Company Overview
& ESG Strategy

This report covers the Food & Beverage (F&B) activities controlled by Denis Asia Pacific Holding, including branded products and related sourcing, manufacturing, distribution and packaging end-of-life. The scope reflects these F&B consolidated operations and value chain where sustainability-related impacts, risks and opportunities may arise.

As a branded F&B company, our performance and resilience are shaped by market expectations, availability of resources and regulatory requirements.

Consumers and customers expect safe, affordable and consistent food products, with clear information on ingredients, origin and packaging. These expectations are translated by retailers and foodservice partners into concrete requirements, such as product specifications, traceability documentation, labelling accuracy and packaging standards.

Meeting these expectations is critical to maintaining market access, brand reputation and customer trust, while failures in food safety, quality or transparency could result in significant reputational, regulatory and financial risks.

The F&B activities depend on the continuous availability and quality of agricultural raw materials, wild-caught fish, packaging materials, energy and logistics services. Climate change, environmental degradation and biodiversity loss can affect fish stocks, agricultural yields and raw material quality, increasing volatility in supply continuity and input costs.

These factors may give rise to sustainability-related risks, particularly in upstream sourcing, while also creating opportunities to strengthen supplier engagement, sourcing resilience and long-term partnerships.

The Food & Beverage sector operates within a highly regulated environment covering food safety, hygiene, labelling, packaging and environmental compliance. In addition, sustainability-related regulations applicable to supply chains, packaging and packaging end-of-life are reinforcing expectations regarding transparency, traceability and data availability.

Compliance with these requirements is essential to ensure business continuity and licence to operate, while regulatory developments also influence product design, sourcing strategies and packaging choices.

Stakeholder expectations — including those of consumers, customers, suppliers, employees, regulators and local communities — are reflected across these external drivers and are considered in the assessment of sustainability-related impacts, risks and opportunities.

The value chain spans upstream sourcing through to downstream product use and packaging end-of-life. While not all stages of the value chain are under our direct control, we seek to influence practices through standards, contractual arrangements and long-term partnerships.

Upstream activities include the sourcing of:

• Wild-caught fish supplied by fishermen organisations, processors or traders across several regions;
• Agricultural ingredients such as coconut (mainly South-East Asia), tomato-based products (e.g. Inner Mongolia, North Africa, Turkey and Europe), beans and pulses (notably from the United States), and other specialty ingredients;
• Packaging materials, including metal cans, glass jars, pouch and paper-based materials;
• Logistics services.

Inbound logistics rely primarily on marine and road transportation, representing approximately 90–95% of transport volumes, while rail and air freight account for a limited share. Life Cycle Assessments conducted on key product categories indicate that upstream transportation generally represents between 1% and 4% of total product carbon footprint, and up to approximately 11% in specific cases.

Supplier expectations are formalised through specifications, quality requirements and, for selected suppliers, adherence to our Supplier Code of Conduct, which sets minimum standards on ethics, labour practices, health and safety and environmental management. These mechanisms aim to mitigate sustainability-related risks associated with upstream sourcing, including social and environmental impacts.

Own operations encompass brand management, manufacturing activities (including partnerships with external producers), distribution, and the management of procurement, logistics and supply chain functions.

We manage and develop Food & Beverage brands based on long-standing market knowledge and brand-building expertise. Our historical flagship trademark, Ayam Brand™, has been established for more than a century and remains a core pillar of the F&B portfolio.

In parallel, we develop brands through innovative partnerships, such as the joint Asian ownership of the Italian organic brand Alce Nero, and through agency agreements for selected third-party brands. Brand management activities focus on market positioning, product consistency, regulatory compliance and alignment with local consumer expectations.

Industrial Operations include three main manufacturing companies:

• Mafipro Sdn Bhd, located in Taiping, Perak, Malaysia;
• Guinea Foods Sdn Bhd, located in Taiping, Perak, Malaysia;
• Denis G.M. Co Ltd, located in Protade Industrial Park, An Tay, Binh Duong, Vietnam.

Mafipro, established in 1976, operates three plants and two warehouses, employing approximately 500 staff. It produces sardines and mackerel in various sauces, packaged in cans.

Guinea Foods, established in 2004, operates two manufacturing plants with approximately 350 staff. It produces a wide range of Asian sauces in cans, glass jars and pouches, as well as African products such as Moambe, CPO and Saka Saka. Its capabilities have recently expanded to include grains (dry barley in cans) and pulled chicken.

