ForFarmers

The role of the administrative, management and supervisory bodies

Composition of the Executive Board

The Board of Directors consists of three members: the CEO, CFO and COO. On 28 May 2024, Marloes Roetgerink was appointed as a member of the Board of Directors and CFO. Since then, the Board of Directors has consisted of Pieter Wolleswinkel (CEO), Marloes Roetgerink (CFO) and Rob Kiers (COO).

Appointment schedule for members of the Executive Board:

There is no limit to the number of times members of the Executive Board can be reappointed, with each reappointment applying for a period of up to four years. In 2024, the Executive Board assessed its own performance.

Composition of the Supervisory Board

In 2024, the Supervisory Board consisted of six members. During the AGM of April 11, 2024 Annemieke den Otter was reappointed. Jan van Nieuwenhuizen has indicated he is not available for another term and will therefore step down after the AGM on April 17, 2025.

Composition:

Independence

Two Supervisory Board members are also directors of Coöperatie FromFarmers, namely Vincent Hulshof and Roger Gerritzen. The Council considers them to be not independent within the meaning of the Code. The starting point is that the other Supervisory Board members are independent.

Committees of the Supervisory Board

The Supervisory Board has three core committees:

Audit Committee: Since the AGM of 14 April 2022, consists of Erwin Wunnekink (chair), Roger Gerritzen (member) and Annemieke den Otter (member). The Audit Committee supports the Board in its supervisory tasks and responsibilities in the areas of external financial and non-financial reporting, auditing, internal financial and management reports, risk control and control systems, compliance with internal procedures and laws and regulations.

Selection and Appointment Committee: Since the AGM of 14 April 2022, consists of Marijke Folkers-in 't Hout (chair), Vincent Hulshof (member) and Jan van Nieuwenhuizen (member). This Committee makes proposals to the Board regarding selection criteria, appointment procedures, succession planning, (re)appointments and performance assessment of directors and supervisory directors.

Remuneration Committee: Since the AGM of 14 April 2022, consists of Roger Gerritzen (chair), Erwin Wunnekink (member) and Jan van Nieuwenhuizen (member). The Committee makes proposals to the Board about the remuneration policy and the remuneration of individual board members.

Sustainability expertise and oversight

The Executive Board is responsible for integrating the sustainability agenda into the corporate strategy and monitoring performance through the performance and risk management cycle. Sustainability is regularly included on the agenda of the Supervisory Board. The Audit Committee is kept informed of developments in sustainability reporting and oversees the process of managing material impacts, risks and opportunities.

Both the Executive Board and the Supervisory Board are kept informed about the interests and perspectives of stakeholders through the approval of the double materiality assessment. Sustainability matters raised by stakeholders that require ad hoc attention are directly escalated to the management and supervisory bodies.

ESG governance structure

ForFarmers has established an ESG Taskforce, composed of members of the Executive Team, the ESG Director, and employees from various (local) departments. The ESG Taskforce is chaired by the Director of Corporate & Legal Affairs. This taskforce is responsible for monitoring the implementation and progress of strategic sustainability objectives and ambitions and reports to the Executive Board.

In addition to the ESG Taskforce, ForFarmers has set up a Sustainability Advisory Council aimed at providing insight into ForFarmers' sustainability ambitions and results, as well as gathering input from various key external stakeholders. The Advisory Council also discusses current developments and highlights sector-specific elements related to sustainability. The Advisory Council is chaired by the CEO and further consists of the Director of Corporate & Legal Affairs, the ESG Director and external representatives from retail, research and the agri-food sector.

The Board of Directors holds ultimate responsibility for the effective design, implementation, and operation of sustainability policies. The CFO is responsible for ensuring that systems are in place to prevent issues related to sustainability matters.

Frequency of sustainability discussions

Sustainability is regularly included on the agenda of the Supervisory Board. Throughout 2024, the board, management, and supervisory bodies were frequently informed about various sustainability themes. They were informed by the internal Task Forces on ESG, as well as by the external ESG Advisory Board. The outcomes are communicated to the supervisory bodies.

The Supervisory Board had several strategic consultations with the board and has been closely involved in the guiding principles of the 2030 strategy. Sustainability received a lot of attention in the past year. The Supervisory Board discussed at length how ForFarmers can contribute to minimising environmental impacts, with three spearheads emerging: reducing CO2, increasing the share of circular raw materials and protecting biodiversity.

Additionally, there were several deep dive sessions, including one on CSRD regulations.

Integration of sustainability performance in compensation plans

KPIs related to ESG (Environmental, Social & Governance) objectives are included in the short- and long-term variable remuneration of the Executive Board. Given the importance of the mission For the Future of Farming, at least 50% of non-financial goals are ESG-related.

Long-term performance: Not assessed based on a specific sustainability-related goal or impact but is evaluated on achieving at least two-thirds of the communicated goals, including the reduction of the carbon footprint, minimizing the impact on biodiversity and enhancing circularity and diversity.

Short-term performance: Tied to making progress in the broader field of sustainability.

Currently, climate-related objectives are implicitly included in the remuneration structures of executive and management bodies as part of a broader package of sustainability objectives. However, this does not apply to the supervisory body. This means that short-term performance is not specifically evaluated based on progress toward greenhouse gas reduction targets. Nevertheless, KPIs such as greenhouse gas emissions are included in quarterly internal progress reporting discussions on performance metrics.

Diversity policy

The Supervisory Board has drawn up a Diversity & Inclusivity Policy for the composition of the Executive Board and the Supervisory Board. The Executive Board, in turn, has formulated a Diversity & Inclusion (D&I) Policy for the Executive Team.

The targets set by the Supervisory Board relate (primarily) to gender diversity and age. The target for gender diversity has been established as at least 30% men and at least 30% women for both the Executive Board and the Supervisory Board. With regard to age, the aim is to achieve a balanced mix between young and old.

Gender diversity targets:

By the end of 2024, 33.3% of the members of the Executive Board and the Supervisory Board are women.

Due diligence oversight

ForFarmers has embedded due diligence on human rights and the environment into various aspects of its operations. The outcomes of due diligence processes related to sustainability matters help identify material impacts, risks and opportunities. The different elements of due diligence are embedded in governance, strategy and business model, as outlined in various sections of the sustainability statements.

Meetings and evaluation

In 2024, the Supervisory Board met 10 times in the presence of the management. Before or after these meetings, the Board met without the presence of the management members. Additionally, the Board met five more times without (representatives of) the management.

The Supervisory Board conducted an annual evaluation of its performance without an external advisor (since the external evaluation was done in 2022). The board discussed its own performance, both as a whole and of the individual members. The performance of the individual committees was also evaluated.

Integration of sustainability-related performance in incentive schemes

Overview

KPIs related to ESG (Environmental, Social & Governance) objectives are included in the short- and long-term variable remuneration of the Executive Board. Given the importance of the mission For the Future of Farming, at least 50% of non-financial goals are ESG-related.

Long-term incentive (LTI)

Long-term performance is not assessed based on a specific sustainability-related goal or impact but is evaluated on achieving at least two-thirds of the communicated goals, including:

• The reduction of our carbon footprint
• Minimizing the impact on biodiversity
• Enhancing circularity and diversity

Short-term incentive (STI)

Short-term performance is tied to making progress in the broader field of sustainability.

Performance criteria for 2025-2027 long-term variable remuneration plans

For the long-term variable remuneration plans 2025-2027, the Supervisory Board will apply the following performance criteria subject to approval at the Annual General Meeting on the adjustments to the Remuneration Policy:

• Quantitative (50%): EPS (20%), TSR (10%) and ROACE (20%)
• Qualitative (50%): Strategy execution (12.5%), M&A (12.5%) and Sustainability policy execution (25%)

Share-based long-term variable compensation plans

Members of the Executive Board hold (depositary receipts for) shares in ForFarmers to the value of at least twice the target level of the long-term variable remuneration (i.e. 140% of the fixed base salary for the CEO and 110% for each of the other Executive Board members). This is subject to an accrual period of 5 years after the date of conditional granting of the long-term variable remuneration.

Long term incentive plan - conditionally granted (certificates) of shares

Performance period and vesting

For all participants, shares were granted in 2024, 2023 and 2022 and the vesting of these rights is subject to a three-calendar year period. After the vesting period, a lock-up period of 2 years applies, which means that the date on which the shares are available is 13 June 2029, 5 June 2028 and 27 April 2027.

Reference to additional information

More information about the performance criteria, including the 2024 achievements, is included in the Remuneration Report.

ForFarmers N.V. is an internationally operating feed company that mainly offers total feed solutions for conventional and organic livestock farming. Under the ForFarmers brand, we produce (compound) feed for ruminants (primarily dairy cows), pigs and poultry (both laying hens and broilers) in 38 factories. In addition, we deliver knowledge, advice, and products directly to the farm. We have manufacturing operations in four countries: the Netherlands, Germany, Poland and the United Kingdom.

A description of our business model, strategy, and key markets in which we operate can be found in the chapter Who we are and what we do. Our sustainability objectives cover the most material topics related to our product portfolio and the customers we serve.

Our mission

For the Future of Farming

Our name says it all: ForFarmers. We are here for farmers, today and in the future. We share a passion for farming and speak the same language. We are driven to help more and more farmers. Our goal is clear: contributing to a solid return and a robust long-term revenue model. How? By leading the way with knowledge, advice and products on farm so that farmers can respond to the ever-changing needs of society.

Every day, farmers rely on our people and products so that they can deliver top performance and move forward. We are committed to that result; we work on it with pride every day. For the Future of Farming.

For more than 125 years, we have proudly worked for and with farmers, standing side by side. With knowledge, experience and common sense, we give face head on any developments that occur. We continue to look at what is needed for a responsible future for farms and the agricultural sector as a whole.

Society demands affordable and sustainable food. We make an essential contribution to this, because our farmers and the livestock sector complete the food cycle. We are committed to making a difference every day for a responsible future.

Our focus is clear. We are committed to reducing the CO2 footprint of our activities and those of our customers. We are bringing more and more co products back into the chain which stimulates the principle of circularity. We are committed to protecting biodiversity. In doing so, we take responsibility for a sustainable future. We work together with farmers and other partners in the chain.

Our strategy

ForFarmers' mission is For the Future of Farming. Society demands affordable and sustainable food. ForFarmers makes an essential contribution to this, because our farmers and the livestock sector complete the food cycle. With our sustainability agenda, we take responsibility for a sustainable future.

As an example, we focus on reducing the CO2-footprint of both our own activities and throughout the chain. We encourage circularity by bringing more and more residual flows back into the food chain. We are committed to protecting biodiversity. To achieve this, we work together with farmers and other partners in the chain. We are committed to strong, future-proof farming and supporting sustainability in the sector.

Our mission statement and five strategic pillars form the basis of our strategy. The strategic course we set at the end of 2022 has worked well, and we will continue to follow it. We have implemented a major organisational change and there is a solid, decentralised organisation in place with which we can take the next steps in our strategy.

Five strategic pillars

1. Close to the farmer At ForFarmers, we always want to be close to the farmer. That's why our local teams are leading and supported by ForFarmers' central departments so that the scale of our company and the collective knowledge within the group is utilized efficiently.

With this strong local approach, we aim to gain regional market share. Strengthening and expanding our geographical presence is one of our strategic priorities. For example, we are investing in Poland to expand our geographical footprint, and we also want to strengthen our position (geographically) in the ruminant segment in the UK.

2. Differentiation in products & markets We differentiate ourselves by tailoring our approach to the market, segment and local situation. We make the difference with such a differentiated range. We can offer total solutions to achieve optimal returns, but also supply specific products that best meet the farmer's needs in certain circumstances.

3. Good feed at competitive prices The heart of our business is to deliver good feed at competitive prices, enabling our customers and ourselves to achieve the best available returns. This is our core activity; we add value for our customers and we differentiate ourselves from competitors. Cost-conscious operations are essential and we continue to make our business processes more effective and efficient.

