Independent practitioner’s limited assurance report

We have been engaged by Management to perform assurance procedures to provide limited assurance on the accompanying Greenhouse Gas (GHG) Scope 1–3 Indicators in Sustainability Report 2024 in the Annual Report 2024 of CPH Group AG for the period from 1 January 2024 to 31 December 2024.

The following GHG Scope 1–3 Indicators in the table in the Sustainability Report 2024 of CPH Group AG were disclosed by the management of CPH Group AG:

The reporting process and the Greenhouse Gas (GHG) Scope 1–3 Indicators for 2024 in the Sustainability Report 2024 of CPH Group AG were developed by the management based on, among other things, the Greenhouse Gas Protocol, Corporate Standard, Revised Edition, and the associated Scope 3 Calculation Guidance as described in the section ‘Methodology used’ (hereinafter summarized as “suitable Criteria”).

The accuracy and completeness of the GHG Scope 1–3 Indicators are subject to inherent limitations given their nature and methods for determining, calculating and estimating such data. In addition, the GHG quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases. Our assurance report will therefore have to be read in connection with the suitable Criteria.

The Management of CPH Group AG is responsible for the preparation and presentation of the Sustainability Report 2024 in the Annual Report 2024 of CPH Group AG in accordance with the description about the basis of preparation in the General Information on page 23 in the Sustainability Report 2024. This responsibility includes the design, implementation and maintenance of the internal control system related to the preparation of the Sustainability Report 2024 that are free from material misstatement, whether due to fraud or error. Furthermore, the Management is also responsible for the selection and application of the basis of preparation and adequate record keeping.

We are independent of the CPH Group AG in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.

PricewaterhouseCoopers AG applies International Standard on Quality Control 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 responsibility is to express a limited assurance conclusion on the GHG Scope 1–3 Indicators based on the procedures we have performed and the evidence we have obtained. We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements 3410, Assurance Engagements on Greenhouse Gas Statements (‘ISAE 3410’), issued by the International Auditing and Assurance Standards Board. That standard requires that we plan and perform this engagement to obtain limited assurance about whether the GHG Scope 1–3 Indicators in the table is free from material misstatement, in all material respects.

A limited assurance engagement undertaken in accordance with ISAE 3410 involves assessing the suitability in the circumstances of CPH Group AG’s use of the suitable Criteria as the basis for the preparation of the GHG Scope 1–3 Indicators, assessing the risks of material misstatement of the GHG Scope 1–3 Indicators whether due to fraud or error, responding to the assessed risks as necessary in the circumstances, and evaluating the overall presentation of the GHG Scope 1–3 Indicators in the table in the Sustainability Report 2024. A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both the risk assessment procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks. The procedures we performed were based on our professional judgment.

We performed the following procedures:

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the GHG Scope 1–3 Indicators in the table in the Sustainability Report 2024 in the Annual Report 2024 of CPH Group AG for the period from 1 January 2024 to 31 December 2024 are not prepared, in all material respects, in accordance with the suitable Criteria.

This report is prepared for, and only for, the Management of CPH Group AG, and solely for the purpose of reporting to them on the GHG Scope 1–3 Indicators and no other purpose. We do not, in giving our conclusion, accept or assume responsibility (legal or otherwise) or accept liability for, or in connection with, any other purpose for which our report including the conclusion may be used, or to any other person to whom our report is shown or into whose hands it may come, and no other persons shall be entitled to rely on our conclusion.

We permit the disclosure of our report, in full only and in combination with the suitable Criteria, to enable the Management to demonstrate that that they have discharged their governance responsibilities by commissioning an independent assurance report over the GHG Scope 1–3 Indicators in the Sustainability Report 2024 in the Annual Report 2024, without assuming or accepting any responsibility or liability to any third parties on our part. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Management of CPH Group AG for our work or this report.

PricewaterhouseCoopers AG

PricewaterhouseCoopers AG, Birchstrasse 160, Postfach, 8050 Zürich, Telefon: +41 58 792 44 00, www.pwc.ch

The maintenance and integrity of CPH Group AG’s website and its content are the responsibility of the Management; the work carried out by the assurance provider does not involve consideration of the maintenance and integrity of the CPH Group AG’s website, accordingly, the assurance providers accept no responsibility for any changes that may have occurred to the reported GHG Scope 1–3 Indicators or suitable Criteria since they were initially presented on the website.