Sustainability Report 2025 (mint sd en)

2025

Sustainability Report

‌CONTENTS

2 4 7 15

Chairman's Message Group CEO & CSO's Message About Minor International

• Minor at a Glance

• Minor's Footprint

• Minor's Financial Highlights

• Minor's People Highlights

• Minor's Value Chain

• Awards & Recognitions

About this Report

18 21 32 62

Sustainability Governance Sustainability Strategy

and Risk Management

• Strategy

• Stakeholders Engagement

• Impact, Risk, and Opportunity Management

• Metrics and Targets

  People Potential

• Our People

• Our Communities

  Natural Capital

  • Climate Change

  • Pollution

  • Water

  • Biodiversity

    and Ecosystems

  • Resource Use

    and Circular Economy

    96 122 126

    Responsible Business

    • Business Conduct

    • Sustainable Supply Chain

    • Customer

Memberships and Certifications

Assurance Statement

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CHAIRMAN'S MESSAGE

Beyond those operational efforts, I am most encouraged by the way our team members and partners around the world are delivering real, tangible impact through local conservation and community projects. These initiatives demonstrate sustainability in action, making a meaningful difference on the ground.

In Cambodia's Cardamom Mountains, a camera-trap survey conducted by Wildlife Alliance within the 18,000-hectare concession that Minor Hotels has helped protect since 2014 revealed the presence of endangered dholes and, for the first time, evidence of elephants using the forest as a nursery. Cambodia is believed to have only three remaining breeding elephant populations, making this protected landscape critically important. In the UAE, Qasr Al Sarab Desert Resort by Anantara's Ezba project combines cultural heritage preservation with desert ecosystem management, supporting habitats for Arabian oryx and gazelles while eliminating artificial pesticides. In Sri Lanka, Anantara Peace Haven Tangalle Resort has partnered with the Ocean University to advance coral reef restoration, seagrass conservation, mangrove carbon research, and sea turtle protection - efforts that led to the release of 252 hatchlings earlier this year. Across all our operations, we now protect 109 IUCN Red List species. These projects -spanning forests, deserts, and oceans - reflect our belief that hospitality and environmental stewardship are deeply connected.

Equally important is our commitment to empowering people. We take immense pride in giving young talent a springboard to launch their careers. The Minor Corporate University program remains a vital pipeline of future leaders, and our Great Place to Work certification reflects the dedication of our People and Culture teams in building an engaged workforce ready to support our ambitious growth.

That same commitment extends to the communities around us. Our company-wide volunteering initiative, Founder's Day & Together with Love, brought together more than 2,200 team members across all operations in June 2025. They contributed over 10,000 volunteer hours, benefiting more than 71,500 individuals and delivering over Baht 10 million in monetary and in-kind support - from renovating schools and planting trees to organizing health awareness sessions and cultural celebrations. We also provided over 1,100 room nights through our "Hotels with a Heart" program in Europe, supporting families in vulnerable situations. In Thailand, Minor Hotels was recognized by the Scholars of Sustenance Foundation for years of collaboration in redistributing quality surplus food to communities in need.

Through our Dollars for Deeds program, guests and hotels work together to support local causes. In Sri Lanka, the program funds therapeutic services for children with disabilities through Ayati Trust, while in Vietnam it contributed to assist more than 90 children through the Kianh Foundation. In Thailand, the program contributed over Baht 4.9 million to support Princess Sirindhorn Craniofacial Center as well conservation efforts by the Golden Triangle Asian Elephant and Mai Khao Marine Turtle foundations. When a devastating earthquake struck Myanmar in early 2025, Minor Hotels contributed Baht 1.6 million to the UNHCR emergency appeal. And when severe flooding hit

Southern Thailand, our teams mobilized quickly - raising funds internally, delivering more than 500 relief packages, and visiting affected colleagues on-site. This spirit of compassion, whether through structured programs or rapid crisis response, defines who we are at Minor.

MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

Trust remains the foundation of our business. We continue to strengthen our corporate governance and responsible business culture, building on our human rights due diligence processes and Sustainable Supply Chain Framework. We remain committed to setting clear expectations for ourselves and our partners alike.

None of these achievements would be possible without the dedication, ingenuity, and passion of our team members. I extend my deepest gratitude to every member of Minor International for their commitment to excellence and sustainability. I also thank our stakeholders for their trust and confidence in our vision.

William Ellwood Heinecke

Chairman

CHAIRMAN' S MESSAGE

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GROUP CEO & CSO'S MESSAGE

We are pleased to present Minor International's 2025 Sustainability Report, reflecting a year in which our business continued to expand while our sustainability commitments deepened.

2025 was another strong year for Minor International. We continued to grow our hotel portfolio and restaurant network, reinforcing our position as a world-class hospitality and food service company. At the same time, we have remained focused on integrating sustainability across every level of our operations, embedding responsible stewardship at the core of long-term business success. Our Sustainability Strategy continues to guide us through three foundational pillars: People Potential, Natural Capital, and Responsible Business. This year, we earned the Great Place to Work certification for the third consecutive year, advanced our climate commitments following the validation of our near-term and net-zero targets by the Science-Based Targets initiative, and further strengthened accountability through sustainable finance. Our 2025 sustainability-linked bond issuances received top-tier regional recognition, underscoring our credibility in linking sustainability ambition to tangible funding outcomes.