Denis G.M., operational since 2014, employs approximately 130 staff and focuses on the production of baked beans, processed peas and various pulses.

Manufacturing activities represent key areas for sustainability-related impacts and risks, including energy use, occupational health and safety, workforce management and environmental emissions.

In addition to in-house manufacturing, part of the product portfolio is produced through selected original equipment manufacturers (OEMs). These partners manufacture products according to our specifications and quality standards, providing flexibility in capacity, access to specific know-how and adaptation to local sourcing conditions.

OEM relationships are governed by contractual arrangements, technical specifications and quality control processes, allowing us to influence sustainability performance beyond our own operations.

Distribution activities include the sale of products manufactured in our own factories, products produced by OEM partners under our brands, and third-party brands distributed under agency agreements.

Procurement, logistics and supply chain management cover the sourcing of raw materials and packaging, inbound and outbound transportation, warehousing and coordination with manufacturing and distribution entities. Procurement activities focus on supplier relationship management, securing supply continuity and cost control. Logistics rely primarily on marine and road transportation, with limited use of rail and air freight.

Downstream activities include distribution through retailers, foodservice partners and other channels, consumer use of products, and the management of packaging at end-of-life, depending on local collection and recycling infrastructure.

Products are sold in approximately 30 countries across five continents through a mix of distribution models, including own distribution companies and third-party distributors. Final sales channels include large retail chains, general trade, foodservice and online platforms.

End-of-life impacts occur primarily at consumer level when packaging is disposed of. Life Cycle Assessments indicate that the end-of-life phase generally represents between 0% and 7% of total product carbon footprint, depending on product type and local waste-management systems.

Value is created across the value chain through:

• Development and management of longstanding and reputable brands;
• Consistent product quality and food safety;
• Efficient sourcing, manufacturing and logistics processes;
• Distribution networks adapted to local market structures.

The business model relies on the sustainable availability of key raw materials and packaging, reliable logistics and energy supply, skilled employees and technical know-how, as well as stable regulatory and trade environments. These dependencies and interrelationships underpin our approach to identifying, assessing and managing sustainability-related impacts, risks and opportunities.

Taking the Corporate Sustainability Reporting Directive (CSRD) as a key reference and international best practice, we strengthened our previous materiality assessment by conducting a Double Materiality Assessment (DMA) last year.

This enhanced DMA builds on our existing ESG foundations. It confirmed the relevance of our long-standing priorities while offering a more structured and forward-looking view of the environmental and social issues that both influence our activities and are influenced by them.

We involved relevant internal stakeholders from our operations, support functions and management teams, so that the assessment reflects both our operational realities and our long-term ambitions. Feedback from our entities was collected through an online questionnaire and incorporated into the evaluation to capture the diversity of our industrial and commercial activities. To complement these internal insights, we also used sector studies, international benchmarks and external analyses, which help broaden our understanding of value-chain challenges. Together, these sources provide a solid and well-balanced basis for the assessment.

The result is a clear and operational set of material topics that will guide the next phase of our ESG strategy. The DMA is now a reference basis for prioritising actions, allocating resources, and shaping future commitments.

The assessment was conducted in accordance with European Sustainability Reporting Standards (ESRS 1 and 2). It followed our internal DMA procedure, which defines the identification, scoring and validation process. The assessment covers our entire value chain, including upstream suppliers, own operations, and downstream partners.

Impacts, risks and opportunities were assessed separately under impact and financial materiality criteria. Topics identified as material under either dimension were retained as material, and the results were combined to present the overall materiality outcome, in line with ESRS requirements.

The evaluation followed three steps:

1. Identification of IROs (Impacts, Risks and Opportunities) using ESRS 1 AR16, contextual analysis, internal documents, Life Cycle Assessments and due diligence processes. Each IRO was assessed across time horizons: Short (~1 year), Medium (1–5 years), Long (>5 years) and value chain origin: Upstream, Own operations, Downstream.
2. Assessment of impacts, risks and opportunities was conducted using a structured scoring framework, with criteria adapted to their nature and applied across short-, medium- and long-term time horizons, in line with ESRS requirements. Assessment criteria were scored on a scale from 1 to 5, using qualitative and quantitative elements as appropriate. For impacts, the assessment considered the severity of actual and potential positive and negative effects on people and the environment and, where relevant, their likelihood of occurrence. For risks and opportunities, the assessment considered the potential significance of financial effects over time and, where relevant, the likelihood of occurrence.
3. Determination of materiality using a 60% threshold of the maximum possible score. This level ensures that topics with a moderate or higher level of significance are identified as material while maintaining a focused and manageable scope. The threshold was jointly defined by a DMA Task Force and the ESG Committee, and will remain dynamic, subject to review and adjustment as context, priorities, or regulatory expectations evolve.

