, e.g., in Denmark as laid out in the green tripartite agreement (industry groups, political parties, and environ-mental organizations) aiming at reducing impact on climate, land use change and implementation of sustainable practices. The targets and focus are also informed by the preliminary assessment of SBTN for the brewing sector and the TNFD for beverages, food and agriculture. Upstream stakeholders as well as internal business 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 negative impacts on ecosystems and biodiversity related to our ecosystem dependency, i.e., consumption of agricultural raw materials, packaging mate-rial upstream, as well as access to high quality water at our own sites. Farming practices and deforestation may lead to a decline in ecosystem value, i.e., land degradation, poor soil health, as well as biodiversity reduction. Furthermore, farming activities and own production sites may have a significant climate impact.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.Metrics E4-5No verification of metrics by external body.Unit 2025 2024PEFC/FSC certifiedShare of certified paper and cardboard % 86 n/aFLAG materialsReduction in COe emissions vs 2019 % 0 02Sustainably sourced barley, hops, and sugarShare of sourced material % 1 0§ 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 is included in the assessment, and the units reported are the number of sites. Frequency of analysis is annually or if a new site is acquired.The geographies covered are Europe and North America where our production sites are located and our main sourcing is derived from.PEFC/FSC certified refers to the proportion of sourced paper and cardboard that is, either PEFC or FSC certified.FLAG materials are the percentage reduction in relation to CO emissions. See accounting policy 2E1-6.Sustainably sourced barley, hops, and sugar are the percentages of material procured that are either certified in accordance with recognized standards such as SAI, Global Gap, and/or recog-nized regenerative farming practices in proportion of the total procured material.Resource use and circular economyESRS E5Material impacts, risks, and opportunities SBM-3, IRO-1The material impacts, risks, and opportunities relating to resource consumption and circular economy apply to the entire value chain and own operations, except our activities outside of Europe related to transitional risks regarding EU legislation on Packaging and Packaging Waste (PPWR) and Single-use Plastics (SUP).The inherent consumption of biological raw and packaging materials (agriculture- and forest-based) as well as significant consumption of packaging materials based on plastics (oil), glass (sand), and aluminum (bauxite mines) make it material. The impacts, risks, policies, actions, and targets related to agriculture-based raw materials and packaging materials are further described under E1, E3, and E4. Water under E3 and energy under E1.Deposit return systems and design for recy-clability of packaging material are fundamental for reuse and availability of recycled packaging material, which in turn are affected by transi-tional risks. Limited availability of food-grade recycled packaging material of food grade quality as well as availability of consum-er-friendly reuse serving opportunities may also present risks to transitioning, therefore, it is assessed to be both material impact and finan-cial risks. Relevant stakeholders were engaged as part of the process to inform and validate the materiality assessment.Policies E5-1Royal Unibrewâs Environment and Climate Policy includes a commitment to application of a circular mindset, where minimization (i.e., prevention), reuse, and recycling are addressed as well as a general commitment to reducing resource consumption.E5 RESOURCE USE AND CIRCULAR ECONOMYSub-topic Main impacts, risks, and opportunities Time horizon The limited availability and quality of sustainable packaging materials, including food-grade and post-consumer recycled â â â â (PCR) materials such as recycled PET and recycled shrink films, as well as transitional challenges introduced by PPWR, where reuse requirements is not aligned with the environmental footprints of materials used in the sector and well-functioning DRS as well as, ban on certain materials reducing footprint. This in combination may lead to a significant negative impact on the environmental footprint of packaging material as companies may be forced to rely on more virgin materials, deploy more Resource in- resource- intensive systems, or shift toward less favorable packaging alternatives.Packaging material and resource sourcing and regulationsLimited availability of sustainable packaging materials, including food-grade recycled PET and post-consumer recycled outflowshrink films, combined with regulatory requirements such as the Packaging and Packaging Waste Regulation (PPWR) and the Single-use Plastics (SUP), introduces supply chain vulnerabilities and compliance pressures. These factors may disrupt pack-aging operations, lead to costly material substitutions, increase regulatory compliance costs, and affect packaging perfor-mance standards. Additionally, regulatory developments may influence capital expenditure requirements for new packaging equipment and result in potential stranded assets associated with non-compliant packaging formats.Location in the value chain: Upstream Own operationsDownstreamImpact materiality: + Positive - NegativeTimehorizon: short-term medium-term long-term Financial materiality: + Opportunity RiskSustainable sourcing commitments are laid out in our Business Ethics Policy and further elab-orated in our Supplier Code of Conduct. These encompass application of circular designs, implicitly addressing renewable resources.The transitioning from virgin materials to reused and recycled content, together with efforts to rethink and reduce material use, is integral to our commitment to 100% circular packaging by 2030. Our investment in filling lines, enabling conversion from fossil-based plastics (shrink film) to fiber-based (cardboard) packaging material, supports this transition. The policies, supporting targets and procedures relevant to resource consumption and circular economy apply across the entire value chain, all geographies in which Royal Unibrew operate, and all affected stakeholders. They address end-of-life and include reuse at our customers. Deposit return and recycling in general is communicated to consumers at large. Policies are governed as described under ESRS GOV-1 and GOV-2. They are available at Royal Unibrewâs website. The Executive Manage-ment is responsible for implementation of the policies.Actions E5-2In the beverage industry, resource consump-tion and circularity, apart from water (described under E3), is closely connected to packaging materials. Group functions working with procurement, supply chain, and sustain-ability, together with relevant functions and employees in our markets and at our produc-tion sites, have led the actions and their imple-mentation in these areas. In 2025, Royal Unibrew continued to advance the circularity of its packaging materials, respecting that packaging materials serves a critical role of protecting the beverages and avoiding food waste at our warehouses, down-stream distribution and consumption. Moreover, food safety requirements for primary pack-aging are stringent, as it is vital to protect the products, and ultimately to protect consumer health. Accordingly, our approach to circularity prioritizes the primary function of packaging materials: product protection. ReduceWe continue to work on projects to reduce the amount of packaging materials used with the limitations and restrictions mentioned above. As an example, we developed and initiated the rollout of a design manual in 2025 to support informed decision-making when selecting materials and to reduce the assort-ment complexity and overall environmental footprint. The manual includes positive lists of approved packaging materials, raw materials, compounds, additives, etc. It will be kept up to date and rolled out to all markets during 2026 and beyond. The design manual is also the vehicle for capturing results of analysis of the assortment of cardboard versus plastic-based solutions for secondary and transportation packaging. Furthermore, we lightweighted specific PET bottle designs in 2025, and we continue to look for options to lightweight, i.e., reducing mate-rial consumption either directly or via design changesâbeing it virgin or recycled material. We also started challenging our suppliers with their use of packaging materials aiming at increasing the ratio of material volume to pack-aging material for flavors and compounds. Recycled contentWe are looking at revising our targets for recy-cled content of corrugated cardboard and PET. For several reasons, shrink film is most likely being banned from 2030, and we are seeing challenges on the robustness of corrugated cardboard in distribution where more material needs to be added to ensure strength. The access to high-quality recycled PET is declining, and the cost is going up. Therefore, we will further investigate the optimum between envi-ronmental, technical, and protective properties for packaging materials. Scarcity of resources will most likely drive cost of goods sold (COGS) up, which is already observed for recycled PET as an example. Therefore, we will continue to drive efficiency and optimization to help offset the impact.Transitional risksOur sector is characterized by the use of reus-able (e.g., kegs and glass bottles) and recyclable packaging systems in most of our markets supported by strong deposit return systems (approximately 88% return on average in 2025 compared to 87% in 2024). However, the EU Packaging and Packaging Waste Regulation (PPWR) legislation does not take into consid-eration reuse of kegs, tank beer, post-mix, etc., or the high recycling rates, and our customers in the off-trade and on-trade must ensure 10% reuse at the consumer end by 2030. Further-more, a significant part of the standards and detailed requirements supporting the legis-lation are not developed yet. Therefore, we are having various projects to clarify potential roadmaps and CAPEX to ensure compli-ance by 2030. The projects are anchored at the Business Lead Team, in working groups comprising Group Supply Chain, Procurement, and Sustainability with input from suppliers of packaging materials and machinery, as well as from customers. The roadmaps are under final development. The potential financial effect of the reuse requirements on equipment and capacity cannot be assessed at this point as the implementation has not been initiated. We are undertaking a process of transitioning from fossil-based solu-tions (shrink film) to fiber-based solutions (paper and cardboard) to substitute plastics.We continue to invest in filling lines that substi-tutes plastics by renewable paper and card-board, alongside investments in newer technolo-gies. 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 specifi-cally to green bonding or green loans.In 2026, we will further elaborate on actions and goals specifically for the transitional risks related to packaging material, where new Packaging and Packaging Waste Regulation (PPWR) appli-cable from 2030, is being rolled out in the EU, and where the challenge of securing high quality post-consumer recycled material is also relevant.Support for deposit return systemsRoyal Unibrew continues to support deposit return systems (DRS). We are working closely together with other beverage providers such as breweries; carbonated 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 schemes. We are also involved in building the deposit return system in France via four regional pilot projects supporting reuse of our Lorina bottles. The results are promising but still discussed. 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 have the logistics setup. Targets E5-3Our targets are related to policies on resource optimization and circular economy. The targets remains unchanged. They support reduction of material impacts of resource consumption as well as identified transitional risks associated with access to recycled material of food grade and potential financial effects of the PPWR legis-lation from 2030. The established targets are time-bound and related to packaging materials, i.e., on resource inflow and circularity. Progress on targets is reviewed as a minimum annually. The targets are based on science and internationally recognized definitions and principles. Among other things, we analyze the composition of our packaging materials and their fit for purpose, including environmental footprint, based on peer reviewed life cycle assessments. We apply design-for-circularity principles, challenge reus-ability, recyclability, and more.We encourage and favor suppliers with sustain-ability objectives. The targets involve suppliers, our production, customers and consumers. In setting these targets, we engaged stakeholders who served as proxies for customers, as well as analysts and investors, including the Board of Directors, the Growth Leadership Team, and relevant trade associations.Our objective of achieving 100% circular pack-aging material by 2030 is supported by targets on 10% reuse in line with PPWR. Recycled content in PET bottles at 80% and shrink film at 100% goes beyond PPWR and SUPD requirements at 30% and 35% respec-tively, as well as 100% recycled content of cardboard and paper-labels, not part of the regulatory requirements. Specifically for wine, lightweighting that exceeds the requirements of the Nordic monopolies, currently in scope. We also have a target of minimum 70% recyclability by 2030 aligned with PPWR. In addition, we have targets for certified fiber-based packaging, refer to E4-4. The objective includes commitment to support Deposit Return Systems (DRS) in our major markets.To protect our beverages primary, secondary and tertiary packaging material is used. While some materials are designed for reuse, such as glass bottles and steel kegs, other packaging materials are designed for recycling.Recyclability and reuseThe circular product design is mainly related to packaging material. In 2025, 96% of the packaging material was recyclable compared to 95% in 2024. The remaining 4% covers lami-nates (plastic laminates in inner liners for tanks) and bag-in-box concepts, and small kegs. In addition, Royal Unibrew continues to work on light weighting through design that reduces the amount of material needed, being it virgin or recycled. The reuse percentages remains unchanged from 2024 at 4%.Recycled contentFor recycled content, we will go beyond the PPWR legislation but reserve the right to adjust the goals of 100% recycled content for paper labels and corrugated cardboard, and 80% for PET, as we are already experiencing challenges with quality, including transport stability and the need to increase the amount of material. Progress remains unchanged from 2024, cf. table E5-1.Metrics E5-4, E5-5Resource inflowsAgriculture-based raw materials (biologic) for our beverages constitutes, together with pack-aging materials and water (disclosed under E3) the largest resources used at our sites. The total recycled weight of packaging materials including fiber-based corrugated cardboard and paper labels amounted to 85,400 tons in 2025 (2024: 87,700 tons), corresponding to 65% of the total weight of the category (2024: 58%). Less than 1% of our biological materials are currently sustainably sourced. This figure represents a conservative approach, acknowl-edging that a proper documentation method for sustainable sourcing has not yet been fully established. Resource inflows Unit 2025 2024Total weight of products ton 1,808,900 1 ,740,324Total weight of biological materials ton 135,992 144,708Total weight of packaging materials ton 131,521 151,282Total weight of resource inflows 2,076,413 2,036,315Recycled content Unit 2025 2024Fiber-based packaging % 81 83 - corrugated cardboard % 93 94 - paper labels (eaches) % 44 50LDPE % 28 23 - shrink film % 39 26HDPE/Caps % 0 3PET % 40 31Glass % 78 73Aluminum % 76 62Steel % 82 57§ Accounting policiesThe 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 production volumes into hectoliter to weight in tons.The total weight of biological materials and packaging materials is based on total purchases, which translates into the materials that flowed into the Group's boundaries during the reporting period.The recycled content in each packaging cate-gory is based on the weight and percentage of recycled material on average during the reporting period.Resource outflowsMost of the markets where we operate already have mature deposit return systems (DRS), supporting post-consumer recycling of primary packaging materials and closed loops ensuring access to high-quality, food-grade material. The average return rate on average across markets was 88% in 2025 (2024: 87%). In Denmark, Norway, Finland, and Lithuania return of PET bottles and cans continue to exceed 90%.Resource outflows Unit 2025 2024Recyclable packaging material % 96 95§ Accounting policyRecyclable packaging material is calculated based on the total sales volume per type of primary packaging (i.e., packaging in direct contact with the product, such as a can or a PET bottle) obtained from all markets for the reporting period. The percentage of recyclable packaging material is calculated as a proportion between the total sales volume of beverages contained in recyclable 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, liquid paper board, and plastic kegs, are considered non-re-cyclable.The return percentages of primary packaging are calculated by the DRS per country having DRS as returned per sold weight/unit.