Responsibility Report 2025

‌Derwent London plc Responsibility Report 2025

‌01 Derwent London plc Responsibility Report 2025‌

Operating responsibly for all our stakeholders

Responsibility Report

02 Responsibility overview

04 Double materiality

05 Responsibility - Environmental

10 Streamlined Energy and Carbon Reporting (SECR) disclosure

12 Responsibility - Social

12 Our social contributions 14 Our people

16 Health and Safety

18 Responsibility - Governance

21 UN SDG disclosures

22 Environmental Basis of Reporting

27 Health and Safety Basis of Reporting

31 Green Finance Basis of Reporting

39 Assurance statement

Page references: ARA page relates to references within the Derwent London 2025 annual Report & Accounts

‌Responsibility‌

Corporate responsibility underpins how we create long-term shareholder value. It is embedded in our culture, guiding how we operate and allocate capital across the business, from investment and development decisions through to asset management and day-to-day operations.

This approach, grounded in our commitment to integrity, transparency and safety, supports positive outcomes for our stakeholders, including local communities, and the wider environment.

Our responsibility approach and framework

Our responsibility strategy sets out how we address the most material environmental, social and governance (ESG) issues to our business. It provides a structured framework for action across the Group, covering the full life cycle of our developments and operations - from reducing carbon and improving building performance to supporting our people, engaging with occupiers and maintaining responsible supply chain standards.

This strategy is based around seven ESG priorities and a series of targeted frameworks. Together, these enable a consistent approach to managing and reporting on our ESG pillars.

Responsibility embedded in our corporate strategy

Responsibility considerations are embedded within our corporate strategy, informing our strategic objectives, risk management processes and investment decisions. This is supported by clear Board-level oversight and accountability through dedicated committees.

Our executive remuneration policy incorporates ESG measures, aligning leadership incentives with long-term, responsible performance. The composition of our Board reflects the expertise, independence and diversity required to oversee responsible growth and uphold high standards of governance.

Highlights of the year:

During the year, we made strong progress across our responsibility priorities. These achievements highlight the integral role that responsibility plays in shaping our business and creating sustainable,

long-term value.

Key achievements include:

• updated our Net Zero Carbon Pathway;

• broader adoption of circular economy principles;

• supporting charities through utilisation of our DL/Lounges;

• updated our Supply Chain Responsibility Standard;

• launched employee 'Rewards and Recognition' programme;

• delivered H&S Legal Duties session with 100% Board and Director participation;

• achieved embodied carbon target and BREEAM 'Outstanding' at 25 Baker Street following practical completion;

• 40% of managed portfolio buildings now all-electric, from 6% in 2020; and

• four new employee representatives joined the RBC bringing new perspectives to the employee voice.

  Pillars

  Priorities

  • Governance Framework

  • Our Code of Conduct & Business Ethics

  • Supply Chain Responsibility Standard

  • Modern Slavery Statement

  • Statement of Tax Principles

7. Setting the highest standards of corporate governance

Governance

Frameworks

Fair Payment Code 2025 Bronze Award 2025 GRESB: Greenstar status

A-rated public disclosure

Development - 5 stars with a score of 98

Standing Investments - 4 stars with a score of 86

Our updated Net Zero Carbon Pathway

Reducing operational Procuring and energy and carbon investing in emissions renewable energy

Reducing the embodied carbon of development projects

Offsetting residual carbon emissions

Nature and resilience

See page 05

See page 06

See page 07

See page 09

See page 09

ROSPA Gold Award

Third consecutive year

‌Responsibility continued‌

Double materiality

We recognise the role of materiality in determining the relative importance of key ESG issues to the business and our stakeholders.

Materiality assessments provide a framework for prioritising issues and ensuring our responsibility strategy and management action are appropriately focused and targeted.

We keep our material issues under review to ensure changes are captured on a timely basis and remain aligned with the independent climate risk assessment and scenario analysis which forms part of our TCFD disclosure (see ARA pages 86 to 99).

In 2024, we completed a double materiality assessment, with support from an independent third party consultant.

This identified 17 material topics, of which 12 were considered to have High or Very High materiality under either the Financial or Impact perspective - see chart. The topics with Low or Medium materiality are listed below.

The material topics were already known and captured through our various strategies and management procedures. However, the assessment provided additional insight to support the prioritisation of future actions.

Our double materiality assessment is aligned with our wider processes for identifying and assessing the principal risks we report in the Managing Risks section (see ARA pages 100 to 111).

Low/Medium materiality topics

Our stakeholders identified these topics as Low/Medium materiality. We continue to monitor and prioritise them as appropriate and will ensure resources are available as required.

The table provides further detail of where our material issues can be located within our risk management and other reporting.

100%

1

8 6

3 2

10

4

7 5

9

11

12

75%

Financial

50%

25%

0%

0% 25% 50% 75% 100%

Impact

Environmental

Social Governance

1 These risks are monitored via the Group's Risk Register which is not disclosed in the annual Report & Accounts. Refer to ARA pages 104 to 111 for the Group's principal and emerging risks.

‌Responsibility - Environmental‌

Our Net Zero Carbon Pathway

01 Reducing operational energy

Energy usage1 (electricity and gas split in kWh)

kWh (millions)

and carbon emissions

Our commitment

We are committed to operating our investment portfolio on a net zero carbon basis by 2030. This requires a sustained and significant reduction in our energy consumption, upgrading and retrofitting our properties to improve efficiency and removal of gas use where feasible, as well as close collaboration with our occupiers.

70 64.6

60

50

40

30

20

10

0 2019

49.2

2020

49.7

2021

50.4

2022

56.7

2023

51.8

2024

48.7

2025

Actions and outcomes

Portfolio decarbonisation

In 2025, we continued to invest in decarbonisation works across the portfolio. Following the installation of air source heat pumps (ASHP) at 1-2 Stephen Street W1 in 2024, an ASHP was installed at Charlotte Building W1 alongside a broader mechanical, engineering and plant (MEP) upgrade. We are also installing point of use electric hot water supplies for WCs to decarbonise hot water supplies. 40% of buildings in our managed portfolio are now all-electric. To enable effective monitoring of mains water use across the managed portfolio, a Smart Flow monitoring system was rolled out across 70% of the portfolio.

Gas Electricity

Energy intensity1 (in kWh/sqm)

kWh/sqm 180

160

140

120

100

80

60

40

20

Occupier engagement

Our recent 'You Hold the Power to Save' campaign (launched in Q4) was well-received by occupiers across the managed portfolio. To maximise impact, engagement was

0 2019

2020

2021

2022

2023

2024

2025

focused on our 10 highest energy consuming buildings, which represent 78% of managed portfolio energy. In total, we engaged with 77% of occupiers in 2025.

Operational carbon footprint1 (Scopes 1, 2 & 3 in tCO2e)

tCO2e

02

‌Procuring and investing in renewable energy

Our commitment

The Group is committed to ensuring that the energy we consume is from renewable sources. For procurement, this means contracting electricity on renewable tariffs backed by Renewable Energy Guarantees of Origin (REGO) certificates and gas contracts backed by Renewable Gas Guarantees of Origin (RGGO) certificates. Our Scottish land also provides several self-generation opportunities which we are progressing.

Actions and outcomes

Energy on renewable tariffs in 2025

• Electricity (REGO-backed): 100% (2024: 99%)

• Gas (RGGO-backed): 100% (2024: 100%)

• As at 31 December 2025, 100% of our electricity and gas contracts were on renewable tariffs backed by REGOs/ RGGOs

All REGO-backed electricity is procured from UK-based solar, wind or hydro projects.

