Rakon Climate Statement 2025

Rakon Limited
T +64 9 573 5554
8 Sylvia Park Road, Mt Wellington, Auckland 1060, New Zealand
Private Bag 99943, Newmarket, Auckland 1149, New Zealand
Page 1 of 1 w w w . r a k o n . c o m

31 July 2025

Rakon Climate Statement FY2025

Rakon Limited (RAK:NZX) has today lodged its Climate Statement for the financial year
ended 31 March 2025 on the Climate-related Disclosures Register.

Rakon’s Climate Statement 2025 is available on Rakon’s website:

https://www.rakon.com/investors/reports-presentations-events

ENDS


Investor and media relations
Nick Laurent
investors@rakon.com
+64 21 240 7541

About Rakon
Rakon’s products help people to connect, explore and innovate. They are the ‘heartbeat’ for electronic systems,
delivering fast, precise and stable timing in everything from mobile networks and autonomous vehicles to
satellite constellations and AI data centres. Whether connecting to a 5G tower or to a rover exploring Mars, our
technology is relied on to deliver the highest performance in even the most extreme conditions. Thanks to our
constant drive to innovate, we continue to empower our customers to create the next-generation of life-
transforming technologies.
For more information, www.rakon.com

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RAKON / CLIMATE STATEMENT / 2025

This Climate Statement (‘Statement’)
has been prepared for the year ended
31 March 2025 (FY25) to meet Rakon’s
obligation to make Climate-Related
Disclosures under Part 7A of the Financial
Markets Conduct Act 2013 (FMCA) and
the associated Aotearoa New Zealand
Climate Standards (NZ CS) developed
by the External Reporting Board (XRB).

The Statement covers Rakon Limited and its subsidiaries
(Rakon) (NZX:RAK). The Statement has not been subject
to an independent audit, however, the FY25 Scope 1 and 2
Greenhouse Gas emissions disclosed in this statement and
some associated disclosures have been subject to
independent limited assurance as set out in the report on
pages 32-34. The Statement has been prepared for our
primary users, being existing and potential shareholders,
customers, lenders and other creditors.
The External Reporting Board (XRB) develops and issues
reporting standards on accounting, audit and assurance,
and climate, for New Zealand entities across the private,
public, and not-for profit sectors (www.xrb.govt.nz).
The XRB’s NZ CS includes:
• NZ CS1, which contains the climate-related disclosure
requirements and associated greenhouse gas emissions
disclosures assurance requirements;
• NZ CS 2, which provides optional adoption
provisions; and
• NZ CS3, which contains the principles, underlying
concepts and general requirements.
Important information
The Statement contains climate-related and other
forward-looking statements and metrics, including
climate-related scenarios, transition planning, climate
projections, assumptions, forecasts, statements of Rakon’s
future intentions, estimates and judgements which are not
and should not be considered guarantees, predictions or
forecasts of Rakon’s present and future strategies, future
climate-related outcomes or financial performance. These
statements are subject to known and unknown risks,
inherent uncertainties, limitations around inputs and available
data, and other factors, many of which are beyond Rakon’s
control. Readers are cautioned not to place undue reliance on
such statements in light of the significant uncertainties that
limit the extent to which they are useful for decision-making.
The underlying risks and assumptions involved in climate
change modelling may cause actual outcomes to differ
materially from those set out in the Statement. The risks and
opportunities described here may be more or less significant
than anticipated. There are many factors that could cause
Rakon’s actual performance or achievement of our objectives
to differ materially from that described, including economic
and technological viability, as well as climatic, government,
consumer and market factors outside Rakon’s control.
Where we provide links to other information, the linked
information adds context to the information disclosed in this
Statement. The linked information is not considered to be
material by itself to the disclosures required by NZ CS unless
stated otherwise.
While we have prepared the information in this Statement
based on our current knowledge and understanding, we
reserve the right to change our view in the future. We caution
against reliance on aspects of this Statement which is
necessarily subject to the caveats above.
References to ‘Rakon’, ‘we’, ‘us’ and ‘our’ mean Rakon Limited.
Contents
Important information 01
Statement of Compliance 02
Introduction 02
Summary of disclosures 03
Climate Roadmap 04
Governance 05
Strategy 08
Risk management 18
Metrics & Targets 21
Appendices 27
RAKON / CLIMATE STATEMENT / 2025