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 2025, EU Taxonomy requirements mandate Royal Unibrew to report on eligibility and alignment for all six environmental objectives. The EU Taxonomy is still evolving and remains subject to interpretation.Royal Unibrew's process for eligibility and alignmentDuring 2025, we assessed our economic activities, to determine their eligibility and alignment with the EU Taxonomy. Our assess-ment 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 toward 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 that our economic activities align with the environmental objectives set forth by the EU Taxonomy.Revenue KPIIn 2025, the EU Taxonomy-eligible revenue totaled DKK 0.4m, a decrease from DKK 0.5m in 2024. 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 2025, Royal Unibrew is reporting seven eligible activities under CAPEX. The total eligible capital expenditures amounted to DKK 69.6m, (2024: DKK 80.3m). This represents 5.5% of the total CAPEX for 2025 (2024: 7.3%). Increase in the non-eligible CAPEX due to acquisitions, impact the eligibility percentage negatively compared to 2024.Activity 4.1 (Electricity generation using solar photovoltaic technology) amounting to DKK 0.3m 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 3.0m. Additionally, the following expenditures are reported: Activity 5.1 (Construction of new buildings): DKK 20.8m; Activity 6.5 (Transport by motorbikes, passenger, cars and light commer-cial vehicles): DKK 2.9m; Activity 7.3 (Installation, maintenance, and repair of energy efficiency equipment): DKK 31.8m; Activity 7.4 (Installation, maintenance, and repair of charging stations for electric vehicles): DKK 9.5m; and Activity 7.5 (Installation, maintenance, and repair of instru-ments and devices for measuring, regulation, and controlling energy performance of buildings): DKK 1.2m.OPEX KPIFor 2025, Royal Unibrew is reporting six eligible activities under OPEX. The total eligible OPEX for 2025 amounts to DKK 17.5m. Activity 4.1 (Electricity generation using solar photovoltaic technology) amounts to DKK 0.1; Activity 4.16 (Installation and operation of electric heat pumps) amounts to DKK 1.1m; Activity 5.1 (Construction, extension, and operation of water collection, treatment, and supply systems) amounts to DKK 0.4m; Activity 6.5 (Transport by motorbikes, passenger cars, and light commercial vehicles) amounts to DKK 14.1m. Activity 7.3 (Installation, maintenance, and repair of energy efficiency equipment) amounts to DKK 1.5m. Activity 7.5 (Installa-tion, maintenance, and repair of instruments and devices for measuring, regulation, and controlling energy performance of buildings) amounts to DKK 0.3m.Proportion of turnover from products or services associated with taxonomy-aligned economic activities - disclosure covering year 2025Substantial 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 technology CCM - 4.1 0.4 0.0% 0%Turnover of eligible not Taxonomy-aligned activities (A.2) 0.4 0.0% 0%Total (A.1.+A.2.) 0.4 0.0% 0%B NON-ELIGIBLE ACTIVITIESTurnover of non-eligible activities (B) 15,723 100%Total (A+B) 15,723 100%Proportion of CAPEX from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2025Substantial contribution criteria DNSH criteria Economic activities (1)A ELIGIBLE ACTIVITIESA.1 Eligible Taxonomy-aligned activitiesCAPEX of eligible Taxonomy-aligned activities (A.1) 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 activities 0.0%Electricity generation using solar photovoltaic technology CCM - 4.1 0.3 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.9%Installation and operation of electric heat pumps CCM - 4.16 3.0 0.2% N/EL EL N/EL N/EL N/EL N/EL 0.5%Construction, extension, and operation of water collection, treatment, CCM - 5.1 20.8 1.7% N/EL EL N/EL N/EL N/EL N/EL 0.6%and supply systemsTransport by motorbikes, passenger cars, and light commercial vehicles CCM - 6.5 2.9 0.2% N/EL EL N/EL N/EL N/EL N/EL 0.0%Installation, maintenance, and repair of energy efficiency equipment CCM - 7.3 31.8 2.5% N/EL EL N/EL N/EL N/EL N/EL 1.0%Installation, maintenance, and repair of charging stations for electric CCM - 7.4 9.5 0.8% N/EL EL N/EL N/EL N/EL N/EL 3.3%vehicles in buildings (and parking spaces attached to buildings)Installation, maintenance, and repair of instruments and devices for CCM - 7.5 1.2 0.1% N/EL EL N/EL N/EL N/EL N/EL 1.1%measuring, regulation, and controlling energy performance of buildingsCAPEX of eligible not Taxonomy-aligned activities (A.2) 69.6 5.5% 0% 100% 0% 0% 0% 0% 7.3%Total (A.1+A.2) 69.6 5.5% 0% 100% 0% 0% 0% 0% 7.3%B NON-ELIGIBLE ACTIVITIESCAPEX of non-eligible activities (B) 1,185 94.5%Total (A+B) 1,255 100%Proportion of OPEX from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2025Substantial 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% N N N N N N N 0.0%A.2 Eligible not Taxonomy-aligned activitiesElectricity generation using solar photovoltaic technology CCM - 4.1 0.1 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.2%Installation and operation of electric heat pumps CCM - 4.16 1.1 0.2% N/EL EL N/EL N/EL N/EL N/EL 0.5%Construction, extension, and operation of water collection, treatment, CCM - 5.1 0.4 0.1% N/EL EL N/EL N/EL N/EL N/EL 1.4%and supply systemsConstruction, extension, and operation of waste water collection and CCM - 5.3 0.0 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.5%treatmentTransport by motorbikes, passenger cars, and light commercial vehicles CCM - 6.5 14.1 3.2% N/EL EL N/EL N/EL N/EL N/EL 3.6%Installation, maintenance, and repair of energy efficiency equipment CCM - 7.3 1.5 0.3% N/EL EL N/EL N/EL N/EL N/EL 0.3%Installation, maintenance, and repair of charging stations for electric CCM - 7.4 0.0 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.1%vehicles in buildings (and parking spaces attached to buildings)Installation, maintenance, and repair of instruments and devices for CCM - 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) 17.5 4.0% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 6.7%Total (A.1+A.2) 17.5 4.0% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 6.7%B NON-ELIGIBLE ACTIVITIESOPEX of non-eligible activities (B) 423 96.0%Total (A+B) 441 100%§ 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 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) 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 Taxonomy-eligible opex (numerator) 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 accounting.Disaggregation of KPIs There has been no disaggregation of revenue, CAPEX or OPEX for the assessed economic activities.EU Taxonomy AppendixRow Nuclear and fossil gas-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 Nooperating of electricity generation facilities that produce electricity using fossil gaseous fuels.5 The undertaking carries out, funds or has exposures to construction, Norefurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.6 The undertaking carries out, funds or has exposures to construction, Norefurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.Social informationWe are committed to maintaining and continuously improving our employeesâ safety and keeping a harassment free and inclusive working environment. This promise extends to employees in our value chain. Protecting consumer health and safety remains our obligation. We reviewed our materiality assessment from 2024. There are no changes to the materiality regarding good working conditions, specifically workplace health, safety, and well-being for own employees (S1-14) and for workers in the value chain (S2). In this yearâs assessment, attraction and retention of employees became material for the long-term business continuity. Focus on diversity, equity, and inclusion (S1-9) enables access to the broader talent pool. Community engagement is core to Royal Unibrewâs identity and DNA; however, affected communities (S3) was not assessed to be material.Consumers and end-users (S4) remain mate-rial from a health and safety perspective. We manage our commitment by ensuring high quality and food safety standards, by providing healthy and nutritious choices, and by promoting responsible drinking and moderation we manage our commitment. The phase in omissions for non-employees under S1-7 and S1-14 and disclosing infor-mation on disability under S1- 12 have been applied.Our policies and targets remain unchanged. Own workforce ESRS S1Material impacts, risks, and opportunities SBM-3Royal Unibrewâs purpose and ambition is to be THE PREFERRED CHOICE for people, customers, consumers, shareholders, and the future, hereby recognizing employees as a key stakeholder group. The strategy and business model supports mitigation of potential adverse impacts on our employees.The interests of all our employees have been considered in the materiality assessment. All employees may be affected by the material health and safety impact, and the scale of impact does not depend on age, gender, nation-ality, etc. When assessing attraction and reten-tion of talent as a financial risk for the company, diversity and inclusion are inherently relevant parameters. By the nature of work, employees working in production, logistics, and technical installations may be at higher risk of injuries. Health, well-being, and inclusion are relevant for all employees. Based on actual incidents from recent years, we currently assess impacts to be individual incidents.For many years, Royal Unibrew has been creating jobs while adapting its operations in response to regulatory, technological, and oper-ational developments. Where changes to daily work routines require new skills, relevant health and safety training is provided. None of our operations have significant risks of neither forced labor, nor child labor and are all located in low-risk countries.Policies S1-1Royal Unibrew has several policies related to management of impacts, risks, and opportu-nities for our employees such as our Business Ethics Policy, supported by Ethical Guidelines and Diversity, Equity and Inclusion Policy. In most of our markets, these policies are further supported by local adaptations, e.g., on occupa-tional health and safety. The policies apply to all employees with emphasis on respect, engage-ment, and when relevant, remediation. Interests of our employees have been considered. The policies are approved by our Board of Direc-tors and are available on our website www.royalunibrew.com. The minimum requirement of the policies is compliance with EU and national legislation. Business Ethics Policy Our Business Ethics Policy includes commit-ments to human rights and labor standards as well as responsible sourcing. The Business Ethics Policy is aligned with the Universal Declaration of Human Rights, the principles set out by the International Labor Organization, the UN Guiding Principles, the UN Global Compact Principles, relevant UN Sustainable Develop-ment Goals, and OECD Guidelines for Multina-tional Enterprises. S1 OWN WORKFORCESub-topic Main impacts, risks, and opportunities Time horizon Health and Workplace health, safety, Health, safety, and working conditions, including harassment, bullying, or discrimination have an adverse impact on our â safetyand well-beingemployees and company reputation.Diversity Attraction and Inability to attract and retain talent across Royal Unibrewâs operations has potentially a negative impact on long-term busi-â retention of talentsness success. Lack of focus on diversity and inclusion may contribute by reducing access to a broader talent pool across different regions and functions as well as not being able to retain employees.Location in the value chain: Upstream Own operations DownstreamImpact materiality: + Positive - NegativeTimehorizon: short-term medium-term long-term Financial materiality: + Opportunity RiskThe Business Ethics Policy emphasizes that Royal Unibrew will never participate in or benefit from any form of child or forced labor, slavery, or human trafficking in any part of our operations, including our recruitment processes. Ethical Guidelines Our Ethical Guidelines are a supplement to Royal Unibrewâs Business Ethics Policy. The purpose of the Ethical Guidelines is to ensure that all employees at Royal Unibrew and anyone acting on behalf of Royal Unibrew have a common framework and consistent stand-point on how we do business. The guidelines provide comprehensive guidance on several ethical issues, including human rights in our business.Diversity, Equity, and Inclusion Policy This policy reflects our commitment to fostering a diverse workforce with a broad mix of educational backgrounds, professional and life experience, beliefs, nationalities, and genders, in support of our business goals and targets. We also aim to foster an inclusive work-place that values diversity. Equal opportunities for personal and professional development are a core objective.Processes for engaging and remediation S1-2, S1-3We aim to promote open dialog across Royal Unibrew. We encourage an open feedback culture and engage with employees in many ways formally through workers' councils, where representatives of the employees and manage-ment meet on a regular basis to discuss challenges, new initiatives, and progress as well as in performance development interviews conducted at least twice per year. In addition, ongoing informal dialog takes place through ad hoc daily interactions between managers and employees, addressing cooperation, roles and responsibilities, and operational challenges. This dialog may be initiated by both managers and employees and typically occurs at site level, with engagement also taking place at national level where relevant. As a minimum, we comply with applicable EU regulations on the protec-tion of union and worker representatives.Governance and employee engagementOverall responsibility for engagement rests with the Executive Management and is overseen by the Board of Directors. Initiatives are imple-mented via the Growth Leadership Team and supported by our values and expectations on behavior. Daily operations are overseen by the managers.Once per year, we conduct an employee engagement survey, where all employees assess topics such as: ⢠competence development ⢠management ⢠well-being and stress⢠inclusion⢠safety, bullying, discrimination, or harassment 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 talent development. In 2025, the engagement survey did not indi-cate particular areas of concern for specific groups of employees across the Group. However, actions relevant to specific markets and departments were implemented where applicable. Follow up on the Employee Engage-ment Survey is supported by market HR but implemented by the relevant department managers.Raising