Investing in self-generation

Lochfauld Solar Park in Scotland

Following receipt of planning consent in 2023 for a c.100-acre,

18.4 MW solar park at our Lochfauld site in Scotland, significant progress on site has been made. Installation of the frames and photovoltaic (PV) panels, alongside supporting site infrastructure has completed and panel connection and inverter works are currently underway. Testing, commissioning and grid connections are expected to complete in mid-2026, followed by energisation thereafter. We expect the solar park to generate c.40% of our London managed portfolio's electricity requirements (based on 2019 baseline energy consumption).

London portfolio

Where feasible, we install PV panels on our buildings, six of which now have PV arrays. In addition, we have a small PV array at our Easter Cadder central hub in Scotland, covering the electricity consumption of our Scottish office.

As part of our Section 106 agreement for 50 Baker Street W1, we agreed with Westminster City Council to carry out a carbon saving project at St Mary's Bryanston Square Primary School. We installed an 83 PV panel array, equivalent to 36 kW. The first year of performance generated 24,400 kWh, in excess of 50% of the school's electricity consumption, saving approximately 5 tCO2e.

Lochfauld Solar Park

03

‌Reducing the embodied carbon of development projects

Our commitment

Under our Net Zero Carbon Pathway, new developments and major refurbishments will be net zero carbon on completion. In 2024, we updated our reporting methodology to better align the timing of emissions and offsetting. Forecast emissions from major projects are recognised on a phased basis over the construction period, with emissions offset over the same profile.

Defining embodied carbon targets

Whole life carbon assessments are performed on our projects to inform design decisions and report on the 'Cradle to Completed Development' (A1-A5) aspects. Refer to our Whole Life Carbon Assessment Brief at https://www.derwentlondon.com/ news/publications/responsibility-policies

Our phased targets for commercial office new build developments align with the Greater London Authority (GLA) and LETI targets (under RICS v1, which excludes demolition):

• From 2025: ≤600 kgCO2e/sqm

• From 2030: ≤500 kgCO2e/sqm

For our next major redevelopment projects, Holden House W1 and 50 Baker Street, we intend to report embodied carbon intensity under both RICS v1 and RICS v2, the latter of which accounts for demolition and enabling works.

For major refurbishments, our target is ≤350 kgCO2e/sqm.

Actions and outcomes

We work collaboratively with our development supply chain to assess and reduce a scheme's embodied carbon footprint. At each design stage, we hold detailed workshops with our teams and ensure early engagement on procurement of low carbon materials. The wider industry needs to adapt and work together for us to fully achieve our aims and we are active in this endeavour - see page 8 for details on our works to accelerate the use of low carbon concrete and the circular economy.

Our three major projects which were on site during 2025 are being delivered to align with our 2025 target:

• 25 Baker Street W1 (completed Aug 2025): 594 kgCO2e/sqm (a c.13% reduction compared to the Stage 4 estimate)

• Network W1: c.530 kgCO2e/sqm

• Holden House W1: c.590 kgCO2e/sqm

  The current forecast for 50 Baker Street is c.530 kgCO2e/sqm.

  Embodied carbon intensity of major projects Embodied carbon (S3, C2) emissions recognised in year

  30,000

  25,000

  20,000

  32,869

  15,000

  27,315

  10,000

  19,790

  19,136

  5,000

  1,036

  799

  kgCO2e/sqm 700

  tCO2e 35,000

  600

  500

  400

  300

  506

  550

  539

  594

  c.530

  200

  100

  80 Charlotte Street

  1 Soho Place

  The Featherstone

  Building

  25 Baker Street Including 30 GP &

  100GS)

  Network (stage 4

  Estimate)

  0 0 2020

  2021

  2022

  2023

  2024

  2025

  kGCO2e/sqm DL embodied carbon target 2025
  
  

  ‌

  
  
  
  
  ‌Accelerating Concrete-Decarbonisation Group Our circular economy approach
  
  

  Aiming to bridge the gap between supply of low carbon concrete, specification needs and market demand

  • Derwent London established the Accelerating Concrete-Decarbonisation Group (AC-DG) in June 2024 and has continued to lead the initiative. It is a UK developer-led, industry-wide initiative to accelerate the adoption and use of market-ready, technically viable low carbon concrete mixes in construction projects.

  • The aim is to reduce the barriers for use of lower carbon concrete, prototype testing and knowledge sharing, ultimately reducing embodied carbon.

  • The lack of specific empirical test data is a key barrier, preventing engineers and clients from specifying low carbon concrete without adding technical, programme and cost risks into projects.

  • By supporting more rapid collection and distribution of critical data for these innovative concrete mixes, AC-DG seeks to enable a faster route to market, facilitating specification for construction projects.

  • The seven AC-DG workshops to date have been informative, circulating knowledge more quickly across the sector on low carbon concrete available for use in the UK today, as well as the emerging suppliers.

  • Through the AC-DG, Derwent London and 30 other key organisations have signed a collaboration agreement enabling prototyping works and testing to commence in H1 2026 on three low carbon mixes. These have the potential to reduce concrete carbon emissions by up to 70%.

  • Derwent London is also a founding signatory of the Advanced Market Commitment (AMC), a government funded initiative aligned with the AC-DG. The aim of the AMC is to signal to the supply chain that low carbon concrete is a priority for industry.

    Optimising reuse across our portfolio and reducing embodied carbon without compromising on quality

  • Our circular economy approach goes hand in hand with reducing embodied carbon.

  • In 2025, Derwent London strengthened its leadership in circular economy practices, embedding resource efficiency and material reuse across its development pipeline and operational portfolio, alongside our partner Material Index.

  • Since we formalised our circular economy strategy, c.500 tonnes of material have been donated or brokered.

  • At our smaller refurbishment projects, retention and on-site reuse has averaged 44%. Examples include the sale or donation of kitchenette units from Oliver's Yard EC1, and timber panelling from 1-2 Stephen Street W1.

  • The circular economy is also being incorporated across our major projects:

    • Network W1 is our first whole building redevelopment to use refurbished raised access flooring.

    • At Holden House W1, 64% of the temporary work steel to retain the façade is reused, chimney stacks are being reused and 95% of the glass has been recovered for reprocessing. This is in addition to internal fittings, finishes and lighting being donated. The bricks are currently being tested for off-site reuse.

    • At 50 Baker Street W1, we are pioneering the piece-wise reuse of the existing concrete structure in what is the largest scale project of this type in the UK.

    • Greencoat & Gordon House SW1 is setting the blueprint for retention and reuse across our refurbishment projects.

      Network W1 Holden House W1

      
      
      
      
      
      
      
      
      

      04

      Offsetting residual carbon emissions

      Our commitment

      The Group's business model of office regeneration and operation will, by its nature, result in the emission of embodied and operational carbon across Scopes 1, 2 and 3. For this reason, we will prioritise achieving our ambitious targets to reduce our carbon footprint as far as possible. We have committed to offset any residual carbon that we are unable to either manage out or eliminate.

      Actions and outcomes

      We have a phased pipeline of regeneration schemes over the coming years. Occupational market dynamics are forecast to remain favourable and we expect to commence the next phase of our pipeline over the coming year. Beyond this, we have a longer term pipeline which is expected to commence from 2027 onwards.

      Forward purchase of carbon offsets

      This project visibility allows us to forecast our embodied carbon emissions and plan accordingly. The Group has forward-purchased carbon offset credits equivalent to c.195,600 tCO2e since 2020 for a combined consideration of c.£4.9m or an average of c.£25/tCO2e. In 2020, we began offsetting the embodied carbon associated with our regeneration activity, through retirement of our carbon credits, and have offset a cumulative c.100,945 tCO2e, of which 27,315 were retired in relation to 2025. The remaining offsets cover our forecast embodied carbon emissions to 2030.

      Working with our offset partner, Climate Impact Partners, we carried out significant pre-acquisition due diligence to ensure the environmental projects meet our quality standards. This includes being validated under a robust, credible scheme such as the Verified Carbon Standard (VCS) or the American Carbon Registry (ACR). We acknowledge this is a changing landscape and refer to latest guidance from the UKGBC (Carbon Offsetting & Pricing Guidance).

