Sirius Sirius Real Estate

As outlined in the 2025 Annual Report, the Double Materiality Assessment (‘DMA’) completed in FY2024/25, identified achieving net zero emissions through efficient energy and carbon management and integrating climate change into long-term planning and building adaptation as the most financially and impact-material topics, respectively.

These findings were reaffirmed in the last financial year by the senior management team, and remain central to our climate-related programme, which is integrated into the Group’s strategy and focused on practical measures to reduce emissions, improve energy efficiency and build long-term portfolio resilience.

Separately, following a TCFD Scenario Analysis and Materiality Workshop held in January 2026, members of senior management completed a climate-related risks and opportunities survey to reassess the likelihood and potential financial impact of the seven climate-related issues identified through the TCFD process in previous years. The survey reconfirmed Asset Valuation & Resilience, Policy & Regulatory Change, and Physical Climate Risk as the highest-priority issues for the Group, with the remaining issues being Access to & Cost of Capital, Stakeholder Expectations & Reputation, Energy & Carbon Costs/Efficiency, and Construction Costs & Supply Chain. The survey also noted an increasing trend in concern over physical risk and access to capital. The identified risks and opportunities, and their implications for the Group’s strategy and financial planning, are set out in the Strategy section of this TCFD report.

We maintain our commitment to decarbonising our portfolio in line with the German and UK Government net zero targets of 2045 and 2050 respectively. Our planning focus remains on the short- to medium-term pathway to 2030, where we have greater visibility of regulatory and policy developments, while our longer-term pathway continues to be developed. Following a review this year, we restate our ambition to reduce Group carbon emissions intensity per square metre by 45% by 2030 against our 2021/22 baseline.

 

Our TCFD Report can be found in full from page 35 of Annual Report and Accounts 2026.

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