2025 Net Zero Carbon Progress Report

Net Zero Carbon Pathway Progress Report 2025

LEADING REGENERATING TRANSFORMING

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Contents

Scope 3: Other Upstream GHG Emissions Purchased Goods & Services

Fuel & Energy Related Activities Not Included in Scope 1 or 2

Waste Generated in Operations Business Travel

Homeworking

35

35

35

36

36

37

Scope 3: Downstream GHG Emissions -Managed Assets

Outside of Scopes Reporting Exceptions Intensity Metrics Glossary

End Notes

38

38

39

40

41

42

Find out more

www.harworthgroup.com

Harworth | Net Zero Carbon Pathway Progress Report 2025 1

Conversion Factors 34

Data Sources 34

Key

Sectors Portfolio Regions

EV charging points, Gateway 36 South Yorkshire

I&L

Industrial & Logistics

R

Residential

NR

Natural Resources & Other

Investment Portfolio

IP

MD

Major Developments

SL

Strategic Land

Yorkshire & Central

YAC

MID

NW

Midlands North West

| YAC | I&L | MD

Front cover image: AMP & Waverley, South Yorkshire | YAC | I&L / R | MD / IP

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Net Zero Carbon Pathway Progress Report

Welcome from our CFO

Our commitment to

We continue to enhance our approach to delivering our NZC Commitments in line with our wider business strategy.

KITTY PATMORE

CHIEF FINANCIAL OFFICER

LEADING REGENERATING TRANSFORMING

low carbon growth

Welcome to our 2025 Net Zero Carbon ('NZC') Pathway Progress Report. The NZC Pathway is a key pillar of our sustainability framework, "The Harworth Way," and is fundamental to

our business strategy. Our approach focuses on gaining a deep understanding of emissions across the master developer process, allowing us to implement mitigation measures that support our long-term growth aspirations, while working towards our NZC Commitments.

This report details progress towards meeting our NZC Commitments over the past year and the steps we are taking to manage climate transition risks.

Since launching our NZC Pathway in April 2023, which set out our five headline NZC Commitments and a reliable baseline for our reporting, we have published three progress reports, each improving the scope and rigour of our data.

We continued to make good progress against these five headline NZC Commitments in 2025. Key highlights include:

- Achieving an 11% reduction in our SECR Operational Boundary emissions, keeping us firmly on track to meet our 2030 commitment.

- Enhancing systems to enable us to track and address in more detail the emissions reduction measures required to progress towards our 2040 NZC Commitment, to be NZC for our new developments and investment assets.

• Improving our NZC reporting and procedures, in response to the overall increase in emissions arising from the acceleration of I&L development and enabling works, as well as reducing the intensity of emissions associated with

  our developments.

• Reducing the emissions intensity of our I&L buildings by 10% by increasing the proportion of recycled steel in our buildings whilst optimising building design and construction processes.

The sustainability and ESG landscape is evolving rapidly, with new national regulations and industry standards emerging. We therefore continue to evolve our approach based on new information and proactive engagement with occupiers and the wider property industry. Consequently, we will review our NZC Pathway in the coming year to ensure it remains aligned with our business strategy while taking into account the new national regulations and industry standards

being implemented.

I am delighted to introduce this report for the first time alongside Peter Henry, our Director of Sustainability. Following my expanded role in September 2025, I oversee the delivery of our

sustainability strategy and look forward to leading the next phase of our advancements in this area. Our sustainability strategy, NZC Pathway, and NZC Commitments remain key considerations for

the Board.

As a business, we remain committed to reporting our progress authentically and to developing

our sustainability strategy alongside our corporate strategy.

The sustained progress against our NZC Commitments is a testament to our approach, which embeds sustainable outcomes, including our NZC ambitions, into our delivery operating model and remains integral to our strategy, delivering value for all stakeholders.

KITTY PATMORE

CHIEF FINANCIAL OFFICER

Harworth | Net Zero Carbon Pathway Progress Report 2025 2

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Net Zero Carbon Pathway Progress Report

Director of Sustainability Statement

We integrate emissions related requirements into our business operations at all stages of the

Our 2025 NZC Pathway

progress

development process.

PETER HENRY

DIRECTOR OF SUSTAINABILITY

Since publishing our original NZC Pathway in April 2023, we have continued to make significant progress in both the understanding and reporting of our emissions, integrating emissions related requirements into our business operations at all stages of the development process.

In 2025, our SECR Operational Boundary emissions, relating to our 2030 NZC commitment, decreased from 690tCO2e1 to 612tCO2e, contributing to an overall reduction in emissions since our 2022 baseline of 41%.

Our 'Net Zero Delivery Strategy', as defined in our 2023 NZC Pathway, has enabled us to establish systems and processes that capture reliable and quantifiable data to support the achievement of our 2040 NZC commitment.

This data allows us to integrate emissions reduction measures into our business strategy. This approach has also deepened our understanding of the current limitations in Scope 3 emissions data capture and reporting. The availability of accurate Scope 3 emissions data across the broader industry remains the greatest challenge to accurate reporting and, therefore, to meeting our 2040

NZC commitment.

1. 2024 figure has been restated from 694tCO2e to 690tCO2e following the receipt of more accurate data during 2025.

   We implement emissions reduction measures that align with our business practices, the wider industry and emerging standards, legislation and regulations.

   Highlights in 2025 included:

   • 100% of new I&L and commercial buildings delivered with embodied carbon and energy intensity targets in line with our NZC Pathway.

   • Emissions reported from all 39 construction contracts we entered into in the year, with emissions from the delivery of residential properties reported fully for the first time across all live contracts for 287 new homes.

   • Capturing energy usage and associated emissions across the vast majority of Managed Asset energy use.

   • Monitoring 216 unique utility supplies across our Investment Portfolio.

     THE RAPIDLY EVOLVING SUSTAINABILITY AND ESG LANDSCAPE

     We have seen relatively wide-ranging changes in the broader world of sustainability and ESG over the last three years. From a corporate reporting perspective, we are awaiting full ratification of the UK Sustainability Reporting Standards ('UKSRS') following the recent FCA consultation.

     Nationally and regionally, we are monitoring several evolving policies, including:

   • Grid decarbonisation: Ongoing progress towards the UK Government's 2030 target.

   • Government consultations including open reviews of the Carbon Borders Adjustment Mechanism ('CBAM') and the National Planning Policy Framework ('NPPF') remain key considerations.

   • Regional planning: Updated Net Zero policies, such as those in Greater Manchester.

From a regulatory and industry standpoint, we still await confirmation of updates to the Building Regulations and MEES requirements. Meanwhile,

we are actively assessing the impact of new industry guidance, including RICS' Whole Life Carbon Assessment ('WLCA') standard, recently updated BREEAM assessment guidance and the UK Net Zero Carbon Building Standard.

In summary, we continue to make good progress against our original NZC Pathway, integrating emissions reduction into our business processes. In 2026, we look forward to reviewing and updating our approach to meeting our NZC Commitments in line with our business strategy, while responding to changes in the wider world in relation to defining and delivering NZC.

PETER HENRY

DIRECTOR OF SUSTAINABILITY

LEADING REGENERATING TRANSFORMING Harworth | Net Zero Carbon Pathway Progress Report 2025 3

Overview Our Net Zero Commitments

Our Net Zero Commitments

Our Targets Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

LEADING REGENERATING TRANSFORMING Harworth | Net Zero Carbon Pathway Progress Report 2025 4

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Delivering on our commitments in 2025

A further year of continued learning alongside measured delivery against the five headline commitments, as set out in our NZC Pathway.

Commitment 1

OUR 2030 NET ZERO CARBON TARGET

Commitment 2

OUR 2040 NET ZERO CARBON TARGET

Commitment 3

OUR 2030 I&L DEVELOPMENT TARGET

Commitment 4

OUR MASTER DEVELOPER TARGET

Commitment 5

OUR 2027 I&L BUILDING TARGET

To be NZC for our business operations as a Company under our current SECR Operational Boundary for Scope 1, 2 and 3 emissions.

To ensure our new developments and Investment Portfolio achieve NZC for all activities, while setting evolving

targets for emissions reductions to meet this commitment.

To reduce and mitigate both embodied and operational carbon emissions and ensure that all new I&L developments will be NZC in construction and operation.

To implement a master developer WLC assessment process, to guide our longterm targets including the implementation of specific targets for our residential developments aligned to the 1.5°C climate scenario.

To implement measures to transition our I&L Investment Portfolio to a Grade A portfolio.

KEY HIGHLIGHTS

612tCO2e

An 11% reduction in our SECR Operational Boundary emissions relating to our 2030 NZC Commitment.

(2024: 690tCO2e)

1.19kgCO2e/hrs

Maintained our emissions per hour worked. (2024: 1.18 kgCO2e /hrs)

150k trees

Providing emissions sequestration, in line with our strategy, through the planting of

>250,000 trees during 2024 and 2025.

(2024: >100k trees)

KEY HIGHLIGHTS

69,912tCO2e

A 28% increase in Scope 3 emissions reflecting increased construction activity and a greater scope of emissions reporting coverage. (2024: 54,430tCO2e)

359kgCO2e/m2

Average embodied emissions for completed I&L buildings, down 9% year-on-year.

(2024: 396kgCO2e/m2)

6%

Limited increase in average Operational Energy Intensity in our built assets and offices to 500kWh/m2, driven by the change in balance of our Investment Portfolio.

(2024: 470kWh/m2)

KEY HIGHLIGHTS

100%

Of new I&L buildings were delivered with embodied carbon and energy intensity targets in line with our NZC Pathway. (2024: 100%)

1,666kWp

Of building-specific renewable energy capacity installed, with 3,200kWp installed capacity since 2023.

(2024: 1,384kWp)

'Carbon Brief'

Implemented the 'Harworth Carbon Brief' to ensure our emissions targets and reporting are incorporated within our design and building process.

KEY HIGHLIGHTS

39 contracts

Emissions reported from 39 construction contracts across land remediation, phased infrastructure provision and building delivery. (2024: 34 construction contracts)

287 homes

Construction emissions monitoring delivered across the building of 287 new homes.

(2024: 0)

190.4m kWh

Capturing emissions and energy data from 92 tenants covering 190.4m kWh of energy use to inform our transition of the Investment Portfolio.

(2024: 186.4m kWh)

KEY HIGHLIGHTS

76%

Of our Investment Portfolio is Grade A (by value), which places us on track to achieve our target of 100% Grade A. (2024: 63%)

Smart meters

We commenced smart meter installation across our Investment Portfolio.

100%

Of all new buildings were delivered to EPC A and BREEAM Very Good, Excellent or Outstanding.

(2024: 100%)

Detailed Emissions Reporting and Delivery Strategy Metrics Read more on page 21 and 23.

LEADING REGENERATING TRANSFORMING Harworth | Net Zero Carbon Pathway Progress Report 2025 5

Overview Our Net Zero Commitments

Our Targets Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

2025 Operational highlights

3

In 2025 we saw an 11% reduction in emissions related to our 2030 Commitment, with a 41% reduction since 2022. Our Scope 3 emissions reporting expanded further, with improved accuracy, alignment with emerging industry guidance and consistency across our major construction projects.

1

Land remediation and demolition

Building delivery

Building use and maintenance

2

DECARBONISING DEMOLITION FOR A SUSTAINABLE FUTURE

As specialists in regenerating large, complex former industrial sites, we follow sustainable demolition principles and work to minimise both emissions and waste. In 2025, we demolished the single-span former coal-stocking building at Gascoigne Wood, North Yorkshire, marking the first step in delivering up to 1.5m sq ft

of new rail-connected I&L space.

Part of the Selby coal complex, this building was reportedly the largest covered stocking area in Europe, with a capacity to hold 43,000 tonnes of coal. We significantly reduced waste sent to landfill during demolition by recycling, reusing, or storing materials for future use, thereby meaningfully reducing this project's

carbon footprint.