4. Sustainable solutions A key opportunity for ForFarmers lies in leveraging our scale and expertise into solutions that contribute to sustainable livestock farming. Reudink (organic feed) and Van Triest-CirQlar (residual flows) are important contributors. Within our product development the main focus is on sustainability. Cooperation in the value chain is essential to develop affordable sustainable solutions.

5. (Virtual) chain integration Chain cooperation is crucial for achieving our mission and objectives. Partnerships in the chain support a future-proof agricultural sector and we are exploring many forms of cooperation. In Poland, for example, we see further vertical chain integration in which we want to play an active role.

Value Creation Model

Input

• Social
• Intellectual
• Social & relationships
• Natural
• Manufactured
• Financial

Strategy

Ensuring affordable and sustainable food through five strategic pillars:

• Close to the farmer
• Differentiation in products & markets
• Good feed at a competitive price
• Sustainable solutions
• (Virtual) chain integration

Output

Social

• Engaged employees
• Diversity and inclusion
• Safe workplace

Intellectual

• Scientific publications
• Training programmes
• Sustainable innovation

Social & relationships

• Partnerships
• Feed safety
• Responsible business conduct

Natural

• Feed solutions with a low CO2 footprint
• Increasing percentage of circular raw materials
• Responsible sourcing of raw materials

Manufactured

• Volumes
• Feed solutions and on-farm advice
• Use of residual flows

Financial

• Profitability
• Dividend
• Investments

The chain in which we operate

UPSTREAM - Raw materials suppliers

FORFARMERS - Production, supply and application of Total Feed solutions

• ACCESS TO FARM GATE
• On-farm feed solution advisory
• Compound feed: formulation, nutrition & procurement
• Feed milling
• Logistics and delivery
• Iterative innovation process
• Specialties, feed additives, and co-products from the food industry among others

DOWNSTREAM

• Farmers
• Dairy processors, slaughterhouses & egg packers
• Food service, retail & consumers

We are in constant dialogue with our internal and external stakeholders. We aim to understand their views on our company, strategic choices, and activities. This input is crucial in determining whether we are setting the right priorities. Our stakeholders also help us take clear positions in various situations, as sustainability is one of the main topics of discussion with them. Sustainability is a key element of our mission and strategy, and our engagement with stakeholders forms the foundation of our (sustainability) strategy. As part of our double materiality assessment, we also consulted representatives of these key stakeholder groups about sustainability-related impacts, risks and opportunities.

Our key stakeholders include customers, employees, shareholders, suppliers, processors, retailers, and NGOs. We maintain contact on both a continuous and periodic basis, addressing both daily and strategic topics. On a daily, ongoing basis, we engage with various stakeholders across the value chain. More information about our key stakeholder groups—such as how we organize the dialogue, stakeholder expectations, and discussed topics—can be found in our stakeholder table included in the appendices.

In order to arrive at the material sustainability matters with relevant themes and prioritization, we involved the most important stakeholder groups or experts representing stakeholder groups (hereafter: stakeholders) in the various phases of our materiality assessment. We determined which stakeholders to involve by scoring the identified stakeholder groups based on their impact and influence. Stakeholder groups with a high degree of both impact and influence were included in our materiality assessment. The key stakeholder groups identified include: customers, employees, shareholders, suppliers, processors, retailers and NGOs.

We have assessed the environmental, social, and governance impacts, risks and opportunities, as well as how they interact with our strategy and business model. This assessment is based on the engagement of internal and external stakeholders, considering both impact and financial materiality. This has resulted in an overview of our material impacts, risks and opportunities for our own operations and across our value chain.

The material topics underscore the critical importance of sustainability in our strategy. In our sustainability statements, we explain how these themes are connected to material impacts, risks and opportunities. We will annually evaluate our management approach to material sustainability matters, including the effectiveness of certain actions and lessons learned from results achieved in relation to intended, sector-wide performance indicators. Our aim is to mitigate and reduce our negative impact on sustainability matters while enhancing our positive impact.

Material impacts, risks and opportunities

Until 2022, ForFarmers determined its material sustainability matters based on the company's impact on people and the environment and its relevance to stakeholders (in accordance with GRI standards). In preparation for the disclosure requirements under the Corporate Sustainability Reporting Directive (CSRD), we reassessed our material topics in 2023 using the double materiality concept. These material topics provide insights into the impact of ForFarmers on sustainability themes (Impact materiality) and how sustainability themes affect ForFarmers' development, performance and position (Financial materiality). A sustainability matter is considered material if it meets the criteria of either impact materiality or financial materiality, or both.

In order to arrive at the material sustainability matters with relevant themes and prioritization, we involved the most important stakeholder groups or experts representing stakeholder groups (hereafter: stakeholders) in the various phases of our materiality assessment. We determined which stakeholders to involve by scoring the identified stakeholder groups based on their impact and influence. Stakeholder groups with a high degree of both impact and influence were included in our materiality assessment. The key stakeholder groups identified include: customers, employees, shareholders, suppliers, processors, retailers and NGOs.

The starting point for the recalibration was the 2022 materiality analysis and the European Sustainability Reporting Standards (ESRS), which served as the implementation framework for sustainability reporting. The list of potentially material sustainability topics ("longlist") was refined based on sector publications, peer reviews, insights from regular stakeholder dialogues, as well as consideration of social and societal issues and developments, internal risk management processes, and interviews with ForFarmers' management.

Based on interviews with stakeholders, we developed a shortlist of potential sustainability matter, focused on our own activities, activities within our value chain, and broader societal developments. In general, the material impacts, risks and opportunities are not specific to particular locations, production facilities, products/services, or assets, as they are mostly consistent across the organisation. However, an exception is the public debate on nitrogen emissions, which is a topic specifically relevant to the Netherlands.

For each potentially material sustainability matter, we determined the actual and potential positive and negative impacts on people and the environment, how these impacts could translate into risks and opportunities for ForFarmers and which societal developments might represent potential opportunities or risks for ForFarmers. These identified impacts, risks and opportunities are based on interviews with stakeholders, taking into account the interconnections between risks or opportunities and their related impacts and dependencies. These impacts were subsequently assessed based on their severity and likelihood, while risks and opportunities were evaluated based on their magnitude and likelihood. For the assessment of sustainability risks, risk evaluation and management tools (such as the Enterprise Risk Management (ERM) framework) were utilised. Where relevant, the time horizons and parts of the value chain were assessed. In cases of potential negative impacts on human rights, the severity of the impact takes precedence over its likelihood. Subsequently, we engaged our key stakeholders to validate and prioritise the outcomes of the assessment.

Subsequently, threshold values for impacts, risks and opportunities were defined and applied. We determined that these threshold values were appropriate through validation by the Board of Directors and by validating the completeness of the material sustainability matters with stakeholders.

The results of the double materiality assessment were internally reviewed and validated by the Board of Directors. We will review the double materiality assessment annually and update our material impacts, risks and opportunities based on the outcomes of this evaluation. Our aim is to conduct a thorough double materiality assessment every three years, unless an event prompts an earlier reassessment, such as significant acquisitions or divestments. These periodic updates are considered part of our management cycle and inform our strategy, potentially leading to new policies and measures.

Changes in material topics

The ESRS requires reporting on certain direct impact factors for biodiversity loss, such as nitrogen emissions, under the thematic standard ESRS E2 Pollution. However, in the agricultural sector, nitrogen emissions are inherently linked to biodiversity impacts. In 2023, we initially included air pollution as a separate material sustainability matter in the outcomes of our double materiality assessment. Following further research, and considering practices within the sector, we decided to integrate the material impacts, risks and opportunities related to air pollution under climate change (greenhouse gas emissions within our own operations and value chain) and biodiversity and ecosystems (nitrogen emissions in our value chain). As a result, this topic has been merged with these two material sustainability matters in our double materiality assessment.

A mapping of the material impacts, risks and opportunities to the corresponding disclosure requirements of the European Sustainability Reporting Standards (ESRS) is included in the table in the section About ForFarmers' Sustainability Statements.

The sustainability statements is prepared on a consolidated basis. The scope of consolidation aligns with the scope of the consolidated financial statements, excluding associated participations and the joint venture HaBeMa. Acquisitions made during the reporting year are also included in the consolidation basis. Where relevant, the sustainability statements includes information about (the employees of) associated participations and the joint venture HaBeMa as part of the value chain.

The sustainability statements covers not only our own activities but also our upstream and downstream value chain. The outcome of the double materiality analysis highlights the related material impacts, risks and opportunities, as well as the parts of the value chain they relate to.

Based on our double materiality assessment, we identified the following material topics that are covered by ESRS disclosure requirements:

• ESRS 2 - General Disclosures
• ESRS E1 - Climate change
• ESRS E4 - Biodiversity and ecosystems
• ESRS E5 - Resource use and circular economy
• ESRS S1 - Own workforce
• ESRS S2 - Workers in the value chain
• ESRS S4 - Consumers and end-users
• ESRS G1 - Business conduct

The following ESRS topics were assessed as not material for ForFarmers:

• ESRS E2 - Pollution (integrated into climate change and biodiversity impacts)
• ESRS E3 - Water and marine resources (assessed but determined not material)
• ESRS S3 - Affected communities (assessed but determined not material)

The double materiality assessment process may be impacted in the future when additional sector-specific standards are adopted. The sustainability statements may not include every impact, risk and opportunity or additional entity-specific disclosure that each individual stakeholder (group) may consider important in its own particular assessment.

Transition plan for climate change mitigation

Scope of the plan

The transition plan covers ForFarmers' scope 1, 2, and 3 emissions across all consolidated operations. The scope of consolidation aligns with the consolidated financial statements, excluding associated participations and the joint venture HaBeMa. ForFarmers has manufacturing operations in four countries: the Netherlands, Germany, Poland and the United Kingdom, operating 38 factories.

The plan addresses:

• Own operations (Scope 1 & 2): Energy efficiency, purchasing and generating low-CO2 energy, process optimization, and fleet management
• Upstream value chain (Scope 3): Sourcing (deforestation-free) raw materials, formulating feed with a lower carbon footprint, and increasing share of co-products and by-products
• Downstream value chain (Scope 3): Providing farmers with advice and innovative feed products to reduce CO2 and methane emissions on the farm

Target year(s) for net zero / carbon neutral

ForFarmers has the ambition to achieve net climate neutrality by 2050, for which they are developing a roadmap. The company states: "We have the long-term ambition to achieve net zero for our scope 1, 2 and 3 emissions by 2050. This means we will reduce emissions as much as possible and offset those we cannot reduce."

A feasibility study is underway to understand the pathway to net zero and its implications. Based on this study, a final decision will be made in 2025 on whether to formally commit to achieving net zero emissions by 2050.

Scope 1, 2, 3 reduction milestones with baseline years

Base year: 2022

2030 Targets:

Specific commitments:

• Scope 1 and 2 non-FLAG: Reduce absolute greenhouse gas emissions by 42% by 2030 compared to 2022
• Scope 1 FLAG: Reduce absolute greenhouse gas emissions by 30.3% by 2030 compared to 2022
• Scope 3 non-FLAG: Reduce absolute greenhouse gas emissions by 42% by 2030 compared to 2022
• Scope 3 FLAG: Reduce absolute greenhouse gas emissions by 30.3% by 2030 compared to 2022
• Scope 3 FLAG (use of sold products): Reduce emissions above the minimum boundary by 42% by 2030
• Deforestation: Achieve zero deforestation in primary deforestation-related raw materials by December 31, 2025

Alignment with 1.5°C / SBTi validation status

ForFarmers' 2030 CO2 reduction targets have been validated by the Science-Based Targets Initiative (SBTi). The targets align with the 1.5°C trajectory and the latest climate science insights on what is needed to achieve the Paris Agreement.

The company states: "For 2030, ForFarmers has defined Science Based Targets initiative (SBTi) validated objectives for reducing greenhouse gas emissions in line with the 1.5°C trajectory."

