Sustainability strategy

We will reduce operational emissions (Scope 1 and Scope 2) by at least 50%¹ by 2030, validated by the Science Based Targets initiative (SBTi), reduce operational emissions by at least 90%¹ by 2050, and offset any emissions that cannot be reduced.

In FY25, the Group’s total Scope 1 and 2 greenhouse gas emissions, calculated using the location-based approach were 601tCO2e, (FY24: 535tCO2e). The increase year-on-year is attributable to the non-routine replenishment of refrigerant gas in the closed HVAC system at our Tamworth facility in the UK. This is not expected to recur over the system's remaining lifetime and was not part of the original emissions baseline. After adjusting for this, to enable like-for-like comparison, Scope 1 and 2 emissions for FY25 would have been 530tCO2e, representing a 22% reduction from the baseline¹.

Using the market-based approach, which incorporates the Group's investments in renewable energy procurement, adjusted Scope 1 and 2 emissions would have been 142tCO2e, a reduction of 79% from the baseline¹.

Emission reductions have been driven by enhanced energy monitoring, including the installation of submeters in our main UK operational facility in line with recommendations from previous energy audits.

We consolidated our Dutch footprint by relocating head office functions from Amsterdam to our facility in Almere, improving overall efficiency. We also arranged for solar panels to be installed at this facility.

We have offset Scope 1 and 2 emissions from the previous year through investments with a specialist partner that obtains independent verification from a recognised accreditation body for each of its projects. Projects included reforestation and wind power construction.

_{1) For Scope 1 and Scope 2 baseline emissions are 677tCO2e. The baseline year is FY20 and this has been validated by the SBTi. The FY20 baseline has been recalculated for FY20 emissions at Experiences, following the acquisition of that segment.}

We will obtain commitments from suppliers to set net zero emissions reduction targets aligned with SBTi criteria representing 67% of Scope 3 emissions by April 2030 and reduce Scope 3 emissions intensity by 97%2 tCO2e/£1m of revenue by 2050, offsetting any emissions which cannot be reduced.

In FY25, we reduced emissions by 3,598tCO2e from the baseline². Revenue intensity reduced by 12tCO2e/£1m revenue against the baseline² at 221tCO2e/£1m of revenue.

As at 30 April 2025, we had obtained commitments from suppliers representing 28.8% of Scope 3 emissions to set net zero emissions reduction targets aligned with SBTi criteria.

Our GHG emissions disclosure can be found on pages 16 and 17 of our Sustainability Report 2025.

_{2) For Scope 3, baseline absolute emissions are 80,928tCO2e and baseline emissions intensity is 233tCO2e/£1m of revenue. The baseline year is FY22, which includes FY22 Experiences emissions.}

We aim to reduce overall waste and packaging generation in alignment with EPR guidance by improving the efficiency of use of materials and ensuring responsible end-of-life management, based on an assessment of upstream packaging materials, operational practices and downstream waste impacts.

In FY25, 100% (FY24: 100%) of paper, envelope and packaging SKUs in the UK and Netherlands are sustainably sourced, either through FSC or PEFC certification or containing more than 75% recycled content, with 98% (FY24: 98%) coverage globally.

In FY25, we also launched the Packaging Gatekeeping Project, a Group-wide initiative to standardise packaging materials, suppliers, branding, sustainability criteria and tax compliance. This supports waste reduction, improves recyclability and ensures that our packaging aligns with both regulatory requirements and sustainability best practices.

For more information on waste and circularity see page 23 of our Sustainability Report 2025.

Across the period to 2030, we aim to implement an information security management system that aligns with the NIST CSF, strengthening our technology security posture, ensuring best-in-class risk management and enhancing customer and stakeholder trust.

The NIST CSF is the Cybersecurity Framework published by the U.S. Government’s National Institute of Standards and Technology. It sets out voluntary guidelines to help organisations manage and reduce cybersecurity risk across five key functions: Identify, Protect, Detect, Respond and Recover.

The Group has an existing strong technology security posture, reflecting multi-year investment in endpoint protection, access controls, risk management and threat monitoring.

During the year, two internal audits were carried out focusing on technology security: the first assessed technology governance and risk management maturity within our Experiences Division, while the second reviewed technical security controls and operations across the Group. We also commissioned a specialist third party to review technology security, focusing on system defences and threat detection. Implementation of the recommendations from all three exercises is underway.

We are implementing an IT Service Management tool to enhance technology asset management, define responsibilities around disallowed software and strengthen configuration management.

For more information on technology security and data privacy see page 24 of our Sustainability Report 2025.