Environment

We are progressively structuring our roadmap toward achieving Net Zero emissions. Our focus is to establish the conditions required to define a credible and science-aligned Net Zero trajectory, supported by reliable data and operational feasibility.

As a next step in this process, we plan to commit in 2026 to the Science Based Targets initiative (SBTi), a globally recognized framework that ensures companies set greenhouse gas reduction targets aligned with climate science and the goals of the Paris Agreement.

Scope 1 & 2 Emission Reductions

Reducing direct emissions (Scope 1) and energy-related indirect emissions (Scope 2) is the first pillar of our decarbonization strategy. These emissions are under our operational control and therefore represent the most immediate and actionable levers for reduction.

Over the past several years, we have identified numerous decarbonization projects across our manufacturing sites, assessing both their GHG reduction potential and associated investment costs. In total, we identified approximately 80 emission reduction projects, representing more than 9,500 tCO₂e of potential annual savings.

The projects were consolidated into a Marginal Abatement Cost Curve (MACC), which ranks each initiative according to its emissions reduction potential and cost per tonne of CO₂ avoided, providing a structured view of technical feasibility and investment intensity.

As this is our first comprehensive internal decarbonisation screening exercise, certain technical and financial assumptions will continue to be refined over time. Nevertheless, the analysis provides a clear prioritisation framework and highlights that a significant share of reductions can be achieved through a combination of operational improvements and targeted capital investments.

Scope 3 Emissions & Challenges

Compared to Scope 1 and 2 emissions, our Scope 3 assessment is at an earlier stage of structuring and consolidation. Reducing Scope 3 emissions — covering upstream and downstream activities across our value chain — requires a broader level of collaboration and longer implementation timelines. These emissions include purchased goods and services, raw materials, transport, packaging and end-of-life treatment.

Our current work is focused on three areas:

• Project Identification: Compiling potential decarbonization initiatives across all value chain stages.
• Stakeholder Collaboration: We aim to progressively engage with suppliers, partners, and industry peers to explore lower-carbon sourcing, logistics, and packaging solutions.
• Scope 3 FLAG Assessment (Forest, Land and Agriculture): As part of our alignment with SBTi requirements, we are assessing whether our Scope 3 emissions include significant Forest, Land and Agriculture (FLAG) emissions.

Understanding and monitoring our greenhouse gas (GHG) emissions is the first step toward effective decarbonisation. We have been calculating Scope 1 and 2 emissions since 2020, and Scope 3 emissions since 2023.

Methodology and Boundaries

GHG emissions were calculated in accordance with the GHG Protocol Corporate Accounting and Reporting Standard. Emission sources are categorised by level of control and influence:

• Scope 1: Direct emissions from owned or controlled sources.
• Scope 2: Indirect emissions from purchased energy.
• Scope 3: Indirect emissions from the value chain, including both upstream and downstream activities.

This GHG inventory covers the period from 1 January 2025 to 31 December 2025 and includes all Food & Beverage (F&B) activities under the ESG perimeter. We apply the operational control approach to define our organizational boundary.

Category	Manufacture Malaysia	Manufacture Vietnam	Offices (Asia-Pacific)	Total
Scope 1 — Stationary Combustion (Boilers)	3,881	1,543	—	5,424
Scope 1 — Fugitive Emissions (Refrigerant Gas)	572	2	21	595
Scope 1 — Mobile Combustion (Company Vehicles)	207	27	219	453
Total Scope 1	4,660	1,572	240	6,472
Scope 2 — Purchased Electricity	4,690	565	483	5,738
Total Scope 2	4,690	565	483	5,738
Total (Scope 1 + 2)	9,350	2,137	723	12,210

Scope 1 & 2 Emissions

In 2025, total Scope 1 and 2 emissions reached 12,210 tCO₂e, representing a 6% increase compared with 2024. This rise is primarily due to a 21% increase in production levels, partially offset by energy-efficiency improvements.

Emissions breakdown in 2025:

• 47% from stationary combustion (boilers)
• 44% from purchased electricity
• 5% from fugitive emissions (refrigerant leaks)
• 4% from mobile combustion (company vehicles)

Our GHG emission intensity decreased from 0.68 in 2024 to 0.60 tCO₂e per tonne of finished product in 2025, largely due to higher production volumes combined with continued efficiency measures.