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MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

We also recognize that the pace of our growth brings real challenges, particularly in reducing absolute greenhouse gas emissions. As of 2025, all our operations in Southern Europe run on 100% renewable electricity. Outside Europe, we are making meaningful progress: between 2023 and 2025, our hotels and resorts in Asia and the Middle East reduced greenhouse gas emissions per room sold by over 18% and 9%, respectively. However, intensity for our properties in Africa increased, mainly due to electricity brownouts from the ongoing drought, which led to higher diesel consumption for power generation. Overall, we did not meet our GHG intensity target of 0.02 tCO2e per room sold. This was driven by three principal factors: the expansion of our portfolio toward larger luxury resort properties with inherently higher base energy demand per room sold; geographic growth into tropical and hot-climate regions with year-round cooling requirements; and additional properties in regions with more limited access to renewable electricity constrained our ability to reduce emissions intensity in line with our target. Similarly, the Company fell short of our water withdrawal intensity target of 0.68 cubic meters per room sold due to higher room-sold contribution from resort properties. Between 2023 and 2025, our properties in Asia and Africa reduced water withdrawal intensity by 15% and 17%, respectively, while our properties in Europe and the Middle East maintained their water withdrawal intensity over the same period.

2025 SUSTAINABILITY REPORT

We are transparent about these gaps because they sharpen our focus. Meeting our targets will require even greater operational discipline, smarter capital planning, and continued investment in clean energy solutions. Our efforts are organized around our three strategic pillars:

People Potential

Our people are the foundation of Minor's long-term competitiveness. We have shifted to a data-driven workforce planning model using dynamic demand forecasting, skills-based staffing, and diversified talent pipelines, including partnerships with leading hospitality institutes and our own Asian Institute of Hospitality & Management (AIHM), to address labor shortages while maintaining service excellence. Employee engagement stands at 85% globally, supported by Great Place to Work initiatives, wellness programs, and leadership development, while our MCU program has surpassed its 60% graduate return target, demonstrating strong alignment between skills development and a sustainable talent pipeline. We track all initiatives through our People Transformation Roadmap, ensuring investments translate into measurable gains in productivity, retention, and service quality. Equally important is safeguarding the health and safety of our team members and guests. As we grow, we continue to strengthen our occupational health and safety standards across all operations, ensuring that the well-being of our people remains central to how we operate. Beyond our workforce, we aim to generate employment, support local sourcing, and provide education and training opportunities that expand access to long-term livelihoods in the communities where we operate.

Natural Capital

Delivering on our climate commitments while expanding rapidly requires discipline at every level - from incorporating environmental criteria during design and construction, to planning capital expenditures that drive down emissions, to implementing rigorous maintenance protocols and embedding sustainability into team member training and KPIs. Building a culture of operational excellence is essential to delivering both best-in-class service and sustainability performance. In addition, as biodiversity underpins resilient ecosystems critical to Minor's business and stakeholder livelihoods, and we prioritize conservation alongside climate action through on-going initiatives such as coral rejuvenation, turtle conservation, and elephant protection.

Responsible Business

With sustainability regulations taking effect worldwide, we are proactively strengthening our internal processes and capabilities to ensure compliance across our operations, while continuing to improve data collection and integrity for more effective performance monitoring. We are also expanding our Sustainable Supply Chain program to strengthen supplier due diligence and support small and medium-sized suppliers in improving their sustainability performance through annual workshops and self-assessments. We continue to provide specific recommendations to selected suppliers through our audit program, which has been in place for Thailand-based suppliers since 2018. These efforts ensure we not only meet emerging regulatory requirements but also set clear sustainability expectations for our partners.

We extend our sincere gratitude to all our stakeholders - our dedicated team members, customers, trusted partners, supportive investors, regulators, and the communities we serve - for their continued support and shared commitment to our sustainability journey. Together, we are creating a more responsible and resilient business that delivers value today while preserving opportunity for future generations.

Thank you for your partnership in this important work.

Emmanuel Jude Dillipraj Rajakarier

Group Chief Executive Officer

Chompan Kulnides

Chief Sustainability Officer

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MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

ABOUT MINOR INTERNATIONAL

Minor International Public Company Limited (Minor) is a global company headquartered in Thailand, operating across 65 countries spanning Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe, North America, and South America. Minor operates two main businesses: hospitality and restaurants. The hospitality business comprises 566 hotels and serviced suites (with additional 70 signed contracts under asset-light model in the pipeline) under various ownership and management models. The hospitality business also encompasses mixed-use segments including plaza and entertainment venues, residential development properties, vacation club operations, and retail points of sale. The restaurant business operates 2,716 outlets systemwide (with additional 30 signed franchise agreements in the pipeline). With the additional signed hotel management contracts and franchise agreements, Minor's footprint will expand to 68 countries.

