Environmental, Social and Governance (ESG) Report 2024

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DOING THE RIGHT THINGS 2024 Environmental and Social Governance (ESG) Report Published August 2024

CONTENTS WELCOME 4 7 8

WELCOME - OPENING REMARKS FROM OUR CEO OUR MISSION – HOW WE’RE ACHIEVING IT ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG)

PEOPLE 12 20 22 24 26

PEOPLE EXCELLENCE ENVIRONMENT, HEALTH AND SAFETY (EHS) SOCIAL SUSTAINABILITY HUMAN RIGHTS IMPACT ASSESSMENTS (HRIA) HUMAN RIGHTS AND ITALIAN TOMATO SOURCING

PLANET 30 32 34 36 40

CLIMATE CHANGE - SCOPES 1&2 SUSTAINABLE SUPPLY CHAINS - SCOPE 3 DEFORESTATION FOOD WASTE SEAFOOD SUSTAINABILITY

PRODUCTS 48 50

CIRCULAR ECONOMY AND PACKAGING NUTRITION

HOW WE ARE DOING 54

2

RESULTS 2023 / 2024

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WELCOME OPENING REMARKS FROM OUR CEO Last year, Princes Group introduced a refresh to our management of Environment, Social and Governance (ESG) and I am proud that, in 2024, we are spotlighting our work in this field in a dedicated report.

Like all food businesses, of course our role is not just to meet the needs of our customers and consumers but to provide careers for thousands of colleagues and do all of these things while being profitable to enable future success. But this cannot and will not come at the cost of our planet or its people. And Planet and People sit alongside Products as core pillars of our approach to sustainability; a holistic and wide-ranging programme of initiatives that began many years ago and which are condensed here.

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I hope that you will find this report interesting, reassuring and transparent. I am proud of the ways that we at Princes Group have a history of speaking plainly and honestly about what are – rather ominously, but accurately – referred to as ‘complex issues’.

The complex issues impacting our business are some of our global society’s most pressing challenges: modern slavery, human rights, climate change, the depletion of our planet’s natural resources and the ability of families to put nutritious and affordable food on the table.

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These things really do matter. They require our urgent attention and our immediate action. As you will learn from this report, that is exactly our commitment and our demonstrated approach at Princes Group.

We made the decision to separate ESG from our usual Business Report because we want to give it the space and the attention it deserves.

In the following pages, we’ll take an in-depth look at our ambitions for the future across: People: People Excellence, Human Rights Planet: Climate Change, Sustainable Supply Chain, Food Waste Products: Circular Economy, Nutrition

One of my many areas of pride is the impact we are having in securing and maintaining sustainable supply chains and minimising the risks of unethical practices. To take just one example, we have a long-standing, proactive approach on human rights issues in Italian agriculture, where the exploitation of seasonal labour has presented historic challenges.

Our work across ESG will never be finished. We must constantly endeavour to do more and to do better, which is why the word ‘journey’ is so frequently deployed when it comes to sustainability. While it may be somewhat of a corporate cliché, ‘journey’ invokes a sense of continued advancement, with purpose, and that resonates.

Finally, thank you for reading. I hope you find this report insightful. If it sparks ideas or questions we would love to hear from you, so please do pick up the conversation.

Other successes include:

I am immensely proud of the progress we’re making on that journey and want to express my thanks to all colleagues at Princes Group for their hard work and dedication. Thanks also to our brilliant roster of ESG partners, who help us to action positive change across our supply chain.

SIMON HARRISON CEO

• a 29% reduction in food waste since 2018/2019 • our emissions reductions at our manufacturing sites by 24% versus our 2018/19 baseline

Yours,

• taking great strides towards our goal of 100% Marine Stewardship Council certified branded tuna by the end of 2025.

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OUR MISSION – HOW WE’RE ACHIEVING IT OurVISION Our Our VISION

OurPURPOSE Our Our PURPOSE

OurMISSION Our Our MISSION

VISION

PURPOSE

DOING DOING THE RIGHT THE RIGHT THING THING DOING THE RIGHT THING TASTES TASTES GREAT GREAT TASTES GREAT

MISSION

DELIGHTING DELIGHTING MORE MORE PEOPLE PEOPLE DELIGHTING MORE PEOPLE WITHWITH MORE MORE WITH MORE SUSTAINABLE SUSTAINABLE CHOICES CHOICES SUSTAINABLE CHOICES

PROUDLY PROUDLY OFFERING OFFERING PROUDLY OFFERING GREAT GREAT TASTING TASTING CHOICES CHOICES FOR FOR EVERYONE EVERYONE GREAT TASTING CHOICES FOR EVERYONE WITHOUT WITHOUT COSTING COSTING THE EARTH THE EARTH WITHOUT COSTING THE EARTH

OUR STRATEGIC IMPERATIVES

CREATING A WINNING CULTURE

DRIVING A CUSTOMER CENTRIC BUSINESS

GROWING OUR REVENUE

SAVING TO INVEST

OPERATING SUSTAINABLY AND ETHICALLY

Engaging and celebrating the successes of our inclusive and high performing teams

Being easy to do business with to help our customers grow

Reaching more consumers, for more occasions, more often

Continuously driving improvements to enable future investment

Protecting people, the planet and our collective future

POWERING OUR SUCCESS

Harnessing our full digital capability to support business resilience, innovation and growth

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ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG) Our ESG strategy helps to frame our approach on the challenges our world and industry faces. It outlines how we work every day and collaborate with a wide range of stakeholders to address issues in our supply chain and owned operations.

We believe everyone at Princes plays a part in delivering and building a more sustainable business.

In 2023, we established a new ESG framework to better embed action and collective responsibility across our business and to ensure we’re delivering on our vision of ‘proudly offering great tasting choices for everyone without costing the earth’.

Many of the material issues these workstreams focus on are not new to us and have long established working groups. However, the framework is intended to better accelerate our progress and ensure it is embedded in all areas of the business and that ESG considerations, along with related compliance and corporate governance needs, are factored into everyday decision making in every area.

HOW IT WORKS

Under three headline pillars of ‘People, Planet, Products’ we established seven workstreams covering the material social and environmental issues affecting our operations, our colleagues, supply chains and our products, complemented by an eighth workstream of ESG Governance & Reporting.

Each workstream reports into an Operating Board member, is managed by a senior leader in the business and is staffed with subject or sector experts and engaged colleagues of all backgrounds.

Workstreams are tasked with delivering against existing targets, establishing new ones, horizon scanning emerging risks, opportunities and solutions and further embedding what we do by communicating across the business.

Our Governance & Reporting workstream takes an overview role for all workstreams and also ensures reporting requirements are met, such as our inaugural Climate Finance Disclosure (CFD) which will be published later this year and preparing for the EU Corporate Sustainability Reporting Directive (CSRD), amongst others.

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PEOPLE PEOPLE EXCELLENCE

HUMAN RIGHTS

PLANET SCOPES 1&2

SUSTAINABLE SUPPLY CHAINS

PRODUCTS FOOD WASTE

CIRCULAR ECONOMY

NUTRITION

GOVERNANCE & REPORTING

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PEOPLE

ACCESSIBILITY Cultivating a workplace where disabilities and long-term physical and mental health challenges are understood without stigma.

GENDER DIVERSITY Enabling an environment where equal opportunities exist, at all levels, regardless of gender.

SOCIAL MOBILITY Broadening access to Princes for colleagues from less advantaged social-economic backgrounds.

Inclusion & Diversity

INCLUSION AND MULTICULTURAL AGE DIVERSITY DIVERSITY

Recognising and respecting the valuable contribution colleagues from diverse backgrounds and experiences bring to Princes.

Recognising and respecting the valuable contribution colleagues of all ages and experiences bring to Princes.

LGBT+ Creating a truly inclusive workplace, recruiting and retaining talented colleagues who can work at their best.