Scope 3 Emissions

In 2023, we completed a comprehensive Scope 3 assessment, which confirmed that 86% of our total emissions originate from our value chain. The detailed category breakdown confirmed:

• Food raw materials and food products: nearly 50% of total emissions.
• Purchased goods (packaging materials): approximately 25% of total emissions, reinforcing our strategy to enhance packaging sustainability.
• Transportation: had a lower-than-expected impact, primarily due to our reliance on long-shelf-life products transported via sea freight.

In 2024 and 2025, we applied a turnover-based extrapolation, confirming stable Scope 3 levels at 69,160 tCO₂e for 2024, with approximately 87% attributable to Scope 3.

Scope 1 and Scope 2 greenhouse gas emissions are primarily driven by energy consumption across our manufacturing operations. Within this scope, steam production represents the most significant source of direct GHG emissions, due to its reliance on electricity and fossil fuels.

Energy Management System

In 2025, we strengthened our Energy Management System (EnMS) across our manufacturing facilities in Malaysia and Vietnam, structured in line with the principles and key requirements of ISO 50001 (Energy Management Systems). While not yet certified, we retain the option to pursue certification in the future.

Key actions implemented in 2025 include:

• Completion of the first Energy Management Review at the Taiping factories with management and heads of department.
• Creation of an Energy Management Team (EnMT) supported by a RACI matrix defining roles and responsibilities.
• Identification and evaluation of Significant Energy Uses (SEUs) and analysis of factors influencing their energy consumption.
• Identification of energy-related risks and opportunities, integrated into the ISO 14001 risk and opportunity register.
• Enhancement of steam trap inspection practices, including a targeted audit by a third-party specialist.
• Estimation of energy consumption and costs over a three-year horizon to support planning and decision-making.

In parallel, we continue to operate and monitor energy practices established in previous years, including regular internal steam audits, thermal camera inspections of freezer rooms, boiler efficiency monitoring using steam flow meters, and deployment of an Energy Management Information System (EMIS).

Energy Efficiency and Emissions Reduction Initiatives

These initiatives have delivered measurable efficiency gains. Our operational optimization efforts have resulted in an annual emissions reduction of 1,005 tCO₂e.

Steam Management

In 2025, we continued our steam measurement initiative to improve visibility and control over steam usage:

• Deployment of mobile steam flow meters, enabling the completion of steam consumption mapping (Sankey diagrams) at two manufacturing sites.
• Installation of temperature control valves on fish cooking and can washer equipment, replacing continuous steam injection practices. Estimated savings: 126 tCO₂e.
• Improved steam trap maintenance and monitoring. Estimated savings: 39.7 tCO₂e.
• Heat recovery initiatives, recovering hot water at approximately 95°C from cooking processes and reusing it to preheat boiler feedwater. Estimated savings: 9 tCO₂e.

Electricity Consumption Reduction

• Upgrade of air compressors to variable-speed systems, allowing output to match actual demand. Estimated savings: 35.5 tCO₂e.
• Compressed air leak detection and repair programs. Estimated savings: 9.5 tCO₂e.
• Replacement of inefficient lighting with LED, solar and motion-sensor solutions across all sites. Total reduction: approximately 8.3 tCO₂e.

Taken together, all the initiatives implemented in 2025 correspond to 228 tCO₂e avoided.

Energy Mix Evolution

Between 2022 and 2025, the share of stationary combustion (natural gas and coal) in our total energy mix decreased from 74% to 70%. Natural gas remains the dominant source of energy but its proportion decreased from 65% to 61% over the period.

Since 2017, Denis Asia Pacific has progressively increased the share of solar energy in its electricity mix, reaching 17% of total grid electricity consumption in the reporting year. Annually, we prevent approximately 1,277 metric tonnes of CO₂e emissions — roughly equivalent to removing over 278 passenger cars from the road each year.

Solar Photovoltaics in Vietnam

In Vietnam, the Denis Great Mekong (DGM) site has operated a rooftop solar system since 2023. The installation supplies around 38% of the site's daily electricity demand, contributing to an annual avoidance of approximately 342 tCO₂e.

Solar Photovoltaics in Malaysia

In Malaysia, rooftop solar systems have been deployed across seven industrial sites since 2018. In 2025, these installations generated approximately 1,451 MWh of electricity, corresponding to an estimated reduction of 935 tCO₂e.