Statement of ComplianceIntroduction
Rakon manufactures products that are
critical to enabling connectivity between
people, networks and machines.
Our products are at the heart of many applications around the
world. Rakon’s global operations include manufacturing sites,
customer support locations and research and development
centres of excellence.
We believe that connectivity can play a major role in the
future sustainability of the planet and have established our
Environmental, Social and Governance (ESG) framework to
support our sustainability goals – see our latest annual report
at: www.rakon.com/investors/reports-presentations-events.
We are continuing to build Rakon’s capability to manage
climate-related risks and opportunities and complete
associated reporting. This Statement reflects our current
work-in-progress. We have a roadmap of work and activity
still to be undertaken and completed.
We are pleased to present Rakon’s second Climate Statement
under the Aotearoa New Zealand Climate Standards.
For this Statement, our second Climate Statement, we have elected to use the following adoption provisions from NZ CS2,
as extended by the XRB in November 2024:
ProvisionDisclosurePage ref.
2Anticipated financial impacts15
4Scope 3 emissions20
6Report comparatives for metrics for two preceding periods (any metrics) 21
7Analysis of trends evident from comparing previous and current periods22
This Statement complies with Aotearoa New Zealand Climate Standards.
For and on behalf of the board of directors of Rakon (Board):
Lorraine Witten Jon Raby
Chair of Board Chair of Audit and Risk Committee
31 July 2025 31 July 2025
02
RAKON / CLIMATE STATEMENT / 2025

Refer to the relevant climate-related disclosure (CRD) section for full details
CRD sectionOur current statusOur key work-on areas
Governance
Pages 05-07
• Rakon’s Board has ultimate responsibility, with oversight delegated to the Board’s Audit & Risk Committee
• Climate-related risks that are Key risks (as defined on page 18) and associated opportunities reported to the
Audit & Risk Committee twice per year
• Education programme in place
• Quarterly reporting of GHG emissions (Scope 1 and 2) to the Board
• Embedding climate-related risks and
opportunities into strategy processes
• Including climate-related performance metrics
in remuneration policies
Strategy
Pages 08-17
• No material climate-related impacts in current financial year
• Scenario analysis undertaken for three climate scenarios
• Transition risks and related opportunities impact from the medium term (2030), with physical risks gaining
traction from the long term (2050) (all scenarios combined)
• Local factors analysis covers Rakon’s key locations
• Transition plan approved
• Extending local factors analysis into the risk
management process for key suppliers
• Quantification of anticipated financial impacts
Risk Management
Pages 18-20
• Scenario analysis underpins the identification and assessment of climate-related risks
• Climate-related risks are managed through the execution of risk mitigation measures
• Integration of climate-related risk processes into the overall risk management framework has started but
there is more work to do
• Further value chain analysis (incl. Scope 3
GHG emissions)
• Further integration of climate-related risk into
our risk management framework
Metrics & Targets
Pages 21-26
• Decrease of approximately 22% in total Scope 1 and 2 GHG emissions compared to previous year (FY25 vs FY24)
primarily due to lower production volumes in FY25
• Renewable power sourced by Rakon India during FY25.
• Activity-based GHG emissions reduction initial interim targets set by Rakon India for Scope 2 GHG emissions
• Measurement of Scope 3 GHG emissions
• Considering the establishment of reduction
targets for Scope 3 GHG emissions
Summary of disclosures
03
RAKON / CLIMATE STATEMENT / 2025