The DMA led to a consolidated list of material topics, grouped into themes consistent with the ESRS. In total, we identified 102 IROs, of which 25 were assessed as material.

Climate change mitigation and Energy (Negative Impact — 2 IROs)
Our operations and supply chain contribute to greenhouse gas emissions, particularly through the use of energy-intensive packaging materials (e.g., cans and glass jars) and non-renewable energy sources across the value chain. As production volumes increase, managing and reducing these emissions remains a central priority and a core focus of our environmental strategy.

Climate change adaptation and Energy (Risk — 2 IROs)
Climate-related pressures and energy market volatility can affect the availability and cost of key raw materials, such as fish, coconut and agricultural ingredients. Strengthening the resilience of our supply chain is essential to maintaining stable operations and cost control.

Impacts on biodiversity and ecosystems (Negative Impact — 2 IROs)
Our sourcing of marine and agricultural ingredients relies heavily on healthy ecosystems. Sourcing practices that do not meet sustainability expectations can contribute to land-use pressures, habitat degradation or reduced biodiversity. Ensuring responsible sourcing is therefore essential to environmental integrity.

Dependency on Biodiversity, Ecosystem and Marine resources (Risk — 3 IROs)
We depend on ecosystem services such as fish stock regeneration, soil quality and water availability. Degradation of these systems, caused by climate change, overexploitation or pollution, can reduce the availability and quality of key raw materials, creating volatility in sourcing, price and long-term access. Marine resources are especially sensitive in some of our product categories: declining fish populations may lead to supply shortages or higher production costs. Responsible sourcing, credible certifications and stronger supplier partnerships are therefore essential to secure stable, long-term access to natural resources.

Packaging waste and end-of-life impacts (Negative Impact — 1 IRO)
In some markets where we operate, recycling infrastructure remains limited, and certain packaging formats are more difficult to recycle. This increases environmental impacts at end-of-life and reinforces the importance of improving the circularity of our packaging and exploring alternatives with better recyclability.

Evolving packaging and waste regulations (Risk — 1 IRO)
New and upcoming regulations on packaging sustainability, extended producer responsibility and waste management create financial and operational implications. Monitoring and anticipating these requirements is important for compliance and agility.

Valorisation of production by-products (Opportunity — 1 IRO)
By-products generated during the production process (such as fish residues, oils or wastewater treatment sludge) present opportunities to be valorised into new resources. Developing such circular solutions helps reduce waste while contributing positively to resource efficiency and, potentially, to new revenue streams.

Working conditions and talent retention (Risk — 1 IRO)
Maintaining attractive working conditions is essential to recruit and retain skilled employees, especially in industrial zones or competitive labour markets. Fair remuneration, development opportunities and a supportive work environment contribute to stable operations and organisational resilience.

Health, safety and wellbeing (Risk — 1 IRO)
Occupational health and safety remain core priorities. Ensuring safe working environments and addressing psychosocial wellbeing help protect our employees and support productivity and engagement.

Fundamental labour rights (Risk — 1 IRO)
Respect for labour rights, including adequate living conditions, prevention of forced or child labour and protection of privacy, is central to our role as an employer. Strong internal practices help safeguard our employees and uphold our responsibilities across all facilities.

Responsible sourcing and supplier practices (Risk — 1 IRO)
In some upstream value-chain segments, visibility over working conditions may be limited. Strengthening due diligence, improving supplier oversight, clarifying supplier expectations and engaging long-standing partners help reduce these risks and maintain responsible sourcing standards.

Transparent and responsible product offering (Positive Impact — 2 IROs)
Clear, transparent and accurate product information, including clean and green labels and relevant safety tests, supports consumers in making informed choices about the food they purchase. In parallel, providing nutritious and affordable products contributes to accessible, daily nutrition in markets where affordability is an important factor for households. Together, these actions help deliver a positive contribution to consumers' wellbeing and access to quality food.