2025 SUSTAINABILITY REPORT

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• Hotels: 566 operating properties

  • Majority-owned: 124 hotels

  • Leased: 218 hotels

  • Joint-venture: 28 hotels

  • Purely Managed: 133 hotels

  • Management Letting Rights: 63 properties

• Signed hotel contracts: 70 properties

• Spa and clinics: 72 locations

• Plaza & Entertainment: 3 shopping plazas and 7 entertainment outlets

• Residential development: 4 properties / 53 units

• Office development: 1 project

• Vacation Club: 395 inventories

• Retail Points of Sale: 199 points of sale

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  MINOR AT A GLANCE
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

• Restaurant Outlets: 2,716 outlets

  
  
  
  
  
  
  
  
  
  
  

  • Equity: 1,412 outlets

  • Franchised: 1,304 outlets

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

• Signed franchise agreements: 30 outlets

• 5 Owned and Joint-venture Factories: Ice-cream,

Ice-cream ingredients & toppings, Coffee Roasters, Bakery, Acid-based contract manufacturing

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MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

MINOR'S FOOTPRINT

167,241

REVENUE BAHT

MILLION

9,009

NET PROFIT BAHT

> 83,000

MILLION

> 80

EMPLOYEES

BRANDS

THE AMERICAS

USA ARGENTINA BRAZIL CANADA CHILE COLOMBIA CUBA ECUADOR MEXICO PARAGUAY* PERU URUGUAY

EUROPE

ANDORRA AUSTRIA BELGIUM

CZECH REPUBLIC DENMARK FINLAND FRANCE GERMANY HUNGARY

ITALY IRELAND LUXEMBURG MALTA*

NETHERLANDS POLAND PORTUGAL ROMANIA SLOVAKIA SPAIN SWITZERLAND UK

AFRICA

BOTSWANA EGYPT* KENYA LESOTHO MAURITIUS MOZAMBIQUE NAMIBIA SEYCHELLES

SOUTH AFRICA TANZANIA ZAMBIA ZIMBABWE

MIDDLE EAST

BAHRAIN KUWAIT LEBANON OMAN QATAR

SAUDI ARABIA UAE

ASIA PACIFIC

AUSTRALIA CAMBODIA CHINA INDIA INDONESIA JAPAN LAOS MALAYSIA MALDIVES MYANMAR

NEW ZEALAND SINGAPORE SOUTH KOREA SRI LANKA THAILAND VIETNAM

* Based on signed contracts

Minor Hotels Minor Food Minor Lifestyle

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2025 SUSTAINABILITY REPORT

MINOR'S FINANCIAL HIGHLIGHTS

(1) Include depreciation expense

(2) Finance Costs consisted of cash paid for interest and interest on perpetual debentures

(3) Corporate income tax expense consists of (1) tax payable or refundable for the current year, and (2) the recognition of deferred tax liabilities and assets for the future tax consequences of events that have been recognized by the company. Details of Revenue, Income (losses) before Corporate Income Tax, Corporate Income Tax Expense Accrued, and number of employees hired directly and indirectly by key operating countries are presented in Business Highlights by Country.

(4) HC ROI = (Total revenue - Total operating expenses excluding Employee-related expenses)/ Total employee-related expenses

‌Employees by Operational Type

As of December 31, 2025

MINOR'S PEOPLE HIGHLIGHTS

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MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

Employees by Nationality

As of December 31, 2025

(1) All employees including all significant subsidiaries, and include employees of managed hotel properties and franchise

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2025 SUSTAINABILITY REPORT

MINOR'S VALUE CHAIN



Suppliers & Service Providers

Minor is dedicated to fostering strong relationships with its suppliers - farmers, producers, manufacturers, traders, logistics and other services providers - with a firm commitment to quality, safety, sustainability, and the protection of human rights across our supply chain.

• Establish a Sustainable Supply Chain Management program to screen, monitor, and develop suppliers in line with relevant ESG regulations, starting in Thailand

• Prioritize sustainable sourcing to ensure ethical and responsible practices

Partners

Minor strives to building strong, sustainable partnerships with our partners, including hotel owners, franchisees, JV partners, brand principals, financial institutions, educational institutions, as well as governmental and non-governmental organizations.

• Cultivate mutually beneficial relationships for long-term success through continuous collaboration

• Build trust and transparency through public disclosure of our business reports

  Minor

  Minor is focused on hospitality and restaurants businesses, guided by core value of customer focus, results orientation, people development, innovation, and partnership. We are committed to sustainability.

• Promote equal opportunities, a safe work environment, and development opportunities for employees

• Implement sustainable practices in every aspect of our operations

• Establish and maintain clear, consistent communication channels with shareholders, investors, and creditors

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  Customers

  Minor is committed to providing exceptional products and services that meet the highest standards of safety and quality and address customer needs.

  • Uphold our commitments with unwavering integrity

  • Engage with customers to gain insights

  • Drive product and service innovation, providing customers with more sustainable choices

  • Implement policies and procedures to ensure the security and privacy of our customers' information

Communities

Minor continues to foster resilient communities in the areas where we operate, aiming to improve their environmental, social, and economic well-being.

• Build relationships through proactive community engagement

• Support and develop disadvantaged community members, focusing on education, health and

  well-being, and economic development programs

• Create employment opportunities

• Expand local sourcing opportunities

  Environment

  MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

  Minor integrates responsible environmental stewardship into our operations. We strive to operate beyond regulatory compliance in

  all locations, with a particular focus on reducing environmental impact from our operations and promoting biodiversity protection.