This roadmap records Rakon’s progress as we develop our capability to manage climate-related risks and opportunities and complete associated reporting.
PillarAction
FY25
Intent*
FY24
Status
FY26
Intent
Governance
Include climate-related risks & opportunities in strategy processes at board and management levels••
Metrics & targets reporting at board level•
Review whether to include climate-related performance metrics in remuneration policies•
Update the initial FY23 review of climate change impacts on strategy & business model•
•
Strategy
Expand scenario analysis and the global level assessment of climate change risks & opportunities to include
local factors
•
•
Quantify estimates of current financial impacts for material climate risks & opportunities•
•
Quantify estimates of anticipated financial impacts for material climate risks & opportunities•
•
Complete initial transition plan•
Risk Management
Further value chain analysis, supported by measurement of upstream Scope 3 GHG emissions••
Continue to refine climate change risk management framework
•
Metrics & Targets
Consider establishment of initial Scope 1 & 2 GHG emissions reduction targets•
^
•
Introduce other metrics & targets required for CRD, including cross-industry metrics, industry-based metrics,
other relevant KPIs
•
Complete the first annual measurement of Scope 3 GHG emissions•
•
Consider establishment of initial Scope 3 GHG emissions reduction targets•
* FY25 Intent is as stated in Rakon’s FY24 Climate Statement
^
In FY25 Rakon established initial Scope 2 GHG emissions reduction targets for Rakon India only. We consider this action to be partially achieved.
Climate Roadmap
We have postponed some
FY25 disclosures in line
with the XRB’s extension of
adoption provisions for a
further year to enable our
team to make sufficient
progress, covering the
following:
• Anticipated financial
impacts; and
• Scope 3 GHG emissions.
In some cases, this has
resulted in the
postponement of related
activity, such as further
value chain analysis under
the Risk Management pillar
(which is supported by the
measurement of Scope 3
GHG emissions).
04
RAKON / CLIMATE STATEMENT / 2025

Disclosure objective for the Governance section – to enable primary users to understand:
• the role the Board plays in overseeing climate-related risks and opportunities; and
• the role management plays in assessing and managing those climate-related risks
and opportunities.
OVERSIGHT OF CLIMATE-RELATED RISKS AND OPPORTUNITIES
Rakon’s Board has ultimate responsibility for oversight of climate-related risks and opportunities.
The Board has delegated oversight of climate-related risks and opportunities to the Audit and
Risk Committee. This is evidenced by our Board and Audit and Risk Committee Charters which
include these responsibilities.
How the board oversees climate-related risks and opportunities:
The Audit and Risk Committee is scheduled to meet four times per year, with two of the
four meetings focusing primarily on risk-related matters, including climate-related risks
that meet Key risk status in Rakon’s risk management framework (please refer to the Risk
Management section of this Statement for more information). Climate-related opportunities
that relate directly to Key risks are reported to the Committee. The Committee reports directly
to and advises the Board on climate-related risks and opportunities.
Rakon has established a climate change education programme. The programme focuses on
the Board, the senior management team and business team leaders initially as the key decision
makers for the business. It includes a combination of in-person briefings on climate change
from subject matter experts, reading material and access to appropriate online climate
change resources.
Governance
05
RAKON / CLIMATE STATEMENT / 2025

Review and assessment of operational climate-related
risks and opportunities
Operational climate-related risks & opportunities
Key risk reporting includes climate-related risks assessed as
Key risks, and associated opportunities
Ultimate responsibility for climate-related risks
and opportunities, incl. strategic impacts
Board of Directors
Audit & Risk Committee
Chief Executive Officer
Senior Management team
delegation of
oversight
reports to
reports to
responsible for
reviews twice per year
responsible for
reports to
delegation of
day-to-day
activity
delegation of
day-to-day
activity
Figure 1: Climate Governance structure at Rakon
06
RAKON / CLIMATE STATEMENT / 2025

The Board previously reviewed an initial assessment of
the potential impact of climate change on Rakon’s strategic
pillars (including climate-related risks and opportunities)
as part of its review of Rakon’s strategy. In FY25 we have
created a framework document covering how we intend
to embed climate-related risks and opportunities in strategy
processes. The implementation of that framework at
Board and management levels is now expected to be
a FY26 activity.
We are currently building Rakon’s capability to set,
manage and report on climate-related metrics and
targets. Following the implementation of our sustainability
management software platform (go-live April 2024),
we have started to include GHG emissions metrics in
quarterly board-level reporting in FY25.
Currently, climate-related performance metrics are not
incorporated in Rakon’s remuneration policies. We expect to
review the business imperative for inclusion of appropriate
climate-related performance metrics in remuneration policies
as we build Rakon’s maturity in this space.
MANAGEMENT’S ROLE
The Chief Executive Officer (CEO) is responsible for managing
operational climate-related risks and opportunities on a
day-to-day basis.
Where key operational climate-related risks and opportunities
are identified via Rakon’s ISO14001 Environmental
Management System processes (assessment carried out on
an annual basis in that respect), their review and assessment
are delegated to the senior management team who consider
whether appropriate risk management actions are being
taken. Climate-related risks that meet Key risk status (and
related opportunities) are reported by senior management
to the Audit and Risk Committee twice per year.
The senior management team consists of the CEO,
Chief Financial Officer, Chief Operating Officer, General
Counsel and Company Secretary, Chief Innovation Officer,
Executive GM Strategy and Growth, GM Global People
and Capability, Managing Director – Rakon India,
Managing Director – Aerospace and Defence and
Managing Director – Commercial.
07
RAKON / CLIMATE STATEMENT / 2025

