Overview Action Areas Governance Company Structure Appendix 4 Industry leadership When I look at 2024, we have made measurable progress towards reaching our Science Based Targets for 2030, with significant reductions in Scope 1 and 2 CO2e emissions and initial steps in addressing Scope 3 challenges. Since 2019, absolute emissions for Scope 1 have decreased by 22% and by 73% for Scope 2. This is largely driven by increased energy efficiency measures and the transition to renewable electricity, which now accounts for 99% of total electricity consumption. The share of total renewable energy has grown from 42% in 2019 to 54% in 2024 – highlighted by six of our bakeries running on 100% renewable energy, and additional three on 89% or above. In Scope 3, absolute emissions have been reduced by 5% since 2019. While reductions in emissions from raw materials remain a challenge, increased supplier engagement is expected to support further progress. We remain aligned with our 2030 target to reduce absolute Scope 3 GHG emissions by 30% but recognize that further reductions will require a continued focus on operational efficiency, supplier collaboration, and responsible ingredient sourcing. Full value chain impact Lantmännen Unibake’s Field to Fork approach ensures that environmental responsibility is embedded across our value chain from the cultivation of raw materials to the final baked product. At the field level, the focus is on sustainable farming practices, including Climate & Nature, Lantmännen’s program for farming of the future that supports farmers in reducing emissions, optimizing fertilizer use, and improving soil health. In 2024, we also joined the Sustainable Wheat Initiative Europe. The initiative involves multiple European bakery industry competitors working together toward sustainable wheat and wheat flour production, with clear targets to increase the share of low- emission flour across all markets. In the processing and production stages of our business, we focus on reducing emissions in our bakeries through energy-efficiency and the optimization of operations to minimize food waste. And at the distribution and consumer level, we actively work to minimize emissions by optimizing logistics and innovating packaging solutions for greater efficiency and sustainability. A shared responsibility One of the key takeaways from aligning with the SBTs is that the framework is an accelerator of positive change. We feel it every day when we go to work. We are motivated to do our job slightly differently and always with the purpose of getting more out of less. It almost becomes a habit – and quite frankly makes the job more interesting. And fun! Aligning decisions with sustainability measures inspires those we work with to drive change. Our commitment is not just to follow in the footsteps of others but to lead by example – aiming to increase supplier SBTi engagement to 72% by 2027. As of 2024, we have reached 38%, more than halfway to our goal. Committing to SBTs reflects a collective understanding of a climate-based sense of urgency. Alone, we can take only small steps, but through cross- functional engagement and supplier partnerships, we can amplify our impact and make decarbonization a truly shared responsibility. The 2024 Climate Disclosure Report reflects the progress we’ve made and the road ahead. It’s a transparent account of where we stand today, the challenges we face, and the actions we are taking to bake for a better world and ultimately reach net zero by 2050.
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