SETTING THE STANDARD WITH NZC IN OPERATION-READY

Our I&L buildings are designed to be NZC in operation-ready. They incorporate key sustainability features, including roof-mounted photovoltaic arrays, natural roof lights to reduce daytime energy consumption, air-source heat pumps for low-carbon heating and cooling and EV charging infrastructure.

In 2025, we delivered a build-to-suit advanced manufacturing facility for Technicut at our flagship site, the AMP. This 80,000 sq ft building achieved BREEAM 'Outstanding' and EPC 'A' ratings, while utilising renewable energy through an innovative green lease structure. Furthermore, it met our embodied emissions target for I&L buildings.

INTEGRATED RENEWABLES & STRATEGIC RETROFITS

We develop I&L buildings that feature integrated renewable energy, providing tenants with a tailored, balanced power supply within energy-efficient, Grade A facilities. Beyond new developments, our asset management strategy seeks to future-proof older assets and ensure they meet the high sustainability standards of both our business and our tenants.

In 2025, we completed our first rooftop solar retrofit at Multiply Logistics North in Greater Manchester. Collaborating with the tenant, we installed 699 m² of solar panels, providing 156 kWp of capacity to significantly reduce operational energy consumption and carbon emissions.

13,000tonnes

Steel recycled, minimising

demolition waste

>99%

Materials recycled, reused

or stored for future reuse

3,796m2

Solar panels

installed

806kWp

Solar capacity

delivered

>15,400m2

Panels installed to date

equivalent to 3,200kWp capacity

79,000m2

Expansion potential to meet

tenants' future requirements

Gascoigne Wood, North Yorkshire | YAC | I&L | SL Technicut unit at AMP, South Yorkshire, YAC | I&L | IP Logistics North, Greater Manchester | NOW | I&L | IP

LEADING REGENERATING TRANSFORMING Harworth | Net Zero Carbon Pathway Progress Report 2025 6

Overview Our Net Zero Commitments

Our Targets Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

2025 Operational highlights

continued

4

Materials recycling

Amenity and green infrastructure provision

Long-term stewardship

5

CIRCULAR ECONOMY ACROSS OUR REMEDIATION AND DEVELOPMENT SITES

Throughout 2025, we maintained our 'no material in, no material out' guiding principle across 12 large-scale remediation and demolition projects. We continued to bring brownfield land back to life, with complex remediation projects enabling the regeneration of the former Skelton Grange and Ironbridge power stations as particular highlights.

These projects will provide serviced land for our customers through the utilisation of a circular economy based approach, incorporating high levels of material recycling and re-use. This sustainable approach ensures we account for all environmental regulations, while significantly reducing the carbon footprint of our construction pipeline.

OLIVE LANE, BRINGING WAVERLEY TO LIFE IN 2025

We transform land into places where people want to live and work, striving to create a positive impact on the communities we serve.

A prime example is Olive Lane-the new high street at Harworth's Waverley site-which opened in March 2025.

Olive Lane serves as a welcoming community hub, offering a mix of shops, restaurants, and essential services, including a medical centre, nursery, and supermarket. Alongside the AMP and the new community housing, this mixed-use development continues the regeneration of the former colliery and the wider area. The project achieved EPC A and BREEAM Excellent standards and features integrated rooftop solar provision.

RESTORING NATIVE WOODLANDS AT CHEVINGTON WOODS AND HIGHTHORN

6

As part of our 2030 Commitment, we identified opportunities to sequester emissions across our extensive land bank. In 2025, a key element of our Emissions Reduction Proposals was the planting of 150,000 trees at Chevington Woods and Highthorn, bringing our two-year total to over 250,000 trees planted.

In partnership with the Great Northumberland Forest and a wide range of community based stakeholders, we are expanding native woodland and restoring local ecology. These efforts provide critical nature-based solutions to mitigate climate change, offset emissions, and enhance biodiversity.

505,000 m3

Materials were reused

and recycled reducing carbon footprint

<0.5%

Material removed went

to landfill

1,000 people Attended Olive Lane's opening event in June 2025 10 EV chargers

At the parking provision, along

with a 20 space cycle store

>150k trees

Planted during 2025 helping

to offset emissions

>250k trees

Planted during 2024

and 2025

Skelton Grange, West Yorkshire | YAC | I&L | MD Olive Lane at Waverley, South Yorkshire

Harworth community tree planting at Chevington Woods, Northumberland

LEADING REGENERATING TRANSFORMING Harworth | Net Zero Carbon Pathway Progress Report 2025 7

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Net Zero Programme - 2025 Progress

We continue to make good progress against Our Net Zero Commitments.

KEY

On target

In progress

SUB-COMMITMENT PROGRESS IN 2025 FUTURE PLANS

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Net Zero Programme - 2025 Progress

continued

KEY

On target

In progress

SUB-COMMITMENT PROGRESS IN 2025 FUTURE PLANS

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Net Zero Programme - 2025 Progress

continued

KEY

On target

In progress

SUB-COMMITMENT PROGRESS IN 2025 FUTURE PLANS

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Net Zero Programme - 2025 Progress

continued

KEY

On target

In progress

SUB-COMMITMENT PROGRESS IN 2025 FUTURE PLANS

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Net Zero Programme - Pathway updates

In 2025 we recategorised the operation and maintenance of infrastructure assets from Infrastructure Development into Built Assets to reflect our ongoing ownership.

Our business model details the steps to growth across the master developer development lifecycle. To continue to guide future reporting boundaries we have updated our Master Developer Emissions Flowchart to reflect where our emissions occur against our business model.

Key

Master Developer Role 1

Direct Development Role Project Flow

Related Flow

Boundary of our proposed emissions reporting

2

End

MASTER DEVELOPER EMISSIONS FLOW CHART

Growth

Strategic Land Major Developments Investment Portfolio

Start

Site Operation, Design & Maintenance

1

Site Operation, Design &

Material Re-use & Recycling

Land Remediation & Demolition

Phased Infrastructure Provision

Amenity 2

& Green Infrastructure

2

Building 2

Delivery

Building Use &

Maintenance

Infrastructure Ops & Maintenance

Energy Infrastructure

Land Use

& Maintenance

End

EMISSIONS SCOPE

SCOPE 1

SCOPE 2 & 3

SCOPE 3 UPSTREAM SUPPLIERS

Master Developer Activity Emissions

Maintenance

1 1 1

Material Re-use & Recycling

Provision

1 1

Building Use &

Maintenance

Infrastructure Ops & Maintenance

Energy Infrastructure

Land Use

& Maintenance

End

Demolish & Re-use Buildings

SCOPE 3 DOWNSTREAM OCCUPIERS

End

Material Re-use & Recycling by Others

End

Infrastructure Operations & Maintenance

End

End

Plot or Building Sale to 3rd Party

SCOPE 4 BY OTHERS WHICH WE INFLUENCE

Development Managed Assets

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Net Zero - Pathway methodology

We continued to improve our reporting methodology and also reflected significant changes in the wider world of sustainability and reporting.

METHODOLOGY UPDATE

During 2025 we continued to refine and update our methodology, as detailed on page 30. The key updates to our methodology include the following areas:

UPSTREAM EMISSIONS - CONTRACTOR REPORTING

DOWNSTREAM EMISSIONS - AVAILABILITY OF TENANT ENERGY DATA

General

In 2025 we updated our Carbon Assessment Brief for I&L buildings, as well as infrastructure and remediation projects. Updates to our briefs cover design stage assessments, tender stage

requirements and construction contract reporting. Our intention is to continue to increase the quality and granularity of the data we receive from our suppliers in relation to our development activity.

Examples of improvements to the brief include:

• Assurance at tender stage that contractors are suitably qualified and competent to undertake emissions assessments and reporting in accordance with the RICS Whole Life Carbon Assessment ('WLCA') methodology.

• Contractors must provide a methodology document to demonstrate alignment with RICS WLCA for the Built Environment 2nd Edition Version 3 and allow transparency of approach.

• Additional supplementary information is now required to aid our understanding of Environmental Product Declaration ('EPD') usage, site activity data, and conversion factors utilised.

  I&L Buildings

  Reports must be broken down into the following components, in line with the RICS WLCA, to allow for alignment with emerging industry standards and targets:

• A1-A5 Full Site

• A1-A5 Building Only

• A1-A5 Renewable Energy

  Residential Buildings

  During 2025 we worked closely with our supply chain partners for residential property construction, allowing full emissions reporting for the first time across all live contracts for 287 new homes.

  Historically our approach to understanding and reporting Scope 3 emissions relating to our tenants involved the following:

• Natural gas - data is sourced at meter level by our third-party data provider, however we can only gain access to meter level data when tenant consent is gained in writing. Where this is the case, gas data is collected at meter level, otherwise we utilise the provision of legitimate interest to acquire aggregated data.

• Electricity - Since 2023 we have utilised the services of a third-party data provider to gain access to electricity data for directly procured tenant energy supplies. Where possible we obtained consent from tenants in writing giving permission to access their meter level data.

  Where consent was not provided, we obtained aggregated data under the proviso of legitimate interest.

  In 2025 the requirements regarding tenant consent for electricity data potentially became far more stringent and impractical for both us and our

  third-party data provider. Consequently, we no longer seek to access meter level electricity data from our third-party data provider and rely solely on aggregated electricity data under the proviso of legitimate interest.

  The potential introduction of the new consent requirements has restricted not only the ability

  of Harworth to access meter level electricity data, but also our third-party data provider. As a result, the ability to quality check and model energy consumption patterns has been significantly restricted, especially in relation to non-half-hourly meters.

  As a response to the new requirements and subsequent restrictions we have lower confidence in the absolute accuracy of the tenant electricity data we report in 2025. Thus, we will refer to any electricity data sourced via this method as "estimated" from hereon in.

  Future Methodology

  As part of our 2026 review of the NZC Pathway

  we will review our methodology against the UKSRS requirements, as well as against emerging industry standards for construction while reflecting the continued uncertainty around access to tenant energy data.

  Overview Our Net Zero Commitments

  Our Targets Emissions Reporting

  Delivery Strategy Metrics

  Emissions Reporting Methodology

  Our Targets

  LEADING REGENERATING TRANSFORMING Harworth | Net Zero Carbon Pathway Progress Report 2025 14

  
  
  

  Overview

  Our Net Zero Commitments

  Our Targets

  Emissions Reporting

  Delivery Strategy Metrics

  Emissions Reporting Methodology

  SECR Operational Boundary Emissions (Our 2030 Target) - Progress

  Developing and enhancing our SECR emissions reporting.

  LOCATION-BASED SECR EMISSIONS tCO2e

  2025 tCO2e emissions

  Travel

  Waste Disposal Water

  Homeworking

  Scope 3

  127

  tCO e

  2

  277

  t

  CO2e

  Company

  Business Travel

  Workplace Site Fuel

  Leased Vehicles

  Scope 1

  24

  tCO2e

  Placemaking Land Remediation

  200

  t

  Natural Gas

  CO2e

  Energy & Natural Capital Assets

  311

  tCO e

  Electricity

  284

  2

  Scope 2

  tCO e

  Built Assets

  2

  Emissions Source

  Activity

  Activity Detail

  Annual tCO2e by emissions source

  tCO2e by activity detail

  1,041

  2022 2023 2024 2025

  247

  305

  832

  263

  690

  254 612

  67

  28

  24

  Company Development Managed Assets

  See page 40 for definitions.

  2022 2023 2024 2025

  Total

  1041 832 690 612

  311

Development

Managed Assets

SECR EMISSIONS

During 2025, we continued to develop and enhance our SECR emissions reporting, providing a full picture of our Scope 1, 2 and 3 SECR Operational Boundary Emissions. Our SECR emissions for the year are as detailed in the graphics opposite and summarised below.