concerns and remediationAll employees are encouraged to raise any concerns. They can speak up on their own, through workersâ representatives, union repre-sentatives, managers, HR, or via our whis-tleblower system.The workersâ councils are site-specific and, in markets with more than one site, also at the national level. The responsibilities of the workersâ representatives are integrated into their job description, and the duties are performed as part of their regular working hours. Meetings are held on a regular basis at least in accordance with national law. For every meeting the agenda and minutes/protocol are recorded. We have not experienced any cases where workersâ representatives have suffered any form of retaliation. Our leadership expec-tations and human resource processes ensure that we share human rights matters with workersâ representatives consistently across all markets. If an employee is entitled to remedy because of any incidents occurring at work, we will always provide remedy at least as the legislation enti-tles. Based on the reported cases we believe in the effectiveness. The effectiveness of the whistleblower system is described under G1.Actions S1-4Health, safety, and well-beingRoyal Unibrew takes action to address mate-rial impacts, risks, and opportunities through our occupational health and safety manage-ment systems. All employees (100%), including relevant contractors, are in scope. The system encompasses procedures for identification and control of potential hazards (e.g. physical, chemical, biological, ergonomic, psychological health and well-being aspects), training, moni-toring, recording, and investigation of incidents and legal compliance. Royal Unibrew has five sites that are ISO 45001 certified. By law or by ISO 45001 certificates, all sites (100%) are obligated to have proce-dures on hazard identification and risk assess-ment, and at least every third year a workplace safety assessment is carried out, which covers physical, chemical, biological, ergonomic and psychological health aspects. Royal Unibrew addresses workersâ safety at all management levels, including the Growth Lead-ership Team and we measure the effect of our initiatives and track performance daily through safety observations, incidents, near-misses and have been doing so for many years. We share best practices among our different production sites and markets and highlight initiatives that have a significant impact. Anchoring health and safety at the Growth Leadership Team level with Executive Management, market General Managers, and Group functions â helps ensure that business priorities are balanced in a way that does not negatively affect our employees.In 2025, we initiated activities anchored at the Executive Management to enhance focus on employee safety and well-being, including harassment, discrimination, and bullying, such as:⢠Adding employeesâ health and safety perfor-mance to our Short-Term Incentive Program.⢠Establishing a new Group function to improve our health and safety performance supported by the safety responsible from all markets to ensure progress on behavior-based safety and sharing of best practices.⢠Conducting safety days locally. The planned Group driven safety day has been postponed to 2026.⢠Conducting behavior-based safety campaigns in several markets, and one major campaign driven by Group (two campaigns were planned in 2025).⢠Doing safety walks and talks by managers.⢠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 and implementation of preventive measures as well as conducting more inspections and audits.⢠Launching a podcast episode, as part of a wider internal podcast for employees focused on our safety priority, our commit-ments, and how everyone can contribute to a safer working environment, such as by reporting unsafe conditions.⢠Urging employees to contact managers or Group HR directly to discuss any harassment, discrimination, or bullying incidents as part of the Employee Engagement Survey.These actions will be further strengthened and advanced in 2026.In 2025, we did not have any fatal accidents among our employees or contractors, and we have not recorded fatalities for the past three years plus. We did, however, experience a relatively high lost time incident frequency compared to the industry average. Remedy was not applicable in 2025.Attraction and retention of talents We continuously align our leadership model with our strategic ambitions and growth objec-tives while fostering a sustainable culture and attractive workplace. This includes striving for high employee pride, inclusion, and recognition as a sustainable company as well as ambas-sador willingness; that is, employeesâ readiness to recommend Royal Unibrew as a great place to work. We track performance of various programs and initiatives through our annual Employee Engagement Survey, our perfor-mance development interviews, and in daily management. Strengthening our organization to ensure Royal Unibrew is well positioned for future growth, efficiency gains, and improved employee engagement have been key priorities in 2025. Our efforts have continued across several areas, including:⢠Strengthening recruitment to improve diversity among candidates and hires. During the year, objectives were embedded into the recruitment process through the introduc-tion of more structured shortlisting criteria, still broader sourcing channels, and closer cooperation with hiring managers on inclu-sive role design. This resulted in more diverse candidate slates across key roles compared to the previous year.⢠Talent acquisition strengthened. During the year, the talent acquisition function was professionalized further through clearer role ownership, more consistent hiring processes, and improved cooperation between HR and the business. The use of digitally delivered hiring platforms has increased, enabling a more targeted and data-driven recruitment approach. ⢠Building robust succession plans and tailored development plans. While succession planning existed in the previous years, we introduced a more systematic and forward-looking approach in 2025. Critical roles were identified, potential successors were mapped, and individual development plans were created to close capability gaps. The effects of reduced key-person dependency and increased internal mobility and readiness are expected to materialize over the coming years.⢠Organizational development. In 2025, we focused on translating our organizational strategy into clearer structures, roles, and ways of working. We reviewed how teams are organized, and how collaboration works across functions. As a result, responsibilities are clearer and the organization is better positioned to scale and respond to change.⢠Rolling out the Expectations Framework at more management levels. In the previous year, the Expectations Frameworkâthe values of Royal Unibrewâwas introduced at senior levels. In 2025, it was extended to additional management layers, ensuring more leaders have a common language around values, leadership behavior, performance, and accountability. This has further increased alignment and coherence and created greater consistency in people management across the organization.These activities will continue in 2026. However, focus will be on training of the top-level management teams in our major markets, i.e., the markets represented in our Business Lead Team: Denmark, Finland, Italy, and Interna-tional to enhance agility and strengthen the alignment between business strategy, targets, actions, market challenges, and consumer expectations. This includes a focus on employee development and ensuring a diverse and inclusive working environment.Allocation of resourcesHealth, safety, and well-being at the work-place are overseen and handled by the local working environment committees and repre-sentatives, who are elected/appointed for all job functions. Our health and safety committees and workersâ representatives are appointed and elected in accordance with local regulations and EU regulations. The tasks are handled as part of the representativesâ working hours. In 2025, an additional employee was added to focus exclusively on this area, along with the necessary resources to carry out the planned activities for occupational health and safety across the Group. Attraction and retention of talent and focus on diversity and inclusion are part of all managers' responsibility. We have a dedicated resource in Group HR who leads diversity and inclusion from a Group perspective. The actions planned and future initiatives do not require significant operational expenditure (OPEX) and/or capital expenditure (CAPEX).Targets S1-5To support our people-related policies objec-tives, we have established time-bound targets addressing all employees at Royal Unibrew. The targets encompass employeesâ health, safety, and well-being; diversity and inclusion; as well as pride and ambassador willingness. The targets in general were not changed in 2025.Our overall commitment is a 100% safety culture across the company by 2030. Targets are in place on safety culture, with the aim of reducing the lost time incident frequency (LTIF). We have a target to reduce the LTIF by 20% year on year, and in 2025, we reduced it by 31%. In addition, we have a target of reducing severity of incidents year-on-year, which improved significantly in 2025 with a 47% decrease compared to 2024. Royal Unibrew also considers psychological well-being as an integral part of employee health and safety and is targeting a harass-ment, bullying, and discrimination free working environment. The target is that more than 90% of our employees, measured in the employee engagement survey, do not experience any form of harassment. The same applies to the perceived safety. Regarding harassment, we exceeded the target with a result of 93% (2024: 92%) whereas perceived safety remained unchanged at 88%.We also strive for 85% of our employees to be Royal Unibrew ambassadors by 2030. We are currently at 68%, unchanged from 2024. Royal Unibrew has a commitment of 100% sustainability culture by 2030, measured in the Employee Engagement Survey as more than 80% of employees reporting that they are proud, feel included, and believe Royal Unibrew is a sustainable company. We are nearly there, reaching 95% of the target in 2025 as in 2024.We aimed to achieve 40% representation in the international management teams by 2025. However, as the target was not achieved, we have extended it to 2027.These targets were endorsed 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.Metrics S1-6Employee headcount by gender Unit 2025 Male number 3,051 Female number 1,272 Other number 3 Non reported number 10 Total employees 4,336 Employee headcount by contract type, Non broken down by gender Unit Female Male Other reported Tot a l Employees number 1,272 3,051 3 10 4,336 Permanent employees number 1,166 2,827 3 10 4,006Temporary employees number 106 224 0 0 330Non-guaranteed hours employees number 0 0 0 0 0* reconciliation to the financial statement can be found in Note 6Employee headcount by contract type, Northern Western broken down by region UnitEuropeEurope International To t al Employees number 3,337 847 152 4,336Permanent employees number 3,131 725 150 4,006Temporary employees number 206 122 2 330Non-guaranteed hours employees number 0 0 0 0Employee headcount in countries with at least 50 employees, representing at least 10% of the total number of employees Unit Female Male TotalDenmark number 290 1,124 1,414Finland number 305 544 849Employee turnover Unit 2025Employees who have left the organization number 619Turnover rate % 14.2§ Accounting policiesEmployee data is collected from local HR systems and the Group's Human Capital Management system. Data is calculated at year-end, except for employee turnover, which is based on year average.Employee headcount and gender distribution are as of year-end. Gender is classified in the HR system as male, female, other or non reported. Headcount includes all employees.The employee turnover rate is calculated as the percentage of total number of employees that volun-tary and involuntary has left the organization during the reporting period, divided by average number of employees during the reporting period.§ Accounting policiesThrough the employee engagement survey, we collect data on employeesâ pride in working at Royal Unibrew, their perception of the company as sustainable, and their willingness to act as ambassadors. The score is based on the percentage of employees that agree or strongly agree with the questions in the survey.§ Accounting policiesEmployee data is sourced from local HR systems and the Group's Human Capital Management system. International management team is defined as leaders that takes up a formal leadership role in the company. Distribution of employees by age is based on employee data as of the end of the reporting period.Through the employee engagement survey, we collect specific data on employees that feels included. The score is based on the percentage of employees that agree or strongly agree with the questions in the survey.Metrics S1-6Entity-specific metricsRoyal Unibrew ambassador Unit Target 2025 2024Share of employees ambassador willingness % >85 68 69Metrics of the 100% sustainability culture Unit Ta rget 2025 2024Share of employees being proud of working at Royal Unibrew % >80 80 79Share of employees rating Royal Unibrew as a sustainable company % >80 67 68Metrics S1-9Diversity metricsGender split in international management Unit 2025 2024Female number 50 60 Female % 38 39 Male number 81 93 Male % 62 61 Distribution of employees by age Unit 2025 2024<30 years old number 616 698 30-50 years old number 2,267 2,139>50 years old number 1,453 1,528 Total 4,336 4,365Royal Unibrew inclusion Unit Target 2025 2024Share of employees that feels included % >80 82 81Metrics S1-14Health and safety metrics The following metrics are used to monitor the development of our impact on employee health and safety. In addition, we apply inputs regarding severity of incidents as well as data from the employee engagement survey on perceived safety.The entity-specific metrics on severity of incidents, and from the Employee Engagement Survey, perceived safety, bullying, discrimination and sexual harassment (see S1-17) is part of our safety culture target and are therefore consid-ered relevant as proxies for our progress on further developing our safety culture.Work-related accidents Unit 2025 2024Employees covered by health and safety management systems % 100 100Fatalities - own workforce number 0 0Fatalities - non-employees number 0 0Recordable work-related accidents number 191 222Recordable work-related accidents rate 25.6 31.8Lost time incidents - own workforce number 66 89Lost time incident frequency - own employees rate 8.9 12.8Severity rate 129 244Perceived safety % 88 88Metrics S1-16The gender pay gap is an unadjusted measure that does not account for factors such as seniority, job type, function, or geography.Remuneration Unit 2025 2024*Unadjusted gender pay gap % 9.2 n/aRemuneration ratio of the highest paid individual ratio 65 n/a* no comparable figures for 2024, due to change in the DMA results, and first year of reporting§ Accounting policiesInformation is gathered from all sites. All our employees are covered by Royal Unibrewâs occu-pational health and safety management system.The number of work-related fatalities includes all types of employees but is separated into contrac-tors working at our sites and own employees. The number of recordable work-related incidents includes fatalities (own employees), lost-time incidents, and no-lost time incidents.The rate of work-related accidents is calculated as the number of recordable work-related acci-dents per one million work hours. Number of lost time incidents is calculated as inci-dents resulting in absence from work for one day or more, and the Lost time incident frequency is calculated per one million working hours.Severity rate is calculated as the number of lost days caused by incidents per one million working hours.Perceived safety is assessed through the employee engagement survey, where all employees are asked whether they feel safe at work. The score reflects those who agree or strongly agree. The response rate was approxi-mately 80%.