Strategy
Disclosure objective for the Strategy section – to enable
primary users to understand how climate change is
currently impacting Rakon and how it may do so in the
future. This includes:
• the scenario analysis Rakon has undertaken;
• the climate-related risks and opportunities Rakon
has identified;
• the anticipated impacts and financial impacts of
these; and
• how Rakon will position itself as the global
and domestic economy transitions towards
a low-emissions, climate-resilient future.
Climate-related risks and opportunities – an introduction
Climate-related risks typically fall into two categories:
• Physical risks – driven by the physical impacts
of climate change and associated environmental
degradation They can be split between:
–Acute – event driven, e.g., increasing severity of
extreme weather; and
–Chronic – due to longer term shifts in climate patterns,
e.g., sea level rise; and
• Transition risks – driven by the transition to a low-carbon,
more climate-friendly economy and associated uncertainties,
e.g., changes to government regulation and policy.
Climate-related opportunities relate to efforts to mitigate and
adapt to climate change.
The TCFD identified the following categories of opportunities
(not mutually exclusive):
Opportunity TypeExample opportunity drivers
Resource efficiencyMore efficient transport
More efficient buildings
Energy sourceUse of lower emissions sources
of energy
Use of new technologies
Products and
services
Develop low emissions services
Diversify business activities
MarketsAccess to new and emerging markets
ResilienceResource substitutes / diversification
(Refer to the Overview of the TCFD at: https://www.fsb-tcfd.
org/publications/)
The Taskforce on Climate-related Financial Disclosures
(TCFD) was an international organisation that was created
to develop recommendations on the types of information
that companies should disclose to support investors,
lenders, and insurance underwriters in appropriately
assessing and pricing risks related to climate change.
The XRB based NZ CS on the recommendations of the
TCFD. The TCFD released its climate-related financial
disclosure recommendations in 2017 and disbanded in
2023, having fulfilled its remit (https://www.fsb-tcfd.org).
CURRENT CLIMATE-RELATED IMPACTS
In FY25, Rakon has not experienced any material current
climate-related physical or transition impacts and no
associated material financial impacts. Our supply chain was
not subject to any material climate-related physical impacts
during FY25. We have incurred some transition costs, for
example costs in relation to the creation of this Statement
and assurance of GHG emissions disclosures within it,
but those costs were not material.
08
RAKON / CLIMATE STATEMENT / 2025