• Commit to become net zero by 2050

• Implement programs to reduce energy consumption, greenhouse gas emissions, water usage, and waste generation

• Continuously seek and utilize more environmentally friendly materials

• Protect and preserve biodiversity and ecosystems

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  2025 SUSTAINABILITY REPORT

  AWARDS & RECOGNITIONS

  MSCI ESG Rating of A	SET ESG Ratings of AA	2025 Excellent CG Scoring	BREEAM: Total of 27 hotels	ISO 45001: Total of 2 hotels
  MSCI	The Stock Exchange of	Thai Institute of Directors	in Europe certified	in Middle East and
  Climate Change 2025 Rating "B" Water Security 2025 Rating "B" Supplier Engagement 2025 Rating "A-" CDP FTSE4GOOD Index Series Constituent FTSE Russell S&P Global Sustainability Yearbook 2026 Member S&P Global	Thailand FinanceAsia Achievement Awards 2025 - Most Innovative Deal FinanceAsia Most Innovative Deal Thai Bond Market Association The Asset Triple A Awards for Sustainable Finance: Best Issuer for Sustainable Finance - Thailand Best Sustainability-Linked Bond - Hospitality Thailand Regional Best Issuer The Asset Top 50 Public Listed Companies in the ASEAN Corporate Governance Scorecard (ACGS) Regional Assessment ASEAN Capital Markets Forum	Association Certified as a member of the Private Sector Collective Action Coalition Against Corruption (CAC) (2025 - 2028) Thai Institute of Directors Association Sustainability Disclosure Award 2025 Thaipat Institute 2025 AMCHAM Corporate Social Impact Awards -Platinum Status The American Chamber of Commerce in Thailand BIOSCORE: Total 343 hotels in Europe and America certified	LEED: Total of 2 hotels in Europe and South America certified ISO 14001: Total of 126 hotels in Europe and Middle East and 2 factories in Thailand certified ISO 50001: Total of 36 hotels in Europe and Middle East and 1 factory in Thailand certified Green Key - Eco Label: Total of 73 hotels in Europe and America awarded Green Growth 2050 Members: Total of 72 Certification Member Hotels (42 Platinum, 27 Gold and 3 Silver Certifications) Eco-rating Certification, Ecotourism Kenya: Total of 9 Certified Hotels (8 Gold and 1 Silver Certifications)	2 factories in Thailand certified WELL Health-Safety Rating: Total of 3 hotels in Europe certified ISO 22000: Total of 5 hotels in Middle East and Asia certified HACCP: Total of 12 hotels in Middle East and Asia and 1 factory in Thailand certified ISO 20121: Total of 3 hotels in Thailand certified Great Place to Work: Minor International, Thailand Minor Hotels Regional offices: Australia, Spain, and the United Arab Emirates

  * Disclaimer:

  THE USE BY MINOR INTERNATIONAL PCL OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES ("MSCI") DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF MINOR INTERNATIONAL PCL BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED 'AS-IS' AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI.

  
  
  

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  MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

  ABOUT THIS REPORT
  
  

  General Basis for Preparation of the Sustainability Statement

  [ESRS 2 BP-1, IFRS S1 (General), GRI 2-1, 2-2, 2-3, 2-4]

  Statement of Compliance

  This Sustainability Statement has been prepared in accordance with the IFRS Sustainability Disclosure Standards (IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures).

  To ensure a comprehensive assessment of double materiality and regulatory compliance for our European operations, we have also applied the European Sustainability Reporting Standards (ESRS), as adopted by the European Commission, inclusive of:

  • Cross-cutting Standards: ESRS 1 (General Requirements) and ESRS 2 (General Disclosures).

  • Topical Standards: Environmental (ESRS E1-E5), Social (ESRS S1-S4), and Governance (ESRS G1), where material.

Additionally, this report has been prepared in accordance with the GRI Standards 2021. A consolidated content index mapping these three frameworks is provided in Aspects and Boundaries & GRI Content Index 2025.

Reporting Boundary and Entities Included

The reporting boundary for this Sustainability Statement covers Minor International PCL (Minor) and all subsidiaries included in the Group's consolidated financial statements for the fiscal year ended December 31, 2025, as disclosed in the 56-1 One Report.

Consistent with ESRS 1 Par. 62 and IFRS S1 Par. 20, the sustainability reporting entity aligns with the financial reporting entity.

Value Chain Estimation and Scope

Where the sustainability reporting boundary differs from the financial consolidation perimeter regarding specific data points, these differences are explicitly noted.

• Operational Control: Scopes 1 and 2 greenhouse gas (GHG) emissions and operational resource data (water, waste) as well as indicators related to management of people are reported for entities where Minor has operational control.

  Under operational control, the following activities are included:

• Owned, managed, and leased hotels

• Equity-owned restaurants

• Equity-owned manufacturing facilities

• Retail outlets

• Spa and clinics

• Plaza and entertainment outlets

• Value Chain (Upstream/Downstream): Franchises, Management Letting Rights (MLR), and third-party managed properties where Minor does not exercise operational control are accounted for within Scope 3 GHG emissions and relevant value chain risk assessments. This approach aligns with the GHG Protocol Corporate Standard.

• Estimation: Where primary data was unavailable for value chain entities, we have utilized industry proxies and extrapolation methodologies.

Reporting Period and Frequency

Sustainability disclosure is published on an annual basis. The reporting period is January 1 to December 31, 2025, aligned with Minor's financial year.