§ Accounting policiesThe unadjusted gender pay gap (%) is the percentage difference between the average hourly pay of male and female employees, calculated by comparing the gap between their average hourly pay with the average hourly pay of male employees and multiplying the result by 100.The remuneration ratio is calculated by dividing the total remuneration of the highest-paid individual by the median total remuneration (excluding the highest-paid individual). The remu-neration includes all fixed and variable compensa-tion. The median remuneration is calculated based on data collected from the HR system.Metrics S1-17Incidents, complaints, and severe human rights impacts The entity-specific metrics bullying, discrimination, and sexual harassment are part of our safety culture target; thus, considered relevant as proxies for our progress on further developing our safety culture. It is measured in our annual Employee Engagement Survey. Incidents, complaints, and severe human rights impacts Unit 2025 2024Total incidents of discrimination, including harassment number 4 15Hereof incidents of discrimination, including harassment in own workforce number 3 2Hereof complaints of severe human rights incidents number 0 0Hereof breaches of the UNGPs number 0Hereof number of complaints filed to National Contact Points for OECD Multinational number 0 0EnterprisesAmount of material fines, penalties, and compensation related to the above mentioned DKK 0 0incidentsConfirmed severe human rights incidents connected to own workforce number 0 0Confirmed severe human rights incidents connected to own workforce that are cases of number 0 0non-respect of UN Guiding Principles and OECD Guidelines for Multinational EnterprisesFines, penalties and compensation for damages related to confirmed severe human rights DKK 0 0incidentsEntity-specific metricMetrics for the 100% safety culture commitment Unit 2025 2024>90% harassment free % 93 92§ Accounting policiesIncidents of discrimination and harassment and number of complaints filed are based on data retrieved from the Whistleblower system and from contacting heads of HR across the Group. This is done by appointed people 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 Royal Unibrew. Fines, penalties, and compensation include any finan-cial payments paid in relation to confirmed incidents within the fiscal year.Harassment free is assessed through the employee engagement survey, where all employees are asked whether they have experienced bullying, unwanted sexual attention, or discrimination. The score reflects the sum of the percentages across the three ques-tions. The response rate was approximately 80%.Workers in the value chain ESRS S2Material impacts, risks, and opportunities SBM-3Royal Unibrew has solid insight into the workforce of our tier 1 suppliers (upstream) and customers (downstream). We are in the process of improving our due diligence processes to expand visibility further across the value chain.Royal Unibrew has knowledge of potential challenges for workers in the value chain, not related to any company-specific suppliers, such as working conditions, human rights abuse, child labor and migration workers. However, we source most of our raw materials and services in Europe close to our markets and produc-tion sites, which is lowering potential risks of violations. Based on actual incidents from recent years, we currently assess impacts to be individual incidents.Policies S2-1Supplier Code of Conduct Royal Unibrewâs Supplier Code of Conduct outlines our expectations for 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, contrac-tors, licensees, partners, distributors and carriers, agents, consultants, and other vendors.The Supplier Code of Conduct is based on legislation and internationally recognized conventions and guidelines, including the OECD Guidelines for Multinational Enterprises, the UN Universal Declaration on Human rights, the UN Guiding Principles on Business and Human Rights, International Labor Organization Standards, the UN Global Compact, and the 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 relevant industry standards. The supplier must have adequate processes and procedures for a safe working environment, protective equipment, and workplace training when needed. The tier 1 value chain workers that are present on our site, such as contractors, service providers, etc., must meet our health and safety requirements. Specific requirements, such as on reporting and handling of non-con-formities and potential remediation, are laid out in contracts and general terms.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 Supplier Code of Conduct has been adopted by the Board of Directors and is available on our website.S2 WORKERS IN THE VALUE CHAINSub-topic Main impacts, risks, and opportunities Time horizon Workplace safety in our Inadequate working conditions, including health and safety, have a negative impact on workers in the value chain. Upstream, â value chain - upstreamRoyal Unibrew relies on agricultural products as raw materials, packaging materials, and services for production. The company has both direct and indirect influence on working conditions within the supply chain, depending on where specific activities or issues occur.Health and safetyWorkplace safety in our Inadequate working conditions, including health and safety, have a negative impact on workers in the value chain, including â value chain - downstreamdownstream operations. Activities such as distribution, handling, and sale of products can affect workers. Royal Unibrew has both direct and indirect influence on working conditions in the supply chain, depending on where specific actions or issues occur within the value chain.Location in the value chain: Upstream Own operations DownstreamImpact materiality: + Positive - NegativeTimehorizon: short-term medium-term long-term Financial materiality: + Opportunity RiskIn addition, our Whistleblower Policy and Whis-tleblower reporting system offers a framework to report suspicion or knowledge of non-com-pliance with the Supplier Code of Conduct and other policies, helping us to discover and fight human rights violations, corruption, human and environmental injuries, and more. The policy specifically includes protection of whistle-blowers against retaliation.Processes for engaging S2-2There are significant differences in our ability to interact directly with employees in the value chain, 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 covers the entire value chain; however, we naturally have different capaci-ties to manage this. Therefore, we have not yet developed metrics for assessing the effective-ness of our engagement with workers in the value chain. However, we have well-established proxy indications from suppliers and customers.Workers' perspectives are clarified as part of regular meetings with suppliers and customers, audits performed, made available in expert studies of various industry sectors, member-ship of ethical trading organizations, NGOs, amfori BSCI, and other sources of insight. These insights are used to inform decision-making at Royal Unibrew. To make sure that poten-tial concerns are addressed in our materiality assessment, strategy, policies, and targets, these insights are reviewed at least once per year. Sustainability provides recommendations for any changes or adjustments for top manage-ment approval, and, if approved, they are submitted for final adoption by the Board of Directors. We consider key stepping stones for managing risks related to workers in the value chain to be the implementation of supplier codes of conduct and our supplier approval and re-approval due diligence processes.Engaging with value chain workers upstream Our value chain is diverse, and our interac-tions and touchpoints vary accordinglyâfrom very close, long-term collaborations, including upstream activities such as raw material sourcing from farms to end-of-life operations for our products. It also involves partnerships with suppliers of goods that we distribute but do not produce ourselves (traded goods) as well as customers in both the on-trade and off-trade. 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 materials or provide services such as distribution, and we engage with them directly.Royal Unibrew is committed to local sourcing and therefore most of our raw materials are from Northern Europe. However, we source ingredients that are not produced locally such as extracts from tropical fruits, wine, and ingre-dients for spirits and more.Agriculture often relies on seasonal and, in some cases, migrant workers. Broadly across global agricultural supply chains, various reports over time have highlighted instances of unsafe working conditions and forced labor. Although these issues are not related to Royal Unibrew, it remains essential to ensure that no such cases occur at producers supplying our company. We maintain general awareness of major risks that may exist in global agricultural supply chains.Our Group procurement department has the primary contact with our suppliers. We have direct communication and regular meetings and other interactions with major suppliers and partners. All suppliers are required to acknowl-edge and comply with our Supplier Code of Conduct (integrated into contracts and general terms), including fulfilling their responsibilities throughout their own value chain.Engaging with value chain workers downstream Our customers are primarily local, i.e., located in our main markets, and our sales organizations are in close contact with them and meet regu-larly with major retailers and hotels, restaurants, and cafés. Engagement includes, among other things, cooperation and development of solu-tions to reduce potential challenges for working conditions, including health and safety. Processes for remediation S2-3Royal Unibrew is in the process of improving our due diligence processes, including reme-diation of any potential negative impact. As an example, 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 trans-parent value chains and will provide important learnings before we expand the project to other raw materials. We follow 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 portal, available through 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 2025. We track and monitor issues raised and addressed via our whistleblower system. Based on the incidents reported in the past years, we believe the mech-anism in general is working. We are committed to protect whistleblowers from retaliation.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.Actions S2-4Several markets already have implemented Transparency Acts, and the upcoming EU Corporate Sustainability Due Diligence Direc-tive (CSDDD) has prompted further review of our policies and supplier management system. Supported by our supply chain manage-ment procedures, we believe that we have a robust system encompassing due diligence, risk assessments, and periodic review of supplier performance, where concerns will be addressed as they arise.Our payment terms are aligned with the Unfair Trading Practices (UTP) directive for agriculture and food supply chains. The regulation aims to create 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 companiesâ potential liquidity challenges. 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 a full understanding of the cause or/root cause and the preventive and remedy actions taken. We may conduct visits depending on severity and repetitiveness. We are well-aware of potential dilemmas, where cost, price, and even environmental footprint of certain goods and services may have an impact in some parts of our upstream or downstream value chain, and we strive to balance it out. 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. These processes are performed continuously.Gaining knowledge of the value chainIn 2024, we initiated further expansion of our due diligence processes and launched a strategy for sustainability in terms of wine and spirits. One pillar of this strategy is a focus on working conditions and environmental matters in the value chain. We initiated a pilot project, rolled out during 2025, providing us with more knowledge of the value chain and potential risks in wine production. In 2025, we rolled out supplier questionnaires together with the monopolies to defined high-risk countries and large-volume supplier, and we have gained more transparency in the upstream value chain. This project will lay the foundation for further knowledge building and represents an important step in managing the due dili-gence process across our value chain, as well as preparing for the implementation of the CSDDD.Resources for managing material impactOur resources dedicated to managing our material impact on workers in the value chain consist of several functions, including people in both our Group functions as well as local markets allocated to this work. Additionally, investments in data systems and tools needed to support the work, as well as a cost, are yet to be determined for conducting audits of suppliers, producers, and subcontractors.Targets S2-5We have not yet established time bound targets or metrics for workers in our value chain. Our current focus is on gaining knowledge of the value chain and reducing potential negative impacts. To support this, we ensure that all crit-ical suppliers and third parties acting on behalf of Royal Unibrew adhere to our Supplier Code of Conduct or have similar codes of at least an equivalent standard. A review conducted in 2025 confirms that all critical suppliers have aligned codes. Process for setting targets We have established quantitative and quali-tative targets in our pilot project for wine and spirits (upstream), which we plan to gradually apply to other suppliers and products. Our part-ners must be committed to transparent value chains from farm to bottle. Producers of wine and wine growers located in high- and medi-um-risk countries are planned to be audited in accordance with amfori BSCI Code of Conduct, SMETA, or similar ethical guidelines by 2026. We consider these standards to be proxies for value chain workers' concerns.Our pilot project targets addresses the upstream value chain and applies to a risk-based approach based on country/region and type of raw material. We base our risk rating on amfori BSCI. We are progressing well on the target, currently aligned with the Nordic Monopoliesâ approach, i.e., a step-wise risk-based approach: starting with the large purchased volumes and high-risk countries and in three phases aiming at encompassing the entire volume, risk countries, and transparency of the value chain.§ Accounting policiesCritical suppliers and third parties acting on behalf of Royal Unibrew, are defined by the top 20 volume or spend of purchased goods and distribution services. In addition, suppliers located in risk countries defined by amfori BSCI are determined as critical as well as suppliers with known non-conformities regarding human rights. Third parties are licensees, partners, distributors and carriers, agents, consultants, and other vendors, etc.We conduct desktop analysis on disclosed code of conducts by the suppliers during approval of suppliers and once a year thereafter. Data on spend, volume and country of origin are based on SAP records.Consumers and end usersESRS S4Material impacts, risks, and opportunities SBM-3Our responsibility toward consumers and their proxies, such as our customers, relevant author-ities, and experts, is at the core of our strategy and operating model. Royal Unibrew is aware of potential health challenges formulated by the World Health Organization (WHO) regarding overweight, obesity, and the associated concerns of cardio-vascular diseases, cancer, and diabetes, as well as concerns related to alcohol abuse. We take our responsibility seriously and are committed to providing safe productsâclearly labeled and produced under controlled conditions.We believe in consumer choice and support it by offering no/low sugar and no/low alcohol alternatives alongside our regular products. Our strategy, policies, and targets focus on consumer health by ensuring product safety and responsible products offering. Insights from consumers, customers, health and food authorities, and other relevant stakeholders inform our strategy. All our markets, consumers, and end users consuming our products are included in the scope of the disclosures. The negative impact is related to individual incidents. We strive to provide transparency for consumers when choosing beverages, especially for children, pregnant women, and lactating women, who are considered to be more vulnerable. Policies S4-1The Business Ethics Policy includes commit-ments related to quality, food safety, respon-sible marketing, responsible products, human rights, labor standards, and responsible sourcing. The policy is aligned with the UN Guiding Principles on Business and Human Rights, the OECD Guidelines for Multinational Enterprises regarding consumer interests, the Universal Declaration of Human Rights and therefore respects the UN Global Compact Principles, and relevant UN Sustainable Devel-opment Goals. No material changes were made in 2025.S4 CONSUMERS AND END USERSSub-topic Main impacts, risks, and opportunities Time horizon Consumer health and Excessive consumption of beverages may contribute to overweight, obesity, and related non-communicable diseases. It â nutritionmay also lead to potential misuse, depending on consumption patterns and individual circumstances.