Phoenix Energy Responsible Business Report 2026

Climate Change We recognise climate change as the biggest environmental threat the world faces, and one which poses particular challenges to our business, most notably in the role that Phoenix continues to play in the transition to net zero emissions. The transition to a low carbon economy is vital for a sustainable future. In order to make progress, it is necessary that we understand the material financial implications of climate change on businesses and investments. Therefore, measurement and integration of comparable, consistent, and reliable ESG factors is fundamental to making more informed decisions to facilitate long term sustainable growth.

The Board of Directors is responsible for governing, directing and monitoring Phoenix’s operations, including our sustainability performance. The Board, in combination with the Executive 0DQDJHPHQW 7HDP (07 DUH UHVSRQVLEOH IRU HQVXULQJ WKDW (6* LVVXHV LQFOXGLQJ FOLPDWH FKDQJH and climate change mitigation, are appropriately considered when reviewing company strategy, risk management policies and setting annual budgets. The Board also ensures systems are in place to enable EMT to meet its legal, regulatory and other obligations and ensure that business risks are managed appropriately. The Board provides the ultimate approval of sustainability and FOLPDWH UHODWHG VWUDWHJ\ WDUJHWV DQG SHUIRUPDQFH The ESG Committee is responsible for supporting the Board in fulfilling its duties and responsibilities. This involves overseeing the company’s ESG Strategy, endorsing ESG targets and commitments, maintaining the effectiveness of policies, procedures and objectives and assessing ESG performance. The ESG Committee reports to the Board on sustainability and climate related issues, including the management of climate related risks and opportunities. The EMT is responsible for ensuring the business has clear direction, objectives and resources in relation to sustainability and climate risk matters. The EMT also provide the ESG Committee and Board with regular updates on Phoenix’s ESG priorities, commitments, and performance. In addition, there is regular engagement on energy transition risks and opportunities, associated stakeholder engagement and communication strategy to position Phoenix as part of the decarbonisation solution. The Responsible Business Group is chaired by the Director of Business Services and is responsible for leading on the delivery of Phoenix’s ESG Strategy. This includes the development and delivery of sustainability programmes and initiatives, recommendation of ESG Targets, monitoring of performance in relation to ESG matters, including materiality assessments, the publication of the annual Responsible Business Report and tracking performance against set targets. Phoenix’s risk management framework includes the performance of climate change workshops to both identify, monitor and manage climate change risks and opportunities for Phoenix. The 0DQDJHPHQW 7HDP DFWLYHO\ SDUWLFLSDWH LQ FOLPDWH FKDQJH ZRUNVKRSV ɓ5LVN 2SSRUWXQLWLHVɔ DQG ɓ6FHQDULR $QDO\VLVɔ ZRUNVKRSV 7KH RXWSXWV RI WKH ZRUNVKRSV DUH XWLOLVHG WR SRSXODWH ULVN registers which are managed through the risk management groups and internal control systems.

The Taskforce on Climate related Financial Disclosures 7R HQFRXUDJH FRPSDQ\ GLVFORVXUH RI PDWHULDO FOLPDWH UHODWHG ULVNV DQG RSSRUWXQLWLHV WKH )LQDQFLDO 6WDELOLW\ %RDUG FUHDWHG WKH 7DVNIRUFH RQ &OLPDWH UHODWHG )LQDQFLDO 'LVFORVXUHV ɕ7&)'ɖ ,Q WKH 7&)' SXEOLVKHG

their recommendations for all sectors, with additional disclosures for the energy sector. This framework encourages action and transparency in the following areas: • Governance • Risk management • Strategy • Metrics and Targets

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Governance Phoenix has developed a tiered governance framework to provide oversight and management of our environmental, VRFLDO DQG JRYHUQDQFH (6* VWUDWHJ\ DQG WDUJHWV 7KLV LQYROYHV RXU %RDUG RI 'LUHFWRUV (6* &RPPLWWHH ([HFXWLYH Management Team, senior management and operational personnel from across the business.

Phoenix maintain three relevant risk registers: • Net Zero & Climate Change Risks & Opportunities Register;

The Board of Directors

• Operational Risk Register; • Corporate Risk Register; and • Directorate Risk Registers.

Oversight

ESG Commitee

7KH 1HW =HUR &OLPDWH &KDQJH 5LVNV 2SSRUWXQLWLHV 5HJLVWHU &RUSRUDWH 5LVN 5HJLVWHU DQG Directorate Risk Registers are reviewed in detail at least annually. Material risks from the 'LUHFWRUDWH 5LVN 5HJLVWHUV IHHG LQWR WKH &RUSRUDWH 5LVN 5HJLVWHU 7KH PRUH VLJQLILFDQW FOLPDWH related risks are included within the Corporate Risk Register and managed through the group's risk management and internal control systems, which includes a full review by the Board and ESG Committee on at least an annual basis. The Operational Risk Register details risks identified that could impact on the ongoing safe PDQDJHPHQW DQG RSHUDWLRQ RI WKH 'LVWULEXWLRQ 1HWZRUN LQFOXGLQJ SK\VLFDO ULVNV WKDW FRXOG LPSDFW RXU QHWZRUN 7KH 2SHUDWLRQDO 5LVN 5HJLVWHU LV UHYLHZHG RQ DW OHDVW DQ DQQXDO EDVLV DQG is managed by the Network Performance Group.

Executive Management Team (EMT)

Responsible Business Group

Execution

Operational Departments

Strategic Direction

Information & Reporting

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Responsible Business Report 2026

Responsible Business Report 2026

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