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Responsible Business Report

2025/ 2 6

Over v i ew 0 1. Introduc tion Management letter.................................................................................................................. 6 Reader’s Guide......................................................................................................................... 8 We improve how garments are made..................................................................................... 11 Highlights of 2025/26.............................................................................................................12 Key figures of 2025/26........................................................................................................... 14 Our responsibility strategy, targets and actions ..................................................................18 From business model to material topics .......................................................................... 20 From material topics to strategy pillars ........................................................................... 23 From strategy pillars to measurable targets ................................................................... 24 From targets to actions and plans .................................................................................. 25 A feedback loop ensures continuous improvement ........................................................ 25

0 2. Env i ronmentally sound Our approach to environmental responsibility.................................................................... 33 Climate and energy ......................................................................................................... 34 Why materials and chemical responsibility matters ....................................................... 46 Why waste and circularity matter ..................................................................................... 51 Transport and logistics .................................................................................................... 58 Biodiversity and ecosystem impact ................................................................................ 60 Why water and wastewater use matters ......................................................................... 62 Our priorities for the coming year......................................................................................... 64 Improve energy efficiency in own operations .................................................................. 64 Strengthening Scope 3 decarbonisation ........................................................................ 64 Reduce the carbon footprint of logistics ........................................................................ 64 Prepare for future regulatory requirement ...................................................................... 65 Reduce leftover fabric and strengthen circular solutions .............................................. 65 Improve environmental data quality and transparency .................................................. 65

03. Hum an-cente re d The people-related cases that matter most ........................................................................ 68 How we safeguard and support our people ......................................................................... 70 A safe, attractive and engaging working environment ................................................... 70 Improved anonymous reporting system........................................................................... 72 Strengthening workplace standards.................................................................................77 Fair working conditions and long-term commitment ..................................................... 80 Diversity, inclusion and equal opportunities .................................................................. 86 Leadership and culture across boarders ......................................................................... 90 Learning and development................................................................................................91 Our priorities for the coming year......................................................................................... 94 Strengthening Fair Work compliance............................................................................... 94 Advancing JEDI through data and structured action....................................................... 94 Executing the People & Team tracks ................................................................................ 95 2

0 4. Lea ding the c hange Rethinking and building responsible supply networks ..................................................... 104 Industry collaboration and thought leadership ................................................................. 108 Our position on lobbying and political engagement...................................................... 108 Data, transparency and collaboration ................................................................................ 114 Why Tier 2 data matters – and how we can influence it ................................................. 115 Preparing for the Digital Product Passport .................................................................... 116 Readiness for DPP............................................................................................................ 116 Our priorities for the coming year........................................................................................ 118 Build preferred supplier framework................................................................................. 118 Continue customer collaboration on Scope 3................................................................ 118 Become B-Corp certified under standard v2.1................................................................. 118

0 5. C om pany prof ile Our purpose.......................................................................................................................... 123 Vision and mission ............................................................................................................... 124 Our story...............................................................................................................................126 Where we operate................................................................................................................128 What we stand for................................................................................................................130 How we manage responsibility............................................................................................ 132 Board oversight and strategic accountability ................................................................ 132 Driving integration across the business ......................................................................... 132 Transparency and external engagement ........................................................................ 133 Independent Limited Assurance Report .............................................................................134 Annex 1 Fees paid to external organizations...................................................................................138 Annex 2 Detailed KPI overview.......................................................................................................... 140 Annex 3 Accounting principle and methodologies ...................................................................... 142

Stories overview LEED GOLD certification for Ninh Binh............................................................................ 30 Decarbonization with Mammut and Arc’teryx................................................................ 44 Turning scrap to valuable material................................................................................. 56 Run for Reforestation......................................................................................................61 Company Days across locations..................................................................................... 78 Being a student worker at Spectre................................................................................. 88 Spectre Academy............................................................................................................ 92 Building SGT 3 - Hung Yen 2.......................................................................................... 100 A new chapter for Spectre in Lativa ............................................................................. 106 B Corp Recertification................................................................................................... 110 Turning Fair Trade Premium into meaningful support.................................................. 112 Master thesis outcome...................................................................................................117 3

01. 01. Introduction Introduction 02. 02. E E nvironmentally nvironmentally sound sound 03. 03. Human-centered Human-centered 04. 04. Leading Leading the the change change 05. 05. Company Company prof prof ile ile

01. Introduction 4

I ntroduc tion

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Management letter.......................................................................6 commodo consequat. Reader’s Guide.............................................................................. 8 We improve how garments are made.......................................... 11 Highlights of 2025/26................................................................. 12 M a n a g emen t l e t te r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 Key figures of 2025/26............................................................... 14 R ea d e rs g u i d e . . .. . . . . . . . .targets . . . . . . . . . . . .and . . . . . .actions . . . . . . . . . . . ........................ . 11 Our responsibility strategy, 18 H owbusiness We C reamodel te Val ue . . . . . . . . . . . . . topics . . . . . . . . . . ..............................20 .......... 12 From to material H i g hmaterial l i g h t s o ftopics 2 025 /26 . . . . . . . . . . . .pillars . . . . . . . . . ...............................23 ........... 13 From to strategy Key strategy N u m b e rspillars . . . . . . . . to . . . .measurable . . . . . . . . . . . . . . . . . . targets . . . . . . . . . . . . ........................24 ... 14 From

From targets to actions and plans .......................................25 A feedback loop ensures continuous improvement ............25

Management letter Being a family-owned company - owned by Jacob and Jesper Klausen for the past 25 years - I’m proud to say that doing business responsibly has always been core to Spectre. Over the last few years, we have translated that conviction into a structured way of identifying where we have the most significant impacts, risks, and opportunities across our value chain. This has informed our Responsible Business strategy 2030 and has helped us set the right targets.

Waste reduction and recycling Waste is one of the most tangible signs of inefficiency in a linear system and one of the areas where action can be immediate and practical. Last year, we took important steps in our own operations by improving waste handling and setting the foundation for higher recycling rates. In 2025/26, we have been doubling down on two things: •

waste through better planning and smarter

This year, our focus has, among other things, been living wages, waste reduction and recycling, decarbonization, and the next chapter in our operational footprint, the new factory building Hung Yen II. These priorities reflect what matters most for our employees, our partners, and our long-term license to operate – while staying true to the B Corp mindset that business should be a force for good.

Prevention: Reducing leftovers and cutting production methods

•

Circularity: Increasing reuse and recycling rates - the latter has increased from 31% in 2024/25 to 42% in 2025/26.

During 2026/27, we will improve these rates and our credibility by working directly with recyclers and other collaborators in the value chain. In the pages ahead, we will outline what we did, what

Living wages As a garment manufacturer, we depend on

worked, what did not, and what needs collaboration across the value chain to scale further.

people – skilled, committed, and proud of what they do. That makes fair compensation foundational, not optional. In last year’s report we documented that more than 92% of

Decarbonization

employees received a living wage, and we were

We have publicly set Science Based Targets and

transparent about why the remaining gap exists

positioned ourselves alongside likeminded brand

in certain sites and groups.

partners and suppliers on a shared journey toward a decarbonized apparel value chain.

During 2025/26, we have welcomed many new colleagues to Spectre – especially to

In 2024/25, we highlighted strong progress in our

our Vietnamese factories. Despite having to

own operations – such as the transition to renewable

onboard so many new colleagues, our living

electricity in Vietnam and the broader push on

wage levels has increased slightly and is now at

electrification – while also acknowledging that the

93%, which is something we are proud of.There

hardest work lies in Scope 3, especially materials and

is still a gap to reach our target of 100% in 2030

supplier energy.

but we are working hard on it. One of the key initiatives is the alliance “United for Fair Wages”

This year, we focused on the levers that matter most:

that aims to identify the wage gap and discuss

building the framework for supplier data and engagement,

ideas to close it. 6

I nt roduc tion > Man a g emen t l etter

and strengthening customer partnerships to make emissions reductions achievable in practice. Simultaneously, we delivered a strong improvement of our emissions intensity per production minute by 10% year-on-year (normalized). Recent research from The Boston Consulting Group and Ecovadis shows that “supplier engagement is the most impactful action – companies engaging in close collaborations are 9x more likely to deliver on Scope 3 targets”. However, only 4 in 100 partner with brands – and we are one of those.

Building the future into the factory footprint We are also preparing a major step in our long-term footprint with the new factory building Hung Yen II. This is not only about capacity – it is about embedding responsible manufacturing into the physical infrastructure from day one. This will be our most ambitious and responsible factory yet - however, as stated in our previous report, our intention is that every Spectreowned facility will be LEED-certified, which demonstrates that our buildings meet high performance standards in sustainability operations, including energy efficiency, resource management, and indoor environmental quality. Therefore, I am also happy to share that in addition to Hung Yen II, our factory in Ninh Binh received a LEED Gold certification in March 2026. I hope you enjoy the report - and if you have any feedback, I am more than willing to continue the dialogue on responsible business.

Jesper Ambrosius Group Responsible Business Director 7

R ea d er ’s G u i d e The report is structured to help you quickly find: •

The highlights and key numbers that matter most,

•

The strategy, targets and actions guiding our direction, and

•

A clear breakdown of progress and next steps across our three pillars:

Environmentally sound

Human-centered

Leading the change

Our climate, resource,

Working conditions, people,

Partnerships, governance,

and environmental impact

and social responsibility

and industry impact

We aim to be transparent about: what we set out to do, what we achieved, what we learned, and what comes next. Within each section, stories and case examples illustrate how strategy translates into real-world action. Forward-looking insights are captured in “Our priorities for the coming year” at the end of each pillar. To understand how we approach responsibility, read “Our Responsibility Strategy, Targets & Actions”, which explains how our Double Materiality Assessment (DMA) forms three strategic pillars and concrete targets. Based on our DMA, we only have highly material ESG topics under “Environment” and “Social”, which is why Environmentally Sound and Human-centered are structured slightly different than Leading the change. Finally, the “Governance” section explains how responsibility is embedded into the decision-making and oversight at Spectre. Read linearly for the full narrative, or use the structure above to focus on the areas most relevant to you.

I nt roduc tion > Rea d ers g u i d e

We are Spectre Spectre is a manufacturing partner to leading outdoor and high-performance sports brands. We specialize in turning globally sourced technical materials into high-quality functional garments and in managing the complex process that takes a product from development to finished delivery. Our role is not to design or distribute products on behalf of brands, but to develop and manufacture functional garments in a responsible way. With production facilities in Vietnam and competence centres in Europe, we combine technical know-how, production expertise, and close collaboration across the value chain. We work with our brand partners, suppliers, and logistics providers to ensure garments are not only manufacturable and high performing, but also produced under responsible and increasingly transparent conditions. This includes managing quality assurance, production planning, sourcing dialogue, compliance, and risk across a complex global setup at a competitive cost level. We create value by being more than a manufacturer. We contribute with technical development, production excellence, problem-solving, and the ability to turn complexity into reliable execution at scale. In an industry facing rising expectations from customers and society, we see it as our responsibility to help move the industry forward.

I nt roduc tion > We a re S p ec tre

We improve how garments are made We believe the best garments are made with

Together with our customers,

purpose - for those who wear them, the brands who

we create durable garments that

create them and for the people and communities

bring people closer to nature.

who bring them to life. Providing safe workplaces, paying living We improve how functional garments are developed

wages and ensuring fair labor practices

and manufactured - combining craftsmanship,

are a must for us – while constantly

innovation and responsible business practices.

reducing our environmental impact

How we operate Materials from

Functional

sub-partners

garments

Quality, responsibility and partnership

Design input from

Responsible

brand partners

Market trends and expectations

Resources

production

Co-develop

Source and plan

Manufacture

Deliver

Shared insight and aligment

Responsible sourcing and planning

Carefully managed production

On time and with care

What we do

Reliable and transparency

We provide

Highlights of 2025/26 46 % re d uc ti o n i n own o p e rati o ns emi ssi o ns ( 118 tCO ₂e)

Sp e c t re A ca demy 180 emp l oye e s trai ne d thro ug h the l aunc h o f the Sp e c tre Trai ni ng A cad emy

I nt roduc tion > Hig h l i g h ts o f 2 02 5 / 2 6

93%

LE E D Gold

o f em p loye e s cove re d by a

ce r ti f i cati o n

living wag e al o n g s i d e 32%

ac hi eve d fo r the

head co un t g row t h

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€40 0,948

9 / 13

investe d i n wo r ke r

annual i nte r nal / exte r nal

b enef its t h ro u g h t h e Fai r

aud i ts co nd uc te d ac ross

Trad e p remi u m p ro g ram

faci l i ti e s i n 2 02 5

S cope 3

42 %

red uc tio n i n i t i at i ve s

of produ ction wa ste

w ith b rand p ar t ne rs

re cycle d a nd 86 ton ne s of fa bric wa ste re u se d

Who we are

Key f ig u re s of 2 0 2 5 / 2 6 Insert text

4, 8 6 7, 4 1 6

How we create value gar ment s produce d

1, 8 5 5 to n s o f fab r ic u s e d

Insert text

5, 0 0 9

12,18 5

empl oye e s wor l dwi de

m 3 o f water

(year ave ra ge)

co n s u med

56%

12, 3 8 3

of fabr i c compos e d o f

M W h o f energ y

recycl e d mate r i al s

co n s u med

I nt roduc tion > Key f i g u res o f 2 02 5 / 2 6

Carbon footprint The increase in total greenhouse gas emissions from 2024/25 to 2025/26 was expected: strong production growth and the construction of a new factory drove emissions signif icantly. The 2025/26 data has been reviewed by PwC. Read more on page 134.

54,7 50

5 3 ,87 5

2 8 ,539

tCO2e

2 1, 6 2 2

2022 /23

2023 /24

2 0 24 / 2 5

2 0 2 5/ 2 6

-5 9 % 0 .02 kg o f C O 2e in Scope 1 and 2 The reduction is mainly due to closing factories in Latvia and consuming significanty less fuel and refrigerants.

A typical jacket The environmental footprint from manufacturing a typical jacket requiring 70 attributable minutes in production. Compared to last year.

I nt roduc tion > Key f i g u res o f 2 02 5 / 2 6

-1 5 % 2 .14 kW h of energy consumed

-1 6% 166 gram of waste

Our responsibility strategy, targets and actions Spectre’s Responsible Business approach starts with a simple reality: our business model creates value by turning globally sourced technical materials into high‑quality functional garments for leading outdoor and performance brands – and doing so reliably at scale. However, we do not just want to create any value, but sustained value. Here, our approach helps us. For us, “responsible business” is a way of thinking. It is a thinking that: 01.

Aims to solve problems by considering more sustainable practices

02.

Looks for long-term solutions

03.

Sees opportunities where other sees limitations,

04.

Tries to consider circular options whenever possible.

Visualising our Responsible Business approach The model on the following page illustrates how Spectre translates Responsible Business from material priorities into strategic direction, measurable targets, and operational action across the organisation and value chain. The model has been developed to create a clearer and more transparent visual understanding of how Responsible Business is integrated into the way Spectre operates and develops as a business. Rather than presenting ESG topics, targets, and initiatives as standalone activities, the model visualises the connection between them.

I nt roduc tion > Ou r res p o n s i b i l i ty s tra teg y, ta rge t s a nd a c t i o n s

Spectre responsibility model 02. Responsible Business strategy

02. Responsible Business strategy 02. Responsible Business strategy Material topics translate into three strategic pillars:

Our Environmental, Social and Governance topics define Environmental, Social and Governance the foundationOur of our responsible business approach. topics define

Material topics translate three strategic Materialinto topics translate intopillars: three strategic pillars:the Change Human-Centered, Environmentally Sound, and Leading 02. Responsible 02. Responsible Business strategy Business strategy Human-Centered, Environmentally Sound, and Leading the Change Human-Centered, Environmentally Sound, and Leading the Chang Material topics translate Materialinto topics three translate strategic intopillars: three strategic pillars: Human-Centered, Human-Centered, Environmentally Sound, Environmentally and Leading Sound, the Change and Leading the Chang Becoming the outdoor sports & activity brands’

the foundation of our responsible business approach. Our Environmental, OurSocial Environmental, and Governance Social and topics Governance define topics define the foundation ofthe ourfoundation responsible ofbusiness our responsible approach. business approach.

E E

S S

G G

Becoming the outdoor sports & activity brands’ preferred development andBecoming manufacturing partner for & functional garments the outdoor sports activity brands’ preferred development and manufacturing partner for functional garments preferred development and manufacturing partner for functional garments

Chemical pollution impacts

Extreme weather impact

Microplastic pollution Chemical pollution impacts

Extreme Heat stress in operations and supplyweather chain impact

Microplastic pollution

stress in operations and supply chain Textile waste generation and handling GHG emissions across own Heat operations and value chain

Extreme weather impact

Becoming the outdoor sports & activity Becoming brands’ the outdoor sports & activity brands’

Textile waste generation and handling

GHG emissions across own operations and value chain

Chemical pollution impacts

Strengthen the customer brand value by our competence in development and

Strengthen the customer brand valuepreferred by our competence in development and partner for functional garments preferred development and manufacturing partner development for functional and manufacturing garments Strengthen the customer brand value our competence in development manufacturing of high-quality clothing in a by sustainable and responsible way and manufacturing of high-quality functional clothing in afunctional sustainable and responsible way manufacturing of high-quality functional clothing in a sustainable and responsible way

Chemical pollution impacts Microplastic pollution

Microplastic Heat stress in operations and supply chain pollution Heat stress in operations and supply chain

Textile waste generation and handling Textile waste generation GHG and emissions across own operations and value chain and handling GHG emissions across own operations value chain

Strengthen the customer brand value Strengthen by our competence the customer in brand development value byand our competence in development and

manufacturing of high-quality functional manufacturing clothingof inhigh-quality a sustainable functional and responsible clothingway inthe a sustainable and responsible Leading theway change Leading change Environmentally sound Human-centered Human-centered Environmentally sound Leading the change Human-centered Environmentally sound

Fair pay for worker wellbeing and retention

Unfair recruitment practicesUnfair in supply chain recruitment practices in supply chain

Producing garments in the most Producing garments in the most High-quality work environment and environment We have a net zero climate ambition High-quality–work and We have a net footprint Producing garments in the most High-quality work–environment – and Wezero haveclimate a net zero climate footprint sustainable responsible way we expect the same our suppliers and minimal environmental impact environmental sustainable and responsible way way weofexpect the same of ourthe suppliers and minimal impact and sustainable and responsible we expect same of our suppliers and minimal environmental impact

Negative impacts from forced labourimpacts in supply chain Negative from forced labour in supply chain

Fair pay for worker wellbeing and retention Fair pay for worker wellbeing and retention

governance topicsmaterial were assessed as highlyscoring material under applied scoring No governance topics were No assessed as highly under applied threshold, as they didofnot reachor the same level of impact or financial risk. threshold, as they did not reach the same level impact financial risk.

No governance topics were assessed No governance as highly material topicsunder were assessed applied scoring as highly material under applied scoring

Inclusive workplace and Inclusive workplace and contributes to local communities contributes to local communities

threshold, as they did not reach the threshold, same level asof they impact did not or financial reach therisk. same level of impact or financial risk.

01.

01. 01.

informs

01.

leads to

determines

03.

04.

determines

04.

04. Plans and actions

04. Plans and Clearactions actions in 2026 and plans towards 2030 within each pillar

04. Plans and 04. actions Plans and actions

Clear actions in 2026 and plans towards 2030 within each pillar

Clear actions in 2026 Clearand actions plansintowards 2026 and 2030 plans within towards each2030 pillarwithin each pillar

2026 2026

Environmentally sound

Leading the change

Build shared decarbonization roadmaps with key customers

B-Corp e-certification

Build preferred supplier framework Environmentally sound Leading Leading the change Environmentally soundEnvironmentally the sound change Leading the change Human-centered Human-centered Human-centered Reduce leftover & increase Improve trust through new Build capacity to make what is being re-purposed Build shared decarbonization Build shared B-Corp decarbonization e-certification e-certification process and toolshared Build decarbonization B-Corp e-certificationB-Corp Build newnew fit-for-purpose Build new fit-for-purpose Build fit-for-purpose grievance products LCAs roadmaps with keywith customers roadmaps with key customers living wage model living wage model roadmaps key customers living wage model Build preferred framework Build preferred supplier framework Buildsupplier preferred supplier framework leftover & increase Reduce leftover & increase Improve trusttrust through new new Improve trustReduce through new leftover Reduce & increase Improve through Build capacity tocapacity make capacity to make Suppliers commit to our Build new fit-for-purpose Reduce SBTi scope 1 &Build 2 42% to makeBuild what is being what is being re-purposed grievance process and tool process and toolre-purposed products LCAs products LCAsrequirements grievance process and tool grievance responsibility living wage model what is being re-purposed products LCAs Reduce SBTi scope 3 25% Improve trust through new grievance process and toolscope 1 & 2 42% Suppliers Suppliers commit to our Build new fit-for-purpose Build new fit-for-purpose Reduce SBTi Reduce SBTi scope 1 &commit 2 42% to our

2030 2030

02.

Spectre responsibility model 04.

Build new fit-for-purpose

02.

Spectre responsibility Spectre responsibility model model calibrates determines

04.

Build new fit-for-purpose living wage model

02.

informs

informs informs leads to Spectre responsibility model calibrates leads to

calibrates calibrates

Leading the change

On a science-based path Providing eco-design Safe, attractive and engaging Safe, attractive andaengaging garments in the most Producing garments in the most High-quality work environment – and High-quality We work have environment net zero–climate and footprint We have a netProducing zero climate footprint to net zero data and services to customers environment environment sustainable and responsible way sustainable and responsible way we expect the sameworking of our suppliers weworking expect the and same minimal of our environmental suppliers impactand minimal environmental impact Reduced impacts on Production relies on Supply chain meets high standards Supply chain meets high standards resource use responsible suppliers of social risk management Safe, attractive and Safe, attractive and engaging of engaging social risk management Responsible environmental working environment working environment Inclusive and Inclusive workplace and workplace management practices contributes local communities Supply chain meets high standards Supply chaintomeets high standards contributes to local communities of social risk management of social risk management

Negative impacts from forced labour Negative in supply impacts chainfrom forced labour in supply chain

Human-centered

Leadingsound the change Human-centered Environmentally soundEnvironmentally

Human-centered

Unfair recruitment practices in supply Unfair chain recruitment practices in supply chain

Suppliers commit to our

responsibility requirements responsibility requirements living wage model Reduce SBTi scope 1 & 2 42% living wage model Reduce SBTi scope 3 25% Reduce SBTi scope 3 25% responsibility requirements living wage model Reduce Improve trust through new SBTi scope 3 25% Improve trust through new Improve trust through grievance process and tool new grievance process and tool

determines

03. 03.

03.

