EROAD Publishes FY25 Group Climate Statement

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EROAD Publishes FY25 Group Climate Statement
AUCKLAND, 30 July 2025: Fleet management and transport technology software company
EROAD Limited (NZX: ERD, ASX: ERD) has today published its Group Climate Statement as
part of its Sustainability Report for the reporting period ended 31 March 2025.
This marks EROAD’s second climate-related disclosure aligned with the Aotearoa New
Zealand Climate Standards. The report details how the company identifies and manages
climate-related risks and opportunities across its operations and outlines its strategic
planning for a low-emissions economy.
EROAD's FY25 Group Climate Statement is available on the company’s website under
the Investors section: https://eroadglobal.com/investors/ . For further information please
contact: Ksenija Chobanovich, General Counsel & Company Secretary, EROAD Limited.

ENDS


Authorised for release to the NZX and ASX by EROAD’s General Counsel & Company
Secretary, Ksenija Chobanovich.

For Investor enquiries please
contact: Jason Kepecs
Jason.kepecs@eroad.com
NZ contact: +64 21 990 474
AU contact: +61 47 7711 136
For Media enquiries please
contact: Richard Llewellyn
richard@shanahan.nz
+64 27 523 2362

About EROAD

EROAD (NZX/ASX: ERD) is a hardware-enabled SaaS company delivering safety, compliance,
sustainability and efficiency solutions for complex vehicles fleets.
Its connected platform is used by commercial and government operators across New Zealand, Australia
and North America to manage vehicles, assets and drivers with greater visibility and control. EROAD
supports demanding, highly regulated fleet operations, including those moving food, concrete and
aggregates, enabling them to operate smarter, safer and more sustainably.
EROAD’s platform is built on a foundation of regulatory expertise, having delivered the world’s first GPS-
based road user charging system in New Zealand, where it remains the market leader today.
www.eroad.co.nz

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FY25
Sustainability Report
Including Climate-related disclosures prepared in accordance
with the Aotearoa New Zealand Climate Standards
For the period: 1 April 2024 –31 March 2025

CONTENTS
This report has been prepared based on information available to
EROAD Limited (EROAD) and its subsidiaries at the date of its
authorisationfor release. Itcontains forward-looking statements,
judgements and statements of opinion, including statements
regarding potential climate-related risks and opportunities,
anticipated impacts, strategy, planning and targets. These
statements reflect EROAD’s current views and expectations of future
events as at the date of this report. Yet these are subject to known
and unknown risks, uncertainties and other factors that could cause
the outcomes to differ materially from those described, many of
which are beyond EROAD’s control, inherently uncertain and likely to
change over time. Actual impacts, circumstances and developments
may differ materially from those expressed or implied in this report.
Accordingly, you should not place undue reliance on any forward-
looking statements in this publication or information that is subject
to significant uncertainties or reliant on assumptions. EROAD
assumes no obligation to update forward-looking statements or any
other information in this report, except as required by law or
regulation. EROAD does not accept any liability whatsoever for any
loss arising directly or indirectly from use of any information
contained in this report, whether in respect of EROAD or any of its
subsidiaries. This report is not an offer or recommendation to invest
in, distribute or purchase financial products. Nothing in this report
should be interpreted as advice, whether investment, legal, financial,
tax or otherwise.
References in this document to FY25relates to the full year ended 31
March 2025.
Important
MESSAGE FROM OUR CHAIR AND CEO'S PAGE 3
ABOUT EROADPAGE 4
OUR MATERIAL TOPICS
CUSTOMERS AND COMMUNITIESPAGE 7
OPTIMISING OPERATIONSPAGE 8
PEOPLEPAGE 9
CLIMATE-RELATED DISCLOSURES
STATEMENT OF COMPLIANCEPAGE 10
GOVERNANCEPAGE 11
STRATEGYPAGE 13
RISKMANAGEMENTPAGE 21
METRICSANDTARGETSPAGE 22
APPENDIX 1: GHG INFORMATIONPAGE 27
APPENDIX 2: GHG ASSURANCEPAGE 34
APPENDIX 3: DETAILED SCENARIO NARRATIVESPAGE 37
NZ CS REFERENCE TABLEPAGE 40
EROAD FY25 Sustainability Report | PAGE2

EROAD FY25 Sustainability Report | PAGE3
The challenge of decarbonising transport is real, urgent, and deeply
connected to the systems that keep our economies moving. At
EROAD, we’re focused on the practical levers we can pull, as we
improve the sustainability of our own operations while also helping
customer fleets reduce their environmental impact.
Transport connects our places, communities, lives, and economies.
But it also contributes significantly to global emissions. As technology
advances and expectations rise, the transport sector is undergoing
pressure to decarbonise while continuing to deliver what society
needs. EROAD is focused on helping fleets navigate that tension by
using data and intelligent tools to reduce emissions, improve
efficiency, and support more sustainable outcomes at scale.
This year, we’ve made meaningful progress on both sides of that
equation. We strengthened our internal approach to climate
governance and measurement, adopting the Watershed platform for
deeper emissions insights and introducing independent assurance of
our greenhouse gas emissions byToitūEnvirocare. We also worked
with PwC and our Sustainability Committee to re-evaluate the
material topics that matter most to our business, our people, and our
customers. That process has sharpened our priorities and set the
stage for clear, measurable targets.
We’re proud of what we’ve achieved so far, but we’re even more
focused on what’s ahead. Our updated material topics reflect the
areas where EROAD is uniquely positioned to make a difference:
•Supporting our customers and communities to operate more
sustainably
•Optimising our operations to reduce impact
•Developing and caring for our people
Work is already underway to set clear targets under each of these
themes, and we’ll begin reporting from FY26, in addition to the
metrics and targets set and reported under the climate standards in
this report.
While we continue to reduce the emissions and waste from our own
operations, ourgreatest potential to make an impact comes from
what we can enable our customers to achieve in the future. Many
operate large and complex fleets and when they use our platform to
improve fuel efficiency, vehicle health, safety, or compliance, the
benefits can extend across their operations –supporting reductions in
cost, risk, and emissions at scale.
We’re already seeing that impact. In refrigerated transport, customers
are cutting fuel use through better temperature control. AI-enabled
dashcams are helping customers identify high-risk behaviours in real
time, supporting efforts to improve safety outcomes. Additionally, the
most engaged users of our data tools are improving fuel economy
year-on-year.
As technology continues to evolve, so does our ability to help fleets
move more efficiently and more sustainably. This work matters, not
just for our business, but for the industries we support, and the
communities that depend on them.
As our business continues to grow, we remain committed to our net
zero target by 2050. While absolute emissions may fluctuate due to
expansion and operational changes, we closely monitor and report
both total emissions and emissions intensity (emissions per unit of
revenue). This approach provides transparency on our progress and
reflects our efforts to reduce emissions relative to our business
activity. We recognise that growth enables us to help more
customers reduce their own emissions, amplifying our positive
impact. If any significant changes occur in our operations, we will
review and, if appropriate, reset our emissions base year to ensure our
disclosures remain consistent and comparable over time. We are
committed to clear, transparent reporting and will continue to
highlight the context behind any significant changes in our emissions
profile.
Susan Paterson,Chair
Mark Heine & David Kenneson, Co-Chief Executive Officers
A message from our Chair and Co-Chief Executive Officers
EROAD FY25 Sustainability Report | PAGE3

EROAD FY25 Sustainability Report | PAGE4
About EROAD
Weprovideend-to-end technology solutions
which connectvehicles,drivers, assetsand
operationstohelp businessesmakereal-time
decisionsfromreal-timedata.Helpingrun
safer,greener,more productivebusinesses.
OURPURPOSE
Deliveringintelligence youcan
trust,forabetter worldtomorrow
OURMATERIAL TOPICS
Supporting our customers and communities to operate sustainably
Optimising operations while minimising impact
Developing and caring for our people
AtEROAD,we believeyoucan’tplanwhereyouare goingtomorrow,ifyou
don’tknowwhereyouare today.The businesseswe serveareatthe heart
of their localeconomies.Theydon’tjustneed data,theyneed
intelligence.Reliable,accurateandreal-timeinsight enablingthemto
makedecisionswhichmoveusall forwardtowardsasaferand more
sustainablefuture.
Aligned with our purpose,EROAD is dedicated to integrating sustainability
throughout our business and operations. As a technology company,
innovation, openness, and continuous improvement are key to our culture
and factor heavily in our climate change journey. Our disclosures are not
merely about compliance; they present insights about our strategic vision
and opportunities for contributing positively to a low-emissions, climate-
resilient future.
EROADINTHE
CIRCULARECONOMY
E-WASTEPROGRAM(NZ)
REFURBISHEDUNITS
SUPPLIERMANAGEMENT
FORACCESSTOPARTSFOR
REPAIRS&REFURBS
FUEL(FLEET &TRAVEL)
ENERGY(OFFICE)
INTEGRATIONSWITHOEM
TOUTILISEEXISTING
HARDWARE
OTAUPDATESTOHARDWARE
FUEL-ROUTE MANAGEMENT,
IDLING,MAINTENANCE
ASSETUTILISATION-
EFFICIENT USAGEOFEXISTING
EQUIPMENT
SAFETY -SAFERDRIVING
REDUCESINCIDENTS
RESULTING INLOSTLOADS,
COSTLYREPAIRSETC
DESIGN
QUALITYCONTROL&
TESTINGINVENTORY
MANAGEMENT FREIGHT
MAINTENANCEOFVEHICLES
EXTENDSLIFE
ASSETUTILISATIONFOR
ACCURATEPURCHASING
OFEQUIPMENT
DATATOINFORMPURCHASING
VIAEVBENCHMARKING
PREDICTIVESHUTDOWN-
PREVENTATIVEMAINTENANCE
EXTENDEDREUSABILITYOF
FLEETRESOURCES
INCLUDINGREPURPOSEOF
VEHICLES
DATA-DRIVENASSET
DECOMMISSIONINGAND
RECYCLING(SELL,REPURPOSE
ORRECYCLEDECISIONS)
The Sustainable Development Goals (SDGs) are the UN’s blueprint for a more sustainable future for all.
These goals look to create a better world by ending poverty, fighting inequality and addressing climate change.
EROAD is supportive of the United Nations Sustainable Development Goals
UNITED NATIONS SUSTAINABLE
DEVELOPMENT GOALS:

EROAD FY25 Sustainability Report | PAGE5PAGE14PAGE15
CONSTRUCTION& CONCRETE
FIRSTRESPONDERS
UTILITIE S
COURIER&DELIVERY
WASTE &RECYCLING
OPTIMISINGEFFICIENCY FOR:VEHICLESDRIVERSROADSLOADSOPERATIONS
EROADisattheintersectionofourcustomers’physicaland digital operations.
Wedeliveraconnectednetworkoftoolsandsupporttheirneedto staycompliantandoperatesafely,
efficiently,andsustainably.
TRANS PORT&LOGISTICS
PUBLI C TRAN SPORT
FIELDSERVICESFOOD&BEVERAGE
Compliance &
Assurance
Road User Charges
Fuel Tax
Cold-Chain Assurance
Construction Assurance
Health & Safety
DriverCoaching
VehicleHealth
Incident Prevention
Speed Reduction
Productivity
Trip Routing
Driver Allocation
AssetUtilisation
Job Allocation
Sustainability
EV Support
Carbon Emissions
Fuel Reduction
Fleet Benchmarking
The value we deliver

EROAD FY25 Sustainability Report | PAGE6
Ourevolution
fromRegulatory
Telematics
inNewZealand,
toglobal
FleetOperations
Platform
AI
Professional
Services
RegulatoryTelematics
Telematicsfocuswithfeaturestoserve
markets andcustomerneed–leveraging
compliance, reg ulatory,andgreat
hardware
RegulatoryTelematicsEnterpriseFleetPlatformFleet OperationsPlatform
EnterpriseFleetPlatform
ShiftedthebusinesstoenterpriseSaaS–
largermorecomplexcustomers witha
solution approach,increasingTAMwith
innovation
FleetOperationsPlatform
Buildingthefutureinaccelerated ways
FY24
FY25
FY26
Partner
Ecosystem
In-HouseDataScientist
CoreTemp
LLMs&ML
AIAssistant,ClarityEdge
Hyperscaling
AIattheCore
Foundational
EnterpriseCustomers
Scaled
Monetisedtraining&integration
Innovate
Co-DevelopmentProjects
Embryonic
ThermoKing,Microsoft
TAMExpansion
Carrier,GeoTab
IngestionEngine
OEMs, Solution &Data Providers
•Hardwarereliantbuiltonregulatory and
complianceneeds
•Driverfirstproductandfeatureapproach
•Value propositionbuiltoffsimplic ity&
appe alingtoSMB
•Ne wZealandcentricwithbea chhea d
footprintinUS&AU
•Expande dtoente rpriseplatformsolution
forwholeofflee tacrossdriver,asset&
loadwithverticalspecialisations
•Software-firstapproachenable dbyhardware
•SaaSculturewithfinanc ialdiscipline,balanced
investment insustainablegrowth andashifttoward
annualise dbilling
EROAD’sevolutionoverthepastfe wyearshas
reshaped thebusinessfromacompliance-first
loc alplayertoaglobal, platform-ledbusiness
withgrowingmomentum.Now,threestrategic
pillarsaresettoshapeournextchapter.Each
hasmature drapidlyyear-on-year, andposition
usforcontinuedsustainable,scalablegrowth.
EROADPlatform
FY25FY20
Positioned for
Growth
•AIhasprogressed fromstandalonefeatures to
being embeddedintothecoreplatform, allowing
ustounlockthefullpotentialofdataandrealtime
insightsforcustomers.
•Professional Servicesareevolvingbeyond
implementationintodeeper,high-value
engagements, creatingnewcommercialpathways
andacceleratingproduct-marketfit.
•Partnerintegrationshavemovedfromtactical
additions toa strategicecosystem,increasingour
addressablemarket, improvingdeploymentspeed,
anddeliveringamoreunified customer
experience.
Strategy

EROAD FY25 Sustainability Report | PAGE7
EROAD helps fleets operate more efficiently, safely and sustainably by giving them the data and tools they
need to make better decisions every day. From temperature control and driver behaviourto real-time asset
visibility, our platform enables measurable outcomes that benefit both business and the environment.
Supporting our customers and communities to
operate sustainably
SMARTER SAFETY SYSTEMS REDUCE
RISK AND ENVIRONMENTAL IMPACT
EROAD’s AI-enable d dashcam, Clarity Edge with fatigue
came ra, represents a step cha nge in how fleets dete ct and
respond to dangerous driving behaviour.
Compared to traditional camera syste ms, the AI-powered
device ca n identify more high-risk insights, including
tailgating, mobile phone use, and driver fatigue. Some of our
key custome rs a re seeing a marked increase in safe ty alerts
using our AI cameras when compared to our non-AI
dashcam offering. Real-time voice alerts and se at sha ker
help correct behaviour in the moment, preve nting incidents
before they occur.
Safer driving has immediate benefits for people and
operations and contributes significantly to sustainability.
Fewe r crashes me an less injuries and fatalities, fe wer
vehic le write-offs, less freight damage, lower insurance
impa ct, a nd reduced emissions from emergenc y response,
repairs and replacement.
EFFICIENCY GAINS IN COLD CHAIN
OPERATIONS
Refrigera ted fleets are seeing strong re sults with the he lp of
EROAD’s temperature and asset monitoring tools, which
support improvements in how cooling is managed ac ross
trailers.
One large operator reduced pre-cooling time by more than
65%, c ut critica l temperature faults in ha lf, and maintained
asset utilisation above 80%.
These changes support improved food safety and
compliance, while a lso contributing to reduced fuel use a nd
emissions by helping avoid unne cessary engine hours and
ensuring trailers are cooled only when a nd where needed.
Custome rs c an be nefit from mea ningful emissions savings
and fewe r wasted resources, delivered through smarter
visibility a nd control.
High Engagement,
Real Impact
The most engaged fleets using
EROAD’s Sustainability Dashboard saw
an average
11.3% improvement in fuel economy
over 12 months.
These fleets are using data more
actively by tracking idling, driving
behaviour, and route performance and
turning insights into action.
EROAD FY25 Sustainability Report | PAGE7

EROAD FY25 Sustainability Report | PAGE8
We’ve made meaningful progress in reducing our operational footprint by cutting emissions, avoiding
waste, and improving efficiency across freight, packaging, and hardware. These efforts relate directly to
our Scope 1, 2, and 3 emissions, and align with our commitment to serving customers without
compromising on quality or reliability.
The work we’re doing is focused on long-term efficiency. By consolidating shipments, extending the life
of devices, and reducing materials used, we’re building a more sustainable and resilient business.
Optimisingoperations while minimisingimpact
FREIGHT AND LOGISTICS WITH LOWER
EMISSIONS
Freight is apart of our Scope 3 emissions. In FY25, we re duced
our relianc e on air freight a cross both dome stic a nd
international movements. We shifte d more deliveries to
consolida ted channels a nd prioritised lower-emissions options
wherever possible.
In Australia and New Zealand, we rolled out a bulk freight
model that allows for larger, more effic ient shipme nts. In some
cases, these now trave l by rail instead of road in New Ze aland.
We also expanded our use of DHL’s services by implementing
the GoGreeninitiative and simplified international shipping
routes to a void duplication.
These cha nges are alre ady helping to reduce emissions while
supporting bette r de livery time fra mes and inventory c ontrol.
CIRCULAR HARDWARE OPERATIONS
THAT REDUCE WASTE
Our ha rdware practic es are a growing foc us within our
Scope 3 footprint. Over the past year, we strengthened our
approa ch to reuse a nd material recovery.
We introduced a more targeted refurbishment policy to
reduce unnece ssary handling of unused inventory. We also
improved recovery of key components like LCD screens,
eliminated re dundant cable shipme nts, and ensured all
returned units are proce ssed through our central rec ycling
system. In FY25, 100% of hardware returned to EROAD
globally was diverted from landfill through e-wa ste
recycling, up from New Ze aland-only coverage in the
previous ye ar.
Battery recy cling is now standard across our opera tions.
One large operator reduced pre-cooling time
by more than 65%, cut critical temperature
faults in half, and maintained asset utilisation
above 80%.
High Engagement, Real Impact
The most engaged fleets using EROAD’s
Sustainability Dashboard saw an average
11.3% improvement in fuel economy
over 12 months.
These fleets are using data more actively by
tracking idling, driving behaviour, and route
performance and turning insights into action.
PACKAGING IMPROVEMENTS WITH
OPERATIONAL IMPACT
We’ve upgraded our packaging systems to improve both
material usage and transport e fficienc y. By expanding SKU
covera ge and moving to better-sized pack formats, we’ve
reduced unnecessary pac kaging and improved protection
during tra nsit.
This work supports our wide r efforts to lower Scope 3
emissions and re duce waste without c ompromising delivery
quality or spee d.
In FY25, 100% of hardware
returned to EROAD globally
was diverted from landfill
through e-waste recycling, up
from New Zealand-only
coverage in the previous year.
EROAD FY25 Sustainability Report | PAGE8