Key levers / decarbonization pillars

Own operations (Scope 1 & 2)

1. Energy Efficiency (20-40% of reduction)

• Energy management systems in all countries (ISO-certified in Germany and UK)
• Upgrading to energy-efficient equipment (steam boilers, steam quality and dosing, energy-efficient motors, conveyor belts)
• Target: 2% annual reduction in energy consumption per country up to 2030
• Estimated emission reduction: 7-14 Kton CO2 equivalent

2. Clean Energy (40-80% of reduction)

• Purchase of green electricity with certificates of origin
• Procurement of biogas from customers/local farmers
• On-site renewable energy production through solar panels and biomass
• Power Purchase Agreements for renewable energy
• Estimated emission reduction: 17-34 Kton CO2 equivalent

Specific initiatives:

• Partnership with dairy farmers for biogas supply to Deventer factory
• Biogas Hub project for Reudink factory in Lochem (deliveries expected by end of 2026)
• Biomass plant at Lochem using wood chips for steam production

3. Fleet Management (5-15% of reduction)

• Optimizing logistics for incoming and outgoing goods
• New planning systems
• More efficient trucks
• Monitoring driver efficiency
• Transitioning from coal to gas, coal to wood pellets, gas to electricity
• Combined heat and power systems
• Electrification of transport where feasible
• Estimated emission reduction: 1.5-4.5 Kton CO2 equivalent

Upstream value chain (Scope 3)

• Sourcing deforestation-free raw materials
• Formulating feed with lower carbon footprint
• Increasing share of co-products and by-products
• Promoting circularity: aim to increase use of circular raw materials in feed by one-third, reaching approximately 55% by 2030 compared to 2022

Downstream value chain (Scope 3)

• Improving feed efficiency conversion
• Methane-reducing feed solutions
• Manure management techniques
• Providing farmers with advice and innovative feed products

CapEx / investment commitments

ForFarmers states: "The development of our transition plan also includes the necessary financial resources for the implementation of our actions for each lever."

Specific investments mentioned:

• Poland: Nearly completed transition from coal to gas by commissioning a second combined heat and power (CHP) unit
• Investment in energy-efficient equipment across locations
• UK: Replacement of truck fleet with new, more efficient models and pilot project with fully electric truck
• Netherlands: Replacement of approximately ten trucks with more efficient alternatives

The company notes that the transition plan, including financial resources, will be approved by the Board of Directors in 2025.

Locked-in emissions and stranded asset analysis

Not explicitly disclosed. The company states it is "currently working on gaining a better understanding of the pathway to net zero and its implications for ForFarmers. This feasibility study also includes an analysis of the share of greenhouse gas emissions that cannot be reduced."

Use of carbon credits / removals

ForFarmers' long-term ambition for 2050 includes offsetting emissions that cannot be reduced: "This means we will reduce emissions as much as possible and offset those we cannot reduce."

However, no specific commitments or plans for carbon credits are disclosed for the 2030 targets. The company has not reported on GHG removals or carbon credits under ESRS E1-7, indicating this is currently not applicable.

Governance and accountability

A climate change policy was developed and adopted in 2024 that outlines:

• Short-term commitments and long-term ambitions
• Focus areas concerning material impacts, risks, and opportunities
• Standards selected to measure progress
• Targets set

KPIs such as greenhouse gas emissions are included in quarterly internal progress reporting discussions on performance metrics. However, short-term performance is not specifically evaluated based on progress toward greenhouse gas reduction targets for executive compensation.

Current status and challenges

The transition plan is under development, with approval expected in 2025. Key challenges identified:

Scope 1 & 2:

• Availability of biofuels
• Capacity of electricity grid to enable further electrification
• Grid congestion complicating electrification efforts
• Ability to pass on cost increases within the supply chain

Scope 3 Upstream:

• Availability and cost of low-CO2 raw materials
• Geopolitical developments
• Strong demand for circular raw materials from both feed and bio-energy industries

Scope 3 Downstream:

• Collaboration across the value chain
• Clear policies essential to achieving goals
• Legal recognition and validation of manure management systems

Fleet:

• Availability of biodiesel in some countries
• Limited range of heavy-duty electric vehicles
• Need to cover long distances
• Grid congestion issues

Policies related to climate change mitigation and adaptation

Climate Change Policy

In 2024, ForFarmers developed and adopted a climate change policy that underscores the company's short-term commitments and long-term ambitions.

Key content and principles:

• Outlines focus areas concerning material impacts, risks, and opportunities
• Describes standards selected to measure progress
• Sets out targets the company has established
• Demonstrates commitment to sustainable practices, measurable objectives, and compliance with relevant legislation and standards related to climate change mitigation
• Describes the approach to preventing, mitigating, and remediating actual and potential impacts
• Addresses risks and leverages opportunities associated with climate change

Governance and monitoring:

• KPIs such as greenhouse gas emissions are included in quarterly internal progress reporting discussions on performance metrics
• Transition plans are an integral part of performance evaluations
• Short-term performance is not specifically evaluated based on progress toward greenhouse gas reduction targets for the supervisory body
• The transition plan is expected to be approved by the Board of Directors in 2025

Targets related to climate change mitigation and adaptation

ForFarmers has set Science Based Targets initiative (SBTi) validated targets for 2030 compared to base year 2022. The targets are divided into goals for Forest, Land-use and Agriculture (FLAG) and other emissions (non-FLAG).

Scope 1 & 2 Targets (2030 vs 2022)

Scope: Own operations (ForFarmers production locations and fleet)

Key levers: Energy efficiency, clean energy, fleet management

Scope 3 Upstream Targets (2030 vs 2022)

Scope: Upstream value chain (raw materials and transport)

Key levers: Sustainable feed solutions, CO2 reduction in supply chain, circular raw materials

Scope 3 Downstream Targets (2030 vs 2022)

Scope: Downstream value chain (farmers using ForFarmers feed)

Key levers: Improving feed efficiency/conversion, methane-reducing feed solutions, manure management techniques

Long-term Ambition

Notes:

• All targets include land-related emissions and removals
• Scope 1 and 2 targets include land-related emissions and removals from bioenergy feedstocks
• Targets align with 1.5°C trajectory per Paris Climate Agreement
• Climate transition plan in development (expected approval 2025)

Energy consumption and mix

ForFarmers disclosed energy consumption and mix in accordance with ESRS E1-5 (formerly E1-7 under the 2023 ESRS). The scope covers all facilities under ForFarmers' operational control, aligned with the consolidated financial statements, excluding associated participations and the joint venture HaBeMa. Acquisitions made during the reporting year are included.

Energy consumption by source type (MWh)

Energy intensity

Methodology and scope notes:

Energy consumption increased compared to the previous year, partly due to acquisitions of Piast and Van Triest and higher like-for-like volumes. In 2024, ForFarmers reduced coal usage and increased renewable energy use. Self-generated renewable energy production was driven by investments in a second combined heat and power (CHP) unit in Poland, increased operational hours of the biomass plant in Lochem, and greater use of biogas in Deventer.

ForFarmers relies on suppliers for data availability to calculate energy consumption and mix. When a CO₂ coefficient is not available for the reporting period, a coefficient from the previous period is used. CO₂ coefficients are country- and energy-type-specific (see page 287-288 of the report for detailed conversion factors).

Renewable energy production is limited to solar energy generation and the biomass plant in Lochem, the Netherlands. Non-renewable energy production is not reported (indicated as "-" in the source table).

Gross Scopes 1, 2, 3 and Total GHG emissions

Overview

ForFarmers reports greenhouse gas emissions across Scopes 1, 2, and 3 for the reporting year 2024, with comparative data for 2023 and baseline year 2022. The company has set Science-Based Targets (SBTi-validated) to reduce emissions by one-third by 2030 compared to the 2022 baseline.

Scope 1 GHG emissions

Gross scope 1 emissions (tCO2e)

Scope 1 emissions primarily arise from:

• Feed production at factories (combustion for production processes)
• Transportation for delivering feed and sourcing raw materials (mobile combustion)
• Purchased energy for operating factories and facilities

No sub-breakdown by stationary combustion, mobile combustion, process emissions, or fugitive emissions is disclosed.

Scope 2 GHG emissions

Gross scope 2 emissions (tCO2e)

Scope 2 emissions relate to purchased electricity for operating factories and facilities. Energy is converted into CO2 emissions using country-specific CO2 coefficients (most recently published per country).

Scope 3 GHG emissions

Significant scope 3 GHG emissions (tCO2e)

Scope 3 targets for 2030 cover approximately 98% of total scope 3 emissions and include:

• Upstream: Category 1 (Purchased goods and services – products) and Category 4 (Upstream transport and distribution)
• Downstream: Category 11 (Use of sold products)

Other scope 3 categories have been assessed and are not material. The carbon emission inventory showed that other scope 3 categories are not material.

Scope 3 breakdown by value chain segment (tCO2e)

Total GHG emissions

Total GHG emissions (tCO2e)

The total reported for the 2024 key figures summary shows:

• Scope 1 & 2: 99.7 Kton CO2eq (2023: 99.6 Kton)
• Scope 3 upstream: 6,640.9 Kton CO2eq (2023: 6,160.1 Kton)
• Scope 3 downstream: 6,934.1 Kton CO2eq (2023: 6,989.6 Kton)

GHG intensity

Greenhouse gas intensity

Net revenue equals net revenue as included in Note 8 of the financial statements. Total volume (in thousands) equals total volume as included in the consolidated key figures. ForFarmers notes that net revenue is highly dependent on raw material prices, and therefore intensity calculations based on net revenue do not adequately reflect greenhouse gas performance. The company has not set specific targets for greenhouse gas emission intensity, as this is addressed within the overarching (absolute) CO2 footprint reduction objectives.

Methodology and scope notes

• Energy to CO2 conversion: Energy is converted to CO2 emissions using the most recently published CO2 coefficients per country. Changes in coefficients may lead to different outcomes. Coefficients used are included in the appendix About ForFarmers' Sustainability Statements.

• Scope 3 calculations: Assumptions based on industry averages are applied. The Global Feed LCA Institute (GFLI) database is used as the primary source for greenhouse gas emission factors related to raw material purchases. The UN FAO report serves as the primary source for water use in the downstream value chain. The resulting level of accuracy aligns with industry standards.

• Number of animals: The number of animals in the downstream value chain is an important estimate, derived from total volumes sold and average feed consumption per animal. Assumptions for conversion to dry feed are described in the appendix.

• Scope of consolidation: The sustainability statements are prepared on a consolidated basis, aligning with the scope of the consolidated financial statements, excluding associated participations and the joint venture HaBeMa. Acquisitions made during the reporting year (Piast in Poland and Van Triest in the Netherlands) are included in the consolidation basis.

• Coverage: Short-term targets apply to all activities under ForFarmers' operational control. The sustainability statements cover ForFarmers' own activities as well as upstream and downstream value chain.

• Biogenic emissions: Not separately disclosed in the reported tables.

• Changes in methodology: In 2024, changes in the preparation and presentation of sustainability information were made to align with ESRS requirements. Greenhouse gas emissions (scope 1 and scope 2) scope was adjusted to align with ESRS requirements. Greenhouse gas emissions (scope 2) definition and measurement method were revised to enable market- and location-based reporting.

• Regulated emissions: Scope 1 GHG emissions from regulated ETS are reported as 0% or not applicable.

Anticipated financial effects from material physical and transition risks and potential climate-related opportunities

Phase-in exemption applied

ForFarmers has omitted ESRS E1-9 for the first year of preparation of its sustainability statements.

As stated in the disclosure requirements table (page 305):

E1-9 Anticipated financial effects from material physical and transition risk and potential climate-related opportunities: Omitted for the first year of preparation of our sustainability statements.