03. Targets

03. Targets Concrete, measurable targets – SBTi, Living Wage 100%, zero

03. Targets 03. Targets

excessive overtime – backed by ongoing actions across the value Concrete, measurable targets – SBTi, Living Wage 100%, zero Concrete, measurable Concrete, targets measurable – SBTi, Living targets Wage – SBTi, 100%, Living zeroWage 100%, zero excessive overtime – backed by ongoing actions across the value ch chain the value excessive overtime excessive – backed overtime by ongoing – backed actions by ongoing across the actions value across

42% reduction in

100% of employees

scope 1 & 2 and 25%

should be paid a

reduction in scope 3* 100% of100% living wage* 42% in 100% employees 42% reduction inreduction 42% reduction inemployees of of employees 0% excessive

0% excessive overtime should takeexcessive place 0% excessive 0%

scope 1 & 2 and 25% 1 &should 2 and 25% be paidshould a should paid a shouldovertime overtime should scope 1 & 2scope and 25% be paid be a overtime should 42% reduction in scope 1&2

Every employee in Spectre

reduction inreduction scope 3* 25% reduction scope living wage* living take place reduction inin scope 3* 3* living wage* should bewage* paid a living wage* in scope 3*

Keeping in line with legal

take place limits, there should be no take place overtime violations*

42% reduction in scope 1&2 42% reduction Every in scope employee 1&2 in Spectre Every employee Keeping in Spectre in line with legal Keeping in line with legal 42% reduction in scope 1&2 Every employee in Spectre Keeping in line with legal 25% reduction in scope 3* 25% reduction should in scope be paid 3* a living wage* should be paid limits, a living there wage* should be no limits, there should be no 25% reduction in scope 3* should be paid a living wage* limits, there should be no overtime violations* overtime violations*

overtime violations*

grievance process and tool

Starting from the DMA, the model shows how the

At the same time, the circular structure reflects

most material ESG topics inform the three strategic

Responsible Business as an ongoing process,

pillars — Human-Centered, Environmentally Sound,

where performance, stakeholder expectations,

and Leading the Change — and how these are

and regulatory developments continuously

translated into concrete targets and operational

influence future priorities and actions.

initiatives across functions and sites.

02. Responsible 02. Responsible Business strategy Business strategy

Responsible Business strategy Material topics02. translate Material into topics three translate strategic intopillars: three strategic pillars: 02. Responsible Business strategy 02. Responsible Business strategy Human-Centered, Human-Centered, Environmentally Sound, Environmentally and Leading Sound, the Change and Leading the Change Material topics translate into three strategic pillars: Material topics translate three strategic Materialinto topics translate intopillars: three strategic pillars: the Change Human-Centered, Environmentally Sound, and Leading Human-Centered, Environmentally Sound, and Leading the Change Human-Centered, Environmentally Sound, and Leading the Change

Our Environmental, OurSocial Environmental, and Governance Social and topics Governance define topics define the foundation ofthe ourfoundation responsible ofbusiness our approach. business Our Environmental, Social andresponsible Governance topics approach. define Our Environmental, Social and Governance topics define Our Social and Governance the foundation ofEnvironmental, our responsible business approach.topics define the foundation ofthe ourfoundation responsible business approach. of our responsible business approach.

Extreme weather impact

EE S

01.

Chemical pollution impacts

Extreme weather Heat stress in operations and supply chainimpact

Microplastic pollution

Becoming the outdoor sports & activity brands’

Becoming the outdoor sports & activity brands’ preferred development and manufacturing partner for&functional garments Becoming the outdoor sports activity brands’ preferred development and partner forvalue functional Strengthen the customer brand value Strengthen by manufacturing our competence the customer in brand development byand ourgarments competence in development and garments preferred development and manufacturing partner for functional manufacturing of high-quality functional manufacturing clothingof inhigh-quality a sustainable functional and responsible clothingway in a sustainable and responsible way

Chemical pollution impacts

Microplastic pollutionChemical pollution impacts

Microplastic pollution Heat stress in operations and supply chain Microplastic pollution stress inand operations and supply chain Textile waste generation and handling GHG emissions across ownHeat operations value chain Textile waste generation and handling GHG emissions across own operations and value chain Textile waste generation and handling GHG emissions across own operations and value chain

Fair pay for worker wellbeing and retention Fair pay for worker wellbeing and retention

garments in the most Producing garments in the most High-quality work environment – and High-quality We work have environment a net zero–climate and footprint We have a netProducing zero climate footprint sustainable and responsible way sustainable and responsible way we expect the same of our suppliers we expect the and same minimal of our environmental suppliers impactand minimal environmental impact

Negative impacts from forced labour Negative in supply impacts chainfrom forced labour in supply chain

Leading the change Leading the change Human-centered Environmentally sound Human-centered Environmentally soundsound Leading the change Human-centered Environmentally

Fair pay forpay worker wellbeing and retention Fair for worker wellbeing and retention Fair pay for worker wellbeing and retention UnfairUnfair recruitment practices in supply recruitment practices inchain supply chain Unfair recruitment practices in supply chain Negative impacts from forced inlabour supplyinchain Negative impacts fromlabour forced supply Negative impacts fromchain forced labour in supply chain

Safe, attractive and engaging Safe, attractive and engaging Producing garments in theProducing most High-quality work environment and environment We have a net zero climate footprint garments in the most High-quality–work – and We have a net footprint Producing garments in the most High-quality work environment – and We zero have climate a netsustainable zero climateand footprint workingwe environment environment responsible way expect the same ourworking suppliers and minimal environmental impact environmental sustainable and responsible way way weofexpect the we same of our and minimal impact impact sustainable and responsible expect thesuppliers same of our suppliers and minimal environmental Supply chain meets high standards Supply chain meets high standards of social risk management of social risk management Safe, attractive and engaging Safe, attractive andattractive engagingand engaging Safe, working environment Inclusive workplace and Inclusive workplace and working environment working environment contributes to local communities Supply chain meets highcontributes standards to local communities Supplyhigh chain meets high standards Supply chain meets standards of social risk management of social risk management of social risk management Inclusive workplace and Inclusive workplace andworkplace and contributes to localInclusive communities contributes to local communities

No governance topics were assessed No governance as highly material topicsunder were assessed applied scoring as highly material under applied scoring threshold, as they did not reach the threshold, same level asof they impact did not or financial reach therisk. same level of impact or financial risk.

No governance topics were assessed as highly material under applied scoring governance topics material were assessed highly scoring material under applied scoring No governance topics wereNo assessed as highly underas applied threshold, as they did not reach the same level of impact or financial risk. threshold, as they did not reach the same level of impact or financial risk. threshold, as they did not reach the same level of impact or financial risk.

01.

contributes to local communities

01.

02. informs

01.

02.

leads to

Spectre responsibility model Spectre responsibility model determines determines calibrates

calibrates 04. 04.

04. Plans and 04. actions Plans and actions

Spectre responsibility03. model determines

04.

Clear04. actions in 2026 Clear and actions plansintowards 2026 and 2030 plans within towards each2030 pillarwithin each pillar Plans and actions

04. Plans and actions

04.actions Plans and actions Clear in 2026 plansintowards 2030 within each2030 pillarwithin each pillar Clearand actions 2026 and plans towards Clear actions in 2026 and plans towards 2030 within each pillar

2026

Build shared decarbonization Build new fit-for-purpose roadmaps with key customers living wage model

Build sharedB-Corp decarbonization e-certification roadmaps with key customers

Leading the change B-Corp e-certification

supplier Build preferred supplier framework Environmentally sound Build preferred Leading theframework change sound Leading the change Human-centered ReduceEnvironmentally leftover & increase Improve trustReduce throughleftover new & increase

2030

2026

Improve trust through new Build capacity to make Build capacity to make what is being re-purposed what is being re-purposed grievance Build process tool grievance process and tool Build shared decarbonization B-Corp e-certification products LCAs newand fit-for-purpose products LCAs Build shared decarbonization B-Corp e-certification Build new fit-for-purpose roadmaps with key customers living wage model Build preferred supplier framework roadmaps with key customers living wage model Build preferred supplier framework Environmentally sound Leading the change Human-centered Reduce leftover & increase Improve trust through new Build Suppliers to our to make Suppliers commit to our Reduce &capacity increase Build new fit-for-purpose Build new fit-for-purpose Reduce SBTi scope new 1 & 2 42% Reduce SBTi scopeleftover 1 &commit 2 42% Improve trust through what is being re-purposed Build capacity to make grievance process and tool products LCAs responsibility requirements responsibility requirements what is being re-purposed living wage model process and living wage model tool shared decarbonization Build B-Corp e-certification Build new fit-for-purpose grievance products LCAs Reduce SBTi scope 3 25% Reduce SBTi scope 3 25% roadmaps with key customers living wage Improve trust through new model Improve trust through new Build preferred supplier framework grievance process and tool grievance Build process tool Suppliers commit to our newand fit-for-purpose Reduce Reduce SBTi scope 1 & 2 42% leftover & increase Improve trust through new Build new fit-for-purpose Suppliers commit to our Reduce SBTi scope 1 & 2Build 42%capacity to make responsibility requirements living wage model is being re-purposed grievance process and tool living wage model responsibility requirements Reduce what SBTi scope 3 25% products LCAs Reduce SBTi scope 3 25% Improve trust through new Improve trust through new grievance process and tool grievance process and tool

2026 2030

2030

2026

Human-centered

2030

most, Spectre has used a Double Materiality

Environmentally soundEnvironmentally Leading the sound change Human-centered

Build new fit-for-purpose living wage model

Improve trust through new grievance process and tool

Reduce SBTi scope 1 & 2 42% Reduce SBTi scope 3 25%

02.

02. leads to

informs

leads to Spectre responsibility Spectre responsibility modelinforms model calibrates informs

04.

Human-centered

02.

informs

01.

calibrates

From business model to material topics

Strengthen the customer brand value by our competence in development and Strengthen the customer brand value by our competence in development and the customer clothing brand value our competence in development manufacturing ofStrengthen high-quality in abysustainable and responsible wayand manufacturing of high-quality functional clothing in afunctional sustainable and responsible way manufacturing high-qualityLeading functional sound clothing in a sustainable and responsible way the change Leading the change Human-centered Environmentally soundof Environmentally

Human-centered

Unfair recruitment practices in supply Unfair chain recruitment practices in supply chain

calibrates

To make sure we focus on what matters

Becoming the outdoor sports & activity Becoming brands’ the outdoor sports & activity brands’ preferred development and manufacturing preferredpartner development for functional and manufacturing garments partner for functional garments

Chemical pollution impacts

Extreme weather impact

SS G

Extreme weather impact

Microplastic Heat stress in operations and supply chain pollution Heat stress in operations and supply chain

Textile waste generation and handling Textile waste generation GHG and emissions across own operations and value chain and handling GHG emissions across own operations value chain

determines

leads to

leads to 03.

03.

03. Targets 03. Targets Concrete, measurable Concrete, targets measurable – SBTi, Living targets Wage – SBTi, 100%, Living zeroWage 100%, zero 03. Targets 03. Targets chain the value chain excessive overtime excessive – backed overtime by ongoing – backed actions by ongoing across the actions value across Concrete,03. measurable targets – SBTi, Living Wage 100%, zeroWage 100%, zero Targets Concrete, measurable targets – SBTi, Living excessive overtime – backed by ongoing actions across the value across chain the value chain excessive overtime – backed by ongoing actions Concrete, measurable targets – SBTi, Living Wage 100%, zero

excessive overtime – backed by ongoing actions across the value chain 42% reduction in

42% reduction inemployees 100% of

100% of employees 0% excessive

0% excessive

scope 1 & 2 and 25%

scope 1 &should 2 and 25% be paid a

should beovertime paid a should

overtime should

reduction scope 3* in reduction in scope 3*of employees living wage* living wage* take place 42%inreduction 100% 0% excessive take place 42% reduction in 100% of employees 0% excessive scope 1 & 2 and 25% should be paid a overtime should scope 1 &1&2 2 and 25% should be paid 42% reduction in scope 1&2 42% reduction Every in scope employee in Spectre Every employee Keeping in Spectre in line witha legal Keeping inovertime line with legalshould reduction 3* should wage* take place 25% reduction in scope 3*in scope 25% reduction in scope be living paid 3* a living wage* should be paid limits, a living there wage* should be no limits, there should be no reduction wage* take place 42% reduction in in scope 3* 100% ofliving employees 0% excessive overtime violations*

42% reduction in scope 1&2 25% reduction in scope 3*

Every employee in Spectre should be paid a living wage*

Suppliers commit to our responsibility requirements

Assessment (DMA) to inform the Responsible Business strategy that was launched in 2024. We annually calibrate our DMA to fit the current reality, inspired by the latest European Sustainability Reporting Standards (ESRS). Our most material environmental topics are extreme weather impacts, heat stress in operations and supply chain, GHG emissions across own operations and value chain, chemical pollution impacts, microplastic pollution, and textile waste generation and handling. These reflect where the most significant environmental impacts and risks occur across our value chain, particularly in upstream textile production. Within social topics, the most material issues are unfair recruitment practices in the supply chain and negative impacts from forced labor in the supply chain. These risks mainly occur at our suppliers and are common challenges in global textile supply chains. For our own workforce, the most significant topic identified is fair pay for worker wellbeing and retention. Fair compensation is a key factor in maintaining a stable and engaged workforce, particularly in a labour intensive manufacturing environment. While other topics such as working conditions, working hours, and health and safety remain important, they are managed through established policies, targets, and management systems. Spectre monitors working hours, and health and safety performance, and provides grievance mechanisms to ensure that employees can raise concerns. Compliance is further supported through certifications and audit frameworks that require regular verification. As a result, risks related to working conditions and labour practices in own operations are considered controlled and less severe, while fair pay remains the most material topic for ensuring long‑term workforce stability and performance.

I nt roduc tion > Ou r res p o n s i b i l i ty s tra teg y, ta rg e t s a nd a c t i o n s

overtime violations*

scope should be paid aKeeping in line with legal overtime should 42% reduction in scope 1&2 1 & 2 and 25% Every employee in Spectre 42% reduction in scope 1&2 Every employee in Spectre Keeping in line with legal 25% reduction in scope 3* should be paid a living wage* limits, there should be no in3* scope 3* should be paid a living wage* limits, there should be no reduction25% inreduction scope living wage* take place overtime violations* overtime violations* Keeping in line with legal limits, there should be no overtime violations*

No governance topics were assessed as highly material under the applied scoring threshold, as they did not reach the same level of impact or financial risk as environmental and social topics. These topics match the way Spectre creates value and where the most significant impacts and dependencies sit in our value chain (especially upstream materials and supplier processes). Material topics were identified through an assessment of impacts, risks, and opportunities across Spectre’s value chain. The process is based on value chain mapping, internal data (including audits, operational data, and risk reviews), and external inputs such as industry evidence and regulatory requirements. Stakeholder input is integrated into the assessment through surveys, audits, meetings, and ongoing engagement with key groups, including employees, suppliers, customers, investors, and industry initiatives. These inputs are used to identify relevant topics and support the assessment of impacts and risks. Topics are assessed based on the severity and likelihood of impacts, and, where relevant, the potential financial effect. Topics above the defined threshold are considered material and included in the Responsible Business strategy and reporting. The final outcome and the methodology the company used in its assessment are publicly available in the annual impact report or on the company’s webpage. The outcome may take the form of a materiality matrix or a list of identified material topics, plus a summary of stakeholder engagement processes.

Material ESG topics for Spectre based on the DMA Environment

Social

1 Climate change

4 Own workforce

2 Pollution

5 Workers in the value chain

3 Resource use and circular economy

From ESG topics to IROs DMA

Sub topics

Spectre’s IRO

Climate change adaption

Extreme weather impacts

Climate change adaption

Heat stress in operations and supply chain

Climate change mitigation

GHG emissions across own operations and value chain (1)

Pollution of organisms and food resources

Chemical pollution impacts

Microplastics

Microplastic pollution

Waste

Textile waste generation and handling (2)

Adequate wages

Fair pay for worker wellbeing and retention (3)

Secure employment

Unfair recruitment practices in supply chain

Forced labour

Negative impacts from forced labour in supply chain

Read more about the topic in following sections

Medium

Financial materiality

High

(1) Climate and energy

(2) Why waste and circularity matter (3) Fair working conditions and long-term commitment

Financial material

Double material

Immaterial

Impact material

1A 4A Low

2A Low

Medium Impact materiality

5A 1B 3A

I nt roduc tion > Ou r res p o n s i b i l i ty s tra teg y, ta rg e t s a nd a c t i o n s

1C 2B High

02. Responsible Business strategy

02. Responsible Business strategy 02. Responsible Business strategy Material topics translate into three strategic pillars:

Our Environmental, Social and Governance topics define

Material topics translate three strategic Materialinto topics translate intopillars: three strategic pillars: the Change Human-Centered, Environmentally Sound, and Leading 02. Responsible 02. Responsible Business strategy Business strategy Human-Centered, Environmentally Sound, and Leading the Change Human-Centered, Environmentally Sound, and Leading the Change Material topics translate Materialinto topics three translate strategic intopillars: three strategic pillars: Human-Centered, Human-Centered, Environmentally Sound, Environmentally and Leading Sound, the Change and Leading the Change Becoming the outdoor sports & activity brands’

Our Environmental, Social and Governance topics define Our Social and Governance the foundation ofEnvironmental, our responsible business approach.topics define the foundation ofthe ourfoundation responsible approach. ofbusiness our responsible business approach. Our Environmental, OurSocial Environmental, and Governance Social and topics Governance define topics define the foundation ofthe ourfoundation responsible ofbusiness our responsible approach. business approach.

02 .

Becoming the outdoor sports & activity brands’ preferred development and manufacturing partner for&functional garments Becoming the outdoor sports activity brands’ preferred development and manufacturing partner for functional garments preferred development and manufacturing partner for functional garments

Chemical pollution impacts

Extreme weather impact

Chemical pollution impacts Extreme weather impact Extreme weather Microplastic pollutionChemical pollution impacts Heat stress in operations and supply chainimpact Microplastic pollution Heat stress in operations and supply chain Microplastic pollution stress inand operations and supply chain Textile waste generation and handling GHG emissions across ownHeat operations value chain Textile waste generation and handling GHG emissions across own operations and value chain Textile waste generation and handling GHG emissions across own operations and value chain

Extreme weather impact

Becoming the outdoor sports & activity Becoming brands’ the outdoor sports & activity brands’

Strengthen the customer brand value by our competence in development and

Strengthen customer brand valuepreferred by our competence in development and partner for functional garments preferredthe development and manufacturing partner development for functional and manufacturing garments the customer brand value our competence in development manufacturing ofStrengthen high-quality clothing in abysustainable and responsible wayand manufacturing of high-quality functional clothing in afunctional sustainable and responsible way manufacturing of high-quality functional clothing in a sustainable and responsible way

Chemical pollution impacts

Microplastic pollution

Microplastic Heat stress in operations and supply chain pollution Heat stress in operations and supply chain

Textile waste generation and handling Textile waste generation GHG and emissions across own operations and value chain and handling GHG emissions across own operations value chain

Strengthen the customer brand value Strengthen by our competence the customer in brand development value byand our competence in development and

manufacturing of high-quality functional manufacturing clothingof insound high-quality a sustainable functional and responsible clothingway in the a sustainable and responsible Leading change Leading theway change Human-centered Environmentally Human-centered Environmentally sound Leading the change Human-centered Environmentally sound

Fair pay for worker wellbeing and retention Fair pay for worker wellbeing and retention

Human-centered

Producing garments in theProducing most High-quality work environment and environment We have a net zero climate footprint garments in the most High-quality–work – and We have a net footprint Producing garments in the most High-quality work environment – and We zero have climate a netsustainable zero climateand footprint responsible way we expect the same our suppliers and minimal environmental impact environmental sustainable and responsible way way weofexpect the we same of our and minimal impact impact sustainable and responsible expect thesuppliers same of our suppliers and minimal environmental

Unfair recruitment practices in supply Unfair chain recruitment practices in supply chain

From material topics to strategy pillars

informs

calibrates

Spectre responsibility model

02. leads to

leads to

determines

03.

04.

determines

04.

03.

determines

03. 03.

03.

04. Plans and actions 04. Plans and actions

03. Targets 03. Targets

Clear actionsand in 2026 and plans towards 2030 within each pillar 04. Plans and 04. actions Plans actions

Concrete, measurable targets – SBTi, Living Wage 100%, zero 03. Targets 03. Targets excessive overtime – backed by ongoing actions across the value chain

04.actions Plans andand actions Clear in 2026 plans towards 2030 within each pillar

Clear actions in 2026 and plans towards 2030 within each pillar

Clear actions in 2026 Clearand actions plansintowards 2026 and 2030 plans within towards each2030 pillarwithin each pillar

Environmentally sound Leading the change Environmentally sound Human-centered

2026 2026

Build new fit-for-purpose living wage model

Build shared decarbonization Build new fit-for-purpose roadmaps with key customers living wage model

Build&capacity Reduce leftover increaseto make Improve trustwhat through new re-purposed is being Build capacity to make grievance process and tool products LCAs what is being re-purposed Build shared Build shared B-Corp decarbonization e-certification B-Corp e-certification process and tooldecarbonization Build shared decarbonization B-Corp e-certification BuildBuild new fit-for-purpose Build new fit-for-purpose new fit-for-purpose grievance products LCAs roadmaps with key customers roadmaps with key customers livingliving wagewage modelmodel living wage model roadmaps with key customers Build preferred supplier framework Build preferred supplier framework Build preferred supplier framework leftover &leftover increase Reduce leftover & increase Suppliers commit to our Build new fit-for-purpose Reduce SBTi 1 & 2 42% Improve trust through new new Improve trustReduce throughReduce newscope & increase Improve trust through Build capacity to make Build capacity to make Suppliers commit to our Build new fit-for-purpose Reduce SBTi scope 1 & 2Build 42% capacity to make what is being what is being re-purposed responsibility requirements living wageprocess model and tool grievance process and toolre-purposed is being re-purposed products LCAs products LCAsrequirements grievance process and tool grievance responsibility living wage model Reduce what SBTi scope 3 25% products LCAs Reduce SBTi scope 3 25% Improve trust through new Improve trust through new grievance process and tool grievance process and toolscope 1 & 2 42% Suppliers Suppliers commit to our Build new fit-for-purpose Build new fit-for-purpose Reduce SBTi Reduce SBTi scope 1 &commit 2 42% to our

Build new fit-for-purpose

2030

Leading the change

B-Corp e-certification Build shared decarbonization B-Corp e-certification Build preferred supplier framework roadmaps with key customers

2030 2030

2030

2026

Human-centered

2030

responsibility is embedded into Spectre’s operating model:

02.

02. leads to

Spectre responsibility Spectre responsibility model model determines calibrates determines

04.

clarifying where our priorities must be anchored. We have then

informs

calibrates

04.

with three pillars (see below). These pillars reflect how

informs

01.

informs informs Spectre responsibility model Spectre responsibility model

calibrates 04.

translated the material topics into a simple strategic structure

02.