Product safety and regulatory compliance (Risk — 2 IROs)
Food safety remains a fundamental expectation for our consumers. Regulations governing hygiene standards, product safety, labelling and nutritional information continue to evolve and may require regular adjustments to our processes. Non-compliance could lead to product recalls, sanctions or other corrective actions.

Responsible marketing and product quality (Opportunity — 2 IROs)
High standards of product quality, combined with transparent and responsible marketing practices, support consumer confidence in our products. Clear and balanced communication, together with reliable product performance, helps strengthen long-term relationships with consumers and differentiates our brands in competitive markets.

Animal Welfare (Negative Impact — 1 IRO)
Naturally, because some of our food ingredients involve living animals (mostly fish) and are sourced from agricultural environments, animal welfare is an important consideration in our value chain. In certain upstream contexts, where visibility may be more limited, practices may not always apply the best-recognised animal welfare standards, which could place pressure on marine or terrestrial habitats or contribute to the overexploitation of resources.

Ethical conduct, governance and anti-corruption (Risk — 2 IROs)
Operating in diverse environments may expose the company to compliance and corruption-related risks. Maintaining a strong culture of integrity, internal controls, responsible supplier management, clear governance processes and accessible reporting mechanisms, is essential to ensuring responsible conduct across the organisation.

These material topics reflect the areas where our activities have the most significant impacts, as well as the sustainability matters that may influence our long-term performance and resilience. Those consolidated results were reviewed and approved by the ESG Committee.

We also reviewed sustainability topics that did not meet our materiality threshold. Based on internal scoring, entity-level feedback and external benchmarks, ESRS E2 – Pollution and ESRS S3 – Affected Communities were assessed as non-material.

Pollution (ESRS E2)

• Limited relevance to our operations: Our manufacturing activities do not involve hazardous substances, processes or emissions typically associated with significant pollution.
• Upstream concerns remain below materiality thresholds: While some agricultural inputs may involve chemical use, the scale, scope and reversibility of these upstream impacts were assessed as limited.
• Clarification of topic categorisation: Some views put "Pollution" as high due to concerns about packaging and its end-of-life impacts. These issues, however, fall under ESRS E5 – Circular Economy, which is already retained as a material topic.
• Alignment with industry benchmarks: Pollution is generally not considered a priority material topic within the Food & Beverage sector under CSRD-aligned assessments.

Affected Communities (ESRS S3)

• Limited direct community impact: Our operations do not involve significant land use changes, resettlement, or activities that directly affect local communities or Indigenous Peoples. Facilities are located in regulated industrial or commercial zones with minimal community-level impact.
• Sector benchmarking: Reviews of CSRD and ESG reports from comparable F&B companies indicate that ESRS S3 is rarely prioritised as a material topic in the sector.
• Covered through other ESRS topics: Our indirect interactions with communities are more appropriately addressed under ESRS S2, ESRS S4 and ESRS E5.
• No significant impacts, risks or opportunities identified: Neither the scoring nor qualitative feedback identified meaningful community-related impacts or dependencies that would justify inclusion of ESRS S3.

The DMA provides a refreshed and comprehensive view of the sustainability matters most relevant to our activities, our stakeholders and our strategic direction. It confirms long-standing priorities while highlighting emerging areas where further focus is needed. These material topics now serve as the basis for strengthening our ESG roadmap, setting future targets and guiding resource allocation.

The ESG Committee will review the DMA periodically to ensure it remains aligned with evolving expectations, regulatory developments and changes in our operating environment, supporting a resilient and responsible long-term strategy for the business, the people we work with and the ecosystems we depend on.

Denis Asia Pacific (DAP) operates as a long-established Food & Beverage business with a long-term, family-owned governance model. This heritage underpins a sustainability approach that prioritises continuity, responsibility and resilience over short-term performance.

As a mid-sized organisation with a lean management structure, DAP has adopted a pragmatic and solution-oriented ESG approach, focused on:

• Identifying priority sustainability topics through a double materiality analysis aligned with ESRS;
• Preserving and strengthening existing good practices;
• Implementing targeted, measurable actions with clear operational relevance.