ENVIRONMENT, HEALTH AND SAFETY (EHS)

SOCIAL SUSTAINABILITY

HUMAN RIGHTS IMPACT ASSESSMENTS (HRIA)

HUMAN RIGHTS & ITALIAN TOMATO SOURCING

#TogetherWeAchieveMore

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PEOPLE

PEOPLE EXCELLENCE As an Employer of Choice we take seriously our responsibility to ensure that no matter where our people are in the world, we have a common purpose in striving to achieve our mission to ‘proudly offer great tasting choices for everyone without costing the earth’.

And that requires us to create a culture where everyone matters and feels that they belong.

First established back in 2017, we have evolved our People Excellence Strategy and developed six pillars that bring to life the ‘Our Princes, Our People’ philosophy – as a framework, this approach enables us to check and challenge our efforts and track our progress culturally.

COLLEAGUE ENGAGEMENT AND INCLUSION SURVEY HIGHLIGHTS

We undertook our first ever Group Colleague Engagement & Inclusion Survey in October 2023 – it marked a significant milestone on our journey to becoming an Employer of Choice.

We now have valuable insight into what matters most to our people, and we’re working with a group of 63 volunteer colleagues to drive positive change across the business.

We share an annual update on our ‘Our Princes, Our People’ journey with colleagues and candidates – it is an honest account of our approach, progress and next steps.

Find out more: OUR PRINCES, OUR PEOPLE ANNUAL COLLEAGUE UPDATE NOVEMBER 2023

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4,077 76% COLLEAGUES COMPLETED THE SURVEY

OF OUR COLLEAGUES FEEL ENGAGED WITH PRINCES

76%

OF OUR COLLEAGUES FEEL INCLUDED AT PRINCES

76%

OF OUR COLLEAGUES WOULD RECOMMEND PRINCES AS A GOOD PLACE TO WORK

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COLLEAGUE HEALTH & WELLBEING:

Sitting firmly within the ‘Our Princes, Our People’ framework, we have a clearly articulated Health & Wellbeing Programme that is designed to foster a culture of empowerment, support and holistic wellbeing. Far from taking a one-size fits all approach, we work with colleague advocates across the Group to check and challenge that we are meaningfully supporting people’s physical, emotional and financial wellbeing.

72%

of our colleagues believe that Princes cares about their Health & Wellbeing

An impactful example of our Health & Wellbeing Programme in action is the success of our ‘Time To Talk’ initiative. Recognising the importance of creating a safe space for people to talk about their mental wellbeing, we now have 31 trained and certified volunteer colleagues ready, willing and able to lend a listening ear and to help signpost colleagues to the professional support they may need.

In the UK, that expert support may well be sought through Grocery Aid. Find out more: GROCERYAID DAY Aligned in our commitment to create a culture where everyone counts and feels that they belong, our approach to Health & Wellbeing also informs our people policies.

As a recent example, our new UK Carers’ Leave policy demonstrates that we mean it when we say that wherever they are in the UK, our people matter.

Find out more: ANNUAL CARE LEAVE

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PEOPLE

PEOPLE EXCELLENCE INCLUSION & DIVERSITY

As an employer of more than 7,000 colleagues across the UK, continental Europe and Mauritius, we recognise and celebrate our diversity and are committed to creating an inclusive workplace by ensuring that everyone feels valued and heard.

We have six well-established Colleague Resource Groups (CRGs) covering: LGBT+, Accessibility, Social Mobility, Gender Diversity, Multicultural & Age Diversity. Each CRG is supported by an Inclusion Champion, members of our Senior and Executive Leadership Teams, who provide leadership, guidance and advocacy.

82%

of our colleagues are comfortable being themselves at work

Our CRGs are the driving force behind our journey towards becoming an increasingly inclusive workplace. These groups provide a safe and welcoming space for colleagues to connect, collaborate and ignite positive change.

More than just forums for discussion, they are catalysts for action.

At a strategic level, we recently published our evolved Inclusion & Diversity Strategy 2.0. Four years on from the initial launch, it is designed to keep I&D firmly at the top of our business agenda by focusing on: • Organic Inclusion • Positive Reputation • Balance Reputation, and • Education & Understanding Find out more: I&D UPDATE 2024 We are honoured that our efforts have been recognised by the British Diversity Awards, with Princes shortlisted in the 2024 Company of the Year category.

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GENDER PAY GAP

The UK average gender pay gap is 14.3%. The Food Manufacturing Industry average 2023 Gender Pay Gap is 8.7% (median) and 7.3% (mean).

MEAN GENDER PAY GAP

= 6.7% MEDIAN GENDER PAY GAP

= 7%

Princes employs more men than women in the UK which reflects the gender imbalance typical in the industry and is the main driver of our pay gap.

To address our Gender Pay Gap and foster an inclusive workplace, we are committed to implementing tangible and sustainable measures that will enhance our culture and ensure a welcoming environment for everyone.

Find out more: GENDER PAY GAP 2023

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OUR MEMBERSHIPS & PARTNERS

Our Inclusion and Diversity programme continues to develop in collaboration with:

#TogetherWeAchieveMore 15

PEOPLE

PEOPLE EXCELLENCE Spotlight:

REPRESENTATION TARGETS Princes is committed to being an inclusive employer with diverse representation at all levels of our business. As a result, ‘Balance Representation’ is one of our Inclusion & Diversity Strategy 2.0 focus areas.

In October 2023, as part of our Group Colleague Engagement & Inclusion Survey, we embarked on our diversity data collection journey, seeking a greater understanding of the representation that exists within our workforce.

Aside from binary sex data, which utilises comprehensive people data, the understanding of our current representation is shown here.

FEMALE

49%

SEX

DISABILITY

ETHNICITY

GROUP

GROUP

UK GROUPS

MALE

YES

MALE

NOT SURE

51%

6.5%

LEADERSHIP FEMALE

25%

SEXUAL ORIENTATION UK & PFBV

HETEROSEXUAL / STRAIGHT

48%

LGBT+

3%

NOT DISCLOSED

49%

We have more to do to fully understand the diversity of our workforce and gain our colleagues’ trust in providing this information. Clear action plans are in place to enable this.

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49%

55.5% NOT DISCLOSED

36%

2%

75%

White Ethnic

NO

UK ETHNIC MINORITY

4%

NOT DISCLOSED

47%

SOCIO ECONOMIC BACKGROUND WORKING CLASS

UK

INTERMEDIATE

PROFESSIONAL

OTHER

NOT DISCLOSED

20%

19%

1%

6%

54%

Equipped with a glimpse into the representation within Princes, and with deep analysis of the communities where Princes operates, we have established aspirations around our future representation.

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GROUP-WIDE 50%

of middle management roles (Grades 3-5) to be held by women by 2030.

ACCESSIBILITY Cultivating a workplace where disabilities and long-term physical and mental health challenges are understood without stigma.

SOCIAL MOBILITY Broadening access to Princes for colleagues from less advantaged social-economic backgrounds.

35%

of senior leadership roles (Grade 6+) to be filled by women by 2030.

15%

of our workforce to be people with disabilities by 2030.

WITHIN THE UK

GENDER DIVERSITY Enabling an environment where equal opportunities exist, at all levels, regardless of gender.

Inclusion & Diversity

LGBT+ Creating a truly inclusive workplace, recruiting and retaining talented colleagues who can work at their best.

15%

of our workforce from UK ethnic minority backgrounds by 2030.

35%

of senior management and leadership roles (Grade 5+) will be occupied by individuals from working-class backgrounds by 2030.

6%

of our workforce to be from the LGBT+ community by 2030.

All of our aspirations were developed in collaboration with our Colleague Resource Groups, and with full support from our Board.

MULTICULTURAL Recognising and respecting the valuable contribution colleagues from diverse backgrounds and experiences bring to Princes.

AGE DIVERSITY Recognising and respecting the valuable contribution colleagues of all ages and experiences bring to Princes.

#TogetherWeAchieveMore #TogetherWeAchieveMore 17

PEOPLE

PEOPLE EXCELLENCE Case Study:

ONE MILLION MENTORS Princes is committed to ensuring that everyone, regardless of their background, has the chance to reach their full potential. In April 2024, our Social Mobility Colleague Resource Group (CRG) spearheaded a 12-month mentoring programme in partnership with One Million Mentors.

