OUR STRATEGIC CONTEXT 80 MATERIAL MATTERS Climate Change and Transition 01 Greenhouse Gas Emissions and Energy Use 02 Waste Management and Product Life Cycle 03 Water Use 04 Risk Context and Relevance Climate change presents both physical and transition risks to the Group’s business operations. Physical risks such as rising temperatures, heavier rainfall, and changing weather patterns may affect customer mobility, outdoor golf participation, retail visitation patterns, and cooling demand across indoor facilities. Transition risks may arise from evolving climate-related regulations, energy cost exposure, disclosure expectations, and changing stakeholder expectations regarding environmental performance and business responsibility. Although the Group’s operating model provides certain structural resilience, including a significant indoor retail footprint and growing indoor golf format, climate-related risks remain relevant to long-term operational planning, cost management, and business resilience. Climate Change and Transition - Key Risk Snapshot Area Summary Risk Impacts Physical climate risks such as heat and rainfall variability may affect retail footfall and energy demand, while transition risks such as regulation and disclosure expectations may increase compliance and operating costs. Risk Drivers Rising temperatures, rainfall variability, energy price exposure, evolving climate regulations, disclosure expectations, and changing stakeholder expectations. Risk Profile High likelihood and medium potential impact for physical risks; low to moderate likelihood and low to medium impact for transition risks. Governance & Oversight Oversight by the GRSC, supported by the SWC and Risk and Control function through the Group’s ERM framework. Risk Management Approach Scenario-informed planning, adaptation through operational resilience and indoor formats, and mitigation through energy efficiency and progressive emissions management. 2025 Performance Indicator Climate scenario analysis completed, rainfall and heat sensitivity assessed, and climate-related considerations progressively integrated into planning. Financial Pathway Effective adaptation and mitigation help stabilise revenue, manage energy cost exposure, and improve long-term operational resilience. Forward Outlook Continue integrating climate-related considerations into planning, strengthen data quality, and improve decision-useful climate analysis over time. MATERIAL MATTERS Climate Change and Transition 01 Greenhouse Gas Emissions and Energy Use 02 Waste Management and Product Life Cycle 03 Water Use 04 Risk Context and Relevance The Group’s greenhouse gas emissions are primarily driven by electricity consumption across retail stores, offices, warehouses, and indoor golf facilities, as well as fuel use associated with logistics, travel, and operations. As energy use and emissions are closely linked, improving energy efficiency remains an important lever for reducing both environmental impact and operating cost exposure. The Group has adopted FY2024 data as its emissions baseline to enable more accurate measurement, enhanced monitoring, realistic target setting, and transparent reporting going forward. Environmental performance in this area is also increasingly relevant from a regulatory, investor, and disclosure perspective, particularly as climate-related reporting expectations continue to evolve. SUSTAINABILITY STATEMENT
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