EROAD FY25 Sustainability Report | PAGE9
At EROAD, our ability to create climate impact at scale relies on our people -their ideas, values, care, and
execution. That’s why our focus isn’t just on building capability but on creating a workplace that’s inclusive,
resilient, and aligned with the values we want to see in the world.
Developing and Caring for Our People
WORKFORCE REPRESENTATION AND
LEADERSHIP
We ende d FY25 with 427 employe es across New Zealand,
Australia a nd North America. Women make up 36% of our
global workforce, and 54.5% of our senior leadership (top two
tie rs), in line with our 40:40:20 gender balance goal. Our Boa rd
maintains 50% female representation, exceeding the NZX’s
guida nce on minimum gender diversity.Globa l volunta ry
turnover dropped to 14% -a sign of inc re asing enga geme nt a nd
sta bility.
CULTURAL CONNECTION AND
WELLBEING
We take a deliberately inclusive a nd grounded approach to
we llbeing. During the ye ar, we ra n a global tra ining serie s
led by our in-house wellbeing expert, drawing on the Māori
fra mework TeWhare Ta pa Whāto support a holistic mode l
of health. Over 50% of the company participated in each
session –a strong signal that these conversations matter to
our people. Alongside our global EAP progra mme, we
continue to offer mental hea lth support, flexible work,
health insurance benefits, and wellbe ing initiatives.
CELEBRATING OUR PEOPLE
We launched our first “EROAD erof the Year” award inFY25
to celebra te the pe ople who show up, pitch in, a nd live our
values ev ery day.
Each quarter, we recognise individuals ac ross the busine ss
who are making a real difference as EROAD ersnominate
ea ch othe r in la rge numbe rs.
From those winners, one person wa s chosen as our first
EROAD ER of the Year.
Our FY25 EROAD erof the Ye ar ea rned this recognition for
the wa y the y lea d, support their team, and deliver re sults.
Colle agues described someone they ca n re ly on—someone
who solves problems, keeps projec ts on tra ck, a nd brings a
sense of purpose to everything they do.
Their a pproach was described as thoughtful and c onsistent.
They remov e roadblocks, share knowledge free ly , and
ensure those a round them ha ve wha t they ne ed to succeed.
That kind of le ade rship sets the tone for others and reflects
the culture we’re proud to build at EROAD.
SAFETY AND CONNECTION
Globa l Road Safe ty We ek is a ma jor fixture on our calenda r.
In FY25 we marked the ev ent with a company-wide series of
ac tivities. These sessions helped c onnect produc t
outcome s like c ra sh reduc tion a nd safer roa ds dire ctly to
the people behind the work. It’s one of many ways we
reinforce the connec tion between wha t we do, and why it
matters.
36%
women globally
14%
Turnover
Down from 19%
427
employees across NZ,
AU, and NA
+49
eNPSscore for
satisfaction with our
D&I efforts globally
EROAD FY25 Sustainability Report | PAGE9
54.5%
women in senior
leadership

Climate-relatedDisclosures
STATEMENTOFCOMPLIANCE
EROAD Limited (EROAD ) is a clima te-reporting entity (CRE)
under the Fina ncial Markets Conduct Act 2013. This report
presents our second clima te-rela ted disclosures under the
Aotearoa New Zealand Climate Standards issued by the
External Reporting Boa rd (XRB) (Climate Standards) for the
full yea r ended 31 March 2025 (FY25).
These disclosures cover EROAD and its subsidiaries,
meaning the EROAD group of companies cov ered by our
consolidated financial sta tements, as listed in the alrea dy
issued FY25 EROAD Annual Report (Group). Unless
otherwise state d, a ll figures and commentary in this report
rela te to the full y ear ended 31 Ma rch 2025 and all
references to currency-related amounts in this report are in
New Zealand Dollar (NZD).
Our clima te reporting ha s evolved significa ntly over the past
fe w y ears. We began with voluntary susta inability reporting
in 2022 and 2023, followed by our first report under the
Climate Standards in 2024. As expe cta tions, tec hnologies,
and best practices continue to advance, we’re building
ca pability a nd stre ngthening governance to ensure our
reporting remains re le vant, reliable, a nd decision-useful.
This FY25 report reflects that ongoing progress a nd
reinforces our commitment to integrating climate-related
risks and opportunities into strategy , ope ra tions, and
enga ge ment with customers, suppliers, a nd partners.
In preparing this report, EROAD has elected to rely on the
following a doption provisions of Climate Standard 2 (NZ CS 2)
:
Takingintoac counttheAdoption Provisionsapplied,EROADiscompliantwiththeAotearoaNe wZealandClimateStandards.
ADOPTIONPROVISIONDESCRIPTION
Adoption provision 2: Anticipated financial
impacts
Exemptions from disclosing the anticipated financial impacts of climate-related risks
and opportunities reasonably expected by a reporting entity, a description of the time
horizons over which those anticipated financial impacts could reasonably be
expected to occur and why quantitative information about anticipated financial
impacts is unable to be disclosed. Qualitative descriptions of identified climate-
related risks and opportunities have been disclosed; the financial impacts are unable
to be quantified due to the wide range of possibl e outcomes associated with physical
and transitional risks that make financial modelling challenging.
Adoptionprovision4:Scope3GHG
emissions
An exemption from disclosing greenhouse gas (GHG) emissions: gross emissions in
metric tonnes of carbon dioxide equivalent (CO2e) cl assified as scope 3. In doing so,
EROAD is only electing not to disclose in this report use of sold products as a subset
of its scope 3 GHG emission sources. Further work is required to report on this
em ission area, however we do not expect it to be a significant emission area in term s
of EROAD’s overall footprint due to the low power requirements of our devices.
Adoptionprovisions5and6:Comparatives
forScope3GHGemissionsand Comparativesfor
metrics
Exemptions from providing comparative information for the immediately preceding
two reporting periods for scope 3 GHG em issions and for each metric.Comparative
data has been included for the two preceding periods, however we are still
developing a deeper understanding of trends and broader im pact.
Adoptionprovision7:Analysisoftrends
An exemption from disclosing an analysis of the main trends evident from a
comparison of each metric from previous reporting periods to the current reporting
period. Comparative data has been included for the two preceding periods, however
we are still devel oping a deeper understanding of trends and broader impact.
In pre paring our disclosures and assessing
the materiality of climate-related matters, we have
considered whethe r these factors would reasonably
influence decisions made by our primary use rs. Our primary
users are existing and potential investors, customers and
end users of our te le matics hardware and Sa aS platforms.
ThisreporthasbeenapprovedbytheEROADBoardon
30 July 2025 andissignedonbeha lfoftheBoardbySusa n
Paterson(Chair)andDavidGre en(ChairoftheFinance, Risk
andAuditCommittee).
DavidGreen
ChairoftheFinance, Risk
andAuditCommittee
Susan
Paterson
Chair
EROAD FY25 Sustainability Report | PAGE10

OVERSIGHTOF CLIMATE-RELATEDRISKS
ANDOPPORTUNITIES
ROLEOFTHEBOARD
The EROAD Boa rd of Directors (the B oard) holds ultimate
accountability for the company’s strategic direction and strong
corpora te gove rnance, including the oversight of climate-
related risks and opportunities. It integrates climate
considerations within EROAD’s broader risk management
framework, approves the company’s risk appetite, and monitors
performance against climate-related metric s and targets.
SUPPORT FROM THE FINANCE, RISK AND AUDIT
COMMITTEE (FRAC)
The Boa rd delegates detaile d oversight of climate-related risks
and opportunitie s to the Financ e, Risk and Audit Committee
(FRAC). FRAC is responsible for monitoring EROAD’s risk
management and internal controls, inc luding climate-related
matters, a nd ensuring compliance with disclosure
requirements. FRAC tracks progre ss against climate targets and
metric s, reports materia l findings and de velopments to the
Board, and provides re commendations as nec essary.
Further information about FRAC’s role, membership, meeting
attendance, and operations are available in EROAD’s FY25
Corpora te Governance Statement on pages 90-91 of the FY25
EROAD Annua l Report.
CLIMATE REPORTING OVERSIGHT
Following the introduction of manda tory reporting for Climate
Reporting Entities (CREs) in FY24, the full Boa rd rev iewed and
approved EROAD’s inaugural climate-related disclosure s,
including sce nario analysis, risks, opportunities, a nd
associated metrics and targets.
In FY25, the Boa rd delegated ongoing oversight of climate-
related matters to FRAC, as per its delegated authorities.
Betwe en 1 April 2024 and 31 March 2025, F RAC conv ened four
time s where climate-related matters were considered at each
meeting. These matters we re typica lly addressed through
committee papers and management presentations, with key
outcome s communica ted to the Board via v erbal reports. To
support informed ove rsight and meaningful discussion, the
Board received presentations from PwC’s climate team in FY24,
aimed a t enhancing its understanding of climate-related risks
and opportunitie s. The susta inability theme s and transition
planning priorities outlined in EROAD’s transition plan are
consistent with previous guida nce from the Board.
Thetransition plan developed for EROAD was tabled at the June
2025 Board meeting for approval and formal acc eptance.
ROLE OF MANAGEMENT
EROAD’s Executive Team, is collectively responsible for
delivering the company’s strategy and managing day-to-day
operations, inc luding climate-related risks and opportunities.
Climate matters a re identified a nd managed by the Executive
Team -led by the Co-CEOs and supported by the Chief
Sustainability Officer a nd Genera l Counsel –and material risks
are reported to the FRAC and Board as part of the company’s
risk fra mework. No material climate related risks were identified
in FY25.
Appointed in Ma y 2023, the C hief Susta inability Office r leads
EROAD’s Sustainability Committee –a cross-func tional working
group with represe ntativ es from supply cha in, product, legal,
financ e, marketing, people, safety and technical teams. The
Committee meets monthly (or as needed) to consider c limate-
related risks, opportunities, initiative s, and metrics. It advise s
the Exe cutive Team and engages e xternal e xperts such a s PwC
and Chapman Tripp where required. Management team re ports
key sustaina bility and climate-related matters to FRAC a nd the
Board at lea st bi-annually, or more frequently if required.
The organisationalstructure cha rton this page illustrates
EROAD’s structure for overseeing and managing climate-
related risks and opportunities.
SKILLS AND COMPETENCIES
The Board systematically rev iews its c ollectiv e compe tencies to
ensure e ffec tive climate gove rnance, utilisinga skills matrix that
is update d and disclose d annually in the Corporate Governance
Sta te ment. Dire ctors are enc oura ge d to pursue ongoing
learning, including on c limate and sustainability topics.
With many dire ctors be ing members of Chapter Zero, the Board
also participates in climate-related eve nts. Where ne eded,
EROAD engages external experts to support the Board’s
knowledge dev elopment –for example, PwC presente d on
climate-related matters in re la tion to the FY24 disc losures a nd
has continued to support EROAD throughout the development
of these FY25 disc losures.
INTEGRATING CLIMATE CONSIDERATIONS INTO
STRATEGY
Sustainability a nd climate risks a nd opportunities are core to
EROAD’s purpose and strategic decision-making, shaping
product development and pa rtnerships. Notably, the F Y24
launch of the Sustainability Module enabled New Zealand
customers to track fleet emissions and acc ess decarbonisation
insights -demonstrating strate gic alignment, with 1,005 unique
customer ac counts using the tool by 31 March 2025.
SETTING TARGETS AND MONITORING PROGRESS
EROAD sets climate-related targets based on its emissions
profile a nd key initiativ es and focus a reas. The compa ny works
with external partners such as ToitūEnvirocare for me mbership
under their c ertification progra mmeand PwC to e nsure its
targets align with the company’s business profile and reporting
maturity. Progress is monitored by EROAD’s Sustainability
Committee, whic h re ports monthly to the Executive Te am and
Board through broa der risk reporting framework.
Executive re muneration is not currently directly linked to
climate-related performa nce metrics. Howeve r, in approving
va riable remune ra tion the B oard considers delivery a ga inst
strategic goals, aligned with the company’s climate targets. The
Board’s People and Culture Committee oversees remuneration
policie s to e nsure consistency with strategic objectiv es, which
are reflected in the annual business pla n approv ed by the
Board. Further detail on EROAD’s FY25 remuneration
fra mework c an be found on pages 100 to 117 of the FY25
EROAD Annual Report.
Disclosureobjective:demonstratingtherole
EROAD’sgovernancebodyplaysinoverseeing
climate-relatedrisksandclimate-related
opportunities,andtherolemanagementplaysin
assessingandmanagingthoseclimate-relatedrisks
andopportunities.
GOVERNANCE
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
BoardofDirectors
10 meetin gs in FY25
FRAC
4 meetings in FY25
Sustainability
Committee
Meets monthly
Executive Team
Meets weekly with month ly
deep dive sessions
AllEROADers
Receive relevant c ompany upd ates
EROAD FY25 Sustainability Report | PAGE11

EROAD FY25 Sustainability Report | PAGE12
SUSANPATERSON
Chair,IndependentDirector,
Auckland
Appointed:March2019,
AppointedChair:July2023
BoardCommittees:
Finance,RiskandAudit,
Nominations, People&Culture
Susanisaprofessionaldirectorwithmore
than25yearsofgovernanceexperience
acrosslistedcompanies,government
bodies,privatebusinessesandnot-for-
profits.Shehasheldexecutiveroles
inpharmaceuticals,ITstrategyand
management,workingin bothNew
Zealandand overseas.Susan is currently
ChairofSteel&TubeandITconsultanc y
Theta, and adirectorofthe Reserve
BankofNewZealand,LesMillsNZ,
EnergyeducationTrustandLodestone
Energy.Susanhasheldgovernanceroles
acrossawiderange of sectors including
infrastructure,energy,media,andfinancial
services.Herpreviousdirectorships
includeGoodmanPropertyTrust,Arvida ,
TranspowerandSkyTV.Susan isanOfficer
ofthe NewZealandOrder of Meritfor
servicestogovernanceandaChartered
FellowoftheInstituteofDirectors.
Barry is atechnology and transport
executivewithmorethan30yearsof
experienceacrossglobalmarkets.Hehas
held senior rolesinhigh-growthtechnology
companies,includingVicePresidentat
Econolite,andleadscommercialand
advisoryworkacrosssectorssuch as
connectedandautomatedvehicles,public
safetynetworks,andtransportsystem
innovation.Barryhasadvisedbothpublic
andprivateorganisationson thefutureof
mobility,includingSingapore’sMinistryof
Transport,andcontributedtoworkbytheUS
TransportationResearchBoard.Hehas
supportedbusinessesattheintersectionof
technology,infrastructureandESG,helping
themscaleintonewmarkets.Barrybrings
wide-rangingknowledgeofintelligent
transportationsystems,IoTapplications,
andtheevolvingneedsofthefreightand
mobilitysectors.
Saraisatechnologyexecutivewithbroad
experienceleadinginternationalsoftware
companiesacrosslogistics,transportation
andsupplychain.Shebringsproduct
andcommercialexpertise,withaprove n
trackrecordofdrivinggrowth,digital
transformationandcustomervalue.Sara
servedasChiefSolutionsOfficerand
executiveboardmemberatQuintiq,where
sheheldglobalP&Lresponsibilityandled
productandgo-to-marketstrategyduring
aperiodofinternationalexpansion.Shehas
beenapplyingAIinenterprisesoftwarefor
over20years.Sara wasadirectorofSaa S
companySpirothroughitssuccessfulexit
andiscurrentlyCEOandco-founderof
ActiVote,anonpartisancivictechnology
company.Shecombinestechnicalexpertise
withastrategicapproachtopeopleand
culture,advisingon leadership,talent
andthehumandriversofinnovation
andgrowth.
BARRYEINSIG
IndependentDirector
Pennsylvania
Appointed:January2020
BoardCommittees:
Finance,RiskandAudit,
Nominations,Technology
(Chair)
SARA GIFFORD
IndependentDirector
Massachusetts
Appointed:April2022
BoardCommittees:
Nominations, People&Culture
(Chair),Technology
Davidisaprofessionaldirector,investor
andformerbankingandfinancesector
executivewithextensiveleadershipand
governanceexperience.Throughout
hisexecutivecareer heledlarge teams
deliveringcomplexsolutionsforlarge
enterprisecustomersacrossawiderange
ofindustrysectorsinAsia,Australia,New
ZealandandtheMiddleEast.Davidhas
considerableexperienceleadingcha nge
programmes,digitaltransforma tion
strategies,buildingpositionsofmarket
leadershipandworkingwithregulators.
Heis currentlyChairof BTNZFunds
Management(NZ)Limitedandan
IndependentDirectorofWestpacNew
ZealandLimited,wherehechairstheBoa rd
AuditCommittee.Davidhasbeenawarded
fellowshipsbytheCharteredAccounta nts
AustraliaandNewZealand(CAANZ)and
theInstituteofFinanceProfessionalsin
NewZealand(INFINZ).
Cameronisan experienceddirectorand
executivewithastrongbackgroundin
governance,financeandoperations.She
has heldseniorleadershiprolesasChief
FinancialOfficerandChiefOperating
Officer inhigh-growthtechnology
companies,whereshehasdrivenstrategic
expansion,ledcapitalraises,andsupported
M&A andIPOprocessesacrossarange
ofindustries.Mostrecently,shewasChief
FinancialOfficeratenterprisesoftware
companyWeights&Biases,andis
currentlyadirectoratCopperCowCoffee,
asustainablysourcedcoffeecompany.
Cameronbringsdeepfinanceexpertise with
aparticularfocusontheSaaSsector,
whereshehashelpedcompaniesscale
throughdisciplinedcapitalmanagement
andoperationalexecution.Shealsoadvises
early-stagebusinessesonbuildingfinancial
capabilityandreadinessforgrowth.
John is atechnologyleaderwithdecadesof
experiencein globalproductdevelopment,
commercialstrategyanddigital
transformation.Hehas heldexecutive
rolesincludingChiefProductOfficer,Chief
OperatingOfficer,ChiefMarketingOfficer
andChiefExecutiveacrosspublic,private,
VCandPE-backedcompanies.Johnwas
previouslyCEO of Invencoand asenior
executiveatNavico,twohigh-growthNew
Zealandtechnologybusinessesthatscale d
successfullyontheglobalstage.He has
builtand led teamsacrossengineering,
product,sales,marketingandsupplycha in
inmarketsincludingtheUS,UK,Europe
andAsia.Johncurrentlyserveson severa l
boardsandadvisescompaniesacross
hardware,software,andemergingtech
sectors.Hebringsa practical,product-led
lens toinnovation,growthandgovernance.
DAVID GREEN
IndependentDirector
Auckland
Appointed:July2023
BoardCommittees:
Finance,Risk and Audit
(Chair), Nominations,
People&Culture
CAMERON KINLOCH
IndependentDirector Texas
Appointed:March2024
BoardCommittees:
Finance,RiskandAudit,
Nominations
JOHN SCOTT
IndependentDirector
Auckland
Appointed:March2025
BoardCommittees:
Nominations,Technology
THE BOARD
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
EROAD FY25 Sustainability Report | PAGE12