      Tree planting

      The Group continues to progress tree planting opportunities across its Scottish land. Additional land has been identified as potentially suitable for planting, subject to further appraisals and planning consent.

      05

      Nature and resilience

      Our commitment

      Nature and resilience was added as a fifth pillar of our Net Zero Carbon Pathway in 2025. We are committed to enhancing biodiversity across our portfolio, including at both standing investments and regeneration projects. To support this, as well as ensuring our business resilience to a changing climate, we will carry out climate risk and opportunity assessments every three years as part of the WTW risk assessment, to proactively manage our climate risk, which includes biodiversity-related aspects.

      Actions and outcomes

      Biodiversity net gains at major projects

      Each of our new build pipeline projects received planning approval prior to the Biodiversity Net Gain (BNG) legislation coming into effect. However, many boroughs already required a minimum BNG of 10%. Consequently, all our recently completed schemes and next phase of projects have achieved, or intend to achieve, a BNG significantly greater than 10%.

      • 25 Baker Street W1: 180%

      • Network: 110%

      • Holden House: 210%

      • 50 Baker Street: 273%

      For our schemes which are currently in design, we expect to achieve the agreed urban greening factor.

      Scottish land

      Part of our Scottish land at Bargenny Hill has been designated as a Site of Special Scientific Interest (SSSI). The site is one of the largest and best remaining examples of lowland neutral grassland, which supports a variety of rare plants, flowers and wildlife, in south-western Scotland. The SSSI designation at this site forms part of a wider Agri-Environment Climate Scheme (AECS). We have also transitioned to more sustainable farming practices, utilising green manure, creating grass strips and water margin in arable fields as well as creating new wetlands.

      
      
      
      
      

      ‌Bargenny Hill

      ‌Streamlined Energy and Carbon Reporting (SECR) disclosure‌

      
      
      

      In line with SECR regulations, the adjacent table sets out the carbon emissions (tCO2e) across Scopes 1, 2 and 3 together with relevant intensity ratios (kgCO2e/ sqm) from our managed portfolio. We also show the global energy consumption (kWh) used to calculate our emissions.

      Energy efficiency actions

      The Group undertook a number of energy efficiency actions in 2025. These included:

  • decarbonisation initiatives at Charlotte Building W1 (air source heat pump) and 9-10 Rathbone Place W1 (variable refrigerant flow technology);

    Data notes

• • implementation of occupier engagement strategy ('You Hold the Power to Save'), focused on the top 10 consuming buildings;

• ongoing LED lighting and other MEP upgrades across the managed portfolio;

• streamlined plant run times implemented alongside relaxed temperature set points, following successful trials in 2024; and

• enhanced out of hours usage monitoring, facilitated by our metering upgrade programme, and out of hours lighting assessment.

  As a result of these actions and interventions, year-on-year energy consumption reduced by 6% and energy intensity by 9% in 2025. Compared to our 2019 baseline, energy intensity has reduced by over 25%.

  See page 05

  Boundary (consolidation approach)	We use the 'operational control' approach. This incorporates properties where the Group has management control and influence over the operations, referred to as the 'managed' portfolio. This is located in central London (UK) and comprised 37 properties in total during 2025. Landlord emissions from our retail park in Glasgow are also included.
  Alignment with financial reporting	The only variation from our financial reporting approach is the exclusion of energy data and GHG emissions for buildings where the Group does not have control or influence. These are our single-let properties (also referred to as FRI or the unmanaged portfolio). Estimated emissions for these properties are disclosed as a footnote to the SECR table. The rental income and valuation of these properties is included in the consolidated financial statements.
  Reporting method	GHG emissions reporting is in line with the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard. Further details on our data calculation methodology is set out in the Environmental Basis of Reporting within our 2025 Responsibility Report.
  Prior year restatements	No restatements have been made to 2024 data.
  Emissions factor source (location-based)	UK government emissions factors are used to convert energy usage into location-based carbon equivalents. These can be found at https://www.gov.uk/government/publications/ greenhouse-gas-reporting-conversion-factors-2025
  Market-based emissions	The Scope 2 market-based factor is based on the provenance of energy supplies. In 2025, 100% of electricity was purchased on REGO-backed tariffs.
  Embodied carbon (Scope 3, Category 2)	Embodied carbon emissions from major projects (including refurbishments) are reported annually on a phased basis. Total estimated emissions from the RIBA Stage 4 report are spread equally over the construction period. Following practical completion, the as-built embodied carbon assessment is reported, and any true-ups are captured in the final reporting year. For smaller projects, embodied carbon is recognised in full in the year of completion where feasible. The reported carbon tonnage is offset in the year of reporting.
  Independent assurance	Selected 2025 metrics, denoted with an (a), have been subject to independent limited assurance by PricewaterhouseCoopers LLP (PwC) in accordance with ISAE 3000 (Revised) and ISAE 3410 Standards. Our Environmental Basis of Reporting and PwC's assurance report can be found in the 2025 Responsibility Report.

  
  
  

  ‌GHG emissions

  Location/ Market-

  tCO2e % change

  based 2025 2024 2025 vs 2024

  Scope 1
  Combustion of fuel1	Location	1,852	2,378	(22)
  Fugitive emissions2	Location	274	358	(23)
  Total Scope 1 emissions	Location	2,126(a)	2,736	(22)
  Scope 2
  Total Scope 2 emissions - location-based3	Location	2,340(a)	2,705	(13)
  Total Scope 2 emissions - market-based3	Market	4(a)	19	(76)
  Total Scope 1 & 2 emissions	Location	4,466	5,441	(18)
  Total Scope 1 & 2 emissions intensity (kgCO2e/sqm)	Location	11.4	13.6	(16)
  Proportion UK-based		100%	100%	-
  Scope 3 emissions4 Category 13. Downstream leased assets5		36 27,315(a) 1,235 44 60 110 4,482	30 19,136 1,283 52 117 110 5,324	20 43 (4) (16) (49) 0 (16)
  Total Scope 3		33,283(a)	26,052	28
  Total Scope 1, 2 & 3 emissions	Location	37,749	31,493	20
  Total Scope 1, 2 & 3 (excluding embodied carbon) emissions		10,434	12,357	(16)

  1. Purchased goods and services (includes water)

  2. Capital goods (embodied carbon)

  3. Fuel and energy-related activities

  1. Waste generated in operations

  2. Business travel

  3. Employee commuting

  
  
  

  1. Managed portfolio gas use and fuel use in Derwent London owned vehicles.

  2. Managed portfolio refrigerant loss from air-conditioning and heating/chilling systems.

  3. Managed portfolio electricity use for common parts and shared services (landlord-controlled areas).

  4. Categories 4, 8, 9, 10, 11, 12, 14 & 15 are currently identified as non-material to scope of business or not relevant.

  5. Emissions from tenant electricity consumption for the managed portfolio only. Where the Group does not exercise 'operational control' (the unmanaged portfolio, as well as retail, residential and unmanaged office units within the managed portfolio), consumption is excluded from our global energy use and emissions are not reported within our managed portfolio carbon disclosure (within Scope 3, Category 13). For completeness, using anonymised aggregated third party data, we estimate energy consumption for the unmanaged portfolio at c.34.6m kWh, which equates to carbon emissions of c.6,176 tCO2e.

