Propelling society into
a sustainable future

We are committed to supporting the transition to a low carbon economy. Our approach is rooted in materials science, innovation and a deep understanding of fibre technology.

Circularity and Waste Reduction

• We have extensive recycling capabilities and manufacture products using recovered fibres in both our Advanced materialsand Paper & Packaging businesses. Our CupCycling® facility in Burneside was the world’s first recycling process dedicated to upcycling takeaway coffee cups. Ittransforms used cups into premium paper products, demonstrating our leadership in fibre recovery and circular manufacturing. Our moulded fibre packaging solutions offer fully recyclable mono-material alternatives to plastics.

Energy Transition and Net Zero

• Our Advanced materials business develops electrochemical coatings that reduce the cost of hydrogen production and technical veils which support battery technologies and carbon capture.

Biodiversity and Habitat Protection

• Our main site is adjacent to the River Kent which supplies water for operations and is a site of special scientific interest. We are aware of our close connection with the environment and take a very active role in managing our impact, engaging closely with the Environment Agency. Our water supplies are also supplemented by private reservoirs which are carefully managed to avoid any impact on the river and its ecosystems.

Our people and communities are central to our success. We are committed to fostering a safe, inclusive and supportive environment.

Employee Wellbeing and Safety

• We provide mental health support through trained first aiders, occupational health services, and an employee assistance programme provided through Health Assured. Our on-site gym and volunteering policy (two paid days per year) promote wellbeing and community engagement.

Enhancing Livelihoods

• We offer apprenticeships, training and fair pay. In April 2024, we provided a 4.6% salary increase to our UK workforce (3% across leadership and senior management roles). In 2025, we are providing a 3% pay increase to our UK workforce (2% across leadership and senior management roles), which will be implemented in stages throughout the year.

Community Engagement

• We support a range of schools, charities and youth sports clubs in and around the Burneside area, donating approximately £10,000 in FY25. We also continue to donate paper under our Paper for Schools initiative. In the year, members of our team in our Advanced Materials business in the USA supported the Schenectady Community Ministries Summer Meals programme, which provided over 6,000 free lunches to children in the local area during the summer months.

As a Group we are committed to upholding the highest standards of governance, ethics and transparency.

Corporate Governance

• Our Group structure is designed to enable entrepreneurial leadership within each of our business units within a governance framework including structures, practices and controls. Central Group leadership and supporting functions (including Health, Safety and Environment, Finance, Human Resources, IT, Legal and Risk) ensure strategic alignment and appropriate allocation of capital.

Supply Chain Responsibility

• We work closely with suppliers to ensure ethical sourcing and compliance with regulatory standards. We have robust supplier diligence practices in place and review processes regularly to ensure that we continue to demonstrate best practice. Throughout 2025, our Paper & Packaging team have worked to ensure that the business is ready for the EU Deforestation Regulations which take effect later this year.

Ethical Business Conduct

• Our Code of Ethics sets clear expectations for all of our people, and regular training takes place on key topics to ensure that we continue to demonstrate positive and ethical behaviours throughout the organisation. We maintain an independent whistleblowing service in partnership with SafeCall to enable people to report any concerns in the workplace anonymously.

Transparent Reporting

• We are committed to clear and honest communication of our ESG performance, including through our annual report and other disclosures. In May 2025, our Speciality Papers business received a Silver EcoVadis rating, placing us in the top 15% of rated companies globally. We also regularly support our customers in carrying out supplier audits and work to ensure our practices continue to align with best practice.

Energy Use

• The underlying energy data used to calculate carbon emissions includes electricity, natural gas and other fuels purchased for use on-site and for transport.Energy used in the year across our global locations totalled 166,712,748 kWh, which compares to 151,203,785 kWh in the previous year.

Renewable Energy

• 1.2 MW of Solar PV is currently installed across six different locations on or around our Burneside site. Most of these installations are subject to power purchase agreements with Burneside Community Energy Ltd, a community benefit society which uses the funds it generates to support local initiatives.Over the year, total solar generation was 854,122 kWh, compared to 851,385 kWh in FY24 and 793,054 in FY23.We saw a decrease in FY25 in the electricity generated by the hydroelectric plant adjacent to the site located on the River Kent. This was caused by river flow in the period. Electricity from this plant is supplied under

  a power purchase agreement with the Ellergreen Group. In the year, total generation was 233,458 kWh, compared to 301,309 kWh in FY24 and 210,627 kWh in FY23.

Grid Electricity

• In FY25, we consumed 13,607,754 kWh of grid electricity globally, compared to 11,831,279 kWh in FY24. 94% of electricity from the Grid is purchased under Carbon Trust Certified Tariffs (categorised as A+) from wind and solar sources. For information on our carbon performance, see below.