2025 TOTAL LOCATION-BASED EMISSIONS

612tCO2e -11%

Location-Based Emissions (2024: 690tCO2e)

Year-on-year reduction in Location-Based Emissions

We report, within our Annual Report and Financial Statements for 2025, our Greenhouse Gas Emissions ('GHG') and energy

consumption in compliance with the requirements of The Companies Directors' Report and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. Aligned with our financial reporting, the GHG emissions data in the graphic opposite relates to our financial year ended 31 December 2025. Harworth uses the Operational Control boundary method to calculate GHG emissions, whereby

we report on all environmental impacts for areas over which we have control.

Scope 2 Market-Based Emissions Reporting

41tCO2e -65%

Market-Based Emissions (2024: 115tCO2e)

Year-on-year reduction in Market-Based Emissions

Whilst we are progressing the Emissions Reductions Proposals against our Location-Based emissions, we also report our Market-Based emissions.

As the grid decarbonises in line with UK Government predictions, the effect of REGO contracts on Market-Based Emissions will decrease, and we reflect this in our estimates under the Grid Decarbonisation emissions reduction proposals. Our historic Location-Based and Market-Based emissions are set

86%

669

468

449

378

284

21%

115

0%

884 95%

out in the Scope 2 Emissions chart to

2022

2023

2024

2025

41

the right.

Location-Based tCO2e

Market-Based tCO2e

% Electricity Procured via REGO

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

SECR Operational Boundary Emissions (Our 2030 Target) - Progress

Continued delivery on our Emissions Reductions Proposals.

2025 LOCATION-BASED EMISSIONS COMPARISON

In 2025, we continued to deliver on our Emissions Reductions Proposals, achieving an annual 11% reduction in Location-Based emissions, in line with our 2030 Commitment.

Key Statistics

Annual Change in Emissions

* Only Scope 3 emissions for our SECR Operational Boundary

Highlights

The main areas of reduction in Location-Based emissions in 2025 came from:

• The continued targeted use of alternative fuels in lieu of diesel at our Ironbridge Pulverised Fuel Ash ('PFA') recycling operation.

• Staff-related emissions in relation to business travel again remained broadly static against an increased headcount and miles travelled, due to electric vehicle uptake.

• Our move to a Grade A portfolio is contributing to an overall reduction in energy usage.

• We completed the planting of 150,000 trees in 2025, bringing the total planted in the last two years to provide the sequestration element of our Emissions Reduction Proposals to >250,000 trees.

• We have rebased our Emissions Reduction Proposals beyond 2025 as we move towards our 2030 NZC Commitment.

  EMISSIONS REDUCTION PROPOSALS

  The figure below maps our updated proposals, based on our progress in 2025, to decrease emissions over the next four years to meet our 2030 NZC Commitment.

  The specific measures to reduce emissions are shown on the right-hand side of the graphic, with the estimated timing of their implementation indicated.

  2030 EMISSIONS REDUCTION PROPOSALS

  1041

  tCO2e 832

  tCO2e

  690

  tCO e

  612

  2

  tCO2e

  Green

  Vehicle Leases

  Electric Car Uptake

  Alternative Fuels

  On Site Renewables

  Waste Disposal

  Travel Water

  Homeworking

  Scope 3

  Company

  Grid Decarbonisation

  277 tCO e

  Business Travel

  2

  Workplace

  Site Fuel Leased Vehicles

  Development

  Scope 1

  24 tCO e

  Placemaking Land Remediation

  Natural Gas

  Removal of Gas Heating

  2

  Energy & Natural Capital Assets

  612

  tCO2e

  Residual Emissions

  Increased Building Efficiency

  Managed Assets

  311 tCO2e

  Electricity

  Scope 2

  Built Assets

  Sequestration Woodland Carbon Units

  2022 2023 2024 Emissions Source

  Activity

  Activity Detail

  2025

  2026

  2027

  2028

  2029

  2030

  408

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

2025 Overall Emissions Update (Our 2040 Target)

Our Overall Emissions Boundary covers our existing SECR Operational Boundary Emissions and a wide range of both Upstream and Downstream Scope 3 emissions; in 2025, availability of tenant energy data affected the accuracy of our Scope 3 Downstream emissions reporting.

OVERVIEW OF EMISSIONS

The detailed coverage of emissions reporting is included in our methodology, with a summary of emissions in the diagram below. During the year, we further enhanced our robust Methodology for reporting our wider Scope 3 emissions. This methodology has allowed us to capture and report, for a third year, a wide range of our Scope 3 emissions.

2025 OPERATIONAL BOUNDARY EMISSIONS tCO2e (LOCATION-BASED)

277

t

CO2e

Company

Travel Workplace Placemaking

Infrastructure Development

Leased Vehicles Business Travel Homeworking

Offices

Amenity & Green Infrastructure Provision

Phased Infrastructure Provision

Scope 1

SECR

612

tCO2e

Scope 2

34,920

tCO2e

Development

Plot Sale or

Direct Development

Building Delivery

Supplier

34,894

tCO2e

Material Re-use & Recycling

Land Remediation

Land Remediation & Demolition

Energy & Natural Capital Assets

Energy Infrastructure Land Use & Maintenance

Infrastructure Ops & Maintenance

Scope 3

Occupier

34,406

tCO2e

34,715

tCO2e

Managed Assets

Built Assets

Building Use & Maintenance

Emissions Source

Activity

Activity Detail

Boundary Owner

2025 EMISSIONS FOR THE OVERALL EMISSIONS BOUNDARY

The emissions reporting includes our SECR Operational Emissions Boundary (Scope 1 and 2 alongside selected Scope 3) and the following wider Scope 3 coverage in line with our NZC Pathway Proposed Operational Boundary Flowchart:

Land Remediation

• All our major remediation contracts, of which there were 12 in 2025, with a total value of >£72m.

  Infrastructure Development

• All our major infrastructure contracts, of which there were 11 in 2025, with a total value of >£39m.

  Placemaking

• All our major placemaking construction contracts, of which there were seven in 2025.

  Plot Sale or Direct Development

• All our major I&L and other building contracts, nine in total with a combined value of >£90m

• Data gathering from our first residential build projects, at Wheatley Hall Road and Simpson Park in 2025.

  Built Assets

• Emissions from energy use for 206 separate supplies.

  Energy & Natural Capital Assets

• Emissions from energy use for 10 separate supplies.

  69,912tCO2e

  Emissions for the Overall Emissions Boundary (2024: 54,430tCO2e)

  Overview

  Our Net Zero Commitments

  Our Targets

  Emissions Reporting

  Delivery Strategy Metrics

  Emissions Reporting Methodology

  2025 Overall Emissions Update (Our 2040 Target) - Progress

  Based on the emissions data gathered in 2025, we have reviewed and updated the basis of our Emissions Reduction Proposals to meet our 2040 Commitment.

  FUTURE ILLUSTRATIVE EMISSIONS REDUCTIONS

  The figure below maps our updated proposals, based on our progress in 2025, to decrease emissions to meet our 2040 NZC Commitment.

  In 2025 we reviewed our Emissions Reduction Proposals in line with emerging industry standards and redefined our approach to being NZC aligned, including reflecting the emerging approach to offsetting within the UK NZC Buildings Standard. We will consider this approach further as part of the 2026 NZC Commitments review.

  The areas of focus for our business to reduce emissions are provided on the right-hand side of the graphic with an indication of timing of the implementation of the measures.

  The emissions database now allows us to understand both the Embodied and Operational emissions profile through our master developer lifecycle. We will continue to expand this database to guide our approach to meeting our 2040 Target.

  2040 EMISSIONS REDUCTION PROPOSALS

  Company

  277 tCO2e

  69,912 tCO2e

  Travel Workplace Placemaking

  Infrastructure Development

  Scope 1

  SECR

  612

  tCO2e

  54,430

  tCO2e

  254

  Scope 2

  Reduced Embodied Carbon - Design & Specification

  46,216

  tCO2e

  263

  Working with the Supply Chain

  19,144

  Development

  34,920 tCO e

  Plot Sale or Direct Development

  34,894

  Supplier tCO e

  2

  2

  Land Remediation

  Residual Emissions (potential offsetting)

  Energy & Natural Capital Assets

  Scope 3

  Grid Decarbonisation

  35,803

  35,033

  Managed Assets

  Built Assets

  Occupier

  34,406

  tCO2e

  Low Carbon Heating & Manufacturing

  34,715 tCO2e

  Onsite Renewables

  Increase

  d Building Efficiency Power Provision Agreement

  Residual Emissions (potential offsetting)

  2023 2024 Emissions Source

  Activity

  2025

  Boundary Owner

  2030

  2035

  2040

  10,149

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

2025 Overall Emissions Update (Our 2040 Target) - Progress

continued

OVERALL EMISSIONS - 2025

Overall Emissions (tCO2e)

Scope 1

Scope 2

Scope 3

Total

% Change YoY

Overall Emissions (tCO2e)

Scope 1

Scope 2

Scope 3

Total

% Change YoY

OVERALL EMISSIONS

• During 2025 our overall emissions from Development increased by 82%, as we increased our construction activity from 39 separate projects in the year from 34 in 2024.

• Emissions from our Managed Assets stayed broadly static when compared to 2024.

  Emissions Owner	Operational (SECR)	200	284	127	612	-11%
  	Occupier (Downstream)	N/A	N/A	34,406	34,406	-1%
  	Supplier (Upstream)	N/A	N/A	34,894	34,894	+82%
  	Total	200	284	69,427	69,912	+28%

  METRICS AND YEAR ON YEAR COMPARISON

  Metric Development

  I&L buildings Embodied Emissions Intensity (kgCO2e/m2)

  Managed Assets

  2023

  2024

  2025

  YoY Change

  -9%

  359

  396

  431

  METRICS YEAR ON YEAR

• The emissions intensity of our commercial buildings fell in 2025 from 396kgCO2e/m2 to 359kgCO2e/m2.

• In the main, this was driven by increasing the proportion of recycled steel in our buildings whilst optimising building design and construction processes.

  Operational Energy Intensity (kWh/m2)	463	470	500	+6%
  Operational Emissions Intensity (kgCO2e/m2)	86	88	91	+3%

• There was a small increase in the operational energy intensity of our existing buildings in year.

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

NZC Pathway - 2026 Review

In 2023, as part of our NZC Pathway, we made five headline NZC Commitments. During 2026 we will review these commitments and update our Pathway.

NZC PATHWAY AND PROGRESS REPORTS

Published in April 2023, the Pathway set out our five headline NZC Commitments, establishing an authentic baseline position for our reporting and to drive action on emissions reduction within the business. Subsequent progress reports have each improved the scope and rigour of our emissions reporting, while further building our knowledge of how to meet our NZC Commitments.

In the following three years the business has evolved, while at the same time our understanding of how we might achieve our NZC Commitments has increased substantially.

The guiding principles on which we based our original approach allowed us to establish systems and processes, capturing data that is both accurate and quantifiable. Our approach has also built our understanding of the limitations that exist in the wider world for emissions data capture and reporting. Availability of accurate Scope 3 emissions data in the wider industry remains

the greatest challenge to accurate reporting.

Our approach to establishing wider Scope 3 emissions for all our activities has utilised practical measures, aligning with our business practices, the wider industry and emerging standards, regulation and legislation.

SCOPE 3 EMISSIONS REPORTING

Upstream Emissions

Since 2023 we have created and then implemented bespoke emissions monitoring processes for our upstream emissions, integrated directly into our construction contract processes and aligned emissions reporting with contract valuations, creating mechanisms that are recognised and understood by our suppliers.

This reporting allows Scope 3 reporting to feed directly into our NZC Progress Reporting as well as corporate reporting.

As part of the original NZC Pathway, we also set embodied carbon targets within our I&L building contracts, lowering these emissions targets

in 2025.