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2025 SUSTAINABILITY REPORT

Presentation Currency

Unless otherwise stated, all financial data related to sustainability risks and opportunities is presented in Thai Baht (Baht), consistent with the consolidated financial statements.

Connectivity with the Financial Statements

[IFRS S1]

Sustainability-related information is prepared so that it is coherent with the financial statements. Where there are differences in data sources, levels of aggregation, or estimation techniques, these are explained in relevant sections.

Materiality Determination

The content of this Statement is governed by a Double Materiality Assessment (DMA), conducted in accordance with ESRS and GRI 3: Material Topics. This ensures the inclusion of information necessary to understand:

• Impact materiality: Minor's actual or potential positive and negative impacts on people and the environment across the value chain.

• Financial materiality (IFRS S1): Sustainability-related risks or opportunities that could reasonably be expected to influence Minor's financial position, performance, or cash flows.

The materiality determination process, stakeholder engagement, and resulting material topics are presented in Description of Processes to Identify and Assess Material Impacts, Risks and Opportunities, Interests and Views of Stakeholders, and Material impacts, risks and opportunities and their interaction with strategy and business model respectively.

External Assurance

Selected indicators have been externally assured by LRQA (Thailand) Ltd., in accordance with ISAE 3000. The Independent Assurance Statement, including the scope of assurance and level of assurance obtained, can be found on page 126-129.

Disclosures in Relation to Specific Circumstances[ESRS 2 BP-2]

Time Horizons[IFRS S1.30, S2.10]

The time horizons considered in this report are the same as those defined by ESRS 1.

• Current: 2025, corresponding to the financial reporting period

• Short-term: 1 year (2026);

• Medium-term: more than 1 year to 5 years (2027 - 2031);

• Long-term: more than 5 years (2032 onwards).

  Topic-specific deviations from the above time horizons are disclosed where they are necessary for a proper understanding of the impacts, risks, and opportunities (IROs).

  Value Chain Description and Data Limitations

  Minor's value chain encompasses the following activities, all of which are considered in the Double Materiality Assessment:

  Upstream

  Procurement of goods and services (including food, beverages, technology, and capital goods), inbound logistics and transportation,

  and energy and water utilities.

  Downstream Operation of Franchise partners and

  Management Letting Rights (MLR) properties, third-party managed properties (hotels and restaurants outside operational control), investments where we are minority shareholder, and waste management and recycling service providers.

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  Value Chain Data Limitations:

  Data availability varies across the value chain.

  • Owned and operated properties: High-quality operational data is available for energy, water, and waste.

  • Properties using centralized supply chain management: High-quality procurement data.

  • Properties not using centralized supply chain management (mainly managed properties): Partial procurement data, requires extrapolation for some properties.

  • Equity-own restaurants in Thailand:

    • High-quality operational data is available for energy, water, and procurement.

    • Waste data based on representative stores.

  • Equity-own restaurants outside of Thailand:

    • Partial procurement data.

    • Waste data based on representative stores.

  • Manufacturing facilities: High-quality operational data is available for energy, water, waste, and procurement.

  • Franchises, MLR, and other non-controlled operations: Limited primary data; Scope 3 estimates rely on similar property/restaurant representative samples.

Sources of Estimation and Outcome Uncertainty

[IFRS S1.77, S2.10]

The preparation of this Statement involves making judgments and estimates, particularly for value chain data. The most significant sources of estimation uncertainty are:

1. Greenhouse Gas Emissions

   While Scopes 1 and 2 are robust, the calculation of Scope 3 emissions relies on secondary data and estimations, particularly for:

   • Incomplete purchasing data.

   • Limited supplier-specific emissions data.

   • Use of global emission factors and spend-based factors.

   • Estimation for Scope 3 Categories 1 (Purchased Goods and Services), 2 (Capital Goods), 5 (Waste), 7 (Employee Commuting), and 14 (Franchises). The underlying calculation methodology follows the GHG Protocol Corporate Standard and Corporate Value Chain (Scope 3) Standard using the operational control approach.

2. Climate-related Financial Impacts

   Climate-related financial implications are estimated using assumptions regarding:

   • Physical climate hazard exposure.

   • Carbon price and policy developments.

   • Expected changes to operating costs (energy and utilities).

   • Potential effects on revenue through demand shifts

The assumptions, models, and scenario parameters used for quantifying financial effects are disclosed inClimateChange section.

Where material, specific estimation methodologies, assumptions, and uncertainty ranges are disclosed in the relevant topic-specific sections.

Data Collection and Measurement

MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

Sustainability data is collected through:

• Internal management systems for procurement, energy, water, waste, safety, employees, and contractors

• Third-party bills and invoices

• Supplier-provided data and product declarations

• Employee, community, and supplier surveys and assessments

  Where primary data is unavailable, secondary data sources and estimation methodologies are applied and disclosed in the relevant sections.

  Changes from Previous Reporting Period[GRI 2-4]

  There are no significant changes in scope, consolidation approach, or methodology compared to the prior year. Any changes to specific indicators or calculation methodologies are disclosed in the relevant topic-specific sections.

  No material errors from prior periods were identified that require correction or restatement.

  Comparative Information

  This report presents comparative data for 2022 - 2024 where available and material. Where comparative data has been restated due to methodology improvements are identified and explained within the relevant disclosures.