RAKON’S SCENARIO ANALYSIS
At Rakon we use climate scenario analysis to support our
preparedness for climate change by better understanding
the potential physical and transition impacts. The goal of
our scenario analysis is to be prepared for what realistically
may occur and therefore promote resilience under plausible
future states. This analysis is used as a guide for strategic
and risk-related decisions and in the future will be used as
input to investment decisions.
Climate-related scenarios are plausible, challenging
descriptions of how the future may unfold. These
descriptions are based on coherent and internally
consistent sets of assumptions about the drivers of
future physical and transition risk and opportunity
(and the relationships between them) (www.xrb.govt.nz).
We continue to build our capability in scenario analysis.
Scenario analysis is currently being conducted as a standalone
exercise with input from several teams within the business.
The Board has noted the scenario narratives and outputs.
The scenario analysis project team reports to the General
Counsel and Company Secretary. We intend to increase
engagement with internal stakeholders in future as we
continue to build Rakon’s capability in this area.
The scope of Rakon’s scenario analysis was set by asking
the following focal question:
• ‘How could climate change plausibly affect our business
model and strategy through creating risks and opportunities?’
Key reasons for selecting the toolkit were:
• CDP is a well-established and respected provider in the
sustainability arena and has partnered with GeSI to deliver
this toolkit for the specific purpose of enabling entities like
Rakon to develop scenario analysis; and
• Purchase of the scenario analysis toolkit enabled Rakon to
access climate risks and opportunities disclosed by Rakon’s
global peers at sector level, providing our team with a good
starting point and comparison for its own analysis.
External factors which are variable and influence the direction
of change are referred to as driving forces of specific risks and
opportunities in a particular scenario. These forces were
identified as differing scenario parameters and assumptions
for each scenario. See Appendix 1 of this Statement for
further details.
An overview of each scenario we have used for our analysis
is set out on the next page:
We concluded that a sector-level scenario analysis approach
was not feasible as there are few comparable CREs in NZ to
Rakon and the few comparable CREs have different business
models and focus on different markets and geographies.
Accordingly, we followed the TCFD’s six-step framework for
developing scenario analysis for evaluating climate-related
risks and opportunities (see section 2d at https://www.
tcfdhub.org/scenario-analysis/).
We have undertaken a global level scenario analysis exercise
to support our assessment, using the GeSI-CDP Scenario
Analysis Toolkit as the underlying tool for our scenario analysis
process for three scenarios (https://www.gesi.org/wp-content/
uploads/2024/10/CLIMATE-SCENARIO-ANALYSIS-
FRAMEWORK-TCFD.pdf).
The GeSI-CDP Scenario Analysis Toolkit is a set of
resources that enables organisations to build the
foundations for the development of climate-related
scenario analysis in alignment with the recommendations
of the TCFD.
GeSI is a leading, cross-industry sustainability initiative
creating and enabling digital solutions to address society’s
most pressing challenges (www.gesi.org).
CDP is a not-for-profit charity that runs the global
disclosure system for investors, companies, cities,
states and regions to manage their environmental
impacts (www.cdp.net).
09
RAKON / CLIMATE STATEMENT / 2025

Scenario
name
Temp.
Increase
1
Brief description of scenario & further information
Rapid
Transition
1.5°CRapid transition to a low carbon world, limiting temperature increase to 1.5°C. High degree of transformation across the economy. Some increase in physical
climate-related impacts but the worst physical impacts of climate change are avoided.
Based on the following reference scenarios:
• IPCC SSP1-1.9
• Supported by parameters from the IEA Net Zero Emissions by 2050 scenario (2023) where required.
• IPCC timeframe to 2100, IEA timeframe to 2050.
Status Quo2.7°CA middle of the road scenario in which the world follows a path in which social, economic, and technological trends do not shift markedly from historical patterns
until close to mid-century. Some emissions reductions occur in line with stated policies, but those reductions do not prevent wide ranging acute and chronic physical
climate impacts.
Based on the following reference scenarios:
• IPCC SSP2-4.5
• Supported by parameters from the IEA Stated Policies scenario (2023) where required (although this is a slightly lower emissions scenario, leading to a c. 2.4°C
temperature increase
1
)
• IPCC timeframe to 2100, IEA timeframe to 2050.
Limited
climate
action
4.4°CLimited action towards a low carbon global economy and lack of coordination result in high emissions and a resulting temperature increase of more than 4 ̊C. There is
minimal political and social traction towards decarbonisation despite increasing levels of environmental, economic and social degradation. Significant disruption
globally due to catastrophic physical climate impacts from around mid-century.
• Based on the following reference scenarios:
• IPCC SSP5-8.5
• IPCC timeframe to 2100.
1 change in average global temperature by 2100 relative to 1850–1900 (°C)
Overview of Rakon’s Climate Scenarios
10
RAKON / CLIMATE STATEMENT / 2025