Additional references in cross-reference tables

The cross-reference table (pages 309-310) indicates the following datapoints related to E1-9 as "Not stated":

• ESRS E1-9 (66): Exposure of benchmark portfolio to climate-related physical risks - Not stated
• ESRS E1-9 (66(a)): Disaggregation of monetary amounts by acute and chronic physical risk - Not stated
• ESRS E1-9 (66(c)): Location of significant assets at material physical risk - Not stated
• ESRS E1-9 (67(c)): Breakdown of the carrying value of its real estate assets by energy-efficiency classes - Not stated
• ESRS E1-9 (69): Degree of exposure of the portfolio to climate-related opportunities - Not stated

Transition plan and consideration of biodiversity and ecosystems in strategy and business model

Integration of biodiversity into strategy and business model

At ForFarmers, we are committed to minimizing our impact on biodiversity. We focus our biodiversity strategy on aspects where we have a material direct or indirect impact on our natural environment through our upstream and downstream value chain. ForFarmers concentrates on three key themes: sustainable land use, nitrogen efficiency, and responsible sourcing.

Specific biodiversity targets

Sustainability ambitions 2030 - Protecting biodiversity

100% RESPONSIBLE SOURCING OF RAW MATERIALS

Raw material suppliers in the soy, palm or cocoa supply chain or with an annual spend of more than €1 million

• 2024: 71%
• 2030: 100%

Support farmers in sustainable land use

Our goal is that by 2030, 90% of our dairy farming customers will adopt CAP GAEC measures, with 20% of dairy farmers in the Netherlands achieving the gold level. Dairy farming occupies a large proportion of land; for instance, in the Netherlands, where it accounts for over 54% of agricultural land. Most of the benefits for biodiversity and ecosystem health can be achieved here, which is why we focus our efforts on our dairy farming customers. Our goal encompasses most levels of the mitigation hierarchy, including avoidance, reduction, restoration, and regeneration, due to the wide variety of measures supported by CAP GAEC.

Improve nitrogen efficiency on farm

Geographic and value-chain scope

Our roadmap to 2030

We focus our biodiversity strategy on aspects where we have a material direct or indirect impact on our natural environment through our upstream and downstream value chain.

Supporting farmers in sustainable land use

The EU CAP-GAEC (Good Agricultural and Environmental Conditions) or the UK-SFI (Sustainable Farming Initiative) is a governmental policy that encourages farmers to promote biodiversity and ecosystem health by subsidising voluntary eco-measures aimed at more sustainable farm and land management. In the Netherlands, farmers can achieve a bronze, silver or gold level depending on the number of measures implemented. The participation of our customers in these schemes is our best indicator of the contribution to sustainable land use in our downstream value chain.

Responsible sourcing

Some of the feed materials we source, such as soy and palm products, can be associated with deforestation in their countries of origin. Deforestation can lead to reduced biodiversity, increased greenhouse gases, disruption of water cycles, and other impacts.

Linkage to nature-related risk assessment

Loss of biodiversity and poor ecosystem health in our upstream value chain poses a risk to our business. Feed materials are a biological resource and therefore heavily dependent on healthy biodiversity and ecosystems. A decline in, for example, pollinators or soil health could lead to a direct physical risk as the cost of feed materials could rise, making animal feed more expensive to produce. That is why we are already adapting our business model through vertical integration and necessary acquisitions.

Activities in our downstream value chain are also important to consider. Livestock farming can put pressure on the environment, impacting biodiversity, climate and water quality, among other aspects. This largely depends on the way in which farms are managed.

Nitrogen deposition near nitrogen-sensitive nature areas is an important issue on the political agenda in the Netherlands, as excessive deposition has been linked to the loss of rare plant species. Nitrogen is emitted by animals in our downstream value chain. The level of nitrogen emissions is partly impacted by the composition of animal diets and by manure management systems employed on farms. The inability to reduce nitrogen deposition especially in the Netherlands could result in targeted measures concerning the reduction in the number of animals, with significant financial impact for ForFarmers.

Business resilience analysis on biodiversity and ecosystems

We assessed whether or not we have sites located in or near biodiversity-sensitive areas and whether our activities related to these sites negatively affect these areas. In our assessment, we considered multiple sources of information, such as the World Database of Key Biodiversity Areas (published by international conservation organizations), IUCN Red List and Natura 2000 locations (published by the EU). We concluded that, although some of ForFarmers' operational sites are located in or near key biodiversity areas, the nature of our activities do not materially affect the biodiversity and ecosystems in these areas.

We have concluded that there is no direct impact from our own operations or downstream value chain which requires mitigation measures, such as those specified in European Directives. Any mitigation measures in our upstream value chain relate to our impact on deforestation and are covered by our actions to source products linked to deforestation sustainably (see section Responsible sourcing).

Implementation approach

Measurement and monitoring

To measure our progress, we have established the standard: the percentage of our dairy farming customers receiving subsidies for CAP GAEC measures and the level of contribution (bronze, silver, gold).

Delivery mechanism

Progress toward our goal will be driven by our experienced advisors, for whom sustainability is already a key topic in their customer consultations. Objectives related to our goal will be more strongly reflected in the performance evaluation of our advisors, encouraging proactive discussions with customers on this topic, increasing participation in CAP, and promoting the adoption of additional measures. Implementing more CAP GAEC measures translates into additional income for farmers through EU subsidies as well as sustainability programmes from dairy processors, while also contributing to biodiversity and ecosystem health.

Policies related to biodiversity and ecosystems

ForFarmers acknowledges biodiversity and ecosystems as a material topic in its sustainability reporting. The company indicates coverage of ESRS E4-2 on page 77 of its Annual Report 2024.

However, the specific policies related to biodiversity and ecosystems are not detailed in the provided excerpts. The cross-reference table indicates that the following policy areas are addressed in the sustainability statements:

• Sustainable land/agriculture practices or policies (ESRS E4-2, 24(b))
• Policies to address deforestation (ESRS E4-2, 24(d))

The table also notes that sustainable oceans/sea practices or policies (ESRS E4-2, 24(c)) are not material to ForFarmers.

The excerpts do not contain the actual policy names, detailed policy content, governance structures, scope, public availability, links to international standards, or monitoring mechanisms for biodiversity and ecosystem-related policies. This information is referenced to be on page 77 of the sustainability statements, which is not included in the provided excerpts.

Impact metrics related to biodiversity and ecosystems change

Land use and sustainable farming practices

Sustainable land use metrics (Netherlands, dairy customers only)

Methodology note: The percentage applies only to customers who have granted ForFarmers permission to access this information. The calculation is as follows: The share of customers (who provided consent) receiving eco-payments, multiplied by the total sales volume to these customers during the reporting period, divided by the total number of customers (who provided consent), multiplied by the total sales volume to these customers during the reporting period. This metric is limited to dairy customers in the Netherlands, as dairy production requires significant land area.

Nitrogen efficiency (proxy for biodiversity impact)

Nitrogen efficiency by livestock category

Ambition: Improve nitrogen efficiency in Dutch operations by 1% per year until 2030. ForFarmers has committed to the Dutch covenant to substantially reduce the crude protein percentage in dairy cow rations.

Deforestation-free sourcing

Certified raw materials

Methodology note: ForFarmers considers soy products to be sustainable when certified according to FEFAC guidelines for soy sourcing. Certificates purchased for the dairy sector include a statement that no land has been deforested by the certified farms in the past 20 years, based on Satellite-Based Land Use Change Certificates (SBLC) with Chain of Custody (CoC) area mass balance. ForFarmers supports the 2006 Amazon Soy Moratorium.

Raw material procurement volumes

In 2024, ForFarmers purchased around 7 million tons of raw materials from suppliers, representing >80% of total costs. Primary raw materials by purchase volume were wheat, maize, barley, soybean meal, and rapeseed meal.

Circular raw materials (contributing to biodiversity preservation)

Target: Increase the use of circular raw materials by one-third compared to 2022, from 40% to 55% of total volumes by 2030.

Definitions:

• Co- and by-products: A product resulting from the cultivation, processing, or consumption of another product, where the economic value is less than 50% of the original main product.
• Former foodstuffs: Food that is no longer intended for human consumption but was originally produced for human consumption.

Protected areas and KBAs

ForFarmers assessed whether sites are located in or near biodiversity-sensitive areas using the World Database of Key Biodiversity Areas, IUCN Red List, and Natura 2000 locations. The assessment concluded that although some operational sites are located in or near key biodiversity areas, the nature of ForFarmers' activities do not materially affect the biodiversity and ecosystems in these areas.

Species impacts

No specific metrics on Red List species potentially affected are disclosed. ForFarmers states that due to the nature of activities, the impact of own operations on biodiversity has been determined to be immaterial.

Policies related to resource use and circular economy

The company indicates that E5-1 (Policies related to resource use and circular economy) is disclosed on page 72 of the Annual Report 2024. However, the provided excerpts do not contain the actual content from page 72. The index table confirms that this disclosure requirement has been addressed in the report, but the specific policy details are not included in the extracted sections.

Based on the available excerpts, the actual policy names, scope, governance, content, and implementation details cannot be determined.

Actions and resources related to circular economy

Overall Action Plan

ForFarmers is currently working on further developing the circular action plan to achieve its objectives. The following initiatives are part of the preliminary action plan:

1. Increase the use of circular raw materials

Description: Increase the contracting of former foodstuffs to raise circularity percentage by 2030.

Scope: Upstream supply chain

Time horizon: 2030 target

Challenges identified:

• Market availability is currently limited, which constrains further inclusion of former foodstuffs in the portfolio
• Rising prices due to increased market demand must be accounted for

Resources: Not quantified

2. Further exploration of alternative proteins

Description: Continue to explore the use of alternative proteins and raw materials.

Scope: Upstream supply chain

Time horizon: Availability expected to remain low over the next 3 to 5 years; essential for long-term goals

Resources: Not quantified

3. Pursuing mergers and acquisitions

Description: Explore acquisitions to optimise market position in the market for residual flows, co-products, and former foodstuffs, given its strategic importance.

Scope: Own operations / upstream

Time horizon: Not specified

Resources: Not quantified

Achievement in 2024:

• Acquisition of Van Triest substantially strengthened position in the market for residual flows
• Acquisition of Piast in 2024

Performance in 2024

Results:

• Total volumes of circular raw materials increased from 2,634 thousand tonnes in 2023 to 2,689 thousand tonnes in 2024
• However, the percentage of circular raw materials decreased from 39.5% in 2023 to 37.3% in 2024 due to increased total volumes purchased from acquisitions

Performance table:

Link to Policy and Target

These actions support ForFarmers' target of achieving 55% share of co- and by-products and former foodstuffs of total volumes purchased by 2030 (baseline 2022: 39.9%).

ESRS E5-4: Resource Inflows

ForFarmers' main line of business is providing feed solutions to customers through the production of compound feed and back-to-back trading of feed articles. Feed materials represent the single largest inflow for operations.

Total Purchased Volumes (2024)

In 2024, ForFarmers purchased around 7 million tonnes of raw materials from suppliers, which were used in feed manufacturing or traded back-to-back with customers. This represents >80% of total costs.

Material Composition

The primary raw materials used in 2024, ranked by purchase volume, were:

• Wheat
• Maize
• Barley
• Soybean meal
• Rapeseed meal

Except for the very small proportion of minerals added to feed, all raw materials are entirely plant-based (organic).

In addition to compound feed production, ForFarmers is active in the distribution of moisture-rich co- and by-products.

Circular Raw Materials

ForFarmers extensively utilises residual flows from various industries, including the food and beverage industry, arable farming, and the biofuel industry. This includes products with a value of less than 50% of the original main product (such as rapeseed meal), as well as all moisture-rich co- and by-products resulting from the production of products like beer and cheese.

Total volumes of circular raw materials increased from 2,634 thousand tonnes in 2023 to 2,689 thousand tonnes in 2024. However, total volumes purchased increased due to acquisitions (Piast in 2024), and as a result the percentage of circular raw materials decreased from 39.5% in 2023 to 37.3% in 2024.

Target

ForFarmers has set a goal for 2030 to increase the use of circular raw materials by one-third compared to 2022, targeting 55% of total volumes by 2030.

Methodology

To accurately determine the share of co- and by-products and former foodstuffs, moisture-rich and liquid products traded are converted into Compound Feed Equivalent (CFE) to avoid overestimating the share due to higher moisture content.

Definition of co- and rest products: A product resulting from the cultivation, processing, or consumption of another product, where the economic value is less than 50% of the original main product.