01.

The DMA is not the strategy - but it informs the strategy by

of social risk management

Inclusive workplace and Inclusive workplace and contributes to local communities contributes to local communities

threshold, as they did not reach the threshold, same level asof they impact did not or financial reach therisk. same level of impact or financial risk.

calibrates

Leading the change

contributes to local communities

of social risk management

No governance topics were assessed No governance as highly material topicsunder were assessed applied scoring as highly material under applied scoring

01.

Leadingsound the change Human-centered Environmentally soundEnvironmentally

Safe, attractive and engaging Safe, attractive andattractive engaging Safe, andaengaging garments in the most Producing garments in the most High-quality work environment – and High-quality We work have environment net zero–climate and footprint We have a netProducing zero climate footprint working environment environment working environment sustainable and responsible way sustainable and responsible way we expect the same of our suppliers weworking expect the and same minimal of our environmental suppliers impactand minimal environmental impact Supply chain meets high standards Supplyhigh chain meets high standards Supply chain meets standards of social risk management of social risk management Safe, attractive andofengaging Safe, attractive and engaging social risk management Inclusiveenvironment workplace and working working environment Inclusive workplace andworkplace and contributes to localInclusive communities contributes local communities Supply chain meets high standards Supply chaintomeets high standards

Negative impacts from forced labour Negative in supply impacts chainfrom forced labour in supply chain

Suppliers commit to our

Reduce SBTi scope 1 & 2 42% responsibility requirements responsibility requirements living wage model living wage model Reduce SBTi scope 3 25% Reduce SBTi scope 3 25% responsibility requirements living wage model SBTi scope 3 25% Improve trust throughReduce new Improve trust through new Improve trustand through grievance process tool new grievance process and tool

Concrete,03. measurable targets – SBTi, Living Wage 100%, zero Targets

excessive overtime – backed by ongoing actions across the value chain Concrete, measurable targets – SBTi, Living Wage 100%, zero Concrete, measurable Concrete, targets measurable – SBTi, Living targets Wage – SBTi, 100%, Living zeroWage 100%, zero excessive overtime – backed by ongoing actions across the value chain chain the value chain excessive overtime excessive – backed overtime by ongoing – backed actions by ongoing across the actions value across

42% reduction in

100% of employees 0% excessive 42% reduction in 100% of employees 0% excessive scope 1 & 2 and 25% should be paid a overtime should scope 1 & 2 and 25% should be paid a overtime should reduction in scope 3* living wage* take place reduction in scope 3* 100% of100% living wage* takeexcessive place 42% in 100% employees 0% excessive 42% reduction in reduction 42% reduction inemployees of of employees 0% excessive 0% scope 1&2 25% 1 &should 2 and 25% be paid a should paid inalineshould overtime should scope 2 and 25% should be paidbe aovertime should 42% reduction in and scope 1&2 1 & scope Every employee in Spectre Keeping with legal overtime 42% reduction in scope 1&2 Every employee in Spectre Keeping in line with legal 25% reduction inin scope 3* 3* reduction should bewage* paid a 3* living wage* limits, there should be no reduction scope scope living living take place take place 25% inin scope 3* should bewage* paid a living wage* limits, there should be no reduction inreduction scope 3* living wage* take place overtime violations* overtime violations* 42% reduction in scope 1&2 42% reduction Every in scope employee 1&2 in Spectre Every employee Keeping in Spectre in line with legal Keeping in line with legal 42% reduction in scope 1&2 Every employee in Spectre Keeping in line with legal 25% reduction in scope 3* 25% reduction should in scope be paid 3* a living wage* should be paid limits, a living there wage* should be no limits, there should be no 25% reduction in scope 3* should be paid a living wage* limits, there should be no overtime violations* overtime violations*

overtime violations*

grievance process and tool

Environmentally sound

Human-centered

Leading the change

Responds to the environmental

Focuses on the topics that are

Reflects Spectre’s ambition to

hotspots most connected to our

most material for a labor‑intensive

go beyond compliance by building

business model – especially

manufacturer: safe and engaging

capability, transparency, and

energy and emissions, resource

workplaces, fair compensation

customer collaboration – using

use and waste, and impacts linked

and working time, and strong

our position in the value chain to

to materials and logistics across

social risk management across our

help enable better decisions and

the value chain.

operations and value chain.

stronger industry practice.

Importantly, the strategy is enabled by the same “foundation elements” that appear in our deployment logic: data management & reporting, governance, and training & capabilities – because without transparency, shared ownership, and competence, responsibility cannot be scaled across a fast‑growing manufacturing setup.

03 .

02. Responsible Business strategy

From strategy pillars to measurable targets

Material topics translate into three strategic pillars:

Material topics translate three strategic Materialinto topics translate intopillars: three strategic pillars: the Change Human-Centered, Environmentally Sound, and Leading 02. Responsible 02. Responsible Business strategy Business strategy Human-Centered, Environmentally Sound, and Leading the Change Human-Centered, Environmentally Sound, and Leading the Change Material topics translate Materialinto topics three translate strategic intopillars: three strategic pillars: Human-Centered, Human-Centered, Environmentally Sound, Environmentally and Leading Sound, the Change and Leading the Change Becoming the outdoor sports & activity brands’

E E

E SS

Fair pay for worker wellbeing and retention Fair pay for worker wellbeing and retention

Human-centered

Extreme weather impact

Chemical pollution impacts

Microplastic pollution

Microplastic Heat stress in operations and supply chain pollution Heat stress in operations and supply chain

Textile waste generation and handling Textile waste generation GHG and emissions across own operations and value chain and handling GHG emissions across own operations value chain

Strengthen the customer brand value Strengthen by our competence the customer in brand development value byand our competence in development and

Unfair recruitment practices in supply Unfair chain recruitment practices in supply chain

of social risk management

Inclusive workplace and Inclusive workplace and contributes to local communities contributes to local communities

threshold, as they did not reach the threshold, same level asof they impact did not or financial reach therisk. same level of impact or financial risk.

02.

01.

informs

01.

informs

calibrates

Spectre responsibility model

02.

04.

communicate – including SBTi targets, Living Wage 100%, and zero excessive overtime.

Clear actions in 2026 Clearand actions plansintowards 2026 and 2030 plans within towards each2030 pillarwithin each pillar

04.actions Plans and actions Clear in 2026 plansintowards 2030 within each2030 pillarwithin each pillar Clearand actions 2026 and plans towards 04. Plans and 04. actions Plans and actions

Clear actions in 2026 and plans towards 2030 within each pillar

(2022 baseline), with net-zero by 2047. These are balanced by human-centered targets – living wage coverage and overtime compliance – covering the social impact areas most material to Spectre.

I nt roduc tion > Ou r res p o n s i b i l i ty s tra teg y, ta rg e t s a nd a c t i o n s

2030

2026 2026

Build new fit-for-purpose

operations and 25% in the value chain by 2030

Build shared decarbonization Build new fit-for-purpose roadmaps with key customers living wage model

Leading the change

B-Corp e-certification Build shared decarbonization B-Corp e-certification Build preferred supplier framework roadmaps with key customers

2030 2030

2026 2026

2026

2030

Environmentally sound Leading the change Environmentally sound Human-centered

Build new fit-for-purpose living wage model

Suppliers commit to our

03.

leads to

leads to Spectre responsibility Spectre responsibility model model determines calibrates calibrates determines 03. 04. determines 04. determines determines 03. 04.

04. Plans and actions 04. Plans and actions

02.

02. leads to

informs informs Spectre responsibility model Spectre responsibility model

calibrates

Human-centered

Leading the change

contributes to local communities

of social risk management

No governance topics were assessed No governance as highly material topicsunder were assessed applied scoring as highly material under applied scoring

calibrates

Leadingsound the change Human-centered Environmentally soundEnvironmentally

Negative impacts from forced labour Negative in supply impacts chainfrom forced labour in supply chain

it into concrete targets that are easy to steer by and

targets: reducing emissions by 42% in own

Becoming the outdoor sports & activity Becoming brands’ the outdoor sports & activity brands’ Strengthen the customer brand value by our competence in development and Strengthen customer brand value by our competence in development and partner preferredthe development and manufacturing preferred partner development for functional and manufacturing garments for functional garments the customer brand value our competence in development manufacturing ofStrengthen high-quality clothing in abysustainable and responsible wayand manufacturing of high-quality functional clothing in afunctional sustainable and responsible way manufacturing of high-quality functional clothing in a sustainable and responsible way

Extreme weather impact

01.

Key targets include validated science-based

Becoming the outdoor sports & activity brands’ preferred development and manufacturing partner for&functional garments Becoming the outdoor sports activity brands’ preferred development and manufacturing partner for functional garments preferred development and manufacturing partner for functional garments

Chemical pollution impacts

Extreme weather impact

Once the strategic direction is clear, Spectre turns

02. Responsible Business strategy 02. Responsible Business strategy

Our Environmental, Social and Governance topics define

leads to

03. 03.

03. Targets 03. Targets

Concrete,03. measurable targets – SBTi, Living Wage 100%, zeroWage 100%, zero Targets measurable targets – SBTi, Living 03. Targets Concrete, 03.– backed Targets excessive overtime by ongoing actions across the value across chain the value chain excessive overtime – backed by ongoing actions Concrete, measurable targets – SBTi, Living Wage 100%, zero Concrete, measurable Concrete, targets measurable – SBTi, Living targets Wage – SBTi, 100%, Living zeroWage 100%, zero excessive overtime – backed by ongoing actions across the value chain chain the value chain excessive overtime excessive – backed overtime by ongoing – backed actions by ongoing across the actions value across

42% reduction in

100% of employees 0% excessive 42% reduction in 100% of employees 0% excessive should be paid a overtime should scope 1 & 2 and 25% should be paid a overtime should reduction in scope 3* living wage* take place reduction in scope 3* 100% ofliving wage* take place 42% in 100% employees 0% excessive 42% reduction in reduction 42% reduction inemployees of 100% of employees 0% excessive 0% excessive scope 1 & 2 and 25%

scope 1&2 25% 1 &should 2 and 25% be paid a should paid inalineshould overtime should scope 2 and 25% should be paidbe aovertime should 42% reduction in and scope 1&2 1 & scope Every employee in Spectre Keeping with legal overtime 42% reduction in scope 1&2 Every employee in Spectre Keeping in line with legal 25% reduction inin scope 3* 3* reduction should bewage* paid a 3* living wage* limits, there should be no reduction scope scope living livingbewage* take place take place 25% inin scope 3* should paid a living wage* limits, there should be no reduction inreduction scope 3* living wage* take place overtime violations* overtime violations* 42% reduction in scope 1&2 42% reduction Every in scope employee 1&2 in Spectre Every employee Keeping in Spectre in line with legal Keeping in line with legal 42% reduction in scope 1&2 Every employee in Spectre Keeping in line with legal 25% reduction in scope 3* 25% reduction should in scope be paid 3* a living wage* should be paid limits, a living there wage* should be no limits, there should be no 25% reduction in scope 3* should be paid a living wage* limits, there should be no overtime violations* overtime violations*

overtime violations*

02. Responsible Business strategy

02. Responsible Business strategy 02. Responsible Business strategy Material topics translate into three strategic pillars:

Our Environmental, Social and Governance topics define

Material topics translate three strategic Materialinto topics translate intopillars: three strategic pillars: the Change Human-Centered, Environmentally Sound, and Leading 02. Responsible 02. Responsible Business strategy Business strategy Human-Centered, Environmentally Sound, and Leading the Change Human-Centered, Environmentally Sound, and Leading the Change Material topics translate Materialinto topics three translate strategic intopillars: three strategic pillars: Human-Centered, Human-Centered, Environmentally Sound, Environmentally and Leading Sound, the Change and Leading the Change Becoming the outdoor sports & activity brands’

04.

Becoming the outdoor sports & activity brands’ preferred development and manufacturing partner for&functional garments Becoming the outdoor sports activity brands’ preferred development and manufacturing partner for functional garments preferred development and manufacturing partner for functional garments

Chemical pollution impacts

Extreme weather impact

Becoming the outdoor sports & activity Becoming brands’ the outdoor sports & activity brands’

Strengthen the customer brand value by our competence in development and

Chemical pollution impacts

Extreme weather impact

Microplastic pollution

Microplastic Heat stress in operations and supply chain pollution Heat stress in operations and supply chain

Textile waste generation and handling Textile waste generation GHG and emissions across own operations and value chain and handling GHG emissions across own operations value chain

Strengthen the customer brand value Strengthen by our competence the customer in brand development value byand our competence in development and

Fair pay for worker wellbeing and retention Fair pay for worker wellbeing and retention

Human-centered

Unfair recruitment practices in supply Unfair chain recruitment practices in supply chain

of social risk management

02.

01.

informs

01.

calibrates calibrates 04.

02. leads to

calibrates

Spectre responsibility model

leads to

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03.

04.

determines

03. 03.

03.

03. Targets 03. Targets

Clear actionsand in 2026 and plans towards 2030 within each pillar 04. Plans and 04. actions Plans actions

Concrete, measurable targets – SBTi, Living Wage 100%, zero 03. Targets 03. Targets excessive overtime – backed by ongoing actions across the value chain

Concrete,03. measurable targets – SBTi, Living Wage 100%, zero Targets

Clear actions in 2026 and plans towards 2030 within each pillar

Clear actions in 2026 Clearand actions plansintowards 2026 and 2030 plans within towards each2030 pillarwithin each pillar

Environmentally sound Leading the change Environmentally sound Human-centered Build shared decarbonization Build new fit-for-purpose roadmaps with key customers living wage model

2026 2026

Build new fit-for-purpose living wage model

Leading the change

42% reduction in

100% of employees 0% excessive 42% reduction in 100% of employees 0% excessive should be paid a overtime should scope 1 & 2 and 25% should be paid a overtime should reduction in scope 3* living wage* take place reduction in scope 3* 100% of100% living wage* takeexcessive place 42% in 100% employees 0% excessive 42% reduction in reduction 42% reduction inemployees of of employees 0% excessive 0% scope 1 & 2 and 25%

B-Corp e-certification Build shared decarbonization B-Corp e-certification Build preferred supplier framework roadmaps with key customers

Build preferred supplier framework Environmentally soundLeadingLeading the change Environmentally soundEnvironmentally the sound change Leading the change Human-centered Human-centered Human-centered Reduce leftover & increase Improve trust through new Build&capacity Reduce leftover increaseto make Improve trustwhat through new re-purposed is being Build capacity to make grievance process and tool products LCAs what is being re-purposed Build shared Build shared B-Corp decarbonization e-certification B-Corp e-certification process and tooldecarbonization Build shared decarbonization B-Corp e-certification BuildBuild new fit-for-purpose Build new fit-for-purpose new fit-for-purpose grievance products LCAs roadmaps with key customers roadmaps with key customers livingliving wagewage modelmodel living wage model roadmaps with key customers Build preferred supplier framework Build preferred supplier framework Build preferred supplier framework leftover &leftover increase Reduce leftover & increase Suppliers commit to our Build new fit-for-purpose Reduce SBTi 1 & 2 42% Improve trust through new new Improve trustReduce throughReduce newscope & increase Improve trust through Build capacity to make Build capacity to make Suppliers commit to our Build new fit-for-purpose Reduce SBTi scope 1 & 2Build 42% capacity to make what is being what is being re-purposed responsibility requirements living wageprocess model and tool grievance process and toolre-purposed is being re-purposed products LCAs products LCAsrequirements grievance process and tool grievance responsibility living wage model Reduce what SBTi scope 3 25% products LCAs Reduce SBTi scope 3 25% Improve trust through new Improve trust through new grievance process and tool grievance process and toolscope 1 & 2 42% Suppliers Suppliers commit to our Build new fit-for-purpose Build new fit-for-purpose Reduce SBTi Reduce SBTi scope 1 &commit 2 42% to our

2026

Human-centered

2030 2030

2030

overtime violations*

Suppliers commit to our

Build new fit-for-purpose

2030

principle that responsibility is delivered “as one Spectre.”

03.

determines

04.

04. Plans and actions 04. Plans and actions

04.actions Plans andand actions Clear in 2026 plans towards 2030 within each pillar

into KPIs and clarifies ownership across functions, reflecting the

leads to

04.

initiatives. The deployment logic is that we break down each pillar

02. leads to

Spectre responsibility Spectre responsibility model model determines calibrates determines

04.

therefore links targets directly to a deployment plan and concrete

02.

informs

01.

informs informs Spectre responsibility model Spectre responsibility model

calibrates

Targets only create value if they drive execution. Spectre

of social risk management

Inclusive workplace and Inclusive workplace and contributes to local communities contributes to local communities

threshold, as they did not reach the threshold, same level asof they impact did not or financial reach therisk. same level of impact or financial risk.

From targets to actions and plans

Leading the change

contributes to local communities

No governance topics were assessed No governance as highly material topicsunder were assessed applied scoring as highly material under applied scoring

01.

Leadingsound the change Human-centered Environmentally soundEnvironmentally

Negative impacts from forced labour Negative in supply impacts chainfrom forced labour in supply chain

grievance process and tool

In practice, this means: Environmentally sound

Human-centered

Leading the change

through climate and operational

through KPIs and actions

through customer collaboration

performance levers such as SBTi

such as living wage coverage,

and capability building (including

roadmap execution, factory

overtime compliance,

data transparency and eco‑design

environmental performance

accident‑free workplace

services), and through

improvements, energy efficiency

ambitions, and strengthening

strengthening governance in the

work, and increasing the share of

audits and grievance handling

supply network – reflecting that

LEED‑certified production.

(to ensure issues are surfaced

many upstream decisions are shared

and resolved).

with or influenced by our customers.

This is also consistent with how we last year framed the link between growth and responsibility: the 2024/25 report explicitly notes that without decisive action, a linear model (materials in, products out) would drive an unsustainable increase in environmental impact, and that responsibility must therefore be integrated into the future trajectory of the business

02. Responsible Business strategy

02. Responsible Business strategy 02. Responsible Business strategy Material topics translate into three strategic pillars:

Our Environmental, Social and Governance topics define

A feedback loop ensures continuous improvement

E E

Extreme weather impact

Microplastic pollution

Microplastic Heat stress in operations and supply chain pollution Heat stress in operations and supply chain

Textile waste generation and handling Textile waste generation GHG and emissions across own operations and value chain and handling GHG emissions across own operations value chain

Strengthen the customer brand value Strengthen by our competence the customer in brand development value byand our competence in development and

Fair pay for worker wellbeing and retention Fair pay for worker wellbeing and retention

Human-centered

Unfair recruitment practices in supply Unfair chain recruitment practices in supply chain

02.

01.

informs

01.

informs

01.

calibrates

Spectre responsibility model

leads to

determines

03.

04.

determines

04.

04. Plans and actions 04. Plans and actions

04.actions Plans and actions Clear in 2026 plansintowards 2030 within each2030 pillarwithin each pillar Clearand actions 2026 and plans towards 04. Plans and 04. actions Plans and actions

Clear actions in 2026 and plans towards 2030 within each pillar

Clear actions in 2026 Clearand actions plansintowards 2026 and 2030 plans within towards each2030 pillarwithin each pillar

Environmentally sound Leading the change Environmentally sound Human-centered

2026 2026

Build new fit-for-purpose living wage model

2030

Leading the change

B-Corp e-certification Build shared decarbonization B-Corp e-certification Build preferred supplier framework roadmaps with key customers

Build new fit-for-purpose

2030

Build shared decarbonization Build new fit-for-purpose roadmaps with key customers living wage model

2030 2030

2030

2026

Human-centered

02. leads to

leads to

Spectre responsibility Spectre responsibility model model determines calibrates determines

04.

expectations evolve, the DMA provides the mechanism

02.

02. leads to

calibrates

04.

this: as impacts, risks, regulations, and customer

informs

informs informs Spectre responsibility model Spectre responsibility model

calibrates 04.

approach described in the 2024/25 report reinforces

of social risk management

Inclusive workplace and Inclusive workplace and contributes to local communities contributes to local communities

threshold, as they did not reach the threshold, same level asof they impact did not or financial reach therisk. same level of impact or financial risk.

calibrates

Leading the change

contributes to local communities

of social risk management

No governance topics were assessed No governance as highly material topicsunder were assessed applied scoring as highly material under applied scoring

01.

Leadingsound the change Human-centered Environmentally soundEnvironmentally

Negative impacts from forced labour Negative in supply impacts chainfrom forced labour in supply chain

the next wave of plans and priorities. The annual DMA

business model and value chain.

Chemical pollution impacts

model that is circular - learning and performance steer

and targets stay anchored in the realities of the

Becoming the outdoor sports & activity brands’ preferred development and manufacturing partner for&functional garments Becoming the outdoor sports activity brands’ preferred development and manufacturing partner for functional garments preferred development and manufacturing partner for functional garments

Chemical pollution impacts

Extreme weather impact

Chemical pollution impacts Extreme weather Microplastic pollutionChemical pollution impacts Heat stress in operations and supply chainimpact Microplastic pollution Heat stress in operations and supply chain Microplastic pollution stress inand operations and supply chain Textile waste generation and handling GHG emissions across ownHeat operations value chain Textile waste generation and handling GHG emissions across own operations and value chain Textile waste generation and handling GHG emissions across own operations and value chain Extreme weather impact

As such, we have created a responsible business

to re‑validate what is truly material, ensuring strategy

Material topics translate three strategic Materialinto topics translate intopillars: three strategic pillars: the Change Human-Centered, Environmentally Sound, and Leading 02. Responsible 02. Responsible Business strategy Business strategy Human-Centered, Environmentally Sound, and Leading the Change Human-Centered, Environmentally Sound, and Leading the Change Material topics translate Materialinto topics three translate strategic intopillars: three strategic pillars: Human-Centered, Human-Centered, Environmentally Sound, Environmentally and Leading Sound, the Change and Leading the Change Becoming the outdoor sports & activity brands’

Suppliers commit to our

03.

determines

03. 03.

03.

03. Targets 03. Targets

Concrete,03. measurable targets – SBTi, Living Wage 100%, zeroWage 100%, zero Targets Concrete, measurable targets – SBTi, Living 03. Targets 03. Targets excessive overtime – backed by ongoing actions across the value across chain the value chain excessive overtime – backed by ongoing actions Concrete, measurable targets – SBTi, Living Wage 100%, zero Concrete, measurable Concrete, targets measurable – SBTi, Living targets Wage – SBTi, 100%, Living zeroWage 100%, zero excessive overtime – backed by ongoing actions across the value chain chain the value chain excessive overtime excessive – backed overtime by ongoing – backed actions by ongoing across the actions value across

42% reduction in

100% of employees 0% excessive 42% reduction in 100% of employees 0% excessive should be paid a overtime should scope 1 & 2 and 25% should be paid a overtime should reduction in scope 3* living wage* take place reduction in scope 3* 100% of100% living wage* takeexcessive place 42% in 100% employees 0% excessive 42% reduction in reduction 42% reduction inemployees of of employees 0% excessive 0% scope 1 & 2 and 25%

overtime violations*

grievance process and tool

01.Introduction Introduction 01. 02. Environmentally E nvironmentally sound 02. sound 03. Human-centered Human-centered 03. 04. Leading Leading the the cchange 04. hange 05. Company Company prof profile ile 05.

