Overview Action Areas Governance Company Structure Appendix 3 Foreword Staying the Course Carsten Lyngsø Thomsen President of Lantmännen Unibake Let’s be frank. 2025 was not a year defined by stability. Markets have shifted and geopolitical turbulence has pushed forecasting and planning to new levels of complexity. In such an environment, it is legitimate to ask whether climate ambitions should be adjusted. At Lantmännen Unibake, we have chosen to stay the course. When we committed to Science Based Targets back in 2021, it was based on a clear conviction: reducing emissions across our value chain was the right thing to do, and the responsible way to run our business – a conviction grounded in our history as a company built by farmers, with a long-term responsibility for the land. That conviction is now being tested in daily operational and commercial realities. Electrifying production lines and reducing dependence on fossil fuels require significant upfront investments in new equipment and infrastructure. Lower-emission raw materials come at a cost. Scope 3 reductions depend on collaboration across the entire value chain. None of this is simple – or free. It takes disciplined prioritisation and a willingness to take decisions that may not yield immediate returns. Yet, we continue to integrate climate con siderations into our core business. In 2025, we electrified another oven at our Vantaa bakery in Finland, we transitioned to 100% fossil-free electricity across all our bakeries and are generally including CO2e impact as a defined parameter in a significant share of our major investment decisions. Up to 45% lower emissions We believe that over time, carbon will increasingly influence competitiveness whether through regulation, customer requirements or cost structures. Companies that understand and manage their footprint will be better positioned as these forces intensify. For a bakery group deeply embedded in the food value chain, this is our responsibility and opportunity: to combine long-term climate ambition with the commercial discipline required to compete and grow. In 2015, Lantmännen launched the Climate & Nature programme, a structured framework for lowering climate impact from field to fork, translating concrete actions on the farm into measurable improvements that carry through milling, baking and ultimately to consumers.
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