Definition of former foodstuffs: Food that is no longer intended for human consumption but was originally produced for human consumption, fully in compliance with the European General Food Law.

Waste

Not disclosed.

ForFarmers does not provide quantitative waste data in its ESRS E5-5 disclosure. The company's sustainability statements focus on circular raw materials (co-products, by-products, and former foodstuffs) as resource inflows, with detailed reporting on pages 68-72. However, waste generation, diversion from disposal, or waste directed to disposal is not addressed.

In the disclosure requirements table on page 307, ForFarmers lists:

• "ESRS E5-5 37(d) Non-recycled waste" with SFDR reference and notation "Not material"
• "ESRS E5-5 39 Hazardous waste and radioactive waste" with SFDR reference and notation "Not material"

The company's circular economy strategy emphasizes upgrading residual flows into animal feed rather than waste management from its own operations. Page 71 states: "The core of our circular economy strategy is therefore to convert low-value ingredients into high-quality nutrition without wasting resources and with minimal environmental impact."

Policies related to own workforce

ForFarmers has adopted several policies relevant to its own workforce, based on international human rights and labour standards including the Universal Declaration of Human Rights and the International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work.

Code of Conduct

Policy name: Code of Conduct

Scope: The Code of Conduct applies to every person or entity working for or on behalf of ForFarmers, including employees, managers, executives, members of the Supervisory Board, as well as distributors, consultants, and non-payroll workers. It covers all aspects of the business and forms the foundation for daily decision-making at all levels within ForFarmers.

Governance and oversight: The Director Corporate & Legal Affairs is responsible for overseeing the Code of Conduct. The Board of Directors holds ultimate responsibility for implementation and maintenance. The Supervisory Board oversees the responsibilities of the Board of Directors.

Key content/principles: The Code of Conduct addresses four core areas:

• Work environment
• Personal behaviour (including bribery and corruption, gifts, entertainment and hospitality, conflicts of interest)
• Business conduct (including trade and fair competition rules)
• Protection of assets and information

It specifies rules of integrity, responsibilities, and core values of the organisation and its employees. It encompasses standards of social responsibility and ethical behavior based on principles set out in the Universal Declaration of Human Rights. ForFarmers maintains a zero-tolerance policy regarding violations of the Code of Conduct.

Public availability: The Code of Conduct is available on ForFarmers' internal platform, accessible to employees, and is published on the corporate website in German, English, Dutch, and Polish.

Link to international standards: Based on the principles set out in the Universal Declaration of Human Rights.

Implementation monitoring:

• New employees receive training on the Code of Conduct during onboarding
• All employees are required to attend annual training on the Code of Conduct, either online or in person
• Regular culture surveys to identify alignment with ForFarmers' five core values
• Directors of ForFarmers' OpCos sign a Letter of Representation (LOR) twice a year declaring compliance with legislation, internal control rules and the Code of Conduct
• Speak-up Mechanism for reporting violations

Human Rights Policy

Policy name: Human Rights Policy

Scope: Applies to ForFarmers' own operations and value chain.

Governance and oversight: Ultimate responsibility and accountability for implementing the Human Rights Policy lies with the Executive Board, which regularly receives updates on its implementation and progress from the Executive Team.

Key content/principles: The policy focuses on key human rights issues, including the prohibition of child and forced labor. It outlines:

• A due diligence process to identify, prevent, and mitigate negative human rights impacts
• A grievance mechanism to provide access to remedy
• Reporting on the process and improvements over time

The policy identifies salient human rights issues across the value chain:

• Health and safety (upstream supply chain, own operations, downstream)
• Living wage (upstream supply chain, downstream)
• Prohibition of child- and forced labour (upstream supply chain)
• Work-life balance (own operations)
• Equal opportunities and equal pay (own operations)
• Right to a healthy environment/communities (own operations)
• Non-discrimination including rights of minorities and marginalised groups (downstream)

Public availability: The Human Rights Policy is available on ForFarmers' website.

Link to international standards: The commitment aligns with:

• UN Guiding Principles on Business & Human Rights (UNGPs)
• ILO Declaration on Fundamental Principles and Rights at Work
• OECD Guidelines for Multinational Enterprises on Responsible Business Conduct

Implementation monitoring:

• Engagement with employees, workers, and other rights holders to identify salient human rights issues
• Human rights due diligence process integrated into the risk management system
• Periodic updates to the Executive Board and Supervisory Board
• Developing a human rights due diligence roadmap with short-, medium-, and long-term actions
• Appointing an internal task force (ESG taskforce) in 2024 to manage impacts, risks and opportunities
• Tracking of human rights issues and incidents

Diversity and Inclusion (D&I) Policy

Policy name: Diversity and Inclusion (D&I) Policy

Scope: Applies to ForFarmers' own employees.

Governance and oversight: Overseen by the Board of Directors and the Group HR Director. The Supervisory Board has set targets for the Supervisory Board, Executive Board, and Executive Team.

Key content/principles: The policy sets out vision, principles, and goals for diversity and inclusion:

• Actively striving for more balanced workforce composition
• Hiring based on capabilities and competencies, regardless of gender, age, race, or religion
• Encouraging a company culture that values differences and ensures equal opportunities
• Specific targets for gender diversity: at least 35% men and 35% women within executive team and OpCo management teams by 2030
• Targets for Executive Board and Supervisory Board: at least 30% women and 30% men

Action plan includes:

• Reviewing policies and procedures to identify unconscious biases (starting 2024)
• Implementing diverse talent management approach, including diverse succession plan
• Reviewing employee journey from recruitment perspective of diversity and inclusion
• Examining implicit and explicit unconscious biases in policies and practices

Public availability: Not explicitly stated where the policy is published.

Link to international standards: Not explicitly stated, but reflects principles of equal opportunities and non-discrimination.

Implementation monitoring:

• Annual review of targets, taking into account changes in laws and regulations
• Recruitment targets aligned with diversity goals
• Initiatives aimed at underrepresented groups
• Tracking of diversity metrics including gender composition, internal promotions by gender, and pay gap
• Regular culture surveys

Environmental Policy Statement

Policy name: Environmental Policy Statement

Scope: Applies to ForFarmers' own operations.

Key content/principles: ForFarmers has established and maintains procedures and instructions to monitor and control processes. The policy ensures adequate information is available through provision of training and development of employees and contractors to gain relevant knowledge and experience. Procedures are documented and communicated, and a regular programme of environmental audits is implemented.

Public availability: The Environmental Policy Statement can be found on ForFarmers' website.

Link to international standards: Environmental due diligence is embedded in regular processes.

Implementation monitoring: Regular programme of environmental audits; procedures and instructions maintained.

Privacy Policy and Information Security Policy

Policy name: Privacy Policy and Information Security Policy

Scope: Applies to all employees and covers personal data of employees, customers, suppliers, partners and shareholders.

Governance and oversight: The Board of Directors holds ultimate responsibility for the overall governance of information security. This responsibility has been delegated to the CFO. A Group Privacy and Security Officer oversees the handling of personal data within the organisation and plays a coordinating role in implementation and evaluation of information security.

Key content/principles:

• Personal data must be handled with care and managed with professionalism and integrity
• Personal data may only be processed for legitimate and justified purposes
• Data must be accurate, relevant, and well-protected against unauthorised access or misuse
• Protection of ForFarmers' information assets from internal and external threats
• Ensuring information and data are accurate, available at the right time, and accessible only to authorised individuals or systems

Public availability: Not explicitly stated.

Link to international standards: The policy ensures compliance with GDPR.

Implementation monitoring:

• Group Privacy & Security Officer monitors handling of personal data
• Privacy incidents reported via internal channels or directly to the Group Privacy & Security Officer
• Data security team assesses reported breaches and implements corrective measures
• All employees are responsible for adhering to information security policies and for timely identification and reporting of risks and issues
• Security incidents trigger the convening of the incident response team

Additional policy elements

Career and Reward framework: Implementation started in 2024, providing a clear, simple and transparent framework for jobs and careers. Equal opportunities and equal pay for all employees are key principles for an inclusive working environment.

Health and Safety: The health and safety of employees is stated as the highest priority, with a strategic ambition for zero serious incidents across all locations. However, no separate named health and safety policy is explicitly mentioned in the excerpts.

Collective bargaining and social dialogue: ForFarmers respects the right to collective bargaining. Specific arrangements vary by country, with employees in the Netherlands covered by sector-wide collective labour agreements, and works councils in place in the Netherlands, Germany, and Poland.

Taking action on material impacts on own workforce

Decentralised organisation model and strong local teams

• Scope: Own operations
• Time horizon: Implemented in 2024 (following 2023 organisational change)
• Description: Creation of strong teams within the Operating Companies (OpCos), enabling closer work with customers and more effective response to local market conditions. Local management teams hold responsibility for OpCo results, supported by central functions and collective knowledge.

HR processes and procedures optimisation

• Scope: Own operations
• Time horizon: Implemented in 2024
• Description: Optimisation of HR processes and procedures with clearly defined roles and responsibilities within HR teams.

Career and Reward Framework

• Scope: Own operations
• Time horizon: Implementation started in 2024
• Description: Provides a clear, simple and transparent framework for jobs and careers, ensuring equal opportunities and equal pay for all employees regardless of gender, age, ethnicity, or other personal characteristics.
• Expected outcomes: Equal pay for equal work across the organisation.

Strategic talent management and succession planning

• Scope: Own operations
• Time horizon: Started in 2024, priority for coming years
• Description: Strategic talent management including succession planning, with emphasis on internal circulation of talent and increasing team diversity.
• Planned 2025 priorities: Strategic succession planning, talent management and leadership development will receive more attention, with focus on internal talent circulation and diversity.

New employee development cycle (2025)

• Scope: Own operations
• Time horizon: To be implemented in 2025
• Description: Training and guiding managers and employees in giving continuous feedback and conducting proper dialogue, with emphasis on longer-term employee development and sustainable employability.
• Resources: Training programmes for managers and employees.

Training and development programmes

• Scope: Own operations
• Description: Various programmes including:
  • Digital onboarding program via HR portal
  • Online modules and e-learning tools
  • Leadership training and development programmes
  • Code of Conduct and IT security modules for new hires
  • Workplace safety e-learning modules (repeated throughout the year)
• Expected outcomes: Strong pipeline of qualified successors; knowledge reinforcement and compliance maintenance.

Talent management cycle

• Scope: Own operations
• Description: Annual cycle supporting employees through:
  • Individual objective setting at year start
  • Mid-year progress review to identify development needs
  • Year-end performance evaluation and review
  • Personalised development plans created with managers
• Resources: Online HR system providing access to learning modules
• Outcomes: In 2024, 79% of male employees and 77% of female employees participated in regular performance and career development reviews.

Culture and values survey

• Scope: Own operations
• Time horizon: Conducted in 2024
• Description: Employee engagement survey providing insights to align current practices with organisational values.
• Planned actions: Results will be used to address various attention points.

Internal vacancy filling

• Scope: Own operations
• Description: Prioritise filling vacancies with internal candidates to retain talent and provide growth opportunities.

Health and wellbeing initiatives

• Scope: Own operations
• Description: Provision of open work environment and contribution to employee vitality, maintaining low absenteeism and sustainable employability.
• Outcomes: Absenteeism decreased from 3.1% in 2023 to 3.0% in 2024, with consistently low rates in UK and Poland.

Flexible working arrangements

• Scope: Own operations
• Description: Facilitation of flexible working in terms of time and location to improve work-life balance, with balanced approach between office and home working.
• Resources: Manager support for effective organisation of flexible working.

Social protection and adequate wages

• Scope: Own operations
• Time horizon: 2024 benchmark is minimum wage per country; Career and Reward Framework will define more in-depth benchmark in coming years
• Description: All employees receive adequate salary (2024 benchmark: minimum wage per country). Working conditions safeguarded through social protection for income loss from illness, unemployment, work accidents, parental leave, retirement, and family-related leave.
• Outcomes: In 2024, 5% of male employees and 9% of female employees took family-related leave.