01. 02. Introduction Environmentally sound 26

En vironmenta lly s o u nd

I nt ro d uc t i o n Lorem ipsum dolor sit amet, consectetur adipiscing

O ve rvelit, i ew 02eiusmod . E nvtempor i ro n men t aut l l ylabore s o et u nd sed do incididunt dolore magna aliqua. Ut enim ad minim veniam, quis nostrudto exercitation ullamco laboris nisi ut aliquip ex ea Our approach environmental responsibility......................... 33 commodo consequat. Climate and energy ..............................................................34

Why materials and chemical responsibility matters ...........46 Why waste and circularity matter ........................................ 51 Transport and logistics .........................................................58 M a n a g emen t l e t te r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R ea d e rs g u i d e . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

H ow We C rea te Val ue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

H i g h l i g h t s o f 2 025 /26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Key N u m b e rs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Biodiversity and ecosystem impact ................................... 60 Why water and wastewater use matters ..............................62 Our priorities for the coming year..............................................64 Improve energy efficiency in own operations ......................64 Strengthening Scope 3 decarbonisation .............................64 Reduce the carbon footprint of logistics .............................64 Prepare for future regulatory requirement ..........................65 Reduce leftover fabric and strengthen circular solutions ..65 Improve environmental data quality and transparency ......65

As a garment manufacturer positioned between upstream material production and downstream brand and retail, Spectre’s environmental work focuses on the areas where our impact is greatest and our influence most direct. Based on our Double Materiality Assessment (DMA), the most material environmental topics for Spectre are extreme weather impacts, heat stress in operations and supply chain, GHG emissions across own operations and value chain, chemical pollution impacts, microplastic pollution, and textile waste generation and handling. These topics reflect both actual impacts already occurring and long-term risks of global relevance, many of which cannot be fully eliminated. Climate related risks are particularly material. Physical climate impacts such as typhoons and other extreme weather events in Southeast Asia have already affected our operations, causing production disruptions and exposing factory infrastructure to ongoing risk. Looking ahead, increasing extreme heat is expected to create further adaptation challenges that may affect production efficiency, building requirements, and working conditions in both our own facilities and upstream supplier locations.

Environmenta lly s o u nd

High-capacity cooling system in Spectre Ninh Binh factory

Many of Spectre’s environmental impacts originate upstream, especially in material production and processing, but their most severe consequences unfold across the full value chain, including downstream stages. For example, textile waste, chemicals, and microplastics are generated early in the value chain, but their most harmful effects on ecosystems, food systems, and human health often occur downstream, during product use and at the end of life. In the same way, upstream greenhouse gas emissions contribute to global climate change, which in turn increases physical climate risks that affect operations, workers, communities, and infrastructure across regions. As a long-term manufacturing partner with ownership of key production facilities, Spectre’s main environmental levers are responsible factory design, operational efficiency, waste prevention, supplier engagement, and close customer collaboration. This allows us to reduce impacts where we have direct control and influence outcomes where impacts occur beyond our own operations.

The following sections describe: •

Why each topic matters, based on our Double Materiality Assessment (DMA)

•

Our approach, linking impacts, risks, and opportunities (IROs) to policies, actions, and targets

•

What we did in 2025/26

•

How we performed, based on available and verified data

•

Where we are going, including key gaps, risks, and next steps

ec t re S tory

Spe ct re S tory

S pec tre S to ry

LEED GOLD ce r t if ica t i o n for N in h B i n h In early 2026, Spectre’s Ninh Binh factory achieved LEED O+M Gold certification, an international standard for more sustainable building operations and maintenance. The certification reflects a structured effort to improve daily factory operations with a clear focus on environmental performance and working conditions for more than 1,500 employees. The process began in late 2023 with an assessment of the factory’s energy use and continued through 2025 and early 2026 with targeted improvements and employee surveys. In March 2026, the factory completed the final assessment and achieved Gold certification.

Environmenta lly s o u nd > L EED Go l d cer ti f i ca ti o n fo r N i n h B i n h

S p ec tre S to ry

S p ect re Sto ry

S p e ctre Sto ry

S pe ct re S tory

Sp e c tre S to ry

S p ec tre S to ry

S pe ct re Sto ry

The accomplishment includes improvements across several operational areas. Energy efficiency was strengthened through a full transition to LED lighting and the use of more efficient refrigerants. Air quality was improved through investment in fresh air systems, while water-saving devices and automated irrigation supported more efficient water use. Waste handling was also strengthened, including waste sorting at source and an increase in textile recycling to 58%. In addition, initiatives to support greener commuting contributed to reduced CO₂ emissions per person, including greater use of electric vehicles, company shuttle buses, and charging stations. Alongside these technical improvements, workplace conditions were also enhanced through measures such as a smoke-free factory policy, upgraded ventilation, and increased employee satisfaction across both factory and office areas. The LEED O+M Gold certification marks an important milestone for Spectre Ninh Binh, but the work does not stop here. The focus remains on maintaining and strengthening these practices as part of daily operations and continued efforts to improve the workplace and reduce environmental impact.

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty

Our approach to environmental responsibility Spectre’s environmental work is embedded in facility-level management systems and operational procedures. This ensures that the material environmental impacts, risks, and opportunities identified through our DMA are translated into policies, measurable targets, and actions. At factory level, environmental responsibility is governed through ISO 14001-aligned environmental management systems. These define local procedures for energy and water use, waste management, chemical handling, emergency preparedness, incident response, and continuous improvement. Procedures are implemented at site level and aligned with a Group-wide approach and targets, enabling consistent governance while addressing location-specific environmental risks, including climate exposure. These ISO-based systems provide the operational foundation for Higg FEM (Facility Environmental Module) at facility level, while Higg FEM adds structured performance assessment, scoring, and comparability across sites to support tracking and continuous improvement.

Our approach is further supported by complementary frameworks that strengthen ambition, design, and material integrity, such as: •

Science Based Targets initiative (SBTi), which defines our overall climate ambition and decarbonization pathway

•

LEED standards, which guide responsible factory design and operation

•

Global Recycled Standard (GRS), which supports traceability, chain of custody, and verification of recycled materials, strengthening transparency and environmental integrity in material flows

Together, these elements create a consistent execution logic: material topics identified through the DMA inform policies and management systems, which drive actions, targets, and performance monitoring. This ensures that environmental responsibility is integrated into daily operations and decisionmaking rather than managed as a separate agenda.

Climate and energy Climate change is highly material for Spectre. Garment production is energy-intensive, Scope 3 emissions dominate our footprint, and our Vietnamese factories face increasing physical climate risks. Rising regulatory expectations – including SBTi and CSRD alignment – add further transition risk and transparency requirements. These impacts and risks are reflected in our Double Materiality Assessment, where climate change mitigation and adaptation score high on impact materiality and have clear links to long-term business resilience.

Spectre’s climate approach is guided by our science-based targets and a clear distinction between: •

Own operations, where we have direct control over energy efficiency, electrification, and energy sourcing

•

Value chain emissions, where impacts are much larger, but leverage is shared and mainly exercised through engagement and structural change over time

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty > C l i ma te a nd ene rgy

During the reporting year, our climate- and energy-related actions focused on three main areas: 01.

Energy efficiency We continued targeted energy efficiency initiatives across production sites. Despite significant production growth, energy performance relative to output improved. Read more on page 38 about Improving energy efficiency.

02.

Increasing the share of renewable electricity In Vietnam, access to long-term physical PPAs remains limited, and the regulatory framework for direct PPAs and virtual PPAs (vPPAs) is still developing. While we continue to monitor and assess emerging PPA opportunities, we currently rely on a combination of on-site solar generation and renewable energy certificates (iRECs) to cover grid electricity consumption. As a result, the Group-level share of renewable energy reached 97% in 2025/26, primarily driven by renewable electricity sourcing in Vietnam.

03.

Embedding climate considerations into factory design Climate and energy performance are increasingly integrated into new factory investments. A key milestone during the year was the LEED Gold certification of the Ninh Binh factory, confirming

LEED certif ie d p roduction in %

measurable improvements in energy performance, indoor climate, water efficiency, and operational practices.

24 % Base line 2022 /23

Total share of renewable energy in %

31% 2024/25

4 3% 2025/26

100 80

2030 target value

23/24

24/25

25/26

60 40 20

> 90%

0 22/23

Energy mix and performance in own operations Energy use in own operations remains closely linked to production volumes. However, the energy mix has changed materially, with a continued decline in fossil energy use and growth in renewable electricity.

Fossil energy consumption decreased further in 2025/26, driven by reduced use of petrol and diesel. On-site solar generation continued to increase across Vietnamese factories. Grid electricity consumption is fully covered by renewable electricity instruments at Group level.

Energy consumption mix in Vietnam factories 1% 15%

10.000 8.000

Diesel/gasoline MWh On-site solar MWh

3% 2%

6.000

Grid mix electricity

20%

RECs MWh

11% 84%

4.000

78% 86%

78%

2.000 0

17%

22/23

23/24

24/25

25/26

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty > C l i ma te a nd ene rgy

Energy consumption and mix in MWh

23/24

24/25

25/26

Fuel consumption Fuel consumption from crude from oilcrude and petroleum oil and petroleum productsproducts

MWh

MWh 532

532 456

301 456

301

Fuel consumption Fuel consumption from other from fossil other sources fossil sources

MWh

MWh 0

MWh

MWh 105

105 99

16 99

Total fossil Total energy fossilconsumption energy consumption

MWh

MWh 637

637 555

317 555

317

Share ofShare fossil sources of fossil sources in total energy in totalconsumption energy consumption (%) (%)

%7%

7% 5%

3% 5%

MWh 1 070

1951 070

127 951

127

MWh

MWh 6 168

6 7 046 168

10 7 046 191

10 191

The consumption The consumption of self-generated of self-generated non-fuelnon-fuel renewable renewable energy energy

MWh

MWh 743

743 1 688

11748 688

1 748

Total renewable Total renewable energy consumption energy consumption

MWh

MWh 7 981

7 9 981 684 12 9 684 066 12 066

Share ofShare renewable of renewable sources sources in total energy in totalconsumption energy consumption

%93%

93% 95%

Total energy Totalconsumption energy consumption

MWh

MWh 8 618

8 10618 239 12 10383 239 12 383

Consumption Consumption of purchased of purchased or acquired or acquired electricity, electricity, heat, steam, heat, steam, and cooling andfrom cooling fossil from sources fossil sources

Fuel consumption Fuel consumption for renewable for renewable sources,sources, includingincluding biomassbiomass (also comprising (also comprising industrialindustrial and municipal and municipal waste ofwaste biologic of origin, biologic origin, MWh biogas, renewable biogas, renewable hydrogen, hydrogen, etc.) etc.) Consumption Consumption of purchased of purchased or acquired or acquired electricity, electricity, heat, steam, heat, steam, and cooling andfrom cooling renewable from renewable sources sources

97% 95%

97%

While the share of renewable energy is high, this is currently driven partly by market‑based instruments. We therefore consider it important to distinguish between accounting coverage and structural decarbonisation, and to continue prioritising measures that reduce absolute energy demand and fossil fuel dependency.

Improving energy efficiency We continued targeted energy efficiency initiatives across production sites. Total energy consumption increased by 31% compared to the 2022/23 baseline, reflecting higher production volumes. At the same time, production activity grew significantly faster (+52%), resulting in improved energy performance per unit of output and lower energy intensity. Absolute energy use remains strongly influenced by production volumes, although part of the energy demand is not directly linked to production activity.

Overall performance highlights: •

Energy efficiency in own operations improved compared to the 2022/23 baseline, moving closer to our 2030 target

•

Total fossil energy consumption declined in absolute terms, despite increased production

•

Scope 1 and 2 emissions decreased, while Scope 3 emissions remain the dominant source of climate impact

I mproved ene rg y eff i ci ency i n ow n o perat io n s

35 . 6%

Energy consumption in own operations remained closely linked to production growth. While progress in own

Baseline

operations is tangible, several limitations remain:

2022/23

•

Long‑term physical or virtual PPAs in Vietnam

30 . 5%

are not yet fully accessible •

Renewable electricity coverage currently relies

2025/26

in part on market‑based instruments, which do not reduce grid emissions structurally •

30%

The majority of Spectre’s climate impact remains upstream in materials and processing, where data quality and leverage vary

2030 target value

Emissions performance and progress against targets Climate change mitigation is a highly material topic for Spectre, reflecting both the emissions intensity of apparel manufacturing and the dominant role of Scope 3 emissions in our value chain. Our climate strategy is anchored in Science Based Targets, with a clear distinction between what we control directly in our own operations and where impact depends on collaboration with customers and suppliers.

Spectre’s greenhouse gas (GHG) inventory for 2025/26 has been subject to independent third-party verification with limited assurance by PwC. Read the full assurance report on page 134.

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty > C l i ma te a nd ene rgy

O vera l l em is sions development*

22/23

23/24

24/25

2030

2050

25/26*

2050 target

151

113

-62%

4 156

4 490

6 558

30%

4 023

-100%

-42%

-90%

Total Gross indirect (Scope 3) GHG emissions (tCO2eq)

49 551

21 298

28 345

54 632

10%

-25%

-90%

1. Purchased goods and services

24 532

13 498

18 738

24 366

-1%

2. Capital goods

13 216

498

1 641

19 612

48%

3. Fuel and energy-related activities

991

938

947

1 359

37%

4. Upstream transportation and distribution

1 627

605

1 098

1 148

-29%

5. Waste generated in operations

1 050

748

417

227

-78%

6. Business traveling

805

591

387

573

-29%

7. Employee commuting

2 057

1 593

2 132

2 735

33%

8. Upstream leased assets

59%

9. Downstream transportation

4 580

2 254

2 359

3 427

-25%

12. End-of-life treatment of sold products

691

570

625

1 169

69%

13. Downstream leased assets

N/A

Total GHG emissions (location-based) (tCO2eq)

54 895

25 731

32 986

61 303

12%

Total GHG emissions (market-based) (tCO2eq)

53 875

21 622

28 539

54 750

22/23 base

23/24

24/25

301

277

Gross location-based Scope 2 GHG emissions (tCO2eq)

5 043

Gross market-based Scope 2 GHG emissions (tCO2eq)

Scope 1 GHG emissions Gross Scope 1 GHG emissions (tCO2eq)

25/26

25/26 vs

25/26 2030 vs 22/23 target

base

22/23

-42%

Scope 2 GHG emissions

(not included in Scope 1 or Scope 2)

Total GHG emissions

* Only the 2025/26 numbers have been subject to limited assurance by PwC. Read the full assurance report on page 134 and our accounting policies in appendix.

In 2025/26, total greenhouse gas emissions increased compared to 2024/25. This was expected, though: strong production growth directly drives higher material purchases, more activity in own operations, and increased logistics. In addition, with the construction of our new factory, SGT3, “Capital Goods” increased significantly. In the following sections, we will dive deeper into specific areas of the GHG report.

Scope 1 and 2 emissions Strong structural progress Climate change mitigation is a highly material topic for Spectre, reflecting both the emissions intensity of apparel manufacturing and the dominant role of Scope 3 emissions in our value chain. Our climate strategy is anchored in Science Based Targets, with a clear distinction between what we control directly in our own operations (Scope 1 and 2) and where impact depends on collaboration with customers and suppliers (Scope 3). Compared to our baseline, we have reduced our GHG emisisons by 97% in Scope 1 and 2.

Scope 3 emissions Growth driven by scale and investment Scope 3 emissions remain the dominant share of Spectre’s climate footprint. In 2025/26, total Scope 3 emissions increased by 10% compared to the 2022/23 baseline and by 93% compared to the previous year, primarily driven by three main factors:

3.1 45% Purchased goods and services

3.2 36% Capital goods

3.9 6% Downstream transportation

3.7 5% employee commuting

3.3 2%

3.12 2%

Fuel and

End-of-life

energyrelated

treatment of

activities

sold products

3.4 2%

3.6 1%

Upstream transportation and distribution

Business

3.1

Purchased goods and services

3.6

Business traveling

3.2

Capital goods

3.7

Employee commuting

3.3

Downstream transportation

3.8

Upstream leased assets

3.4

Upstream transportation and distribution

3.9

Downstream transportation

3.5

Waste generated

3.12

End-of-life treatment of sold products

3.13

Downstream leased assets

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty > C l i ma te a nd ene rgy

traveling

01.

Purchased goods and services (Category 1)

E mi ssi o n s fro m pu rc h ased go o d s and servi ces

Emissions from purchased goods and services increased in line with higher production volumes and material use. Fabric production and processing remain the largest

Processing materials 2% Packaging 2%

Other 8%

single driver of Spectre’s climate impact, which underlines why material choices and Tier 2 energy use are critical long-term levers.

Trims 8%

While Spectre does not control material selection directly, we increasingly support customers

Fabric 80%

through data transparency, hotspot identification, and joint Scope 3 initiatives, as described later in this section.

02.

Capital goods (Category 2) The largest year-on-year increase was seen in capital goods emissions, which rose significantly compared to previous years. This increase is mainly linked to the construction of SGT3, which is scheduled to open in July 2026. Emissions from construction are front-loaded by nature and are therefore expected to peak during

03.

Other Scope 3 categories •

the build phase.

Fuel- and energy-related activities increased in line with higher overall energy use

This investment is deliberate and strategic. The

•

new factory is designed to LEED Gold standards, meaning that current construction emissions are

Employee commuting emissions increased due to workforce growth

•

Waste-related emissions continued to

expected to enable lower operational emissions,

decrease, reflecting improved waste

higher energy efficiency, and improved resource

handling and recycling practices

performance over the building’s lifetime. The

•

Upstream and downstream transport

temporary increase in capital goods emissions

emissions show mixed development

should therefore be seen as a long-term

and are addressed separately in the

decarbonization enabler, not a structural setback.

Transport & Logistics section

Interpreting growth and climate performance together The 2025/26 data reflects a common reality for growing manufacturers: •

Emissions increase in the short term as -production

In the following two sub-sections,

expands and investments are made •

we will analyse the long-term

Long-term performance depends on structural improvements, including energy systems, factory design, supplier engagement, and data quality and availability

performance and trend in our production activity and revenue growth vs. our GHG emissions.

Decoupling GHG emissions relative to production activity

G HG i ntensity pe r produc tion mi n u te

GHG emissions intensity, production, tCO2e/Mmin Normalized *GHG emissions intensity, production, tCO2e/Mmin

22/23 base

23/24

24/25

25/26

25/26 vs 24/25 25/26 vs 22/23

202,5

98,7

101,2

135

33%

-33%

158,1

98,7

101,2

91,5

-10%

-42%

*Emissions from new factory construction and equipping in 22/23 and 25/26 are excluded

The increase in reported intensity in 2025/26 is mainly driven by

This indicates

construction and factory equipping emissions (Scope 3 Category 2),

that emissions

which are included in the inventory but do not generate production

have grown

minutes. The same effect is visible in the 2022/23 baseline.

more slowly than production activity

When these effects are excluded, the normalized view shows that:

•

GHG intensity improved by 10% compared to 24/25

•

The normalized GHG intensity improved by 42% compared to the baseline

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty > C l i ma te a nd ene rgy

over time, showing clear improvements in operational efficiency.

Decoupling GHG emissions relative to revenue A similar pattern can be observed when analysing emissions intensity relative to revenue. As with production-based intensity, an additional normalized view is used for analytical purposes, excluding constructionrelated emissions. This helps provide a more comparable picture of underlying operational performance.

G HG i ntensity per net revenue Total GHG emissions (location-based) per net revenue (tCO2eq/Monetary unit) Total GHG emissions (market-based) per net revenue (tCO2eq/Monetary unit) Normalized* total GHG emissions (location-based) per net revenue (tCO2eq/Monetary unit) Normalized* total GHG emissions (market-based) per net revenue (tCO2eq/Monetary unit) Net revenue mill DKK

22/23 base

23/24

24/25

25/26

25/26 vs 22/23

64,1

38,9

44,0

64,8

62,9

32,7

38,1

39,2

-38%

50,3

38,9

44,0

46,2

-8%

49,1

32,7

38,1

39,2

-20%

856

662

750

945

10%

*Emissions from new factory construction and equipment in 22/23 and 25/26 are excluded

During the reporting period, revenue increased by 10% whilst

Overall, the normalized analysis

normalized emissions intensity relative to revenue decreased.

suggests early signs of relative

The improvement is visible in both location-based (-8%) and

decoupling between emissions

market-based (-20%) scenarios, although the latter is partly

and economic growth, while

influenced by the use of renewable electricity instruments. This

highlighting that reported trends

indicates that emissions have grown more slowly than business

are still affected by investment

activity, suggesting improved efficiency over the years.

cycles and accounting effects.

Our climate priorities for the coming years •

Execute our SBTi roadmap with clearer and more actionable Scope 3 levers

•

Strengthen energy and emissions data quality, particularly upstream at Tier 2

•

Reduce dependency on market-based instruments by prioritizing structural improvements, including energy efficiency, electrification, and future power purchase agreements (PPAs) where feasible

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D e ca r b o ni za t i o n wi t h Ma mmu t a nd A rc’ te ry x Our collaboration with Mammut and Arc’teryx shows how data transparency can turn into action. These partnerships go beyond data exchange and focus on understanding where emissions occur and what can realistically be changed.

Through dialogue, workshops and targeted initiatives, we work together to: •

Build a shared understanding of Tier 2 emissions drivers

•

Assess data quality and limitations

•

Explore concrete decarbonisation initiatives

•

Identify solutions to improve Scope 3 impact

This approach has already resulted in several promising initiatives moving toward implementation. It has also created a more transparent and trust-based decision-making process, where data guides choices rather than justifying them afterwards.

