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Metro : 2025 Limited Assurance Report
Metro : 2025 Limited Assurance
About this update from Metro Inc.
Independent practitioner's assurance report To the Management of METRO Inc. Scope We have been engaged by METRO Inc. ("METRO") to perform a 'limited assurance engagement', as defined by Canadian Standards on Assurance Engagements, hereafter referred to as the engagement, to report on METRO's Scope 1 and Scope 2 Greenhouse Gas ("GHG") emissions (the "Subject Matter"), for the period from July 1, 2024 to June 30, 2025 contained in METRO's 2025 Corporate Responsibility Report, METRO's GHG Emissions Infosheet Update December 2025 and METRO's Methodology for Reporting GHG Emissions Update December 2025 (collectively, the "Reports"). Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did not perform assurance procedures on the remaining information included in the Reports, and accordingly, we do not express a conclusion on this information. Criteria applied by METRO In preparing the Subject Matter, METRO applied the applicable guidance contained within the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard and Scope 2 Guidance ("GHG Protocol" or the "Criteria"). METRO's responsibilities METRO's management is responsible for selecting the Criteria, and for presenting the Subject Matter in accordance with that Criteria, in all material respects. This responsibility includes establishing and maintaining internal controls, maintaining adequate records and making estimates that are relevant to the preparation of the subject matter, such that it is free from material misstatement, whether due to fraud or error. EY's responsibilities Our responsibility is to express a conclusion on the presentation of the Subject Matter based on the evidence we have obtained. We conducted our engagement in accordance with the Canadian Standard on Assurance Engagements ("CSAE"), Attestation Engagements Other than Audits or Reviews of Historical Financial Information ("CSAE 3000") and CSAE, Assurance Engagements on Creenhouse Cas Statements ("CSAE 3410"). These standards require that we plan and perform our engagement to obtain limited assurance about whether, in all material respects, the Subject Matter is presented in accordance with the Criteria, and to issue a report. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risk of material misstatement, whether due to fraud or error. We believe that the evidence obtained is sufficient and appropriate to provide a basis for our limited assurance conclusions. Our Independence and Ouality Management We have complied with the relevant rules of professional conduct / code of ethics applicable to the practice of public accounting and related to assurance engagements, issued by various professional accounting bodies, which are founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. Our firm applies Canadian Standard on Ouality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financlal Statements, or Other Assurance or Related Services Engagements, which requires us to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Description of procedures performed Procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Our procedures were designed to obtain a limited level of assurance on which to base our conclusion and do not provide all the evidence that would be required to provide a reasonable level of assurance. Although we considered the effectiveness of management's internal controls when determining the nature and extent of our procedures, our assurance engagement was not designed to provide assurance on internal controls. Our procedures did not include testing controls or performing procedures relating to checking aggregation or calculation of data within IT systems. A limited assurance engagement consists of making enquiries, primarily of persons responsible for preparing the Subject Matter and related information, and applying analytical and other appropriate procedures. Our procedures included: Conducting interviews with personnel to understand the process for collecting, collating and reporting the Subject Matter; Undertaking analytical procedures, making inquiries with relevant personnel to obtain explanations for outliers identified, comparing data to underlying source information on a limited sample basis, and reperforming select calculations; and Checking presentation and disclosure of the Subject Matter in the Report. We also performed such other procedures as we considered necessary in the circumstances. Inherent limitations The GHG emission quantification process is subject to scientific uncertainty, which arises because of incomplete scientific knowledge about the measurement of GHGs. Additionally, GHG procedures are subject to estimation (or measurement) uncertainty resulting from the measurement and calculation processes used to quantify emissions within the bounds of existing scientific knowledge. Conclusion Based on our procedures and the evidence obtained, nothing has come to our attention that causes us to believe that the Subject Matter for the period from July 1, 2024 to June 30, 2025, is not prepared, in all material respects, in accordance with the Criteria. November 28, 2025 Montreal, Canada 'FCPA auditor, public accountancy permit no. A114960 Schedule Our limited assurance engagement was performed on the following Subject Matter for the period from July 1, 2024 to June 30, 2025: Performance Indicator Criteria Unit Reported Value GHG Emissions Infosheet Report Page Scope 1 GHG Emissions GHG protocol tCO e 339,724 p.4 Scope 2 GHG Emissions (location-based) GHG protocol 1 tCO e 29,756 p.4 Scope 1 & 2 GHG Emissions Total cHG protocol 1 tCO 2 E' 369,480 p.4 1 Siqnificant contextual information necessary to understand how the data has been compiled has been disclosed in METRO's Methodoloqy for Reporting GHG Emissions Update December 2025