One Million Mentors is a unique community-based mentoring system with the aim of connecting one million young people with one million opportunities.

As part of this initiative, twenty colleagues from Princes Head Office underwent training to become effective mentors and were then partnered with twenty Year 12 students from across Calderstones School in Liverpool and The Oldershaw School, Wallasey in Wirral. The programme will provide 240 hours of mentoring, supporting young people in our local communities to gain the skills, knowledge and networks to achieve their aspirations.

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Karen Rowles, Careers and Opportunities Manager at The Oldershaw School, said:

“This is already proving to be a fantastic opportunity for our students. I fully believe that students need to ‘see it to be it’, and this provides exactly that.

The mentors have struck up a great working relationship with the students. We’re so pleased to see them growing and learning from these interactions.”

Paul Richards, Head of Year 12/13 & School Careers Lead at Calderstones School, said:

“We are delighted to be working with Princes on this mentoring programme. It was clear from the first session that the mentoring was going to make a difference.” princesgroup.com

THE PRINCES WAY

Created by our colleagues, for our colleagues, we were particularly proud to share our new and evolved Values in Autumn 2023. Deliberately dynamic and active, our bespoke Values are intended to describe what good looks like at Princes, or the ‘Princes Way’, by defining our culture and what it is to be a Princes’ colleague, all the time fostering a sense of belonging.

Find out more: THE PRINCES WAY

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PEOPLE

ENVIRONMENT, HEALTH & SAFETY (EHS) WHAT IS EHS? Environment, health and safety is an interdisciplinary field focused on the study and implementation of practical aspects of environmental protection, and the safeguarding of colleague health and safety, especially at site level.

HOW IT WORKS AT PRINCES

ENVIRONMENT

Princes has an integrated EHS policy and management system implemented across the group verified to ISO 45001 and 14001 standards.

All manufacturing site leadership teams review performance daily, including safety, as part of the Safety Quality Cost Delivery People (SQCDP) review. There are senior operations weekly, and quarterly monthly performance reviews. We’ve also implemented a behavioural based safety system, which has helped to improve the safety culture amongst our operational colleagues. EHS is included on the agenda of the Princes executive board meeting.

HEALTH

OUR PLANS We’ve set a three year strategic plan, which is reviewed annually to ensure it stays relevant to current business risk and performance and to ensure we are on track to achieve our EHS goals and objectives.

SAFETY

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EHS PROJECTS We have various continuous improvement projects running at the manufacturing sites. Named by our teams the ‘Light House’ projects, they are coordinated by the Operational Performance Transformation team and are focused on improving manufacturing performance, relating to cost, waste, delivery and EHS improvements.

We also have group projects including fire control improvements, facilities management service improvements which include Safety and Environmental Performance, Business Continuity Planning / Training and behavioural-based colleague surveys and feedback initiatives.

TRAINING ACADEMIES Training academies take place throughout the year which train our managers in techniques for improving performance. Each course identifies a ‘Light House’ project to deliver. These projects are communicated and monitored regularly.

We audit our systems and performance via internal audit, Lloyd’s Register and customer audits. Our aim in the next three years is to achieve best-in-class EHS performance, and to ensure we have low risk with our Accident Incident Rate (AIR) below the Beverage Industry benchmark standard.

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TOTAL ACCIDENT PERFORMANCE V’S 2018 RESULTS 2023/24

Total Accident Performance v’s 2018

3500 3000

-27%

2500 2000

-45%

1500

-45%

1000 500

-54%

0 2018/19

2022/23 All Accidents

2023/24

Lost Time Accidents

LOST TIME ACCIDENTS (+ 1 DAY ABSENCE) 2022/23 V 2023/24

<35% <72% <16% <20% UK (13)

PIA (1)

PTM (45)

GROUP (59)

Find out more: ENVIRONMENTAL HEALTH AND SAFETY POLICY

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PEOPLE 22

SOCIAL SUSTAINABILITY IN 2022 IT WAS REPORTED THAT THERE WERE OVER 49.6 MILLION PEOPLE WORKING IN MODERN SLAVERY CONDITIONS AND THE FOOD INDUSTRY IS A HIGH-RISK INDUSTRY. WHAT IS MODERN SLAVERY?

SUPPLIER MANAGEMENT

SUPPLY CHAIN TRANSPARENCY

Modern Slavery is a crime and a violation of fundamental human rights. It can take many forms, including servitude, forced and compulsory labour and human trafficking, all of which result in the common deprivation of a person’s liberty by another to exploit them for personal or commercial gain. At Princes, we recognise that modern slavery is a global issue and is linked to the rise in global migration.

Slavery exists in every region of the world and in most types of economies, whether industrialised, developing or transitional. No industry or sector can be complacent or considered immune.

All suppliers to Princes are required to register with the Sedex platform, complete a Self-Assessment Questionnaire and undertake a Sedex Members Ethical Trade Audit (SMETA). Where the supplier is unable to use Sedex we do accept valid alternate accreditations and audits.

We are committed to supply chain transparency and continue to call on our suppliers to join us on this journey. In 2020-2023 we published annual updates for all finished goods suppliers showing the site location, a breakdown of full-time and temporary workers, gender, and the presence of an active trade union or worker committee. Regrettably, we have recently taken this down from our website as some newer suppliers have raised data sharing concerns, however, we are in the process of dialogue with all suppliers to reaffirm our views on transparency and expect to publish an update later this year.

This is our ‘base level’ requirement. Over and above, we risk assess suppliers and supply chains considering known risks, guidance and shared information from customer and industry networks and bodies such as the Ethical Trade Initiative (ETI).

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PRINCES SUPPLY CHAIN A GLANCE PRINCES SUPPLY CHAIN AT AAT GLANCE

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202,893 workers across the supply chain

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542 supplier sites

Suppliers based in 47 countries

EŝĐŬ tĞůďLJ /W^ K

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INTERNATIONAL LISTING ON CIPS’ ETHICS REGISTER Since 2019 we have held the Chartered Institute of Procurement and Supply’s (CIPS) Ethics Mark – a certification which requires companies to adopt CIPS’ Code of Ethics, make a public commitment to sourcing ethically and to train and test all staff responsible for sourcing and management of suppliers.

55% of workers identify as male

45% of workers identify as female

To achieve this recognition, procurement colleagues have demonstrated their respect and awareness of international standards against criminal conduct, including bribery, corruption, fraud and human rights abuse, protecting Princes from potential supply chain malpractice.

This is a critical point of principle to us. The behaviours we need in our entire supply chain start with our own behaviour and it’s important that everyone in Princes with purchasing power – imported goods, raw materials, packaging or even services – understands how their role and behaviour can have impacts across the supply chain.

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PEOPLE

HUMAN RIGHTS IMPACT ASSESSMENTS At Princes we recognise the importance of taking a ‘beyond audit’ approach to identifying, assessing and mitigating social sustainability risks within our global supply chains.

A Human Rights Impact Assessment (HRIA) is a specialist study informed by international standards and frameworks, including the United Nations Guiding Principles on Business and Human Rights (UNGPs), to assess all aspects of the value chain to identify and respond to potential impacts to workers.

Last year, we published the first-of-its-kind HRIA into pulses from Argentina as part of our approach to evolving our understanding of risks and opportunities within key value chains.

We currently source around a fifth of our pulses from Argentina, principally chickpeas and cannelloni beans which are used within our Napolina brand and for customers’ private label products.

Find out more about our Argentinian pulses HRIA MORE INFO We are currently assessing the supply chain to undertake our next HRIA, which we expect to commence in late 2024.

Our approach is to consider a HRIA for supply chains or raw materials of significance to us that have had little or no ‘deep dive’ investigation to date from private sector or civil society organisations.

Watch our YouTube video on our beans and pulses HRIA.

Within the HRIA an assessment of all aspects of the supply chain were assessed to identify and respond to human rights impacts, informed by international standards and frameworks, including the UNGPs. We have used this HRIA to share with customer and supplier contacts in the industry, through both specific workshops within the Ethical Trading Initiative and Food Network for Ethical Trade, to encourage others operating in the sector to use our insights to drive required improvements.