Solar Horizons

We are currently assessing a Phase 2 solar photovoltaic deployment at our Taiping entities. This phase could potentially generate up to an additional 1,210 MWh of electricity, subject to technical, regulatory, and financial feasibility assessments.

• Water consumption: 464,593 m³
• General waste generated: 5,467 tonnes
• Waste diverted from landfill: 95%
• Hazardous waste: <6 tonnes
• Paper consumption: 5,265 kg

Water is a critical input in our manufacturing processes, particularly for cleaning, sterilisation and food preparation. Water consumption follows production volumes across the period.

All manufacturing facilities operate Wastewater Treatment Plants (WWTPs) to ensure discharged water complies with national environmental regulations. No water-related fines or regulatory incidents were recorded in 2025.

At Mafipro, our Malaysian manufacturing site, a new Dissolved Air Flotation (DAF) system was installed at year-end 2025, with commissioning scheduled for early 2026. This upgrade aims to improve effluent quality and enhance operational reliability.

Waste generation is inherent to food manufacturing. In 2025, 95% of waste generated across our manufacturing sites was diverted from landfill. Hazardous waste — mainly oil, batteries, solvents and chemicals — represented less than 6 tonnes. Waste contractors are audited at least once every three years.

In 2025, we initiated the Fish Protein Concentrate (FPC) project to structurally improve the valorisation of fish processing by-products. Fish processing operations generate solid by-products such as heads, viscera, tails and off-cuts. Through an enzymatic hydrolysis process, proteins are solubilised, purified and concentrated into a high-protein ingredient.

This process allows the recovery and revalorisation of up to 99% of the incoming by-products produced by our main production lines, enabling the reduction of approximately 6 tonnes of organic waste per day. The total investment amounts to RM 2.5 million, with a targeted production capacity of around 80 to 100 tonnes per month once fully operational. Commissioning is scheduled for 2026.

In 2025, paper usage remained close to previous-year levels, following a long-term downward trend since 2017. All office paper purchased is sourced from FSC- or PEFC-certified suppliers. Reduction efforts continue to focus on the digitalisation of administrative processes, including e-leave systems, digital signatures, electronic purchasing documentation and maintenance software.

Packaging is a material topic under our Double Materiality Assessment. Based on our greenhouse gas inventory and Life Cycle Assessments, packaging materials account for approximately 23% of our total GHG emissions. Metal cans represent the largest share of packaging-related emissions (66.9%), followed by Tetra Pak (11.4%) and glass formats (10.8%).

2030 Packaging Recyclability Objective

We have set the objective of ensuring that all our packaging is recyclable by design by 2030. Today, most of our primary formats — including metal cans, glass jars and paper-based cartons — are recyclable by design. The main technical challenge remains certain multi-layer flexible pouches, whose composite structure limits recyclability.

During the year, we continued working with suppliers to identify mono-material alternatives suitable for sauce and paste packaging.

Regulatory Compliance by Market

Singapore: We have been a signatory to the Singapore Packaging Partnership Programme (PPP) since 2018 and received a Merit Award in 2019. We submit an annual declaration under the Mandatory Packaging Reporting (MPR) framework. Key actions include packaging reduction and progressive increase in recycled fibre content in cartons, with selected formats reaching up to 95% recycled material.

Australia: We are a signatory to the Australian Packaging Covenant (APC). The majority of our packaging formats are recyclable by design. As of early 2025, approximately 95% of our relevant packaging carries the Australian Recycling Label (ARL).

Operational Improvements

• Glass lightweighting: The 200ml glass jar was redesigned, resulting in approximately 15 metric tonnes of glass avoided annually.
• Plastic reduction: Selected formats transitioned from 60 to 50 microns shrink-wrap thickness, avoiding approximately 407 kg of plastic.
• Sustainable paper-based packaging: 15 product models have transitioned to FSC- or PEFC-certified paper sources, representing approximately 50% of the total product range.
• Mono-material transition: Development of mono-material flexible packaging for sauce and paste products progressed during the year.

To gain a data-driven understanding of the environmental footprint of our products, we have been conducting Life Cycle Assessments (LCAs) on our core product range for several years. LCAs are conducted using a cradle-to-grave approach, covering key stages of the product life cycle from raw material sourcing to end-of-life.