Through our bespoke reporting processes, we have captured emissions reporting across

58 construction contacts, met emissions targets on all I&L building contracts, whilst creating

a wealth of data to guide our future decisions.

Downstream Emissions

Since launching the original NZC Pathway, we have utilised the services of a third-party data provider to gain access to electricity data for directly procured tenant energy supplies. Where possible we obtained consent from tenants in writing

giving permission to access their meter level data. Where consent was not provided, we obtained aggregated data under the proviso of legitimate interest.

In 2025 the requirements regarding tenant consent for electricity data became potentially far more stringent and impractical for both us and our

third-party data provider. Consequently, we no longer seek to access meter level electricity data from our third-party data provider and rely solely on aggregated electricity data under the proviso of legitimate interest.

The introduction of the new consent requirements has restricted not only the ability of Harworth to access meter-level electricity data, but also our third-party data provider. As a result, the ability

to quality-check and model energy consumption patterns has been significantly restricted, especially for non-half-hourly meters.

SUSTAINABILITY, ESG AND THE WIDER WORLD

During the past three years, changes in the world of sustainability and ESG have been relatively significant.

From a corporate reporting perspective, we await the ratification of the UK Sustainability Reporting Standards (UKSRS), through the recent

FCA consultation. Nationally, grid decarbonisation continues to evolve through to 2030 and government consultations on areas including the Carbon Borders Adjustment Mechanism ('CBAM') and NPPF are still live.

Regionally, updates to planning policies continue, including the specific Net Zero policies put in place in Greater Manchester.

From a regulatory perspective, confirmation of updated Building Regulations and MEES

requirements are still awaited. In addition, within the property industry, we are assessing the likely impacts of areas including BREEAM v7 and the UK NZC Buildings Standard.

REVIEWING OUR NZC PATHWAY

Our NZC Commitments

The five headline NZC Commitments, confirmed in 2023, underscored the delivery plans for our NZC Pathway. We have made good progress against these commitments in the last three years.

With the changes in the wider world relating to ESG and sustainability, and given our ever-increasing dataset and evolving company strategy, we will, during 2026, be undertaking a comprehensive review of our five headline NZC Commitments as part of the evolution of our NZC Pathway.

The review will incorporate the changes in the wider world, evolving our NZC Pathway to align with emerging reporting, legislative, regulatory and industry standards, assessing those that are currently being implemented and aligning,

where appropriate, with those that are considered relevant, providing an approach suitable to guide the business for the next two years.

The period of two years is aligned to the likely implementation timetable for the UKSRS and will allow the various emerging areas relating to ESG and sustainability in the wider world to be clarified and understood.

The review will also consider how we can utilise the substantial dataset we now hold for our Upstream and Downstream Scope 3 emissions to evolve our Pathway, improve our developments, and further integrate emissions reduction into our business strategy.

Detailed Emissions Targets

As part of the review of our high-level commitments, we will also review, and where necessary update, our emissions targets for I&L buildings against emerging industry standards and our own increased knowledge. In addition, we will consider the implementation of targets for residential buildings.

Overview Our Net Zero Commitments

Our Targets Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Emissions Reporting

LEADING REGENERATING TRANSFORMING Harworth | Net Zero Carbon Pathway Progress Report 2025 21

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

2025 Emissions Data Table

tCO2e Decrease

tCO2e Increase

2025 OPERATIONAL BOUNDARY tCO2e

Scope 1 Scope 2 Scope 3

2025

Total

2024

Total

Change YoY#

LEADING REGENERATING TRANSFORMING Harworth | Net Zero Carbon Pathway Progress Report 2025 22

Overview Our Net Zero Commitments

Our Targets Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Delivery Strategy Metrics

LEADING REGENERATING TRANSFORMING Harworth | Net Zero Carbon Pathway Progress Report 2025 23

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Delivery Strategy Metrics

TOPIC OUTCOMES/AIMS 2025 PROGRESS 2025 REPORTING METRICS 2024 REPORTING METRICS

Measurement and baselining of carbon emissions

To establish a carbon accounting system to allow accurate annual reporting and to guide the business strategy to meet the 2030 and 2040 zero carbon commitments.

In 2025, we consolidated our emissions reporting, bringing in new and improved guidance on emissions reporting through our construction contracts, whilst also monitoring the situation regarding landlord access to tenant energy data.

Scope 1 Emissions

200tCO2e

Scope 2 Emissions

284tCO2e

Scope 3 Emissions

69,427tCO2e

Overall Emissions Intensity

539tCO2e/£m revenue

Scope 1 Emissions

181tCO2e

Scope 2 Emissions

378tCO2e

Scope 3 Emissions

53,871tCO2e

Overall Emissions Intensity

300tCO2e/£m revenue

Operational carbon reductions (energy, water & waste)

Full clarity of our operational footprint across our property portfolio and corporate operations.

By gathering anonymised energy usage data from our managed assets, we can view, understand, and begin implementing reduction measures across our Managed Asset portfolio. In addition, we offer "green lease" terms to all new tenants, with a view to shared benefits from greater visibility and reductions in both energy use and associated emissions.

Initial CRREM assessments of the Investment Portfolio were undertaken in 2023, with individual asset management plans under review.

Established a cumulative understanding of energy usage and associated emissions across the vast majority of Managed Asset energy use emissions reported for 2025.

We monitor 216 unique utility meter supplies across 92 tenants and 190,411MWh of energy use across 380,900m2 of occupied space.

We incorporated the outcomes of the CRREM assessments into asset management plans for all our Managed Assets.

Operational Energy Intensity

500kWh/m2 across our built assets and offices Operational Emissions Intensity 91kgCO2e/m2 across our built assets and offices

% assets with NZC roadmap in place 90% CRREM assessment completion for our Managed Assets, baselining the buildings against a 1.5°C scenario.

Operational Energy Intensity

470kWh/m2 across our built assets and offices Operational Emissions Intensity 88kgCO2e/m2 across our built assets and offices

% assets with NZC roadmap in place 90% CRREM assessment completion for our Managed Assets, baselining the buildings against a 1.5°C scenario.

On-site renewable energy generation

Increase onsite or local renewable energy generation (RE).

Incorporation of RE into all our masterplans.

For all new I&L buildings delivered in 2025, our building specification included roof-mounted solar panels as standard, with tenants able to match their preferred energy usage profile to the quantum of solar panels provided. By the end of 2025, this created:

• Over 15,400m2 of panels installed with up to 3,200kWp capacity

• The ability to expand this to over 79,000 m2 to meet tenant requirements.

  Renewable Energy installed on site or locally, specifically for our projects/ developments to date.

  3,200kWp

  Renewable Energy installed in year on site or locally, specifically for our projects/ developments.

  1,384kWp

  Renewable Energy Procurement

  Renewable energy is incorporated for all of our operations and to work with our I&L occupiers on their energy use/sources.

  We transferred 95% of the energy supply under Scope 2 across all our Assets to a REGO based supply.

  % Energy procured for our own operations through REGO backed renewable energy tariffs and PPAs.

  95%

  % Energy procured for our own operations in 2024 through REGO backed renewable energy tariffs and PPAs.

  86%

  Overview

  Our Net Zero Commitments

  Our Targets

  Emissions Reporting

  Delivery Strategy Metrics

  Emissions Reporting Methodology

  Delivery Strategy Metrics

  continued

  TOPIC OUTCOMES/AIMS 2025 PROGRESS 2025 REPORTING METRICS 2024 REPORTING METRICS

  Embodied carbon associated with capital goods, services, and capital works e.g. management, maintenance,

  fit-outs, refurbishment and new development

  Implement a coordinated programme of embodied carbon reduction and mitigation on all new developments.

  Embodied carbon emissions assessments were undertaken for all our I&L building projects in 2025, alongside implementation of a lower 450kgCO2e/m2 target.

  In addition, we implemented a construction stage embodied carbon reporting mechanism in all our major construction contracts to allow us to build our knowledge of construction stage emissions across our Remediation, Phased Infrastructure and Building projects that will allow us to increase our understanding of where we can impact reduce emissions and emissions intensity.

  Total Embodied Emissions 34,894tCO2e/m2 (A1 to A5 and C1 to C4) I&L Buildings Embodied Emissions Intensity

  359kgCO2e/m2 (A1 to A5) Overall Buildings Embodied Emissions Intensity 405kgCO2e/m2 (A1 to A5)

  Remediation/Infrastructure provision (A1 to A5 and C1 to C4) Intensity

  N/A

  Total Embodied Emissions

  19,108tCO2e/m2 (A1 to A5 and C1 to C4)

  I&L Buildings Embodied Emissions Intensity

  396kgCO2e/m2 (A1 to A5)

  Overall Buildings Embodied Emissions Intensity

  421kgCO2e/m2 (A1 to A5) Remediation/Infrastructure provision (A1 to A5 and C1 to C4) Intensity

  N/A

  Offsetting and internal carbon pricing mechanism

  Create incentive mechanisms to reduce carbon at a development level both in operational and embodied carbon emissions.

  Enable some developments to be NZC prior to 2030. Ensure climate risks embedded within investment evaluations.

  We continue to consider our options regarding our approach to offsetting in light of changes in industry best practice, including the principles of the UK NZC Buildings Standard and the implementation of planning policy in Greater Manchester.

  In 2025, we did not purchase any offsets in the voluntary carbon market; however, we created, around 24,000 Pending Issuance Units ('PIU's) of carbon credits under the Woodland Carbon Code, creating a total of in the region of 46,000 PIUs to date through the completion of the planting of >250,000 trees in 2024 and 2025.

  Potential mechanisms are reviewed alongside updates to our internal appraisal processes, with full reviews of the emerging planning policies across the regions ongoing.

  Cost of offsetting

  N/A

  kg CO2e offset per annum

  N/A

  Proceeds generated and deployed from internal carbon price mechanism

  N/A

  Cost of offsetting

  N/A

  kg CO2e offset per annum

  N/A

  Proceeds generated and deployed from the internal carbon price mechanism N/A

  Third-party verification; industry standards and certification

  To ensure credibility and transparency of NZC pathway both on projects and for

  the business.

  In relation to our approach to third-party verification, we appointed independent advisers, Turley, to undertake a verification of:

• Our 2025 SECR reporting with an increase in the level of assurance from "Limited" to "Reasonable" under BS ISO 14064-3:2019.

• Our wider reporting of Scope 3 emissions under the NZC Pathway Progress Report

• Our emissions reporting methodology

We completed our second CDP submission and scored a Grade C, and a Grade A for our Supplier Engagement Assessment Score.

% of projects certified NZC

0%

Carbon Reduction KPI

11% reduction in SECR emissions in 2025 from 690tCO2e to 612tCO2e

Audit no.

3

% of projects certified NZC*

0%

Carbon Reduction KPI

17% reduction in SECR emissions in 2024 from 832tCO2e to 690tCO2e

Audit no

5

Training sessions delivered

5 Internal sessions

16 External sessions.

Training sessions delivered

5 Internal sessions

23 External sessions

Overview

Our Net Zero Commitments

Our Targets

Emissions Reporting

Delivery Strategy Metrics

Emissions Reporting Methodology

Delivery Strategy Metrics

continued

TOPIC OUTCOMES/AIMS 2025 PROGRESS 2025 REPORTING METRICS 2024 REPORTING METRICS

Masterplan/New build/fit out Sustainable Development Brief

Embed energy intensity/ embodied carbon targets and reduction strategies into new developments and refurbishments

All our I&L building contracts in 2025 contained specific energy intensity and embodied carbon targets in accordance with our NZC Pathway.

We are developing our sustainable development brief to reflect the NZC Progress report and to advance our understanding and the inclusion of targets for our Remediation and Infrastructure contracts.