  Global energy use

  kWh % change

  2025 2024 2025 vs 2024

  Total gas use	10,099,638(a)	12,981,252	(22)
  Electricity (consumption from landlord-controlled areas)	13,320,416	13,150,182	1
  Electricity (consumption from tenant-controlled areas)	25,324,570	25,713,301	(2)
  Total electricity use	38,644,986(a)	38,863,483	(1)
  Total energy landlord	23,420,054(a)	26,131,434	(10)
  Total energy use	48,744,624(a)	51,844,735	(6)
  Derwent London vehicles (fuel combustion)	16,416	16,278	1
  Electricity intensity (kWh/sqm)	104(a)	105	(1)
  Gas intensity (kWh/sqm)	31(a)	38	(19)
  Energy intensity (kWh/sqm)	125(a)	137	(9)

  For more analysis of our GHG emissions, energy consumption and renewable energy generation, use and procurement, visit our 2025 Data Report.

  ‌Responsibility - Social‌
  
  
  
  

  Our social contributions

  
  
  

  2025 highlights

  • Raised £232,000 for Teenage Cancer Trust at our 'Big Lunch' event

    • Received Special Recognition Award as its longest-standing corporate supporter

  • Delivered £1.4m in funding through our community funds since their inception in 2013

    • Introduced a multi-year funding model, giving charities greater certainty and visibility for forward planning

  • Committed £119,000 through our Sponsorship & Donations Committee to tackle homelessness

We strive to ensure our buildings deliver lasting social value for the communities in which they sit and for all stakeholders.

£504k

Community funds & sponsorship donations committed in 2025

Our approach to social value

Delivering social value is integral to our business. We maximise positive impact through targeted financial support provided by our Sponsorship & Donations Committee and our Community Fund. This is complemented by active engagement with local communities.

Volunteering, work experience and opening our buildings up to community groups help us stay connected to the community so we can understand local needs and deliver meaningful outcomes.

Our Social Value Strategic Framework is based on three themes which guide how we create meaningful impact in our communities. We continued to deliver against these themes in 2025. In 2026,

we intend to undertake a full review of the framework, initially published in 2023, to ensure it remains relevant and effective. This will help us ensure our approach continues to maximise our social impact as community needs, societal expectations and best practice continue to evolve.

20

Community Fund projects supported in 2025

Progress against each theme in 2025:

• 'Part of the neighbourhood'

  Fitz Music supports Fitzrovia's cultural heritage by delivering a free, inclusive programme of cultural events. We have committed three years of funding to this initiative through our Community Fund.

• 'Great places to work'

  We design buildings and spaces that support connection, health and wellbeing. In April, occupiers from across the portfolio took part in the White Collar Factory rooftop half marathon to raise funds for charity.

• 'A thriving local economy'

As part of the Network W1 construction programme, our building contractor, Kier, embedded a focused approach to local employment, skills and progression - delivering benefits to the local community and economy.

£4.6m

Sponsorship donations provided to date

Opening doors to opportunity

This year we partnered with Islington Council's Youth Employability and Skills (YES) programme and our front-of-house service partner PROception to create a tailored work experience placement at 80 Charlotte Street W1. The YES programme supports young adults aged 18-25 who face barriers to employment, offering pre-employment coaching and real-world experience.

Through this collaboration, a young person gained hands-on front-of-house experience in a professional environment, supported by PROception's expert team. The placement built the candidate's confidence and customer service skills, and led to further work experience at Brunel Building W1, thereby strengthening the individual's career prospects.

This initiative is a good example of how we work with local authorities and service partners to deliver social value beyond funding by creating practical pathways into employment and helping young people build sustainable futures.

‌Continued to support our community funds

We operate two community funds: Community Fund West (est. 2013) and Community Fund East (est. 2016). These funds support grassroots projects focused on community events, environmental improvements, health and wellbeing activities, music and culture, and support for marginalised groups. By extension, our approach also promotes wider engagement through corporate volunteering, school partnerships, and work experience.

Following the launch in 2013, over £1.4m has been awarded, supporting more than 200 projects - from renewing children's playgrounds to running music sessions in care homes and funding lunch clubs for older people.

We introduced a new multi-year funding model in 2025 - committing £450,000 for 2025 to 2027 - providing charities with greater certainty and visibility for forward planning.

Other activities

In 2025, our Sponsorship & Donations Committee committed £350,000 in charitable donations. Some of the ways these funds were used to create value in the community during the year included:

EY Foundation's Real Estate Futures Programme

We supported work experience placements and mentoring for young people interested in real estate careers. Several employees acted as mentors, helping participants develop skills and confidence. We intend to participate in the programme again in 2026.

NSPCC Proper Trek

We sponsored NSPCC's first property-sector fundraiser, with White Collar Factory EC1 acting as the penultimate host building for the walkers.

Host the Teacher event

In collaboration with The Academy of Real Assets, our White Collar Factory building hosted an event bringing together teachers, occupiers and service partners to discuss career pathways for young people within the real estate sector.

Enduring partnerships that make a difference

Our long-standing relationships with Teenage Cancer Trust (TCT) and LandAid demonstrate the power of sustained, high-impact community investment. Together, they have raised approximately £2.4m to date, delivering measurable benefits in a cost-efficient way.

These enduring collaborations reflect our belief in long-term relationships that deliver real social value and adapt to changing needs over time.

Teenage Cancer Trust - Over 20 years of support

In 2025, our biennial Big Lunch fundraiser raised £232,000, contributing to total fundraising of more than £2.2m since the partnership began in 2001.

This year, we were honoured with a Special Recognition Award from TCT, acknowledging our role as its longest-standing corporate supporter and our commitment to transforming the lives of young people with cancer.

LandAid - 15 years of impact

Our partnership with LandAid reflects our commitment to addressing youth homelessness through targeted grants and initiatives. By combining resources and expertise, we help create safe, supportive environments for vulnerable young people across London and beyond.

Our support in 2025 included participation in LandAid fundraising events and sponsorship of its Gala Dinner, which raised £364,000 on the night to help change young lives. Since the partnership began 15 years ago, we have raised

£218,000 directly for LandAid.

"Derwent London's dedication to supporting LandAid's mission is remarkable. From involvement in our events, to the team's impressive fundraising skills, it's a pleasure to work alongside you. I look forward to another meaningful year ahead, particularly as we celebrate 40 years of impact in 2026. Thank you for standing with us to end youth homelessness - together, we are making a real difference."

Jess Strudwick

LandAid - National Partnerships Manager

‌Our people‌

Our people are instrumental to the success of our business. We aim to cultivate an inclusive, diverse and collaborative culture that attracts and retains talented individuals, while investing in their growth and developing our next generation of leaders.

Attracting and developing talent

Our employees play a critical role in delivering our strategy and long-term performance. We are committed to fostering a culture that empowers our diverse workforce to thrive, have a voice and contribute authentically.

As of 31 December 2025, our total workforce comprised 206 employees (201

as of 31 December 2024) and during 2025 we maintained a high employee retention rate of 91% (excluding contractors and retirees). We seek to balance continuity with fresh ideas, experience and skills, and we welcomed 30 new joiners during the year.

We actively support continuous development, career progression and succession planning, and encourage our employees to pursue ongoing professional growth. To facilitate this, we invest in our employees by offering learning and development opportunities at all levels. These include core skills and technical workshops, management skills training, as well as one-to-one and team coaching.

Alongside annual objectives, employees are encouraged to complete personal development plans. In 2025 we awarded 19 internal promotions - 11 males and eight females.

Employee engagement and insight

We value open dialogue and want our employees to feel empowered to speak up. Feedback is gathered through anonymous annual employee surveys, providing insight into engagement, workplace experiences and satisfaction levels. This consists of a short 'pulse survey' and a comprehensive independent survey in alternative years.

Following feedback from our 2024 pulse survey, in 2025 we refreshed and relaunched our Refer a Friend Policy and enhanced our Long Service Awards to recognise employee five-year milestones. In addition, we launched a new 'Rewards and Recognition' programme to recognise those individuals who embody our values and demonstrate strong collaboration and creativity in carrying out their role, with nominations encouraged from across the business.