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PEOPLE

HUMAN RIGHTS AND ITALIAN TOMATO SOURCING CONTRATTO DI FILIERA We have a long-standing and proactive approach to human rights issues in Italian agriculture, working for many years to tackle illegal labour and ensure that growers in our supply chain receive a fair and profitable price from us for their tomatoes.

Late contracting has been frequently cited by Non-Governmental Organisations (NGOs) as a key contributor to forced labour and human rights abuse, yet it is a practice that remains prevalent across the Italian tomato supply chain.

We are in the sixth year of a collaboration called ‘Contratto di Filiera’ (Supply Chain Contract) in collaboration with both the Department of Agricultural Sciences at the University of Foggia and Italy’s leading agricultural union, Coldiretti.

Princes is committed to paying prices that reflect the genuine cost of production, delivering a profitable return to our growers ahead of the harvest season and ensuring they have the resources to pay legal and fair wages to seasonal workers during the summer harvest season.

Our Contratto di Filiera seeks to agree prices many months earlier to give growers visibility and security.

Our agreement requires growers to implement best current environmental practices. In 2024 we once again were the first industrial processor in the south to conclude all price negotiations.

Seasonal labour is an area a grower can try to reduce costs during harvest season, making the services of illegal gangmasters an appealing option if there are concerns regarding the profitability of a crop. These concerns can stem from the remuneration that growers have historically received because of the wider industry’s drive to relentlessly reduce costs. Princes is the only company in the south of Italy that agrees prices outside of industry-wide negotiations, which often do not conclude until just before harvest.

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Committing to pricing that reflects the actual costs of production is the only way to ensure that farmers can remain both profitable and sustainable while eliminating the labour issues that remain in Italian agriculture.

Watch our video on human rights:

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COLLABORATIVE ACTION TO ADDRESS ROOT CAUSE ISSUES Princes recognises the importance of collaborating with Non-Governmental Organisations, charities, trade union organisations, customers and our competitors to strive towards meaningful change and address some of the root cause issues of large and complex modern slavery risks.

Since 2017 we have been a member of the Ethical Trading Initiative (ETI), a leading alliance of companies, trade unions and non-Governmental organisations representing the food, farming, and fishing sector.

We remain an active member of the Food Network for Ethical Trade (FNET), a collaborative initiative between supermarkets and large food suppliers to improve human rights in global supply chains. We have also participated in a project on worker recruitment fees with FNET and the Global Tuna Alliance (GTA) this year with our manufacturing site in Mauritius contributing to the research. Where any areas to improve our commitment to the ‘Employer Pays Principle’ are identified we will seek to address them.

GRASP (GLOBALG.A.P. Risk Assessment on Social Practice) is a 3rd party assessment which defines the minimum requirements for a good social management system in primary production. Since 2018, we have required that all our tomato growers in Italy hold GLOBALG.A.P. GRASP.

We’re also a member of the Seafood Ethics Action Alliance, established to share best practices and insights on emerging industry challenges.

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PLANET CLIMATE CHANGE SCOPES 1&2

SUSTAINABLE SUPPLY CHAINS - SCOPE 3

DEFORESTATION

FOOD WASTE

SEAFOOD SUSTAINABILITY

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PLANET

CLIMATE CHANGE - SCOPES 1 & 2 EMISSIONS WE RECOGNISE THAT FOOD MANUFACTURING IS A CARBON HUNGRY AND ENERGY INTENSIVE PROCESS. Against growing global populations our industry must improve its approach to feeding more people but doing so in ways that minimise the environmental impact of food manufacturing.

At our manufacturing sites, we have been actively working to reduce energy for many years and, between 2014/15 and 2018/19, we reduced our absolute greenhouse gas emissions by 25%.

We reset our baseline at this point and our current targets use the 2018/19 year as a base. During 2023/24 we have continued to make good progress on most of our ‘2030 Green Goals’ targets to reduce the emissions, water and waste from our own sites and to be carbon neutral by the end of the decade.

SCOPE 1

Direct Emissions

SCOPE 2

Indirect Emissions

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At the end of the 23/24 year our Scope 1 and 2 emissions total 85,791 tonnes – a reduction of 24% on 2018/19. Our move to 100% renewable electricity in 2022 has resulted in a significant drop in Scope 2 emissions – now reduced by half since our 2018/19 base year.

Scope 1 emission reduction is more difficult to achieve but we are actively investing in various energy and carbon projects to further decrease our environmental footprint. These projects include on-site solar installations, carbon capture initiatives and the adoption of green hydrogen technology. While some of these projects are still in the planning stages, we will continue to update on their progress in the future.

Direct GHG emissions occur from sources that are owned or controlled by the company

Indirect GHG emissions occur from the generation of purchased electricity consumed by the company

The figures above are based on our % reduct from our baseline of 2018/

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Our transition to 100% renewable energy at our UK locations has reduced our Scope 2 emissions by half.

WATER

Water surveys and mass balances carried out at manufacturing sites have informed local projects that are starting to meaningfully reduce our water use.

Our solar roll out is underway with work completed at our Long Sutton site and ongoing at Bradford at the time of publication.

While these will have relatively small carbon impacts, they evidence our approach to try to generate as much of our energy needs ourselves. Once UK sites have been addressed, it is our intent to install Solar PV at Princes Tuna Mauritius (PTM), which we expect to provide 100% of its energy needs.

INTERNAL ENERGY

PTM is already part of an energy and waste closed loop where our effluent, and that of an adjacent fish meal plant, are routed to a biogas plant which provides us with green energy to power our cookers and byproducts of fertiliser are supplied to domestic Mauritian farmers.

We are working to generate up to 50% of our energy on site, by 2030. We will soon be installing solar PV roof panels on our largest manufacturing sites in the UK and are also working on other potential projects including hydrogen gas to power our boilers and carbon capture.

By implementing these sustainable projects across our manufacturing estate, with site teams sharing successes and learnings, we are demonstrating our commitment to taking all possible steps to reduce the impact of our operations. We are proud of the progress we have made so far and remain dedicated to further reducing our environmental impact in the future.

tion in each category, /19.

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PLANET

SUSTAINABLE SUPPLY CHAINS - SCOPE 3 EMISSIONS THE CARBON FOOTPRINT OF MOST BUSINESSES IS WITHIN THEIR UPSTREAM AND DOWNSTREAM SUPPLY CHAIN – COMMONLY KNOWN AS ‘SCOPE 3’.

We completed an initial pilot measurement in 2022 and this year conducted a full footprint following the Greenhouse Gas (GHG) Protocol.

Within our Scope 3 of 2.63 million tonnes, our key ‘hotspots’ are rapeseed oil, corned beef, tuna, sunflower oil, steel (cans) and tomato puree.

We have started to upskill key teams such as Procurement, Logistics and Commercial teams with the “Net Zero basics” webinars which have also been opened up to the wider colleague community. Our operating board have fully endorsed a Net Zero future for our business and their commitment and leadership will ensure this cascades through all our teams.

We have committed to the Science Based Targets initiative (SBTi) and our intention is to establish Science Based Net Zero carbon targets on a 1.5-degree pathway. We will publish these once verified by the SBTi. In addition, our new ENVIRONMENTAL & SOCIAL GOVERNANCE (ESG) framework will play a role helping us to embed a net zero culture and achieve these targets.

Critically, the cascade on our Net Zero ambition to our suppliers has started. A successful global transition to Net Zero will require shared ambitions and actions and we are engaging initially with some of our largest suppliers – identified by volume, by carbon intensity of the raw material or by both – to commence the carbon mapping of the material to identify future actions.

Net Zero for our Group will have long-term impacts on our sourcing and suppliers, factories, capital expenditure, future brand strategy and everyone in our business will play a role in this transformation.

While our current focus is at Group level, we intend to understand detailed product information and footprints. We are supporting any customer requests for product information where we can but are mindful of potential future legislation regarding on label declarations (mandatory and voluntary) and how meaningful such information is for consumers at present.