Narratives for each of Rakon’s climate scenarios outlined on the previous page are set out in Appendix 2 of this Statement.
Time horizons applied by Rakon for its scenario analysis are detailed below:
Short termMedium termLong term
Time horizon1-3 years4-10 years>25 years
Approx. year (rel. to 2025)* 202720302050+
RationaleAligns with Rakon’s 3-year
business planning horizon for
strategy purposes
Aligns with interim
international emissions
reduction targets
Aligns with Rakon’s current
capital expenditure time
horizon of up to five years
Aligns with international
emissions reduction targets
* time horizon years are indicative only
Reference scenarios
We have used international reference scenarios to inform Rakon’s scenario analysis.
The Intergovernmental Panel on Climate Change (IPCC) is a body of the United Nations. Its job is to advance scientific knowledge
about climate change caused by human activities. The IPCC has created reference scenarios that are widely used to understand
the potential future impacts of climate change (www.ipcc.ch).
The IPCC’s sixth assessment reporting cycle provided SSP-RCP (‘SSPX-Y’) scenarios based on the Shared Socio-economic
Pathways (SSPs), and partly informed by relevant Representative Concentration Pathways (RCPs) scenarios. SSP scenarios
indicate different socioeconomic global changes over this century. RCP scenarios indicate different greenhouse gas concentrations
in the atmosphere through this century.
The International Energy Agency (IEA) is an autonomous intergovernmental organisation that works with countries around the
world to shape energy policies for a secure and sustainable future. The IEA has created reference scenarios that focus on future
energy usage (www.iea.org).
Key reasons for selecting these reference climate scenarios
for use by Rakon were:
• reference sources for the scenarios are internationally
recognised and widely used for this purpose;
• as a Climate Reporting Entity with a global footprint,
it is appropriate for Rakon to use scenarios that have
international relevance and coverage;
• the selected scenarios and associated temperature
increases meet the XRB’s requirements for scenarios
as set out in NZ CS1, i.e., at a minimum, a 1.5 degrees
Celsius climate-related scenario, a 3 degrees Celsius
or greater climate-related scenario, and a third
climate-related scenario; and
• the selected scenarios have time horizons that cover
the time horizons chosen by Rakon.
The Financial Sector (Climate-related Disclosures and
Other Matters) Amendment Act 2021 requires:
• listed companies with a market capitalisation of
more than $60m; and
• large registered banks, licensed insurers, credit unions,
building societies, and managers of investment schemes
(large meaning with more than $1bn in assets)
to make climate-related disclosures from financial years
starting on or after 1 January 2023. The organisations
are known as Climate Reporting Entities.
11
RAKON / CLIMATE STATEMENT / 2025

RAKON’S CLIMATE-RELATED RISKS
AND OPPORTUNITIES
We have undertaken a global level exercise to identify
climate-related risks and opportunities and assess their
anticipated impact on our business, using the scenario
analysis approach (including time horizons) outlined
above, supported by sector level data sourced from CDP.
Our process included engagement with a cross-section
of internal teams for review of the initial assessment output
and subsequent update of the assessment for feedback
received. The scenarios are:
• Rapid Transition
• Status Quo
• Limited Climate Action
The risks and opportunities disclosed in this section are those
considered to have a material anticipated impact on Rakon
for the stated scenario.
The material anticipated impacts are assessed prior to the
implementation of the identified strategies for mitigation
shown in the following tables for each scenario. Although
likelihood is a standard part of risk assessment at Rakon,
for this scenario analysis-driven exercise we have treated
impacts as either occurring or not occurring under a given
scenario. A material impact is one that reaches a Medium,
Medium-High or High consequence level under Rakon’s
updated standard risk assessment approach (please refer
to the Risk Management section of this Statement for an
overview of this).
The following tables set out our current assessment of the climate-related risks by scenario that Rakon faces that are considered
to have a material anticipated impact. Associated opportunities for those risks are also shown below each table. In each case,
we would need to take action to be able to benefit from the climate-related opportunities.
This assessment should be read in conjunction with the climate data limitations section of Appendix 3 and the caveats in the
Important Information note at the start of this Statement.
Rapid Transition:
Climate
Risk TypeClimate-related risk Time horizonStrategies for mitigation
TransitionIncreased costs due to carbon pricing
mechanisms - impact in relation to
electricity costs
medium-termMove to renewable energy sources,
strengthen carbon emissions
monitoring & set reduction targets
TransitionIncreased capital expenditure to transition
to lower emissions technologies - impact to
change production processes
medium-term Explore decarbonisation funding
mechanisms
The general physical risks associated with climate change increase over the time horizons considered for this scenario, but we do
not expect the associated physical impacts to be material to Rakon by 2050 (long term time horizon).
Associated opportunities with a material anticipated impact on Rakon:
• Transition: use of lower emissions sources of energy to reduce costs, starting in the medium-term and onwards
• Transition: incremental increases in product revenues, starting in the medium-term and onwards, driven by:
–access to new markets
–development of lower emissions products
–development of new products and services through research and development and innovation
–shifts in customer preferences
12
RAKON / CLIMATE STATEMENT / 2025