Our biennial employee survey, conducted in October 2025, achieved an 86% response rate and reported an overall satisfaction score of 86.5%. In 2026 members of our Responsible Business Committee will hold focus groups to gather insights and present any recommendations to the Executive Committee.

‌Emphasis on health and wellbeing

We believe our people perform best when they experience physical and mental wellbeing and feel socially connected. In addition to a comprehensive employee benefits package, we provide access to trained mental health champions, an employee assistance programme and occupational health support. We encourage proactive self-care by offering employees opportunities to broaden their knowledge through resources on our intranet, 'lunch and learn' sessions and other wellbeing presentations. Our 2025 Health & Wellbeing plan included sessions to raise awareness on topics such as pensions, healthcare benefits, musculoskeletal health, managing anxiety, cholesterol, diabetes and blood pressure. We also introduced on-site health checks for all employees, with 62% of the business participating.

To continue building healthy, nurturing and supportive relationships, while cultivating a genuine sense of community, our Social Committee organises regular, inclusive events. Numerous volunteering opportunities are also available to all employees, enabling them to contribute positively to the local community.

Advancing diversity & inclusion

We are committed to fostering an inclusive culture where diverse perspectives are valued and respected. In our 2025 employee survey, 83% of employees agreed their 'team provides an inclusive environment where everyone's views are valued'. Our Diversity & Inclusion (D&I) Working Group comprises 14 individuals and has been operational for several years. Key activities carried out by the group during the year included campaigns to highlight Mental Health Awareness Week, Pride Month and Black History Month, as well as D&I newsletters

to maintain employee awareness. We continued to review and enhance our policies and benefits and this year introduced a popular workplace nursery scheme enabling working parents to pay nursery fees via a salary exchange arrangement.

Following our 2024 National Equality Standard (NES) assessment, EY hosted two focus groups to provide colleagues from ethnically diverse backgrounds with a confidential and anonymous forum to share their experiences and explore the survey findings in greater depth. Many participants expressed appreciation for the opportunity, reinforcing the value of inclusive listening within the organisation.

Throughout the year, disability and accessibility remained key priorities as we advanced our commitment to disability inclusion. For further details, refer to the case study below.

Disability and accessibility inclusion in action

In March 2023, we embarked on a journey with the Business Disability Forum (BDF) towards being fully inclusive and accessible to anyone who works in, lives in or visits our buildings. We began by undertaking the BDF's Disability Smart Self-Assessment, which offered valuable insights into our organisation's performance regarding disability inclusion and established a benchmark for measuring our progress. This also highlighted priority areas for improvement.

Using the BDF Framework, the D&I Working Group worked to address several key areas in collaboration with the Health, Safety and Accessibility (HS&A) Working Group. Key initiatives to date include:

• enhancing workplace adjustments to support disabled employees entering or returning to work;

• improving accessibility to our buildings in accordance with recommendations provided by the external review conducted by design consultancy firm Motionspot;

• providing autism awareness training in partnership with the National Autistic Society to our front of house, reception, building management and HR teams; and

• recently completed BDF's Disability Smart Self-Assessment for the second time, improving our score by nearly 28% over two years, demonstrating meaningful progress and commitment in our approach to disability inclusion.

"Derwent took a 'best practice' approach to completing BDF's online management tool and it is a privilege working with their dedicated and specialist colleagues across the HS&A and D&I working groups."

Sarah Eason

Business Disability Forum -Head of Memberships

‌Health and safety‌

The health, safety and wellbeing of our people, occupiers, residents, service partners, contractors and the public is a high priority for us. We manage this through a culture of shared responsibility and robust, effective risk management.

Embedding health, safety and wellbeing across our business

Health, safety and wellbeing (HS&W) are embedded across every aspect of our operations, shaping how we manage people, assets and developments across London and Scotland. Our objective is to create safe, healthy and secure environments for colleagues, customers and contractors, supported by robust systems and strong governance.

Our integrated approach ensures that HS&W is considered at every stage of a building's life cycle: from acquisition, through development, leasing, management and disposal.

We achieve this by:

• designing and proactively managing appropriate HS&W systems;

• establishing and maintaining policies and procedures that meet current legislation;

• assigning work to competent individuals and monitoring through audits;

• training and developing our people on legal responsibilities and best practice to ensure competence in managing HS&W risks;

• reviewing performance at Board, Executive and Committee levels; and

• learning from accidents, incidents and near misses, and implementing changes to prevent reoccurrence.

Providing a safe work environment for our people

We prioritise both physical and mental wellbeing to create a workplace where employees feel safe and supported. We achieve this through clear communication and training on H&S requirements, standards and best practice. This is reinforced through collaboration across the business - from property management and construction to marketing and events -ensuring understanding, capability and accountability at every level.

In 2025, we delivered 119 person days of training, alongside formal courses, topical health and wellbeing webinars, toolbox talks and tailored site inductions for new employees. These initiatives strengthen understanding of health and safety requirements and reinforce safe working practices. They are supported by our H&S training matrix, which identifies role-specific requirements and helps maintain competency across the business.

Employee engagement is supported by our Health, Safety and Accessibility Working Group, which meets bi-monthly to share insights and outcomes with the Group H&S Committee. The Property Management Sub-Committee also feeds outcomes into the Group H&S Committee, ensuring clear governance and accountability at every level.

Making our assets safe to occupy

We take responsibility for ensuring our occupiers, visitors and those living and working in and around our buildings are safe and healthy. Health and safety considerations are embedded throughout design, construction, maintenance and operation, supported by early intervention, recognised standards and best practice across the business.

Our in-house H&S team works closely with our Property Management team. Dedicated H&S Managers are assigned to each building to ensure they are operated safely, supporting and advising the local building management teams while monitoring and auditing performance to minimise risk.

Our use of the RiskWise system provides live compliance reporting, incident management and permit control across our managed portfolio. Formal inspections including annual 'Property Health Checks' and Fire and Water Risk Assessments, are complemented by ongoing reporting and monitoring of key areas such as 'legionella' control, fire safety, asbestos management and structural safety.

‌High health and safety standards on construction sites

We maintain strong relationships with our principal and main contractors and seek to lead by example as an informed and responsible construction client. In 2025, we worked with 25 different principal contractors across our development and managed property portfolios.

Health and safety is central to our construction activities. We promote safer environments through collaboration, client input, consistent standards, and a continued focus on key industry risks. Performance monitoring is undertaken internally and through external schemes such as the Considerate Constructors Scheme, providing assurance and supporting continuous improvement.

In 2025, there were four construction-related RIDDORs (2024: three). Three of these were relatively minor, being Indirect RIDDORs involving an 'over 7-day injury absence from work'. The fourth was a Direct RIDDOR involving a 'specified injury' at Strathkelvin Retail Park Project. While the Total RIDDOR AFR increased year-on-year, the construction-related Direct RIDDOR AFR reduced to 0.98 (2024: 1.17).

Health and safety data

The table below details our key H&S statistics. Those denoted with an (a) have been subject to independent limited assurance by PricewaterhouseCoopers LLP (PwC) in accordance with the ISAE 3000 (Revised) Standard. This data allows us to identify trends and highlight areas of focus for the business. The Health and Safety Basis of Reporting and PwC's assurance report can be found in the 2025 Responsibility Report.

Employee

2025

Managed portfolio

Construction projects

Totals

2024

Indicators

Person hours worked

272,835* 259,822

Lost time days

0

2

3

5

10

10

Dangerous occurrences

Fatalities Improvement notices

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

27(a)

55

7(a)

13

4(a)

1(a)

0

0(a)

0

43

70

7

17

6

4

0

0

0

* Denotes that person hours worked for 'Employees' includes 'Derwent Lounges,' but does not include Building Managers' and 'Caledonian Properties' employees' working hours, which are subtracted from submitted internal 'Employees' data and added to 'Managed portfolio' data.