Circular Economy and Material re-use

Review all materials that exist on a site that can be re-used from remediation and demolition within the delivery of the scheme or the wider construction sector, reducing waste to landfill, embodied carbon and stimulating new local economic markets.

In 2025, we continued with our guiding philosophy of "no material in, no material out" for all our remediation projects with highlights including:

• Re-use directly within our developments of 505,000m3 of material across our sites

• Enabling processing and re-use of 39,500m3 of material recovered from our remediation projects off site into wider building products including:

  • PFA

  • Drainage aggregate

  • Soil

  • Steel

    Overall, we estimate the business has re-used 544,500m3 of material that both avoids landfill and the use of raw aggregate.

    505,000m3 materials re-used

    39,500m3 materials re-processed off-site into the wider construction industry.

    >1,650,000m3 materials re-used

    >15,000m3 materials re-processed off-site into the wider construction industry.

    Carbon literacy Establish a baseline degree of

    carbon literacy across all staff

    In 2025, across the business, five workshops were held to both provide education and gather feedback on the NZC Pathway across all areas of the business.

    In 2025, we held five internal workshops on the NZC Pathway across the business.

    In 2024 we held five internal workshops on the NZC Pathway across the business.

    Investment decisions Ensure that all acquisitions and

    sell/hold decisions are informed by analysis of climate transition risk and NZC potential.

    All acquisitions must consider the commitments made by the business under its NZC Pathway. We continue to build our capability to enhance this process.

    We continue to update and refine our acquisition and transaction approval processes to reflect the NZC Pathway.

    Overview Our Net Zero Commitments

    Our Targets Emissions Reporting

    Delivery Strategy Metrics

    Emissions Reporting Methodology

    Emissions Reporting Methodology

    LEADING REGENERATING TRANSFORMING Harworth | Net Zero Carbon Pathway Progress Report 2025 27

    
    
    

    Overview

    Our Net Zero Commitments

    Our Targets

    Emissions Reporting

    Delivery Strategy Metrics

    Emissions Reporting Methodology

    Introduction

    EV charging points, Droitwich Worcestershire | MID | I&L | IP

    
    
    

    The following reporting principles and methodologies refer to CO₂e data published in our annual SECR and TCFD reporting in addition to any figures published in our Net Zero Carbon Pathway - Progress Report 2025 or Annual Report. All data is reported in calendar years, in line with our annual reporting year.

    This methodology is an update to the methodology last published as part of the 2024 NZC Pathway Progress Report. The details contained within this document provide the basis on which we have developed our data capture procedures and our

    capability to report Scope 3 emissions from

    our Development and Managed Asset activities alongside our Scope 1, 2 and 3 emissions reporting within our SECR submission contained in the Annual Report for 2025.

    REFERENCES

    We reference a variety of guidance, standards, and reports throughout this document. These are all listed below. References to specific sections of the literature can be found in the End Notes section of this document.

    Referenced Literature:

• The Greenhouse Gas Protocol (GHG): A Corporate Accounting and Reporting Standard. Revised Edition

• The Greenhouse Gas Protocol (GHG): Scope 2 Guidance

• The Greenhouse Gas Protocol: Corporate Value Chain (Scope 3) Accounting and Reporting Standard

• The Greenhouse Gas Protocol: Technical Guidance for Calculating Scope 3 Emissions (Version 1.0)

• Harworth Net Zero Carbon Pathway - April 2023

• UK Government GHG Conversion Factors for Company Reporting 2025. Version 1.0

• Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance. March 2019

• Association of Issuing Bodies: European Residual Mixes Results of the calculation of Residual Mixes for the calendar year 2024 Version 1.1, 2025-08-11

• 2025 Government Greenhouse Gas Conversion Factors for Company Reporting Methodology Paper for Conversion Factors: Final Report

• RICS Whole life carbon assessment for the built environment 1st edition, November, 2017

• RICS Whole life carbon assessment for the built environment 2nd Edition, September 2023, Version 3, August 2024

  Overview

  Our Net Zero Commitments

  Our Targets

  Emissions Reporting

  Delivery Strategy Metrics

  Emissions Reporting Methodology

  2025 Methodology Updates

  We endeavour to improve the breadth and accuracy of our emissions reporting year-on-year through the improvement of our data capture processes and ensuring that we integrate evolving industry guidance into our overall approach on

  an annual basis.

  We have collated below any significant changes to our 2024 methodology which can be found

  throughout the relevant sections of this document:

  Conversion Factors

• All UK Government GHG conversion factors1 used refer to the figures released in 2025 by the Department for Energy Security and Net Zero.

• Conversion factors used to calculate market-based non-renewable energy use the most recently published AIB GB Residual Mixes factors2. These will be updated to use the 2025 factors once released.

• Where manufacturer specific gCO2/km data has been used to calculate petrol and diesel business travel emissions we have updated the additional real-world uplift factor as stated in the UK Government GHG Methodology paper 20253.

  Business Travel

  We introduced a new expense system during 2024 which now allows us to include all emissions associated with business travel paid for using company credit cards. This was previously excluded from reporting.

  As of October 2024, these emissions are now included in our reporting, therefore 2025 is the first year where public transport emissions will be reported in full.

  Development Activities

  In late 2025 we updated our Carbon Assessment Briefs for I&L buildings as well as infrastructure and remediation projects. Updates to our briefs cover design stage assessments, tender stage requirements and construction contract reporting. Our intention is to increase the quality and granularity of the data we receive from our suppliers in relation to our development activity. Examples of improvements to the briefs include:

• Assurance at tender stage that contractors are suitably qualified and competent to undertake emissions assessments and reporting in accordance with the RICS WLCA methodology4.

• Contractors must provide a methodology document to demonstrate alignment with RICS WLCA for the Built Environment 2nd Edition Version 35 and allow transparency of approach.

• Additional supplementary information is now required to aid our understanding of EPD usage, site activity data, and conversion factors utilised.

• Final reports must include a split into the following to allow for alignment with future industry standard and targets:

  • A1-A5 Full Site

  • A1-A5 Building Only

  • A1-A5 Renewable Energy

    These updates have had a limited impact on 2025 reporting but will ensure that from 2026 onwards we have access to richer datasets and can align with new industry standards and targets as they emerge.

    Metering

    Over the past year, we have invested significant effort in developing a metering strategy that supports both our existing portfolio and new commercial buildings. Our new metering specification will provide direct access to landlord and tenant utility data, enabling us to better understand the energy performance of our buildings and infrastructure, enhance the quality

    of our reporting and aid alignment to future industry standards and operational energy targets.

    All data is collected at half-hourly intervals and is available the next day via a centralised database. The system captures:

• Electricity consumption

• Gas consumption (where relevant)

• Water consumption

• Solar generation, consumption and export

• Split of EV and building consumption

  In late 2025, we commenced a pilot retrofit project at two sites within our Investment Portfolio. We are currently reviewing the outcomes to ensure

  a smooth and effective rollout across additional sites in the portfolio in 2026.

  Downstream Managed Assets -Tenant Electricity Data

  Since 2023 we have utilised the services of a third-party data provider to gain access to

  electricity and gas data for directly procured tenant energy supplies. Where possible we obtained consent from tenants in writing giving permission

  to access their meter level data. Where consent was not provided, we obtained aggregated data under the proviso of legitimate interest.

  In 2025 the requirements regarding tenant consent for electricity data became far more stringent and impractical for both us and our third-party data

  provider. Consequently for 2025 reporting, we do not seek access to meter level electricity data from our third-party data provider and rely solely on aggregated electricity data under the proviso of legitimate interest.

  The introduction of the new consent requirements has restricted not only the ability of Harworth to access meter level electricity data, but also our third-party data provider. As a result, the ability

  to quality check and model energy consumption patterns has been significantly restricted, especially in relation to non-half-hourly meters.

  As a response to the new requirements and subsequent restrictions we have lower confidence in the absolute accuracy of the tenant electricity data we report. Thus, we will refer to any data electricity data sourced via this method as "estimated" from hereon in.

  To mitigate any potential further risk associated with this data collection method we no longer use the third-party data provider for any electricity supplies included within our SECR Disclosure.

  Gas data remains unaffected; however, we have also opted to cease using the third-party data provider for gas supplies included within our SECR Disclosure.

  Intensity Metrics

  In 2025, we have included two new intensity metrics within our reporting methodology:

• Commercial Buildings Embodied Emissions Intensity

• Operational Energy Intensity

  More information can be found in the Intensity Metrics section of this methodology.

  Overview

  Our Net Zero Commitments

  Our Targets

  Emissions Reporting

  Delivery Strategy Metrics

  Emissions Reporting Methodology

  Our Philosophy and Reporting Principles Organisational Boundary

  Our NZC Pathway outlines the business' ethos and approach to achieving our NZC targets. This

  methodology utilises the same ethos and approach, in particular the acceptance that we cannot solve everything immediately.

  We utilise the Accounting and Reporting Principles as set out in the GHG Protocol guidance6.

  Relevance

  As we strive to increase the breadth and accuracy of our overall reporting, both materiality and relevance will play a key role in prioritising the data collection efforts of our activities.

  Data collection efforts to 2022 focused on the reporting of our Scope 1, Scope 2, and Scope 3 business travel emissions.

  In 2023 we prioritised the Scope 3 activities that have the most significant CO₂e emissions as per the GHG guidance7. We focused on the most material Upstream and Downstream Scope 3 activities in terms of overall CO₂e emissions and included them in our reporting for the first time.

  In 2024 we made efforts to improve the internal and external processes used to capture this data resulting in an increase in the overall coverage of emissions we were able to disclose in our NZC Pathway Progress Report 2024.

  In 2025 we focused on ensuring that we have

  a strategy in place to both maintain and enhance our ability to report Downstream Scope 3 emissions through the introduction of physical infrastructure and data capture.

  We also enhanced the contractual instruments with our suppliers to ensure adherence with our Upstream Scope 3 reporting requirements.

  Completeness

  As our approach to reporting improves and evolves over time, we will increase the breadth of activities included year by year based on the prioritisation as stated above. We will undertake regular materiality studies to help inform this and conducted our first spend based materiality study in 2024 of which findings were included in our 2024 NZC Pathway Progress Report.

  We continue to proactively identify gaps in our reporting and find solutions as soon as practically possible. Any gaps we do find are listed in the "Reporting Exceptions" section of this document.

  Consistency

  Where possible we will always restate the previous year's figures in line with any new methodologies applied in a particular reporting year to ensure that we are able to produce comparable GHG data over time.

  Accuracy

  An overarching principle in our approach to the reporting of our CO₂e emissions is to target the use of primary activity data and attempt to avoid secondary data wherever feasible.

  In all instances we endeavour to calculate

  our emissions through a 'data first' bottom-up approach. Where estimates are present, they are used to fill gaps in actual data and are rarely the primary approach to the reporting of a specific activity type.

  All methods used to estimate emissions are taken from the Environmental Reporting Guidelines8 which include:

• Direct Comparison

• Pro-rata Extrapolation

• Benchmarking

  The most common scenarios for estimating emissions utilising the methods above relate to instances where:

• Aggregated primary data needs to be apportioned into the correct reporting years (pro- rata).

• Partial primary data is missing for a specific activity (Direct Comparison & pro-rata Extrapolation).

  In addition to the above, in the case of our development contracts we rely on our suppliers to provide us with accurate primary data. Processes have been introduced to standardise data capture across all relevant projects and suppliers in line with the RICS WLCA guidelines. These processes were improved significantly in 2025. Please see the "Scope 3: Upstream GHG Emissions -Developments" section for more information.

  Transparency

  Where we are unable to report emissions to our required standard they will not be included until we are able to source satisfactory data. All material exceptions will be clearly listed in this report.

  All emissions factors used throughout our reporting will be clearly listed in the relevant section of

  this document.

  We have appointed external consultants to provide independent verification of our approach and methodology.