EROADCLIMA TE-RELATEDDISCLOSURE2024
STRATEGY
Disclosureobjective:understandinghow
climate changeiscurrentlyimpactingEROADand
howit maydosointhefuture.
STRATEGY
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
CURRENTCLIMATE-RELATEDIMPACTS
Climate c hange is alrea dy affecting all the regions that we
operate in a nd is an increasingly significa nt issue for the global
economy. Below a re key clima te-related impa cts identified
during the curre nt reporting period, releva nt to both EROAD and
its customers. Insignifica nt or immaterial impa cts are excluded.
Bec ause New Zea la nd is an e arly a dopter of clima te-related
disclosure requirements, EROAD is a ble to draw on insights and
best practices developed locally, and utiliseour e xtensive data,
to help customers respond to clima te challenges a cross all the
markets in which we operate.
Physicalimpacts:
To the best of our knowledge, EROAD (including our value c hain)
did not e xperienc e a ny materia l physical impacts from climate
change in FY25.
Transition impacts:
Technology: Adv anc ements in climate-related technologies
continue to genera te opportunitie s for ER OAD. An exa mple is
the $1.6 million inv ested into the launch of the Sustainability
Module for New Zeala nd customers (see FY24 Annual Re port,
pp. 34–35), which supports emissions tracking and actionable
insights.
Politica l: We are already obse rv ing a shift in the policy and legal
landscape as a consequence of clima te-related considerations.
These present both opportunities (e.g. partne ring with
gove rnment agenc ies prov iding services to meet commitments)
and risks (e.g. regula tions requiring increa sed c limate-related
disclosure s and increased climate-related costs).
More jurisdictions whe re EROAD , our supplie rs, and customers
operate are adopting ma ndatory clima te-related disclosure s. By
wa y of example, Australia ha s introduced ma ndatory clima te-
related financ ia l disclosures for large businesse s for fina ncial
yea rs beginning on or a fter 1 Janua ry 2025. While EROAD
supports increased tra nspa rency , c ompliance entails additiona l
risk a nd resource requirements.
In FY25, ER OAD invested approximately $0.2 million in
emissions management tools, advisory services from PwC, and
audit and assurance costs with ToitūEnvirocare, to comply with
climate reporting obliga tions. In addition, significant interna l
staff time was dedicated to supporting these requireme nts,
though this wa s absorbed within existing roles and not recorded
as a separate expense.
Social: Stakeholders de mand greater environmental, soc ial and
gove rnance (ESG) tra nspa re ncy and credible climate a ction.
EROAD is try ing to achiev e this with the introduction of scienc e-
aligned targets (refer to Metric s and Targets section of this
report for further detail).
EROAD began measuring its own carbon footprint in 2022.
Following the a cquisition of Corete xcompa nies in December
2021, EROAD reset its ba se yea r for reduction mea surement to
2023 as the first yea r of opera tions as a c ombined Group. Sinc e
2023, EROAD has been looking at ways to improv e our
sustainability practices and reduce carbon emissions,
establishing short-term goa ls for ER OAD Scope 1 (fuel) and
Scope 2 (electric ity) emissions and introducing science-aligned
longer-term targets. The current fina ncial impacts a ssoc ia ted
with this exercise are included in the investment disclose d in the
first pa ra gra ph of this c olumn.
SCENARIOANALYSIS
SCENARIOANALYSISPROCESS
During FY24, EROAD undertook its first climate scenario
analysis to assess risks and opportunities and test the resilienc e
of its strategy. The proc ess, supported by PwC NZ, involved
workshops with cross-func tional re presentatives from a cross
EROAD’s business and value chain. Through these workshops,
three plausible scenarios were developed -Coordinated
Dec arbonisation, A World Divided, and Hot House -covering the
period from 2024 to 2050. These scenarios we re informed by
EROAD contributors, including the Chief Sustainability Officer
and a range of publicly ava ilable c limate da ta .
The scenarios are specifically tailored to EROAD’s business
context and informed by assumptions about EROAD’s driving
forces. Spanning a range of warming trajectories, they ena ble
evaluation of potential physic al and transition risks and
opportunities. They are not forecasts or specific predictions of
future events, but rather strategic tools designed to challe nge
EROAD’s and our Board’s business-as-usual a ssumptions and
support informed dec ision-making. They are not intende d to
pre dict the most likely future, but to test a nd strengthen
EROAD’s resilience across a variety of plausible future states.
During FY25, this sc enario analysis and the c limate-related risks
and opportunitie s registe r wa s reviewed by mana geme nt, and
we concluded that these all remain relevant to EROAD and
EROAD’s business. As such, no new scenario analysis was
required for FY25 and the climate-related risks and
opportunities disclosed in FY24 remain current.
The sc ena rio analysis informing this report wa s conducted as a
standalone exercise. EROAD acknowledges that integrating
climate scenario analysis into our strategy, risk management,
and planning is an ongoing proc ess. We continue to thoughtfully
embed climate-related insights into our broade r approach
including as a ke y input for identifying opportunities to help our
customers. While we have be gun to c onside r climate-related
risks and opportunities within our enterprise risk mana ge ment
fra mework a nd business pla nning -including their relevance to
ca pita l deployment and funding decisions -the connection
remains at a n early stage, and climate matters ha ve not yet
risen to the level of materiality to feature among our principal
risks.
In recent planning cyc le s, climate c onside rations have informed
and complemente d broa der strategic initia tives, such as
business simplification and ope rational optimisation, but have
not ye t bee n primary driv ers of business de cisions. For exa mple,
duringthe establishment of our Manila office, we gave
consideration to loca tion based climate-related matters and will
continue to review and monitor this as part of our evolv ing
approach.
EROAD’s investment priorities, particularly in product
development, remain focused on strengthening core
operations. Howe ver, re cent transition pla nning requirements
are advancing the integration of climate c onside rations into
stra tegic decision-making. As our susta inability stra te gy
mature s, we expect climate factors to become inc re asingly
embedded and influential. Ea rly evide nce of this integration is
the de velopment of the Sustainability Module for our New
Zea la nd customers, refle cting our commitment to incorporating
climate c onside rations into our products.
When preparing our FY24 re port, there were no completed
sector-spec ific scena rios ava ila ble to inform our analysis. While
we serve a diverse customer base, EROAD’s telematics focus
aligns us more closely with the telecommunic ations sector.
Howev er, a t the time of reporting, telecommunic ations sector
scenario analy sis was still at an early stage. Ac cordingly, our
FY24 sce nario analysis was c onducte d independently, in line
with XRB guidance, and supported by PwC NZ using robust
processes and publicly a vailable climate data.
For FY25, relevant sector-level sc ena rios bec ame available in
Ne w Ze aland. We reviewe d re ports for both the transport and
telecommunica tions sectors a nd found no materia l ne w issues
that required c hanges to our prev ious scenario analysis.
EROAD FY25 Sustainability Report | PAGE13

EROADCLIMA TE-RELATEDDISCLOSURE2024
As previously outlined, EROAD’s climate scenario analysis in
FY24 was supported by PwC NZ and involved c ross-
func tional participation from across the business and v alue
chain. Betwe en Octobe r 2023 and March 2024, the scenario
development process included a series of workshops and
continuous feedba ck with key interna l sta keholders,
including re presentatives from inbound logistics, product
development, operations and manufa cturing (including
supply chain), sales, marke ting, finance , legal, and People &
Ca pability.
Initial a ctivities foc used on identifying key climate risks and
opportunities ov er multiple time horizons, synthe sizing those
findings and then prioritisingthem. Having identified materia l
risks and opportunities, we progressed to sce nario
development. This included defining and agre eing on the
organisa tionaland operational boundaries for analysis, and
systematically identify ing and prioritisingthe driving forces –
externa l fa ctors tha t shape the potential pathways
andoutcome s under each scenario.
The consolidated outputs were presented to the Exe cutive
Team for endorsement and subsequently reviewe d by the
Board for fe edback and approval, ensuring robust
gove rnance and oversight. The fina l scena rios informed the
narrative s and quantitative models assessing anticipated
climate-related impa cts on EROAD .
As noted previously, FY24 marked EROAD’s first year of
reporting unde r the Climate Standards for CREs. During this
period, the full Board was engaged in reviewing a nd
approving all climate-related disclosure s -including
scenario a na ly sis, risks a nd opportunities, a nd associated
metric s and targets -either through scheduled Board
meetings or by considering out-of-cyc le pape rs circulated
for timely input. From FY25, ongoing oversight of climate-
related disclosure s, including sce nario analysis, tra nsitioned
to FRAC in accordance with its mandate. FRAC now re vie ws
these matte rs and reports key findings to the Board.
EROAD conducts a n annua l review of its climate-related
risks, opportunities, and scenarios as an integrated part of
our rec urring risk management process.
MATERIALRISKSAND
OPPORTUNITIES
SCOPE
BOUNDARIES FOR
ANALYSIS
DRIVING
FORCES
CLIMATESCENARIOS
DEVELOPMENT
IMPACT
ASSESSMENT
Identifiedandprioritised
keyclimate-relatedphysical
andtransitionrisksand
opportunitiesofEROAD.
Definedandagreedon
EROADorganisationaland
operationalboundariesfor
scenarioanalysis,
including inputfrom
stakeholdersto support
ouranalysis.
Identifiedandrankedkey
drivingforces.Drivingforces
are the externalfactorsthat
influencethe pathwaysand
outcomesofthescenarios.
Constructedthreeclimate
changescenariosand
supportingnarrativesusing
existingreferencescenarios
anddrivingforces.
Analysedtheclimate
change scenarios to test
theresilienceofEROAD’s
businessmodelto
climate-relatedrisksand
opportunities.
Climate-relatedriskand
opportunitiesregisterwith
prioritisedrisks.
Climate-relatedscenario
analysisscope
boundaries.
Prioritisedsetof driving
forcesbyinfluenceand
uncertainty.
•Climatechangescenarioanalysisnarrativesoutliningkeyscenario
architecture,outcomesandpathways.
•Impactpathwayswhichshowhowclimate-relatedrisksflow
throughEROAD'sbusinessintofinancialimpacts.
•Physicalrisks
•Transitionrisks
•Opportunities
•Markets(NZ, Australia,
NorthAmerica)
•Servicesandassets
•Sitesandgeographies
•Keyactivities
Driverscategorisedby
STEEPframework
•Social
•Technological
•Economic
•Environmental
•Political
•Coordinated
decarbonisation
scenario
•Aworld divided scenario
•Hot housescenario
Impactpathways
•Businessimpacts
•Financialimpacts
KEY
ACTIVITIES
OUTPUTS
AREAS
OF
FOCUS
The illustration below summarisesthe programmeof work undertaken by EROAD in the development of the climate-rel ated risks and opportunities and the scenario analysis:
October2023toMarch2024 (FY24 disclosures)
October 2024 review and recheck inMay 2025 following the business planning processes for FY26 (FY25 disclosures)
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
TIMING
EROAD FY25 Sustainability Report | PAGE14

EROADCLIMA TE-RELATEDDISCLOSURE2024
SCENARIO
COORDINATED
DECARBONISATION
AWORLDDIVIDEDHOT-HOUSE
Description
Globalaverage
temperaturerise
limited to1.5degrees
Celsiusby 2100
Globalaverage
temperatureriseof2.2
degreesCelsiusby
2100
Globalaverage
temperaturerise
of4.1degrees
Celsiusby 2100
Emissions
reduction
pathways
IPCCSSP1-1.9(with
SSP1-2.6wheredata
unavailable);NGFSNet
Zero 2050;IEANet
ZeroEmissionsby2050
(NZE); NIWARCP2.6;CCC
‘Tailwinds’
IPCCSSP4-3.4(with
SSP2-4.5 wheredata
unavailable);
NGFSFragmented
World;IEAAnnounced
Pledges(APS);NIWA
RCP4.5;CCC
‘Headwinds’
IPCCSSP3-7.0(with
SSP5-8.5wheredata
unavailable);
NGFSCurrent
Policies;IEAStated
Policies(STEPS);
NIWARCP8.5;CCC
‘CurrentPolicy
Reference’
Physical risk severity
LowestModerateHighest
Transitionriskseverity
ModerateHighestLowest
Policyreaction
ImmediateandsmoothDelayedMinimal
Technologychange
FastSlowthenfastSlow
Behaviourchange
FastSlowthenfastSlow
Socio-politicalinstability
LowModerateHigh
Description
COORDINATEDDECARBONISATION
Aworldwithcoordinatedactioninpublicpolicyand technology
towardsa low-emissionsworld.Net-zeroemissions are
achievedgloballyby2050,andtemperatureincreaseis limited
tobelow1.5°C,withlimitedovershoot.Thisisdriven
bycollectivebuy-infromthepublic,investors,businesses,
andgovernments.Thesechangesareaccompaniedbyan
increasingcarbonpricethatincentiviseslow-carbonbehaviour
change.Physicalweathereventimpactsandtransitionrisks
occur,but notas severelyas inthe other scenarios.
AWORLDDIVIDED
Effortstodecarbonisearehighlydifferentiatedacrossthe
world.Differentcountriesandevenstateswithincountries
havewildlyvaryinglevelsofambitiontodecarboniseand
enactemissions-reducingregulations.Thismisalignment
createsparticularchallengesfororganisationsthatoperate
acrossborders.Globally,emissionspeakaround2030,butnet
zerois not reacheduntilthe2080s.The worldis ontrackfor
over2°Cofwarmingby2100.Physicalclimateimpactsare
pronounced,particularlyinvulnerableregions.
HOT-HOUSE
Aworldwhereglobalcooperationislowandregulations
arenotenactedtoreduceemissions.Unabatedfossilfuel
usecontinues,andtemperaturecontinuestoriseatan
unprecedentedrate,ontrackforover4°Cofwarmingbythe
end ofthe century.Anyadaptationto climatechange isdriven
byshort-termeconomicinterests.Weathereventsandchronic
impactsaresevere,coupledwiththedestabilisationofsocia l
andeconomicstructures.Climatetippingpointsarecrossed
andecosystemsaredeva stated.
For more detailed descriptions of EROAD clima te scenarios
refer to Appendix 3 of this document.
The three climate-related scenarios selected for EROAD and used for both the FY24 and FY25 reporting periods and their key
characteristics and assumptions comprise:
Glossary:
IPCC-IntergovernmentalPanelonClimateCha nge
SSP-SharedSocioeconomicPathways
NGFS-NetworkforGreeningtheFinancialSystem
IEA-InternationalEnergyAgency
NIWA-NationalInstituteofWaterandAtmosphericResearch
RCP-RepresentativeConcentrationPathways
CCC-ClimateChangeCommission
Boundaries
TIMEHORIZONS
Shortterm:1-3years(up to2028);
Medium term:3-10years (up to 2035);
Longterm:10-30years(2050end point).
TimehorizonsrefertoEROAD’sfinancial yearandalignwith
XRBrequirementsforanalysisatthreepointsin time:short,
mediumandlong-term.These time periods link closely to
EROAD business planning processes focus (1-3 years),
medium term strategic foc us (3-10 years), GHG emissions
targets for 2033. 2050 as an end date is long enough to
capture a range of potential transition a nd physic al risks and
aligns with 2050 Net Zero targets set by New Zealand and
internationally.
GEOGRAPHY
TheboundaryforEROAD’sscenarioanalysiswasthewhole
EROADgrouporganisation,includingoursubsidiaries,
focusingonourcoremarketsinNewZealand,NorthAmerica
andAustraliaaswellasmanufacturingsitesandchangeto
geographies.Thesegeographyboundarieswereagree d
withinputfromstakeholdersasmostapplicabletoEROAD‘s
operationalandmarketfootprint.
Thenumbersanddescriptorsnexttotheaboveacronymsrefertothereferencesourcesforeachscenario.
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
EROAD FY25 Sustainability Report | PAGE15

EROADCLIMA TE-RELATEDDISCLOSURE2024
RISKSDRIVERS AND ANTICIPATED IMPACTS
COORDINATED
DECARBONISATION
A WORLD DIVIDEDHOT-HOUSE
PHYSICAL
RISKS
(P1)Damagetothird-
partyinfrastructure
and servicesrelied
upon
Anincreaseinthefrequencyandseverityof extremeweather
eventsmaycausetodamagetothird partytechnology
infrastructureandservicesthatEROADrelieson,suchas
cloud computingand local networkprovidersleadingto
outages, decreaseddataretention,inabilitytomeetkey
supplyagreements, anddecreasingconsumersatisfaction.
(P2) Disruptiontokey
infrastructure(i.e.
roads andports)
Anincreaseinthefrequencyandseverityof extremeweather
events,especiallyinkeydistributionandmanufacturing
locations,couldleadtolong-termdamageanddisruption
tokeyinfrastructureessentialtomoveproductto
marketbothnationallyandinternationally,resultingin
increasedoperating coststomanagecontingenciesand
inabilityto meetkeysupply agreementsetc.
(P3)Supply
chain
disruption
Anincreaseinthefrequencyandseverityof extreme
weather events,specificallyflooding,couldleadto
increaseddamag e tostoredhardwareandwarehousing
resultinginincreasedoperationalandcapitalexpenditure,
inabilitytomeetkeysupply agreements,andincreased
costofinsuranceetc.
•Physicalrisks: result from the physica l impacts of climate change, including changes in temperature, rainfall patterns, storms, extreme weather events, and sea-level rise.
•Transition risks: relate to the transition to a low-emissions, climate-resilient economy, including policy, legal, technological, market, and reputational changes linked to climate mitigationandadaptation.
A materialitytestwasappliedto focusonthe most significant physical andtransitionrisksandopportunitiesforEROAD. As previously noted, EROAD c onducts a n a nnual review of these scenarios a nd associated clima te-rela ted
risks and opportunities
Highlikelihoodandimpact
Mediumlikelihoodandimpact
Lowlikelihoodandimpact
1-3years
3-10years
10-30years
THEKEY
ThefollowingtablesetsoutEROAD’skeyclimate-relatedrisksandopportunitiesandthelikelihoodofclimate-relatedrisksmaterialisinginthethreescenarios:
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
Climate-relatedrisks andopportunities
EROAD FY25 Sustainability Report | PAGE16
TIME HORIZONALIGNMENT WITH EROAD PROCESSES/TARGETSDEFINITION/CONTEXT
Short term (1-3 years)Business planning focusAssessment of immediate climate-related physical and transition risks and opportunities
relevant for current business operations and planning.
Medium term (3-10 years)Medium-term strategic focus; GHG emission targets for 2033Evaluation of risks and opportunities that may emerge as EROAD executes its strategy
and pursues 2033 GHG targets.
Long term (10-30 years)International emissions reduction targets; aligns with Paris Agreement (2050)Assessment aligned with international decarbonisation pathways and long-term
emissions reduction commitments, such as the Paris Agreement.
ThefollowingtablesetsoutEROAD’sassessment of climate-related risks and opportunities:

EROADCLIMA TE-RELATEDDISCLOSURE2024
RISKSDRIVERS AND ANTICIPATED IMPACTS
COORDINATED
DECARBONISATION
A WORLD DIVIDEDHOT-HOUSE
TRANSITION
RISKS
(T1)EROAD holdsonto
currentproducts andfails
todevelopnewproducts
tomeetchangingneeds
ofcustomers
Limitedcl arityonhowfueltaxeswillevolveandfuture
requirements ofcustomers couldleadtoEROADholdi ngonto
currentproductse.g .Electroni cRUCandfaili ngtodevelop
newproductstomeetchang ingconsumerpreferences
resultinginlossofmarketshare,reductioninobtainable
market,lossofrevenue.
(T2)Inability tokeep
upwithrateofglobal
technologicalchange
Increasedglobalcompetition,limitedaccesstoemerging
sustainabilitydatacollectionmethods,anduncertaintyaround
howtechnologywillevolvemaylead toEROADbeingunableto
keepupwiththerateofglobaltechnologicalchange,resulting
inEROADlosingconsumerfavourinthemarket,decreased
competitiveadvantage,reductioninmarketshare,reducedability
toachievestrategy.
(T3)Increased
competitionandbarriers
tomarkets
Increaseddemandforthefleetsustainabilityperformancedata
andcarbonemissionsdata thatEROADreportson, inaddition
withdifficultyprotectingEROAD‘sintellectualpropertymaycreate
increasedcompetitionandbarrierstocertainmarkets,resulting
in alossofcompetitiveadvantage,decreaseinrevenue,and
decreasedmarketshare/accesstomarket.
(T4) Increasedclimate-
related costs
Tighteningenvironmentalregulationandincreaseddemandfor
sustainabilityskillsetscouldleadtosignificantdirectandindirect
compliancecostsforEROADandexternalsuppliers,resultingin
increasedoperationalexpenditureasEROADtransitionstowards
costly,moresustainablepractices,reducedrevenueandcustomer
baseifclients cannotafford to meet risingcosts, orfinancial
penaltiesifcompliancecannotbemet.
THEKEY
Highlikelihoodandimpact
Mediumlikelihoodandimpact
Lowlikelihoodandimpact
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
1-3years
3-10years
10-30years
EROAD FY25 Sustainability Report | PAGE17

EROADCLIMA TE-RELATEDDISCLOSURE2024
OPPORTUNITYDRIVERS AND ANTICIPATED IMPACTS
COORDINATED
DECARBONISATION
A WORLD DIVIDEDHOT-HOUSE
OPPORTUNITIES(01)EROADasa
preferredsupplier
ThereisanopportunityforEROADtopart nerattheOEM
level,andpositionitselfasalow-emi ssionswholesaler
and dist ributorofin-vehiclehardware,enablingEROADto
be apreferredsupplierduetoconsumerpreferencefor
low-carbon products.
(02)Formvaluable
partnerships
Thereisanopportunityfor EROADto leveragetheirleading NZ
marketpositiontoformvaluablepartnershipsacrossthe
sustainabilityecosystem.
(03)Leveragedata
analyticstoprovide
insights to
customers
Withincreasedcustomerdataandintelligence,thereis the
opportunityforEROADtoleveragedataanalyticstoprovide
insightstoaidcustomersintheir(customer)strategicplanning
and becomeatrustedsourceofinformationasextremeweather
eventsincrease.
(04)Developfeaturesfor
emissionsreporting
Asaresult ofthetransitiontowardsalowercarboneconomy
thereistheopportunityfor EROADto bring addedvalue
tocustomersbydevelopingfeaturesthatcanmonitorand
reportonemissionsthroughoutthecustomersupply
chain, forexampleaddingelectricvehicleRUCcollection
capabilities totheproductsuite asRUCfor electric vehicles
hasbeen introduced.
Importantopportunity
Encouragedopportunity
Possibleopportunity
THEKEY
1-3years
3-10years
10-30years
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
EROAD FY25 Sustainability Report | PAGE18

EROAD FY25 Sustainability Report | PAGE19
EROADCLIMA TE-RELATEDDISCLOSURE2024
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
TRANSITION PLANNING
As pa rt of its second year of climate-related disclosures, EROAD has
developed a transition plan to support the adaptation of its operations
and strategy in response to identified climate risks and opportunities,
and to align with New Zealand's climate standards. Consistent with
our business focus, the plan emphasisesthree key priorities: reducing
emissions in our operations, building climate resilience, and -most
importantly -helping our customers tra nsition to a lower carbon
economy. This approach allows EROAD to mitiga te risk, capitaliseon
new opportunities, and contribute to Aotearoa’s target of net-zero
emissions by 2050.
We are now working to set specific targets, initiatives and metrics for
each priority. This process will be completed in the coming months
and will form part of our FY26 disclosures. Progress against the
transition plan will be reported and reviewed by the Board annually.
Reflecting on our journey so far, EROAD has already taken concrete
steps towards transition, including integrating climate-related
governance and risk management frameworks into our business
planning and risk processes, as described earlier.
Echoing our commitment laid out in the opening letter from our Chair
and the Co-CEOs, EROAD has set science-aligned targets for a 54.6%
reduction in our a bsolute Scope 1 and 2 emissions, and a 61%
reduction in emissions intensity per $1 million revenue, both by 2033
(ba seline year 2023). We remain committed to achieving Net Zero
emissions for Scopes 1, 2, and 3 by 2050, consistent with a 1.5°C
warming scenario. Going forward, we will broaden our Scope 3
boundary as data and supplier engagement improves, and will
consider setting interim Scope 3 targets to further accelerate progress.
Where emissions cannot be eliminated, we will seek appropria te,
transparent offsets; none have been included in our figures to date.
The grea test impact EROAD can have is enabling our customers –
many with large and complex fleets -to reduce their emissions and
improve efficiency at scale, along their whole supply chains. To help
with this, in FY24, we launched our Sustainability Module in New
Zealand, giving fleet operators the data and insights they need for
measurable sustainability improvements. The Preventative
Maintenance AI solution, introduced in FY25 for Cold Chain
customers, exemplifies this further: by providing advanced warning of
potential vehicle faults, it enables proactive interventions that cut fuel
use and reduce wasta ge. Insights are presented via our 360 Insights
Dashboard, empowering better decisions and supporting real-world
emissions reduction for our customers.
As technology evolves, so does our ability to support fleets in operating
more sustainably and efficiently, delivering value for our customers,
industries, a nd the communities tha t rely on them. The diagram below
illustrates the steps EROAD has taken to develop our transition plan,
ensuring we are equipped to support both our own business and our
customers in a low-emissions, climate-resilient future.
●The development of a transition pl an for
EROAD that will enable the business to
successfully operate in a l ow-emissions
future
TRANSITION PLAN
DEVELOPMENT
TRANSITION PLANNING
WORKSHOP
BASELINE REVIEW
INTEGRATING PLAN INTO
SUSTAINABILITY FRAMEWORK
AND ROADMAP
Transition plan outl ining specific initiatives
EROAD needs to implement in response to
identified risks and opportunities
Facilitated workshop to confirm responses to
cl im ate risks and opportunities and identify the
time horizons over which these responses need
to be actioned
Built an understanding of the actions and
initiatives EROAD currently has in place to
support climate change resilience and/or
decarbonisation
Roadmap sequencing EROAD’s transition
planning initiatives over defined time horizons
●Responses to risks and opportunities
confirmed and timeframes for action
●Identification of new initiatives
●Assigned responsibilities
●Embedding Transition Plan into EROAD’s
sustainability framework.
●Sequencing of key transition initiatives
Baseline of current activities mapped to risks
and opportunities.
Foundational responses and initiatives to
inform EROAD’s Transition Plan.
●Identification of current transition
initiatives
●Identification of any gaps/ factors
impeding EROAD 's ability to ful fill
opportunities and mitigate risks
●Synthesised workshop findings and
considered the potential impacts of
identified risks and opportunities to
determine the response.
●Development of EROAD’s Transition Plan
Embedded EROAD’s Transition Plan into its
Sustainability Fram ework and roadm ap.
KEY
ACTIVITIES
OUTCOMES
AREAS
OF
FOCUS
TIMING
April 2025 –June 2025

EROAD FY25 Sustainability Report | PAGE20
EROADCLIMA TE-RELATEDDISCLOSURE2024
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
The diagram below illustra te s how EROAD's transition pla n conne cts to EROAD's sustaina bility framework. EROAD's tra nsition planfollows the
Transition Planning Taskforc e guidanc e.
'* Source: Transition Plan Taskforce Disc losure Framework 2023
We also continue to focus on our internal emissions measurement
(introduction of a new tool during FY25 to improve the data quality
associated with our emissions measurement) and employing
initiatives to reduce these. EROAD’s initial focus has been on short-
term targets, specifica lly reducing fuel consumption in fleet vehicles
and electricity use at operational sites. We have also implemented
changes across our broa der value chain to lower our operational
footprint by cutting emissions, minimisingwaste, and enhancing
efficiency in areas such as freight, packaging, and hardware. Refer
to page 9 of this report for further details.
EROAD is working to align its transition plan with internal capital
deployment processes to inform product roadmap decisions and
ensure effective resource allocation. As pa rt of this alignment,
climate-related risks and opportunities will be assessed within the
same framework to ensure capital is directed where it delivers the
greatest value –to EROAD’s customers, shareholders, and the
achievement of its emissions reduction a nd Net Zero targets. While
the transition plan provides a structured pathway toward these
goals, the long-term nature of the 2050 Net Zero target introduces
inherent uncertainties, including factors beyond EROAD’s control or
not yet known.
EROAD remains committed to advancing sustainability across all
areas of our value chain and with and for our customers. Our
climate strategy, driven by innovation and continuous improvement,
reflects EROAD’s established dedication to pursuing a more
susta inable future. While we recognisethat we are on a journey, we
remain committed to making meaningful progress, working with our
customers, partners, and stakeholders in continuing to take
thoughtful steps towards a low-emissions, climate-resilient future.
.
EROAD’S TRANSITION PLANNING PRIORITIES
EROAD’s three priority areas of focus
TRANSITION PL ANNING CHANNELS
The Transition Planning Taskforce (TPT)* identifies
three ‘interrelated channels’ to ensure a strategic
and rounded approach
Supporting our customers & communities to operate
sust ai nably
EROAD SUS TAINABILITY THEMES
Connecting EROAD’s transition plan to its
sustainability framework
1. Contributing to an economy-wide
transition
The entity’s ambitions and actions to
use the levers and capabilities it has
available to embed and accel erate a
transition to a low-GHG em issions
and climate-resilient economy.
2. Responding to the entity’s climate-
relat ed ri sks and opportuni ties
The entity’s ambitions and actions to
enhance its resilience to the changing
cl im ate and respond to the risks and
opportunities that arise from the transition
to a low-GHG em issions, cl im ate-resilient
economy.
3. Decarbonisingthe ent ity
The entity’s ambitions and actions, either
in its own operations or value chain, in
the short, medium and long term, to
reduce its GHG emissions (e.g., to net
zero).
Optimisi ngoperations while minimisingimpact
1. Supporti ng EROAD customers in
their decarboni sat ionjourney
2. Building and monitoring supply chai n
and sys tem resilience
3. DecarboniseEROAD

EROADCLIMA TE-RELATEDDISCLOSURE2024
PAGE21
Disclosureobjective:understandinghowan entity’s
climate-relatedrisksareidentified,assessed and
managedandhowthoseprocessesare integratedin
existingriskmanagementprocesses.
RISKMANAGEMENT
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
IDENTIFYING ANDASSESSING
CLIMATE-RELATEDRISKS
As outlined in the Strategy section, EROAD completed its first
formal c limate-related risk a ssessme nt in FY24 a s pa rt of our
scenario analy sis process. D eveloped in collaboration with PwC
NZ, this a ssessme nt inc orporated ke y business drivers, input from
interna l sta keholders, a nd publicly ava ilable c limate da ta and
science . The assessment and related scenarios were reviewed and
updated for FY25 a s pa rt of our a nnua l risk management
processes.
This climate-related risk a ssessme nt looked at our three c ore
markets (New Zealand, Australia a nd North America) a nd our entire
va lue cha in inc luding inbound logistics, product development,
operations and manufacturing (including suppliers), sales and
marketing and the supply of hardware and se rv ice s to c ustomers.
The asse ssment considered short term (1-3 yea rs), me dium te rm
(3-10 ye ars) and long term (10-30 ye ars) time horizons. These time
periods are aligned with EROAD’s planning approach: the short
term refle cts our business planning focus (1-3 years), the medium-
term corresponds to our stra tegic focus (3-10 ye ars), and long-
term horizon a ligns with internationa l emission reduction targets
(Paris Agreement, 2050).
The identified climate-related risks and opportunities were
reviewed by EROAD’s Sustainability Committee and approved by
our C hief Sustainability Office r, Chief Financial Offic er and Co-
Chie f Executive Officers for presentation to the FRAC for their
oversight, and ultimate approval by the B oard.
MANAGING AND INTEGRATING
CLIMATE-RELATED RISKS INTO
EROAD’S OVERALL RISK
MANAGEMENT
EROAD’s overall risk framework is designed to identify material
financial, operational and strategic risks that may impact EROAD’s
ability to delive r on our strategy. The B oard oversees the risk
framework, with manageme nt accountable for its implementation
and monitoring. Spe cific ally, overa ll responsibility of the risk
register lies with EROAD’s General Counsel, Chief Financial Officer
and Co-Chie f Executive Officers, with input from business leaders
as appropria te.
The risk framework is anchored by EROAD’s Risk Appetite
State ment (RAS), whic h sets clear boundarie s around acceptable
risk. The RAS guides decision-making a cross the business and is
reviewed at least annually reflect EROAD’s evolving priorities.
Business le ade rs are responsible for assessing and mana ging risks
in their respec tive divisions to ensure appropriate controls are in
place to mitigate the risk from exceeding EROAD’s risk appetite.
Manageme nt maintains several risk registers to track and manage
known risks. These include e nterprise , ope ra tional and climate-
related registers:
•Enterprise risks are reviewed a t least twice per y ear, with a top-
down assessment of material risks to EROAD’s strategy. Each
risk is rated by impa ct and likelihood, a nd mitigation pla ns a re
embedded into business planning.
•Monthly , the exe cutive team reports on any threshold breaches
under the RAS, e merging risks a nd status updates on mitiga tion
ac tions. The se are discussed at the Board and in manageme nt
forums including Exe cutive me etings.
•Spec ific climate-related risks and opportunities are tracked
sepa rately. The Sustaina bility Committee reviews these a nd
escalates any material items for integration into the broader risk
register. The Committee also monitors performanc e a ga inst
climate-related metric s and targets defined in the RAS.
FRAC reviews the RAS, key registers, dashboa rds and risk
processes on a rolling basis. It works with manageme nt and
auditors to ensure the fra mework is opera ting effe ctively and that
material risks are being managed appropriately.
EROAD’s existing risk framework was considered and applied when
dete rmining risk prioritisationfor our climate-related risks and
opportunities. Adopting this existing fra mework has helpe d ensure
compatibility with and v isibility of climate-related risks as part of
EROAD’s overall risk management approach, integrating climate-
related risks into our ente rprise-wide overarching risk register,
supporting risk management and monitoring in ac cordanc e with
existing processes. Our existing risk framework assesses a risk’s
likelihood a nd severity . Likelihood refers to the probability of a risk
eve ntua ting and is determined by considering v ulne ra bility, spee d
of onset, persistence, complexity and othe r similar factors. Se verity
relates to the impact or c onseque nces of the risk. For climate-
related risks, a three-dimensional approach was take n to assess
ea ch risk for the consequence of the threat (se verity), persistenc e
(duration of the risk effect) and preparedness (EROAD’s ability to
respond to the risk). EROAD has re vie wed climate-related risks
and, while none a re currently c onside re d materia l, the y have be en
consolidate d within our wider risk register. This refle cts our
commitment to inte grating c limate considerations into our ove ra ll
risk and strategic planning to ensure they are considered together
with all types of risks across EROAD’s entire value chain.
Our climate-related risk assessme nt will c ontinue to be c omple ted
on at least a n annua l basis a s pa rt of existing risk management
processes. By routinely identifying, asse ssing, and managing
climate-related risks within our existing risk management
processes, we help ensure these risks re main visible, relevant, and
appropriately a ddressed. This supports building and embedding
resilience and climate change c onside rations into our strategy ,
business pla nning and operations.
We will c ontinue to integrate c limate-related risks into existing
EROAD risk management processes in future periods.
EROAD FY25 Sustainability Report | PAGE21

EROADCLIMA TE-RELATEDDISCLOSURE2024
PAGE23
Disclosureobjective:understandinghowanentity
measuresandmanages itsclimate-relatedrisks and
opportunities.
GHGEMISSIONS
EROAD has been measuring carbon emissions since 2022.
After acquiring CoretexLimited and its subsidiaries on 1
December 2021, EROAD commenced measuring and
reporting on carbon emissions for EROAD’s overall group
from 2023 (FY23).
EROAD measures its Scope 1, 2 and selected Scope 3
emission sources. The main exclusion from EROAD’s Scope
3 measurement is Category 11: Use of sold products.
Further work is required to report on this emission area,
however we do not expect it to be a significant emission area
in terms of EROAD’s overall footprint.
To ensure consistency with the FY25 classifications, one
restatement was made to prior period emissions. Freight
emissions associated with the transportation of units to our
customers was reclassified from category 9: downstream
transportation and distribution to category 4: upstream
transportation and distribution. This reclassification was
made to align with the GHG protocol definitions. The overall
footprint for this emission source remains unchanged from
the prior period. All other emissions categorisation in FY25
remains consistent with prior period.
GHGEMISSIONSMEASUREMENT
EROAD measures and manages our Greenhouse Gas (GHG)
emissions in accordance with the requirements of the
Greenhouse Gas Protocol.
For our 2025 measurement, EROAD invested in and
implemented a new tool –Watershed Climate to enhance
the accura cy and transparency of our emissions
calculations This tool leverages a comprehensive database
of emission factors sourced from multiple authorities, with
selections made based on relevance and appropriateness
to each emission source. A detailed list of the emission
sources used in our calculations is included in Appendix 1 of
this report.
Our FY25 GHG emissions measurement is for the period 1
April 2024 to 31 March 2025.
METRICSANDTARGETS
BOUNDARIES
EROAD applies the operationa l control and consolidation
approach to its emissions. Organisationalboundaries were set
with reference to the methodology described in the GHG
Protocol standard. This consolidation approach allows us to
focus on emissions we can control and for which we can
implement management actions. The scope of our emissions
inventory includes all activities within the operational
boundaries of EROAD Limited, including head offices and
EROAD operated warehouses across our regions of New
Zealand, North America and Australia. In FY25 our operations in
the Philippines were limited, and as such any spend has
beencaptured as part of head office activities. For FY26 it is
expected our operations in the Philippines will be captured at
the regional level.
ASSURANCEOFGHGEMISSIONS
ToituEnviroca re ha s provided independent, third-party
reasonable assurance over our scope 1 and 2 (location-
based) emissions, and limited assurance over our scope 3
emissions for FY25 as presented in the table below in
accordance with the New Zealand Sta ndard on Assurance
Engagements 1 –Assurance Engagements over
Greenhouse Gas Emissions Disclosures (NZ SAE 1) and in
accordance with ISO 14064-3:2019 Greenhouse gases Part
3: Specification with guidance for the verification and
validation of greenhouse gas statements. A copy of the GHG
assurance report is contained in Appendix 2 of this report.
Previously assurance for our emissions FY22 to FY24,
including our FY23 base year was provided by Toitu
Envirocare solely under the Toitūcarbonreduce
programme.
Scope 3 emissions from our supply chain are calculated in
accordance with the GHG Protocol and where specific data
on quantities of supply chain goods and services was not
available, we have estima ted emissions using spend-based
factors. Given most of our emissions are in Scope 3
obtaining emissions data from our suppliers will continue to
be a focus of EROAD going forward to help enhance the
quality of our data. Refer to Appendix 1 for further details on
our emission sources.
INHERENT UNCERTAINTY
GHG quantification is subject to inherent uncertainty beca use
of incomplete scientific knowledge used to determine
emissions factors and the values needed to combine
emissions of different gases.
SCOPE3
Indirect emissions
Category1:Purchasedgoodsand
services
23.6%Catch-al lcategoryforemissions not
capturedelsewhere
Category2:Capitalgoods
28.6%Property, plant and equipment
includinghardwareandinventory additions,software
andplatformdevelopment costs
Category3:Fuelandenergyrelated
activities
0.4%Electricitytransmissionanddistribution
losses(lossesfromtheelectricityusageunderScope2)
Category4:Upstream
transportation anddistribution
3.2%Freightfrom supplierstoEROAD,between
ourlocationsandforshippingofcomponentmaterials
to themanufacturersviaair,seaandroadand freight
from EROAD to our customers
Category5:Waste generatedinoperations
0.1%WastegeneratedfromEROADoffices
andwarehouses
Category 6:Business travel
8.3%Air travel,taxis,employeemileageclaims,
rentalcars,accommodation
Category7:Employeecommuting
7.0%Employeecommutingandworkingfrom
homeemissions
Category12:End-of-life
treatment ofsoldproducts
9.5%Emissionsfromthe return/disposalof
ourproducts
Category13:End-of-life
treatment ofsoldproducts
17.3%Servicesprovidedto the hardwareassets
i.e.SAAScosts
GHG EMISSIONSSUMMARYBREAKDOWN
Belowisabreakdownoftotal EROADScope 1,2and3emissionsforFY25
SCOPE1
Directemissionsandremovals
1.3%
Fuelusageforourfleetvehicles
SCOPE2
Indirect emissionsfrom
imported energy
0.7%
Electricityusage atEROADofficesandwarehouses
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
EROAD FY25 Sustainability Report | PAGE22