To date, LCAs have been completed for 12 flagship products, representing approximately 50% of our sales volumes. In 2025, three additional LCAs were conducted, further expanding this coverage.

Our assessments provide practical insights into the main environmental impact drivers across product categories:

• Sardines and mackerel in tomato sauce (metal cans): packaging in metal cans accounts for the largest share of the overall climate impact.
• Coconut milk and cream (cans and TetraPak): the farming stage is the main contributor to GHG emissions.
• Baked beans (metal cans): the manufacturing phase is the most significant contributor, mainly due to energy consumption.
• Tuna (three recipes, metal cans): compared with other animal-based foods, tuna products show a relatively lower carbon footprint.
• Thai red curry paste and oyster sauce (glass jars): packaging is the main driver of the carbon footprint, as glass production is energy-intensive.
• Pulled chicken (metal cans): the main contributors are the chicken itself and primary packaging.

We have joined the Green-Score initiative for our products sold in France. Based on our assessments, 70% of our products achieve an A rating, while the remaining products are evenly distributed between A+, B and C. No products are rated below C.

Our objective is to progressively certify all company-owned buildings within the report perimeter under recognised Green Building schemes by 2030. Most of our sites are existing buildings, so our approach focuses on incremental improvements and operational discipline.

Across both certified and not-yet-certified sites, building management practices are progressively aligned with Green Building requirements, including monitoring and optimisation of energy consumption, installation of energy-efficient lighting and air-conditioning systems, deployment of water-efficient fixtures, indoor air quality monitoring, and strengthened waste segregation and tracking practices.

2025 Highlight: Centralised Fish Processing Plant (Malaysia)

In 2025, Mafipro's new Centralised Fish Processing Plant in Taiping, Malaysia received a Provisional GreenRE Silver certification (Existing Industrial Buildings). Key features include:

• Integrated thermal and energy systems combining smart cooling systems, energy recovery solutions and green heating and cooling using CO₂-based heat pump technology.
• Efficient air circulation and optimised ventilation with high-performance filtration and airflow design.
• High-performance building envelope including infrared-insulated walls, insulated roof and wall panels, north–south orientation and Low-E glazing.
• Maximised natural lighting through the use of skylights in selected areas.
• Water reuse systems and water-efficient fittings, including closed-loop process water systems.
• On-site roof solar panels for reduced reliance on grid electricity.

In parallel, two existing sites were successfully recertified in 2025: Guinea Foods 2 (Malaysia) and A. Clouet (Malaysia).

Our Green Buildings

Building	Country	Asset Type	Scheme	Status	Level
Maison Denis Building	Singapore	Office & Warehouse	BCA GreenMark	Certified since 2017	Gold
A. Clouet (Malaysia)	Malaysia	Office & Warehouse	GreenRE (ENRB)	Certified since 2019	Bronze
SFI Food P1	Malaysia	Warehouse & Cold-room	GreenRE (EIND)	Certified since 2019	Silver
SFI Food P2	Malaysia	Warehouse & Cold-room	GreenRE (EIND)	Certified since 2019	Silver
Guinea Foods 2	Malaysia	Factory	GreenRE (EIND)	Certified since 2022	Bronze
A. Clouet (Australia)	Australia	Office & Warehouse	GreenStar Performance	Certified since 2023	2-star
Mafipro CFPP	Malaysia	Factory	GreenRE (EIND)	Provisional since 2025	Silver

All our manufacturing facilities and logistics centres are certified to ISO 14001:2015. This certification has been maintained over time and applies to the following sites:

• Mafipro Sdn. Bhd., Malaysia — Certified since 2013
• Guinea Foods Sdn. Bhd., Malaysia — Certified since 2013
• SFI Food Sdn. Bhd., Malaysia — Certified since 2018
• Denis G.M. Co. Ltd., Vietnam — Certified since 2019

ISO 14001 provides a structured framework to identify environmental aspects, assess related impacts, ensure compliance with applicable legal requirements, and implement operational controls. All certified sites successfully maintained their ISO 14001 certification in 2025, with no major non-conformities identified during external surveillance audits.