We consider it to be a true ‘game changer’ for Princes and our industry, and ensuring that this is embedded in all areas of our business will be critical.

SCOPE 3

Supply Chain

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Other indirect GHG emissions which are consequences of activities of the company but occur from source not owned or controlled by the company

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SCOPE 3 EMISSIONS 0.3%

0.1%

Purchased Goods & Services

3.4%

1%

Staff Commuting

2%

Upstream Transport & Distribution

6%

Fuel & Energy Activities not in Scope 1 or 2

0.1%

Capital Goods

87%

Business Travel End of Life Emissions Waste in Operations Data Jan > Dec 22

This graphic shows Scope 3 data for calendar year 2022, where we established our first full footprint. We will recalculate the footprint for the period April 2023 > March 2024 later this year.

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PLANET 34

DEFORESTATION THE FOOD SECTOR’S RELIANCE ON LAND FOR AGRICULTURE AND LIVESTOCK PRODUCTION HAS A SIGNIFICANT IMPACT ON THE ENVIRONMENT.

The expansion of land for grazing cattle and cultivating crops like soy has contributed to the loss of precious forests and other valuable habitats.

These ecosystems play a crucial role in maintaining biodiversity, regulating the climate, and providing essential services for human wellbeing.

Protecting forests is not just critical to halt the loss of global biodiversity, but also to protect the rights and livelihoods of indigenous communities and forest peoples.

SOY

Soy beans are an excellent source of protein and are used in large volumes in livestock farming, aquaculture, and the production of meat free proteins. Work undertaken in 2022 has identified that Princes has an ‘exposure’ of c.12,000 tonnes of soy within its supply chains up stream of our manufacturing operations and third party finished goods suppliers. This year, we have recalculated our soy footprint for our financial year 2023/24 to c.10,500 tonnes of soy. We have used the RTRS datasets, with primary sources mostly from the Profundo and Hoste (WUR & IDH) studies.

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SOY FOOTPRINT 23/24 (tonnes)

Princes is committed to sourcing verified Deforestation and Conversion Free (vDCF) soy and ensuring that our supply chain is not contributing to the destruction of natural forests.

2

In 2022 we became a signatory to the UK Soy Manifesto, which outlines a set of ambitious commitments to eliminate deforestation from the soy supply chain.

28 1148

We are engaging with all our suppliers of raw materials linked to soy to highlight our vDCF requirements and to better understand their plans to ensure that all soy they use is from a source in line with our deadline of 2025.

3266 1498 0.1 24 718 3790

7

We’re also asking them to set similar policies and to publicly disclose their progress. In line with our UK Soy Manifesto commitments, we will publicly disclose our performance from 2024.

PALM OIL

All Palm Oil we use is RSPO certified.

We have set an updated target that, by the end of 2025, we will only use RSPO certified Segregated Oil.

BEEF

Where we source Brazilian Beef, we have a specific policy requirement for suppliers on Net Zero, zero deforestation (including legally permitted) and other measures intended to improve environmental and social governance issues.

Find out more: DEFORESTATION POLICY

This will include reporting on our progress towards our deforestation-free soy target and the percentage of our soy that is deforestation-free.

Soy Footprint TOTAL 10,500 Beef

Cheese

Cream

Farmed Fish

Pork

Butter

Chicken

Eggs

Milk

Yoghurt [1]

Figures exclude Edible Oils Limited

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FOOD WASTE AS ONE OF THE UK’S LEADING FOOD AND DRINK MANUFACTURERS, WE UNDERSTAND OUR RESPONSIBILITY TO ADDRESS THE ISSUE OF FOOD WASTE, FROM FARM TO FORK A Princes, we take food waste very seriously.

It’s not just about the general principle of wasting food while there are people in need of food, but the climate change impact of emissions from growing, transporting and processing of raw materials and ingredients into products.

That’s why we’re committed to a 50% reduction in food waste by 2030, aligning UN Sustainable Development Goal 12.3 with our own Green Goals initiative for our sites.

OUR JOURNEY SO FAR

We’re proud of the 30% reduction we have made in the last five years at a Group level in particular, the performance of our UK sites, Princes Industrie, Italy Princes Industrie Alimentari (PIA) and Princes Tuna Mauritius (PTM) businesses.

Our site teams are constantly looking for ways to minimise waste across our entire operational estate and our performance is testament to the mindset and work of our site-based colleagues.

Our journey is ongoing, with three key approaches being taken to reduce the food waste generated at our manufacturing sites: 1) Working in partnership with our waste disposal companies to find more positive uses for our food waste and better manage the segregation and sorting of waste on site.

2) Detailed analysis of our production processes to identify where food waste is generated, to take action to reduce / prevent spillage of raw materials and product.

3) Engagement with our factory colleagues to develop a war on waste and value in waste culture that focuses on waste prevention rather than disposal.

FOOD WASTE TONNAGE % CHANGE -2018/19 V 2023/24 TOTAL FOOD WASTE DIFFERENCE

-29.65% -16.33% -31.47% -33.63% GROUP

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UK

PIA

PTM

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OUR SUPPLIERS

HELPING CONSUMERS

We ask suppliers to challenge us regarding the raw materials they deliver to our sites. If our current delivery or specification requirements are causing unintended waste in their business, we want to know about it, so we can work with them to change it.

While focus is rightly on the food supply chain to play its part, the fact remains that 70% of the food waste occurs in the consumer home.

We are encouraging suppliers to measure waste, to set targets and to take action in line with WRAPs ‘Target - Measure - Act’ guidance.

This is why our brands are playing a part in encouraging consumers to make small changes at home that, in turn, reduces food waste and saves money. Following on from our initial social media campaign with our Princes fish brand, ‘Love your Leftovers,’ our Napolina team has an ongoing campaign based on not wasting Napolina’s ‘Not so Humble Ingredients’ and in support of WRAP’s - Love Food Hate Waste on-going campaign.

We are committed to driving this message with consumers to help raise awareness and help them do the right thing at home.

Target

Measure

Act

Set a food waste reduction target for your own UK Operations

Measure in a consistent way, and share what you’ve learnt

Take action to reduce your own food waste, collaborate with your supply chain partners and support citizens to reduce food waste

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FOOD WASTE FARESHARE

FareShare lead the way in tackling hunger and food waste. During 2023 alone they helped 8,500 charities and community groups with 54,000 tonnes of food, the equivalent of 128m meals or four meals every second.

In addition to our donations, we seek to support FareShare wherever possible on projects that help reduce waste through using our sites, colleague expertise or our influence with wider industry.

FLEX PROGRAMME

FareShare’s Food Life Extension (FLEX) project seeks to convert surplus fresh food they can’t donate in time before it is spoiled, into long life formats so it can continue to be donated by e.g. canning or freezing.

To date we have not been able to find a solution at our own sites to support this but are delighted we have played a role in linking up a packing supplier with the project. Their involvement means that a FLEX project at a small canning business in the North West of England can proceed and costs of the project are minimised, allowing it some additional length of time and security.

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THE KING’S CORONATION FOOD PROJECT

We’re proud to be part of the King’s Coronation Food Project which was launched in 2023. This initiative tackles food insecurity and waste by connecting FareShare’s network with those in need. We’ve pledged 500,000 meals through a collaborative partnership with suppliers, ensuring a regularised flow of donations and will report on this in the near future.

George Wright, CEO at FareShare said:

“ FARESHARE OPERATES IN ALL REGIONS OF THE UK, TRANSFORMING THE ENVIRONMENTAL PROBLEM OF FOOD WASTE INTO A SOCIAL GOOD THAT CAN CHANGE LIVES. PARTNERS LIKE PRINCES PLAY A CRUCIAL ROLE IN THIS MISSION, HELPING US DELIVER FOOD TO OVER 8,300 CHARITIES THAT MAKE A DIFFERENCE EVERY DAY.”