â Personal Food safetyThe presence of food allergens in beverages - alcohol or sugar containing - may pose serious health impacts, including safety of severe allergic reactions and, in extreme cases, death for certain consumers. Relevant allergens for Royal Unibrew include consumers gluten in core product, and in traded goods such as snacks and wine, allergens like nuts, peanuts, milk (e.g. cheese), and and end userssulfites.Additionally, the presence of foreign materials in finished productsâwhether physical, chemical, or biological introduced unintentionally during production or intentional through food fraud, bio-terrorism, or tampering with raw materials and process agents may cause potential health impacts as well.Location in the value chain: Upstream Own operations DownstreamImpact materiality: + Positive - NegativeTimehorizon: short-term medium-term long-term Financial materiality: + Opportunity RiskThe policy commitments are based on respect for human rights, including health and trans-parent information; insights from stakeholder engagement, including consumers and their proxies; and providing remedy where relevant. The Business Ethics Policy is adopted by the Board of Directors annually and is available on our website.Royal Unibrew want to be THE PREFERRED CHOICE as the local beverage partner, aiming to create good and enjoyable moments for our consumers. Thus, consumer interests and trends are at the core of our business model and policies.Implementation and management of policies and targets to reduce and prevent potential impacts on health and safety of consumers follows our overall governance principles. On quality and food safety, the targets are further supported by our certified quality and food safety management systems (GFSI recognized standards).There have been no reported cases of non-re-spect of the UN Guiding Principles on Business and Human Rights, ILO declarations, or OECD Guidelines..Processes for engaging S4-2Bringing people together and facilitating great moments and enjoyment is core to our busi-ness. We are continuously striving to match the consumersâ preferences by offering a broad range of products that deliver choice for every occasion and consumer.We engage directly with our customers, as we do not sell directly to consumers. However, Royal Unibrew communicates and reaches out to consumers through our customer services, marketing communication, and by being present at various events, such as festivals and other venues where our products are enjoyed. Furthermore, we communicate to our consumers via marketing campaigns, and we engage with consumers via transparent and informative labeling on all products as well as marketing campaigns supporting responsible drinking. Engagements with consumers and their proxies inform our decisions and activities, including concerns regarding more vulner-able consumers, especially children, pregnant women, and lactating women. We also connect regularly with consumers via proxies such as our customers, WHO, food authorities, and NGOs.Feedback from the marketCustomers and consumers can provide feedback or file complaints either directly via our website or through our customer service teams. We have robust procedures for handling complaints from both consumers and customers. We welcome any feedback, including complaints, as it provides us with the opportunity to learn and improve. We pay particular attention to food safety-related complaints and have processes in place to identify potential food safety threats through our internal controls.We collect and report data on consumer complaints, withdrawals, recalls, and any viola-tions in terms of labeling, marketing, and liti-gation. The local quality and legal departments manage non-conformities and implement potential corrective actions. General managers have the operational responsibility. Preventive actions are generally considered effective, measured as improving audit scores.Vulnerable consumersIn our marketing activities, we comply with legislation and guidelines developed for our sector to protect particularly vulnerable groups such as children and young adults. Where age limits are required by law, we ensure our marketing approach only targets those who meet the appropriate criteria. For products like energy drinks, carbonated soft drinks, and alcoholic beverages, we direct our commu-nications exclusively to consumers who fall within the permitted age groups. Additionally, in certain markets, stricter requirements have been established regarding minimum age for influencers involved in promotional activities. GovernanceEngagement with consumers and their proxies includes product development and assort-ment, food safety concerns deriving from production processes, transparency of product labeling, and commercialization of products and deposit return (end-of-life). Our respon-sibility for ensuring consumer views is used to inform the company approach following our general governance principles, where our major marketsâ input is consolidated at Group level by top management supported by Group func-tions such as quality and sustainability. We believe engagement with consumers and their proxies is effective, based on the feedback we receive via our different engagement chan-nels and other insights. Royal Unibrewâs products have no impact on consumersâ privacy, and we do not retaliate against any consumer.Processes for remediation S4-3Our products are not inherently harmful and pose no increased potential risk of chronic diseases, except in cases of excessive use or misuse. A small share of consumers suffers from intolerance for specific ingredients, and in accordance with applicable legislation, these ingredients and allergens are clearly labeled 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 rele-vant market by making a public recall.Product complaints are investigated and in cases of non-conformity, root cause assess-ment, corrective, and preventive measures are implemented. We provide replacement products for consumers or customers, depending on the justification of the complaint. When we are at a customers' locations, we will replace the prod-ucts directly. We consider these procedures to be the most effective way to provide remedy for both consumers and customers. If a complaint is submitted through our whistleblower portal, we have policies and procedures in place to protect the consumer, refer to (G1-1).In the very rare cases where we must recall a product, consumers who purchased this product will be compensated directly at the point of purchase.Actions S4-4 Royal Unibrew identifies and implements actions needed to act on our material impacts, risks, and opportunities on product safety, transparent labeling, and ethical marketing. The latter relates to consumer health and nutri-tion. Management and implementation of our policies, 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. Actions and resources are established as part of the annual management review of the systems. Progress on actions is reviewed at least every 6 months.Material impact â food safety Food safety is essential to Royal Unibrew. If there is a serious breach in our processes, and we unknowingly place products on the market containing unwanted microbiology or foreign matters, it may potentially pose a significant hazard to consumers. We review and stay on top of potential food alerts, concerns, and new legislation on raw materials, ingredients, including allergens, labeling, food contact materials, etc. Periodic review of international and national legislation from authorities/bodies such as the EU, the World Health Organization (WHO), the UN Food and Agriculture Organization (FAO), the Euro-pean Food Safety Authority (EFSA), and the US Food and Drug Administration (FDA) are among our sources; likewise is our national and inter-national trade associations such as Brewers of Europe, European Soft Drink Association (UNESDA), and more.Royal Unibrew adheres to and provides prod-ucts in accordance with the highest quality and food safety standards. Our production sites are certified in accordance with recognized food safety standards. Our Good Manufacturing Practice (GMP) includes hazard analysis, risk assessments of health and nutritional concerns, complaint handling and recall procedures, food fraud and food defense, as well as, procedures for communication with consumers. 99.9% of our production volume is certified in accor-dance with the Global Food Safety Initiative (GFSI) standards, e.g. FSSC 22000, IFS, and BRC (unchanged from 2024).Product quality is tested continuously, and we address all non-conformities that may affect consumers. We measure the effectiveness in part by recording number of recalls and with-drawals.In 2025, we continued the improvement of our management systems, controls and audits locally and across the Group. As an integrated element of the certified food safety manage-ment systems, the annual management review entails establishment of relevant action plans for each market with defined responsibilities, deadlines, and milestones, typically imple-mented within the calendar year. Progress is reviewed at least once per quarter. Furthermore, to enhance focus and alignment on product safety at all levels of the organi-zation, we established a Food Safety Culture Program across all markets based on the GFSI Guideline. We will continue the roll-out of the program in 2026. By the end of 2026, we are planning internal audits on product safety culture at three of our largest sites and expect to roll out relevant campaigns for the entire Group.Resources allocated to managing material impact on food safetySubstantial and dedicated trained staff and other resources have been allocated for the development, management and assurance of food safety at Royal Unibrew. Resources are dedicated 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.Material impact â consumer health and nutrition Royal Unibrew is aware of the potential health challenges regarding obesity and the concern of alcohol abuse linked to excess consump-tion of food and beverages. Therefore, we have established targets and actions to support development and introduction of products across categories with no/low sugar and no/low alcohol, as well as a commitment to promote responsible drinking. Subsequently, we offer consumers a selec-tion of great tasting beverages clearly labeled beyond regulatory requirements in our key markets. This includes labeling energy content per 100 ml; nutritional disclosure on our marketâs websites for beer; warnings on energy drinks for children, pregnant women, and lactating women; and observing more stringent rules regarding the marketing of products.We act responsibly when advertising our products, and we comply with legislation and guidelines by international trade associations such as Brewers of Europe, UNESDA, and the national trade associations.Our commitment to responsible marketing and products is unambiguous as stated in our Business Ethics Policy, supported by our responsible marketing guidelines, and it is our obligation to prioritize quality over quantity for products containing alcohol and sugar. We display nutritional information at least per legal requirements. Our policies are aligned with major trade associations such as Brewers of Europe and UNESDA. In addition, we partici-pate in relevant multistakeholder initiatives at national and international level.We record and address violations of labeling and marketing codes on an ongoing basis. In 2025, we continued to inform and train relevant employees, and to advice relevant business func-tions on responsible marketing, including labeling. In 2026, we will train employees in prerequi-sites for green claims to ensure protection of consumers, but also continue to advice relevant business functions on responsible marketing.In 2025, we received zero (2024: 6) notifica-tions regarding violations of labeling require-ments, and we received 1 (2024: 2) notification regarding non-compliance with marketing codes or regulations related to either adver-tising or promotion, including advertising to youth and other susceptible consumers. Furthermore, we received a fine for marketing our Egekilde (water) in Denmark without adequate information on the label, i.e. violating national green claim guidelines. We have changed our approach accordingly.The revenue split between alcoholic and non-alcoholic beverages in 2025 was 44% (2024: 46%) and 56% (2024: 54%), and we hold a strong market position within the no-calorie and no-sugar segment for carbonated soft drinks, juice, and water as well as no/low alcohol beers, cider, and ready-to-drink (RTD) bever-ages. By placing a strong emphasis on innova-tion, marketing regular and no/low products together, and ensuring that both alternatives deliver great taste, we support responsible consumer choices and take responsible action.We support a wide range of sports and health initiatives through regional and local spon-sorships with our non-alcoholic local brands, including ice hockey, football and basketball. We ensure that alternatives to alcoholic choices are always available and well-advertised, and our programs for education are tailored to meet main concerns in our various markets. The right to food is recognized as a funda-mental human right, where food safety is a key component. Ensuring food safety is a critical aspect, as unsafe food can lead to serious health issues and undermine the overall well-being of individuals. No severe negative human rights issues have been reported in 2025. Measures to provide remedy for any human rights impact have not yet been relevant for Royal Unibrew.Resources allocated to managing material impact on consumer health and nutritionThe resources allocated to managing health and nutrition form a significant portion of the overall marketing and staff budget of the 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. Employees oriented toward consumers and customers are specifi-cally trained in responsible marketing and other business ethical aspects.