Environmenta lly s o u nd > Deca r b o n i za ti o n w i th M a mmu t a nd Arc’ te ry x

S p ect re Sto ry

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S pe ct re Sto ry

“What makes our collaboration with Spectre valuable is that it goes beyond ambition and into practical execution. By working together, on, e.g., Tier 2 energy data, we can directly support better decisions now and in the future. This collaboration helps us move from generic Scope 3 targets to concrete actions that make decarbonization more tangible” Tobias Steinegger, Head of Corporate Sustainability at Mammut

Why materials and chemical responsibility matters Based on Spectre’s Double Materiality Assessment, materials and chemical responsibility are material environmental topics due to their link to pollution from chemicals and microplastics, textile waste across the value chain, and indirect contribution to upstream greenhouse gas emissions. The most significant material-related impacts occur upstream during fabric production and processing, where energy use, chemical inputs, and pollution risks are concentrated. While Spectre does not produce fabrics or define chemical formulations, our role as a Tier 1 manufacturer creates exposure to these impacts through the materials selected for the garments we produce and the way production waste is managed. From a climate perspective, emissions from purchased goods and services (Scope 3 Category 1) are largely driven by fabric production and processing upstream. This reinforces why material composition, recycled content, and transparency at Tier 2 are critical levers for Spectre, even though material selection and supplier energy mix are mainly defined by customers and suppliers. The detailed

In 2025/26, Spectre used 1,855,014 kg of fabric in own operations. The material mix continues to be dominated by technical, fossil‑based fibres, reflecting the functional requirements of outdoor and performance garments. Technical materials accounted for 97% of total fibre use, with recycled polyester representing the largest single share. Biological materials accounted for 3%, primarily cotton and wool. A growing share of materials consists of mono-material fibres such as polyester and nylon. This does not mean that finished garments are mono-material, as most garments combine several components such as membranes, trims, and coatings. This continues to make post-consumer recycling of outdoor garments technically complex. For production waste, however, monomaterial polyester and nylon fabrics can be recycled, enabling higher recycling rates for cutting waste compared to finished products.

Scope 3 emissions breakdown is disclosed in the Climate & Energy section. Progress on virgin, fossil‑based materials Materials used in production In 2025/26, Spectre used 1,855,014 kg of fabric in own operations. The material mix continues to be dominated by technical, fossil‑based fibres, reflecting the functional requirements of outdoor and performance garments. Technical materials accounted for 97% of total fibre use, with recycled polyester representing the largest single share. Biological materials accounted for 3%, primarily cotton and wool.

Reducing dependency on virgin, fossil‑based materials is important due to their contribution to Scope 3 Category 1 emissions from fabric production. In 2025/26, the share of virgin, fossil‑based material decreased to 41%, down from 55% in the 2022/23 baseline. This reflects increased use of recycled fibres, primarily driven by customer material selections.

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty > M a te r i a l s a nd c h emi ca l

F i bre m i x by type (kg and %) in 2 0 25/ 26 Fiber

Technical materials

1 807 077

97%

Recycled polyester

835 171

45,0%

Polyester

431 106

23,2%

Other fibers *

330 655

17,8%

Other recycled fibers *

210 144

11,3%

Biological materials

47 937

Cotton

28 536

Wool

16 174

Other biological materials **

3 227

Total

1 855 014

* Includes elastane, polyamide and other fibers ** Includes lyocell, viscose etc

% o f vi rg in , fossi l - bas e d materi al o f to t a l

5 5% Baseline 2022/23

41% 2025 /26

<2 8 % 2030 target value

Circularity properties of fabrics

Fab r ic ci rcularity prope rtie s

Recycled fossil blend 22%

Recycled fossil 56%

Virgin fossil blend 30%

Virgin fossil 41%

Virgin 44%

Recycled 56%

Virgin fossil mono 30% Virgin renewable 3%

Virgin renewable blend 2% Recycled fossil mono 34%

Virgin renewable mono 0.4%

The share of fabrics with recycled content

specifications, performance requirements,

continued to increase during the reporting year.

and recycled content targets. However,

In 2025/26, 58% of total fabric volume contained

to stay competitive, Spectre ensures

recycled content, up from 47% in the previous

that we continue to support and innovate

financial year. This development is mainly driven

around implementation, traceability, and

by brands, as customers define material

execution in production.

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty > M a te r i a l s a nd c h emi ca l

Chemical responsibility in own operations Chemical responsibility is managed through a compliance-based

Chemical management in

approach that reflects Spectre’s position in the value chain.

own operations focuses on handling, storage, and

We manage chemical risks through:

controlled use of chemicals

Compliance with customer Restricted Substances Lists (RSL)

during production. The most

and Manufacturing Restricted Substances Lists (MRSL)

significant chemical risks

•

Alignment with recognized industry standards and testing protocols

remain upstream, where data

•

Integration of chemical requirements into audits, inspections,

availability and quality vary.

•

and supplier assessments

Environmental performance at factory level (Higg vFEM) To monitor overall environmental performance across our factories, Spectre uses the Higg Facility Environmental Module (FEM) as a structured assessment tool covering energy, water, waste, chemicals, and environmental management systems. As part of our Responsible Business strategy, we have set a target to achieve leading environmental performance.

H i gg v FE M to t al s co re

8 5% Baseline 2022/23

At KPI level, results remained stable in 2025/26, as the KPI reflects both overall performance and changes in industry benchmarks. However, performance at factory level improved significantly during the last period.

8 6%

All sites follow structured post assessment improvement plans, with

2025/26

progress actively tracked and implemented throughout the year. This is reflected in the development of individual vFEM scores between the 2024 and 2025 assessment cycles (with the full impact expected to be reflected in KPI reporting next year, as the 2025 cycle closes at the end of

>1 00 % 2030 target value

the calendar year):

Ninh Binh

Hung Yen

An Giang

66% → 76%

64% → 75%

58% → 75%

These improvements reflect concrete actions across environmental management, particularly in chemical handling, waste management, and operational controls. While the KPI does not yet fully capture this progress, it remains a useful benchmark and should be interpreted together with site-level improvements and topic-specific performance, especially for chemicals and pollution, which are the most material impacts.

This KPI compares Spectre’s average Higg FEM score with the industry top quartile benchmark. It is calculated by dividing Spectre’s weighted average score by the top quartile score. An increase shows that we improve faster than the industry top quartile. A result below 100% means performance is below the top quartile, while a result above 100% means it exceeds it. The KPI is influenced both by improvements in Spectre’s factories and by changes in the industry benchmark over time.

Microplastics Microplastics, especially microfibers shed from synthetic textiles, are identified as a highly material pollution topic in our DMA. Current research shows that the main release points occur during garment use and washing, as well as upstream in material production. Microplastics is a systemic, industry-wide challenge that cannot be effectively addressed by a single Tier 1 manufacturer or through isolated requirements of individual suppliers. As measurement methods, standards, and reduction pathways are still evolving, Spectre has not implemented a dedicated microplastics reduction programme and does not yet have a clear plan for one. Our current focus remains on chemical compliance, material transparency, waste prevention, and monitoring industry developments together with customers.

Insights, risks, and limitations •

The largest environmental impacts from materials and chemicals sit upstream, outside Spectre’s direct operational control

•

Material composition and chemical risks are mainly customer-driven, which limits Spectre’s ability to act unilaterally

•

Data quality decreases at Tier 2 level, particularly for emissions and chemical inputs

•

Our current carbon calculation tools rely on average data, which limits supplier-specific differentiation

These limitations are disclosed transparently to avoid over-interpreting progress.

Where we are going •

Strengthen supplier requirements and chemical documentation where relevant

•

Improve supplier-specific data, starting with Tier 2

•

Evaluate improved data and calculation tools that better reflect supplier-specific impacts over time

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty > Wa s te a nd ci rc u l a r i ty

Why waste and circularity matter In garment manufacturing, waste is a direct outcome of a traditional production logic in which materials are cut and sewn into products and leftovers are typically removed from the production flow. For Spectre, waste is therefore closely linked to material efficiency, cost control, and upstream environmental impacts. Leftover fabric and production waste occur after significant resources have already been used earlier in the value chain, including energy, water, and chemicals in fibre and fabric production. When these materials are not kept in use, the embedded environmental impacts are effectively lost. Waste and circularity are therefore material environmental topics for Spectre, as confirmed by our Double Materiality Assessment. Our approach to waste management follows the waste hierarchy, with prevention first, then reuse, recycling, and disposal as the last option. This means focusing first on reducing leftovers and scraps through better planning and cutting efficiency, then keeping materials in circulation where prevention is not possible, and ensuring remaining waste is diverted from disposal wherever feasible. Waste management is governed through factory-level environmental management systems, with procedures for segregation, tracking, and reporting at site level. Data is consolidated at Group level to support year-on-year tracking and transparency.

What we did in 2025/26 During the reporting year, our efforts focused on moving waste higher up the waste hierarchy rather than only improving disposal outcomes. Key actions included: •

Improving cutting efficiency and production planning to reduce avoidable fabric leftovers and waste

•

Expanding reuse solutions for leftover fabric that could not be used internally

•

Strengthening waste sorting at source to improve recycling quality

•

Expanding recycling arrangements for non-hazardous waste across own operations

These actions were implemented across our Vietnamese factories, with adaptations to local conditions and infrastructure. 51

Group‑level performance

% o f no n - h aza rdo u s waste repu r p os e d

In 2025/26, Spectre continued to improve circularity performance in own operations. The share of non‑hazardous waste repurposed

2 6%

increased to 42%, up from 26% in the 2022/23 baseline and 31% last year, moving closer to our 2030 target of 70%. Waste diverted

Baseline

from disposal reached 411 tonnes, driven by increased recycling

2022/23

and improved waste handling practices.

42%

S h a re of wa ste re cycled

2025/26

70%

Target 70%

60%

70 %

50% 30%

20% 10%

2030 target value

40%

20 17

5% 0% 2022/23

2023/24

2024/25

2025/26

At the same time, total waste generated increased compared to 2024/25, due to higher production volumes – however, the increase in total waste, 23%, was half the increase of total produced garments, 45%, indicating that we have, to a certain degree, decoupled waste generation from production volume.

G enera ted waste composition in to n 22/23

23/24

24/25

25/26

Fabric waste

641

492

481

734

Paper/Carton

145

113

106

114

Plastic

Construction waste

General household waste

248

213

180

104

Metal waste

0.0

0.1

Hazardous waste

0.8

0.2

0.5

Fabric waste remains the dominant waste fraction, followed by paper/carton and general household waste. Hazardous waste volumes remain very low and are handled exclusively through approved disposal channels.

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty > Wa s te a nd ci rc u l a r i ty

Wa s te a ccounting Waste disposal method

22/23

23/24

24/25

25/26

Waste diverted from disposal

300

274

246

410,86

Non-hazardous waste recycled

299

274

246

411

Hazardous waste recycled

Waste directed to disposal

897

711

549

566

Non-hazardous waste directed to disposal

896

710

549

565

Co-processing (energy recovery)

117

315

Incinerated

571

441

211

114

Landfilled

319

265

221

136

Incinerated

Landfilled

Solidified

Total waste generated

1 196

985

795

977

Total non-recycled waste

897

711

549

566

Total non-recycled waste

75%

72%

69%

58%

Hazardous waste directed to disposal

Site‑level differences and constraints Recycling performance differs across production

recycling infrastructure. The nearest

sites due to structural and geographical factors:

facilities capable of recycling Spectre’s fabric waste are located around 200

•

Hung Yen (HY) has already reached the

km away, creating logistical and cost

2030 recycling target, with 72% of waste

challenges. This makes collection

recycled, supported by established local

and transport inefficient and reduces

recycling infrastructure

contractors’ willingness to handle smaller

Ninh Binh (NB) achieved a 63% recycling

or lower-value waste streams due to

rate, reflecting strong performance but

operational cost constraints.

still below the 2030 target •

An Giang recorded a significantly lower

We continue to search actively for

recycling rate of approximately 25%

suitable recycling partners in the region and are prepared to absorb higher

The lower performance in An Giang is not caused by

recycling costs where necessary to

lack of ambition, but by limited access to qualified

improve diversion from disposal over time.

Reuse of leftover fabric and reporting boundaries In addition to recycling, Spectre increased reuse of leftover fabric during the reporting year. In 2025/26, 186 tonnes of leftover fabric were sold for reuse, keeping the material in circulation and replacing the need for virgin resources elsewhere. By way of comparison, if this material was instead replaced by virgin polyester, its production would result in an estimated 1,500+ tonnes of CO₂e emissions (which is more than the all CO₂e emissions from our upstream transportation). By reusing, this negative impact is being avoided. While this estimate is indicative and subject to assumptions on material composition and emission factors, it highlights the potential climate benefit of prioritizing reuse over disposal. This reused fabric is not included in the waste inventory tables in this section. The reason is that these materials were not discarded and did not enter a waste treatment route. Instead, they were managed as secondary materials and sold for direct reuse. Including them in waste figures would risk double counting and would not accurately reflect waste flows. To ensure transparency, reuse volumes are disclosed separately, while the waste tables only cover materials that entered formal waste treatment processes.

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty > Wa s te a nd ci rc u l a r i tyo n s i bi l i ty > Waste and

Insights, risks, and limitations Our performance highlights several key points: •

Improvements in recycling are meaningful, but prevention and reuse have the highest impact

•

Recycling performance depends heavily on local infrastructure, which creates uneven results across sites

•

Absolute waste volumes remain sensitive to production growth and order variability

From a risk perspective, limited recycling infrastructure in some regions may constrain further progress unless alternative solutions or partnerships are developed.

Where we are going Looking ahead, our priorities are to: •

Strengthening waste prevention through better planning and closer customer and supplier collaboration

•

Expand reuse solutions where material quality allows

•

Identify and develop new recycling partnerships, especially for sites with limited local infrastructure

•

Improve data transparency across waste, reuse, and disposal streams

ec t re S tory

Spe ct re S tory

S pec tre S to ry

S p ec tre S to ry

Tu rn in g s c ra p to va lu a b le ma te r i a l Phong Tran Import Export Manager

Working close to our daily production, I see firsthand how much attention and care goes into using materials responsibly. Even so, leftover fabric is sometimes unavoidable. Many years ago, to solve this issue, we had to burn and destroy the leftovers. Over time, this made me reflect on whether there could be a better solution. And at that time, Spectre also had two topics which needed attention. Those were greenhouse gas emissions and recycling. The idea started with a simple realization: We release CO2 when we burn fabric, and we waste resources when we destroy it. I noticed that although some leftovers could not be used in our own production, the material still had value. Instead of treating it as waste and scrap, I began exploring whether it could be reused locally for other purposes. What is considered scrap for Spectre, can still be of value for others. My motivation was therefore both environmentally, practical, and personally driven: to keep materials in use for as long as possible and to avoid unnecessary waste, while also doing it in a meaningful way.

Environmenta lly s o u nd > Tu r n i n g s c ra p to va l u abl e ma te r i a l

S p ect re Sto ry

S p e ctre Sto ry

S pe ct re S tory

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S pe ct re Sto ry

The leftover fabric is sold to local buyers who can give these a second life. This means that the material stays in circulation and replaces the need for new, virgin resources elsewhere. From an environmental perspective, this is a clear advantage, as reuse has a lower impact than recycling and helps reduce overall CO₂ emissions. At the same time, my hope was to create value for local businesses and livelihoods by providing affordable materials for reuse, support local craftsmanship and strengthen our connection to the surrounding community. And of course, these things must go hand in hand with creating profit for Spectre.

I wanted to make a difference - and for me this initiative shows how a small act driven by daily experience and curiosity can have an actual impact. It does not change the fact that our long-term goal is to avoid leftovers altogether, but it is a practical way to handle unavoidable waste more responsibly. I appreciate that Spectre supports employee-driven ideas like this and encourages us to think differently about how we use our resources.

Transport and logistics Transport and logistics are an important part of Spectre’s environmental footprint. Raw materials, trims, finished garments, and samples are moved across continents, making logistics a significant contributor to Scope 3 emissions. At the same time, logistics is one of the areas where we have direct influence as a manufacturing partner — through planning, partner selection, transport modes, and collaboration with customers and logistics providers. Reducing the carbon footprint of transportation is an important part of our climate work and a key lever for achieving our Science Based Targets. Our approach is built on three principles: •

Avoid unnecessary transport where possible

•

Reduce emissions from the transport that remains

•

Improve transparency and accountability across logistics partners

In practice, this means prioritising sea and road transport over air freight, improving demand and production planning to avoid last‑minute shipments, and working closely with selected logistics partners that share our responsibility ambitions.

Therefore, logistics have been treated as a responsible business topic this year and not only a climate issue. During the year, we expanded our Code of Conduct expectations to also cover transport and logistics providers. We also started a new transportation tender initiative to improve even further and increase our data capabilities. As part of this, logistics suppliers are now required either to sign Spectre’s CoC or demonstrate equivalent responsible business policies. We continued consolidating transport activities with DSV as our main logistics partner. Through this collaboration, we work on route optimisation, shipment consolidation, improved emissions data, and the use of more sustainable fuels to support reductions in upstream logistics emissions.

We also continued to actively limit air freight, which is now mainly used for samples or urgent, exceptional deliveries. Where air freight is still required, this is typically driven by supplier delays. We are therefore working on three key improvement initiatives:

•

Increase local sourcing from Vietnam

•

Build consignment stock

•

Strengthening governance of supplier delivery performance

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty > Tra n s po r t a nd l o gi s t i c s

While transport and logistics remain one of the larger contributors to our Scope 3 emissions, we continue to see measurable progress. Upstream transportation and distribution emissions were reduced by approximately 29% compared to our 2022/23 baseline.

F i gu re o n to t al t C O 2e fro m al l l o gi st i c s 25 / 2 6

Road 8%

Sea 17%

Air 75%

Most transport by weight continues to be carried out by sea freight, which has lower emissions intensity compared to air transport. To put it into perspective, 58% of our transportation

R ed u ce carb o n fo o t pri n t o f l o gi st ics ( u pst ream) emi ssi o n s

was from sea, 35% from road, and 6% from air, yet air freight is still our biggest emissions category. While total air freights decreased from 3588 tCo2e in baseline year to 2340 tCo2e this year, it is still a critical area for us to improve.

1 6 27 t C O 2 e Baseline 2022/23

To improve, we have set clear targets to reduce carbon footprint of our upstream logistics. Not least, we continue to reduce our direct transportation emissions. We have replaced all fossil-fuelled company cars in

1148t CO2e (-29%) 2025/26

Denmark and Vietnam with electric vehicles. In addition, we are promoting electric mobility for employee commuting. As part of this broader effort, we run an employee lottery in Vietnam at New Year, where two electric scooters are awarded at each facility.

- 2 5% 2030 target value

Biodiversity and ecosystem impact Biodiversity and ecosystem impacts were assessed as part of Spectre’s Double Materiality Assessment. While no highly material biodiversity-related IROs were identified, biodiversity remains indirectly linked to several of Spectre’s material environmental topics, including climate change, water and wastewater management, chemical pollution, and textile waste. Spectre’s production facilities are located in Vietnam, a country recognized for high biodiversity value but also exposed to ecosystem pressure from climate change, water stress, and pollution. Screening using the WWF Biodiversity Risk Filter indicates that the regions where Spectre operates, including Hung Yen, Ninh Binh, and An Giang, are mainly exposed to freshwater-related and climate-driven biodiversity risks rather than direct habitat loss from industrial land use. Spectre’s manufacturing activities do not involve direct interaction with natural habitats such as forests, wetlands, or protected areas. As a result, direct biodiversity impacts from own operations are limited, and the most significant biodiversity pressures linked to our products occur upstream in material production. Still, several existing measures contribute indirectly to ecosystem protection, including responsible factory design, such as LEED-certified facilities, wastewater treatment and monitoring, water risk mitigation measures, and chemical and waste controls. These actions are mainly implemented to address material environmental topics, while also supporting local ecosystem protection. Spectre does not currently set biodiversity-specific targets or metrics. Biodiversity considerations will continue to be monitored through annual DMA updates and integrated where relevant into decisions on factory development, water management, chemicals, and waste if biodiversity-related risks become more pronounced.

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty > B i o di ve rs i ty a nd e cosy s tem i mpact

to ry

S pectre Story

S pe ct re S to ry

S p ec tre S to ry

Sp e ct re

R u n fo r R efo re s t a t i o n In 2026, Spectre Vietnam joined ASICS’ global Run for Reforestation initiative, encouraging participants to run, walk, or cycle in support of reforestation efforts. Through the campaign, every five kilometres completed contributed to the planting of one tree, linking physical activity with environmental action. The 15-day initiative generated strong engagement across our Vietnam teams, with employees actively motivating one another and creating a shared sense of purpose around health, teamwork, and sustainability. While the environmental impact was the campaign’s primary objective, it also strengthened employee engagement and reinforced the value of collective action.

By participating in initiatives such as Run for Reforestation, Spectre supports activities that extend beyond daily operations and contribute to building a culture where responsible business is reflected not only in how we produce garments, but also in how we collaborate and engage with our people and partners.

Why water and wastewater use matters Water use in Spectre’s own operations is limited compared to more water-intensive stages of the value chain, as garment assembly does not involve processes such as dyeing or finishing. As reflected in the Double Materiality Assessment, water is therefore not a highly material topic for Spectre. However, water remains locally relevant due to the geographical context of our production facilities in Vietnam, where certain regions are exposed to water stress and water quality risks. In our operations, water use is primarily linked to facility and domestic needs, making reliable access and responsible wastewater management important for operational continuity and local environmental protection.

What we did in 2025/26 During the reporting year, our focus was on maintaining operational control and improving data quality rather than reducing absolute water use, which is structurally low and largely driven by workforce size. Key actions included: •

Continued monitoring of water consumption across all sites

•

Installation of additional water meters to improve tracking and detect leaks

•

Ongoing operation and maintenance of wastewater treatment systems

•

Verification of compliance with local wastewater discharge requirements

No major non-compliance incidents were identified during the reporting year.

Environmenta lly s o u nd > O u r a p p ro a c h to en v i ro n men t a l re s po n s i bi l i ty > Wa te r

What we did in 2025/26 In our operations, water demand mainly comes from general facility and workforce needs, not from production processes:

Wa ter a ccounting

22/23

23/24

24/25

25/26

Total water consumption, m3

9 348

9 277

7 732

12185

Water withdrawal

37 661

42 037

33 218

49454

Rainwater

11 221

8 374

6 757

11869

Water discharge

39 534

41 134

32 244

49138

risk, including areas of high-water stress

9 338

9 266

7 719

12173

Water withdrawal

37 471

41 825

32 971

49215

Rainwater

11 221

8 374

6 757

11869

Total water consumption in areas at water

Water consumption increased in 2025/26, primarily due to significant growth in employee numbers, which increased domestic water demand.

Our priorities for the coming year

Improve energy efficiency in own operations Improving energy efficiency remains a core priority for strengthening operational performance and reducing Scope 1 and 2 emissions. Building on existing initiatives, we will continue to identify reduction opportunities across our factories through targeted technology upgrades, process optimisation, and better use of energy monitoring data. The focus is on turning insights from metering and monitoring into concrete actions and root-cause improvements.

Strengthening Scope 3 decarbonisation through supplier and customer collaboration Scope 3 emissions remain the dominant part of Spectre’s climate footprint, especially from purchased goods and services. A key priority is therefore strengthening collaboration with customers and selected Tier 2 suppliers to improve data quality, identify energy-related hotspots, and support practical decarbonisation initiatives where leverage exists. This is critical for moving from estimated Scope 3 data towards more actionable, supplier-specific insights.