DAP's ESG strategy has been progressively developed since 2016 and is overseen by a dedicated ESG Committee, which coordinates ESG governance, strategy definition, implementation and monitoring across the reporting perimeter.

The strategy is reviewed on a regular basis to ensure continued alignment with ESG standards and regulatory frameworks including ESRS, changes in the business model and value chain, and evolving stakeholder expectations.

The ESG strategy integrates sustainability considerations into core business decisions, value-chain management and long-term planning, with strategic priorities defined through the Double Materiality Assessment to focus resources on the most significant sustainability-related impacts, risks and opportunities.

Our ESG strategy focuses on five operational priorities:

1. Climate transition and energy efficiency
2. Circular economy and resource optimisation
3. Responsible sourcing and supply chain integrity
4. Employee safety, wellbeing and development
5. Ethical governance and regulatory compliance

These priorities are distributed into long, medium and short-term ambitions.

DAP's ESG vision is articulated through three long-term strategic goals, which define the Company's sustainability trajectory and guide decision-making over time.

To translate its long-term ambitions into concrete action, DAP has defined a set of short- and medium-term ESG priorities, structured across Environmental, Social and Governance dimensions.

Environmental priorities

• Measurement and monitoring of greenhouse gas emissions across Scopes 1, 2 and 3.
• Continuous improvement in energy consumption monitoring and efficiency.
• Use of Life Cycle Assessments to identify and reduce the most significant environmental impacts of products.
• Responsible use of resources, including reduction in paper consumption.
• Strengthening responsible sourcing practices across the supply chain.
• Continuous improvement of manufacturing processes to enhance product safety and environmental performance.

Social priorities

• Promotion of fair and inclusive working conditions, including gender equity and diversity.
• Continuous improvement of occupational health, safety and employee wellbeing.
• Employee engagement in ESG initiatives, embedding sustainability into daily operations and responsibilities.

Governance priorities

• Strengthening ethical conduct, including anti-corruption and anti-bribery measures.
• Deployment of policies and training to address modern slavery and human rights risks, particularly within the supply chain.
• Reinforcement of internal controls and governance processes to support responsible business conduct.

DAP's ESG strategy is closely connected to its long-term business vision and growth strategy. Investments in production sites, logistics infrastructure and partnerships are designed to support food safety, quality and traceability, innovation in sustainable food products, and efficient and resilient supply chains.

The Company continues to invest in manufacturing and logistics capabilities in Asia-Pacific, including Malaysia, Vietnam and regional distribution platforms, as well as partnerships and minority investments in food innovation and start-ups. These initiatives support the development of sustainable food solutions, packaging innovation and circular economy approaches.

DAP's ESG strategy also responds to broader market trends shaping the Food & Beverage sector, including increasing demand for safe, nutritious and affordable food, growing focus on health, transparency and sustainability, and the need for resilient food systems and responsible sourcing.

DAP's ESG strategy is designed as a living framework, evolving in line with regulatory requirements, stakeholder expectations and business developments. Within this framework, Denis Asia Pacific is strategically positioned to leverage key market trends shaping the future of the global food industry, including the growing importance of culinary experience and social connection. By enhancing consumer engagement through accessible, quality food products designed for everyday meals, work settings and shared social moments, the Company aligns its ESG strategy with its core business model and long-term vision for sustainable and resilient growth.

Over the years, our ESG initiatives and brand development efforts have been recognised by industry bodies, institutional partners and consumers, including:

• Putra Brand Awards (Malaysia), Foodstuff category, Bronze (2023) and Silver (2024)
• NTUC FairPrice Sustainable Award (2024)
• "Coup de Coeur" Award — Grand Prix V.I.E Malaysia (2024)
• Sustainability, Environment, Achievement & Leadership (SEAL) — Sustainable Product Award (2023)
• ESG Investing — Finalist for Best Sustainability Reporting: Consumer Goods (2022)
• Sustainable Business Awards (SBA) Singapore — Sustainability Strategy Award & Significant Achievement for Energy Management (2020/21)
• SEAL Sustainable Product Award — Environmental Initiative Award (2021)
• Asia Corporate Excellence & Sustainability Awards (ACES) — Top Green Company in Asia (2020)
• Singapore Packaging Agreement (SPA) Merit Award (2019)

These recognitions reflect the consistency of our ESG approach and our ongoing efforts to improve sustainability performance.