  2025 SUSTAINABILITY REPORT

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  HR

  Risk,

  Control

  & Compliance

  Investment & Business Development

  Strategic Planning

  Supply Chain Management

  Legal

  Corporate Secretary

  Investor Relations

  Project Management

  Internal Audit

  Operations

  Sales

  & Marketing

  IT

  Finance

  & Accounting

  Head of Functional Teams

  Chief Sustainability Officer Corporate Sustainability Department

  Sustainability Committee

  Sustainability

  and Risk Management Oversight Committee

  Board of Directors

  Minor Sustainability Governance Structure & Roles

  Risk, Control

  & Compliance Committee

  SUSTAINABILITY GOVERNANCE[ESRS 2 GOV-1 - GOV-5, GRI 2, IFRS S1.27]

  Minor maintains a sustainability governance structure that ensures top-down accountability. Our governance bodies oversee the Sustainability Strategy, ensuring it is aligned with our targets and global best practices in the hospitality and restaurant sectors. The structure and roles of these bodies are detailed below:

  SUSTAINABILITY GOVERNANCE
  
  

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  The Board of Directors: Holds ultimate accountability for Minor's sustainability strategy. The Board is responsible for the final review and sign-off of the Sustainability Statement and other material disclosures. The Board endorses long-term goals and the rolling three-year strategy, reviewing progress on a quarterly basis to ensure alignment with our objectives.

  Sustainability and Risk Management Oversight Committee (SRMOC): Established to assist the Board in providing focused oversight of strategic activities for sustainability and the management of key risks, including strategic, operational, financial, and sustainability-related risks such as climate, biodiversity, and human rights risks. This includes identifying business opportunities arising from such risks. The Committee meets every quarter and is comprised of a minimum of three directors. At present, it consists of four directors, 50% of whom are independent.

  Sustainability Committee: Chaired by the Chief Sustainability Officer (CSO), this committee comprises C-Suite officers and senior management from all business groups. It is responsible for operationalizing the sustainability strategy, setting targets, formulating policies, and ensuring the accuracy of information disclosures. The Committee meets quarterly to discuss implementation plans and review progress toward sustainability goals.

  Risk, Control & Compliance Committee (RCC): Meets at least quarterly to review overall risk management. It oversees the implementation of risk management frameworks to ensure that sustainability-related risks and opportunities are systematically identified and managed.

  Business Unit Leadership (CEOs and CFOs): Serve as risk owners within each business group, responsible for day-to-day risk management and identifying their own risk appetite in alignment with the broader risk strategy.

  Corporate Sustainability Department: Overseen by the CSO, this department is responsible for developing, updating, and ensuring the execution of the sustainability strategy. It collaborates closely with all business groups to embed practices and communicates progress to both internal and external stakeholders.

  Risk, Control & Compliance Department: Acts as a specialized functional body responsible for the day-to-day identification and assessment of risks across the Group. It is responsible for proposing risk policy, building a risk awareness culture, and preparing risk reports for both the SRMOC and the RCC.

  Minor ensures our highest governance bodies are equipped to effectively oversee the management of impacts, risks, and opportunities. The Board of Directors and the Sustainability and Risk Management Oversight Committee (SRMOC) are kept informed of sustainability matters through a structured reporting cycle. On a quarterly basis, the Board reviews the sustainability strategy and receives progress updates on the company's sustainability targets, enabling it to remain actively engaged in monitoring commitments and respond in a timely manner to emerging trends or performance gaps.

  In 2025, the key sustainability matters addressed by these bodies included:

  MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

• Climate related risks: Identifying and mitigating the vulnerabilities of our global portfolio to the changing climate.

  • Physical risks: Disruptions from extreme weather, heat, storms, and flooding.

  • Transition risks: Impacts from evolving climate regulations, carbon pricing, and shifting market expectations.

• Occupational health & safety risks: Ensuring protection of employees, contractors, and guests, preventing accidents and non-compliance.

• Monitoring key sustainability performance: Tracking material ESG metrics, including GHG intensity, water intensity, waste management, people development, health & safety, and human rights training performance.

• Sustainable supply chain: Implementation of supplier due diligence program in Thailand.

• Corporate governance & external ESG ratings: Maintaining strong internal controls, transparency, and credibility in sustainability disclosures.

• Progress toward long term sustainability targets: Overseeing strategic initiatives and ensuring alignment with the company's environmental, social, and governance targets.

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2025 SUSTAINABILITY REPORT

To demonstrate Minor's leadership accountability to the company's sustainability commitments, sustainability targets have been integrated into performance assessment. The remuneration of the Group CEO and Senior Management is determined through Key Performance Indicators (KPIs) spanning both financial and non-financial dimensions, with the non-financial dimensions aligned to the company's short- and long-term sustainability targets.

Non-Financial KPIs

Financial KPIs

• Revenue

• Profitability

  • Net Profit After Tax

  • Return on Invested Capital (ROIC)

• Liquidity & Solvency

  • Leverage ratio

• Shares Valuation Premiums

  Operational excellence

• Risk management and internal control compliance

• Organizational capabilities and human resource management

  • Succession planning

  • Employee turnover

• Sustainability

  • Greenhouse gas

  • Water

  • Social

  • Corporate governance

• Others

  • Success and progress against milestone set for certain ad-hoc projects

    Minor conducts sustainability risks and opportunities assessments across our global operations and value chain. This process is anchored by our annual Double Materiality Analysis, which serves as the primary mechanism to identify, prevent, and mitigate actual and potential adverse impacts. Beyond our direct operations, we extend the assessment into our supply chain through our Sustainable Supply Chain Framework to enhance ESG compliance and formalize supplier capacity building.