§ Accounting policiesEach site in the Group reports their number, types and potential fines of non-conformities in relation to labeling requirements or marketing legislation. The reporting is done on a yearly basis by the Group Quality department and Group Legal.Targets S4-5Royal Unibrew strives to be market leader by offering product innovations, more information, and transparent communication about the products. Food safety Food safety is fundamental to us and essential for our license to operate as a company in alignment with our policies. Our primary targets are there-fore to maintain the high standard we already have and uphold the current certifications at our production sites. Due to the nature of our produc-tion with predominantly closed processes, the largest potential challenges are related to unin-tended microbiological activity in our products. In 2025, we aligned Group quality and food safety targets across all markets. We work continuously toward zero health challenges in relation to allergens or food safety in general. The commitment is based on our policy on product safety.Our target is to achieve zero recalls or with-drawals. Tracking performancePerformance is tracked monthly, covering areas such as complaints, recalls/withdrawals, first-time-right, audit results, and partner-ship compliance. Our efforts will also include advancement on food safety and quality requirements for suppliers. The targets are founded in the GFSI recognized standards on food safety. The standards serve as a proxy for consumers. Progress is tracked continuously internally and via external audits by the certifying body at least once per year. Lessons learned are captured across the Royal Unibrew Group.Despite our diligent management of product safety, including staying up to date on food alerts, we unfortunately experienced 8 with-drawals in 2025 (2024: 4) related to labeling, microbiology, and quality. In addition, we had 1 recall in 2025 (2024: 1) due to the potential presence of non-food-grade oil in the product. No consumers were adversely affected, and we implemented preventive measures to improve our performance. Consumer health and nutrition We have commitments for managing potential safety and health impacts for consumers. Our goal is to develop and offer no/low alternatives across all categories and markets, consistent with our policy commitments and our focus on consumer choice and transparency. No/low should be understood as no or low sugar, calo-ries, or alcohol in our entire beverage portfolio. The targets remain unchanged and in line with the recommendations by national and interna-tional health authorities and trade associations. We track the development in our sales volume across the Group and the share of no/low sugar compared to regular sugar for soft drinks, juice, and water and the share of non- alcoholic/low alcoholic beers, cider, and RTD. Our target (ongoing annual target) is for no/low to grow faster than average on the portfolio and faster than the market year-on-year..Tracking performanceThe volume growth in no/low sugar alternatives compared to regular products, e.g. carbonated soft drinks, water and juice, increased by 8% in 2025, while regular products increased by 6%, indicating that we are on track with our target.The no/low alcoholic segment i.e. beer, ready-to-drink (RTD) incl. cider, increased by 3% in 2025, compared to a decrease of 5% for alco-holic beverages and therefore we are on track. We will continue our efforts.Targets on consumer health, safety and nutri-tion are developed based on engagement and aligning with consumer proxiesâ recommenda-tions, guidelines and priorities such as customers, food authorities, and WHO as well as trade associations and internationally recognized food safety standards. Performance tracking and lessons learned are shared at regular meetings.§ Accounting policyEach 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 Group reports their number and causes of withdrawals and recalls, respectively. The reporting is done on a yearly basis by the Group Quality department and Group Sustain-ability. A recall is defined as the removal of products that have already reached consumers, accom-panied by public communication requesting consumers to return or destroy the product, with involvement of public authorities. A with-drawal is defined as the removal of products from any part of the supply chain before they reach consumers.§ Accounting policyThe data is based on the market share of no/low versus regular calorie content beverages across the categories of carbonated soft drinks, water, and juice, as well as alcoholic beverages, i.e., beer, ready-to-drink (RTD) incl. cider. 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 whether the demand for no/low categories is growing faster than the market (in terms of sales volume), we calculate the market growth. If Royal Unibrew growth surpasses market growth, the criteria is met. In markets where Royal Unibrew holds the largest market share, the KPI is measured based on Royal Unibrew's ability to maintain its market position in that specific market. The category of no/low calorie soft drinks has been updated to match Royal Unibrewâs Growth framework. This has resulted in exchanging energy drinks with juice. The 2024 data have been restated to align with the change.Governance informationRoyal Unibrewâs ambition THE PREFERRED CHOICE, is supported by a clear governance framework and policies. Together, these guide how we operate and engage with our business partners, helping to ensure long-term growth and sustainability.As a multi-beverage company with operations across several regions and markets, our busi-ness is complex. This makes strong governance and a responsible company culture essential to managing risks and supporting value creation.We are committed to responsible business conduct through our Business Ethics Policy, supported by policies on Data Protection, Investor Relations, Whistleblowing, and our Supplier Code of Conduct. These policies reflect our commitment to act responsibly and advance positive outcomes to our stakeholdersâincluding consumers, customers, employees, shareholders, suppliers, and society. We comply to legislation and international standards wherever we operate, with processes in place to ensure compliance and monitor performance.The policies apply to all employees, suppliers, and third parties acting on behalf of Royal Unibrew. We encourage anyone who becomes aware of actual or potential violations to speak up. Our goal is to ensure compliance and take appropriate action when needed.As part of our DMA assessment, we identified corruption and bribery as a material financial risk in the short-, medium-, and long-term. The competitive nature of the beverage industry and widespread use of discounts and rebates increase the risk of misuse, errors, and conflicts of interest. Risks can also arise from hospitality offerings or free goods, and in some markets, rebates may be paid in advance.We identified protection of whistleblowers as mate-rial impact in the short-, medium-, and long-term. Operating across multiple countries and cultures, it is important that all stakeholders have access to clear and reliable channels for reporting unethical or unlawful behavior. Weaknesses in the whistleblower framework could lead to reputational risk.Business conductESRS G1Material impact, risks, and opportunities SBM-3, IRO-1Royal Unibrewâs long-term growth and resil-ience are founded on strong governance and responsible business practices. Through the DMA process, we have identified two key governance-related topics, where one pose a financial risk and one material impact.Data ethics and Cybersecurity, included in last yearâs ESRS governance disclosures, is now excluded but remains addressed in the risk management section, refer to page 48.Corporate culture and business conduct policies G1-1Royal Unibrewâs corporate culture is guided by our policies and a fundamental commitment to doing the right thing, acting responsibly, and respecting the views and interests of our stakeholders.Our approach to business ethics is to conduct business responsibly with integrity, honesty, and transparency, in compliance with our Business Ethics Policy and international as well as local standards for responsible business conduct.Business Ethics Policy and Risk Management PolicyThe Business Ethics Policy covers anti-cor-ruption, breaches of competition law, data protection and privacy, IT security, and political and charitable contributions. In addition, our Corporate Governance Statement regulates how and when we communicate on sustain-ability commitments, outlines requirements for the Board of Directors, and addresses risk management. The latter is further supported by an internal Risk Management Policy. This policy lays out the principles for identification, assessment, management and communication of risks and opportunities, basically calling for cost-effective controls and contingency plans, detailing Executive Managementâs responsi-bility and that of the relevant managers.Policy scope and trainingThe policies apply to all Royal Unibrew 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 these policies to speak up. All policiesâexcept for the internal Risk Management Policy, which includes financial, ESG, and IT-risksâare available on our website and integrated into contracts and business terms.G1 BUSINESS CONDUCTSub-topic Main impacts, risks, and opportunities Time horizon Protection of Whistleblower frameworkRoyal Unibrew operates across diverse regions and cultures, making it essential that all stakeholdersâemployees, suppliers, â â â Whistle- and partnersâhave safe and reliable channels to report unethical or unlawful behavior.blowersIf whistleblower protection is weak or perceived as ineffective, it negatively impacts employees by creating fear and discouraging openness. This erodes trust, harms psychological safety, and fosters a workplace culture employees are not proud of, ultimately affecting well-being and integrity.Corruption Rebates/discounts in the The competitive nature of the brewing industry, combined with the widespread use of discounts and rebates, increases the â and Briberybeverage industry with risk of errors, misuse, and potential conflicts of interest. These risks may arise from practices such as hospitality offerings risks of non-compliance or the provision of free goods. In certain markets, rebates may be paid in advance, and in some countries, Royal Unibrew with business conductprovides financial guarantees to support customers in covering rental costs for bars or restaurants.Location in the value chain: Upstream Own operationsDownstreamImpact materiality: + Positive - NegativeTimehorizon: Short-term Medium-term Long-term Financial materiality: + Opportunity RiskWe conduct annual training for relevant employees and business functions on topics such as competition law, marketing law, anti-corrup-tion and anti-bribery, data security and protection (GDPR), and cybersecurity. These efforts ensure compliance with policies and safeguard our busi-ness, employees, and consumers. Training and internal controls will continue in 2026.Protection 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 is tailored to the specific roles of employees both inside and outside Royal Unibrew.Royal Unibrewâs Whistleblower Policy and reporting system are based on the legal require-ments under Danish law. It provides a frame-work for reporting suspicions or knowledge of illegal or unethical behavior or non-compliance with our policies, helping us to detect and combat corruption, criminal activities, personal or environmental harm, human rights violations, financial losses, and more. The Whistleblower Policy ensures protection against retaliation through the use of an independent IT system and the option to report anonymously.The system is accessible through our website in 15 languages. 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. Reports are encrypted, and the system meets strict IT security requirements and is audited annually for GDPR compliance. We are providing training to users on the proper and intended use of the whistleblower channel, while also conducting checks and tests to ensure that the channel operates effectively.Corruption and anti-bribery G1-3, G1-4All office and sales employees (identified as at-risk) are required to complete mandatory annual training on anti-corruption and anti-bribery. Training is delivered through online e-learning sessions and supplemented by targeted in-person sessions and follow-ups where necessary.Office employees and field force are exposed to high-risk situations where violations of business integrity, such as corruption and bribery, may occur. Their roles in negotiations, deal-making, contract management, and payment handling place them in positions where they could poten-tially be influenced by unethical practices. There-fore, they are included in the training program.Employees who interact directly with clients and handle transactions are often exposed to similar high-risk situations. Their involvement in negotiating deals, managing contracts, and processing paymentsâparticularly in relation to rebates, discounts, and other transactions common in our sectorâmakes them vulnerable to unethical practices. These groups are also part of the training program. The Audit Committee and the Board of Directors receive updates twice per year from the Group General Counsel. All members of these supervisory bodies participate in the mandatory compliance training programs. The disclosed information in table G1-4 includes incidents occurring in the value chain only where Royal Unibrew or its employees are directly involved. There were no reported convictions of violation of anti-corruption or anti-bribery laws in 2025. No actions were required to address breaches of procedures or standards related to anti-corruption and anti-bribery.Actions In 2026, we will continue efforts to prevent potential violations of competition law and corruption related to sector-specific chal-lenges. Royal Unibrew tracks all litigation concerning business conduct, data protection, whistleblower protection, and any non-compli-ance. We also monitor training completion rates and reported cases.Whistleblower system (G1-1) Unit 2025 2024Reports received via the whistleblower system number 6 25Reports received within scope of framework number 1 10Prevention of corruption and risk (G1-3) Unit 2025 2024Functions at risk covered by training programme % 97 90Prevention and detection of corruption and bribery (G1-4) Unit 2025 2024Confirmed incidents of corruption and bribery number 0 0Fines for violating corruption and bribery laws DKK 0 0§ Accounting policyWhistleblower systemOffice and sales employees are defined as those primarily working in offices or managerial roles, such as in planning departments, produc-tion leadership, finance, and marketing/sales. The statistics on completion % are extracted from the e-learning training system.Corruption and briberyThe metrics reflect court convictions for violation of anti-bribery or anti-corruption law involving Royal Unibrewâs legal entities and any associated fines arising from enforcement actions.AppendixTable 1: Other legislationBenchmark Disclosure SFDR Pillar 3 regulation EU Climate Materiality Section in Sustainability requirement Data point DescriptionreferencereferencereferenceLaw reference(yes/no)StatementESRS 2 GOV-1 21 (d) Board's gender diversity X X Yes Governance (GOV-1 and GOV-2)ESRS 2 GOV-1 21 (e) Percentage of board members who are independent X Yes Governance (GOV-1 and GOV-2)ESRS 2 GOV-4 30 Statement on due diligence X Yes Due diligence GOV-4ESRS 2 SBM-1 40 (d) i Involvement in activities related to fossil fuel activities X X X NoESRS 2 SBM-1 40 (d) ii Involvement in activities related to chemical production X X NoESRS 2 SBM-1 40 (d) iii Involvement in activities related to controversial weapons X X NoESRS 2 SBM-1 40 (d) iv Involvement in activities related to cultivation and production of tobacco X NoESRS E1-1 14 Transition plan to reach climate neutrality by 2050 X Yes Transition plan (E1-1)ESRS E1-1 16 (g) Undertakings excluded from Paris-aligned Benchmarks X X Yes Transition plan (E1-1)ESRS E1-4 34 GHG emission reduction targets X X X Yes Targets (E1-4)ESRS E1-5 38 Energy consumption from fossil sources disaggregated by sources (only high X Noclimate impact sectors)ESRS E1-5 37 Energy consumption and mix X Yes Metrics (E1-5)ESRS E1-5 40 to 43 Energy intensity associated with activities in high climate impact sectors X NoESRS E1-6 44 Gross Scope 1, 2, 3 and total GHG emissions X X X Yes Metrics (E1-6)ESRS E1-6 53 to 55 Gross GHG emissions intensity X X X Yes Metrics (E1-6)ESRS E1-7 56 GHG removals and carbon credits X NoESRS E1-9 66 Exposure of the benchmark portfolio to climate-related physical risks X NoESRS E1-9 66 (a) Disaggregation of monetary amounts by acute and chronic physical risk NoESRS E1-9 66 (c) Location of significant assets at material physical risk X NoESRS E1-9 67 (c) Breakdown of the carrying value of its real estate assets by energy-efficiency X NoclassesESRS E1-9 69 Degree of exposure of the portfolio to climate-related opportunities X NoBenchmark Disclosure SFDR Pillar 3 regulation EU Climate Materiality Section in Sustainability requirement Data point DescriptionreferencereferencereferenceLaw reference(yes/no)StatementESRS E2-4 28 Amount of each pollutant listed in Annex II of the E-PRTR Regulation X No(European Pollutant Release and Transfer Register) emitted to air, water, and soilESRS E3-1 9 Water and marine resources X Yes Policies (E3-1)ESRS E3-1 13 Dedicated policy X NoESRS E3-1 14 Sustainable oceans and seas X NoESRS E3-4 28 (c) Total water recycled and reused X Yes Metrics (E3-4)3ESRS E3-4 29 Total water consumption in m per net revenue on own operations X Yes Metrics (E3-4)ESRS 2- 16 (a) i Activities negatively affecting biodiversity sensitive areas X Yes SBM-3, E4IRO 1 - E4ESRS 2- 16 (b) Material negative impacts with regards to land degradation, desertification, or X Yes SBM-3, E4IRO 1 - E4soil sealingESRS 2- 16 (c) Operations that affect threatened species X Yes SBM-3, E4IRO 1 - E4ESRS E4-2 24 (b) Sustainable land / agriculture practices or policies X Yes Policies (E4-2)ESRS E4-2 24 (c) Sustainable oceans / seas practices or policies X NoESRS E4-2 24 (d) Policies to address deforestation X Yes Policies (E4-2)ESRS E5-5 37 (d) Non-recycled waste X NoESRS E5-5 39 Hazardous waste and radioactive waste X NoESRS 2- 14 (f) Risk of incidents of forced labour X NoSBM3 - S1 ESRS 2- 14 (g) Risk of incidents of child labour X NoSBM3 - S1 ESRS S1-1 20 Human rights policy commitments X Yes Policies (S1-1)ESRS S1-1 21 Due diligence policies on issues addressed by the fundamental International X Yes Policies (S1-1)Labor Organisation Conventions 1 to 8ESRS S1-1 22 Processes and measures for preventing trafficking in human beings X Yes Policies (S1-1)ESRS S1-1 23 Workplace accident prevention policy or management system X Yes Policies (S1-1)ESRS S1-3 32 (c) Grievance/complaints handling mechanisms X Yes Processes for remediation (S1-3)ESRS S1-14 88 (b) and (c) Number of fatalities and number and rate of work-related accidents X X Yes Metrics (S1-14)ESRS S1-14 88 (e) Number of days lost to injuries, accidents, fatalities, or illness X Yes Metrics (S1-14)ESRS S1-16 97 (a) Unadjusted gender pay gap X X Yes Metrics (S1-16)Benchmark Disclosure SFDR Pillar 3 regulation EU Climate Materiality Section in Sustainability requirement Data point DescriptionreferencereferencereferenceLaw reference(yes/no)StatementESRS S1-16 97 (b) Excessive CEO pay ratio X Yes Metrics (S1-16)ESRS S1-17 103 (a) Incidents of discrimination X Yes Metrics (S1-17)ESRS S1-17 104 (a) Non-respect of UNGPs on Business and Human Rights and OECD X X Yes Metrics (S1-17)ESRS 2- 11 (b) Significant risk of child labour or forced labour in the value chain X NoSBM3 - S2 ESRS S2-1 17 Human rights policy commitments X Yes Policies (S2-1) ESRS S2-1 18 Policies related to value chain workers X Yes Policies (S2-1) ESRS S2-1 19 Non-respect of UNGPs on Business and Human Rights principles and OECD X X Yes Policies (S2-1) guidelinesESRS S2-1 19 Due diligence policies on issues addressed by the fundamental International X Yes Policies (S2-1) Labor Organisation Conventions 1 to 8ESRS S2-4 36 Human rights issues and incidents connected to its upstream and X Yes Actions (S2-4) downstream value chainESRS S3-1 16 Human rights policy commitments X NoESRS S3-1 17 Non-respect of UNGPs on Business and Human Rights, ILO principles or and X X NoOECD guidelinesESRS S3-4 36 Human rights issues and incidents X NoESRS S4-1 16 Policies related to consumers and end-users X Yes Policies (S4-1) ESRS S4-1 17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines X X Yes Policies (S4-1) ESRS S4-4 35 Human rights issues and incidents X Yes Actions (S4-4)ESRS G1-1 10 (b) United Nations Convention against Corruption X NoESRS G1-1 10 (d) Protection of whistleblowers X NoESRS G1-4 24 (a) Fines for violation of anti-corruption and anti-bribery laws X X Yes Metrics (G1-4)ESRS G1-4 24 (b) Standards of anti-corruption and anti-bribery X Yes Metrics (G1-4)Table 2: Incorporation by referenceESRS disclosure requirement Incorporation by referenceThe role of the administrative, management, and supervisory bodies: ESRS 2 GOV-1 (21 a-e, 20 c, 23 a, b) See section Executive Management and Board of Directors on page 56 in the financial statementsIntegration of sustainability-related performance in incentive schemes: ESRS 2 GOV-3 (29 d) and ESRS (E1, 13) for climate-related targets See the Remuneration Report</mrv:SustainabilityReport>
<mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory contextRef="ctx-1" id="f1__s10__7__11" xml:lang="en">Double materiality assessmentMateriality assessment process IRO-1In 2025, we conducted a Double Materiality Assessment (DMA) as a continuation of our first ESRS-compliant reporting in 2024. The approach follows previous years, with adjust-ments introduced in 2024 to align with ESRS requirements. The business model and value chain remain unchanged. All Royal Unibrew subsidiaries were included in the assessment in accordance with our reporting policies.The process is supported by a web-based IT tool developed by Position Green and complies with ESRS 1 requirements and EFRAG guidance. The DMA is reviewed annually, and strategic focus areas are integrated into relevant work-streams. For governance details, please refer to page 69.Stakeholder engagement is integrated into our daily operations and ensures continuous input. During the DMA process, relevant internal and external stakeholders are involved to analyze, validate, and refine the assessment through dialog on material topics.Financial materiality assessment is supported by our Enterprise Risk Management (ERM) system, which includes structured processes for risk identification and evaluation. Sustain-ability topics were compared with the risk universe to confirm relevance. As the business model and value chain remain unchanged, no new risks were identified through the ERM system for this yearâs assessment.Refer to page 76 for a complete list of IROs and details on changes from the previous year. Each topic is described in further details in its respective section.The topical sections Environment and Gover-nance provide a detailed description of the process applied and the analysis conducted for topics deemed material. Affected commu-nities (S3) and pollution (E2) are not consid-ered material for Royal Unibrew. As a beverage company with products for human consump-tion, the use of substances of concern or substances of very high concern is extremely limited. Any accidental emissions are assessed as having no long-term effects and only minimal acute impacts. The assessment covers upstream activities, own operations, and down-stream processes, and we maintain regular consultation with local communities.Step 1: Identification of impacts and financial risksWe started with a comprehensive list of topics based on ESRS requirements and entity-spe-cific considerations. This long list builds on years of conducting DMAs. Inputs include industry standards and SASB requirements. Each topic is reviewed and updated as needed.Additional sources include data on identified impacts, due diligence findings, stakeholder expec-tations, past salient issues, regulatory require-ments, and Royal Unibrewâs strategic priorities.Step 2: Assessment of topics We applied the double materiality concept described in ESRS 1. Topic owners used open sources, company data, and professional judgment to assess each topic. The process included workshops and calibration sessions to ensure consistent interpretation of thresholds and criteria.Materiality was assessed using a 5x5 matrix for impact and financial dimensions, considering:⢠Severity of negative and significance of posi-tive impacts (scale, scope, remediability)⢠Likelihood of potential impacts, risks, and opportunities materializing⢠Magnitude of financial effect related to EBITDA⢠Location of impact in the value chain⢠Whether the impact is actual or potential⢠Expected timing (short-term: <1 year; medi-um-term: 2â5 years; long-term: >5 years)External and internal stakeholder input was incorporated throughout the assessment. The outcome was a shortlist of material topics classified as impact material, financial material, or both.Step 3: ApprovalThe shortlist of material topics was reviewed and subsequently approved by the Growth Leadership team (GLT), Audit Committee (AC), and the Board of Directors (BoD), during their respective meetings.Step 4: Implementation The DMA determines the content of our sustainability disclosures and guides our priorities on material sustainability issues. For the majority of material areas, we have defined specific goals, targets, and actions to measure performance.</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 2025, EU Taxonomy requirements mandate Royal Unibrew to report on eligibility and alignment for all six environmental objectives. The EU Taxonomy is still evolving and remains subject to interpretation.Royal Unibrew's process for eligibility and alignmentDuring 2025, we assessed our economic activities, to determine their eligibility and alignment with the EU Taxonomy. Our assess-ment 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 toward 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 that our economic activities align with the environmental objectives set forth by the EU Taxonomy.Revenue KPIIn 2025, the EU Taxonomy-eligible revenue totaled DKK 0.4m, a decrease from DKK 0.5m in 2024. 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 2025, Royal Unibrew is reporting seven eligible activities under CAPEX. The total eligible capital expenditures amounted to DKK 69.6m, (2024: DKK 80.3m). This represents 5.5% of the total CAPEX for 2025 (2024: 7.3%). Increase in the non-eligible CAPEX due to acquisitions, impact the eligibility percentage negatively compared to 2024.Activity 4.1 (Electricity generation using solar photovoltaic technology) amounting to DKK 0.3m 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 3.0m. Additionally, the following expenditures are reported: Activity 5.1 (Construction of new buildings): DKK 20.8m; Activity 6.5 (Transport by motorbikes, passenger, cars and light commer-cial vehicles): DKK 2.9m; Activity 7.3 (Installation, maintenance, and repair of energy efficiency equipment): DKK 31.8m; Activity 7.4 (Installation, maintenance, and repair of charging stations for electric vehicles): DKK 9.5m; and Activity 7.5 (Installation, maintenance, and repair of instru-ments and devices for measuring, regulation, and controlling energy performance of buildings): DKK 1.2m.OPEX KPIFor 2025, Royal Unibrew is reporting six eligible activities under OPEX. The total eligible OPEX for 2025 amounts to DKK 17.5m. Activity 4.1 (Electricity generation using solar photovoltaic technology) amounts to DKK 0.1; Activity 4.16 (Installation and operation of electric heat pumps) amounts to DKK 1.1m; Activity 5.1 (Construction, extension, and operation of water collection, treatment, and supply systems) amounts to DKK 0.4m; Activity 6.5 (Transport by motorbikes, passenger cars, and light commercial vehicles) amounts to DKK 14.1m. Activity 7.3 (Installation, maintenance, and repair of energy efficiency equipment) amounts to DKK 1.5m. Activity 7.5 (Installa-tion, maintenance, and repair of instruments and devices for measuring, regulation, and controlling energy performance of buildings) amounts to DKK 0.3m.Proportion of turnover from products or services associated with taxonomy-aligned economic activities - disclosure covering year 2025Substantial 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 technology CCM - 4.1 0.4 0.0% 0%Turnover of eligible not Taxonomy-aligned activities (A.2) 0.4 0.0% 0%Total (A.1.+A.2.) 0.4 0.0% 0%B NON-ELIGIBLE ACTIVITIESTurnover of non-eligible activities (B) 15,723 100%Total (A+B) 15,723 100%Proportion of CAPEX from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2025Substantial contribution criteria DNSH criteria Economic activities (1)A ELIGIBLE ACTIVITIESA.1 Eligible Taxonomy-aligned activitiesCAPEX of eligible Taxonomy-aligned activities (A.1) 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 activities 0.0%Electricity generation using solar photovoltaic technology CCM - 4.1 0.3 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.9%Installation and operation of electric heat pumps CCM - 4.16 3.0 0.2% N/EL EL N/EL N/EL N/EL N/EL 0.5%Construction, extension, and operation of water collection, treatment, CCM - 5.1 20.8 1.7% N/EL EL N/EL N/EL N/EL N/EL 0.6%and supply systemsTransport by motorbikes, passenger cars, and light commercial vehicles CCM - 6.5 2.9 0.2% N/EL EL N/EL N/EL N/EL N/EL 0.0%Installation, maintenance, and repair of energy efficiency equipment CCM - 7.3 31.8 2.5% N/EL EL N/EL N/EL N/EL N/EL 1.0%Installation, maintenance, and repair of charging stations for electric CCM - 7.4 9.5 0.8% N/EL EL N/EL N/EL N/EL N/EL 3.3%vehicles in buildings (and parking spaces attached to buildings)Installation, maintenance, and repair of instruments and devices for CCM - 7.5 1.2 0.1% N/EL EL N/EL N/EL N/EL N/EL 1.1%measuring, regulation, and controlling energy performance of buildingsCAPEX of eligible not Taxonomy-aligned activities (A.2) 69.6 5.5% 0% 100% 0% 0% 0% 0% 7.3%Total (A.1+A.2) 69.6 5.5% 0% 100% 0% 0% 0% 0% 7.3%B NON-ELIGIBLE ACTIVITIESCAPEX of non-eligible activities (B) 1,185 94.5%Total (A+B) 1,255 100%Proportion of OPEX from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2025Substantial 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% N N N N N N N 0.0%A.2 Eligible not Taxonomy-aligned activitiesElectricity generation using solar photovoltaic technology CCM - 4.1 0.1 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.2%Installation and operation of electric heat pumps CCM - 4.16 1.1 0.2% N/EL EL N/EL N/EL N/EL N/EL 0.5%Construction, extension, and operation of water collection, treatment, CCM - 5.1 0.4 0.1% N/EL EL N/EL N/EL N/EL N/EL 1.4%and supply systemsConstruction, extension, and operation of waste water collection and CCM - 5.3 0.0 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.5%treatmentTransport by motorbikes, passenger cars, and light commercial vehicles CCM - 6.5 14.1 3.2% N/EL EL N/EL N/EL N/EL N/EL 3.6%Installation, maintenance, and repair of energy efficiency equipment CCM - 7.3 1.5 0.3% N/EL EL N/EL N/EL N/EL N/EL 0.3%Installation, maintenance, and repair of charging stations for electric CCM - 7.4 0.0 0.0% N/EL EL N/EL N/EL N/EL N/EL 0.1%vehicles in buildings (and parking spaces attached to buildings)Installation, maintenance, and repair of instruments and devices for CCM - 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) 17.5 4.0% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 6.7%Total (A.1+A.2) 17.5 4.0% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 6.7%B NON-ELIGIBLE ACTIVITIESOPEX of non-eligible activities (B) 423 96.0%Total (A+B) 441 100%§ 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 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) 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 Taxonomy-eligible opex (numerator) 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 accounting.Disaggregation of KPIs There has been no disaggregation of revenue, CAPEX or OPEX for the assessed economic activities.EU Taxonomy AppendixRow Nuclear and fossil gas-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 Nooperating of electricity generation facilities that produce electricity using fossil gaseous fuels.5 The undertaking carries out, funds or has exposures to construction, Norefurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.6 The undertaking carries out, funds or has exposures to construction, Norefurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.