EROAD FY25 Sustainability Report | PAGE23
EROADCLIMA TE-RELATEDDISCLOSURE2024
SCOPE
FY25
tCO
2
e
FY24
tCO
2
e
Base year
FY23
tCO
2
e
FY25vsFY23
%
GrossScope1:DirectEmissionsAndRemovals
152.5140.8167.69%
GrossScope2:IndirectEmissionsFromImported
Energy
74.489.382.19%
GrossScope3:Indirectemissions
11,189.025,919.923,997.253%
TOTALGROSSEMISSIONS
11,415.926,150.024,246.953%
In 2025, EROAD’s total emissions were 11,416 tonnes of
ca rbon, representing a 53% (12,831 tCO2e ) decrea se on
our 2023 base y ear tota l emissions on a n absolute basis.
EROAD has not use d offse ts in pre senting its e mission
figures or to measure its progress against targets.
As EROAD continues to grow, with more a nd more
connected units, our absolute emissions are also like ly to
grow. Our aim is to implement improv ements in de sign,
technology, operations mana geme nt a nd beha vioura l
change, so that the increase in absolute emissions is le ss
tha n the increase in business growth.
EMISSIONSREDUCTIONTARGETS
EROAD set two initial reduction targe ts of a 4% in Scope 1
(fue l) e missions a nd 15% in Scope 2 (electricity) emissions
by 31 March 2025 on an intensity basis from our 2023 base
yea r. These targets ha ve been a chieve d in FY 25. With the
completion of our 31 Marc h 2025 short term targets, two
new ta rgets we re set in FY25 being to reduce sc ope 1 (fue l)
by 28% and scope 2 (electric ity) by 29% by 31 March 2028
relative to our 2023 base y ear on an intensity basis. The
new re duction ta rgets set for 2028 have been ba se d on
alignment with the reduc tion pathway required to meet the
2033 scie nce-aligned targets.
For our re-certification in 2024 under the Toitu carbonreduc e
progra mme a dditional targets were set to re duce a bsolute
net Scope 1 and 2 emissions by 54.6% by the year 2033
relative to our 2023 base y ear, and an intensity mea sure to
reduce Scope 1 and 2 emissions pe r million dollar of revenue
by 61% by 2033 relative to a 2023 ba se line. These targets
were set in line with the requirements of the Toitū
ca rbonreduce certifica tion and developed utilising the
Science Based Targets Initiative target setting tool aligned
with the 1.5 degree Celsius pathway. This ta rget has not bee n
validated by the Sc ience Based Targe ts Initiative. These
targets re main in place for FY25.
EROAD is a Toitū carbonreduce certified organisation since
2022. The Toitū Climate Impact programmes are a set of
volunta ry ca rbon e missions reduc tion programmes. For
more information, visit the Toitū Envirocare website at
www.toitu.co.nz. The Toitū carbonreduce certification
signifies our commitment to me asuring emissions a ccording
to ISO 14064-1:2018 and Toitū requirements, followed
bymanaging a nd reducing emissions in a ccordance with
Toitū's programme standards.
EROAD confirms its commitment to reduce net Scope 1, 2
and 3 GHG emissions to ze ro by 2050. In the future we will
look to furthe r expand our Sc ope 3 boundary to mea sure
the current exclusions a nd consider adding a ppropriate
Scope 3 interim e mission ta rgets a s our understanding of
these emissions improve s and to support the ove ra ll 2050
net zero goa l.
It is also our intention to inc lude customer targets in the
future, focusing on seeking to provide data insights tha t can
assist our customers to reduce their own Scope 1 (fuel)
emissions per distanc e travelled. Target reduction a nd
base ye ar is still to be dete rmined. These emissions are not
part of EROAD’s scope boundary. However, given the
nature of our business and the industries we serve, we
know our large st opportunity for impa ct on reduc ing
emissions is working with our c ustomers.
*FY23Category9emissionspartiallydisaggregated,balanceincludedinCategory4.
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
-
5,000
10,000
15,000
20,000
25,000
30,000
FY25FY24FY23 Base Y ear
tCO2e
ABSOLUTE EMISSIONS PROGRESS
1.3%
0.7%
98%
Scope 1Scope 2Scope 3
FY25 EMISSIONS SPLIT

EROADCLIMA TE-RELATEDDISCLOSURE2024
PERFORMANCEAGAINSTTARGETS
On an absolute basis, in 2025, EROAD has seen a
decrease of 9% in our fue l emissions and a
decrease of 9% in our electricity emissions
compa re d to our 2023 base year. ER OAD set two
initial reduction targe ts of a 4% in Scope 1 (fuel)
emissions and 15% in Scope 2 (e le ctricity )
emissions by 31 March 2025 on an intensity basis
from our 2023 base year. These targets ha ve been
ac hieved in FY25, with a 24% reduction in eac h. The
decrease in fuel emissions re flect our choic e to
reduce our own flee t vehicle size , as well as
adopting a strategy of gra dually migra ting from
Internal C ombustion Engine Vehicles to Electric
Vehicles. Our decrea se in electricity e missions is
largely due to the consolidation of site s in Australia
and New Zea land post the ac quisition of Corete x.
While the re has been no impact on our emissions
footprint under the location-based method, we ha ve
changed our e le ctricity provider in New Zealand
from October 2022 to Ec otricity (100% renewa ble
certified supplie r) as a more sustainable source.
Work is continuing in both these areas to support
future progress towa rds our newly set targets for
2028.
In terms of progress against our 2033 targetsto
reduce absolute net Scope 1 and 2 e missions by
54.6%, and an intensity me asure to reduce Scope 1
and 2 emissions per million dollar of revenue by 61%,
at the e nd of F Y25 we achieved reductions of9% and
24% respec tively relative to the 2023 baseline.
Further initiatives are being developed in order to
meet the 2033 targets.
EROAD has committed to reduce ne t Sc ope 1, 2 a nd
3 GHG emissions to z ero by 2050. On a total
emissions basis in 2025 we ha ve see n a reduc tion of
53% or 12,831 tonnes of carbon compared to our
2023 ba se yea r. The re duction in emissions has been
driven by operational effic iency projec ts on the back
of a cost out progra mme. Area s where we have seen
these initiatives have a direct impact on our
emissions footprint is in EROAD's sc ope 3 emissions
of upstream freight (lower emission freight options
and more effic ient routing) c apital goods with focus
on wider re furbishment, downstream leased assets
(consolidation of SAAS providers and renegotiation of
contracts to remove unnecessa ry connections while
not impacting on c overage to our custome rs), waste
with the re mova l of unnecessary packaging a nd
dive rsion from landfill through refurbishme nt and
recyc ling programme s. We also sa w a reduction in
our e missions with the investment into the new
Watershed measure ment tool which allowed us to
improve our da ta quality particularly in the scope 3
categories where the dollar spend method is applie d
including scope 3 categories 1, 2, 4,12 a nd 13. By
improving our data quality through disaggregation, we
we re able to identify more spe cific emission factors,
ensure that non-emissive items are correctly
excluded a nd remove any duplica tion.
OTHERMETRICS
EROAD has selected total rev enue a nd contracted units
as appropriate intensity measures for our e missions.
Unle ss otherwise stated, a ll references to dollars in
this disclosure are in New Zealand dollars (NZD).
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
60%
VS FY23
METRIC202520242023
Base Year
MILLIONDOLLARSOFREVENUE(NZD)
194.4182.0163.4
TOTALCONTRACTEDUNITS
255,845250,890225,808
GrossScope1(tCO
2
e)per$mofrevenue
0.780.771.03
GrossScope2(tCO
2
e)per$mofrevenue
0.380.490.50
CombinedGrossScope1and2
(tCO
2
e) per$mofrevenue
1.171.26
1.53
GrossScope3(tCO
2
e)Per$MOfRevenue
57.56142.42
146.86
GROSSALLSCOPES(TCO
2
E)PER
$M OFREVENUE
58.72143.68
148.39
GrossAllScopes(tCO
2
e)PerContractedUnits
0.040.10
0.11
24%
VS FY23
EROAD FY25 Sustainability Report | PAGE24

EROADCLIMA TE-RELATEDDISCLOSURE2024
METRICCOMMENTARY
Climate-related
opportunities
EROADismindfulofclimate-relatedopportunitiesacrossourbusiness,includingthepotential
forourdevelopmentofproductsandservicesforcustomerstocontributetoaloweremissions
economy.
EROAD’smaincontributingassettoclimate-relatedopportunitiesisourpeopleandtheirtime.
Outsideofcapitalprojectsthistimeisnotcurrentlymeasured.Wewilllooktodevelop measures
tomonitoreffortsspentondevelopingclimate-relatedopportunitiesgoingforward.EROAD’s
maturityinthisspace isongoing. Over timethepercentage ofourpeople,systemsandprocesses
deployedontheseopportunitiesis expectedtoincrease. As part of transition planning we will
look to develop our methodology to be able to better capture the amount of business activities
aligned with climate-related opportunities.
Capitaldeployment
In FY24 EROADhasinvested$1.6million(NZD),todevelopsustainabilityreportingfor ourNew
Zealandbasedcustomers.Thisexpenditureincluded thecapitalisablecostsof theproject
(predominantlyengineeringtime)andadditionaltimespentonresearchandadministrationby
thoseteams.Itdoesnotincludetimespentby Managementandotherdepartmentsthatare
notcostedtothe project. Weaimto improveour datacaptureintheseareas goingforward.This
investmentwillextendin future periods to provideappropriatedatatoour Australian andNorth
Americanbasedcustomers.
In terms of reduction of EROAD emissions, initial focus has been on our short-term targets
around fuel usage in our fleet vehicles and electricity at our operating sites. Capital spend to
date has not been separately tracked, with fleet vehicles being switched at the end of their
lease to avoid any wash-up costs and any differences in lease rates has not been material.
While there were some costs associated with the closure of our Newmarket and Melbourne
sites at the end of the lease term, these costs were not material and do not outweigh the longer-
term cost savings from no longer servicing additional sites and the avoided emissions.We have
also made changes in our wider value chain to reduce our operational footprint by cutting
emissions, avoiding waste, and improving efficiency across freight, packaging, and hardware.
Refer to page 9 of this report for further details. Outside of people time, (not separately tracked)
the investment into these activities to optimise our operations to date has not been material.
As noted under the strategy section, an additional $0.2 million (NZD) was spent on investing
intheWatershed tool to support EROAD’s internal emissions measurement and reduction
planning. The additional investment covered advisory services from PwC to help us establish
the foundational elements required to meet our climate-related disclosure requirements and
included the additional costs of auditing of our emissions through Toitu Envirocare to meet the
requirements under the New Zealand Climate Standards.
We anticipate that our understanding of climate-related risks and opportunities will continue to
develop, and we intend to allocate appropriate time and resources to this area as those insights
emerge.
METRICCOMMENTARY
Transitionrisks
EROAD’skeytransitionrisksincludetechnologychanges,increasedcompetitionorbarriersto
marketsandincreasedclimatecosts.Amoredetaileddescriptionof EROAD’stransitionrisksare
includedintheclimate-relatedrisksandopportunitiestableintheStrategysectionof thisreport.
Collectivelytheserisksmay impactEROAD’sbusiness asawhole.Giventhe speed oftechnology
change,marketchangesandregulatorypolicychange,tryingtoquantifyEROAD’sexposure
oridentifyameaningfulandmaterialoutcomeisnotcurrentlypossible.100%oftheEROAD
businesscouldbe exposedto the transitionrisks identified.Yetthe severityofthe risks may vary.
Althoughthepotentialexposurecouldbeup to100%,theserisksarebeingactivelymanaged and
monitored.Consequently,iftheriskweretomaterialise,thecurrentimpacttothebusinessis
consideredtobe low. We will look to develop a methodology for future periods that enables us to
better identify the percentage of business activities vulnerable rather than simply identifying the
exposure.
Physicalrisks
EROAD’skeyphysicalrisksfromclimatechangescenariosincludedamagetothird-party
infrastructure(networktowers,roadsorports)andothersupplychaindisruption.
Damagetonetworkinfrastructureislikelytoberegionspecific.Dependingonhowlocalised
damagecouldbe,fromzeroto100%ofconnectedunitsinaregioncouldbeimpactedwhile
awaitingresolutionofalternativecoverage.
Damagetoroadsandportswouldslow-downhowquicklyproductscouldbemoved,relyingon
developmentofalternativeshipmentroutesandmethods.Thisriskislikelytoberegionspecific
andunlikelytoimpactEROAD’sbusinessinitsentirety.
Supplychaindisruptionimpact wouldbe limitedin the shortterm,asEROADmaintain
certainstockon hand(atleastthreemonthsworthdependingon productiontimesrequired
for individualproducts).Overthe mediumand longertermthe impact to EROADbusinessis
expectedto be regionand productspecific.EROADisequippedtomitigatethis risk givenour use of
differentmanufacturersindifferentlocalitiesIf supplydisruptionoccurs,impactwouldlikelybe
limitedto aspecificregionorproducttype,enablingEROADto set-up alternativemanufacturing
options oroffer to supplydifferentproductsfromour overallportfolio.
We will look to develop a methodology for future periods that enables us to better identify the
percentage of business activities vulnerable rather than simply identifying the exposure.
AdditionalmetricsrequiredundertheClimateStandardsincludedisclosureontheamountorpercentageofbusinessactivities
vulnerabletotransitionandphysicalrisksandamountalignedwithclimate-relatedopportunities,thecapitaldeployedtowards
climate-relatedrisksandopportunities,internalemissionspricingandremunerationlinking.Thesemetricsareoutlinedinthe
tablebelow.
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
EROAD FY25 Sustainability Report | PAGE25

EROADCLIMA TE-RELATEDDISCLOSURE2024
METRICCOMMENTARY
Internalemissions
price
EROADdoesnotcurrentlyusean internalemissionsprice.Asinitiativesforreductionare
weighedupthecurrent costofcarboncredits against the cost andimpactoftheinitiativeswillbe
considered.
Remuneration
Managementremunerationhasnotyetbeenlinkeddirectlytoclimate-relatedrisksand
opportunities.However,EROADpreparesanannualbusinessplanthatreflectsmilestonesthat
supportEROAD’sclimate-relatedtargets.
Industrystandards
TheindustrystandardsforEROAD’ssector(softwareandinformationtechnologyservices)are
notyetwidelyadopted.EROADwillcontinuetomonitorthispositionandintendtoadoptany
metricsemergingasrelevantforouroperationsinthefuture.CurrentlyEROADdoesnotuse
industrystandards.
PAGE
26
GOVERNANCE
STRATEGY
RISKMANAGEMENTMETRICSANDTARGETS
EROAD’s climate response journey is ongoing, and as our understanding of lcimate0related risks and opportunities deepens, we
expect this to inform the continued development of metrics and targets used to measure and monitor climate-related risks across
our business.
LOOKINGAHEAD
EROAD’s sustainability journey is well underway, with real progress already made across our operations and in the outcomes wehelp
deliver for customers. We’re building on that momentum, continuously evolving our approach, and improving how we measure,
manage, and act on climate priorities.
Our commitment remains clear: to reduce our own impact, support our customers to do the same, and play a meaningful role in the
shift toward a low-emissions, climate-resilient future.
EROAD FY25 Sustainability Report | PAGE26