    For the sustainability reporting, the Corporate Sustainability Department collects and verifies sustainability data internally before it is finalized for the report. Key environmental and social data undergo annual external limited assurance by third-party experts, ensuring that most material metrics are verified to international standards.

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    MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

    SUSTAINABILITY STRATEGY AND RISK MANAGEMENT
    
    

    Minor integrates sustainability into our business strategy to drive long-term growth and operational resilience. Our approach to identifying and managing the material issues is through continuous Stakeholder Engagement process and Double Materiality Assessment (DMA). This process allows us to define clear Impacts, Risks, and Opportunities (IROs). These findings inform our sustainability targets, strategic direction, and global initiatives, ensuring that our business model remains responsive to the evolving needs of our people, the environment, and our stakeholders.

    STRATEGY

    Strategy, Business Model, and Value Chain

    [ESRS 2 SBM-1, GRI 2-6, IFRS S1 20 - 25]

    Business Model

    Minor operates a diversified portfolio of hospitality and restaurants businesses globally. The company's core business units include:

    Hospitality Business

    Minor owns, operates, invests in, and manages hotels and serviced suites under multiple internationally recognized brands. Our hospitality portfolio includes:

    • Over 566 hotels and serviced suites across various segments. Operating models:

      • Owned and leased properties (full operational control)

      • Managed properties (management agreements)

      • Franchised properties (brand licensing)

      • Management letting rights (MLR)

    • Mixed-use developments: Plaza and entertainment complexes, residential developments, vacation club memberships, and retail trading.

Restaurant Business

Minor is one of Asia's largest restaurant operators with 2,716 outlets globally. Operating models:

• Equity-owned and operated restaurants (direct control)

• Franchised operations (brand licensing and support)

• Manufacturing facilities

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2025 SUSTAINABILITY REPORT

Sustainability Strategy

Our Sustainability Strategy is embedded within Minor's corporate strategy, with our long-term vision of delivering sustainable performance and creating a positive impact on stakeholders and the environment. It is endorsed annually by the Board of Directors. It serves as the framework for managing material impacts, risks, and opportunities (IROs) identified through the Double Materiality Assessment (DMA).

Our Vision

To be a leader in delivering sustainable performance that positively impact

stakeholders and the environment

Our Commitments

Our Impacts

Our Operations

Our Stakeholders

Our Planet

The strategy is organized under three interconnected pillars:

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MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

STAKEHOLDERS ENGAGEMENT

Interests and Views of Stakeholders[ESRS 2 SBM-2]

Minor engages with key internal and external stakeholder groups to capture their views on our material impacts, risks, and opportunities (IROs), and to inform our strategy and due diligence processes. Our approach is based on assessing the stakeholder group's level of influence and impact on Minor's business activities, and vice versa. By maintaining an open and regular dialogue, we gain critical insights into the environmental, social, and economic impacts of our operations.

The views gathered through this continuous engagement process are presented to the Corporate Sustainability Department, the Sustainability Committee, and the Board of Directors for validation and incorporation into the overall materiality determination.

2025 SUSTAINABILITY REPORT

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MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

Material Impacts, Risks, and Opportunities and their Interaction with Strategy and Business Model [ESRS 2 SBM-3]

Minor utilizes the results of our annual Double Materiality Assessment (DMA) to identify the Impacts, Risks, and Opportunities (IROs) that are most significant to our operations, allowing us to integrate these findings into our business model and long-term strategic direction. By mapping these material topics across our value chain, we prioritize and manage our impact on society and the environment, while strengthening our business resilience in response to emerging risks. The following section details our strategy and business model in the context of our stakeholders' interests and views:

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2025 SUSTAINABILITY REPORT

IMPACT, RISK, AND OPPORTUNITY MANAGEMENT

DOUBLE MATERIALITY

Description of Processes to Identify and Assess Material Impacts, Risks, and Opportunities [ESRS 2 IRO-1, GRI 3-1, 3-2, IFRS S1 paras 54-56]

The Corporate Sustainability Department, led by the Chief Sustainability Officer (CSO) who reports to the Group CEO and the Sustainability Committee, oversees the development and execution of our Double Materiality Assessment (DMA) process.

Double Materiality Process

1. Context Analysis and Identification of Topics

   We conducted value chain analysis for hospitality and food business considering all the regions where we have operations. For each segment of the value chain, we identified topics for Impacts, Risks, and Opportunities (IROs) through:

   External Analysis:

   • Industry-specific sustainability trends

   • Peers and sector benchmarking

   • Global sustainability frameworks and standards (ESRS, GRI, IFRS)

   • Regulatory developments and emerging requirements

   • ESG ratings criteria and investor expectations (MSCI, FTSE, S&P, CDP)

   • External assessments and certifications

     Internal Analysis:

   • Business strategy reviews and growth plans

   • Operational performance data and incident tracking

   • Risk management processes (Enterprise Risk Management)

   • Results of employee engagement surveys

   • Results of supplier audits and assessments

     Stakeholder Engagement: We consulted with core stakeholders, including employees, customers, suppliers, investors and creditors, and local communities, to understand their concerns and expectations regarding our activities. For details on stakeholder engagement please see Stakeholders Engagement.

