In 2025, our total carbon emissions decreased by 20% compared to 2024. The carbon intensity of our Hong Kong portfolio, Chinese Mainland portfolio and hotels decreased compared to 2024.

The Company’s largest source of carbon emissions under our control is Scope 2 emissions arising from purchased electricity. This category of emissions decreased by 21% compared to 2024. This is attributed to various factors, including the expansion of innovative low-carbon technologies such as the PEDF power distribution system at Taikoo Li Chengdu. We continued retrofitting works, improved energy management practices across our portfolios and increased our procurement of renewable electricity at HKRI Taikoo Hui and Taikoo Li Qiantan, securing 80% off-site renewable electricity covering both landlord and tenant operations starting in Q2 and Q3 of 2025 respectively. To date, 88% of the electricity consumption of our Chinese Mainland portfolio is now powered by renewable electricity, achieving net-zero emissions for both landlord and tenant operations.

For further information about progress against our SBTs and efforts to reduce our carbon emissions, please click here.

Swire Properties is conscious of our direct and indirect emissions at various stages along the value chain. Besides measuring Scope 1 (direct carbon emissions from energy combustion on-site) and Scope 2 carbon emissions (indirect carbon emissions which mainly come from the purchase and use of electricity), we also conduct comprehensive reviews of our Scope 3 emissions (indirect emissions that occur along the value chain) to understand the sources of our emissions and identify the associated material categories for management and reporting.

In 2025, our electricity use intensity⁴⁰ decreased by 44%, from 194 kilowatt hours per square metre (“kWh/m²”) per year to 108 kWh/m² per year across our global portfolios compared to our 2008 baseline year.

The electricity use intensity in our Hong Kong portfolio (including hotels) decreased by 22% compared to our 2019 baseline year. The electricity use intensity in our Chinese Mainland portfolio (including hotels) decreased by 12% as compared to our 2019 baseline year.

Electricity consumption for the like-for-like portfolio decreased by 3% from 2024 to 2025.

In 2025, the total water usage in our portfolios in Hong Kong and the Chinese Mainland remained steady compared to last year. Water consumption in the like-for-like portfolio decreased by 3.2% from 2024 to 2025.

When measured against our 2025 KPI, the water intensity of our Hong Kong portfolio decreased by 11% in 2025 compared to the 2016 baseline. During the year, we continued to install smart water monitoring systems across our portfolios to track the water consumption patterns of our tenants and in common areas, including toilets and irrigation points. This process informed our ongoing system configuration works.

At Citygate, we concluded a pilot project for an innovative water treatment system in the cooling towers that aimed to reduce both fresh water and energy consumption. Water usage intensity improved by 8.8%, with an estimated annual water savings of approximately 1,800 m³.

Water intensity in our Chinese Mainland portfolio decreased by 23.4% compared to the 2016 baseline. This reflects the success of our water-saving initiatives, including upgrades to the wastewater treatment plants at Taikoo Li Chengdu and Taikoo Hui Guangzhou, as well as enhancements to the rainwater recycling system at HKRI Taikoo Hui.

In our hotels, the water intensity in 2025 decreased by 10% compared to the 2018/2019 baseline used for our 2025 KPI. Our continued analysis and active management of water consumption in hotel guest rooms, restaurants and public areas has helped to reduce overall water usage.