</mrv:DescriptionofTheTaxonomyRegulation>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f1__s10__7__17" xml:lang="en">The Board of Directors and the Executive Manage-ment have today considered and approved the annual report of Royal Unibrew A/S for the financial year ended December 31, 2025.The Annual Report 2025 is prepared in accordance with IFRS Accounting Standards as adopted by the EU and disclosure requirements for listed companies in Denmark.In our opinion, the consolidated financial statements and the parent companyâs financial statements give a true and fair view of the Groupâs and the parent companyâs financial position at December 31, 2025, as well as of the results of their operations and the Group's and parent companyâs cash flows for the financial year 2025.In our opinion, the management review is prepared in accordance with relevant laws and regulations and contains a fair review of the development of the Group's and the parentâs business and financial matters, the results for the year and of the parentâs financial position and the financial position as a whole of the entities included in the consolidated financial statements, together with a description of the prin-cipal 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 â December 31, 2025, with the file name ROYAL-2025-12-31-0-en.zip, is prepared, in all material respects, in accordance with the ESEF Regulation.We recommend the Annual Report 2025 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 & 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 Arne Ruzicka</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="f1__s10__7__26" xml:lang="en">Jais Stampe Li 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">Claus Kærgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-49" id="f1__s10__7__31" xml:lang="en">Lise Skaarup Mortensen</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">Ingeborg Plochaet</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-52" id="f1__s10__7__34" xml:lang="en">Anna Catharina von 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 consolidated 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 â 31 December, 2025, which comprise the income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting policy information, for the Group as well as for the Parent, page 132-192. The consolidated financial statements and the parent financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional disclosure requirements for listed entities in Denmark.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Groupâs and the Parentâs financial position at 31 December, 2025, and of the results of their operations and cash flows for the financial year 1 January â 31 December, 2025, in accordance with IFRS Accounting Standards as adopted by the EU and additional disclosure requirements for listed entities in Denmark.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 standards and requirements are further described in the "Auditorâs respon-sibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditorâs report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ Interna-tional Code of Ethics for Professional Accountants (IESBA Code), as applicable to audits of financial statements of public interest entities, and the additional ethical requirements applicable in Denmark to audits of financial statements of public interest entities. We have also 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 February, 2021, for the financial year 2021. We have been reappointed annually by decision of the general meeting for a total contiguous engagement period of five years up to and including the financial year 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s10__7__42" 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 express any form of assurance conclusion thereon.In connection with our audit of the consolidated financial statements and the parent financial statements, our responsi-bility is to read the management report and, in doing so, consider whether the management report is materially inconsistent 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, we considered whether managementâs report includes the disclosures required by the Danish Financial Statements Act. This does not include the requirements in section 99a related to the sustainability statement covered by the separate auditorâs limited assurance report hereon.Based on the work we have performed, in our view, manage-mentâs report is in accordance with the consolidated financial statements and the parent company financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act except for the requirements in section 99a related to the sustainability statement, cf. above. We did not identify any material misstatement in the management report.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="f1__s10__7__41" 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 â 31 December, 2025. 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.Revenue recognition There 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 carriedout included the following:⢠We have considered the appropriateness of the Groupâs 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 judgments 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 require-ments of IFRS.</arr:KeyAuditMattersAudit>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f1__s10__7__43" xml:lang="en">Management's responsibilities for the consolidated financial statements and the parent financial statementsManagement is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional disclosure requirements for listed entities in Denmark, and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent financial state-ments 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 Groupâs and the Parentâs 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 liqui-date the Group or the Entity or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f1__s10__7__44" xml:lang="en">Auditor's responsibilities for the audit of the consolidated financial statements and the parent 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 material misstatement, whether due to fraud or error, and to issue an auditorâs 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 state-ments 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 appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parentâs 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 Managementâs use of the going concern basis of accounting in preparing the consoli-dated 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 Parentâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs 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 auditorâs report. However, future events or condi-tions may cause the Group and the Entity to cease to continue as a going concern.⢠Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures in the notes, and whether the consolidated financial statements and the parent 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 appro-priate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. 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 deficien-cies 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 requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where applicable, safeguards put in place and measures taken to eliminate threats.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclo-sure about the matter.</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 consolidated financial statements and the parent financial statements of Royal Unibrew A/S we performed procedures to express an opinion on whether the annual report for the financial year 1 January 2025 â 31 December 2025, with the file name ROYAL-2025-12-31-0-en.zip, is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the Euro-pean 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 neces-sary 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 compli-ance 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 procedures selected depend on the auditorâs 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 companyâs 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 companyâs 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 2025 â 31 December 2025, with the file name ROYAL-2025-12-31-0-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>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f1__s10__7__47">2026-02-26</arr:SignatureOfAuditorsDate>
<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="f1__s10__7__55" xml:lang="en">Eskild Nørregaard Jakobsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-53" id="f1__s10__7__53" xml:lang="en">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-54" id="f1__s10__7__56" xml:lang="en">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-53" id="f1__s10__7__54">mne32208</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-54" id="f1__s10__7__57">mne11681</cmn:IdentificationNumberOfAuditor>
<arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" id="f1__s10__7__202" xml:lang="en">To the stakeholders of Royal Unibrew A/S</arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
<arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" id="f1__s10__7__203" xml:lang="en">We have conducted a limited assurance engagement on the Sustainability statement of Royal Unibrew A/S (the âGroupâ) included in the Management Report (the âSustainability state-mentsâ), for the financial year 1 January â 31 December, 2025.</arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
<arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport contextRef="ctx-1" id="f1__s10__7__204" xml:lang="en">Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act section 99 a, including: ⢠compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the Sustainability statement (the âProcessâ) is in accordance with the description set out in the subsection Double materiality assessment; and⢠compliance of the disclosures in subsection EU Taxonomy disclosure within the Environmental Information section of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the "Taxonomy Regulation").</arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport>
<arr:EmphasisOfMatterSubstainabilityReport contextRef="ctx-1" id="f1__s10__7__205" xml:lang="en">Inherent limitations in preparing the Sustainability statementIn reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.</arr:EmphasisOfMatterSubstainabilityReport>
<arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" id="f1__s10__7__201" xml:lang="en">Independent auditorâs limited assurance report on Sustainability statement To the stakeholders of Royal Unibrew A/SLimited assurance conclusionWe have conducted a limited assurance engagement on the Sustainability statement of Royal Unibrew A/S (the âGroupâ) included in the Management Report (the âSustainability state-mentsâ), for the financial year 1 January â 31 December, 2025.Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act section 99 a, including: ⢠compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the Sustainability statement (the âProcessâ) is in accordance with the description set out in the subsection Double materiality assessment; and⢠compliance of the disclosures in subsection EU Taxonomy disclosure within the Environmental Information section of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the "Taxonomy Regulation").Basis for conclusion We conducted our limited assurance engagement in accordance with ISAE 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information, and additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reason-able assurance engagement been performed.We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsi-bilities under this standard are further described in the âAuditorâs responsibilities for the assurance engagementâ section of our report. Our independence and quality managementWe are independent of the Group in accordance with the Inter-national Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.Deloitte Statsautoriseret Revisionspartnerselskab applies International Standard on Quality Management 1, ISQM1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.Inherent limitations in preparing the Sustainability statementIn reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.Managementâs responsibilities for the Sustainability statementManagement is responsible for designing and implementing a process to identify the information as disclosed in the Sustain-ability statement in accordance with the ESRS and for disclosing this Process as part of in subsection Double materiality assess-ment of the sustainability statement. This responsibility includes:⢠understanding the context in which the Groupâs activities and business relationships take place and developing an under-standing of its affected stakeholders;⢠the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Groupâs financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;⢠the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate thresholds; and⢠making assumptions that are reasonable in the circumstances.Management is further responsible for the preparation of the Sustainability Statement, in accordance with the Danish Financial Statements Act section 99a, including: ⢠compliance with the ESRS; ⢠preparing the EU taxonomy disclosure within the Environ-mental section of the Sustainability statement, in compliance with Article 8 of the Taxonomy Regulation;⢠designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the Sustainability statement that is free from material misstatement, whether due to fraud or error; and⢠the selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances.Auditorâs responsibilities for the assurance engagementOur objectives are to plan and perform the assurance engage-ment to obtain limited assurance about whether the Sustain-ability statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggre-gate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include:⢠Obtaining an understanding of the Process but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process;⢠Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and⢠Designing and performing procedures to evaluate whether the Process is consistent with the Groupâs description of its Process, as disclosed in the Double materiality assessment.Our other responsibilities in respect of the Sustainability state-ment include: ⢠Identifying disclosures where material misstatements are likely to arise, whether due to fraud or error; and⢠Designing and performing procedures responsive to disclo-sures in the Sustainability statement where material misstate-ments are likely to arise. 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.Summary of the work performedA limited assurance engagement involves performing procedures to obtain evidence about the Sustainability statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability statement.In conducting our limited assurance engagement, with respect to the Process, we: ⢠Obtained an understanding of the Process by performing inquiries to understand the sources of the information used by management; and reviewing the Groupâs internal documenta-tion of its Process; and⢠Evaluated whether the evidence obtained from our procedures about the Process implemented by the Group was consistent with the description of the Process set out in Double materiality assessment.In conducting our limited assurance engagement, with respect to the Sustainability statement, we:⢠Obtained an understanding of the Groupâs reporting processes relevant to the preparation of its Sustainability statement including the consolidation processes by obtaining an under-standing of the Groupâs control environment, processes and information systems relevant to the preparation of the Sustain-ability statement but not evaluating the design of particular control activities, obtaining evidence about their implementa-tion or testing their operating effectiveness;⢠Evaluated whether material information identified by the Process is included in the Sustainability statement;⢠Evaluated whether the structure and the presentation of the Sustainability statement are in accordance with the ESRS;⢠Performed inquiries of relevant personnel and analytical proce-dures on selected information in the Sustainability statement;⢠Performed substantive assurance procedures on selected information in the Sustainability statement;⢠Evaluated methods, assumptions and data for developing material estimates and forward-looking information and how these methods were applied; and⢠Obtained an understanding of the process to identify taxono-my-