OUR IMPACT APRIL 23 – MARCH 2024

206 3,441 Tonnes of food

Charities helped

CO2e

490K 265 Equivalent meals

Tonnes of Co2e prevented from being wasted

Information and graphic kindly supplied by FareShare

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FARESHARE KEY STATS: 2022-23

34 Sites

8,500 Charities

5,300+ Volunteers

54,000

Tonnes of food (53,894)

128M

Meals provided

OVER 1M People receiving food to Fareshare

4 MEALS A SECOND 39

PLANET

SEAFOOD SUSTAINABILITY We want to be able to bring this fantastic source of natural low carbon protein to families for generations to come. That means sourcing in the right way and accepting that we have a role in influencing markets, supply chains and using our voices with the government bodies that manage global fisheries.

OUR APPROACH TO SOURCING Founded in 1880 and initially trading solely in canned fish, few businesses have a heritage as rich in Princes in the sourcing of seafood.

Even though we don’t own any boats, our commitment to sourcing seafood responsibly is a key part of our sustainability programme. We ask that our suppliers follow the International Seafood Sustainability Foundation (ISSF) Conservation Measures. We never accept fish that could be linked to Illegal, unreported and unregulated (IUU) activities.

We see the science-led, independent Marine Stewardship Certificate (MSC) blue tick as the key tool to preserve long term sustainable stocks, to increase transparency and build consumer trust in a complex area of sustainability. This is why, where possible, we aim to source from MSC certified fisheries or those that are actively involved in Fishery Improvement Projects (FIPs) with the aim of achieving MSC certification.

Supply quality and nutritious products.

Work only with approved supply partners who ensure our high standards of quality and sourcing are adhered to.

Ensure full chain traceability.

Support the principle of Marine Protection Areas and Marine Reserves.

Fully support and comply with the International Seafood Sustainability Foundation’s (ISSF) efforts and measures to reduce bycatch and control fishing capacity. Princes also applies ISSF’s definition of ‘FAD (fish aggregating devices) free’ when sourcing tuna.

Play an active role in the debate over catch methods, bycatch and sustainability and shape our approach based on the latest scientific information.

Audit our suppliers against our standards.

Comply with all relevant regional, national and international legislation.

Ensure large-scale purse seine vessels used to source tuna are registered on the ProActive Vessel Register (PVR) and have 100% observer coverage – either human or electronic.

Adhere to the internationally recognised strict standards of the Earth Island Institute (EII).

* Responsibly Sourced is defined by the Sustainable Seafood Coalition: MSC certified; Pole and Line; Purse Seine FAD Free; Purse Seine with FAD coming from a publicly reported Fishery Improvement Project with a clear goal of entering MSC assessment.

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Endorse the Global Dialogue on Seafood Traceability (GDST) standards.

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DO It is vital that all our seafood meets strict standards, to ensure quality and integrity of our seafood.

DON’T We do not source any IUU seafood and take a firm stance on compliance with regards to the required documentation to all seafood we purchase.

Permit long-line caught fish in our branded products – we see longlining as unacceptable due to inherent high labour and indiscriminate bycatch risks.

Trade with companies or vessels that have not banned the practice known as shark finning - we require our suppliers to have a Fins Naturally Attached policy for any sharks landed.

Permit transhipment at sea other than under the strict control measures required within ISSF conservation measures.

Trade in any species listed as endangered or critically endangered on the International Union for Conservation of Nature (IUCN) Red List of threatened species.

Over-package our products. We also aim to use recyclable packaging materials wherever possible.

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SEAFOOD SUSTAINABILITY PARTNERSHIPS & COLLABORATION INTERNATIONAL SEAFOOD SUSTAINABILITY FOUNDATION Princes is one of the founding partners of the International Seafood Sustainability Foundation (ISSF) whose science and evidence led mission is to make improvements to global tuna fisheries. The ISSF board is comprised of marine scientists, government agencies, non-governmental organisations and the seafood industry representing several countries.

Many ISSF recommendations have successfully been transferred into Regional Fishery Management Organisation action and can also be found within the sourcing policies of global retailers and brands.

GLOBAL TUNA ALLIANCE

EARTH ISLAND INSTITUTE

We are also members of the Global Tuna Alliance (GTA) where market actors collaborate to use our collective voice to advance tuna sustainability through advocacy with the countries and politicians that manage tuna stock health within the various Regional Fishery Management Organisations (RFMO).

The Earth Island Institute (EII) was founded in 1982 to support people who are creating solutions to protect our shared planet. The EII runs a specific international monitoring programme aimed at eliminating any impact on dolphins, turtles, sharks and other sea life because of tuna fishing.

The GTA represents a truly global voice from processors and brands, all of whom are commercial entities but share the same understanding that there is no long-term commercial success without sustainable management of tuna by RFMOs (Regional Fishery Management Organisations). Princes currently has a place on the Partnership Advisory Group of the GTA.

Its monitoring helps ensure that the catch methods used by tuna suppliers are legitimate, responsible and dolphin friendly.

Princes has a seat on the International Seafood Sustainability Association (ISSA) board. The ISSA is a trade association whose members commit to follow the conservation measures established by the ISSF.

Find out more:

earthisland.org

Find out more: Find out more:

globaltunaalliance.com

iss-foundation.org

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NORTH ATLANTIC PELAGIC ADVISORY GROUP NAPA is a market-led approach to improve North Atlantic pelagic fisheries management.

NAPA was formed in response to the continuing dispute between Coastal States over mackerel quota allocation in the Northeast Atlantic. Over time, this dispute has resulted in annual catches well in excess of the advised level for three commercially important species: mackerel, herring, and blue whiting.

Princes currently has a role on the steering committee of NAPA.

MARINE STEWARDSHIP COUNCIL The Marine Stewardship Council (MSC) runs a globally recognised certification programme for sustainable seafood. Some of our fish products are sourced from fisheries that are certified to the MSC standard – our goal is that all our fisheries achieve this.

The MSC has three principles required by a fishery to meet its standard: • The fishing activity must be at a level which ensures it can continue indefinitely, • Fishing operations must be managed to maintain the structure, productivity, function, and diversity of the ecosystem, • The fishery must comply with relevant laws and have a management system that is responsive to changing circumstances.

Find out more:

napafisheries.org

Find out more:

msc.org

ADVOCACY ROLE AND REGIONAL FISHERIES MANAGEMENT ORGANISATIONS (RFMOs) As evidenced in some of the partnerships described above, we are increasing our engagement with the political decision makers on matters of ocean governance for wild caught fish.

The GTA and NAPA are specific instances where commercial market actors such as Princes are being called on to use their voice to clearly signal that the market – be it processors, brand, or retailers – has as much interest in sustainable seafood as the environmental NGOs that have historically occupied this space alone.

Going beyond our membership in these collaborative “market voice” associations, Princes has been active in direct advocacy to governments and coastal states, especially in the Indian Ocean where sustainable tuna stocks are not only important for environmental reasons, but crucially because they pose a business and livelihood issue. Indeed, across our two tuna processing sites in Mauritius, we have 4,000 colleagues relying on us for employment and thousands more in the wider local supply chain.

It is also important for us to engage with stakeholders to increase understanding and break down barriers that lead to disagreement and inaction. No one voice represents fishing fleets, processors or brands and we will continue to build our own and wider understanding, collaborate with like-minded partners, and seek to build consensus for the long-term benefit of all.

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SEAFOOD SUSTAINABILITY MACKEREL

TUNA

Princes sources mackerel from the Northeast Atlantic fishery and is a member of the North Atlantic Pelagic Advocacy Group (NAPA) which calls on coastal and fishing nations to improve the management of the fishery and set catch limits in line with the scientific advice.

In 2021, we reached the milestone of 100% of Princes’ branded tuna across the Group being Responsibly Sourced for the first time, a definition matching the criteria established by the UK Sustainable Seafood Coalition. Responsibly sourced means all tuna is either MSC certified, from a pole and line fishery, from a Purse Seine FAD free fishery, or from a fishery engaged in a timebound publicly reported FIP with the clear aim of attaining MSC certification.