  We have opted to report in line with the Operational Control approach as set out in the GHG Protocol: A Corporate Accounting and Reporting Standard9. As such all emissions referred to in this document and our broader reporting refer to Harworth Group Plc and its subsidiaries. We endeavour to report all emissions where we have control over the operations including instances where the subsidiary is not 100% owned by Harworth Group Plc.

  Our Organisational Boundary is aligned with our Investment Boundary as set out in our NZC Pathway - April 202310 and as such includes all of Harworth's activities in the following structures unless specifically stated otherwise:

  Part Holdings:

• Our managed assets where Harworth has Operational Control and is a joint asset owner.

  Direct Holdings:

• Our directly controlled managed assets.

• All our held managed assets.

• All our development assets.

• All assets leased by Harworth.

  Management Companies:

• Our operations under the remit of management companies.

  For a full list of all Harworth Group Plc subsidiaries and joint ventures please see the Investment section of the Financial Statements within our Annual Report.

  Overview

  Our Net Zero Commitments

  Our Targets

  Emissions Reporting

  Delivery Strategy Metrics

  Emissions Reporting Methodology

  Operational Boundary

  We define our Operational Boundary as the emissions resulting from activities undertaken on

  CATEGORY STATUS INCLUSION WITHIN OPERATIONAL BOUNDARY

  behalf of Harworth by our employees, contractors, suppliers, and customers.

  Consequently, we are continuing to increase the breadth and depth of our reported activities to fully understand and account for the impact of our operations.

  The Scope 1, Scope 2 and Scope 3 activities included within our 2025 Operational Boundary are listed below and set out to align with the relevant GHG protocols11 and specific Scope 3 corporate value chain guidance12.

  Scope 1: Direct GHG Emissions

• Fuel combustion on our sites.

• Natural gas used in buildings.

• Company leased vehicles.

  Scope 2: Electricity Indirect GHG Emissions (Location-Based and Market-Based)

  1. Purchased Goods & Services

     Upstream GHG

     Emissions

  2. Capital Goods

  3. Fuel & Energy Related Activities Not Included in Scope 1 or Scope 2

  4. Upstream Transportation & Distribution

  5. Waste Generated in Operations

  6. Business Travel

  7. Employee Commuting Homeworking

  8. Upstream Leased Assets

     Included We report emissions associated with the majority of our construction contracts. We also report all water use by Harworth directly. Consultancy services and purchased goods such as office equipment are not currently included.

     Included Capital goods created via construction contracts are reported within the Purchased Goods and Services category.

     Other capital goods are currently not reported as they are likely to be immaterial.

     Included All Well-to-tank and Transmission & Distribution losses are included in our reporting. We apply these to all relevant activities including the use of electricity, fuel, and business travel.

     Included These emissions are included within our Purchased Goods & Services reporting. Categorised as A4 in the RICS WLCA Guidance.

     Included We include waste where data is available. This includes our head office and some landlord-controlled areas of leased assets. Waste from our development projects is included in Category 1: Purchased Goods and Services. Waste from our smaller offices and some other sites is not currently reported due to a lack of available data. We also report the water treatment emissions in the Purchased Goods and Services section.

     Included All business travel in personal vehicles is included, without exception. Public transport where records are taken from expenses has been included since 2023. Public transport paid for using company credit cards is included from October 2024 onwards.

     Excluded Currently no mechanism to report accurately.

     Included Homeworking is included and calculated at a top-down company level for all employees.

     Included We include this within our boundary, but the relevant assets are already reported within Scope 1 and Scope 2. Water consumption and treatment are included in Purchased Goods and Services and Waste Generated in Operations respectively, therefore there is currently nothing to report within this category.

• Our offices (including site cabins & EV chargers)

• Landlord-controlled areas of leased assets.

• Infrastructure such as street lighting and pumping stations.

  1. Downstream Transportation & Distribution

  2. Processing of Sold Products

     Not Applicable

     Not Applicable

     As set out in the updated Master Developer Emissions Flowchart section of this document this category is beyond the boundary for our proposed emissions reporting.

     As set out in the updated Master Developer Emissions Flowchart section of this document this category is beyond the boundary for our proposed emissions reporting.

• Vacant units.

• Company leased electric vehicles.

• Efficiency losses inherent within the infrastructure

of the site, between the substation and the end user.

Scope 3: Upstream & Downstream

Downstream GHG

Emissions

1. Use of Sold Products

2. End-of-Life Treatment of Sold Products

3. Downstream Leased Assets

   Excluded As set out in the updated Master Developer Emissions Flowchart section of this document this category is beyond the boundary for our proposed emissions reporting.

   Excluded As set out in the updated Master Developer Emissions Flowchart section of this document this category is beyond the boundary for our proposed emissions reporting.

   Included We report all electricity and natural gas consumption.

   We do not currently report on the import or export of energy to the grid from our energy producing tenants (wind farms,

   AD facilities etc.) due to a lack of industry guidance regarding the reporting of these emissions and difficulties in accessing data.

   GHG Emissions

   The table below lists the 15 Upstream and Downstream Scope 3 Categories and their level of inclusion within our Operational Boundary for 2025. More information regarding each of these categories can be found in the relevant sections

   Exceptions

4. Franchises Not Applicable

5. Investments Not Applicable

   Nothing to report.

   Nothing to report. All projects where we have provided investment are reported elsewhere within the other 14 scope 3 categories.

   of this report.

   In some cases there are activities we intend to report on within our operational boundary but lack the access to data required. These are minimal in nature and listed in the Reporting Exceptions section of this report.

   Overview

   Our Net Zero Commitments

   Our Targets

   Emissions Reporting

   Delivery Strategy Metrics

   Emissions Reporting Methodology

   Methodology for Reporting Emissions Within Our Operational Boundary

   Scope 1: Direct GHG Emissions

   The following provides detail for the activities we disclose in our reporting in 2025. We state for each activity the following information:

   • Activity - The nature of the activity within our operations.

   • Conversion Factors - The factors we use and their source.

   • Data Sources - How we sourced our data and whether it is primary or secondary.

   (Note: All emissions factors throughout this section are stated to three decimal places but applied in full in emissions calculations)

   LIQUID FUEL COMBUSTION

   Activity

   We report liquid fuel combustion within our direct GHG emissions where machinery is leased and operated directly by Harworth on our sites.

   Conversion Factors

   All reporting uses UK Government GHG conversion factors13.

   The conversion factors used in 2025 are:

   Fuel Unit kg CO2e

   Petrol (average biofuel blend) Litres 2.069

   Biodiesel HVO Litres 0.036

   Data Sources

   • Site Records: Litres of HVO are recorded on site by the ongoing measurement of a fuel tank.

   • Fuel Cards: We receive monthly invoice data from our fuel card provider which details the amount in litres of petrol purchased during each transaction.

   NATURAL GAS

   Activity

   Direct natural gas consumption relates to usage at:

   • Harworth occupied offices

   • Vacant units

   • Landlord controlled leased assets

     Conversion Factors

     All reporting uses UK Government GHG conversion factors14.

     The conversion factors used in 2025 are:

     Fuel Unit kg CO2e

     Natural gas kWh (Gross CV) 0.183

     Data Sources

   • Invoices - in some instances data is sourced directly from invoices provided to us by our energy suppliers. Invoices are sourced via our own finance system, directly from energy supplier portals or via our managing agents.

     Where invoices are reissued with updated consumption figures we ensure that the emissions we report are restated. In instances where invoices are missing, we calculate estimated consumption using pro rata extrapolation or direct comparison of primary data.

   • Recharges - where usage is submetered between Harworth and our tenants we source recharge data directly from our managing agents. Recharges are calculated by the managing agent using direct consumption figures from the invoice and then split using submeter readings taken on site or read remotely. In some instances where recharge data is incomplete, we calculate estimated consumption using pro rata extrapolation or direct comparison of primary data.

   • Leased Offices - Where we lease offices and pay for utilities via a service charge, we gather data from our landlord and ensure that we account for our proportion of the building's natural gas usage.

     Note: The data we receive from our energy suppliers can sometimes be based on estimates rather than actual meter readings resulting in inaccurate energy consumption data.

     We endeavour to restate inaccurate consumption readings as soon as actual data is made available.

     LEASED VEHICLES

     Activity

     We lease a single diesel van which is used exclusively for business travel.

     Conversion Factors

     All reporting uses UK Government GHG conversion factors15.

     The conversion factors used in 2025 are:

     Fuel	Unit	kg CO2e
     Diesel (average biofuel blend)	litres	2.571

     Data Sources

     Data for fuel used for business travel in Harworth leased vehicles is taken from fuel card invoice data monthly.

     Overview

     Our Net Zero Commitments

     Our Targets

     Emissions Reporting

     Delivery Strategy Metrics

     Emissions Reporting Methodology

     Methodology for Reporting Emissions Within Our Operational Boundary

     Scope 2: Electricity - Indirect GHG Emissions

     LOCATION-BASED REPORTING

     Activity

     We report all electricity consumption as Scope 2 and within our operational boundary where consumption relates to:

   • Harworth occupied offices and site cabins (including EV chargers)

   • Vacant units

   • Landlord-controlled areas of leased assets.

   • Other Harworth assets and infrastructure such as pumping stations and street lighting.

   • Electric vehicles leased directly by Harworth.

   • Efficiency losses of electricity procured by Harworth inherent within the infrastructure of the site, between the substation and the end user.

     Conversion Factors

     All reporting uses UK Government GHG conversion factors16.

     The conversion factors used in 2025 are:

     Activity Unit kg CO2e

     UK Electricity	kWh	0.177
     Battery Electric Vehicle -Average Car	Miles	0.065

     Data Sources

   • Invoices - in some instances data is sourced directly from invoices provided to us by our energy suppliers. Invoices are sourced via our own finance system, directly from energy supplier portals or via our managing agents.

     Where invoices are reissued with updated consumption figures we ensure that the emissions we report are restated. In instances where invoices are missing, we will calculate estimated consumption using pro rata extrapolation or direct comparison of primary data.

   • Supplier Portals - where available we extract half hourly data directly from our energy suppliers' online portals. If this data is not available, we utilise invoices.

   • Service Charges - where our managing agents pay invoices on our behalf they provide us with access to consumption data via an online portal.

   • Recharges - where usage is submetered between Harworth and our tenants we take recharge data directly from our managing agents. Recharges are calculated by the managing agent using direct consumption figures from the invoice and then split using submeter readings taken on site or read remotely. In some instances where recharge data is incomplete, we calculate estimated consumption using pro rata extrapolation or direct comparison of primary data.

     In some instances, we are recharged for our electricity consumption in the offices we lease. This data is provided in the form of a recharge statement by our landlords.

   • Vehicle Odometer Readings - Staff members take regular odometer mileage readings from their leased electric vehicles. Dates of readings are also taken.

     Note: The data we receive from our energy suppliers can sometimes be based on estimates rather than actual meter readings resulting in incorrect energy consumption data.

     We endeavour to restate incorrect consumption readings as soon as actual data is made available.

     MARKET-BASED REPORTING

     Activity

     For a range of our electricity supplies we purchase renewable energy backed by REGOs, consequently we opt to dual report our electricity consumption using a Market-Based approach as set out in both the Environmental Reporting Guidelines 201917 and GHG Protocol Scope 2 Guidance18.

     Our Operational Boundary for Market-Based reporting is identical to our Operational Boundary for Location-Based Reporting as stated in the previous section.

     We only report our Market-Based emissions for our Scope 2 electricity use and do not report using this methodology for Scope 3 emissions.

     Scope 2 electricity related to electric vehicles leased by Harworth is treated as non-renewable as we cannot be entirely certain of the provenance of the electricity used to charge the vehicles.

     Conversion Factors

     Where we procure renewable energy backed by REGOs we report zero emissions against our Market-Based reporting figure.

