New Climate Targets to Support THOR's Long-Term Decarbonisation

Integrity and ingenuity have always driven progress at THOR. Together, they shape how we solve complex customer challenges, improve the products people use every day, and continually look for better ways of doing things. Today, that same mindset is guiding our approach to climate action. 

THOR is pleased to announce its new climate and energy targets, marking an important milestone in our sustainability journey and reinforcing our commitment to reducing greenhouse gas emissions across our operations and value chain. These targets provide a clear framework for action as we continue to Solve with Ingenuity and Deliver with Integrity in response to one of the most significant challenges facing business today.

Approved by the Board this year, the new targets provide a clear framework for action as THOR continues to strengthen its environmental performance, respond to growing customer expectations, and support the transition to a lower-carbon economy.

THOR's Climate Targets

THOR has committed to:

• Reduce combined Scope 1 and Scope 2 greenhouse gas emissions by 23.7% by 2030 from a FY2025 baseline.

• Achieve 90% renewable energy across the Group by 2040.

• Obtain supplier-specific Product Carbon Footprint (PCF) data covering 25% of Scope 3 Category 1 emissions by 2030.

• Complete Product Carbon Footprints (PCFs) for THOR's own products representing 75% of global sales volume by 2030.

These targets form part of THOR's broader Sustainability Strategy and build on significant work undertaken during the past two years. From developing our greenhouse gas data inventory and decarbonisation roadmaps to strengthening governance and reporting, colleagues across THOR have applied the same curious, problem-solving mindset that has driven our business for more than 65 years.

Science-Aligned Climate Action

THOR's Scope 1 and Scope 2 emissions reduction target has been developed using a pathway aligned to the Science Based Targets initiative (SBTi) target-setting methodology. The approved target of a 23.7% reduction by 2030 reflects the latest SBTi-aligned trajectory applicable to THOR's emissions profile and FY2025 baseline. THOR's decarbonisation strategy, site-level roadmaps and investment planning process have been developed to support delivery of this pathway through a combination of energy efficiency improvements, renewable energy investments, operational optimisation, and targeted decarbonisation projects.

While THOR is not currently pursuing formal SBTi validation, the Company has established an ambition to work towards alignment with the emerging SBTi Corporate Standard V2.0 by 2030. This will include further strengthening emissions data, supplier engagement, renewable energy sourcing, and climate governance across the business.

Turning Ambition into Action

At THOR, we believe that ambition only matters when it is matched by action. Our climate targets are not designed to sit on a page; they are intended to drive practical improvements across our global operations. By combining scientific understanding, operational expertise, and a commitment to continuous improvement, we are working to turn climate ambition into measurable outcomes.

Key areas of focus include:

• Energy efficiency improvements and process optimisation.

• Increased use of renewable electricity through both on-site generation and renewable energy procurement.

• Integration of climate considerations into capital investment decisions.

• Expansion of product and supplier carbon data collection.

• Development of site-specific decarbonisation roadmaps to support local action.

The Company has established a dedicated Climate & Energy Task Force and introduced environmental performance dashboards that help sites and leadership teams monitor progress and identify opportunities for further improvement.

Supporting Customers and Stakeholders

Climate-related information requests from customers continue to increase, particularly in relation to emissions, renewable energy, Product Carbon Footprints, and sustainability disclosures. THOR's climate programme aims to provide greater transparency, improve data quality, and support customers as they pursue their own sustainability goals.

Climate action is another opportunity to do what THOR does best: ask questions, challenge assumptions, and find practical solutions to complex problems. As customer expectations, regulation and market demands continue to evolve, our climate programme will help ensure we remain a trusted and responsible partner for the future.

Message from Philip McDonald, THOR Group CFO

At THOR, we have always looked for practical ways to drive continuous improvement. Our new climate targets bring that same approach to reducing our environmental impact. They are informed by recognised science-based target-setting principles and backed by detailed plans across our manufacturing sites. For us, setting targets is only part of the job. What matters now is putting those plans into practice and being open about the progress we make.