EROAD FY25 Sustainability Report | PAGE27
SCOPE
FY25
tCO
2
e
FY24
tCO
2
e
Base year
FY23
tCO
2
e
FY25vsFY23
%
GrossScope1:DirectEmissionsAndRemovals
152.5140.8167.69%
GrossScope2:IndirectEmissionsFromImported
Energy
74.489.382.19%
GrossScope3:Indirectemissions
11,189.025,919.923,997.253%
TOTALGROSSEMISSIONS
11,415.926,150.024,246.953%
Scope3emissionsmadeupof:
Category1:Purchasedgoodsandservices
2,690.75,283.84,987.546%
Category2:Capitalgoods
3,262.0
12,616.111,977.273%
Category3:Fuelandenergyrelatedactivities
47.0
6.46.8591%
Category4: Upstreamtransportationanddistribution
362.8
657.0562.636%
Category5:Wastegeneratedinoperations
13.4
25.619.933%
Category6:Businesstravel
949.3
1,057.2561.469%
Category7:Employeecommuting
800.9
648.8840.85%
Category8:Upstream leasedassets
-
390.3344.9100%
Category12:End-of-lifetreatmentofsoldproducts
1,088.3
1,404.21,178.98%
Category13:Downstreamleasedassets
1,974.6
3,830.53,517.244%
GHG PROTOCOL CATEGORY BREAKDOWN
EROAD has seen progre ss in all emissions categories except for
Scope 3 c ategory 3: fue l and ene rgy related activities and Scope
3 category 6: business travel.
FY25 gas concentration by Scope 1 and 2 emissions and greenhouse gas in tCO
2
e:
We have not dete rmined the split of the gas concentration of ourScope 1 and 2 emissions in accordance with the GHG Protocol forour F Y25
disclosure s.We do not consider this to be material to our emissions profile. We will howeverlook to include this disclosure in our future statements.
APPENDIX 1: GHG INFORMATION
The 387.9 tCO
2
e or 69% increase in Scope 3 category 6 business
travel emissions is la rgely driven with the opening up of tra vel
borders and re stric tions and the increase in the number of Board
Directors based inthe USA since our FY23 ba se yea r.
The40.2 tCO
2
e or 591%increase in the Scope 3 category 3 fuel
emissions relates to the recognition of gasoline well-to-tank
emissions for the first time for our Scope 1 fuel emissions and
the electric ity transmission & distribution well-to-tank
emissions.In prior periods only the electric ity transmission and
distribution losses we re reported.This is an improvement from
use of the Watershed tool and while well-to-tank emissions are
not mandatory to report they a re required for science-based
target setting.We a re not required to adjust our ba se yea r due to
the immaterial impact on our total emissions. For context,the
we ll-to-tank emissions value in our base y ear is estimate d to be
40.9 tCO
2
e, making our total scope 3 category 3 e missions in our
base y ear 47.7 tCO
2
e. The mov ement betwe en FY25 a nd FY23
would havebeen approximately a decrease of 0.7 tCO
2
e or 1%
for scope 3 category 3 as compa red to the 40.2 tCO
2
e or 591%
increase reported in actuals.
591%
69%

EROAD FY25 Sustainability Report | PAGE28
EMISSIONS SOURCES AND
CALCULATION METHODS
The tables on the following pages provides an overview of all
emission sources in EROAD's GHG inventory, including data
sources, calculation methods, any assumptions made in the
calculation process and an assessment of data quality and
uncertainty.
To support emissions reporting a variety of calculation
methods are used based on the nature and availability of data:
•Fuel-based method –estimates emissions by multiplying
the volume e.g. litresby an appropriate emission factor.
•Distance-based method –estimates emissions by
multiplyingthe distance e.g. kilometres, passenger
kilometresor tonnekilometresby an appropriate
emission factor.
•Average data method –estimates emissions by
multiplying the quantity of a product e.g. kilowatt hours,
litres, kilometresby an appropriate emission factor.
•Spend-based method –estimates emissionsby
multiplying the cost of goods and services
purchasedmultiplied by an appropriate dollar spend
emission factor.
Data quality and uncertainty are assessed using the scales
outlined below.Although the quantification of effects of
uncertainty is not included, a qualitative classification of
uncertainty is detailed per emission source.
DATA QUALITY SCALE:
•Low –data has notable inaccuracies, inconsistencies or
variability which may limit its accuracy
•Medium –data is generally reliable but contains some
inaccuracies or missing values requiring extrapolation
•High –data is accurate, consistent and mostly complete
UNCERTAINTY SCALE:
•Low –there is strong confidence in data reliability and
accuracy with clear understanding of limitations
•Medium –there is a reasonable confidence in data
reliability with some acknowledged limitations
•High –there is limited confidence in reliability with
reasonable unknowns affecting interpretation
APPENDIX 1: GHG INFORMATION (continued)
EROAD FY25 Sustainability Report | PAGE28

EROAD FY25 Sustainability Report | PAGE29
GHG PROTOCOL
CATEGORY
EMISSION SOURCESDATA SOURCESASSUMPTIONS AND METHODOLOGYDATA QUALITYUNCERTAINTY
Scope 1
Diesel & petro lFuel records fro m s upp lier portalFuel-bas ed method: Fuel usag e is so urced from the sup plier port al w here d ata is
br oken down b y litres b y fuel type.
Hig hLow
RefrigerantsEs timated bas ed on facilit y
footp rint details
Refrigerant us age in o ur leased offices h as been es timated bas ed o n foo tprint area of
the sp ace leased.
LowMed ium
Scope 2
El ectr icit y –locatio n b asedEl ectr icit y records fro m o ur
su ppl ier s, b uildin g el ectr icit y
us age fr om landlo rd, es timates
bas ed on numb er of emplo yees
Averag e d ata m et hod: Data for N Z and San Diegosit es p rovided from invoices fr om
ou r s upp lier.For the Au stral ian o ffice we ar e not b illed separat el y for our electricity
us age instead this is r olled into ou r r en tal ch arges.An es timate for el ectr icit y us age
has b een mad e by taking th e electricity u sage per emplo yee in N Z and mu ltipl ying
that b y the numb er o f empl oyees in Austr alia.For our N ew J er sey office w e have
been pro vid ed d ata fo r electricity usag e for the bu ilding and h ave port ioned to EROAD
bas ed on the s pace w e leas e.
Hig h –for aver age d ata method
Med ium –wh er e estim ation
requ ired
Low –for aver age d ata
metho d
Med ium –wh er e estim ation
requ ired
Scope 3
C ategory 1:
Purchased goods a nd
servic es
Purchased g oods and s ervices
–su ppl ier s pend
Sp end from finance record sSp end-bas ed method: Spend d ata is extracted from the finance s ys tem by G L
account s and categoris ed as o perational (pu rchased go od and services) o r cap ital
sp end (cap ital good s –inventory, fixed assets and in tangib le as sets). G L accounts
are attrib uted the most relevant emiss ions factor from within th e selected emiss ion
factor set according t o t he p rodu ct and /or service th ey provide. Costs exclude any
sp end that is already captur ed b y a more precise method of calculatio n.
Hig hHig h
C ategory 2:
Capital goods
Cap ital good s (in vento ry, fixed
ass ets, in tangib le as sets)
Sp end from finance record sSp end-bas ed method: as outl ined above th e add itions to inventor y, fixed assets an d
intan gible ass et s are capt ured with th e mos t relevant emis sion factor set acco rding
to the sp en d typ e. Cos ts exclu de an y sp en d that is already cap tured b y a more
pr ecis e metho d of calcul ation.
Hig hHig h
C ategory 3:
Fuel and energy
rela ted a ctivities
El ectr icit y dis tribu ted T&D
los ses
Su ppl ier invoices/r ecor ds or
bas ed on es timated kWhs where
invoice d ata not avail able
Averag e d ata m et hod: Electricity u sage (kWh ) from su ppl ier record s is mult iplied by
the nation al average emiss ions factor for loss es .
Hig hLow
Wel l-to-tank emis sions from
fuels u sed
Su ppl ier invoices/r ecor dsAverag e d ata m et hod: Well-to-tank emis sions are calculated u sing qu antities (in kWh
or L) from the und erlying fuel sour ce and mu ltiplied b y the well-to-tank emis sions
factor. Qu antities of fu els are s ourced from su ppl ier s as outlin ed ab ove.
Hig hLow
C ategory 4: U pstrea m
transportation a nd
distribution
Freight from s upp liers to
EROAD, betw een ou r l ocations
and for sh ipping o f comp onent
material s to the m anufacturers
via air , sea and road , freight to
cus tomers.
Su ppl ier freigh t r ecor ds and
sp end from finance record s
Dist ance-bas ed method: Dist ances an d weightsis so urced from the sup plier port al
wh er e dat a is b roken dow n b y tran spor t t yp e and mu ltipl ied b y app ropr iate emis sion
factor. In FY25 , 77% of t he freigh t emis sions calcu lated was un der the d istance-
bas ed method.
Where rep orting is u navail able then spend-bas ed method is app lied. Sp end data is
ext racted fr om the finan ce system by GL accoun ts and review ed to remove vendors
wh er e dis tance-bas ed method has b een app lied (to avoid d upl icat ion). Mo st relevan t
emiss ions factor from with in t he s el ected emis sion factor set is selected.
Hig hLow –for dis tance-bas ed
calculat ions
Hig h –for sp en d-bas ed
calculat ions
EMISSIONS SOURCES INCLUDED
APPENDIX 1: GHG INFORMATION (continued)

EROAD FY25 Sustainability Report | PAGE30
GHG PROTOCOL
CATEGORY
EMISSION SOURCESDATA SOURCESASSUMPTIONS AND METHODOLOGYDATA QUALITYUNCERTAINTY
C ategory 5:
Waste generated in
operations
Waste fr om EROAD offices and
war eh ouses
Su ppl ier w aste reco rds and
estim ates based on nu mber of
empl oyees wh er e was te d ata not
available
Averag e-dat a meth od: q uantit ies o f was te fro m each operat ional site is sou rced fro m
the su pplier record s and mult iplied by appro priate emissio n factor . In FY25, 81 % of
the was te emis sions calcul ated was und er t he average-dat a meth od.
Where rep orting is u navail able then quant ities of w aste is es timated us ing aver age
was te p er emp loyee from actual d ata m ultip lied by th e nu mber of emp loyees for th e
sit e mis sing dat a. The r es ultin g total weigh t is t hen m ultip lied by an app ropr iate
emiss ion fact or.
Hig h –for weigh ts sou rced fro m
su ppl ier
Low –for weigh ts estimated
us ing aver ages
Med ium
C ategory 6: B usiness
travel
Air travelSu ppl ier record s and sp en d fr om
finance reco rds
Dist ance-bas ed method: Travel d istance (km) is p rovided by the s upp lier, b roken
do wn by t ravel metho d and origin /destin ation. Pass en ger kms are multip lied by t he
mos t appro priate national average emissio ns fact or. In FY25, 56% o f the air travel
emiss ions calculat ed w as und er th e dis tance-bas ed method.
Where rep orting is u navail able then spend-bas ed method is app lied. S pend dat a is
ext racted fr om the finan ce system by GL accoun ts and review ed to remove vendors
wh er e dis tance-bas ed method has b een app lied (to avoid d upl icat ion). Mo st relevan t
emiss ions factor from with in t he s el ected emis sion factor set is selected.
Hig hLow –for dis tance-bas ed
calculat ions
Hig h –for sp en d-bas ed
calculat ions
Taxis, m ileage claim s, rent al
cars and accommo dation
Sp end from finance record sSp end-bas ed method: Spend d ata is extracted from the finance s ys tem by G L
account s and m ultip lied by mo st relevan t emis sions factor .
Hig hHig h
Category 7: Employee
commuting
Em ployee comm uting and
wo rking from hom e emiss ions
Em ployee s urveyDist ance-bas ed method: Staff surveys co llected data twice a year on em ployee
commu ting, includ ing trans port metho d, d istance and frequency, as well as nu mber
of days work ing from home and is ass umed to repres en t t he ann ual commut ing
behaviou r. Data is extr apolated to est imate t otal annual d istance by tr anspo rt
metho d and reflect to tal popu lation, with emiss ions calculat ed u sing relevant
factors . 100% of data is obtain ed t hroug h staff s urvey. Impacted b y the respo nse rate
and chang es in n umber of staff over time.
Med iumMed ium
C ategory 12:
End of life treatment
of sold products
Scrap o f hard ware/inventor y
and w arranty co sts
Finance reco rdsSp end-bas ed method: Spend d ata is extracted from the finance s ys tem by G L
account s and mult iplied by most relevant emissio ns fact or.
Hig hHig h
Category 13:
D ownstream leased
assets
Services provided to th e
hard ware assets i.e. S AAS
cost s (cellu lar connection, geo
map ping, prod uction hos ting)
to cus tomers
Finance reco rdsSp end-bas ed method: Spend d ata is extracted from the finance s ys tem by G L
account s and mult iplied by most relevant emissio ns fact or.
Hig hHig h
APPENDIX 1: GHG INFORMATION (continued)

EROAD FY25 Sustainability Report | PAGE31
EXCLUSIONS
The following GHG emission sources have been excluded from our inventory due to their low materiality, poor availability of dataand high degree of uncertainty. These exclusions are not considered significant to our
inventory, its intended use or its users.
There are no exclusions for scope 1 and 2 emissions. The scope 3 exclusions is allowable under adoption provision 4 of the Aotearoa New Zealand Climate Standards.
SCOPE 3 EXCLUSIONS BREAKDOWN:
SCOPE 3 CATEGORYGHG EMISSION SOURCESREASON FOR EXCLUSION
ESTIMATED EXCLUSION
(tCO
2
e)
% OF TOTAL SCOPE 3
INVENTORY
Category 11:
Use of sold produc ts
Fuel bu rn associated w ith the u se of
ou r h ardwar e un its in cu stom er
vehicles
Meth odolo gy to d et er mine emis sions con nect ed t o t he energ y us ed t o p ower an EROAD unit is to b e
developed . Relevant data po ints includ e th e nu mber of con nect ions, typ e of connection, idle hour s,
tot al h ours , fuel sou rce (i.e. diesel, petrol, elect ric, hybrid ), charge requir ed . Whil e so me of these
dat a p oints are readily availab le t he meth odolo gy to tr ansform thes e dat a p oints into a resu ltant
emiss ion sou rce and ap prop riate emis sion factor is yet to b e determ ined. The charge requir ed t o
po wer an in dividual EROAD u nit is not sign ificant , how ever given t he nu mber of units and im portan ce
of this to ou r cu stomers w e d o in tend to measur e this s ource in the fu ture.
Unkn own bu t n ot expected to be
sig nificant to EROAD's emissio ns
inventory i.e. expect it to be l es s than
5% of t otal emissio ns
Expected to be less than 5%
C ategory 3:
Fuel and Energy Related
Ac tivities
Em ission s fr om the T &D loss es , T& D
los s well-to-tank and electricity well-
to-tank for NZ facil ities utilis ing
Ecot ricity
Ecot ricity has b een certified with its offsets in cl uding T &D loss es as s uch we have exclu ded these
emiss ions from ou r foo tprint . This excl usion ap plies to NZ facilit ies o nly.
Es timated to be 11 tCO
2
e0.1% of to tal scope 3 invent ory
SCOPE 3 EXCLUSIONS AS ASSOCIATED EMISSIONS CAPTURED ELSEWHERE:
SCOPE 3 CATEGORYGHG EMISSION SOURCESREASON FOR EXCLUSION
ESTIMATED EXCLUSION
(tCO
2
e)
% OF TOTAL SCOPE 3
INVENTORY
C ategory 8:
Upstream lea sedassets
Leas ed build ingsEm ission s associated w ith the u pst ream l eas esof office and war eh ouse sp ace has beencaptu red
un der scope 1 and 2 act ivities .
N/ A -calculat edelsew hereN/ A
Category 9:
D ownstreamtransportatio
n a nd distribution
Freight of sol dpr oductsThe freight of prod ucts so ld by E ROAD is paidfor by EROAD, as s uch these emissio ns areinclu ded
un der cat eg ory 4 .
N/ A -calculat edelsew hereN/ A
C ategory 10:
Processing of
soldproduc ts
Man ufacturingMan ufacturing o f EROAD p rodu ct s is co mpletedby third-par ties as such the emissio ns
ass ociatedwit h t he p rodu ct ion of E ROAD p rodu cts hasbeen captu red under categor y 2.
N/ A -calculat edelsew hereN/ A
SCOPE 3 EXCLUSIONS AS NOT APPLICABLE TO EROAD:
SCOPE 3 CATEGORYGHG EMISSION SOURCESREASON FOR EXCLUSION
ESTIMATED EXCLUSION
(tCO
2
e)
% OF TOTAL SCOPE 3
INVENTORY
C ategory 14: FranchisesOperation s of franchis esNo t ap plicabl e –EROAD d oes not operate any fran ch isesN/ AN/ A
C ategory 15: InvestmentsOperation s of investm en tsNo t ap plicabl e –EROAD d oes not operate any in vest mentsN/ AN/ A
APPENDIX 1: GHG INFORMATION (continued)

EROAD FY25 Sustainability Report | PAGE32
EMISSION FACTORS
The table below outlines the emission factors sets applied to various emission sources, units of measurement and the GWPs.
EMISSION FACTOR SOURCEEMISSIONS SOURCE APPLICABLE TOUNITGWP VALUES
202 4 NTD Da ta for Public Transit
Blend
Em ployee comm uting via pub lic tr anspo rtEm ployees, Km sIPCC AR6
Australia Na tional GHG F actors
202 3 (data for 2023 )
El ectr icit y and T& D lo sses Aust ralian operatio ns
El ectr icit y and T& D lo sses Aust ralian employees work ing from home emissio ns
For April 2024 to Ju ne 2 024
Kw h
Em ployees, Kw h
IPCC AR5
Australia Na tional GHG F actors
202 4 (data for 2024 )
El ectr icit y and T& D lo sses Aust ralian operatio ns
El ectr icit y and T& D lo sses Aust ralian employees work ing from home emissio ns
For Jul y 2024 to M arch 2 025
Em ployee w orking from ho me emis sions (gas an d waste) Au stral ia and N ew Zealand emp loyees
Aust ralian fleet vehicles fuel usag e
Aust ralian fleet vehicles well-to-tank emis sions
New Zealand fleet vehicles well-to-tank emis sions
For April 2024 to M arch 2 025
Kw h
Em ployees, Kw h
Em ployees, mm btu
Litres
Litres
Litres
IPCC AR5
C ED A v7 EFs (C ED A 2024 )Cap ital good s
Purchased g oods and s ervices
Bus iness travel
En d of life treatment of sold p rodu cts
Dow nstream leased as sets
Ups tream trans portat ion and dist ribut ion
Waste to landfill
$
$
$
$
$
$
$
IPCC AR5
Ecoinvent 3.10.1Ups tream freight: fir st and final mile deliver y, sea t ransp ort, g roun d transp ortTon ne km sIPCC AR6
eGRID 2024 (2022 data)El ectr icit y and T& D lo sses No rth Am er ican emp loyees w orking from ho me emis sionsEm ployees, Kw hIPCC AR5
EPA202 4Em ployee comm uting via car
Em ployees workin g fr om home natural g as
Em ployees, Km s
Em ployees, mm btu
IPCC AR5
APPENDIX 1: GHG INFORMATION (continued)