2. Identification of IROs

   Each IRO was assessed on all criteria defined by ESRS 1.

   Impact Materiality - Assesses the significance of actual and potential, positive and negative impacts on people and the environment considering probability and severity:

   Level	Description	Attributes
   1	Rare	Conceivable, but only in extreme circumstances (In more than / every 5 years)
   		Less than 15% chance of occurrence over lifespan of assets, project of process
   2	Unlikely	Hasn't happened yet but could (Within the next / every 3 to 5 years)
   		15 - 30% chance of occurrence over lifespan of asset, project or process
   3	Possible	Could happen and has occurred in the past (Within the next / every 1 to 3 years)
   		31 - 60% chance of occurrence over lifespan of asset, project or process
   4	Likely	Could easily happen (Within the next / every 1 year)
   		60 - 80% chance of occurrence over lifespan of asset, project or process
   5	Almost Certain	Happen often (Within the next / every quarter) 80% chance of occurrence over lifespan of asset, project or process

   Probability was determined using the same criteria as Enterprise Risk Management Process

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   Severity: was assessed according to three sub-criteria:

   • Scale: The severity of the negative impact or the benefit of positive impacts (opportunities) to stakeholders ranking from 1 - 5.

   • Scope: The extent of the impact/opportunity whether global, regional, business units and/or stakeholder groups ranking from 1 - 5.

   • Remediable character: For negative impacts, the extent to which the damage can be corrected or compensated.

     • Very difficult: it requires action that will take more than 5 years, involving resources from several areas of the Company and periodic budgetary provision.

     • Difficult: it requires action that will take between 2 and 5 years, involving resources from several areas of the Company and sporadic budgetary provision.

     • With effort: it requires action that will take up to 2 years, with a specific dedication of resources from the area involved and sporadic budgetary provision.

     • Easy: it requires action that will take less than 1 year and will not involve significant resources (either economic or human).

       Inputs for IRO assessment are gathered through:

   • Stakeholder surveys and engagement sessions

   • Human Rights Due Diligence (HRDD) for our own operations

   • Environmental due diligence for property developments

   • Supplier ESG assessments

     For potential human rights impacts, we apply the UN Guiding Principles on Business and Human Rights, where severity takes precedence over likelihood in prioritization.

     Financial Materiality - Assesses whether sustainability matters could reasonably be expected to affect Minor's financial position, performance, and cash flow over the short, medium, or long term, based on Enterprise Risk Management criteria.

     Financial materiality assessment incorporates:

     • Scenario analysis for physical climate risks

     • Transition risk assessment

     • Analysis of regulatory trends

     • Market and competitive dynamics

     Financial impacts assessment criteria (inside out perspective) are based on Enterprise Risk Management Process (ranking from 1 - 5) covering financial indicators such as impacts to revenue, EBITDA, NPAT as well as non-financial indicators such as compliance, reputation, brand, business continuity, system availability, staff morale, and occupational health and safety.

3. Assessment and Prioritization of IROs

   Minor has developed an internal scoring tool that:

   • Assigns scores based on impact/benefit, scope, irremediability (for negative impacts), and likelihood.

   • Integrates financial materiality scores aligned with Enterprise Risk Management criteria, where financial materiality score is based on the maximum value of the risk/opportunity associated with a particular issue, not the accumulative value of the risks and opportunities.

4. Validation and Approval

   The material topics are subject to a multi-stage validation process:

   • Review: Corporate Sustainability Department.

   • Validation: Sustainability Committee (C-Suite officers and senior management).

   • Presentation: Sustainability and Risk Management Oversight Committee (SRMOC).

   • Approval: Board of Directors.

     The validation process ensures consistency with international norms (ESRS, UNGP, ILO Core Conventions), alignment with Minor's strategy and values, and responsiveness to stakeholder expectations.

     MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

5. Materiality Determination

   Topics are considered material if they meet one or both of the following criteria:

   • Impact materiality: The impact (positive or negative) has significant severity considering scale, scope, and irremediability.

   • Financial materiality: The matter could reasonably be expected to influence decisions of primary users of financial reports.

     Material topics are mapped to relevant ESRS topical standards to determine disclosure requirements.

6. Review and Update

The materiality assessment is reviewed and updated annually to ensure emerging risks and opportunities, changes in business strategy, stakeholder concerns, and regulatory developments are reflected, ensuring the assessment methodology remains aligned with best practices.

Material Topics Identified

The 2025 Double Materiality Assessment identified 18 material topics across environmental, social, and governance categories. The list of material topics and their interaction with Minor's strategy and business model are detailed in Material impacts, risks and opportunities and their interaction with strategy and business model.

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2025 SUSTAINABILITY REPORT

Policies for Management of Material Sustainability Topics[ESRS MDR-P, MDP-A]

Minor maintains a comprehensive suite of policies and guidelines designed to govern our material sustainability impacts, risks, and opportunities (IROs) across our operations. These policies and guidelines serve as the formal foundation for our People Potential, Natural Capital, and Responsible Business sustainability strategic pillars.

MINOR INTERNATIONAL PUBLIC COMPANY LIMITED

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