The NEA stock for mackerel, blue herring and whiting is experiencing overfishing and to date no political agreement has been reached between the key coastal states on Total Allowable Catches (TACs).

As a result, the fishery lost its MSC certification, and this will not improve until political agreement on catches is reached.

All NAPA members – brands like Princes, major retailers, and processors – are actively using their voice with politicians to urgently reach agreement.

SALMON

Over time many global FIPs have started to meet their goals and we can see a significantly larger proportion of MSC certified tuna becoming available. We welcome this and see a clear role for Princes, as a leading brand, to renew our support to fisheries who have long invested in improvements via FIPs. As such, we have set a target that all branded tuna will be Marine Stewardship Council certified by the end of 2025.

Princes brand sold in the Netherlands has already reached this target and our Vier Diamanten Brand in Austria is working towards 100% MSC by the end of 2024.

In Poland, Princes brand, which represents roughly 5% of the market share (and growing) has this year received an award

by MSC for being the first brand fully MSC certified in the country!

In 2023 we reaffirmed our direct involvement in improving tuna sustainability in the Indian Ocean – through an extension of the Sustainable Indian Ocean Tuna Initiative (SIOTI) FIP which we are engaged in. The SIOTI FIP and its members have been an active contributor to a brand-new FAD recovery programme in the Seychelles (‘FAD watch’).

AQUACULTURE Princes plays a small but growing role in the supply of chilled and frozen farmed fish to UK and European markets. Our main species are Basa and shrimp, sourced principally from Vietnam. All farmed fish we source must meet rigorous standards including: • It must be certified to the Aquaculture Stewardship Council (ASC) or Global GAP or BAP (Best Aquaculture Practices) 4*; • All suppliers need to be registered on the Sedex system and have a recent, valid SMETA (Sedex Members Ethical Trade Audit) audit; • All soy used in feed must meet our Group wide policy requiring it to be verified deforestation free by 2025.

Our due diligence of supply chains includes understanding the wider supply chain behind processing sites and immediate farms, to include hatcheries and feed mills.

Princes sources MSC certified pink, red and keta salmon from the Alaskan fishery, one of the oldest MSC fisheries in the world.

SARDINES AND ANCHOVIES Our sardine and anchovies supplier is a member of the Moroccan sardine and anchovies FIP (Fishery Improvement Project) and has contributed to the funding of additional scientific research into the status of the stocks.

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AGAC multi-ocean MSC

North East Pacific MSC salmon

SIOTI Indian Ocean tuna FIP Moroccan sardines & anchovies FIP

North East Atlantic mackerel FIP

AP2HI Indonesia FIP and MSC Pole & Line tuna PNA MSC tuna

TRI-MARINE MSC tuna

Echebastar MSC tuna

Maldives MSC Pole & Line tuna

Senegal Pole & Line tuna FIP

TUNACONS MSC tuna CFTO MSC tuna

ANABAC MSC assessment tuna

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PRODUCTS CIRCULAR ECONOMY AND PACKAGING

NUTRITION

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PRODUCTS

CIRCULAR ECONOMY AND PACKAGING PACKAGING ENSURES THE SAFETY, QUALITY AND PRESERVATION OF OUR PRODUCTS, REDUCING FOOD WASTE AND OUR CLIMATE IMPACT.

The environmental impact of our packaging is critical, and we continue to operate with the four key principles of Reduce, Remove, Recycle and Responsibly Source.

All our product packaging should be widely recyclable and use the minimum materials necessary, be sustainably sourced and include recycled content where possible. In addition, they should maintain durability for supply chain movements and ensure the safety and quality of the food isn’t compromised.

We understand our responsibility toward a circular economy, ensuring that materials are reduced and reused where possible. We work with our customers and suppliers to establish reusable formats to support any appropriate closed loop initiatives.

When considering new packaging formats, the overall environment lifecycle and supply chain impact of materials is at the forefront of our experts’ minds. Considering these factors along with effectiveness means we can make the best decision for our customers and consumers.

Our main packaging type is steel cans that are easily sorted and recycled, with one of the highest recycling rates of packaging in the UK and Europe.

Our steel cans contain a minimum of 75% recycled content, further demonstrating the circularity of this material.

We currently use a minimum of 30% recycled polyethylene terephthalate (rPET) content in all our drinks and oils bottles, and our Napolina Olive Oil bottles are at 100% recycled plastic.

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During 2024 we are continuing to roll out the removal of multipack shrink-wrap around our Branston Baked Bean cans and replace it with widely recyclable cardboard, reducing plastic by nine tonnes.

We continue to work on light weighting our packaging where it is safe to do so and have started a transition to ‘lift’ caps on juice cartons that will deliver a further plastic weight reduction annually of around 11 tonnes.

We’ve continued to roll out the implementation of tethered caps, which is intended to ensure that the caps remain with the bottles so that they too can be recycled.

If the caps are separated from the bottles before they get to the recyclers, then they drop through the sieves at the sorters and never reach a recycling plant. The initiative was driven via the EU Single Use Plastics directive 2019/904 that covers ready to drink plastic and carton beverage containers up to 3 litres.

We’ve been working hard to ensure most accurate packaging data relating to our products for the UK Extended Producer Responsibility legislation as this is key for the UK as a whole to be able to prioritise the investment in improving our recycling infrastructure.

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LOOKING FORWARD NEAR TERM TARGETS • All our packaging to be widely recyclable by the end of 2025.

• We remain committed to the removal of all non-recyclable plastics and our last area for action - plastic pouches we use for sauces and tuna industrial customers - is a key focus for us in 2024 - 2025

• Focus on moving the few remaining card or paper items over to FSC or PEFC accredited.

• Establishing a new baseline and future target for the use or recycled rPET in our drinks and oils business.

• Preparing for the implementation of Deposit Return Schemes in October 2027.

Find out more from the British Soft Drinks Association: DEPOSIT RETURN SCHEME

TOTAL PLASTIC USED

14,672 TONNES TOTAL PLASTIC WIDELY RECYCLABLE

14,371 TONNES (97.95%) PLASTIC REDUCTION PROJECTS REMOVED

9 TONNES

AVERAGE RECYCLED CONTENT OF PLASTIC IN OUR PRODUCTS

29.5%

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PRODUCTS

NUTRITION WE UNDERSTAND OUR ROLE IN PROVIDING NUTRITIOUS AFFORDABLE FOOD TO MILLIONS OF FAMILIES ACROSS EUROPE, EVERY DAY. The major areas of our product portfolio – fish, pulses vegetables, fruit, seed and olive oils – all play a role in a balanced and healthy diet and are found within UK Government advice on balanced diets. Within the UK, recent legislation introduced or coming in 2025 restricting the advertising and promotion of foods High in Fat, Salt or Sugar (HFSS) have had significant impacts across our industry, but our portfolio has been unaffected.

The NHS recommend we consume 5 portions of fruit, vegetables or pulses per day. Our products fit perfectly into a balanced and nutritious diet. We understand the importance of offering a variety of nutrient-rich options to support overall health and well-being, that’s why whilst our range already offers great sources of nutrition, we are constantly striving to improve and promote their health benefits to consumers. For example, our pulses provide an excellent source of fibre, while our canned wild caught fish is rich in Omega 3 oils.

Find out more:

In our soft drinks business, we do not add any sugar to any of our branded drinks – the only sugar to be found within them is naturally occurring from the fruit sources.

We retain ongoing concern at potential changes in methodology to the Nutrient Profiling Model used by the Food Standards Agency which would see pure juice classified as an HFSS product. Fruit juice is a source of natural sugar, and we recognise there are concerns in relation to overconsumption and dental health, but also note that pure fruit juice is by far the biggest source of recommended 1 of 5 a day portions of fruit and vegetables within the UK for all age groups.

RESPONSIBLE MARKETING

We take responsible product marketing seriously in relation to labelling and advertising of our products to ensure they are not just compliant but totally transparent with consumers. This extends to product labels, websites and outer packaging.

EATWELL GUIDE Source NHS website

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ULTRA PROCESSED FOODS Over recent years no nutritional issue has received more attention than Ultra Processed Foods (UPF).

