Executive remuneration is linked to overall Group and individual performance, including financial performance, project delivery, and risk management. As climate-related risks may affect development costs, operational performance, and project delivery, their management forms part of broader business performance considerations reflected in remuneration outcomes. Climate-specific performance targets are not currently included as standalone remuneration metrics. Climate Risk Assessment & Financial Impact Understanding To support our enterprise risk management processes and strengthen our understanding of potential financial exposures, we enhanced our climate risk assessment during the financial year to incorporate scenario analysis and financial impact considerations, covering both physical and transition risks across our development portfolio and operating assets. This assessment complemented our broader risk management approach described above by providing a structured evaluation of how climate-related risks may affect development planning, cost assumptions, asset performance, and long-term financial considerations. The exercise referenced internationally recognised climate scenarios, including a high-emissions pathway (SSP5–8.5) to assess potential escalation in physical hazards, and a global decarbonisation pathway (IEA Net Zero Emissions by 2050) to assess potential transition-related cost and regulatory implications. These scenarios were used to illustrate potential financial sensitivities under different future conditions and are not intended as forecasts. At the Group level, climate risk exposure was assessed using external climate risk datasets and geospatial screening tools, including internationally recognised references such as the World Bank climate risk profile and other global hazard datasets, to identify broad exposure trends relevant to our operating footprint. At the site level, the assessment incorporated assetspecific information, commercial exposure considerations, and management input to reflect operational realities and development priorities. This enabled us to develop an initial view of relative climate risk exposure across its development pipeline and operating assets, and to better understand how site characteristics may influence potential financial and operational sensitivities. To support financial sensitivity analysis, the exercise also referenced proxy asset damage rate benchmarks derived from Bloomberg climate risk datasets. As asset-specific benchmarks were not directly available, proxy references based on comparable assets in similar locations were used to illustrate potential asset value sensitivity under severe climate scenarios. This provided management with an indicative perspective on how physical climate risks could affect assetrelated financial exposure under different conditions. Based on this assessment, we have identified several areas where climate-related risks may have financial implications over time, including: • Development and construction costs, including potential disruption, rectification works, and protective measures • Operating expenditure, including electricity costs under higher-emissions pathways, supporting our sensitivity assessment of potential tariff and carbon pricing impacts • Asset performance, including repair costs, maintenance requirements, and long-term durability • Project feasibility, design considerations, and capital allocation planning These insights have strengthened our understanding of how climate-related factors may influence our financial performance, cost structure, and financial planning assumptions, as well as development considerations and support the progressive integration of climate risk awareness into our enterprise risk management and planning processes. We recognises that this assessment is subject to inherent uncertainties, including reliance on external datasets, proxy benchmarks, and forward-looking assumptions that may not materialise. The exercise was conducted at a strategic and portfolio level and does not replace detailed engineering assessments or financial forecasting. However, it provides a valuable foundation for improving our climate risk awareness, supporting risk monitoring, and informing future planning considerations. 131
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