Reduce the carbon footprint of logistics Transport remains a significant contributor to Spectre’s Scope 3 emissions. In the coming year, we will continue working closely with our logistics partner to improve emissions data quality, increase transparency, and identify lower-impact transport solutions. At the same time, we will focus on addressing root causes of air freight through better planning, supplier delivery performance, and material availability, with the aim of moving from reactive transport decisions to a more structured and resilient logistics setup.

Environmenta lly s o u nd > O u r p r i o r i ti es fo r th e co mi n g yea r

Prepare for future regulatory requirements (CSRD and Digital Product Passports) Regulatory expectations on environmental data and product transparency continue to increase. Our priority is to build readiness by aligning existing data structures with CSRD and future Digital Product Passport requirements rather than creating parallel systems. This includes mapping data gaps, clarifying responsibilities, and working with customers and industry partners to ensure that future compliance builds on operational reality.

Reduce leftover fabric and strengthen circular solutions Reducing leftover fabric remains a priority for improving material efficiency and reducing waste. We will continue to strengthen planning processes, increase alignment with customers, and improve visibility on material flows to prevent avoidable leftovers. Where waste cannot be avoided, we will further strengthen the business case of reuse and recycling solutions to keep materials in circulation and reduce the need for virgin resources.

Improve environmental data quality and transparency Improving data quality remains a prerequisite for effective environmental action. In the coming year, we will focus on strengthening the consistency, granularity, and reliability of environmental data, particularly for Scope 3 emissions, materials, and energy use. Better data will support clearer prioritization, better-informed decisionmaking, and more credible reporting aligned with ESRS requirements.

01.Introduction Introduction 01. 02. Environmentally E nvironmentally sound sound 02. 03. Human-centered 03.Human-centered 04. Leading Leading the the cchange 04. hange 05. Company Company prof profile ile 05.

01. 03. Introduction Human-centered 66

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I nt ro d uc t i o n Lorem ipsum dolor sit amet, consectetur adipiscing

O ve rv iew 03 . Hu m a n - cen te re d elit, sed do eiusmod tempor incididunt ut labore et

dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea The people-related cases that matter most .............................68

commodo consequat. How we safeguard and support our people ..............................70

A safe, attractive and engaging working environment ........70 Improved anonymous reporting system............................... 72 Strengthening workplace standards.................................... 77 M a n a g emen t l e t te r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R ea d e rs g u i d e . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

H ow We C rea te Val ue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

H i g h l i g h t s o f 2 025 /26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fair working conditions and long-term commitment .........80 Diversity, inclusion and equal opportunities ......................86 Leadership and culture across boarders ............................ 90 Learning development................................................... 91 Key N uand mbe rs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4

Our priorities for the coming year..............................................94 Strengthening Fair Work compliance...................................94 Advancing JEDI through data and structured action...........94 Executing the People & Team tracks ....................................95

The people-related cases that matter most People are central to Spectre’s operations. Across our own operations and value chain, we work to ensure safe, fair, and respectful working conditions – with a focus on health and safety, social dialogue, and human rights. Our own workforce is primarily based in Vietnam, supported by headquarters in Denmark, a sales office in Germany, and a competence centre in Latvia. Based on our Double Materiality Assessment (DMA), the most material social topics for Spectre are: 01. Fair pay for worker wellbeing and retention 02. Unfair recruitment practices in supply chain, and 03. Negative impacts from forced labour in supply chain. Similar to impacts from environment, these topics are both upstream and in own operations and our main social levers are improving the living wage model, focusing on safety and wellbeing at work, managing overtime work, creating fair working conditions, ensuring learning and development, and collaborating with customers on setting high standards. Especially improving living wages and reducing overtime work are two of our three most important focusareas towards 2030.

More th a n 50 0 0 emp l oyee s Denmark, 43 employees Headquarters and office functions

Germany, 8 employees Sales and support office

Latvia, 16 employees Production-related operations

Vietnam, 5,038 employees Manufacturing (multiple factories)

H uma n-centered > T h e p eo p l e-rel a ted ca s es th a t ma t te r mos t

How we safeguard and support our people A safe, attractive and engaging working environment A safe and healthy working environment is fundamental to Spectre. Both physical safety and psychosocial well-being are priorities – and part of being an attractive employer. We work systematically on workplace safety through clear procedures, regular training, safety drills, and accessible reporting. Our target is zero accidents. In the reporting year, we recorded two minor accidents (one-three days lost) and six major accidents (more than three days lost), plus two near misses.

Work related accidents

Minor

Major

8 6

4 2

2 1

0 22/23

2 0

23/24

24/25

25/26

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Psychological safety is supported through daily dialogue, employee representation, and grievance mechanisms that allow employees to raise concerns without fear of retaliation. Employees can report through direct dialogue with their manager, external grievance channels linked to Fair Trade, Fair Wear, and SA8000, or Spectre’s internal anonymous channel. During the fiscal year 2025/26, a total of 41 reports were received across all internal channels. The majority of reports were raised through direct dialogue with managers. All submissions related to feedback or suggestions for improvement rather than allegations of misconduct or rights violations. Of the 41 cases received, 40 were resolved and closed within the reporting period. One case, received at the end of the fiscal year, remains open and is being addressed in the subsequent period. No requests were rejected. All reporters were asked whether they were satisfied with the resolution of their case. Based on this feedback, 100% of reporters indicated satisfaction with the outcome of their case.

Grievances from internal channels 41 reports recieved 40 cases resolved and closed

30 days from reciept to closure 100% satisfaction score or % satisfied (method described)

Improved anonymous reporting system During the year, we implemented SpeakSafe, a new anonymous grievance tool that becomes operational at the start of next fiscal year. Unlike the previous system, it enables two-way communication while preserving anonymity – supporting better investigations and fairer outcomes.

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All employees are formally employed and covered by social protections including sickness, injury, disability, parental leave, and retirement. Annual satisfaction surveys help us track and improve workplace safety and management. Employee satisfaction (scored 0–4) improved slightly in Hung Yen, while Nam Dinh and An Giang saw declines. Hung Yen’s results remain at the high end; An Giang’s drop was larger but from a higher baseline, leaving it at a similar level to Nam Dinh. The decline in An Giang correlates with higher resignation rates at that site, though it does not tell the full story. Employee feedback is reinforced by a strong sense of community in daily working life. Across locations, we arrange social events that bring colleagues together and help turn our values into lived experiences.

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2025/26 2024/25

Employee survey statement Ninh Binh

3,76

Work content

3,81 3,79

Interaction and communication Relationship with immediate manager Work environment and safety Remuneration and career

3,85 3

3,74 3,82

3,73 3,79

3 3,72 3,73 3,79

General

Hung Yen

3,79

3,80

Work content

3,79 3,87

Interaction and communication Relationship with immediate manager Work environment and safety Remuneration and career

3,83 3 3,78 3

Work content

Work environment and safety Remuneration and career General

3,83

3,70 3,89 3,74

3,69 3,88 3,76

Interaction and communication Relationship with immediate manager

3,84 3,73

General

An Giang

3,85

3,89 3

3,77 3,89

3,80 3,91

3,81 3,89 3,89 3,90

“Internal activation of the Spectre DRIve value set is essential to aligning leaders, employees, and people processes around a shared culture and way of working. When values are embedded throughout the employee journey, they guide decision‑making, strengthen engagement, and encourage behaviours that support strategic priorities. This alignment helps create a more motivated workforce and improves overall organizational performance.

Strong internal activation also ensures that employees consistently reflect the company’s values in their interactions with customers. When the internal culture matches the external brand promise, it builds authenticity and trust, which in turn strengthens customer relationships and supports long‑term business performance.”

Rikke Tikjøb Group Director, People & Culture

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Culture and values play an important role in shaping a safe, motivating, and engaging working environment. To support

H i gg vF S L M sco re

internationally recognised frameworks, including SA8000,

7 0%

Fairtrade requirements, the FLA framework and Higg FSLM.

Baseline value

this culture with clear structures and accountability, we follow

2022/23 The Higg FSLM score is a relative measure that compares Spectre’s weighted average Higg FSLM score to the industry top quartile benchmark, meaning that changes in the benchmark directly influence the reported result. As industry benchmarks

88% 2024/25

have improved more rapidly, the KPI appears lower despite actual performance improvements, and a gap to top quartile remains, even in areas where Spectre performs strongly, such as worker treatment, wages, benefits, and worker involvement

84% 202 5/26

We have also decided to pursue B Corp recertification. Read more our commitment to high social and environmental standards and

1 1 0%

strengthens how we manage employee health, safety, and well-

2030 target value

about this in the chapter “04. Leading the change”. This reinforces

being as part of responsible business practice.

Strengthening workplace standards Weekly 6S checks across workshops and sewing lines are carried out by our Responsible Business team alongside formal internal audits. Checks cover workplace organisation, safety, and compliance – including chemical handling, OHS, and working time. Findings go to relevant departments with corrective actions and follow-up. This supports safer, more compliant, and better-managed workplaces, while also helping identify areas for further improvement. We monitor performance through selected KPIs.

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C o m p a ny D ay s a c ros s lo ca t i o n s Each year, we arrange Spectre Company Days across all locations – bringing colleagues together across teams and functions for a day outside the usual work setting. In Denmark, this year’s Company Day took place outdoors. After a shared breakfast, colleagues spent the day participating in hands-on activities in nature, including archery, blowpipe shooting, log sawing, obstacle courses, and bike-based team games. Despite the rainy weather, the day was marked by high energy, movement, and plenty of laughter. It ended around the campfire, where employees prepared dinner together. In Germany, the day was also held outdoors. Teams spent the day aboard a large wooden raft, sharing a long river journey guided by raft captains. It was a day of conversation, laughter, and shared experiences outside the usual work environment. In Latvia, the Company Day included both indoor and outdoor activities. The program combined collaborative exercises with an outdoor adventure game in Jelgava, where colleagues navigated the city and solved tasks together. The day ended with a shared dinner. Company Days in Vietnam was arranged around teambuilding and onsite activites and as smaller events with social dining and competitions. Company Days strengthen relationships and give colleagues who don’t work together daily a chance to connect and build mutual understanding.

H uma n-centered > Co m p a ny Day s a c ros s l o ca ti o n s

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Fair working conditions and long-term commitment Fair working conditions is built on clear principles for working hours, compensation, and equal treatment. We follow international labour standards, including SA8000, Fair Trade, Fair Wear, Higg FSLM, and Higg FEM. Progress is tracked through defined KPIs, reviewed regularly at management level and supported by employee feedback and dialogue with worker representatives.

Overtime During the year, we strengthened monitoring of working hours to improve compliance oversight. During peak periods, measures include regular training on overtime limits, stricter approval and alert As a result, we had a total of four violation cases on overtime, which were in our An Giang factory in June 2025.

Compensation and benefits Compensation is structured to be fair, transparent, and consistent across comparable roles. Under our Living Wage Policy, wages are assessed against benchmarks from the Global Living Wage Coalition. In 2025/26, 93% of employees across the Spectre Group received a living wage. At our Hung Yen factory, all employees are now receiving living wages. We have seen steady improvements in Ninh Binh though the reporting year, resulting in 100% living wages in Q1 of 2026. While this reflects solid progress, gaps remain in our An Giang factory, where 13% is still not receiving living wages. Our target is 100% living wage coverage by 2030 across all locations. To achieve this, we continue to increase base salary of employees, apply productivity bonusses where applicable, improve line efficiency through Continuous Improvement and Industrial Engineering methods and focus on leveling the production to reduce frequent changeovers.. Employee development is a long-term commitment. Through our annual performance cycle, employees and managers take part in structured reviews focused on skills, role expectations, and future opportunities.

H uma n-centered > How we s a feg u a rd a nd s u p po r t o u r pe o pl e

Employees recieving living wage in %

9 9. 2% * Baseline value 2022/23

92% 2024/25

93% 2025 /26

100% 2030 target value

* S i nce t h e b a s el i ne year, we h ave swi tc h ed fro m u s i n g t h e Wa g e I nd i cato r Fo u nd a t i o n b enc h m ark to u s i n g t h e G l o b a l Liv in g Wa g e Co a l i t i o n s t a ndard, wh i c h we co n s i d e r th e g o l d s t a nd a rd o f b enc h m a r ki n g l i vi n g wa g es . Du e to met h o d o l o g y differ ences b et ween t h e two b enc h m a r ks , t h e liv in g wa g e s h a re s u bs eq uen tly d ec rea s ed vs b a s el i ne. I.e., t h e b a s el i ne va l u e a nd th e c u r ren t 2 0 2 5 / 2 6 va l u e are no t d i rec t l y co m p a rable.

Main takeaways for our Vietnam facilities

1 2% Increase in average employee turnover rate compared to last year

68% of total resignations (1,133 employees) come from An Giang

7 3% of resignations (1,214 employees) leave within their f irst year

78% under-1-year turnover rate in An Giang — signif icantly higher than Hung Yen (61%) and Ninh Binh (61%)

80-88% Turnover rates All Spectre employees are permanent. We do not use temporary or zero-hour contracts. In 25/26, 1803 employees left the company. Amongst these, 148 were

of resignations across all seniority bands and sites are wage employees. Support employees

in Latvia due to production closing. You can read more

accounts for 12-20% across

about our changes in Latvia on page 106.

all seniority bands and sites

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Turnover rate by gender and location in %

60% Total

50% 45%

Male

40%

Female

35% 30%

25%

20% 15%

10%

5% Total

An Giang

Hung Yen

Ninh Binh

Denmark / Germany

Resignations by site in % >3 years

<1 year

27 78

Hung Yen

An Giang

100

In May 2025, we ran a factory-wide skills assessment in An Giang to improve productivity and operational efficiency. The process clarified role expectations and led to a more structured alignment between competencies and production needs, with some roles gradually adjusted as a result. While this strengthened overall resilience, we have monitored turnover closely, as previous rates were below the manufacturing sector average. When reviewing turnover by seniority we could see that exits were mostly concentrated amongst employees with short tenure, whereas long-term employees typically stay with our company.

H uma n-centered > How we s a feg u a rd a nd s u p po r t o u r pe o pl e

Resignation by seniority

Total

1200

Wage

1000

Support

800 600 400 200 0 <1 year

1 - 2 years

>3 years

The strongest message is that resignations are heavily concentrated among “wage employees” and employees with less than one year of service. This suggests the biggest opportunity is in early-tenure retention, especially in An Giang, which contributes over two-thirds of all recorded resignations. Longer-tenure exits are much smaller: The category “more than 3 years of seniority” only has 231 resignations (14%), so the issue could be related to onboarding, adaptation, and first-year employee experience than long-service attrition. We plan to further investigate the underlying root causes of the increase during 25/26 to better understand recent developments and inform targeted actions going forward.

Diversity, inclusion and equal opportunities For us, diversity, inclusion, and equal opportunities are rooted in respect for human rights and the belief that a diverse workforce supports long-term resilience, innovation, and responsible growth. We are committed to equal opportunities across locations, functions, and roles, and to fair treatment regardless of gender, age, background, or nationality. Progress was tracked through defined KPIs and used to inform management decisions. Gender equality remains a key focus. Women represent 69% of the total workforce across the Spectre Group, with balanced representation in production roles and increasing representation of women in management, particularly in Vietnam and Latvia. At the same time, gender pay gap investigation shows that we have significant differences across our locations – especially in Germany and Denmark:

Gender pay gap in %

80%

70% 60% 50% 40% 30% 20%

20,9

10% 5%

1,33

0,92

An Giang

Hung Yen

1,51

Latvia

Ninh Binh

Denmark / Germany

Management gender distribution in % Male

Female

Vietnam

44 83

Latvia

Denmark / Germany 30

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100

Analysis by job category shows that the main driver of pay gaps is gender distribution at management level. Where

Is gender pay the

management roles are predominantly held by one gender, this

same as equal pay?

has a significant impact on the overall gap. Other job categories show relatively small differences. The

Gender pay and equal pay are not the same. Equal

most equal pay levels are seen in standardised worker roles.

pay deals with the pay

Spectre complies with national legislation and international

and women who carry out

expectations on non-discrimination, equal pay, and freedom of association. Our Vietnamese sites have the youngest

differences between men the same job, similar jobs or work or equal value.

workforce; our European offices the oldest.

Gender pay gap shows the

We value experienced employees while also actively hiring

pay between all men and

graduates and students to bring in new competencies.

difference in the average women in a workforce.

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Be in g a s t u d en t wor ker a t S p e c t re My time as a student assistant at Spectre has been a highly rewarding journey, both professionally and personally. From the very beginning, I was given a high degree of responsibility and the freedom to work independently on tasks that had real impact on the business. Being part of a company undergoing significant development has been very inspiring. I was met with strong trust in my abilities and encouraged to take on a variety of complex and sometimes challenging assignments. Through projects such as working with CRM systems and analysing AI usage in our sales processes, I had the opportunity to apply theoretical knowledge from my studies in a practical setting, while also contributing with new perspectives to the organization. At the same time, it has been valuable to feel like a true part of the company. I have been included on equal terms with my colleagues – both in daily work and at social events – which has strengthened my sense of belonging and motivation. Not least, the experiences and insights have accelerated my development and provided me with a strong foundation for my future career.

Agnethe Elmose Mols Responsible Business Specialist

H uma n-centered > B ei n g a s tu d en t wo r ker a t Spe c t re

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During Agnethe’s studies, she wrote her master’s thesis in collaboration with us. The thesis explored how Digital Product Passports can represent a strategic opportunity for us. Further details about can be found on page 117.

Leadership and culture across boarders As a global organization, Spectre works to strengthen leadership and culture across locations to support trust, engagement, and strong performance. During the year, we added new senior roles in Denmark and Vietnam and continued building leadership capabilities through Individual Development Plans and Spectre Academy training. Across locations, our leadership approach combines Spectre’s values, Scandinavian leadership principles, and local cultural strengths, with focus on trust, empowerment, integrity, responsibility, and psychological safety.

H uma n-centered > How we s a feg u a rd a nd s u p po r t o u r pe o pl e

Learning and development During the reporting year, training and awareness also played an important role in supporting inclusive practices. In total, we conducted 70 skill-based training sessions across 22 topics in our Vietnamese locations:

1300+

120

Topics

Sessions

Participants

Training hours

In addition to mandatory technical training, the portfolio covers competencies such as communication, time management, problem solving, decision making, and change management, alongside leadership and cultural topics such as coaching, people & culture, and intercultural collaboration. These efforts support business expansion and strengthen both execution capabilities and the pipeline of future leaders.

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S pe c t re A ca d emy In 2025, Spectre Academy in Vietnam was formally established as a more structured approach to Learning & Development; marking an important step in strengthening how training and employee development are handled across the organization. It supports a more systematic approach to identifying training needs, developing programmes for different employee groups, following up on training effectiveness, and gradually linking learning more closely to individual development plans. The first phase was launched in the last three months of 2025. During this period, 10 training topics were delivered through 45 sessions, reaching 120 managers, supervisors, team leaders, and employees. In total, 50 hours of classroom training were completed. The programmes focused on leadership, team management, and how Spectre’s core values can be brought more clearly into daily practice.

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These first results show a positive start. They reflect progress in the structure around training and a growing recognition that learning is part of the job and part of how people develop within Spectre. Spectre Academy is therefore not just a training initiative, but a platform for building stronger capabilities and supporting a more consistent learning culture over time. In 2026, the focus is on building further on this foundation. Priorities include developing Individual Development Plans (IDPs) for selected roles, establishing clearer training paths across levels, strengthening the internal trainer network, encouraging continuous learning, and introducing regular competency assessments. The overall aim is to create real impact through stronger management capabilities, higher engagement, and clearer development opportunities for employees.

Our priorities for the coming year

Strengthening Fair Work compliance Strengthening Fair Work compliance remains a key priority. In the coming year, we will focus on closing remaining gaps, ensuring alignment across geographies, and embedding Fair Work principles more deeply into HR policies and management practices. The aim is a framework that supports fair treatment, employment security, and employee voice across the organization.

Advancing JEDI through data and structured action We will also continue to strengthen justice, equity, diversity, and inclusion through more structured and data-driven action. This includes collecting and using employee-related data and qualitative input, such as workshops and survey insights, to better understand inclusion-related topics and ensure that employee perspectives inform decision-making. Based on these insights, we will formalise a clear JEDI action plan with concrete initiatives, timelines, and leadership ownership. This includes accountability for JEDI commitments, review of relevant people-related policies, and transparent follow-up on progress. The aim is to integrate JEDI more systematically into governance, policies, and everyday practice, so it becomes a practical part of how we work.

H uma n-centered > O u r p r i o r i ti es fo r th e co m i n g yea r

Executing the People & Team tracks We will execute through four People & Team tracks as part of PLAN30: The tracks will also serve as key enablers for embedding human-centered principles into daily operations, decision-making, and long-term organizational development, while providing the organizational foundation for delivering our broader responsible business ambitions.

01.

Vietnam organizational & leadership development We will prioritize to create a more mature, structured and leadership-driven organization in Vietnam, Spectre’s core operational platform. This includes building stronger leadership team, improving clarity in plans and targets, and ensuring consistent follow-up and accountability. We want to develop and empower the organization to operate at a higher level, fostering ownership, transparency and stronger dialog across functions and sites.

02. Leadership, governance & strategy execution A key focus will be to further embed clear governance structures and strong leadership ownership across the organization. The track should establish a leadership model, where we inspire direction, collaboration and a strong sense of purpose across the whole organization. The goal is to ensure both high performance, alignment with strategy and joy of work.

03. Spectre Academy, learning & skill building To support Spectre’s growth, we will accelerate capability building and leadership development across the organization in the coming year through our Academy. The Academy will serve as the core platform for learning and leadership training across Europe and Vietnam.

04. Goals, development & feedback dialogues To support a more growing and complex organization, we will also strengthen the way we support individual development through initiatives such as Individual Development Plans. Within the coming year, we want to foster a culture of ongoing dialogue, where individual contributions are clearly linked to company priorities and performance.

01. Introduction 02. Environmentally sound 03. Human-centered 04. Leading the change 05. Company prof ile

04. Leading the change 96

L ea ding the c ha n g e

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dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea

Rethinking and consequat. building responsible supply networks .......... 104 commodo Industry collaboration and thought leadership ...................... 108 Our position on lobbying and political engagement.......... 108 Data, transparency and collaboration ..................................... 114 M Tier a n a g2emen l e t te r .–. . .and . . . . . .how . . . . . . .we . . . . .can . . . . . .influence . . . . . . . . 1 0it ...... 115 Why data tmatters R ea d e rs u i d eDigital . . .. . . . . .Product . . . . . . . . . . . . Passport . . . . . . . . . . . . . . ...........................116 ....... 11 Preparing forg the H ow Wefor C rea te Val ue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Readiness DPP................................................................116 H i g h l i g h t s o f 2 025 /26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Key N u m b e rs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Our priorities for the coming year............................................. 118 Build preferred supplier framework.....................................118 Continue customer collaboration on Scope 3.....................118 Become B-Corp certified under standard v2.1.....................118

Leading the Change reflects Spectre’s

performed, including where we have made

ambition to actively contribute to how our

progress and where challenges remain -

industry evolves. As a manufacturing

particularly in areas that depend on alignment

partner positioned between brands and

across partners. Finally, we describe what we

suppliers, we see a clear opportunity -

will do next, highlighting the priorities that will

and responsibility - to help shape better

strengthen our influence, capabilities, and

practices across the value chain.

impact going forward.