Since 2011, Denis Asia Pacific has implemented a responsible palm oil sourcing policy, enabling the Company to achieve 100% certified sustainable palm oil for all palm oil used in its products. DAP also pursues a product reformulation strategy progressively replacing palm oil with alternative vegetable oils.

DAP applies two core sustainability principles to all palm oil sourcing:

• Commitment to sustainable sourcing: All palm oil used in DAP products must be certified sustainable. DAP's factories are RSPO-certified and source palm oil exclusively from West Malaysian origins verified as sustainable.
• Transparency in product labelling: Any DAP product containing palm oil clearly indicates its presence in the ingredient list.

2025 Sustainability Performance

• Ayam Brand™: 101 tonnes of palm oil, all RSPO Segregated-certified.
• Other brands (including OEM products): 144 tonnes of RSPO Segregated-certified palm oil.

DAP also sourced 719 tonnes of palm fruit in 2025 and voluntarily purchased 353 tonnes of RSPO Green Credits to ensure 100% of palm-derived ingredients are covered by sustainability mechanisms.

External Recognition

• 2020 WWF Palm Oil Buyers Scorecard: 15.5/22 — Highest ranking among 16 Asian companies assessed; top 25% globally.
• 2021 WWF Palm Oil Buyers Scorecard: 14.75/24 — Ranked 2nd in Asia.
• 2024 RSPO Shared Responsibility Scorecard: 7.4/10 — Top 12% of 2,006 companies assessed; industry average: 2.8/10.
• 2025 RSPO Shared Responsibility Scorecard: 9.2/10 — Sector average: 5.0/10.

European Union Deforestation Regulation (EUDR)

To prepare for EUDR implementation, DAP worked closely with its suppliers throughout 2024 and 2025 to strengthen compliance, including legal compliance verification, supply chain simplification, traceability to specific plots of land, deforestation risk monitoring using satellite imagery, and sustainability certification verification. Although EUDR enforcement has been postponed, DAP palm oil sourcing operations are already aligned with EUDR requirements.

Denis Asia Pacific recognises that a sustainable supply chain is fundamental to the long-term resilience of its business. The Company verifies that its suppliers uphold human rights, environmental sustainability and fair labour practices, applying a strict zero-tolerance policy towards illicit or unethical activities.

Centralised Fish Processing Plant (CFPP)

Launched in late 2023 as the first phase of DAP's Manufacturing Development Master Plan, the CFPP aims to consolidate and modernise fish processing operations. The CFPP commenced operations in September 2025 and was inaugurated on 12 November 2025 in the presence of the Chairmen and senior management.

Initial results indicate measurable progress across several ESG-related dimensions:

• Improved yield and fish recovery through optimised first-transformation processes.
• Enhanced raw material handling and process control, supporting consistent fish quality.
• Reduced processing losses and increased valorisation of co-products.
• Improved working conditions and workstation ergonomics.
• Structured training and skills development programmes supporting workforce capability.

DAP recognises the critical importance of responsible tuna sourcing in ensuring the long-term sustainability of marine ecosystems. While DAP's tuna business represents less than 0.1% of the global annual tuna catch, the Company remains committed to upholding the highest standards of sustainable fishing and ethical sourcing.

DAP's procurement focuses on three tuna species:

• Skipjack tuna (Katsuwonus pelamis): Most of DAP's canned tuna products use skipjack tuna caught in the Pacific Ocean in areas assessed as healthy by the WCPFC. In 2025, 100% of skipjack tuna sourced by DAP met sustainability standards.
• Yellowfin tuna (Thunnus albacares): DAP requires yellowfin tuna to be sourced exclusively from the Western Pacific, assessed as healthy by the WCPFC. In 2025, 100% of yellowfin tuna complied with these criteria.
• Tonggol tuna (Thunnus tonggol): DAP has managed to replace approximately 50% of yellowfin supplies with Tonggol. In 2025, 100% of Tonggol tuna was sourced from the Western Pacific.

Sustainable Fishing Practices

• The majority of DAP's tuna is caught using purse seine fishing, with a smaller proportion caught using pole-and-line methods.
• Longline fishing is strictly prohibited due to its high bycatch rates.

Data Monitoring and Traceability

Since 2022, a comprehensive data monitoring system tracks six key data points for all tuna production: species sourced, catching area, fishing method, vessel name, production code, and quantity produced. This enables full traceability from the fishing vessel to the final retail product.