     For the supplies which consume non-renewable energy, we use the AIB GB Residual Mixes factor 202419 which provides a conversion factor of 0.42076 for the UK grid when all renewable energy is removed. We will update our reporting to use the AIB GB Residual Mixes factor 2025 when it is next published.

     Tariff Type	Unit	kg CO2e
     Renewable REGO	kWh	0.000
     All Other	kWh	0.42076

     This ensures the renewable electricity sold within REGOs is not double counted with "regular" electricity from the grid.

     Data Sources

     Data sources for Market-Based reporting are identical to the data sources used for Location-Based Reporting as stated in the previous section.

     RENEWABLE ELECTRICITY GENERATION

     Activity

     Where Harworth owns, operates, and controls renewable electricity generation at our sites, we report an emissions reduction in our reported net CO₂e figure for any renewable electricity that we have generated and exported to the National Grid.

     This emissions reduction is reported exclusively in the Emissions Data Tables - 2025 section of this document and is not included in our SECR disclosure where we report the figure in terms

     of kWh only.

     Conversion Factors

     All instances of reporting use UK Government GHG conversion factors20.

     Fuel Unit kg CO2e

     UK Electricity kWh 0.177

     Data Sources

     All data associated with renewable energy generation is primary half hourly data sourced via online portals hosted by our meter providers.

     Overview

     Our Net Zero Commitments

     Our Targets

     Emissions Reporting

     Delivery Strategy Metrics

     Emissions Reporting Methodology

     Methodology for Reporting Emissions Within Our Operational Boundary

     Scope 3: Upstream GHG Emissions - Developments

     The following section provides a broad overview of our approach to reporting our CO₂e emissions that relate to the upstream emissions borne out of our development activity.

     DEVELOPMENT ACTIVITIES

     Our development activities vary significantly in both size and variety, consequently the monitoring of emissions related to these activities is complex. We are therefore taking a phased approach to implementation of reporting for each of the Activities as set out in the Master Developer Emissions Flowchart section of this document.

     2025 Inclusions:

     2025 is the third year we have reported our upstream emissions resulting from our development operations. We successfully implemented a carbon reporting protocol with our suppliers for the first time in 2023 allowing us to report on the projects with the highest overall emissions impact. Following on from this success we expanded our reporting in 2024 to include projects related to Amenity & Green Infrastructure Provision.

     In line with our most recent Master Developer Emissions Flowchart the development projects included in 2025 reporting are:

   • Land Remediation & Demolition

   • Phased Infrastructure Provision

   • Amenity & Green Infrastructure Provision

   • Building Delivery

     In total these represent 39 individual construction projects that are included in our reporting for 2025, an increase from 34 in 2024. Much of this increase is due to an increase in overall development activity in 2025.

     2025 Exceptions:

     We have yet to include smaller projects with lower emissions in our reporting. We will continue to review their inclusion as we develop our methodology and reporting processes. These are:

   • Site Operations, Design & Maintenance

     REPORTING FRAMEWORK

     For the reporting of CO₂e upstream emissions associated with our development projects we were previously using the framework as set out in RICS WLCA for the Built Environment 1st Edition, November 201721 .

     During 2024 this framework was updated to the RICS WLCA for the Built Environment 2nd Edition, Version 3, August 202422 and came into effect on 1 July 2024.

     In order to implement the new guidance

     in a consistent manner and prevent distinct development project reporting from aligning to both standards simultaneously, we instructed our suppliers to align with the new standard where projects commenced on or after 1 July 2024 -

     as per the date the new guidance came into effect.

     Projects that commenced prior to 1 July 2024 have continued to align to the previous standard up until completion of the project.

     We arranged for all suppliers to provide regular tCO₂e data in line with the RICS WLCA

     framework23. Suppliers are contracted to provide the following information for each project type:

     Project Type Life Cycle Stages Land Remediation & Demolition A1-A5 and C1-C4 Phased Infrastructure Provision A1-A5 and C1-C4*

     Amenity & Green Infrastructure A1-A5 Provision

     *Normally Life Cycle Stage emissions associated with Phased Infrastructure Provision projects would be limited to A1-A5, however we have found that during an infrastructure construction contract it is possible that minor works associated with remediation and demolition can occur. In order to ensure that these emissions are captured we have expanded our data capture reporting template to include C1-C4 emissions.

     We report all emissions associated with the activities above within the Scope 3 category 'Purchases Goods and Services' per the Corporate Value Chain guidance24:

     Conversion Factors

     All emissions data associated with our developments is provided by our third-party contractors and suppliers, consequently we do

     not directly use conversion factors as the emissions data we receive is pre-calculated.

     Data Sources

     We have arranged with our contractors and suppliers to provide us with CO₂e data on an ongoing basis in relation to the development activities as set out above. All suppliers have been instructed to align their reporting with the RICS WLCA guidance to create consistency across our reporting. We also provide supplementary guidance to all suppliers and regularly undertake 'onboarding' meetings to ensure suppliers can follow the RICS WLCA guidance.

     In late 2025 we updated our Carbon Assessment Briefs for I&L buildings as well as infrastructure and remediation projects. Updates to our briefs cover design stage assessments, tender stage

     requirements and construction contract reporting. Our intention is to increase the quality and granularity of the data we receive from our suppliers in relation to our development activity. Examples of improvements to the briefs include:

   • Assurance at tender stage that contractors are suitably qualified and competent to undertake emissions assessments and reporting in accordance with the RICS WLCA methodology25.

   • Contractors must provide a methodology document to demonstrate alignment with RICS WLCA for the Built Environment 2nd Edition Version 326 and allow transparency of approach.

   • Additional supplementary information is now required to aid our understanding of EPD usage, site activity data, and conversion factors utilised.

   • Final reports must be split into the following to allow for alignment with future industry standards and targets:

     • A1-A5 Full Site

     • A1-A5 Building Only

     • A1-A5 Renewable Energy

       These updates have had a limited impact on 2025 reporting but will ensure that from 2026 onwards we have access to richer datasets and can align with new industry standards and targets as they emerge.

       For many of our projects, the provision of CO₂e data by our suppliers runs in parallel with monthly valuations, whereby the volumes of materials incorporated into the project are also evaluated and "translated" into carbon emissions. This allows us to assess long-term projects based on their progress at a given point in time, therefore enabling us to report in line with our financial year.

       Building Delivery A1-A5

       Overview

       Our Net Zero Commitments

       Our Targets

       Emissions Reporting

       Delivery Strategy Metrics

       Emissions Reporting Methodology

       Methodology for Reporting Emissions Within Our Operational Boundary

       Scope 3: Other Upstream GHG Emissions

       PURCHASED GOODS & SERVICES

       Activity

       We report all CO₂e related to the water supply on our sites where Harworth is the bill payer or where we pay for water via a service charge. This includes:

   • Harworth occupied offices and site cabins

   • Landlord-controlled areas of leased assets

   • Other untenanted sites

     We do not report the water used by our tenants where they procure their own direct supplies.

     Conversion Factors

     All reporting uses UK Government GHG conversion factors 202527 .

   • Recharges - Where a water supply is shared between Harworth and our tenants we use invoices or supplier portal data to ascertain the total supply consumption and apply sub meter readings taken from site to apportion consumption correctly.

     Where dates provided on invoices and the dates of meter readings do not perfectly align, we ensure 'best fit' on a monthly basis and account for any misalignment at the end of each financial year using a pro rata calculation to ensure all consumption sits within the correct reporting year.

     FUEL & ENERGY RELATED ACTIVITIES NOT INCLUDED IN SCOPE 1 OR 2

     			We report the upstream CO₂e emissions associated	WTT - Fuels	Natural gas	kWh (Gross CV)	0.030
     Activity	Unit	kg CO2e	with the extraction, production, and transportation		Diesel (average biofuel blend)	Litres	0.611

     Activity

   • Well-to-tank - Fuels

   • Well-to-tank - Bioenergy

   • Transmission & Distribution Losses - UK Electricity

   • Transmission & Distribution Losses - UK Electricity for EVs

   • Well-to-tank - UK Electricity

   • Well-to-tank - Business Travel - Land

     Conversion Factors

     Factor Type Activity Unit kg CO2e

     Water Supply Cubic Metres 0.191

     Data Sources

   • Invoices - In almost all instances water supply data is sourced directly from invoices we receive from our water supplier.

   • Supplier Portals - where available we extract data directly from our water suppliers' online portals. If this data is not available, we utilise invoices.

   • Service Charges - where our managing agents pay invoices on our behalf they provide us with access to consumption data via an online portal.

   • Leased Offices - Where we lease offices and pay for utilities via a service charge we gather data from our landlord and ensure we account for our proportion of the building's water usage.

     of the fuels and energy we purchase or use as part of our operational activities. The upstream emissions associated with these activities are known as:

   • Transmission & Distribution Losses - The energy loss that occurs in transferring the electricity from the power plant to the organisations that purchase it.

   • Well-to-tank - The upstream Scope 3 emissions associated with extraction, refining and transportation of the raw fuel sources to an organisation's site (or asset), prior to combustion.

     We report Transmission & Distribution Losses and Well-to-tank emissions associated with the

     following activities per the guidance set out in the UK Government GHG conversion factors 202528. This guidance is also the source of all conversion factors used.

     	Petrol (average biofuel blend)	Litres	0.581
     WTT - Bioenergy	Biodiesel HVO	Litres	0.564
     T&D - UK Electricity T&D - UK Electricity EVS	UK Electricity Battery Electric - Average Car	kWh km	0.019 0.004
     WTT - UK Electricity	UK Electricity (generation)	kWh	0.046
     	UK Electricity (T&D)	kWh	0.004

     WTT - Business Travel - Land Hybrid - Small Car km 0.030

     Hybrid - Medium Car km 0.030

     Hybrid - Large Car km 0.040

     Battery Electric - Average Car km 0.010

     Diesel - Average Car km 0.041

     Petrol - Average Car km 0.046

     Data Sources

     Please refer to the relevant sections of this document to understand the data sources for the activities that have had WTT and T&D factors applied to them.

     Overview

     Our Net Zero Commitments

     Our Targets

     Emissions Reporting

     Delivery Strategy Metrics

     Emissions Reporting Methodology

     Methodology for Reporting Emissions Within Our Operational Boundary

     Scope 3: Other Upstream GHG Emissions continued

     WASTE GENERATED IN OPERATIONS

     Activity

     Where we have data available, we report the waste from the landlord-controlled areas of some of our leased assets and our head office. Waste reporting is based on:

   • Material: Dry Mixed Recyclables, Mixed Municipal Waste, Organic Food Waste

   • Disposal Method: Recycled, Refuse Derived Fuel, Anaerobic Digestion

   • Weight in kg

     We also report water treatment associated with the water supply on our sites per the parameters set out in the Purchased Goods and Services section of this document.

     Conversion Factors

     For the reporting of waste all conversion factors below are taken from the UK Government GHG Conversion Factors 2025 - Waste Disposal29 tab.

     Material types from our data sources and the conversion factors used do not always exactly match. When this happens, we use the most appropriate factor available based on 'best fit'.

     Material Activity Unit kg CO2e

     For the reporting of water treatment all conversion factors below are taken from the UK Government GHG Conversion Factors 2025 -Water Treatment30 tab.

     Activity Unit kg CO2e

     Water Treatment Cubic Metres 0.171

     Data Sources

     Water treatment data is based on the water supply dataset where we assume all water supplied to our sites is treated.

     The exception to this is a single site where we procure water treatment services only. In this instance, data is sourced via invoices from our water treatment supplier.

     All waste data is sourced via invoices we receive from our real estate managing agents.

     Each invoice includes the material type, weight, and disposal method.

     The above waste data does not include all our sites and tenants. We do not report instances where tenants procure their own waste disposal services.