This section is structured to provide a

Unlike the two other strategic pillars,

transparent view of how we approach that

Leading the Change is not merely about

role. First, we outline what we have done

improving our own performance. It is about

during the year, focusing on how we translate

enabling progress beyond our own operations

responsibility into practice through our Factory

- through collaboration, transparency, and

Model, supplier engagement, and customer

the ability to turn complex challenges into

collaboration. Next, we share how we have

practical solutions.

L ea ding the c ha ng e > How we l ea d a nd c rea te re s po n s i bl e i mpa cy

Spectre Factory Model

Equally high social, environmental, quality, and

During the year, key actions included

efficiency standards apply across all our production

implementing the GRS standard to improve

facilities in Vietnam. These are embedded in our

traceability and verify recycled materials from

Factory Model, which guides how we design, operate,

source to final product.

and improve our factories. Another milestone was LEED Gold certification Because we own most of our production facilities,

of our Ninh Binh factory, confirming high

we can integrate responsible business principles

standards for energy efficiency, indoor

directly into daily operations. One global model across

climate, water use, and responsible building

sites helps ensure clear expectations, comparable

operations. In parallel, we are building a new

standards, and improvements that can be scaled.

factory fully aligned with our Factory Model.

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B u i l d in g S GT 3 - H u n g Yen 2

100

As part of Spectre’s continued development in

The new factory is being developed

Vietnam, we are building Hung Yen 2 with a clear

according to LEED Gold standards and

ambition: to create a modern production facility

includes a wide range of environmental

where operational efficiency, employee well-

improvements, from renewable energy and

being and environmental performance are built

water reuse to indoor air quality, responsible

into the design from the start.

material choices and green outdoor areas.

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101

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Energy performance

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Low-impact refrigerant

Sustainable mobility

Smart options Healthy indoor air

Green and open spaces Water eff iciency

What is LEED?

102

LEED stands for Leadership in Energy and Environmental Design.

LEED addresses key sustainability areas

It is a globally recognized green building rating system developed

such as: Energy efficiency and carbon

by the U.S. Green Building Council. LEED provides a framework

emissions reduction, Water conservation,

for designing, constructing and operating buildings with better

Site management, Responsible material

environmental performance and healthier indoor spaces.

selection and Indoor environmental quality.

L ea ding the c ha ng e > B u i l d i n g Hu n g Yen I I

S p e ctre Sto ry

S pe ct re S tory

Sp e c tre S to ry

S p ec tre S to ry

S pe ct re Sto ry

More sustainable sites

Energy and Atmosphere

More than 30% of the total site area has

Energy performance is another central part

been restored with native and adapted

of the project. The building is designed with

vegetation, including landscaped green

optimized daylighting, a high-performance

areas and pollinator-friendly planting. This

building envelope and glazing, efficient chiller

supports biodiversity, helps preserve local

systems, high-efficiency LED lighting and

habitat and creates outdoor spaces that

lighting controls.

can be used by employees. A 2 MWp solar installation, expandable based Additionally, the project includes an

on operational capacity, is expected to offset

improvement of our parking capacity.

more than 50% of grid energy use compared

It now includes electric vehicles charging

to the ASHRAE 90.1 baseline.

stations for both cars and motorbikes, supporting lower-impact transportation

The project also uses lower-impact

options for employees.

refrigerants, including R514a, R1234ze and R32, with zero ozone depletion potential and significantly lower global warming potential.

Materials and Resources The project also includes responsible

Indoor Environmental Quality

construction waste management and sustainable sourcing of materials,

The building is designed to support a

helping reduce the impact of the

healthier indoor climate for employees.

construction process itself.

Fresh air supply systems with G4 and F7 filters are installed to improve indoor air quality, together with CO2 monitoring to help track and manage ventilation levels.

Water Efficiency Water efficiency has been a key focus in the building design. Rainwater

Innovation and Operations

harvesting and condensate water reuse are expected to reduce indoor water

To support long-term performance, the

use by more than 50%.

factory will include a Building Management System with energy and water metering.

Native and adapted plants, combined

This allows ongoing tracking, management

with rainwater and condensate water

and improvement of resource use due to

reuse, are also expected to reduce

better root cause analyses once the factory

irrigation water use by more than 50%.

is in operation.

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Rethinking and building responsible supply networks Responsible supply chain governance is a core part of how we lead – with the ambition to strengthen resilience, transparency, and integrity across our supply networks. We work with 359 suppliers across materials, trims, logistics, and services. This gives us clear accountability for how we set expectations, evaluate suppliers, and collaborate across the value chain. Most suppliers are nominated by customers, so we do not always control selection directly. We see this as an opportunity to lead through collaboration – identifying risks early, addressing challenges jointly, and improving continuously. Our approach is built on clear standards, structured oversight, and active collaboration. This includes supplier screening, monitoring of certifications and ESG data, and alignment with frameworks such as B Corp, Higg FEM, and Higg FSLM. At the centre is our Code of Conduct, which covers human rights, working conditions, health and safety, environmental performance, ethics, and anti-corruption.

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L ea ding the c ha ng e > R eth i n k i n g a nd b u i l d i n g re s po n s i bl e s u ppl y ne t wo r ks

We expect all suppliers to sign our CoC or an equivalent brand-specific CoC: •

69% of T2 suppliers signed our CoC

•

13% signed an equivalent brand CoC

•

The remaining suppliers declined, arguing that Spectre is not their direct customer

We do not yet have a formalised process for suppliers who have signed neither. Going forward, we want a more structured and proactive approach to suppliers unwilling to sign. This requires close cooperation with brands and suppliers to strengthen alignment, transparency, and corrective action. Supplier evaluation is a core part of our B Corp recertification framework. Through this work, we develop targeted action plans and strengthen collaboration with selected suppliers. During the year, we also strengthened our supplier assessment approach in line with our B Corp commitments. Our dataset now includes Responsible Business parameters aligned with the four core areas of our CoC. This helps us identify suppliers that require closer attention and initiate targeted follow-up. Our collaboration with DSV under the Green Logistics initiative remains important in reducing transport emissions, improving emissions data quality, and increasing transparency in logistics operations. Local sourcing in Vietnam is a strategic priority. The share of Vietnam-based suppliers grew from 19% in 24/25 to 28% this year. This supports shorter supply chains, closer collaboration, and reduced transport distances. It also helps address delivery reliability and lead-time challenges from T2 suppliers, which remain the main cause of air freight. Reducing air freight is a key priority due to its significant environmental impact. Local sourcing also creates potential for consignment stock with selected suppliers in Vietnam. This could increase buffer capacity, improve flexibility, and reduce the need to expedite materials by air. More on this can be found on page 58 about Transportation and Logistics.

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ec t re S tory

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S pec tre S to ry

S p ec tre S to ry

A new c h a p te r fo r S pe c t re i n L a t i va This year, we made the difficult decision to gradually close our manufacturing operations in Latvia due to changing market conditions and a shifting production footprint. Latvia has played a significant role in Spectre’s history, and the decision was not driven by a lack of commitment, but by the need to adapt to long-term structural changes. From the outset, our focus was on ensuring a responsible transition for our employees and the local communities that have long been part of Spectre’s journey. Throughout the process, supporting our employees remained the highest priority. Together with local stakeholders and long-term partners, we explored alternatives to mitigate the social impact of the closures. As a result, our partner Snickers Production Latvia took over the production facilities in Kalnciems and Auce, enabling continuity of manufacturing activities and preserving valuable industrial infrastructure. Approximately 97% of affected employees continued employment in the same facilities, allowing them to continue their professional careers without leaving their local communities. In Rēzekne, where production ended earlier and alternatives were more limited, a local solution were later established to secure new job opportunities for former employees. Spectre supported this initiative through advisory support, transfer of styles, and the sale of machinery and other equipment.

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L ea ding the c ha ng e > A new c h a p ter fo r S p ec tre i n La t vi a

S p ect re Sto ry

S p e ctre Sto ry

S pe ct re S tory

Sp e c tre S to ry

S p ec tre S to ry

S pe ct re Sto ry

At the same time, it was clear that Spectre’s presence in Latvia should continue. The establishment of the Spectre Group Competence Center was a natural next step to retain and strengthen key competences built over many years. In total, 17 employees continued their employment at the Competence Center. They now support the Group across development, technology, industrial engineering and responsible business, ensuring that critical knowledge and experience remain within Spectre while aligning the organisation with future needs. Looking back, the transition in Latvia demonstrates how significant change can be handled responsibly through transparency, collaboration and long-term planning. This commitment continues with the opening of a new Spectre office in Latvia in early 2026, maintaining a strong local presence and close cooperation across the Group.

Inese Arberga Managing Director Spectre Latvia

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Industry collaboration and thought leadership Many environmental and social challenges in apparel and textiles are too complex to solve alone. They require industry-wide collaboration. Spectre therefore participates in industry associations and global initiatives that support knowledge sharing and coordination on ESG topics and help turn commitments into practical action.

Our position on lobbying and political engagement Spectre A/S does not engage in direct lobbying, make political contributions, or advocate for company-specific commercial interests. Our indirect involvement is limited to membership in industry associations that may take part in dialogue on sustainability-related regulatory developments. These activities focus on information sharing and collective discussion rather than advocacy.

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L ea ding the c ha ng e > I nd u s try co l l a b o ra ti o n a nd t h o u gh t l ea de rs h i p

Dansk Mode & Tekstil (DM&T)

Business Council Herning & Ikast‑Brande

DM&T provides a platform for dialogue and

This regional business council represents

alignment within the Danish fashion and textile

companies across Central Jutland and

industry. Through this forum, we engage

engages with local, regional, and national

on regulatory developments, responsible

authorities. Spectre co-owner Jesper

sourcing, and shared environmental and social

Klausen serves as deputy chairman. The

compliance challenges. Spectre co-owner

focus is on general business conditions and

Jacob Klausen serves on the DM&T board.

sustainable regional development.

Governance and Oversight Our participation in associations and initiatives

UN Global Compact

is guided by our Lobbying Policy. Details on

Spectre has been a signatory to the UN

membership fees and financial contributions

Global Compact since 2010. We align our

are disclosed in the annex to this report.

operations and strategy with its Ten Principles on human rights, labour, environment, and anti-corruption. We also submit an annual Communication on Progress and participate in

European Outdoor Group (EOG)

training and dialogue activities.

EOG supports knowledge sharing and collaboration on sustainability challenges specific to the outdoor sector, including policy-related topics relevant to environmental protection and responsible production.

Cascale (Sustainable Apparel Coalition) Cascale is a key forum for advancing ESG practices in the apparel and textile sector. Through this membership, we collaborate on

Supporting Transparency

decarbonisation, supply chain transparency,

in Global Supply Chains

and social responsibility, including the use of

Since 2022, Spectre has voluntarily shared

Higg tools. One example was the Cascale event

information on all owned and subcontracted

in Hong Kong on September 15–17, 2025, where

production sites with Open Supply Hub (OSH).

Group Responsible Business Director Jesper

This supports greater transparency and more

Ambrosius represented Spectre under the

reliable supply chain data across the industry.

theme “A Movement for All”.

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S p ec tre S to ry

S p ect re Sto ry

B C o rp R e cer t if i ca t i o n B Corp certification remains a cornerstone of Spectre’s responsible business identity. In 2026, we are preparing for recertification under the new B Corp standard, with the ambition to complete the process by September. This is a deliberate choice. As a B2B company, Spectre is not legally required under current EU rules to recertify in 2026 and could have done so later. We chose not to. This reflects how we approach responsible business. Our focus is not on adding complexity, but on clear and integrated ways of working. Responsibility is increasingly judged by execution, not intention. B Corp provides a robust, externally verified framework for assessing this in a structured

“Most often there are complicated ways and simple ways to meet demands. We strive for the simple and inspiring solutions – meeting gradually higher demands in a way that strengthens rather than burdens our business. With the new B Corp standard, we are once again setting the bar high as a production company and showing that business and responsibility go hand‑in‑hand.”

and consistent way. Lars Christensen Chief Executive Officer

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L ea ding the c ha ng e > B Co r p R ecer ti f i ca ti o n

S p e ctre Sto ry

S pe ct re S tory

Sp e c tre S to ry

S p ec tre S to ry

S pe ct re Sto ry

The new standard reinforces this approach. Recertification is no longer a one-off assessment, but the beginning of a five-year continuous improvement journey. It includes mandatory requirements across governance, people, supply chain, environment, and stakeholder engagement, with additional checks in Years 3 and 5. For Spectre, meeting this higher standard is not about parallel systems or added bureaucracy. Where possible, requirements are addressed through existing governance, supplier engagement, and business data. The aim is stronger practice, not more complexity.

Remaining B Corp certified matters to Spectre for three reasons 0 1.

Credibility and accountability The framework provides externally verified accountability for real performance and continuous improvement across the value chain.

02.

Strategic alignment B Corp aligns with how Spectre already operates: through long-term partnerships, responsible governance, and integrated value creation.

03.

Business value and leadership Evidence from B Lab Europe shows that B Corps often outperform conventional businesses in revenue and workforce growth and show resilience during challenging times. This supports our conviction that balancing profit and purpose also strengthens the business.

The process will highlight gaps and areas for improvement, and that is part of its value. Together with our industry collaborations, B Corp recertification supports Spectre’s ambition to lead by example and show that responsible business can strengthen trust, competitiveness, and long-term value creation.

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ec t re S tory

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S pec tre S to ry

S p ec tre S to ry

S p ect re Sto ry

Tu r n in g Fa i r Tra d e Prem iu m i n to mea n in g f u l s u p p o r t One way to build long-term value is via Fair Trade. Since May 2024, Spectre has received Fair Trade Premium payments from Amer Sports, equal to 1% of the value of Fair Trade Certified products. On paper, this is a financial contribution. In practice, it becomes something much more tangible: support that reaches employees and their families in everyday life. One example is Voucher Day, part of the Standing with Our Workers program. The initiative is funded through the Fair Trade Premium and shaped around carefully assessed needs among employees, their families and local communities. Ahead of Tet this year, the most important traditional celebration in Vietnam, part of the Fair Trade Premium was converted into shopping vouchers. Together with special offers from GO! Hypermarket, one of Vietnam’s largest supermarket chains, employees and their families were able to buy essential goods at favourable prices before the Lunar New Year. The timing mattered. Tet is a time for family, fresh beginnings and celebration - but it can also be a period where household expenses increase. Through the program, employees received not only shopping vouchers, but also gift packages and cash support, helping make the celebration a little warmer for many families.

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L ea ding the c ha ng e > Tu r n i n g Fa i r Tra d e P rem i u m i n to mea n i n gf u l s u ppo r t

S p e ctre Sto ry

S pe ct re S tory

Sp e c tre S to ry

S p ec tre S to ry

S pe ct re Sto ry

“I am excited about the Fair Trade Premium and the community project in both Spectre Nam Dinh and Thai Binh. The premium project at the GO Supermarket was effective in delivering support to workers and children, and the involvement of the provincial Union Federation during the event made it even more meaningful. It was a pleasure attending.” Andy Le, Vendor Sustainability at Amer Sports

113

Data, transparency and collaboration For Spectre, data transparency is a prerequisite for understanding what happens in our value chain and making informed decisions that reduce impact, manage risk, and create long-term value.

Better data enables us to: •

Understand environmental and social impacts beyond Tier 1

•

Improve the accuracy and credibility of our climate accounting, particularly Scope 3

•

Identify where action matters most – and where it does not

•

Support customers in making better‑informed sourcing and product decisions

Lack of transparency remains a major barrier, especially further upstream in the value chain where data availability, consistency, and reliability vary significantly. Strengthening transparency at Tier 2 and above is therefore a strategic priority.

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L ea ding the c ha ng e > Da ta , tra n s p a rency a nd co l l a bo ra t i o n

Why Tier 2 data matters – and how we can influence it For most apparel products, the largest share of climate impact sits outside our own operations – in material production and upstream energy use. Without Tier 2 data, Scope 3 remains an estimate with limited decision value. As a supplier, Spectre does not typically nominate Tier 2 suppliers directly. Those decisions are often made by brand partners. This makes collaboration essential. Our role is to turn better data into better decisions by: •

Translating complex data into actionable insights

•

Challenging assumptions and highlighting hotspots

•

Proposing alternatives based on transparency and impact

•

Aligning decarbonisation efforts across the value chain

By working closely with brands, as we have done with Mammut and Arc’Teryx we can help ensure that improved transparency leads to better outcomes, not just better reporting.

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Preparing for the Digital Product Passport Data transparency is also becoming a regulatory requirement and market expectation. The upcoming Digital Product Passport (DPP) will change how product-level data is structured, shared, and accessed across the value chain. Our focus is on building the foundation: •

Understanding what data already exists – and where gaps remain

•

Aligning internal data structures with emerging DPP requirements

•

Collaborating with customers, associations, and solution providers to stay aligned with industry direction

As a first step, we mapped DPP-relevant data across the organisation. This covered environmental impact data, material composition and origin, compliance and certifications, logistics and distribution, and circularity-related information. Customer collaboration is also central. As a T1 manufacturer, we do not own the DPP itself, but we expect to become a critical data partner for customers. During the year, we therefore held direct dialogue and interviews with selected customers to understand their expectations, uncertainties, and priorities.

Readiness for DPP Our ambition is to be ready ahead of requirements. In the coming year, we will monitor DPP and related EU regulation closely and adjust accordingly. There is still significant uncertainty around final requirements, scope, and timelines. Our priority is therefore to remain flexible and responsive. The aim is not short-term compliance, but to build the technical, organisational, and collaborative capabilities needed to respond when requirements become mandatory.

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L ea ding the c ha ng e > Da ta , tra n s p a rency a nd co l l a bo ra t i o n

to ry

S pectre Story

S pe ct re S to ry

S p ec tre S to ry

Sp e ct re

M a s ter t h e si s o u tco me In the fall of 2025, I wrote my master thesis

What makes this experience

focusing on how Spectre could prepare for

especially meaningful to me is that

the DPP. The topic was - and is still - new

our work did not stop with the thesis. I

and evolving. One of my main motivations

was given the opportunity to continue

was therefore to understand not only the

working with DPP at Spectre in a full-

regulatory requirements, but also how

time role, where I am now focused

Spectre could turn them into something

on bringing our ideas into practice. I

meaningful and valuable.

am currently mapping and assessing DPP data across the organization to

As me and a fellow student worked with the

understand how ready we are.

topic, we quickly realized that many of the challenges we faced - such as uncertainty

Working with DPP has been both

around the legislation and a generally low

challenging and inspiring. It is a

level of maturity in the industry - were not

complex topic with many unknowns,

unique to Spectre. Instead, they reflected a

but that is also what makes it

broader industry-wide complexity.

exciting. I have been given a high level of responsibility and the freedom to

Therefore, we worked on structuring

explore and shape the work, which

knowledge and developing practical tools

reflects Spectre’s ambition to stay

that could support decision-making and

ahead and take a proactive role in an

prioritization. The goal was simple: to make

evolving landscape. Being trusted to

a complex agenda easier to navigate and to

contribute to something so important

provide clear, strategic recommendations

has made the experience both

that Spectre could act on.

motivating and highly rewarding.

Agnethe Elmose Mols Responsible Business Specialist

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Our priorities for the coming year

Build preferred supplier framework A key priority for the coming year is a more structured and proactive approach to supplier relationships through our newly developed supplier framework. By evaluating suppliers and increasing direct collaboration on Responsible Business topics, we aim to ensure that our standards are applied more actively across the supply chain. We also want stronger dialogue and presence where proximity and operational insight create most value, enabling earlier intervention and faster resolution of challenges.

Continue customer collaboration on Scope 3 Another priority is to deepen collaboration with customers on Scope 3 emissions as we wrote about in our Spectre Story about Decarbonization with Mammut and Arc’teryx on page 44. By working closely with selected partners, we aim to move from data sharing to joint understanding and actionable decarbonisation initiatives. Through dialogue, pilot projects, and shared learning, we want to strengthen alignment, improve data quality, and turn ambition into measurable impact across the value chain.

Become B-Corp certified under standard v2.1 Between Q2 and Q3 of 2026, we will work towards B Corp recertification under the new standard v2.1. This marks an important step in strengthening our responsible business framework. The updated standard introduces more robust and continuous requirements across governance, supply chain, environment, and stakeholder engagement. Our approach is to integrate these requirements into existing processes so responsibility remains embedded in daily operations. Through this process, we aim not only to meet the standard, but also to reinforce our role as a responsible and competitive manufacturing partner.

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L ea ding the c ha ng e > O u r p r i o r i ti es fo r th e co mi n g yea r

119

01. Introduction 02. Environmentally sound 03. Human-centered 04. Leading the change 05. Company prof ile

05. Company profile 120

C ompany prof ile

I nt ro d uc t i o n Lorem ipsum dolor sit amet, consectetur adipiscing eiusmod tempor incididunt ut labore et O ve elit, rv ised ewdo05. Co m pa ny pro f i l e

dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea

Our purpose.............................................................................. 123 commodo consequat. Vision........................................................................................ 124 Mission...................................................................................... 124 Our story................................................................................... 126 ana g emen t l e t te r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 WhereMwe operate.................................................................... 128 R eastand d e rs gfor.................................................................... u i d e . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 What we 130 H ow We C rea te Val ue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 How we manage responsibility................................................ 132 H i g oversight h l i g h t s o fand 2 025 /26 . . . . . .accountability . . . . . . . . . . . . . . . . . . . . . .................... .... 13 Board strategic 132 Key N u m b e rs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4 Driving integration across the business ............................ 132

Transparency and external engagement ........................... 133

121

We improve how garments are made

122

C ompany prof ile > O u r i d en ti ty

Our purpose We believe the best garments are made with purpose - for those who wear them, the brands who create them and for the people and communities who bring them to life. We improve how functional garments are developed and manufactured — combining craftsmanship, innovation and responsible business practices . Together with our customers, we create durable garments that bring people closer to nature. Providing safe workplaces, paying living wages and ensuring fair labor practices are a must for us – while constantly reducing our environmental impact.

123

Vision We want to become the outdoor sports & activity brands’ preferred development and manufacturing partner for functional garments

Mission We work to strengthen our customers’ brand value through our competence in the development and manufacturing of high-quality functional clothing in a sustainable and responsible way.

