Understanding how climate change affects our portfolio plays an important role for how we set strategy, allocate capital and meet our disclosure obligations. We have used climate scenario analysis since 2011, and in FY26 we took a significant step forward by developing a bespoke climate-related risks and opportunities (CRRO) quantification tool to support more consistent, decision-useful assessments aligned with our key climate-related risks and opportunities.

The tool, developed with EY and inputs from Marsh and JLL, brings together internal asset, valuation and emissions data with external climate datasets to model the financial impact of climate-related risks and opportunities at an asset and portfolio level. The tool assesses both physical risks – including flood, heat stress, water stress and drought - and transition risks across policy, market, technology and reputational drivers, using a high and low-emissions scenario to test possible outcomes under disparate futures.

The tool provides a view of where climate-related risks and opportunities could be material, variation across asset classes and geographies to inform our strategic planning, capital allocation and disclosure processes, including our voluntary FY26 AASB S2 climate-related disclosures in the 2026 Annual Report. These outputs also have confirmed our initial development of the Climate Transition Action Plan and our ongoing programs to manage climate-related risks and opportunities in our business activities.