EROAD FY25 Sustainability Report | PAGE33
EMISSION FACTOR SOURCEEMISSIONS SOURCE APPLICABLE TOUNITGWP VALUES
IEA 2024 W ell-to-tank and AU NGAF
202 4 T&D (data throughout 202 2)
El ectr icit y well-to-tank Aus tralian emplo yees wor king from home emiss ions
El ectr icit y well-to-tank Aus tralian operat ions
Em ployees, Kw h
Kw h
IPCC AR5
IEA 2024 Well-to-tank and NZ MFE
202 4 T&D
El ectr icit y well-to-tank N ew Zealand emp loyees w orking from ho me emis sionsEm ployees, Kw hIPCC AR5
IEA Ele ctric ity Emissions Fac tors
202 4 (data through 202 2)
Ho me offices elect ricity and T& D l ossesEm ployees, Kw hIPCC AR5
IEA We ll-to-tank 2024 (data through
202 2)
Ho me offices elect ricity well-to-tank
El ectr icit y well-to-tank Aus tralia and Nor th America operat ions
Em ployees. Kw h
Kw h
IPCC AR5
IEA We ll-to-tank T&D 2 024 (da ta
throughout 20 22)
Ho me offices elect ricity T& D w el l-to-tank
El ectr icit y T&D well-to-tank Aus tralia and Nor th America operat ions
Em ployees. Kw h
Kw h
IPCC AR5
IPC C AR6 W G1 C ha pte r 7
Supplementa ry Material
RefrigerantsSq uare metresIPCC AR6
New Zealand MfE 20 24 (da ta
through 202 3)
New Zealand El ectr icit y (all sites)
Ho me offices New Zeal and elect ricity, elect ricity T& D lo sses, gas and coal emiss ions
New Zealand fleet vehicles fuel us age
kw h
Em ployees, Kw h/mmb tu
Litres
IPCC AR5
UK Government GHG Conversion
Fa ctors for Compa ny Reporting
202 4 (D EF RA)
Em ployee comm uting w el l-to-tank emis sions (car,pu blic trans port, gas, coal, b iofuels and
was te)
Air transp ort (freight), air tr anspo rt radiative for cin g, air tran spor t w ell-to-tank
Air travel (fuel combu stion , well-to-tank , radiat ive forcing)
Waste to landfill
Em ployees, Km s
Ton ne Km s
Mil es
Kg s
IPCC AR5
APPENDIX 1: GHG INFORMATION (continued)

EROAD FY25 Sustainability Report | PAGE34
Conclusion
EMISSIONS -REA SONAB LE ASSU RANC E
We have obtain ed all the info rm atio n and explan atio ns we h ave required. In o ur o pin ion, th e gro ss GHG em ission s,
addition al requi red disclosures of gross GHG emi ssions, a nd gross GHG em ission s meth ods, assum pti ons a nd
estima tion uncertain ty, defin ed in th e climat e stat ement s and table below, in a ll m aterial respects:
+ com ply with the audit criteria; a nd
+ provide a t rue a nd fair view of th e em ission s of EROAD Li mited for th e yea r ended 31 March 2025 .
EMISSIONS -LIMITED A SSURANCE
Based on t he procedures we have performed a nd th e evi dence we h ave obt ained, n oth ing h as com e t o our
attentionth at causes us to believe th at th e gro ss GHG em ission s, additi onal required di sclosures of gross GHG
emi ssions,an d gross GH G emissi ons m etho ds, assumptio ns an d est imat ion uncert aint y, defined i n the cli mate
statem ent an dta ble belo w:
+ do n ot com ply wit h the audit criteria; and
+ do n ot provi de a true and fai r view o f the emissio ns of EROAD Limited for the year ended 31 Ma rch 202 5.
Ba sis of verification opinion
We believe that the audit evidence we have obtai ned is suffi cient an d appro priate to pro vide a ba sis fo r our opinio n.
DOCUMENT
ASSURANCE SCOPE
INCLUDED (PAGES)
EXCLUDED –NO ASSURANCE (PAGES)
Climat e stat ement s
22, table page 23, Appendi x 1 table
page 27, 29-33
1-21,23-26, com ment ary pa ge 27-28,37-40
KEY MATTERHOW KEY MATTERS HAVE BEEN ADDRESSED
EMISSIONS RELATING TO CA PITA L GOOD S, PURC HASED GOODS AND SERV ICES, END OF LIF E, UPSTREAM AND
DOWNSTREA M LEASED ASSETS
Th ese emissi ons use th e spen d ba sed calculati on met hod t o est imat e em ission s by mult iplying t he do llar value
purchased wi th emissi on facto rs releva nt to the
type of goo d or servi ce.
Th e m etho d relies o n average emissio ns per do llar spend fa ctors, wh ich may differ si gni ficant ly fro m the emissi ons
actually crea ted. Th e use of th e spen d based calculatio n meth od therefo re com es wi th inh eren t uncertai nty and may
result in sign ifican tly differen t esti mated emissio ns th an met hods th at are mo re suppli er or pro duct specific.
Th ere is a risk that theses emissio ns could be inco mplete and inaccurate.
In addressin g th e repo rti ng of emi ssions, we:
+ Obtained a n understan din g of th e calculati on methodology, assumption s and estim ates used and perfo rmed a
walkth rough o f t he Watershed (em ission m oni toring soft ware) syst em.
+ Reviewed th e reaso nablen ess o f t he spend based em ission fa ctors used an d thei r appli catio n in the calculatio n
process.
+ Reviewed th e em ission s reco rded in th e climat e stat ement s and confirmed t hey were classifi ed and ca tego rised
appropriately.
+ Performed sample testin g of invo ices to co nfirm the accuracy an d occurrence of the expen ses repo rted.
+ Reviewed expen ses fo r any do uble counti ng of emi ssions.
+ Performed a reconci liat ion o f t he fixed assets purchased an d expenses in t he tri al ba lan ce t o the cli mate statem ents to
ensure the com pleteness of th ese emissio ns.
+ Reviewed th e disclosures in th e clima te sta temen ts in relation to the calculatio n meth od, assumption s and
uncert aint ies in estim atin g these emissio n sources to ensure
fair presentatio n.
No m aterial fin din gs were n oted.
APPENDIX 2: GHG ASSURANCE
Scope of the assurance engagement
We have un dertaken a verificat ion en gagement rela ting to gross GH G emi ssions, a dditio nal required disclo sures
ofgross GHG em ission s, and gro ss GHG em ission s methods, assum ptions and estim atio n uncertai nty on the
climat estatem ents as indicat ed in th e t able belo w for the fina ncial yea r ended 31 March 2025 . Additio nally, our
assuran ceengagement does n ot extend to targets, emissio ns reductio n progress or GHG liabilities, of which details
ma y be referen ced withi nth e t able below. Th e scope o f em ission s and level o f assura nce are di sclosed below.
EROAD's climate statements provide information about the greenh ouse gas emissio ns of th e orga nisatio nfor
th edefined m easurem ent period and is based on h ist ori cal info rm atio n. T his i nformat ion is stat ed in acco rdance
with the requirements of Greenh ouse Gas Proto col: A C orporate Accountin g and Reportin g Standard (2 004).
Key matters
Key m atters are t hose matt ers t hat , in o ur pro fessiona l judgem ent, were of most si gni ficance in our assuran ceengagement o f t he GHG disclosures. These matt ers were addressed in t he cont ext o f o ur a ssurance engagem ent and in forming our
opini on. We do not pro vide a separate conclusion o n these matters.
INDEPENDENT ASSURANCE REPORT
ToitūVerification
To the Shareholders of EROAD Limited

EROAD FY25 Sustainability Report | PAGE35
Other matters
Oth er mat ters that h ave not been disclo sed i n the GH G disclosures, that i n our judgem ent are relevan t to th e
in tended users:
C OMPA RA TIVE INF ORMATION
+ Th e co mpa rative GHG disclo sures (th at is GHG disclosures for the periods ended 31 March 20 24 and 20 23) h ave
no t been t he subject o f an a ssurance engagem ent un dertaken in accorda nce wit h New Zealand Sta nda rd o n
Assurance Engagements 1: Assurance Engagements over Greenhouse Gas Emissions Disclosures (‘NZ SAE 1’).
Th ese di sclosures are no t covered by our assurance con clusio n.
+ Th e co mpa rat ive peri ods 31 March 2024 an d 2023 ha ve been assured in prio r periods in a separate
ToitūEn viro care assuran ce en gagemen t in accordan ce with ISO 140 64-3:201 9 i ssued byInternationa l Organization
for Sta nda rdizatio n.
Responsible party' s responsibilities
EROAD Limited is responsible for th e preparatio n of the GHG disclosure in a ccordance with Aotearo a New
ZealandClimat e Stan dards (N Z CSs)-issued by Ext erna l Repo rti ng Boa rd (XRB) and GH G Prot ocol. This
responsibi lit yin cludes t he design , im plement atio n and m aint enance of in tern al con trols relevant to t he preparati on
an d fairpresentation o f a GHG disclosure that is free fro m material m isstatement, whether due to fraud o r error.
INHERENT U NCERTAINTY
As disclosed in pa ragraph -"Inherent Uncertai nty "on page 22, GH G quan tificat ion is subject t o inherent
uncertaintybecause o f i ncom plete scien tific kn owledge used to determin e em ission s facto rs an d th e values
needed to co mbine emissio ns o f differen t gases.
Responsibilities of verifiers
Our respon sibility as verifiers is to express a verifica tion o pin ion t o the agreed level of assuran ce o n the
in vento ryreport, based on the eviden ce we have obtain ed and in accordan ce with the auditcriteria. We con ducted
our verificati on engagem ent as a greed in th e pre-audit en gagemen t lett er, wh ich defi nes th e scope, o bject ives,
criteria and level of assuran ce o f the verifica tion .
Th e Int erna tion al Standard ISO 14 064-3:201 9 requires tha t we com ply with et hical requirement s and plan
an dperform th e validatio n and verification to o btain th e agreed level o f assura nce that theG HG em ission s are free
from mat eria l misst atemen ts. We are no t permitt ed to prepare th e GHG sta temen t as th is would com promi se our
in dependen ce.
Reasona ble assura nce is a high level o f a ssurance, but is no t a gua ran tee that a n audit carried o ut in a ccordance
with t he ISO 140 64-3:201 9 Stan dards will alwa ys det ect a m aterial m isstat ement when it exists. The procedures
performed o n a lim ited level of assuran ce vary in nat ure an d tim ing from , an d are less in ext ent com pared to
reaso nable assurance, which is a h igh level of assuran ce.
Misstatements are differen ces or o missio ns of am oun ts o r disclo sures, an d can arise from fra ud o r
error.Misstat ement s are con sidered material i f, in dividua lly o r in th e aggrega te, t hey could reaso nably be expect ed
to i nfluence th e decisi ons o f readers, ta ken on the basis o f the information we audited.
Existenc e of relationships
Toitūha s also provided other services to th e responsible party in relation to C lim ate Im pact Certifi catio n
progra mmemem bersh ip on ly (see det ails ht tps://www.toi tu.co .n z/solutio ns/climat e-im pact-certificat ion /). Subject
to certai n restri ction s, our employees may also dea l wi th th e responsible party on n orm al terms within th e o rdinary
course of tra din g activi ties . These matt ers h ave not im pai red o ur in dependence as veri fier of th e responsible party.
Toitūha s no other relation shi p wi th, or in terest in , th e respon sible pa rty.
Independence and quality management standards a pplied
Th is assuran ce en gagemen t was undertaken i n accordan ce with NZ SAE 1 Assuran ce Engagem ents o ver
Greenh ouse Gas Emissi ons D isclosures issued by the Ext erna l Repo rti ng Boa rd (XRB). NZ SAE 1 is founded on t he
funda mental princi ples of indepen dence, integrity, objectivity, pro fessiona l competen ce an d due care,
con fiden tiality an d professio nal behavio ur.
We have also com plied with th e fo llowing pro fession al and ethica l st andards and accreditat ion body requirem ents:
+ ISO 1 4065: 2020 –Genera l principles and requirem ents for bodi es vali dat ing an d veri fying en viro nmen tal
in form atio n;
+ ISO 1 4066: 2023 –Greenh ouse gases —Co mpet ence requiremen ts for teams validati ng an d verifyi ng
envi ron mental in form atio n;
+ ISO 1 7029: 2019 –Co nformit y assessm ent —Genera l principles and requirem ents for valida tion a nd verificati on
bodi es;
+ IAF MD 4:2023 -For the Use of Informat ion an d Com mun icati on Tech nology (ICT) for Auditi ng/Assessment
Purpo ses;
+ Jo int Accredita tion System of Austra lia an d New Zealand Accredi tati on Requirements
INDEPENDENT ASSURANCE REPORT
ToitūVerification
To the Shareholders of EROAD Limited
APPENDIX 2: GHG ASSURANCE (continued)

EROAD FY25 Sustainability Report | PAGE36
Verifica tion stra tegy
Our verifica tion strategy used a co mbined data an d contro ls testi ng approach . Evi dence-gathering proceduresin cluded but were not limited to:
+ acti vities t o inspect t he complet eness of the cli mate statem ents;
+ interviews o f site perso nnel to con firm o peratio nal behavio uran d standard o peratin g procedures;
+ sa mpling of fuel an d elect rici ty records to con firm accura cy o f source dat a into ca lculat ions;
+ reco nciling o f purchased goods and services to co nfirm correct formula and calculation ;
+ det ailed sen se check o f freigh t and em ployee comm ut ing records;
+ revi ewin g emissi on facto rs fo r accuracy and appro priaten ess;
+ evaluating the overa ll presenta tion o f the disclo sures.
Th e data exam ined during the verifi catio n were h istorical in n ature.
Verifica tion level of assura nc e
GHG PROTOCOL CATEGORIES
Responsible party' s greenhouse gas assertion (c laim)
EROAD Limited has m easured its green house ga s emissio ns in a ccordance with GHG Proto col in respect of theopera tion al emi ssions of its orga nisatio n.
Other informa tion
Th e respon sible pa rty ha s a duty for th e pro visi on of Other Info rm atio n. The Other Info rma tion m ay include climat estatem ents around governan ce, stra tegy an d risk ma nagement , emi ssionsma nagement , liabi lit ies, target s, emissio ns
ma nagement , reduction pla ns an d ESG (Environ ment al, So cial, Go vern ance) but does not in clude th e in formati on we verified, an dour auditor’s opinion thereon.
We have not perfo rm ed any procedures with respect to th e excluded info rma tion a nd, th erefore, n o conclusion i sexpressed on i t. Our respon sibility is to read an d revi ew th e Oth er In formati on, and co nsider whet her t he Ot her Informat ion is
ma teri ally i ncon sistent with the info rm atio n we veri fied, or o ur knowledge o bta ined during the verifi catio n.
GHG SCOPE
LOCATION BASED tCO
2
e
LEVEL OF ASSURANCE
Scope 1152 .5 2Reasona ble
Scope 274.42Reasona ble
Scope 311,18 9.00Limited
TOTA L INVENTORY11,4 15.93
INDEPENDENT ASSURANCE REPORT
ToitūVerification
To the Shareholders of EROAD Limited
APPENDIX 2: GHG ASSURANCE (continued)

EROAD FY25 Sustainability Report | PAGE37
CO-ORDINATED DECARBONISATION
ENVIRONMENTALSOCIALTECHNOLOGICALECONOMICPOLITICAL
Global emissions start to drop rapidly from the mid-
2020s. The lowest hanging fruit for emissions
reductions are targeted first, so the rate of reduc tion
slows over the deca des as ea ch successiv e
gigatonne becomes trickie r to cut out. Progress is
continual a nd the globe is on track to reac h net z ero
in the early 2050s.
By the 2040s, temperatures hav e almost completely
stopped rising, and the global warming le vel peaks at
1.6 °C in 2050. The effort has been monumental, but
through nea rly eve ry country in the world making a
conce rted effort, climate
change is ha lted a nd the Paris Agreeme nt targets are
met.
The climate is, however, still significantly warmer
tha n it was a t the start of the 21st century.
He atwave s are more frequent and inte nse, and
droughts a re more prolonged.
The warmer atmosphere holds more wa te r, making
extreme ra infa ll ever more inte nse a nd impa ctful. By
2050, ec onomic damages due to riv er flooding have
increa se d by ha lf in Austra lia compa re d to 2015, by
about a third in NZ and the
US, and by around a quarter in China.
Inertia in the climate system me ans that sea levels
are continuing to rise, albeit at a now-slowing rate.
Flooding of low-lying c oastal a reas is commonplac e
around the world, forcing countless cities to
strengthen their defences a nd many smalle r
communities to retreat entirely.
In the ne ar term, a growing consensus begins to take
hold that addressing climate change will require
effort and change from all se ctors of soc iety. Public
and private se ctor organisa tions
alike put an increasing emphasis on reducing the ir
emissions directly and through their procurement.
Attitudes warm towards lower e missions lifestyles
tha t involv e less conspicuous consumption and
more use of active and public transport. Demand
grows for professionals
with the skills to power the low-carbon transition,
particularly in STEM sectors. The bulk of these new
jobs are in c ities, which drives c ontinued patterns of
increa sing urbanisation.
As the 2020s c ontinue, the birth ra te continue s to
decline globally and the population grows older on
av erage. New Zeala nd, Australia, and the Unite d
State s all continue to grow as immigration remains
relatively ope n and the world se es these as desirable
places to be . Population growth is also seen in rural
area s as the a griculture sector generally succeeds in
naviga ting the transition and a new wave of nature-
based jobs arise. Howev er, sectors without strong
environme ntal reputations, suc h as the fossil fuel
industry and interna l-combustion-driven transport,
fa ce major c hallenge s in a ttracting a nd retaining
staff. The generations ente ring the workforc e have
widespread environmental awa re ness and
conscienc e, demanding a lot not only from their
employers, but the companie s they buy from as we ll.
Companies ac cused of greenwashing face strong
public ba cklash. Investors are well
aware of this, steering funding away from industries
and companies de emed to be high risk.
Out to 2050, the transport sector in many countries
transforms to favourac tive and public modes. The
ageing global population is growing less and less,
finally reaching a peak of less than 9 billion in 2050.
This, coupled with a c ontinued demand for specialist
sustainability e xpertise, pre sents a staffing challenge
for many companie s worldwide. Strong
environme ntal performanc e from c ompanies is now
the ba se line expectation for the majority of
customers.
Commercial satellites c ontinue to be deployed at an
ac celerating rate in the near term, leading to
communic ation acce ss becoming widespread and
cost-effective. Electrification of the Ne w Ze aland ra il
network begins in the greater Auckland region.
Services for tracking emissions are in high demand.
Through the 2020s, shifts in polic ies and c onsumer
attitudes increase c ompetition in the low-emissions
tech sector. This “green race” presents new funding
streams for R&D and expansion, but also a number
of new-entra nt compe titors. D emand for electric
vehicles and supportive policies means that EVs
make up the majority of new light vehic le sales by
2035. EVs passed price parity with ICE v ehicles in the
late 2020s, so demand for emissions tra cking begins
to drop. A number of high-spee d rail projec ts are
greenlighted in the US, Canada, and Austra lia.
Ba ttery electric drivetrain hea vy road vehicles reach
price parity with the ir ICE counterparts in the 2030s,
and hy drogen fuel cell units are not far behind.
Fuelling ne tworks to support hy drogen ve hicles are
built in the US a nd Australia. By now, autonomous
trucks are approv ed for use in on highway networks
ac ross a few countries, a nd ve hicle telema tics a re
sta ndard, built-in fea tures. High-spee d ra il
dominates freight and passenger transport in a few
key c orridors of the US and Australia, and New
Zealand modernises its passenge r rail network.
Urba n design in cities has la rgely shifted away from
car-centric infrastructure by 2050 in most countries,
with much of the US as a notable exce ption. High-
spee d inte rnet access is univ ersally available and
affordable, and 3D printing technologies have
progre ssed to the point of taking a sizable chunk out
of global trade.
Access to finance through the mid-2020s is tied to
compa ny performance against a large and growing
set of ESG standards. Setting de carbonisation
targets and reporting a ga inst them becomes
increasingly common practice. In a similar vein,
insura nce be comes more expensive and relia nt on
policy holders sharing telematics data. Globally ,
there is a burgeoning awa re ness of the importa nce
of stating and prioritising human wellbeing and
environme ntal goals ov er strict ec onomic growth.
While geopolitic al rhetoric centre s coordinating in
the de carbonisation journey, protectionist industrial
policie s that prioritise domestic production persist.
In the medium term, more and more countrie s adopt
ca rbon pric es and border adjustment mechanisms,
which drives up the cost of freight, particularly by air.
Howev er, e xporters a lso benefit from reductions in
tariffs that ac company more widespread free trade
agreements. Protectionism in economic policy
become s less prevale nt as countries discov er their
niches in the new ec onomy.
In the long term, GDP c omes to be seen a s just one
of many important indic ators of e conomic
prosperity , a longside othe rs that qua ntify natura l
resources and social and c ultural capital. Equity
inve stors dividend expec tations grow whilst the
global road tra nsport market ha s contracted due to
dive rsification in transport modes, stagnant
population, increased urbanisation, a nd reduce d
demand for goods transported ove r long distance s.
This pla ces pre ssure on the cost of equity for many
organisations in the transport sec tor.
Dev eloped nations, including NZ, Australia, the US
and Canada, push towards achieving the 1.5°C
target through the use of stringent c limate regulatory
requirements a nd obliga tions. The re is wide spread
cooperation to achiev e this and a highly
colla borative global politica l landscape.
In the 2020s, Roa d Use r Charge s (RUC s) a re
introduce d in Australia. NZ invests in the
electrification and expa nsion of freight rail in the
Golde n Triangle of Auckland, Hamilton, and
Taura nga. The tightening of environme ntal
regulations leads to increased compliance c osts for
businesse s across a ll industries. This includes
carbon pric es, which are introduced in several
jurisdictions.
Ca rbon pric es are gra dually ratcheted up out to
2035, driving an ac celerated transition to all-electric
flee ts, including in he avy road transport. Fossil fuels
are he avily taxed by 2035 and E-RUCs hav e been
introduced in all of EROAD’s key markets to replace
lost fuel ta x revenue . The se countries also now
require robust monitoring a nd reporting of a ll
emissions, e nvironmental risks and impacts across
the supply cha in for c ompanies ope ra ting and selling
in their markets. Compliance c osts are significant.
By 2050, bans on new fossil fuel vehicles are in e ffec t
ac ross most of the world. Policies to provide support
for developing nations to lea pfrog fossil fuels a nd
build out renewable energy and low-emissions
transport networks ha ve e njoye d widesprea d
succ ess, initially as part of the offset market.
APPENDIX 3: DETAILED SCENARIO NARRATIVES