124

C ompany prof ile > O u r i d en ti ty

125

Who we are Our story Insert text

How we create value Insert text

126

Company prof ile > O u r s to ry

127

Where we operate From the headquarter in Denmark, the Group Competence Centers in Germany and Latvia to production in Vietnam. We are a worldwide company.

Offices Denmark, Ikast Group HQ

Competence Centers Germany, Münich Spectre GMBH

Latvia, Jelgava Spectre Latvia SIA

Production sites Vietnam, Ninh Binh Spectre Garment Technologies VCL

Vietnam, Hung Yen 1 Spectre Garment Technologies VCL

Vietnam, Hung Yen 2 (under construction) Spectre Garment Technologies VCL

Vietnam, An Giang Spectre Garment Technologies An Giang VCL

128

C ompany prof ile > Wh ere we o p era te

Europe

Denmark, Germ

many and Latvia

Vietnam Ninh Binh, Hung Yen 1, An Giang and Hung Yen 2 (under construction)

129

What we stand for Being a family owned company is an important part of our identity. By having a strong ownership with passion and daily engagement, our core values an ethics are felt by the employees. It also shapes the way we work with customers and partners as our partnerships are built on ambition, mutual respect and a strong commitment to quality in every garment we make.

Spectre Core Value Model Spectre Core Value Model

Principles and values At Spectre, our long-standing company values guide how we work, collaborate,

and business partners, and they help create consistency across teams, locations, and functions.

We trust and help each other and live our values

rit y te g In

daily work, in our partnerships, and in

Our performance exceeds expectations “not just to be good, but to be the best”

ive

support how we act in practice – in our

describe who we are, but also to

DRIve

We care for sustainability and act with honesty

oa Pr

Our values are not only meant to

Re sp

n io

engage with colleagues, customers,

at ic

business. They reflect the way we

si bl e

Show passion and commitment in what we do

and make decisions across the

the way we approach responsibility.

130

Dedication

Responsbile

Integrity

Proactive

We show passion

We care about

We trust and support

Our performance

and commitment in

sustainability and act

each other, staying

exceeds xpectations—

everything we do.

with integrity. We take

true to our values,

not just to be good,

We strive to perform

responsibility for our

company policies, and

but to be the best. By

tasks to the best of

workplace and the

guidelines in our work

anticipating situations,

our ability and remain

external environment,

and interactions with

we strive to find

loyal to the company

solving tasks

business partners and

the best solutions

and our colleagues.

responsibly to achieve

colleagues. By trusting

and leverage the

We always go the extra

the best results for our

and helping each other,

advantages of being

mile for our customers.

company, customers,

we form a strong team

one step ahead. Our

Through our passion

and business partners.

capable of achieving

ambition to be the best

and commitment, our

This includes finding

our goals.

sets us apart, as our

partners experience

balanced solutions for

customers seek the

the clear benefits of

long-term sustainable

best business partners

collaborating with us.

business practices.

in the market.

C ompany prof ile > Wh a t we s ta nd fo r

Our R es p o n s i b i l i ty P h ilos o p h y Our responsibility philosophy starts with a simple belief: how garments are made matters – for people, for the environment, and for the longterm resilience of our business and industry. We see responsibility as an integrated part of how we operate, collaborate, and grow. For us, responsibility means taking ownership of both impact and action – supporting good working conditions, reducing environmental impact, building transparent partnerships, and making decisions with a long-term perspective. We do not see this as separate from business performance, but as part of doing business the right way. Responsible business at Spectre is not just a reporting framework – it is a way of thinking: solving problems through more sustainable practices, looking for longterm solutions, subtracting rather than adding, seeing waste as an opportunity, and building toward circular products. Our values play an important role in bringing this to life. They help guide everyday behaviour, shape collaboration across functions and locations, and support a shared understanding of what responsible business means in practice at Spectre.

131

How we manage responsibility At Spectre, Responsible Business is not managed as a standalone agenda. It is governed in the same way as our core business priorities: through clear responsibilities, senior oversight, and structured decision‑making. This ensures that our strategy, targets, and actions are anchored in how we run and develop the company – not parallel to it.

Board oversight and strategic accountability Overall responsibility for Spectre’s Responsible Business agenda rests with the Board of Directors, which holds ultimate oversight of our sustainability strategy and performance. The Board includes dedicated sustainability competence, ensuring that environmental and social considerations are discussed with the same level of attention as financial and operational matters. Responsible Business performance is reviewed quarterly as part of our regular financial management reporting. In addition, the Board conducts at least one annual deep‑dive on Responsible Business, allowing for more in‑depth discussions on long‑term risks, opportunities, and strategic direction. This structure ensures that sustainability considerations are factored into core business reviews and long‑term planning, rather than addressed in isolation.

Driving integration across the business Operational and strategic coordination of Responsible Business is led through Spectre’s Responsible Business Committee. The Committee is composed of senior representatives from key business functions, including sourcing, marketing, finance, commercial leadership, executive management, and Responsible Business. This cross‑functional setup reflects our belief that responsibility must be owned across the organization in order to create real and lasting impact. The Committee plays a central role in translating ambition into action. Its responsibilities include overseeing Spectre’s social and environmental performance, reviewing progress on material topics identified through our Double Materiality Assessment, and approving policies and strategies related to our social, environmental, and purpose‑driven commitments. Just as importantly, the Committee ensures that stakeholder considerations are integrated into decision‑making and that resources are prioritised where they matter most. While the Committee provides direction and oversight, accountability sits with the individual members within their respective areas of responsibility. Each member is accountable for sustainability‑related performance within their function, ensuring that Responsible Business is consistently embedded into daily operations, management routines, and decision‑making across the company.

132

C ompany prof ile > How we l ea d res p o n s i b i l i ty

Board of directors Ultimate oversight of sustainability/reponsibility. Accountable as a whole, on of BoD being a specialist in RB area. Recieves a quarterly RB report which is integrated in the financial report.

Group Responsible Business Director

Functional responsibilities Supply chain CSCO responsible

People & Culture and Responsible Business

Others (Managing directors,

for supplier policies

Ensure management of

sales, finance)

on due diligence and

Responsible Business

are informed and

sustainability initiatives

according to set procedures

consulted on

in supply chain.

and policies in compliance

sustainability progress

with management standards.

by RB comittee and

Sourcing Manager

provide minor input

carries out the supplier

Employees as well as

to the proces (e.g.

due diligence and

employee representatives

finance prepared RB

manages supplier

are involved in the

related data for the

sustainability data.

decision making.

final report)

Transparency and external engagement Strong governance is also about openness. Spectre maintains transparent communication with external stakeholders through public sustainability reporting, stakeholder dialogue, and active participation in industry and multi‑stakeholder initiatives. These engagements help us stay aligned with evolving expectations, learn from peers, and continuously strengthen how we manage social and environmental topics across our value chain. The current Responsible Business governance structure was approved by the Responsible Business Committee in August 2025. Apart from a minor update approved by the Committee in April 2026, the structure remains unchanged, reflecting stability, clarity, and shared ownership at senior level.

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Independent Limited Assurance Report on SPECTRE A/S’ Scopes 1, 2 and 3 and total GHG emissions for 2025-26

To the Stakeholders of SPECTRE A/S We have been engaged by SPECTRE A/S to provide limited assurance on SPECTRE A/S’ Scopes 1, 2 and 3 and total GHG emissions (hereafter ‘GHG emissions’) for the period April 1, 2025 – March 31, 2026, in the 2025/26 Responsible Business Report.

What we are assuring Our conclusion

The scope of our work was limited to assurance

Based on our work, nothing has come to our attention causing us to believe that the data included in SPECTRE A/S’ 25/26 GHG emissions, as stated on page 39, are not free of material misstatements and have not, in all material respects, been stated in accordance with the accounting policies as stated on

over SPECTRE A/S GHG emissions for the period April 1, 2025 – March 31, 2026. The comparative information and the baseline are not covered by our limited assurance engagement and our conclusion. We express limited assurance in our conclusion.

page 142. Further, nothing has come to our attention

causing us to believe that the data included

Standard, revised edition, World Business Council for

in SPECTRE A/S’ 25/26 GHG emissions, as

Sustainable Development (WBCSD) and World Resource

stated on page 39, have not been presented

Institute (WRI), March 2004, Geneva, Switzerland.

in accordance with the GHG Protocol, namely

the GHG Protocol Corporate Standard, 2

The GHG Protocol, a Corporate Accounting and Reporting

GHG Protocol Scope 2 Guidance, An amendment to the

GHG Protocol, Corporate Standard, World Resource Institute

the GHG Protocol Scope 2 Guidance, and

(WRI), 2015

the GHG Corporate Value Chain (Scope 3)

Accounting and Reporting Standard.

GHG Protocol, Corporate Value Chain (Scope 3) Accounting

and Reporting Standard, Supplement to the GHG Protocol Corporate Accounting and Reporting Standard, World

134

The conclusion is to be read in the context of

Business Council for Sustainable Development (WBCSD)

what we state in the remainder of our report.

and World Resource Institute (WRI), September 2010.

I ndependent Limited A s s u ra nce R ep o r t

Our independence and quality control We have complied with the independence requirements and other ethical requirements in the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior and ethical requirements applicable in Denmark. PricewaterhouseCoopers applies International

Professional standards applied and level of assurance We performed a limited assurance engagement in accordance with International Standard on Assurance Engagements 3410 “Assurance engagements on greenhouse gas statements”. Greenhouse Gas quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emissions

Standard on Quality Management 1 (ISQM 1) and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements. Our work was carried out by an independent multidisciplinary team with experience in sustainability reporting and assurance.

factors and the values needed to combine emissions of different gasses. A limited assurance engagement is substantially less in scope than a reasonable

Understanding reporting and measurement methodologies

assurance engagement in relation to both the risk assessment procedures, including an

Data and information need to be read and

understanding of internal control, and

understood together with the accounting

the procedures performed in response to

policies, which Management is solely responsible

the assessed risks; consequently, the level

for selecting and applying. The absence of a

of assurance obtained in a limited assurance

significant body of established practice on which

engagement is substantially lower than the

to draw to evaluate and measure nonfinancial

assurance that would have been obtained

information allows for different, but acceptable,

had a reasonable assurance engagement

measurement techniques and can affect

been performed.

comparability between entities over time.

135

Work performed We are required to plan and perform our

Management’s responsibility •

Designing, implementing and maintaining

work in order to consider the risk of material

internal control over information relevant to the

misstatement of the data. In doing so and

preparation of the GHG emissions that are free

based on our professional judgement, we:

from material misstatement, whether due to fraud or error;

•

Through inquiries, obtained an

•

preparing data;

understanding of SPECTRE A/S’s control environment and information systems

•

Establishing procedures to ensure compliance

relevant to quantification and reporting

with the GHG Protocol, namely the GHG

of SPECTRE A/S’ GHG emissions;

Protocol Corporate Standard, the GHG Protocol

Performed review of reported

Scope 2 Guidance and the GHG Corporate

data, including assessment of the

Value Chain (Scope 3) Accounting and

completeness, data collection methods,

Reporting Standard;

assumptions applicable to the sites and

•

documentation;

Measuring and reporting GHG emissions based on the accounting policies; and

reconciling reported data to underlying •

Establishing objective accounting policies for

•

The content of the GHG emissions.

Planned and conducted interviews and show-me meetings with Group functions to understand the consolidation and reporting processes, use of companywide systems and controls performed at Group level;

•

Performed check of calculations;

•

Performed trend analysis of consolidated

Our responsibility •

to obtain limited assurance about whether the GHG emissions are prepared, in all material respects, in accordance with the

data and made enquiries to understand significant developments in reported data over time; and •

Planning and performing the engagement

accounting policies; •

Forming an independent conclusion, based on the procedures we performed and the

Evaluated the obtained evidence.

evidence obtained; and •

Reporting our conclusion to the stakeholders of SPECTRE A/S

Herning, 26 June 2026 PricewaterhouseCoopers Statsautoriseret revisionspartnerselskab CVR-no. 33 77 12 31

Daniel Mogensen

Jens Pultz Pedersen

State Authorised Public Accountant

M.Sc (eng.)

mne45831

136

I ndependent Limited A s s u ra nce R ep o r t

137

Annex 1 Fees paid to external organizations

138

Organization

Paid fee in 25/26

Currency

Herning & Ikast Brande

16646.25

DKK

DM&T

56039.23

DKK

European Outdoor Group

14190

EUR

Cascale

11615

USD

139

Annex 2 Detailed KPI overview based on the Responsible Business strategy ID

ES. 1

KPI

Unit

Baseline

Target value 2030

Results 24/25

42% reduction of Scope 1+2 GHG emissions

t CO2e

4,324

2508

194

25% reduction of Scope 3 GHG emissions

t CO2e

49551

37163

28345

On a science-based path to net zero

ES.1.1

Improve energy efficiency in own operations

MWh per million minutes

MWh/Mmi n

35.6

36.3

ES.1.2

Reduce GHG emissions from employee commute

25% GHG emissions reduction from employee commute

t CO2e/ employee

0.5

0.38

0.55

ES.1.3

Reduce GHG emissions from purchased goods and services not included in the product

25% GHG emissions reduction in purchased goods and services not including BoM

t CO2e

2,797

2,098

2269

ES.1.4

Promote switch to renewable energy among suppliers

% of renewable energy of material suppliers adjusted by spend is >25%

0.30

3.30

ES.1.5

Reduce carbon footprint of logistics

25% GHG emission reduction in upstream transportation

t CO2e

1627

1220

1098

ES.2.1

Repurposing waste

% of waste repurposed

ES.2.2

Reduce the amount of virgin, fossil-based material used

% of virgin, fossil-based material of total is less then 28%

ES.2.3

Reduce leftover fabric in stock

% of fabric leftovers in stock for the last 4 seasons

3.7

ES.2.4

Reuse leftover fabric

% of leftover is being re-used

ES.2.5

Switch to circular packaging materials

% of packaging materials

N/A

100

ES.3.1

Achieve leading environmental performance of Spectre’s factories

Spectre factory Higg vFEM total score / industry top quartile score is higher then 100%

100

ES.3.3

Promote transparency of environmental impacts in the supply chain

% of employees receiving a living wage

99.2

100

92%

ES.3.5

Reduce microplastics pollution

# of initiatives identified and completed

HC.1

A safe, attractive & engaging working environment at Spectre

Spectre factory Higg vFSLM total score / industry top quartile score is higher then 100%

100

HC.1.1

Accident-free workplace

Accidents per 1 000 000 working hours

Cases/h

0.95

0.24

HC. 1.2

Pay no less than a living wage for all employees

HC.2.1

Do audits with every sub-contractor + strategically important supplier picked for assessment

Do audits on those that don’t have relevant certifications

100

HC.2.3

Ensure social compliance of process and onsite contractors

All sub-contractors should be audited each year + 0 recurring NC

HC.2.4

Proactively manage supplier critical nonconformances

LC.2.1

Develop due diligence processes in line with CSDDD

Yes/No

N/A

Yes

LC.2.4

Suppliers committed to Spectre’s requirements

more then 90% of suppliers by spend signed Code of Conduct

140

Target in RB Startegy

Target value 2030

Results 24/25

Results 25/26

25/26 vs baseline

25/26 vs target

Status

Linked to most material impacts (DMA)

194

118

-97%

-95%

Well ahead the target

Extreme weather impacts

2508

37163

28345

54632

10%

47%

Behind the target

36.3

30.5

-14%

Close to target

GHG emissions across own operations and value chain

yes

0.38

0.55

0.54

42%

Behind the target

GHG emissions across own operations and value chain

No – not working actively

2,098

2269

2774

-1%

32%

Behind the target

GHG emissions across own operations and value chain

No – not working actively

3.30

4.07

1257%

-84%

Improving

220

1098

1148

-29%

-6%

On track

62%

-40%

Improving

Textile waste generation and handling

yes

-25%

46%

Improving

Textile waste generation and handling

yes

Not implement ed yet

Textile waste generation and handling

N/A

Not set

Textile waste generation and handling

N/A

Not set

Textile waste generation and handling

N/A

GHG emissions across own operations and value chain

Already in report?

yes

Extreme weather impacts GHG emissions across own operations and value chain

yes

Extreme weather impacts GHG emissions across own operations and value chain

No – not working actively

Extreme weather impacts

3.7

GHG emissions across own operations and value chain

yes

-14%

Behind the target

Chemical pollution impacts

yes

92%

93%

-99%

Improving

Fair pay for worker wellbeing and retention

yes

Not set

Microplastic pollution

N/A

Behind the target

Heat stress in operations and supply chain

yes

Improving

Heat stress in operations and supply chain

yes

20%

0.24

0.71

-25%

-16%

Heat stress in operations and supply chain Not implement ed yet

N/A

Negative impacts from forced labour in supply chain Heat stress in operations and supply chain Not implement ed yet

Unfair recruitment practices in supply chain

N/A

Negative impacts from forced labour in supply chain Unfair recruitment practices in supply chain Not set

N/A Negative impacts from forced labour in supply chain

Not implement ed yet

Yes

Unfair recruitment practices in supply chain

-9%

Slightly behind

Unfair recruitment practices in supply chain N/A Negative impacts from forced labour in supply chain Unfair recruitment practices in supply chain yes Negative impacts from forced labour in supply chain

141

Annex 3 Accounting policies and methodologies Scope and consolidation GHG emissions are consolidated using the operational control approach in accordance with the Greenhouse Gas Protocol. Spectre includes emissions from operations where it has authority to implement and enforce operational policies. The organizational boundary is reviewed annually and includes operations under operational control as well as relevant Scope 3 emissions. Operations under control that are not directly metered, as well as leased or outsourced activities, are reported under Scope 3 in line with the GHG Protocol. Scope 3 boundaries are reviewed annually and reflected through updates to calculation models, underlying data, and assumptions. Changes in operations, suppliers, and key emission drivers are incorporated into the Scope 3 inventory, and year-on-year variations are analysed to confirm completeness and relevance.

Standards and general principles The GHG inventory is prepared in accordance with the Greenhouse Gas Protocol (Corporate and Scope 3 Standards). The methodology and disclosures are informed by relevant elements of the European Sustainability Reporting Standards (ESRS), in particular ESRS E1-6, where applicable. Emissions are reported in CO₂ equivalents (CO₂e) and include relevant greenhouse gases defined under the Kyoto Protocol. Calculations are based on the application of emission factors to activity or financial data. Where primary data is not available, conservative estimation methods are applied in line with GHG Protocol guidance.

Emission conversions and calculation approach GHG emissions are calculated using a combination of activity-based, supplier-specific, and spend-based methods depending on data availability and the nature of the emission source. Emission factors are primarily sourced from: •

Higg Materials Sustainability Index (MSI) for material-related emissions

•

Exiobase for spend-based calculations

•

UK Government (BEIS / DEFRA) conversion factors for fuels, waste, employee commute and business travel related emissions

•

International Energy Agency (IEA) for electricity and upstream energy emissions

•

Supplier-specific data, including logistics provider (DSV) emissions

Spend-based emission factors are adjusted where required to reflect the reporting year and ensure comparability.

142

Scope 1 emissions

Scope 2 emissions

Scope 1 emissions include direct emissions

Scope 2 emissions include indirect emissions

from owned or controlled sources, including:

from purchased electricity and heating across operations.

• • •

Fuel combustion in company controlled vehicles and equipment

Emissions are calculated using:

On-site fuel use for heating (specifically

•

Location-based approach:

pellets)

Country-specific electricity emission

Fugitive emissions from refrigerants (based

factors based on Electricity Maps

on refilled quantities)

(modelled grid carbon intensity data) for European locations and officially issued national factor for Vietnam.

Emissions are calculated based on consumption or refill data multiplied by

•

Market-based approach:

emission factors from UK Government (BEIS/

Residual mix factors for European

DEFRA) conversion factors.

locations where available, supplemented by contractual instruments. In locations

CH₄ and N₂O emissions from biomass (pellets)

where market-based data is not available

combustion, are included in Scope 1. CO₂

(e.g. Vietnam), location-based factors

emissions from biomass are calculated

are applied.

internally and excluded from reported Scope 1 emissions. Given the limited relevance, these

For district heating (e.g. Denmark),

are not separately disclosed.

emissions are calculated using supplierspecific emission factors as provided in official energy declarations. Energy consumption data is primarily based on metered data and supplier invoices.

143

Scope 3 emissions Scope 3 emissions represent indirect emissions

Emissions are calculated using a combination of

across the value chain and include the relevant

supplier-specific data, activity data, and spend-

categories defined by the GHG Protocol.

based methods, depending on data availability.

Category 1

Category 5

Purchased goods and services

Waste generated in operations

Fabric-related emissions are calculated

Based on waste volumes and treatment

based on material weight and composition

types using BEIS emission factors.

using Higg MSI emission factors. Emissions from other materials (e.g. trims, packaging) and additional purchased goods and services are estimated using a combination of activity-based data and EXIOBASE spendbased emission factors.

Category 2 Capital goods

Category 6 and 7 Business travel and Employee commuting Emissions are calculated using activity-based travel data (e.g. distance and transport mode) and employee survey inputs for commuting patterns, applying BEIS emission factors.

Calculated using expenditure data and Exiobase emission factors aligned with financial asset categories.

Category 8 and 13 Leased assets

Category 3 Fuel and energy-related activities Based on Scope 1 and Scope 2 energy

Emissions are estimated based on financial data using EXIOBASE spend-based emission factors, as no primary operational data is available.

consumption using BEIS and IEA emission factors. Category 12 Category 4 and 9

End-of-life treatment of sold products

Transportation and distribution

Emissions are calculated based on product and

Calculated using supplier-specific

packaging volumes, applying assumed end-of-

emissions (DSV) or activity data including

life scenarios (e.g. recycling, landfill), using BEIS

distance, weight, and transport mode.

emission factors for waste treatment.

Following Scope 3 categories 10, 11, 14, and 15 are excluded from the inventory, as they are not subject to further product processing, not relevant to Spectre’s operations, or not applicable. Scope 3 calculations reflect varying data quality across the value chain. Upstream categories rely more on estimation methods, including spend-based emission factors, while downstream and selected categories use more activity based data where available.

144

Total GHG emissions Total GHG emissions are calculated as: •

Scope 1 + Scope 2 (location-based) + Scope 3

•

Scope 1 + Scope 2 (market-based) + Scope 3

Both totals are disclosed to reflect different electricity accounting approaches.

Data quality, estimates and limitations GHG calculations are based on a combination of internal operational data, supplier data, and financial data. The calculation of emissions relies predominantly on secondary emission factors and largely on estimated data, particularly within Scope 3. Efforts are ongoing to improve data quality by increasing the use of supplier-specific and activity-based data; however, availability of primary data remains limited across parts of the value chain.

145

Spectre A/S spectre.dk Orionvej 1-3, 7430 Ikast, Denmark