The H&S and Development teams work closely on all projects with a dedicated Derwent H&S Manager involved from the early design phase. This proactive approach enables early identification of potential construction or operational risks, ensuring they are eliminated or mitigated at an advanced design opportunity.

25 Baker St. W1 site

‌Responsibility - Governance‌

Responsibility governance

Acting in a transparent and responsible manner is fundamental to our business and underpins our key governance practices.

A responsible business

Effective oversight of ESG matters is critical as it enables the Board to understand the impact of its decisions on stakeholders and the environment. It also helps the Board identify emerging trends and risks, and stay alert to market changes, informing strategic considerations.

We conduct business with integrity and work with stakeholders who share our values and ethical principles.

ESG is overseen principally by the Board, Responsible Business Committee and Sustainability Committee.

Our Chief Executive, Paul Williams, is the designated Director with overall accountability for ESG matters, chairing the Sustainability Committee and serving on the Responsible Business Committee.

Governance Framework / See ARA page 127

‌Climate change governance‌

The Board is ultimately accountable for the governance of climate change risks and opportunities. However, day-to-day responsibility and management is delegated to the Executive Committee, and Sustainability and Investor Relations teams.

The Board approves and monitors progress against our Net Zero Carbon Pathway targets, including energy and carbon (both operational and embodied). In 2025, we published an updated Net Zero Carbon Pathway, introducing 'nature and resilience' as a fifth pillar. During the year, the Board, Responsible Business Committee and Executive Committee received formal updates on the Group's performance against targets.

Updated Net Zero Carbon Pathway

Following a competitive tender, PwC was appointed as the new non-financial assurance provider, providing limited assurance over climate-related and Health and Safety performance indicators. PwC's assurance statement is available to view within the 2025 Responsibility Report.

Green finance governance

Our Green Finance Framework (the Framework) demonstrates the clear link between our financing activities and our broader environmental objectives. PwC has provided reasonable assurance over selected green finance KPIs for the year ended 31 December 2025. Its assurance statement is available to view within the 2025 Responsibility Report.

The Framework has been prepared in alignment with the Loan Market Association (LMA) Green Loan Principles 2021 and International Capital Market Association (ICMA) Green Bond Principles 2021 guidance document. It has also been externally reviewed and a Second Party Opinion (SPO) has been obtained. The latest version of the Framework and the accompanying SPO are available on our website at https://www.derwentlondon.com.

Protecting human rights

Protecting human rights and fundamental freedoms is a core ESG priority for us, managed from an internal (within our business) and external perspective (with our supply chain and our relationships with contractors).

Internally, the Board monitors culture to uphold our values and high standards of transparency and integrity. The biennial employee survey provides valuable insights and during the year 89% of employees said that they were proud to work for Derwent London. Our HR team ensures effective systems and processes are in place to strengthen and sustain our culture. Based on our ongoing risk assessment, we believe the residual risk of slavery or human trafficking among our employees is very low.

Promotes the desired culture and values / See ARA page 126

Externally, we actively communicate our ESG standards to our supply chain and during the year published an updated Supply Chain Responsibility Standard.

Our supply chain governance procedures clearly define these standards and ensure our supply chain is aware that respecting human rights is paramount to us. The full Modern Slavery Statement is available at: www.derwentlondon.com/investors/ governance/modern-slavery-act

Modern slavery / See ARA page 169

Supply chain governance

We require our suppliers and construction partners to operate responsibly and uphold our ESG principles. Suppliers with whom we spend more than £20,000 per annum may be required to provide evidence of how they are complying with our Supply Chain Responsibility Standard.

In conjunction with the publication of our updated Supply Chain Responsibility Standard, a third party whistleblowing line was introduced to enable suppliers to report any concerns anonymously.

Supply Chain Responsibility Standard / See ARA page 168

Responsible payment practices

Responsible payment practices remain an important area of focus for the Group as we are committed to being clear, fair and collaborative with our suppliers. The Fair Payment Code (the Code) replaced the Prompt Payment Code in December 2024, with the new Code intended to set higher standards, support businesses to improve their payment practices, and create a more robust approach to compliance.

During the year, the Group achieved Bronze level accreditation. As the Group continues to enhance its reporting systems, we will have the ability to report upon additional elements required to achieve a higher level accreditation, further demonstrating the Group's commitment to the prompt and fair payment of suppliers.

Tax governance

The Group is committed to strong tax governance and risk management processes. Our Statement of Tax Principles, approved annually by the Board and overseen by the Audit Committee, ensures transparency, integrity and compliance and is available at: www.derwentlondon. com/ investors/governance/tax-principles

Responsibility for managing the Group's tax affairs and implementation of our Statement of Tax Principles is delegated to the Head of Tax. The Group continues to maintain a low appetite for tax risk, applying robust internal controls and processes, and does not engage in aggressive tax planning. An open and collaborative relationship with HMRC is maintained, anticipating potential risk early and clarifying any uncertainties as they arise as well as proactively supporting HMRC's consultations. The Group's overall approach to tax governance aligns with our ESG commitments by promoting tax practices that contribute to sustainable value creation for our stakeholders.

‌Reporting frameworks and ESG data

Non-financial reporting

As we have fewer than 500 employees, the non-financial and sustainability information statement (NFSIS) requirements contained in the Companies Act 2006 do not apply to us. However, due to our commitment to promoting transparency, we have elected to provide additional information in the table below to enhance clarity and accountability.

‌UN SDG disclosures‌

The United Nations Sustainable Development Goals (SDGs) are an international framework developed to support global change and sustainable growth.

Our ESG priority

UN SDG

Goal

Target

Indicator Our progress

We have reviewed all 17 goals and identified those most relevant to our ESG priorities, informed by our double materiality assessment. We believe that we have a role in supporting the UK in responding to this standard and helping positively effect change. Set out in the table below is a summary of our progress against the selected goals.

‌Environmental Basis of Reporting‌

Managed portfolio -

34 properties (in total; 469,000 sqm NIA)

The managed portfolio comprises the multi-let commercial office portfolio (including occupier lounges DL/78 and DL/28) where the Group had control over one or more utilities during 2025; this forms the basis of our data reporting. Utilities provision is not uniform across all buildings:

• Occupiers may procure their own utilities.

• Not all buildings have a gas supply.

• Not all buildings are serviced under the Group's waste management contract, and sometimes waste is provided as the only utility.

Like-for-like portfolio

Properties for each utility - 30 for electricity (429,000 sq ft GIA), 19 for gas (359,000 sq ft GIA), 26 for water (390,000 sq ft GIA), 22 for waste (445,000 sq ft GIA).

The like-for-like portfolio comprises properties included within the managed portfolio for the entirety of the current and prior reporting years. Aligned to changes in the like-for-like portfolio, prior year comparative data is restated annually.

Independent assurance

Selected environmental metrics presented in the Responsibility Report, Data Report and annual Report & Accounts, have been subject to independent limited assurance by PricewaterhouseCoopers LLP (PwC) in accordance with the ISAE 3000 (Revised) Standard as well as the ISAE 3410 Standard.

Metrics subject to assurance are denoted with an (a) symbol. The full PwC assurance statement can be viewed on pages 39 to 43.

Portfolio

Investment portfolio -

61 properties; 476,000 sqm (GIA)

The investment portfolio comprises the Group's entire portfolio, as at 31 December 2025, including managed and single-let (FRI) properties, retail and residential.

Moorlands EC1

Number of properties and floor area of all properties where the Group had control over the relevant utility during 2025.

‌Energy

Electricity and Gas

Our data source hierarchy is:

• Automatic meter readings (AMR);

• Manual meter readings (MMR); then

• Utility invoices (actual invoices are prioritised over estimated invoices).

