Dear Stakeholders,

Over the past year, the pace of change across the world has accelerated. Geopolitics and economic uncertainty have impacted global markets and disrupted supply chains. Amidst this change, the issue of environmental sustainability is becoming an ever-more pressing issue for businesses the world over.

For Swire Pacific, sustainable development is a strategic imperative because it guides how we create long-term value and benefit our shareholders. Sustainability is embedded into how we make decisions, allocate capital and manage risk. Never has it been more important to do so. We are operating in the context of accelerating climate risks. Regulations are evolving and our stakeholders expect enhanced action on sustainability. From our position, we recognise that these factors both bestow us with responsibility but also create opport unities.

Our sustainability strategy, now named “SD 2050”, reflects our unwavering commitment to a sustainable future and sets a clear timeline for action. It signals our determination to align Swire Pacific and its core businesses with long-term goals. Importantly, while our strategy’s name has changed, our interim targets and long-term ambitions have not, and they continue to guide our progress towards 2050.

This commitment to a sustainable future underpins the insights shared in the Swire Pacific Sustainability Report 2025. I hope you find it informative and helpful as you read more about our sustainability performance over the past twelve months.

Striving for a greener future

For the first time, Swire Pacific has been included in the CDP Climate A List, highlighting our leadership on climate action. We also maintained our presence in world-leading ESG indices. Building on this momentum, in 2025 we continued to progress each of our divisions’ strategic plans in our core markets, embed environmental sustainability across our Operating Companies, invest in our people and uphold responsible business practices. Whenever we seek to grow in the markets where we operate, we do so with sustainability as a core element of our strategy.

Across our businesses, we are enhancing our sustainability credentials. At Swire Properties, all wholly-owned projects under development have achieved the highest ratings of green building certification. In 2025, 16 buildings at Pacific Place and Taikoo Place garnered top industry recognition for their sustainability features, including quadruple Platinum certifications in BEAM Plus, LEED, WELL and WiredScore.

At Swire Coca-Cola, July saw the inauguration of Swire Coca-Cola Vietnam’s newest manufacturing plant, located in Tay Ninh Province. This flagship plant is the first food and beverage facility in the country to achieve LEED Gold Green Building certification, and incorporates the latest technology to enhance both the efficiency and sustainability of its operations.

At the HAECO group, the new hangar at Xiamen Xiang’an International Airport, which is scheduled to open in 2026, has been awarded LEED Platinum certification for its sustainability features. Not only is the facility the world’s largest single-span hangar, it is also the first outside the USA to receive the top recognition for its sustainable design and features.

Innovation and partnerships

Ensuring that our operations embody sustainability relies on innovation and collaboration with our partners. From pioneering energy systems at our property developments and advancing bottle-to-bottle circularity at Swire Coca-Cola, to helping to decarbonise the aviation industry, we are setting new benchmarks across the various industries in which we operate.

Swire Properties’ Taikoo Li Sanlitun retail landmark in Beijing has an ongoing commitment to innovation and climate resilience. The development was recently recognised with a prestigious three-star PEDF award from the China Association of Building Energy Efficiency for deploying rooftop photovoltaic panels, energy storage facilities and an intelligent load management system, all of which optimise how power is generated and used at the site.

In 2025, Swire Coca-Cola became the first company in Hong Kong to produce beverage bottles made from locally collected and recycled polyethylene terephthalate (rPET). The rPET is supplied by New Life Plastics Ltd., Hong Kong’s first food-grade-ready plastic bottle recycling facility, which is also a subsidiary of Swire Coca-Cola. New Life Plastics now produces over 400 tonnes of rPET per month, which is used for specific Coca-Cola^® Trademark and bonaqua^® bottles.

In 2025, the Cathay group worked to expand its initiatives and partnerships regarding sustainable aviation fuel (SAF). This included collaborating with DHL Express to supply 2,400 tonnes of SAF to major hubs in Asia, and joining the US$150 million oneworld BEV Fund, which aims to advance next-generation SAF technology. These efforts, and others, reinforce the Cathay group’s commitment to decarbonising aviation and achieving net-zero carbon emissions by 2050.

Delivering on our commitments

Swire has a responsibility to people and the planet, and we recognise and act on our obligations. As we grow our businesses, we encourage every colleague to act on the basis that safety comes first. We are making progress with improvements to safety culture and continue to introduce new initiatives across our operations to ensure the physical wellbeing of our people, our contractors and our sub-contractors. Safety remains a top priority in everything we and our Operating Companies do as we strive towards our goal of zero harm.

On our people, we have achieved our target of maintaining not less than 30% of female Board representatives on average over any three-year cycle. On our emissions, we achieved a 46% reduction in Scope 1 and 2 GHG during 2025 compared with our target baseline. We also saw improved year-on-year water efficiency and maintained our strong rates of waste diversion.

In 2025, Swire Pacific and its Operating Companies contributed over HK$120 million in financial support and in-kind donations to support the communities where we operate. When the tragic fire struck in Tai Po, Hong Kong, in November 2025, we mobilised to provide financial relief and long-term support to the victims. Our Operating Companies also provided steadfast support and care to those affected through donations of food and beverages, clothing, sanitary items and more.

Looking ahead

We remain committed to our long-term growth strategy and championing responsible business practices. By continuing to innovate, invest and take the lead in sustainability, we can ensure we are safeguarding a brighter future for all.

Guy Bradley
Chairman
Swire Pacific