     BUSINESS TRAVEL

     Activity

     Business Travel included in our Scope 3 emissions covers:

   • Personal Vehicle Use

     • Petrol & Diesel Vehicles

     • Hybrid Vehicles

     • Electric Vehicles

   • Public Transport

     • Regular Taxi

     • Black Cab

     • Local Bus (not London)

     • Coach

     • National Rail

     • Light Rail & Tram

     • London Underground

       No other methods of business travel (such as flights) are currently applicable. Where new methods of transport are utilised we will include these in our reporting.

       Conversion Factors

       Personal Vehicles

       Where business travel has been recorded in terms of distance travelled, we use a variety of emissions factors depending on the vehicle type and

       The engine size of hybrid vehicles is taken from Table 15 of the UK Government GHG Methodology paper 202534 where petrol hybrid engines are aligned with petrol engine sizes and diesel hybrid engines are aligned with diesel engine sizes.

       Electric Vehicles

       In all instances we use the Average UK Car conversion factor for battery electric vehicles taken from the UK Government GHG Conversion Factors 202535

       Vehicle Type	Conversion Factor	Unit	kg CO2e
       Petrol & Diesel	Manufacturer Specific	km	Various
       Petrol & Diesel	Real World Uplift		+22.99%
       Hybrid	Small Car	km	0.114
       Hybrid	Medium Car	km	0.117
       Hybrid	Large Car	km	0.157
       Battery Electric	Average Car	km	0.040

       Public Transport

       In all instances we use the km distance factors depending on the specific public transport method used taken from the UK Government GHG Conversion Factors 202536.

       Activity Type Unit kg CO2e

       Plastics: average plastics

       Commercial and industrial waste

       Open-loop Recycling

       Incineration with energy

       Tonnes 4.686

       Tonnes 4.686

       Where our employees undertake business travel on

       behalf of Harworth, we report this in our Scope 3 emissions. This does not include travel using Harworth leased vehicles which is reported within

       information available.

       Petrol & Diesel Vehicles:

       We use the manufacturer's specific gCO2/km data31

       Taxi Regular taxi km 0.208

       Taxi Black cab km 0.306

       Bus Average local bus passenger.km 0.104

       recovery

       our Scope 1 and Scope 2 emissions.

       and apply the most recently published real-world

       Bus Coach passenger.km 0.028

       Organic: food an drink waste	d Anaerobic Tonnes 8.983 digestion	uplift factor as recommended in the UK Government GHG Methodology paper 202532. We	Rail	National rail	passenger.km	0.035
       		also restate previous years' figures per the updated	Rail	Light rail and tram	passenger.km	0.029
       		annual uplifts published in the most recent paper.	Rail	London Underground	passenger.km	0.028
       		Hybrid Vehicles In all instances we use the engine size to determine the small, medium, or large conversion factor for Hybrid vehicles from the UK Government GHG Conversion Factors 202533.

       Overview

       Our Net Zero Commitments

       Our Targets

       Emissions Reporting

       Delivery Strategy Metrics

       Emissions Reporting Methodology

       Methodology for Reporting Emissions Within Our Operational Boundary

       Scope 3: Other Upstream GHG Emissions continued

       Data Sources

       All our business travel data is captured via our expenses system.

       All travel related expenses are based on miles which are converted into km to be used with the conversion factors listed above. It is mandatory that all journeys include a departure and destination postcode to calculate road distance.

       Vehicle registrations are captured to allow us to ascertain the vehicle manufacturers gCO2/km via the Government vehicle tax website37.

       As of October 2024 all public transport purchased via company credit cards is now incorporated into our expense data and follows the same process as outlined above.

       HOMEWORKING

       Activity

       As Harworth has a policy of hybrid working, we include Homeworking within our Scope 3 reporting.

       Conversion Factors

       All reporting uses Homeworking conversion factors from the UK Government GHG conversion factors 202538.

       Fuel Unit kg CO2e

       The actual total company working hours are exported from our HR system accounting for all types of absence including:

   • Compassionate leave

   • Holiday

   • Illness

   • Maternity

   • Paternity

   • Study leave

   • Authorised absence

   • Unpaid leave

   • Volunteering

     Once absence is accounted for the remaining hours have a 40% homeworking rate applied. We use the resulting figure in our reporting.

     Homeworking (office equipment + heating)

     Data Sources

     per FTE Working Hour

     0.334

     As we do not track employees' whereabouts directly, we use a combination of actual HR data and an assumed 40% homeworking rate to calculate our overall FTE Working Hours.

     Overview

     Our Net Zero Commitments

     Our Targets

     Emissions Reporting

     Delivery Strategy Metrics

     Emissions Reporting Methodology

     Methodology for Reporting Emissions Within Our Operational Boundary

     Scope 3: Downstream GHG Emissions - Managed Assets

     Outside of Scopes

     Activity

     We report the consumption of natural gas and electricity by our tenants where:

   • Tenants procure and pay for their own natural gas and electricity supplies.

   • Tenants are submetered and recharged for their energy use.

     Conversion Factors

     All conversion factors used to report on tenant energy consumption and generation are taken from the UK Government GHG Conversion Factors for Company Reporting 2025.

     Fuel	Unit	kg CO2e
     Natural gas	kWh (Gross CV)	0.183
     UK Electricity	kWh	0.177

     Data Sources

     Third Party Data Provider - where tenants procure their own energy directly from the energy supplier we utilise a third-party data provider and export consumption data from a secure portal.

   • Natural gas - data is sourced at meter level by our third-party data provider, however we can only gain access to meter level data when tenant consent is obtained in writing. Where this is the case gas data is collected at meter level, otherwise we utilise the provision of legitimate interest to acquire aggregated data.

   • Electricity - Since 2023 we have utilised the services of a third-party data provider to gain access to electricity data for directly procured tenant energy supplies. Where possible we obtained consent from tenants in writing giving permission to access their meter level data. Where consent was not provided, we obtained aggregated data under the proviso of legitimate interest.

     In 2025 the requirements regarding tenant consent for electricity data became far more stringent and impractical for both us and our third-party data provider. Consequently, we no longer seek to access meter level electricity data from our third-party data provider and rely solely on aggregated electricity data under the provision of legitimate interest.

     The introduction of the new consent requirements have restricted not only the ability of Harworth to access meter level electricity data, but also our third-party data provider.

     Consequently, the ability to quality check and model energy consumption patterns has been significantly restricted, especially in relation to non-half-hourly meters.

     As a response to the new requirements and subsequent restrictions we have lower confidence in the absolute accuracy of the tenant electricity data we report. Thus, we will refer to any data electricity data sourced via this method as "estimated" from hereon in.

     Recharges - where usage is submetered between Harworth and our tenants we take recharge data direct from our managing agents. Recharges are calculated by the managing agent using direct consumption figures from the invoice and then split using submeter readings taken on site or

     read remotely. In some instances where recharge data is incomplete, we will calculate estimated consumption using pro rata extrapolation or direct comparison of primary data.

     Note: The data we receive from our energy suppliers can sometimes be based on estimates rather than actual meter readings resulting in incomplete energy consumption data. We endeavour to restate incomplete consumption readings as soon as actual data is made available.

     Activity

     We include biogenic emissions reporting to account for the direct carbon dioxide impact of burning biomass and biofuels. Below is a list of activities we report on that include biogenic emissions:

   • Forecourt fuels containing biofuel

   • Biodiesel HVO

   • UK Electricity - generated

     These are reported 'Outside of Scopes' and are not included in our overall emissions totals per the UK Gov GHG Guidance40.

     Conversion Factors

     All conversion factors are sourced from the UK Government GHG Conversion Factors 2025.

     Factor Unit kg CO2e

     Diesel (average biofuel blend) litres 0.140

     Petrol (average biofuel blend) litres 0.130

     Biodiesel HVO litres 2.430

     Electricity Generated kWh 0.115

     Data Sources

     Please refer to the relevant sections of this document to understand the data sources for the activities listed above.

     Overview

     Our Net Zero Commitments

     Our Targets

     Emissions Reporting

     Delivery Strategy Metrics

     Emissions Reporting Methodology

     Reporting Exceptions

     As set out at the start of this document,

     our philosophy and reporting principles state that we report to a high standard of relevance, completeness, consistency, accuracy,

     and transparency.

     In some instances, the data we have available for

     a specific activity within a category we have stated as being part of our Operational Boundary fails to hit the threshold of quality required to adhere with our principles above and/or has been deemed immaterial in terms of its overall impact on our reported CO₂e.

     In these instances, we have opted not to report the emissions of the associated activity but continue to undertake materiality assessments and review our data capture methods to expand on our reported emissions for future reports.

     In line with our pledge to be transparent in our emissions reporting we have listed the exceptions below:

     Scope 1: Direct GHG Emissions

   • Refrigerant losses from the use of air conditioning in our owned and leased offices. We have historically lacked the data to report this accurately, however we will look to review our ability to include this in next year's reporting.

     We currently estimate emissions related to our owned and leased offices to be 1.4tCO2e and therefore immaterial.

     Scope 2: Electricity Indirect GHG Emissions

   • Our small London satellite office is not included due to a lack of data provision by our landlord.

   • To avoid the double-counting of emissions we do not include the activity/emissions resulting from the use of one of our leased plug-in electric vehicles that is charged and kept at our head office as this energy is already reported as part

     of the building's overall use.

     Scope 3: Upstream GHG Emissions -Developments

   • Site Operations, Design & Maintenance -All Projects

     Scope 3: Other Upstream GHG Emissions

   • Purchased Goods & Services

     • Professional services such as consultancy, legal or financial.

     • Services related to our offices such as catering, maintenance and cleaning.

     • Other products and materials such as office supplies & safety equipment.

   • Waste Generated in Operations

     • In offices where we are tenants and do not procure waste services directly.

     • Waste services not related to tenanted sites

   • Business Travel

     • We are unable to report a small number of public transport journeys due to data quality issues with the start and end destination postcodes. These journeys account for 128 out of 2,761 in total (approximately 4%).

   • Land Use & Maintenance

     • We do not report activities associated with the maintenance and upkeep of 'non-building' based sites such as country parks, children's recreational areas and woodland planting schemes. Exclusions relate to activities such

       as ground maintenance, landscaping, litter picking, fence repair and other minor works.

       We are currently unable to gather this data from suppliers in an efficient way and have no means of assuring the accuracy and

       consistency of the data. We are exploring this area further and included it in our materiality study conducted in 2024.

   • Building Use and Maintenance

     • Similar to the above we do not report activities associated with the maintenance and upkeep of our buildings. These include activities such as cleaning, minor repairs, gardening and security services.

       We are currently unable to gather this data from suppliers in an efficient way and have no means of assuring the accuracy and consistency of the data.

       We are exploring this area further and included it in our materiality study conducted in 2024.

       Scope 3: Downstream GHG Emissions

   • Downstream Leased Assets - Energy Infrastructure

     • We have found the reporting of emissions associated with our energy producing tenants particularly complex due to difficulty in accessing data and a lack of industry guidance regarding best practice. As a result, we have not included the import or export of energy by our energy producing tenants such as wind farms, anaerobic digestion plants or coal mine methane operations, in 2025.

   • Downstream Leased Assets - Building Use and Maintenance

     • Due to the new restrictions regarding tenant consent we are currently limited to extracting tenant electricity data monthly. In instances where bill payer responsibility changes

mid-month we report tenant consumption until the end of the month under Scope 3 Downstream Leased Assets. This can occur when we dispose of an asset, or when a new lease commences or ceases.

Where Harworth is the billpayer we always report the full period of consumption under Scope 2: Electricity - Indirect GHG Emissions from the date the supply moved into Harworth's name. Consequently, In some instances we knowingly over report some periods of electricity consumption therefore overinflating our reported CO₂e figures.