Collective bargaining and social dialogue

• Scope: Own operations
• Description: Respect for freedom of opinion and association, right to collective bargaining and social dialogue.
• Coverage: As of December 31, 2024:
  • 52.5% of employees covered by collective labour agreement
  • 49.9% of employees represented by employee representatives or works councils
  • Coverage rates by country:
    • Netherlands/Germany: 80-100% (both collective bargaining and social dialogue)
    • Poland: 0-19% (both collective bargaining and social dialogue)
    • United Kingdom: 20-39% (collective bargaining only)

Confidential advisors

• Scope: Own operations
• Description: Appointment of confidential advisors to address employee concerns.

Targets related to own workforce

Gender diversity targets

ForFarmers has set the following gender diversity targets related to own workforce:

Executive Board and Supervisory Board

• Target metric: Female representation (gender with lowest representation)
• Target value: At least 30% women and 30% men
• Target year: 2030
• 2024 progress: 33% women
• 2023 value: 25% women
• Scope: Executive Board and Supervisory Board members (9 members in 2024, 8 in 2023)
• Type: Absolute percentage target

Executive Team

• Target metric: Female representation (gender with lowest representation)
• Target value: At least 35% women and 35% men
• Target year: 2030
• 2024 progress: 25% women
• 2023 value: 29% women
• Scope: Executive team members (8 members in 2024, 7 in 2023)
• Type: Absolute percentage target

OpCo Management Teams

• Target metric: Female representation (gender with lowest representation)
• Target value: At least 35% women and 35% men
• Target year: 2030
• 2024 progress: 21% women
• 2023 value: 19% women
• Scope: OpCo management team members (53 members in 2024, 58 in 2023)
• Type: Absolute percentage target

All employees

• 2024 value: 22% women, 78% men
• 2023 value: 22% women, 78% men
• Total employees: 2,687 in 2024, 2,390 in 2023
• Note: No specific quantified target disclosed for all employees

Additional workforce diversity goals

The company states it "actively strives for a balanced composition of our workforce in terms of age and nationality" but no quantified targets are provided for these dimensions.

Health and Safety

While health and safety is mentioned as a priority with the statement "We want zero serious incidents at all our sites!", no quantified baseline, target year, or progress metrics are disclosed in the excerpts for this target.

Employees ForFarmers

Number of employees per country

Contract type breakdown

The total number of FTEs increased from 2,269 as at 31 December 2023 to 2,550 as at 31 December 2024. Due to the continued focus on cost awareness and measures taken to reduce the cost base the increase in underlying operating expenses remains below inflation.

Our dedicated employees are the driving force behind our mission: For the Future of Farming. It is therefore essential that all employees feel valued and respected, and can be themselves. The health and safety of our employees is our highest priority. We strive for diverse and inclusive teams as a foundation for sustainable success and we operate in line with our values, our Code of Conduct and relevant legislation. Collaboration within our teams and with our customers, suppliers and the wider community is crucial to achieving our mission. These elements form the basis of our HR strategy.

Characteristics of non-employees in the undertaking's own workforce

Number of non-employee workers

¹ The number of non-employee workers is estimated as no exact numbers can be reported. Further information on the calculation is included in the Appendix About ForFarmers' Sustainability Statements.

Methodology

Scope definition: Own workforce comprises two groups: employees and non-employees. The group of non-employees consists of two subcategories:

• Independent contractors providing services to the company (self-employed individuals)
• Temporary staff, including workers engaged in occasional work (e.g., agency workers)

Non-employees are temporary personnel (e.g., independent contractors or individuals provided by staffing agencies or subcontractors) whose work is supervised and directed by ForFarmers. This group also includes individuals employed by third parties or self-employed individuals performing similar tasks as employees, as well as those regularly working at the same location as employees.

Counting method: For non-employees (provided by staffing agencies and other contractors), the number is estimated based on actual costs. The estimated number of non-employees and full-time equivalents (FTE) is calculated by dividing the actual costs by the total cost of comparable internal roles within generic departments (logistics, production, marketing and sales, and local general and administrative functions). The number of non-employees is rounded to the nearest ten.

Collective bargaining coverage and social dialogue

ForFarmers respects individual rights to freedom of opinion and association, as well as the right to collective bargaining and all forms of social dialogue between ForFarmers and its own employees (i.e., employee representatives).

As of December 31, 2024:

• 52.5% of employees are covered by a collective labour agreement
• 49.9% of employees are represented by employee representatives or works councils

Coverage by country

European Works Council

In addition to local works councils that provide social dialogue in various countries, ForFarmers has an overarching European Works Council.

Methodology

The percentage of all employees covered by an independent trade union or collective bargaining agreement. Employees covered by more than one independent trade union or collective agreement are counted only once. The number of employees is derived from contractual agreements.

The percentage of all employees covered by employee representatives or works councils.

Gender diversity

We aim to work with diverse and inclusive teams to ensure long-term success, supported by concrete goals related to age and gender diversity. The diversity and inclusion policy has been further elaborated and a start has been made on strategic talent management, including succession planning.

Adequate wages

Benchmark used: ForFarmers applies the minimum wage per country as the benchmark for adequate wages. The company states: "All of our employees receive an adequate salary. In 2024, the applicable benchmark is the minimum wage per country."

The company acknowledges that "In the coming years, our Career and Reward Framework will define a more in-depth adequate wage benchmark."

Coverage: The assessment covers 100% of own workforce employees. The disclosure states that "all of our employees receive an adequate salary" based on the minimum wage benchmark.

Methodology: The minimum wage benchmark is "verified through contractual agreements." Wages are defined as "gross pay, excluding variable components such as overtime, bonuses, and allowances, unless these are guaranteed."

Social protection: All employees are safeguarded through social protection, including "support for income loss resulting from major life events such as illness, unemployment, work accidents, parental leave, retirement, and family-related leave."

Future commitments: ForFarmers plans to develop a "more in-depth adequate wage benchmark" through its Career and Reward Framework in the coming years, but no specific timeline or target is provided.

Geographic scope: The benchmark applies to all countries where ForFarmers operates (Netherlands, Germany, Poland, United Kingdom).

Value chain: The disclosure identifies "living wage" as a salient human rights issue in the upstream and downstream value chain (agricultural workers and on-farm workers), but no living wage assessment or benchmark for value chain workers is disclosed in the reporting period.

Social protection

Coverage statement

The working conditions of all ForFarmers employees are safeguarded through social protection. This includes support for income loss resulting from major life events such as illness, unemployment, work accidents, parental leave, retirement, and family-related leave.

Family-related leave taken

In 2024:

• 5% of male employees took family-related leave
• 9% of female employees took family-related leave

Entitlement to family-related leave

At ForFarmers, all employees are entitled to family-related leave as stipulated by national legislation or collective bargaining agreements.

Definition and scope

Family-related leave includes maternity leave, paternity leave, parental leave, and caregiving leave. The percentage represents employees who have taken family-related leave, broken down by gender.

Persons with disabilities

ForFarmers has assessed ESRS S1-12 (Persons with disabilities) as not material.

No quantitative metrics on the percentage of employees with disabilities are disclosed.

Planned action

The company's action plan for diversity and inclusion mentions employees with disabilities as a focus area:

"Starting in 2024, reviewing policies and procedures to identify whether and where systemic unconscious biases exist within our organization and towards different communities (with a particular focus on female employees, employees with disabilities, employees on lower incomes, and employees from different generations)"

Training and skills development metrics

Performance and career development reviews

In 2024, 79% of male employees and 77% of female employees participated in regular performance and career development reviews.

Definition and scope: The percentage of employees who participated in annual performance and career development discussions, broken down by gender. This information is sourced from ForFarmers' HR system, where participation is tracked at the individual employee level.

Average training hours per employee

Not disclosed. Information on average training hours per employee per gender is omitted for the first year of preparation of sustainability statements (as noted in ESRS compliance table, page 307).

Training programs and development

ForFarmers offers various training programmes and resources including:

• Digital onboarding program for new employees
• Online modules and e-learning tools
• Leadership training and development programmes
• Code of Conduct and IT security modules
• Workplace safety e-learning modules
• Online HR system providing access to various learning modules

The company follows a talent management cycle with individual objectives set at the beginning of the year, mid-year progress reviews, and end-of-year performance evaluations.

Health and safety metrics

Coverage of health and safety management system

100% of ForFarmers employees are covered by the company's health and safety management system. The health and safety policy applies to all employees and locations across all countries where ForFarmers operates.

Recordable work-related accidents

The frequency rate is calculated per 1,000,000 hours worked (converted from 200,000 hours worked in 2023 to align with ESRS requirements). Days lost are recorded for employees only.

Work-related fatalities and serious accidents

Serious work-related accidents are defined as incidents with lost time incidents. A tragic low point in 2024 was a fatal traffic accident involving one of our employees in Germany.

Work-related ill health

There were no reported cases of recordable occupational illnesses in 2024 (2023: nil).

Absenteeism

Absenteeism decreased from 3.1% in 2023 to 3.0% in 2024.

Work-life balance metrics

Family-related leave

ForFarmers reports that all employees are entitled to family-related leave as stipulated by national legislation or collective bargaining agreements.

Percentage of employees who took family-related leave (2024):

Methodology

Family-related leave includes maternity leave, paternity leave, parental leave, and caregiving leave. The percentage represents the proportion of employees who have taken family-related leave during the reporting period, broken down by gender.

Social protection and flexible working

ForFarmers provides social protection for all employees, including support for income loss resulting from major life events such as illness, unemployment, work accidents, parental leave, retirement, and family-related leave.

Flexible working in terms of time and location is facilitated to help employees improve their work-life balance. The company strives for a balanced approach between working in the office and working from home.

Compensation metrics

Pay gap

In 2024, the pay gap was 15.0% in favour of men. For benchmarking purposes, the gender pay gap in the EU was 12.7% (2022). Differences in pay between men and women are strongly influenced by differences in gender distribution across levels within the organization. We observe that the proportion of women does not increase at the same pace in senior management positions as it does in the rest of the organization. In the coming years, we will continue to work on closing the gap by increasing pay transparency and further developing our Career & Reward framework to ensure we have the right job, level, and pay data to gain insights and improve equality.

Gender diversity and pay gap

Remuneration ratio

Annual total compensation ratio (median): 28.8 (2024)

Performance and remuneration over 5 annual years

Methodology

Gender pay gap: The gender pay gap is calculated based on the gross hourly wage per employee, adjusted to their full-time equivalent (FTE). The gross hourly wage is derived from the annual total compensation, which includes salary and other forms of monetary or in-kind compensation received directly or indirectly in connection with their employment.

The components included in the calculation of the gender pay gap and the annual median total compensation ratio are base salary, monetary allowances (e.g., financial supplements, accrued bonuses), in-kind benefits (e.g., company cars), short term performance incentives and fair value of long-term performance incentives as recognised in the financial statements (cash-settled long-term incentives). Social security contributions and pension contributions are not included.

Annual total compensation ratio: The components for the average total compensation ratio follows the components as described in the Dutch Corporate Governance Code 2022.

Incidents, complaints and severe human rights impacts

In 2024, no severe human rights impacts, incidents or complaints were reported in our own operations. This includes reported incidents of discrimination, including harassment, or cases of forced labour, human trafficking, or child labour. As there were no incidents during the reporting period, no fines, penalties, and/or compensation were paid as a result of incidents.

Definitions and scope

According to the methodology disclosed in the appendix:

Total number of identified cases of serious human rights violations (own operations): The total number of serious human rights incidents involving ForFarmers' own workforce during the reporting period. Serious human rights incidents include cases such as legal actions, formal complaints through grievance mechanisms, or significant allegations in public reports or the media, linked to ForFarmers' own workforce. An incident is defined as a legal action or complaint formally registered with ForFarmers or authorities, or a case of non-compliance identified through internal processes (e.g., monitoring procedures or grievance mechanisms like the ForFarmers Speak Up procedure).

Total number of cases of discrimination, including harassment (own operations): The total number of reported cases of discrimination, including harassment, during the reporting period.