EROAD FY25 Sustainability Report | PAGE38
A WORLD DIVIDED
ENVIRONMENTALSOCIALTECHNOLOGICALECONOMICPOLITICAL
Globa l emissions reac h their pe ak in the 2020s, but
the point of net z ero is a long way off, being projected
to ha ppen in the 2080s. The rate of re duction in
emissions is low, and temperatures continue to rise
through to the middle of the century . Many countries
are content to ride the coattails of the most
ambitious nations, only making e fforts to cut
emissions when it is cost-effective in the short-term.
The 2°C Paris Agreement target is not brea che d
before 2050, but that is on track to happen around
2060.
The impacts of warming c ontinue to worsen through
the de cades. Storms on the scale of C yclone
Gabrielle hit New Zea la nd back-to-back in 2027 and
2028, prese nting the government with a massiv e
repair bill. This a nd massive droughts in the ea rly
2030s hit the economy hard. Sea levels continue to
rise, with no sign of slowing down.
Dev astating floods hit parts of East and Southeast
Asia most y ears from the 2030s onwards, pre senting
major challenges to electronic s supply c hain.
Da mages from river flooding in Austra lia have
doubled by 2050 compare d to 2015.2 Heatwaves in
Australia a nd the Southern US reach unprecedented
levels, threatening not just businesse s but liv es on a
massiv e scale.
Attitudes towa rds decarbonisation become more
polarise d in the near term. Sustainability as a selling
point gains even more traction in New Zea la nd a nd
liberal parts of the US, Australia, and Canada. In
contrast, ICE e ngine vehicles become e ven more
entrenched as status symbols in othe r parts of the
market. C ompanies face growing re puta tional risks
when making sustainability claims while continuing
to operate in or even be associated with high-
emitting industries or regions. Working from home
become s more and more common.
As the 2020s progress, this trend continues.
Consume r and employee preference s for reducing
emissions differ greatly from state to state. Those
sta te s with a local fossil fue l industry (in all
countries) te nd to be those with the lowest ambition
to dec arbonise. Elsewhere, public transport uptake
is growing and people want to live closer to city
centre s, where the bulk of new jobs in the low-
emissions economy are being c re ated.
Bey ond 2035, low-emissions technologies such as
electric ve hicles, finally re ach economies of scale
and be come the default option. This, couple d with
the ever-clea re r impac ts of climate change, drive s
public acce ptance of alternatives. In the truc king
industry , supply chain disruptions and flip-flopping
loc al regulations lead to fluctuations in re quired fle et
siz es. Lea sing companie s are thus relied on more
and more, and contracts for drive rs move to shorter
terms. Climate cha nge me anwhile presents greater
health and safety risks to drivers, so employee
retention is a challenge for many opera tors,
espe cially those who are slow to adopt the quieter,
more comfortable low-emissions trucks.
Smart technology a doption in the transport sector
progre sses in the short-term. Telematics are used
increa singly both a s a third-party add-ons a nd as an
integrated part of OEM products. Driverless
technology is tria lled in a growing number of
jurisdictions in the US. In markets with strong
regulations, new play ers enter the v ehicle data
sector.
Through to 2035, there is considerable R &D
spending around the globe, but it is not all a ligned
towards me eting dec arbonisation goals.
Ma nufac turers are simultaneously developing a nd
releasing battery elec tric, hydrogen fuel c ell, hybrid,
and conventiona l fuel ce ll vehicles. Hydrogen use
tends to be limited to areas where it is produc ed,
such a s New Zea land, Southeast Austra lia , a nd the
North American c oasts. In the trucking sector, e-
fuels, biodiesel, ammonia, and LPG/propa ne fuels
are explored in addition to these. This diversification
pre sents a challenge for investment decision-
making. Communications satellite la unches
continue at pace, making high-coverage
communic ations more a ccessible. Drive rless trucks
see limite d deployment ac ross parts of the United
Sta te s.
As 2050 approaches, batte ry electric heavy vehicles
become cheaper than ICE options, driving
widespread uptake a cross all re gions. Hydroge n
remains a popular option in re gions with well-
established networks. Other propulsion technologie s
are completely phase d out or re le gated to niche
uses over time. High-spee d inte rnet a ccess is
universal across the key markets.
In the short-term, the ESG credentia ls re quired to
easily access financ e become more stringent in
some jurisdic tions (including Ne w Ze aland) and less
stringent in others (such as much of the Unite d
States). The European Union’s Carbon Border
Adjustment Mechanism (CBAM) comes into e ffec t
and both New Zeala nd and China start drafting
comparable regulations.
Out to 2035, fluctuating demand for investments
with robust ESG credentials and inconsistent
performance by ESG funds causes unce rtainty and
inve stor warine ss in the market. High-emitting
industries are still able to access capital in most
markets. China’s pivot towards decarbonisation and
away from low-cost manufa cturing opens a niche for
other nations in the region, but these tend to have
highe r-emitting power grids. Importers of
manufactured goods thus hav e to ba lanc e lower
production costs against higher embedded
emissions and carbon costs if they mov e operations.
Taxes on freight, partic ularly by air which is struggling
to dec arbonise, are raised sharply in Ne w Ze aland
and some US, Australian, a nd Ca nadian sta tes.
Out to 2050, the rising cost of insurance pushes
many companies to lean more and more on self-
insura nce. The de mand for haz ard-related data
grows as a result. Shipping costs continue to rise as
more CBAM policie s come into effect, carbon prices
rise, and we ather-related disruptions become more
common. The Panama Ca nal restricts crossings to
less than 20% of capacity during part of the y ear
roughly every other year now due to recurring
droughts.
Over the next few years, carbon taxes a re raised in
some jurisdic tions and lowered in others as political
parties with widely va rying prioritie s ta ke charge . The
av ailability of public money to support
decarbonisation efforts drops especially strongly in
the United States and Australia, with sev eral of the
provisions of the Inflation Re duction Ac t rolled ba ck.
Australia revises its 2030 e missions reduc tion target
downwa rds. C hina , me anwhile, doubles down on its
inve stments in electric ve hicles and rene wable
energy gene ra tion while trying to ca pture as much of
the value c hain internally as possible. New Zealand
implements a conge stion charge for the Auckland
CBD with exemptions for elec tric v ehicles.
In the late 2020s, a number of states in the US
introduce charges for ICE ve hicles, presenting a
logistical cha llenge for freight companie s operating
over state boundaries. Fossil-fuel-producing states
in Austra lia, Ca na da, a nd the US cling to these
industries, but de mand globally for their products is
ste adily dropping. Fossil fuel subsidies are also being
rolled back in many regions, inc re asing costs and
reducing demand. Political developments in one
country in the e arly 2030s are not a re liable predictor
for others. Traditional ties be tween na tions a re
changing as dive rging priorities become more
appa rent, and New Zeala nd begins to lea n more
towards Europe and Asia-Pacific in its tra de and
diplomatic dealings.
Out to 2050, growing climate-driven migration and
borde r tariffs prese nt geopolitic al challenges that
heighten tensions between nations. The highly v arie d
regulatory landscape presents ev ery-bigger
challenges to multina tional companies in terms of
compliance, litigation, and re putational risk. There is
a lack of alignment in reporting sta ndards, emissions
restrictions, and carbon costs both across and
within na tions.
APPENDIX 3: DETAILED SCENARIO NARRATIVES (continued)

EROAD FY25 Sustainability Report | PAGE39
ENVIRONMENTALSOCIALTECHNOLOGICALECONOMICPOLITICAL
As the world clings on to the burning of fossil fuels,
carbon dioxide em issions continue to grow year-
on-year. In sync, the globe’s temperature
continues to rise. The Paris Agreement target of 1.5
°C is breached in 2030 and the upper limit of 2°C is
crossed in 2045. There is no sign of the warming
stopping or even slowing down.
The physical impacts of climate change have
materially impacted every inhabited part of the
worl d. Severe weather events continue to worsen
over the decades and compound weather events
are commonplace, intensifying the destruction. In
the 2020s, a devastating drought in southeast USA
is followed shortly by an extreme storm and
flooding, making it extrem ely difficult for recovery
efforts.
Heatwave and drought records are regularly
broken, sparing no region of the world, with higher
average temperatures exacerbating damage.
Sea-level rise and outbreaks of tropical diseases
al so continue to increase globally. Supply chains
are severely disrupted on a regular basis, such as
when flooding causes dam age to roads, stored
hardware and warehousing. Weather events also
impact the functioning of cellular communication
and the abil ity for peopl e to access cloud services.
By 2050, the number of days of extreme heat over
35°C have more than doubled in East Asia since
2005. The Greenl and and West Antarctic sheets are
now confirmed to have crossed tipping points
towards collapse, locking in metres of sea level rise
to come before the end of the century.
Concerns around the cost of living drive people
around the globe to focus more on the cheapest
and most reliable goods in the short term.
Sustainability as a purchasing priority begins to
drop. New Zealand, Austral ia, Canada, and the
United States are seen as attractive pl aces to
migrate, but finding those immigrants with the skills
required to fill l ocal shortages remains a big
chal lenge.
In the medium-term, population growth stagnates
in Western countries and East Asia while
continuing to rise el sewhere. Concentration of the
population in cities continues at pace as this is
where air-conditioning, drinking water, and jobs are
most secure under ever-rising temperatures. Rural
areas see service cuts as a result. Multinational
companies begin to pull out of high-risk markets
most hit by the impacts of warming, particul arly in
Africa, the Middle East, and Southeast Asia,
causing large job losses. A growing sentiment of
precarity l eads people to prioritise their own safety
and security over concerns l ike sustainability,
growing the m arket for video capture devices.
Out to the middle of the century, the flow of climate
refugees grows and grows, but the openness of
different nations to taking them in is inconsistent.
Labour markets are flush with workers with lower
skill l evels and l ess familiarity with the local
market. This drives down salaries al ong with
financial security and contentment. Populations
are increasingly concentrated in cities, leading to
urban sprawl . Growing social unrest regularly
erupts into viol ence and supply chain disruption.
Acts of eco-terrorism spike, with a particular focus
on vandal ising fossil fuel infrastructure and planes.
Employee heal th and safety is a major concern,
especially for workers exposed to the elements.
Attraction and retention of workers to certain jobs
is difficult, such as truck drivers.
In the short term , the drive to monitor fleets from a
safety and cost perspective pushes up demand for
telemetry with mobile connectivity. Emissions
tracking, however, plateaus in demand. As
regulations are rolled back over time, demand for
em issions tracking tapers off.
Technol ogy R&D out to 2035 is not focused on
progressing the sustainability movement or
enabling em issions reductions. Progress occurs in
certain areas, such as agricul ture, I CE vehicles,
and other transport modes. The approach towards
innovation within freight technol ogy is reactive to
current conditions, such as avoiding physical
impacts of climate change, rather than forward-
looking.
As distrust between nations grows, there is a
growing focus on data security and sovereignty.
Companies face increased pressures to keep data
from each country within its borders. This drives up
costs of cloud services as new data centres need
to be built. R&D spending is directed towards
improving the resilience of communications to
increasingly frequent and widespread technology
outages. The worsening impacts of cl im ate change
cause driver health and safety to become a m ajor
focus for vehicle tracking technology. Avoiding
flooding and landslide-rel ated road closures, and
minimising exposure to excessive heat and poor air
quality are growing challenges that data providers
can assist with. By 2050, dem and for emissions
tracking in EROAD’s markets are limited to the
smal l handful of jurisdictions that hang on to their
em issions trading schem es as a revenue stream ,
being New Zealand, California, and New York.
The introduction of property-level risk pricing from
the m id 2020s drives up the cost of insurance
premiums, especial ly for coastal and fl ood-prone
properties. Global supply chains are also routinely
disrupted by fl oods of growing magnitude hitting
the ‘world’s factory’ in Asia. These rising costs,
coupl ed with protectionist economic policies, start
a trend of on-shoring manufacturing and
data/computation services.
Publ ic and private funding for decarbonisation-
rel ated R&D dries up in the medium-term. Priorities
shift much more towards national defence and
verticall y integrated production. Insurance
providers have, by now, retreated from large
coastal areas and floodplains in New Z ealand and
Australia, leaving a huge number of companies and
hom eowners exposed. Household spending and
consumer confidence drop in the face of an
increasingly grim global outlook, dampening the
economy in a feedback l oop. Barriers to
international trade are increasingly difficult for
global companies to navigate.
In the 2040s, the United States devolves the
National Flood Insurance Program to the states to
administer individually, which quickly results in
coverage running out for highly exposed regions.
Weather-rel ated shocks and disruptions become
more widespread and impactful. Global oil prices
fluctuate wildly but continue to trend upwards as
demand remains high. Policies shift toward
national energy and food security, limiting
companies’ ability to expand. Surges in fleet size
expanding and contracting due to supply chain
disruption make it harder to manage fleets, l eading
more of the transport sector to rely on leasing
companies.
Regulatory requirements to track and reduce
em issions do not become more stringent than at
present. There is increasing dilution of international
agreements, such as the Paris Agreement, and
lifting of environmental policies to expl oit natural
resources. In the 2020s, no major markets outside
the EU impl ement CBAM. Governments in all key
markets prioritise economic development at the
expense of the environment. Policies incentivising
EV uptake are repealed across EROAD’s key
markets, as are policies l imiting oil and gas
expl oration and production. Fossil fuel production
is expanded in the US, Australia and Canada as
energy security is prioritised.
By 2035, managed retreat policies are coming into
force across many areas of the globe due to
increased chronic climate impacts, especially
unabated sea level rise. In some cases, the retreat
is unmanaged and disorderly as governm ents are
unprepared for the speed of climatic change that is
occurring. The EU’s CBAM is repealed in the late
2020s in an attempt to lower cost of goods.
Tensions within countries grow as cl im ate activists
cl ash with governments intent on maintaining
order.
In the long-term, international rivalry is heightened
as food insecurity grows and countries compete for
increasingly dwindl ing resources, resulting in
greater use of protectionist policies and border
controls. Transnational collaboration erodes.
Countries and governments become more inward-
looking, focusing on making the best of their own
resources. Widespread regional and international
confl icts over immigration, water availability, and
resources flare up often and with littl e warning.
HOT HOUSE
APPENDIX 3: DETAILED SCENARIO NARRATIVES (continued)

EROAD FY25 Sustainability Report | PAGE40
NZ CS REFERENCE TABLE
REFERENCE GUIDE TO SPECIFIC PAGES FOR THE NEW ZEALAND CLIMATE STANDARD PROVISIONS (NZ CS 1 AND NZ CS 3)
NZ CS provisions
Page
reference
GOVERNANCE (NZ CS 1)
Identity of governance body responsible for oversight of climate-
related risks and opportunities –7(a)
11
Governance body oversight –7(b) and 8(a), (b), (c) and (d) 11
Management's role –7(c), and 9(a), (b), and (c) 11
STRATEGY (NZ CS 1)
Current physical and transition impacts –12(a) 13
Current financial impacts –12(b) and (c)13
Scenario analysis undertaken –11(b)13-15
Climate-related risks and opportunities –14(a), (b) and (c)13 and 16
Anticipated impacts –15(a) 16-18
Current business model and strategy –16(a) 4-6
Transition planning -transition plan aspects of strategy and extent of
alignment with internal capital deployment –16(b) and (c)
19-20
RISK MANAGEMENT (NZ CS 1)
Processes for identifying, assessing, and managing climate-related
risks –18(a) and 19(a), (b), (c), (d) and (e)
21
Integration into overall risk management processes –18(b) 21
NZ CS provisions
Page
reference
METRICS AND TARGETS(NZ CS 1)
Metric categories (GHG) emissions –22(a) and (b)22 and 24
Metric categories (other) –22(c), (d), (e), (f), (g) and (h), and 21(b) and (c)25-26
Targets –23(a), (b), (c), (d) and (e) 23-24
GHG emissions –24(a), (b), (c) and (d)22 and 32
GHG assurance –25 and 26(a), (b) and (c)
22 and
34-36
OTHER (NZ CS 3)
Scenario analysis employed including methodologies and underlying
assumptions –51(a) and (b)
13-15
GHG emissions calculation or estimate methodologies, assumptions,
limitations and rationale for methods –52
28-30
Uncertainties relevant to quantification of GHG emissions and effects
of these uncertainties –53
22 and
28-30
Explanation for any base year GHG emissions restatements –5422
Statement of compliance -5510
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