These are widely classified by NOVA as industrially manufactured food products made up of several ingredients including sugar, oils, fats and salt and substances of no or rare culinary use. Typically, NOVA consider anything with more than five ingredients to also be UPF. While UPFs have no legal definition, we concur that the NOVA system currently best describes in simple terms the concept of UPF, while noting that the NOVA definition does not comment on the nutritional content of food and is not intended to be used for nutrient profiling.

We clearly have a broad range of products – tuna in water or oil, olive oil, tomatoes and pulses in water – that are hugely beneficial in terms of diet and health, and all of these would be ‘processed’ under the NOVA system but would not be classified as UPF. We fully accept there are very clearly some areas within our portfolio that are clearly UPF – e.g. canned pasta products and canned ready meals - and, like all our products, are subject to regular recipe reviews and benchmarking.

There are also some hugely important products to families that are more nuanced. Baked Beans,

canned mackerel in sauce and many types of soup would be considered UPF under NOVAs definition. While we accept, they would be UPF under NOVA, we see these as important sources of protein and other nutrients to consumers and classification of them as UPF is unhelpful and misleading to consumers.

Given this diversity within our portfolio, it is clearly incorrect to consider all canned foods as UPF or to consider that foods which are UPF are inherently unhealthy. There are also other reasons for ingredients that NOVA consider ‘non culinary’ which are there to preserve food and keep it safe so there are considerations on food waste and safety for example that NOVA currently ignores.

While UPF is a moving issue, and one that at times lacks consensus, it is an issue we are mindful of and is being addressed by our ESG (Environment, Social and Governance) Nutrition workstream, brand and technical teams and we expect it to accelerate industry action in terms of reformulation, consumer transparency and communication.

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HOW WE ARE DOING RESULTS 2023 / 2024

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HOW WE ARE DOING

RESULTS 2023/2024

PEOPLE Ethical Procurement

Farm level ethical certification - Italian Tomatoes

TARGET DESCRIPTION

TARGET DESCRIPTION

Retention of CIPS Corporate Ethics Mark & all colleagues in procurement roles undertake annual assessment

100% of tomato growers in Southern Italy that supply Princes hold ethical accreditation (Global Gap GRASP or SA8000)

BY: ONGOING

BY: ONGOING

PROGRESS

PROGRESS

SUMMARY PROGRESS:

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SUMMARY PROGRESS:

On Target

On Target

STATUS: Achieved each year

STATUS: Achieved each year

COMMENTS

COMMENTS

First achieved in 2020.

First achieved in 2018.

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PLANET Carbon Neutral Manufacturing: Scope 1&2 Emission

Scope 3 Emissions

Internal Energy Generation

Water Reduction

TARGET DESCRIPTION

TARGET DESCRIPTION

TARGET DESCRIPTION

TARGET DESCRIPTION

Carbon Neutral Manufacturing *baseline 2018/19

Set Science Based Target for Princes Group Net Zero

Up to 50% of our energy needs, to be generated on site

Reduce water waste by 25% *baseline 2018/19

BY: 2030

BY: ON GOING

BY: 2030

BY: 2030

PROGRESS

PROGRESS

PROGRESS

PROGRESS

SUMMARY PROGRESS:

SUMMARY PROGRESS:

SUMMARY PROGRESS:

SUMMARY PROGRESS:

On Track

On Track

Year 1

On Track

STATUS: 24.04% Reduction

STATUS: On Track

STATUS: On Track

STATUS: -11.73%

COMMENTS

COMMENTS

COMMENTS

COMMENTS

45% of all Group electricity purchased is now renewable.

Scope 1 and 2 targets for Net Zero will be set in line with Group Net Zero submission to the SBTi during 24-25.

Our Scope 3 emissions are 2.63m tonnes for the year Jan > Dec 22.

A recalculation of our Scope 3 for the period April 23> March 24 will take place later this year. Science Based Net Zero Targets for Scopes 1,2,3 are in development on a 1.5 degree pathway.

We cannot currently quantify this but will report in future.

We are in the process of installing Solar PV roof panels on our larger manufacturing sites in the UK and are also working on other potential projects.

Water surveys and mass balances carried out at manufacturing sites have informed local projects that are starting to meaningfully reduce our water use.

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HOW WE ARE DOING

RESULTS 2023/2024

PLANET

Reducing General Waste

Reduce Food Waste

Food Redistribution

Responsibly Sourced Palm Oil

TARGET DESCRIPTION

TARGET DESCRIPTION

TARGET DESCRIPTION

TARGET DESCRIPTION

General waste reduced by 30% *baseline 2018/19

Reduce food waste across our manufacturing sites by 50% *baseline 2018/19

Ensure all unsold food and drink is donated to charity

100% certified RSPO Palm Oil use (% Segregated)

BY: 2030

BY: 2030

BY: ONGOING

BY: ON GOING

PROGRESS

PROGRESS

PROGRESS

PROGRESS

SUMMARY PROGRESS:

SUMMARY PROGRESS:

SUMMARY PROGRESS:

SUMMARY PROGRESS:

Achieved

On Track

No Target

On Target

STATUS: 34.9% Reduction

STATUS: 29.64% Reduction

STATUS: 350 tonnes donated

STATUS: 100% ( 99.91%)

(year ending March ‘24)

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COMMENTS

COMMENTS

COMMENTS

COMMENTS

Improved ways of working with waste contractors to ensure we focus on value in waste, continuous improvement projects to reduce waste at source, and engagement with colleagues at manufacturing sites are having a significant impact in waste generated.

We have achieved a 12.27% reduction in overall group food waste compared to 22-23 following collaboration between ESG and site teams, Light House projects and improved ways of working with waste management companies.

Since 2013 our partner for donations in the UK is FareShare. In 2023, we signed an agreement with the Kings Coronation Food Project to donate 500,000 meals via FareShare. We also have local arrangements in Italy and Mauritius for donations.

We have set an enhancement to this position of only using Segregated RSPO certified Palm Oil by the end of 2025.

princesgroup.com

PLANET

PRODUCTS

Responsibly Sourced Soy

MSC Certified Seafood

Increasing Recycled Content

Enhancing Product Recyclability

TARGET DESCRIPTION

TARGET DESCRIPTION

TARGET DESCRIPTION

TARGET DESCRIPTION

We are committed to 100% responsibly sourced soy

100% MSC Certified branded tuna by end 2025

Average of 40% recycled content for all plastic packaging we use for our products

All of our product packaging is classified as widely recyclable

BY: 2025

BY: 2025

BY: 2025

BY: 2025

PROGRESS

PROGRESS

PROGRESS

PROGRESS

SUMMARY PROGRESS:

SUMMARY PROGRESS:

SUMMARY PROGRESS:

SUMMARY PROGRESS:

Year 1

On Track

On Target

On Target

STATUS: Not yet available

STATUS: Not yet available

STATUS: 29.51%

STATUS: 97.95%

COMMENTS

COMMENTS

COMMENTS

COMMENTS

We have identified our suppliers that require the use of soy ‘upstream’ for animal feeds and continue to engage with key suppliers. We have also signed up to the UK Soy Manifesto.

100% of our tuna continues to be Responsibly Sourced (as first achieved in 2021). We are progressively moving our supply to MSC certified fisheries to meet our target of 100% MSC certified branded tuna by the end of 2025.

We have dropped to 29% in terms of our recycled content due to reducing the level of recycled PET (rPET) in plastic bottles to 30% after significant dialogue with customers in relation to inflation and cost of living crisis. We are addressing a renewed target for recycled content that reflects our ambition to significantly increase use of recycled materials.

We are focused on the small remaining areas of our portfolio that are not currently recyclable.

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FIND OUT MORE Our policies, reports and other essential documentation can be found on our website, by clicking the link or scanning the QR code below.

GROUP HEAD OFFICE (UK) Princes Ltd Royal Liver Building Pier Head Liverpool L3 1NX UK

SUSTAINABILITY DOCUMENTS

If you’d like to talk with us contact corporate@princes.co.uk

princesgroup.com