Total number of complaints filed by employees (own operations): The total number of complaints filed by employees during the reporting year through all available channels, including the Speak-Up procedure, direct reporting to management, or the Group's legal department. Complaints are defined as any formal written or verbal statement regarding (suspected) misconduct, reported via any of the available channels. All submitted complaints are recorded in the Issue Register.

Fines, penalties, and compensation resulting from incidents and complaints (own operations): The total amount in euros of fines, penalties, and compensation payments resulting from incidents and complaints related to discrimination, grievances, or serious human rights violations.

Policies related to value chain workers

ForFarmers has established policies to address impacts on workers in its value chain, particularly focusing on upstream suppliers and raw material providers. The company respects key international human rights and labour standards as set out in the Universal Declaration of Human Rights and the International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work, and policies are aligned with these standards.

Supplier Code of Conduct

Scope: The Supplier Code of Conduct applies to raw material suppliers (upstream value chain) and sets out principles and requirements for responsible corporate governance, business conduct, and integrity. The policy specifically focuses on respecting and protecting the rights of workers involved in the raw material supply chain. Efforts are directed toward a transparent supply chain for raw materials, with particular focus on raw materials with the highest risk of negative social and environmental impacts used in animal feed production, particularly soy, palm oil, and cocoa.

Key content and principles:

• Based on the UN Guiding Principles on Business & Human Rights (UNGPs) and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct (OECD Guidelines)
• Includes requirements related to fundamental international conventions and guidelines on human rights, health and safety, social responsibility, environmental stewardship, and business ethics and conduct
• Covers salient human rights issues identified through the company's assessment, including living wages and forced labor
• Requires suppliers to establish remediation mechanisms for any human rights violations and ensure no retaliation against anyone reporting potential violations
• Requires suppliers to communicate the grievance mechanism to their employees

Updates: In 2024, ForFarmers fully and clearly updated the Supplier Code of Conduct to cover salient human rights issues and aligned the policy with (emerging) EU legislation. The company aims to review and update the Supplier Code of Conduct at least every 24 months as needed.

Governance: Responsibility for implementing the Supplier Code of Conduct lies with the ESG taskforce.

Public availability: The Supplier Code of Conduct is communicated to suppliers, with ForFarmers committed to supporting suppliers in communicating the Code and providing guidance and training where necessary.

Monitoring and implementation:

• The company conducts monitoring activities to evaluate compliance through a combination of self-assessment questionnaires and site visits by trusted third parties and/or ForFarmers' own staff
• In cases of suspected or identified violations, appropriate measures are taken, including corrective action plans
• For serious (suspected) human rights violations, further steps may include suspending or terminating the relationship if the supplier is unable or unwilling to resolve the non-compliance
• The company assesses whether adverse impacts of terminating relationships would be less severe than the adverse impacts that could not otherwise be prevented or adequately mitigated
• Objective for 2030: ensure that raw material suppliers associated with the soy, palm, and cocoa supply chains or those with expenditures exceeding €1,000,000 per financial year have signed the Supplier Code of Conduct (or equivalent) and are members of Sedex (or another platform)
• 71.2% achievement rate in 2024 (against 100% target by 2030)

Remediation: ForFarmers is committed to remedying legal violations or policy breaches, including negative human rights impacts that the company causes, contributes to, or is directly linked to, in good faith through legitimate processes.

Human Rights Policy

Scope: The policy focuses on key human rights issues throughout ForFarmers' operations and value chain.

Key content and principles:

• Prohibition of child and forced labor
• Outlines a due diligence process to identify, prevent, and mitigate negative human rights impacts
• Includes a grievance mechanism to provide access to remedy
• Commits to reporting on the process and improvements over time
• Focuses on salient human rights issues identified through engagement with employees, workers, and other rights holders who may be affected

Links to international standards:

• Aligned with the UN Guiding Principles on Business & Human Rights (UNGPs)
• Aligned with the ILO Declaration on Fundamental Principles and Rights at Work
• Aligned with the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct

Governance: Ultimate responsibility and accountability for implementing the Human Rights Policy lies with the Executive Board, which regularly receives updates on implementation and progress from the Executive Team.

Public availability: The Human Rights Policy is available on ForFarmers' website.

Monitoring and implementation:

• The company has strengthened its human rights due diligence process in 2024 by further integrating the six steps of the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct
• Engagement with employees, workers, and other rights holders (both within own operations and across the value chain) to identify salient human rights issues
• Human rights due diligence process is integrated into the company's risk management system
• An internal task force (ESG taskforce) was appointed in 2024 to better manage impacts, risks and opportunities related to human rights in the medium to long term
• Key actions include: embedding the Human Rights Policy across the organization, establishing tracking indicators for salient human rights issues, developing a human rights due diligence roadmap, and evaluating operational grievance mechanisms of business partners
• The speak-up policy has been assessed against the effectiveness criteria for operational grievance mechanisms as outlined in the UNGPs, with gaps addressed
• Progress is communicated through sustainability statements

Code of Conduct for Third Parties

Scope: Applies to third parties in the upstream value chain for other business relationships.

Key content: Sets clear expectations on (ethical) behaviour for business relationships beyond raw material suppliers.

Additional approach elements

Grievance mechanism: Through the Supplier Code of Conduct, ForFarmers requires suppliers to communicate the grievance mechanism to their employees. The company is committed to providing access to remediation in cases where ForFarmers has directly caused or contributed to negative impacts, in line with the UNGPs. All reports of legal violations or policy breaches are investigated and, where appropriate and legally permitted, immediate corrective action is taken.

Target metric: Percentage of raw material suppliers who have signed the Supplier Code of Conduct (or equivalent) and are members of Sedex (soy, palm and cacao supply chain or spend above €1,000,000): 71.2% in 2024, targeting 100% by 2030.

Incidents: In 2024, no severe human rights issues or incidents related to the value chain were reported. ForFarmers is not aware of any human rights issues or incidents, nor any related legal proceedings and/or associated judicial rulings against ForFarmers.

Taking action on material impacts on value chain workers

The excerpts provided reference ESRS S2-4 on pages 96-98 of ForFarmers' Annual Report 2024, but the specific content describing actions taken on material impacts on value chain workers is not included in the provided excerpts.

Referenced disclosure location

According to the ESRS index table, S2-4 "Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those action" is disclosed on pages 96-98.

Due diligence framework referenced

The excerpts indicate that ForFarmers has:

• Embedded a human rights due diligence process to identify, assess, measure and monitor salient human rights issues
• Adopted a Human Rights Policy in 2024
• Identified salient human rights issues across the value chain including:
  • Health and safety (upstream supply chain, own operations, downstream)
  • Living wage (upstream supply chain, downstream)
  • Prohibition of child- and forced labour (upstream supply chain)
  • Work-life balance (own operations)
  • Equal opportunities and equal pay (own operations)
  • Right to a healthy environment (own operations)
  • Non-discrimination (downstream)

However, the excerpts do not contain the detailed action programmes, resources allocated, timelines, or effectiveness measures required under S2-4.

Policies related to consumers and end-users

The excerpts provided indicate that ESRS S4-1 (Policies related to consumers and end-users) is disclosed in the Sustainability statements section on pages 100-102. However, the actual content of these policies is not included in the excerpts provided.

According to the cross-reference table on page 308, datapoint S4-1 reference 16 regarding "Policies related to consumers and end-users" is marked with a bullet point (•) indicating it is addressed in the Sustainability statements.

The cross-reference table on page 311 also confirms that ESRS S4-1 datapoint 17 regarding "Non-respect of UNGPs on Business and Human Rights and OECD guidelines" is marked as "Not applicable."

The stakeholder engagement table shows that ForFarmers engages with customers (both members and others) as affected stakeholders through various channels including daily contact, websites, social media, magazines, newsletters, advisory groups, and regular meetings. Topics discussed include fair prices, timely delivery, product quality, technical advice, innovation, feed efficiency, feed safety, and animal health and welfare.

Without access to the actual pages 100-102 of the Sustainability statements, the specific policies, their names, scope, governance, content, and public availability cannot be extracted from the provided excerpts.

Taking action on material impacts on consumers

The company references S4-4 in its index (page 100-102) but the provided excerpts do not contain the actual disclosure of specific actions, programmes, or initiatives taken on material impacts on consumers and end-users.

Due diligence process

The excerpts describe the general due diligence framework:

• Taking actions to address adverse impacts is listed as a key step in the due diligence process (linked to ESRS S4-4)
• The company has embedded a human rights due diligence process to identify, assess, measure and monitor salient human rights issues
• Environmental due diligence is embedded in regular processes with established procedures and instructions to monitor and control processes

Salient human rights issues

The following salient human rights issues are identified in relation to downstream stakeholders (farmers, processors, retailers and consumers):

• Health and safety
• Living wage
• Non-discrimination (including the rights of minorities and marginalised groups)

However, no specific actions, timelines, resources, or KPIs are disclosed in the provided excerpts for addressing these consumer-related impacts.

Stakeholder engagement

The company engages with customers through various channels including daily contact, websites, social media, magazines, newsletters, advisory groups, and regular meetings. Topics discussed include product quality, technical advice, innovation, feed efficiency and safety, and animal health and welfare.

The actual S4-4 disclosure content is stated to be on pages 100-102 but is not included in the provided excerpts.

Business conduct policies and corporate culture

ForFarmers' corporate culture is built on five core values: Passionate, Responsible, Open-minded, United, and Delivering. These core values are described as the foundation of the corporate culture aimed at long-term value creation and supporting a safe working environment.

Code of Conduct

Policy name: Code of Conduct

Scope:

• Applies to every person or entity working for or on behalf of ForFarmers, including employees, managers, executives, members of the Supervisory Board, distributors, consultants, and non-payroll workers
• Covers all aspects of the business and all levels within ForFarmers

Governance:

• Ultimate responsibility for implementation and maintenance: Board of Directors
• Oversight: Director Corporate & Legal Affairs

Key content/principles:

• Four core areas: work environment, personal behaviour, business conduct, and protection of assets and information
• Standards of social responsibility and ethical behaviour based on principles in the Universal Declaration of Human Rights
• Topics include: bribery and corruption, gifts, entertainment and hospitality, conflicts of interest, trade and fair competition rules
• Zero-tolerance policy regarding violations
• Fostering a safe work environment where employees feel respected and treated equally, regardless of background
• No tolerance for discrimination or harassment based on gender, race, religion, nationality, age, sexual orientation, gender identity, ethnicity, physical abilities, or other personal characteristics or beliefs

Public availability:

• Available on ForFarmers' internal platform (for employees)
• Published on corporate website in German, English, Dutch, and Polish

Link to international standards:

• Based on principles of the Universal Declaration of Human Rights
• Values align with UN Global Compact principles

Monitoring/implementation:

• Annual training required for all employees (online or in-person)
• Training during onboarding process for new employees
• Compliance programme consists of three modules per year covering 2-3 themes
• Annual internal review of business conduct policies and effectiveness by Legal department under supervision of Board of Directors
• Twice yearly, directors of OpCos sign a Letter of Representation declaring compliance with Code of Conduct
• Employees can contact legal & compliance department for questions or advice on legal and ethical dilemmas

Code of Conduct for Third Parties

Policy name: Code of Conduct for Third Parties

Scope:

• Applies to third parties working with ForFarmers
• Mirrors the internal Code of Conduct but includes information specific to third parties

Key content/principles:

• Sets clear expectations on (ethical) behaviour
• Third parties must adhere to this Code when collaborating with ForFarmers

Supplier Code of Conduct

Policy name: Supplier Code of Conduct

Scope:

• Applies to raw material suppliers (upstream value chain)
• Target: suppliers in soy, palm, and cocoa supply chains or those with expenditures exceeding €1,000,000 per financial year

Governance:

• Responsibility for implementation: ESG taskforce
• Updated in 2024 to reflect changing legislation and assessment of salient human rights issues

Key content/principles:

• Principles and requirements for responsible corporate governance, business conduct, and integrity
• Requirements related to fundamental international conventions and guidelines on: human rights, health and safety, social responsibility, environmental stewardship, business ethics and conduct
• Covers salient human rights issues including living wages and forced labour
• Commitment to time-bound action plans
• ForFarmers will support suppliers in communicating the Code and provide guidance and training where necessary

Public availability:

• Communicated to suppliers

Link to international standards:

• Based on UN Guiding Principles on Business & Human Rights (UNGPs)
• Based on OECD Guidelines for Multinational Enterprises on Responsible Business Conduct

Monitoring/implementation:

• Goal: 100% of relevant suppliers to have signed the Code by 2030 (71.2% achieved in 2024)
• Monitoring activities include: self-assessment questionnaires, site visits by trusted third parties and/or own staff
• In case of violations: appropriate measures such as corrective action plans
• For serious violations: further steps including potential suspension or termination of relationship
• Review and update at least every 24 months

Speak-up Mechanism for Reporting Misconduct (Whistleblower Policy)

Policy name: Speak-up Mechanism for Reporting Misconduct

Scope:

• Available to all employees and internal or external stakeholders
• Renewed and updated in 2024

Governance:

• Operational responsibility: Director of Corporate & Legal Affairs
• Reports received by Director of Legal & Corporate Affairs and Integrity Committee
• Findings reported to Board of Directors and Supervisory Board

Key content/principles:

• Mechanism to raise questions or concerns about violations within ForFarmers
• Covers: violations of law or internal rules, unwanted behaviour, concerns not in line with law or PROUD core values or Code of Conduct
• Protection for whistleblowers in compliance with Directive (EU) 2019/1937
• Confidentiality maintained
• Access to effective remedies for substantiated complaints

Public availability:

• Accessible via corporate website in same languages as Code of Conduct

Monitoring/implementation:

• Multiple internal and one external confidential advisors appointed and trained
• Awareness raised through: onboarding process, Code of Conduct training, internal employee platform Connect
• 2 incidents reported in 2024 (decrease from 5 in 2023)
• Assessed against UNGPs effectiveness criteria for operational grievance mechanisms

Human Rights Policy

Policy name: Human Rights Policy

Scope:

• Applies to own operations and business partners

Governance:

• Ultimate responsibility and accountability: Executive Board
• Executive Board receives regular updates from Executive Team on implementation and progress

Key content/principles:

• Commitment to embedding human rights in all aspects of operations
• Focus on salient human rights issues, including prohibition of child and forced labour
• Due diligence process to identify, prevent, and mitigate negative human rights impacts
• Grievance mechanism to provide access to remedy
• Reporting on process and improvements over time
• Engagement with employees, workers, and other rights holders to identify salient issues

Public availability:

• Available on corporate website

Link to international standards:

• Aligns with UN Guiding Principles on Business & Human Rights (UNGPs)
• Aligns with ILO Declaration on Fundamental Principles and Rights at Work
• Aligns with OECD Guidelines for Multinational Enterprises
• Aligned with six steps of OECD Guidelines for Multinational Enterprises on Responsible Business Conduct
• Aligned with UN Convention against Corruption

Monitoring/implementation:

• Human rights due diligence process integrated into risk management system
• Internal task force (ESG taskforce) appointed in 2024 to manage impacts, risks and opportunities
• Roadmap developed with short-, medium-, and long-term actions
• Progress communicated through sustainability statements
• No severe human rights issues or incidents reported in 2024

Diversity and Inclusion (D&I) Policy

Policy name: Diversity and Inclusion (D&I) Policy

Scope:

• Applies to own employees
• Specific policies/targets for: all employees, Executive Board, Supervisory Board, Executive Team, OpCo management teams

Governance:

• Oversight: Board of Directors and Group HR Director
• Executive Board responsible for D&I policy for executive team and other staff

Key content/principles:

• Vision, principles and goals for diversity and inclusion
• Hiring based on capabilities and competencies, regardless of gender, age, race, or religion
• Conscious effort to enhance diversity and inclusion when candidates are equally qualified
• Company culture that values power of differences and ensures equal opportunities
• Action plan includes: reviewing policies for unconscious biases, diverse talent management, diverse succession planning
• Targets: at least 35% men and 35% women in executive team and OpCo management teams by 2030; at least 30% women and 30% men on Executive Board and Supervisory Board

Monitoring/implementation:

• Targets reviewed annually
• In 2024: 25% of executive team members are women, 21% of OpCo management team members are women
• Women accounted for 32% of new hires in 2024
• Policy fully reviewed and updated at least every 24 months

Privacy Policy

Policy name: Privacy Policy

Scope:

• Applies to handling of personal data of employees, customers, suppliers, and other stakeholders

Governance:

• Group Privacy and Security Officer oversees handling of personal data
• Ultimate responsibility: Board of Directors (delegated to CFO)

Key content/principles:

• Respect for privacy of all stakeholders
• Personal data processed only for legitimate and justified purposes
• Data must be accurate, relevant, and well-protected against unauthorised access or misuse
• Proper security when transferring data to third parties

Link to international standards:

• Compliance with GDPR

Monitoring/implementation:

• Privacy incidents reported via internal channels or to Group Privacy and Security Officer
• Data security team assesses breaches and implements corrective measures
• One data privacy incident recorded in 2024

Information Security Policy

Policy name: Information Security Policy

Scope:

• Applies to all information assets (strategic, tactical, operational) and supporting processes
• Covers IT processes, HR processes, financial processes, communication and IR procedures

Governance:

• Ultimate responsibility: Board of Directors (delegated to CFO)
• Group Privacy & Security Officer coordinates implementation and evaluation
• All employees responsible for adhering to policy and reporting risks/issues

Key content/principles:

• Protection of information assets from internal and external threats
• Ensuring accuracy, availability, and accessibility only to authorised individuals/systems
• Measures include: testing, access management, monitoring, security training, network segmentation, external data centers with backup processes, continuous cybersecurity screening

Monitoring/implementation:

• Incident response team convened for security incidents
• Security incidents reported through internal channels or to Group Privacy & Security Officer
• Continuous improvements in access management and vulnerability management
• Mandatory cybersecurity modules for employees
• One information security incident recorded in 2024

Responsible sourcing

We aim to source 100% of all raw materials responsibly by 2030. Raw material suppliers in the soy, palm or cocoa supply chain or with an annual spend of more than €1 million.

Biodiversity is crucial for maintaining a diverse planet. We aim to source 100% of all raw materials responsibly by 2030. Nitrogen efficiency is also a key focus in minimizing our impact on biodiversity. ForFarmers is developing new feed concepts with lower protein percentages, helping farmers reduce nitrogen emissions without compromising animal performance and welfare. ForFarmers is committed to the Dutch covenant to substantially lower nitrogen levels in cattle feed. Additionally, ForFarmers supports farmers with guidelines and measures for sustainable land use. A significant challenge lies in securing the willingness of all parties across the value chain to implement these changes, ensuring that food remains affordable and sustainable in the future.

Prevention and detection of corruption and bribery

Anti-corruption and anti-bribery policy (embedded in Code of Conduct)

Policy overview:

ForFarmers maintains a zero-tolerance policy towards bribery and corruption, as outlined in the Code of Conduct.

Scope:

• Applies to all employees and stakeholders
• All employees (100%) are considered to hold a high-risk position, as any employee could potentially be associated with corrupt activities in the performance of their duties

Key principles:

• All business decisions must be made based on objectivity, integrity, and the best interests of the organisation, without external influence
• Employees and stakeholders are expected to collaborate with individuals who understand that corruption and bribery are unacceptable
• The policy includes due diligence procedures for hiring personnel and establishing business relationships
• The policy includes procedures for reporting bribery and corruption under the Speak-up Mechanism for misconduct

Definition of corruption:

Corruption is defined as bribery, extortion, fraud, deception, collusion, cartels, abuse of power, embezzlement, trading in influence, money laundering, and other similar activities.

Governance and oversight:

• The Board of Directors holds ultimate responsibility for the effective design, implementation, and operation of the anti-corruption policy
• The Board must ensure that management is aware of, accepts, and acts in accordance with the policy, embedding it into the corporate culture
• The CFO is responsible for ensuring that systems are in place to prevent corruption

Alignment with international standards:

Where possible, ForFarmers' policies on anti-corruption and bribery are aligned with the United Nations Convention against Corruption.

Implementation and training:

• ForFarmers provides appropriate training upon onboarding and on a regular basis to all relevant employees
• Training raises awareness about the types of corruption, the risks of engaging in corrupt activities, the organisation's anti-corruption code and policies, and how to report corruption
• Training on ForFarmers' Code of Conduct is mandatory and rolled out to all employees

Monitoring:

To monitor performance regarding bribery and corruption, ForFarmers has introduced three indicators that are reported annually:

• Number of confirmed incidents of bribery and corruption in the reporting period (2024: 1; 2023: 0)
• Number of convictions of bribery or corruption offences in the reporting period (2024: 0; 2023: 0)
• Amount of fines (EUR) for violation of anti-bribery and anti-corruption laws (2024: 0; 2023: 0)

Actions taken:

Actions undertaken include verification that the incident of fraud identified was isolated and changes to internal processes to remove the possibility of a similar incident occurring again.

Incidents of corruption or bribery

ForFarmers maintains a zero-tolerance policy towards bribery and corruption, as outlined in its Code of Conduct. All business decisions must be made based on objectivity, integrity, and the best interests of the organisation, without external influence. The company's anti-corruption and anti-bribery policy includes due diligence procedures for hiring personnel and establishing business relationships, as well as procedures for reporting bribery and corruption under the Speak-up Mechanism for misconduct.

Reporting period metrics

The following metrics cover all operating companies, business units, and corporate departments where ForFarmers exercises direct or indirect management control, including confirmed incidents occurring within the value chain where ForFarmers or its employees are directly involved.

Actions undertaken include verification that the incident of fraud identified was isolated and changes to internal processes to remove the possibility of a similar incident occurring again.

Investigation and speak-up mechanisms

ForFarmers has established a Speak-up Mechanism available to all employees as well as internal or external stakeholders to raise questions or concerns about (potential) violations within ForFarmers. The mechanism is accessible via the corporate website in German, English, Dutch, and Polish.

Reports of misconduct are received by ForFarmers' Director of Legal & Corporate Affairs. The director, together with the Integrity Committee, coordinates all reports, operates independently and impartially concerning the Speak-up Mechanism, and is bound by confidentiality. The findings from investigations are summarised and reported to the Board of Directors and the Supervisory Board.

The identity of whistleblowers remains confidential. All personal data obtained during an investigation is used only for the purposes described in the Speak-up Mechanism. The operational responsibility for these mechanisms lies with the Director of Corporate & Legal Affairs.

ForFarmers is committed to providing clear and realistic pathways to address business-related harm. The ForFarmers Speak-up Mechanism offers protection to whistleblowers in compliance with Directive (EU) 2019/1937 of the European Parliament and Council.

Training and awareness

Based on ForFarmers' definition of corruption and bribery, all employees are considered as holding high-risk positions. Training on ForFarmers' Code of Conduct is mandatory and rolled out to all employees. The compliance programme consists of three modules per year, covering 2 to 3 themes. New employees follow an e-learning module covering all topics of the Code of Conduct.

Payment practices

ForFarmers has assessed ESRS G1-6 (Payment practices) as not material.

As stated in the ESRS index table: "G1-6 Payment practices - Not material."

Contextual information on payment practices

While no specific metrics are disclosed under ESRS G1-6, the following contextual information on payment practices is provided in the financial statements:

Credit risk management procedures:

• The Group trades with creditworthy parties and has set up procedures to determine their creditworthiness
• The Group has prepared directives to limit the scope of credit risk at each party
• Customers are categorised, and depending on their credit profile, risk-mitigating measures are taken including:
  • Payment according to the payment terms per country
  • Payment in advance, immediate payment upon receipt of goods or provision of collateral
  • Hedging by means of credit letters and bank guarantees
  • Insurance of credit risk

Trade receivables aging (as debtor):

Note: The increase in overdue receivables is mainly due to the acquisition of Piast during the year.