  Monthly consumption per meter is recorded and consolidated for each managed property by our third party utilities provider.

  Landlord/occupier electricity consumption allocation

  To facilitate the split between Scope 2 and 3 for carbon emissions from electricity consumption, the Group reports consumption from landlord-controlled areas (common areas) and shared services where whole building heating and/or cooling is provided.

• Landlord area is calculated by deducting net lettable floor area (NLA, also referred to as NIA) from gross internal area (GIA) for each property.

• Landlord area electricity usage (in kWh) is calculated by dividing total building consumption by building GIA and then multiplying by landlord area.

• Occupier electricity consumption (in kWh) is calculated by deducting landlord area usage from total building usage.

  On-site renewable electricity generation

  Exceptions

  74 Goswell Road EC1: Utilities consumption at 74 Goswell Road, which was acquired during 2025, will be included within the managed portfolio energy and energy intensity calculation as it forms part of our existing Morelands EC1 estate.

  Estimates

  Embodied carbon (Scope 3, Category 2): For smaller rolling refurbishment schemes where we have carried out a third party embodied carbon assessment for previous units within the same building and the scope is similar, we apply the same intensity to the relevant floor area.

On-site generation of renewable electricity (self-generated) refers to electricity generated by photovoltaic (PV) panels on our managed properties. PV panels are installed at six of our London buildings.

Water (municipal water withdrawn)

Data is collected monthly via automatic and manual meter readings taken by Building Management teams. Water follows the same data source hierarchy as electricity and gas.

Normalisation and intensity calculation methodology

All intensity calculations use floor area which has been normalised to reflect the proportion of the year for which Derwent London had responsibility for the relevant commodity/floor area. This aligns with our financial reporting approach and ensures comparability where the Group did not have responsibility for an asset/commodity for the full year. To ensure accuracy of reporting, normalisation occurs either from the date where utility data is first received rather than date of acquisition or to the date of disposal as appropriate.

Building energy intensity is calculated by dividing electricity and gas usage by floor area (GIA). To account for buildings where we provide landlord services for heating, cooling or ventilation, but occupiers directly procure some or all of the electricity, we use anonymised third party data to achieve visibility over electricity consumption. This ensures alignment of floor area for both gas and electricity consumption.

Water intensity is calculated using total water consumption divided by gross internal floor area (GIA).

‌Changes to the portfolio Acquisitions

To allow appropriate time for the Group to take control of and implement its utilities' strategy at newly acquired properties, acquisitions are excluded from the managed portfolio energy intensity calculation for three years in line with our Net Zero Carbon Pathway.

In line with this approach, following acquisition of the outstanding 50% ownership at 50 Baker Street W1 in Q4 2024, we gained operational control in early Q1 2025 from our joint venture partner. Utilities consumption at the property has therefore been excluded from the managed portfolio energy intensity in 2025 in line with the Group's policy.

Project completions

In recognition of the performance gap between 'as designed' and 'early operation' consumption, and the impact of occupier fit-out works, newly completed projects will be excluded from the managed portfolio energy intensity calculation for the following periods post practical completion:

• Developments and comprehensive refurbishments: 18 months (to allow for the completion of the majority of occupier fit-out works);

• Rolling refurbishment projects: no exclusion (impact of occupier fit-out works not considered material); and

• 'Furnished + Flexible': no exclusion (as no additional occupier fit-out works are required).

  Waste

  For properties where the Group has waste management control, data is requested from our third-party contractor. Itemised monthly reports allow for calculation of waste to landfill and recycling rate data as follows:

• On-board vehicle weighing is used for general waste, paper, cans and plastic containers (PCPC), glass and food waste. This represents the majority of our waste reporting.

• Average weights are used where waste units are collected, or bins exchanged.

Waste and recycling data reflects the weight of materials at the point of collection. In line with standard industry practice, this figure may differ from the actual amount recycled due to contamination. However, all waste is either recycled or sent to a waste-to-energy plant; none is sent to landfill. Full information on end-destination and treatment of each waste stream is provided by our contractor.

Contractor waste from construction is captured within our embodied carbon reporting (Scope 3, Category 2).

Carbon calculation methodology

Scope 1 - direct emissions

Scope 1 emissions comprise:

• Gas consumption;

• Company-owned vehicle travel; and

• Fugitive emissions (refrigerants).

  In line with the GHG protocol, where a landlord exercises operational control over a leased and/or owned asset, emissions associated with fuel combustion, such as natural gas in boilers and fuel in Company-owned vehicles, are reported within Scope 1.

  While market-based reporting is not recognised under the GHG protocol for Scope 1, our purchased gas is contracted on green gas contracts backed by RGGOs (Renewable Gas Guarantees of Origin).

  The Group has one diesel company-owned vehicle. Emissions for this are calculated using its total annual mileage.

  Fugitive emissions from refrigerant losses are calculated using mechanical equipment service records which state refrigerant recharge and/or top up amounts.

  Scope 2 - indirect emissions (location and market-based)

  Scope 2 emissions comprise purchased electricity consumption for landlord spaces/common areas and Derwent London occupied spaces. Derwent London occupied spaces consist of head office usage at 25 Savile Row W1 and our two occupier lounges (DL/78 and DL/28) which are shared occupier amenity spaces. The Group's Company-owned electric vehicles are not reported separately as charging predominantly occurs at our buildings and are included within building emissions.

  To enable market-based emissions reporting, the Group's utility broker provides evidence that purchased electricity is contracted on renewable tariffs backed by REGOs (Renewable Energy Guarantees of Origin) which meet the requirements of the GHG protocol.

  
  
  

  ‌Scope 3 - other indirect emissions

  
  
  

  Scope 3 emissions comprise other indirect emissions, i.e. those not included within Scope 2. The Group regularly reviews the materiality of each Scope 3 category to account for improvements in data collection and development of agreed sector measurement approaches. Not all categories are relevant to the scope of our business activities. We set out below the categories we currently report against and, where appropriate, the method used.

  Category 1 - Purchased goods and services

  Water consumption.

  We will look to perform further mapping of Category 1 to improve data coverage and subsequent carbon reporting.

  Category 2 - Capital goods (embodied carbon)

  • In line with our Responsible Development Brief (updated in 2024) and Whole Life Carbon Brief, all relevant development projects are required to carry out embodied carbon assessments in line with BS EN 15978:2011. Relevant projects are defined at project commencement dependent on scope agreed by the Project Manager and Sustainability Team.

  • The scope of embodied carbon assessment that we report is upfront carbon, modules A1-A5, in line with RICS v1, with results presented in total gross tonnes (tCO2e) and intensity (kgCO2e/ sqm). This scope was chosen as it represents the area over which the Group has most control, and where the most significant proportion of embodied carbon is generated. Projects currently in design (50 Baker Street W1 and Greencoat & Gordon SW1) or which commenced during 2025 (Holden House W1) will be presented under both RICS v1 and RICS v2. Rolling refurbishments, which are not linked to our formal corporate targets, are assessed under RICS v2.

  • Our consultants utilise material environmental product declarations (EPDs) and generic product embodied carbon estimates from industry databases and tools e.g. One Click LCA. The project Sustainability Consultant, in conjunction with the Design Team and Main Contractor, updates the assessment at each stage of design and at practical completion, in line with our Whole Life Carbon Brief.

    Embodied carbon recognition

• We report embodied carbon on major projects annually on a phased basis through the construction period. Total estimated emissions from the RIBA Stage 4 report are spread equally over the construction period. For 25 Baker Street W1, Network W1 and Strathkelvin Retail Park, which were on site prior to the introduction of this phased reporting approach in 2024, the embodied carbon was spread and reported over the remaining construction period. Post practical completion, the as-built embodied carbon assessment will be reported, and any accruals will be captured in the final reporting year.

