Steps on the Green Brick Road

We frequently say that it is not just the carbon target, but the path to that target which affects the damage along the way. In this spirit, we share with you our milestones for the four pillars of our Net Zero strategy.

• We have engaged 60 companies, accounting for a little bit more than 5% of our financed emissions – progressing further toward our 2030 target of 70%.
• We have continued to decarbonise our portfolios. Our net zero perimeter achieved a carbon intensity reduction of 37% when not rebasing for AUM evolution and 44% when taking into account AUM evolution. Our goal is to reach 50% in 2030.
• We have increased the share of financed emissions coming from companies that are “net zero” or “aligned with a net-zero pathway” to 13%. Our objective is to reach 50% by 2030. Note that about 52% of our financed emissions are coming from companies that have had their climate targets validated as “aligned with a 1.5°C trajectory” according to the Science-Based Target Initiative methodology.
• We are developing new tools and indicators to assess our financing of the ecological transition. In addition to carbon and temperature alignment indicators that are available in our investment systems across assets, we have integrated EU taxonomy alignment numbers, and refined our green bond methodology and monitoring. The average share of revenue aligned with the EU taxonomy was 7.8% at end of 2025.