• Carbon recognition commences at the start of the construction phase. Where projects in the current year relate to enabling works alone (equivalent to the demolition phase of major development projects), this is not considered to have commenced and as such no embodied carbon is recognised in the current reporting period.

• Small refurbishment projects which have a low carbon output and shorter timescales (sub two years) will continue to be reported in full in the year of practical completion.

• The carbon tonnage for A1-A5 is offset in the year of reporting, excluding for very small projects where it has been determined that no embodied carbon assessment is required. Offsets procured to date through our offset provider, Climate Impact Partners, are from projects accredited by the Verified Carbon Standard (VCS), Climate, Community & Biodiversity (CCB) Alliance or the American Carbon Registry (ACR).

  Category 3 - Fuel & energy-related activities

• Well-to-tank (WTT) and transmission & distribution emissions for electricity, are calculated based on landlord electricity consumption (Scope 2) with the relevant UK Government GHG conversion factors applied.

• WTT for gas is calculated based on actual gas consumption (Scope 1) with the relevant UK Government GHG conversion factors applied.

  Category 5 - Waste generated in operations (including waste water)

• Operational waste.

• Water treatment.

• Contractor waste from construction is captured in our embodied carbon reporting (Category 2).

  Major projects (on-site in 2025)

  Stage 4 estimate/ as-built (tCO2e)

  Prior years (tCO2e)

  2025 (tCO2e)

  Remaining (tCO2e)

  Recognised in:

  25 Baker Street W1	25,495	13,319	12,176	-
  Network W1	9,371	4,686	4,685	-
  Strathkelvin Retail Park	1,548	774	774	-
  Lochfauld solar park	14,525	-	7,262	7,263
  Sub-total (major projects)	50,939	18,779	24,897	7,263
  Small projects (in 2025)	n/a	n/a	2,418	n/a
  Total	n/a	n/a	27,315	n/a

  
  
  

  ‌Category 6 - Business travel

  • Following a detailed review of the carbon emissions associated with the Group's business travel, air travel is considered to be the only material mode of transport. Travel by rail and taxi comprise less than 5% of business travel emissions.

    
    
    

  • Air travel emissions are calculated based on distance between start and end destinations using Air Miles Calculator, an online distance calculator. Appropriate air travel carbon conversion factors are applied which include the uplift for radiative forcing.

    Category 7 - Employee commuting

  • We conducted an employee commuting survey (91% response rate) in 2023. Employees selected their mode of travel to work and mileage, from which the emissions associated with commuting have been calculated using the appropriate conversion factors for the modes of transport provided. It was agreed that an employee commuting survey would be undertaken every three years.

Category 13 - Downstream leased assets (occupier emissions)

Calculated based on landlord/occupier allocation approach described within 'Energy - Electricity and Gas' above.

Categories 4, 8, 9, 10, 11, 12, 14 & 15

Currently not identified as material to scope of business or not relevant.

Financial intensity

Financial intensity metrics are calculated based on total turnover and portfolio fair value. In 2025, Group turnover (gross rental income) was £218.3m and at 31 December 2025, the fair value of the Group's portfolio was £5.1bn.

Carbon conversion factors

Carbon conversion factors are used to convert utilities, refrigerants and travel into carbon equivalents which the Group then uses to report its location-based carbon emissions. Updated conversion factors are published annually by the UK Government. See Sheet 12, table 18 in our data download. Our location-based carbon emissions are reported in terms of carbon equivalents (tCO2e) using the applicable UK Government GHG conversion factor, which include the relevant Kyoto Protocol-regulated gases.

Science-based targets

The Group reports in accordance with the Science Based Targets initiative (SBTi), a global partnership enabling businesses to set ambitious GHG emissions reduction targets in line with the latest climate science. Our targets, which were set in 2023 (adopting a 2022 baseline, being the prior 12-month data set) under the SME route, align with a 1.5°C climate scenario.

• Near-term target: 42% reduction in absolute Scope 1 & 2 (location-based) GHG emissions by 2030 (to 3,161 tCO2e) from a 2022 base year and to measure Scope 3 emissions. This is reported as a percentage change from 2022 to the reporting year.

• Long-term net zero target: 90% reduction in absolute Scope 1, 2 & 3 (location-based) GHG emissions by 2040 from a 2022 base year; committed to reach net zero by 2040.

  
  
  

  We have set a base year emissions recalculation policy in line with SBTi and GHG protocol. If there is a change in methodology, discovery of errors or structural changes to the business that results in a greater than 5% change to the base year, our target will be rebased.

  25 Savile Row W1

  
  
  
  
  ‌Health and Safety Basis of Reporting‌
  
  
  
  

  We measure and report our health and safety (H&S) data across three primary areas:

  1. Our Employees - ensuring the safety, health and wellbeing of our employees.

  2. Our Managed Portfolio - ensuring the safe, healthy and secure operation and maintenance of our buildings.

  3. Our Construction Projects - working with our project teams and principal contractors, endeavouring to ensure our projects are designed and delivered safely, and without risk to health.

  Our basis of reporting health and safety performance has increased in scope over the last five years to include all our people, managed properties and projects.

Reporting period

Our reporting period is aligned to our financial year, set to the calendar year - 1 January to 31 December 2025.

Reporting boundary

Our reporting boundary focuses on work-related incidents only

and the scope is as follows: Greencoat & Gordon SW1

*Note: the 'Managed Portfolio' building count for our health and safety data differs from that of our environmental data because we maintain a health and safety responsibility for buildings (or parts of buildings) where we do not control or have influence over utility consumption. The total property count will vary from time-to-time as properties are acquired, disposed of, or change in status e.g. 'Managed' to 'FRI' leasing etc.

‌Reporting Metrics for Health & Safety Performance

We report our health and safety data across ten key performance indicators for our employees, our managed portfolio, and our construction projects. These are:

Horseferry House SW1

We also report our health and safety data across five key rates. In order to calculate the rates, we use the number of contracted working hours across the Head Office function (Employees and DL/Lounge teams), the Managed Portfolio (Building Managers, Caledonian Properties estate team and Service Partners workers) and Construction Projects (Construction workers).

Person hours worked

For Employees (Derwent employees, apart from Building Managers and the Caledonian Properties estate team), this is calculated on confirmed headcount each month with an estimated number of working hours available, based on contracted hours per week. The average contracted hours will vary between employees within Head Office locations, Derwent Lounges, and Caledonian Properties. An average is taken of the hours and multiplied by the headcount each month. Over a year, 47 weeks are worked, once contracted annual leave (5 weeks) is subtracted.

For the Managed Portfolio, this is the hours worked on site by Derwent employees working as Building Managers, Caledonian Estate team, and our service partner workers. This information is provided to Derwent on a monthly online return form submission.

For Construction Projects, this is all person hours worked on construction sites in line with the above reporting boundary. This information is provided to Derwent on a monthly online return form submission.

Calculated Accident / Incident rates:

• Minor Injury rate - (total number of minor injuries excl. RIDDOR and Lost Time Injuries) / (total hours worked) x 1,000,000.

• Lost day rate - (Lost Time Days from Lost Time Injuries) / (total hours worked) x 1,000,000. This only includes Lost Time Injury (LTI) days for Derwent employees, construction projects, and service partners. It does not include tenants and members of the public lost time.

• Severity rate - total number of lost workdays / total number of incidents. This only includes LTI days for employees, construction projects, and for service partners. It does not include tenants and members of the public lost time. 'Incidents' include minor injuries, LTIs, and any RIDDORs.

• RIDDOR (Total) accident frequency rate (AFR) - (number of Total RIDDORs) / (total hours worked) x 1,000,000.

  
  
  

• RIDDOR (Direct) accident frequency (AFR) - (number of Direct RIDDORs) / (total hours worked) x 1,000,000.

Oliver's Yard EC1