Status Quo:
Climate
Risk TypeClimate-related riskTime horizonStrategies for mitigation
TransitionIncreased costs due to carbon
pricing mechanisms – impact in
relation to electricity costs
long-term Move to renewable energy sources,
strengthen carbon emissions
monitoring & set reduction targets
TransitionIncreased capital expenditure to
transition to lower emissions
technologies – impact to change
production processes
long-termExplore decarbonisation funding
mechanisms
The general physical risks associated with climate change increase significantly over the time horizons considered for this scenario.
Currently, we do not expect the associated physical impacts to be material to Rakon before 2050 (long-term time horizon).
Associated opportunity with a material anticipated impact on Rakon:
• Transition: Use of lower emissions sources of energy to reduce carbon pricing costs (long-term)
Limited Climate Action:
Climate
Risk TypeClimate-related risk Time horizonStrategies for mitigation
Transition None noted – see comment
below this table
The general physical risks associated with climate change increase significantly over the time horizons considered for this scenario.
Currently by 2050 for this Limited Climate Action scenario, we expect associated physical impacts for Rakon to be at a consequence
level below that required for a material impact to be disclosed.
No associated opportunities with a material anticipated impact were noted for this scenario.
13
RAKON / CLIMATE STATEMENT / 2025

These climatic variables showed changes from the baseline
(2005) defined in the IPCC Sixth Assessment Report for the
following scenarios and time horizons:
Scenarios
SSP1-2.6 (slightly higher emissions than
the Rapid Transition scenario)
SSP2-4.5 (emissions per the Status Quo
scenario)
SSP5-8.5 (emissions per the Limited
Climate Action scenario)
Time horizons
2030 (Rakon’s medium term horizon)
2050 (Rakon’s long term horizon)
2070 (beyond Rakon’s long term horizon)
The output from the ClimSystems reports identified some
physical risks for Rakon’s locations (both acute and chronic)
associated with climate driven events. The only climatic
variable that features as a higher risk within Rakon’s
long-term time horizon is:
• Extreme precipitation (2 locations) – this is daily extreme
rainfall leading to hazards such as flooding that impacts
Rakon’s buildings and operations.
Consideration of local factors:
Part of achieving greater maturity in our approach to
managing climate-related risks is to include additional
consideration of local factors. In FY24 we started that
process by engaging ClimSystems to provide a climate-
related physical risk report for Rakon India’s manufacturing
facility in India. In FY25 we extended that exercise to consider
Rakon’s operations in New Zealand, the UK, and at two Rakon
France sites in France, bringing the total number of assessed
locations to five. The reports cover environmental, chronic
and acute climatic variables, with some hazards and risks
assessed for the current day and others modelled under
future climate scenarios.
ClimSystems have been providing data on the
changing climate for over 20 years. Their climate risk
management services support asset owners globally
(www.climsystems.com).
As a result, we are prioritising further analysis of that variable
in those locations so we can identify appropriate actions.
The climatic variables that feature prominently as a higher risk
beyond Rakon’s long-term time horizon (in higher emissions
scenarios) are:
• Monthly precipitation (1 location) – changes in the patterns
of rainfall leading to water management issues that impact
Rakon’s operations
• Heatwave days (1 location) – increasing occurrence of
heatwave events that increase employee discomfort,
reduce productivity and increase operating costs to
maintain comfortable temperatures (coupled with higher
temperatures in general)
We are focusing our current work on extreme precipitation
and will turn next to building further understanding of
these variables.
Relationship to capital deployment and funding:
Climate-related risks and opportunities do not currently serve
as an input to Rakon’s internal capital deployment and funding
decision-making processes. This is a matter we expect to
address as we build our maturity in managing climate-related
risks and opportunities.
14
RAKON / CLIMATE STATEMENT / 2025

ANTICIPATED IMPACTS AND FINANCIAL IMPACTS
In the previous section we have disclosed qualitative
information on anticipated impacts that we have assessed
as material to Rakon. We have elected to use adoption
provision 2 and accordingly have not disclosed anticipated
financial impacts.
TRANSITION PLAN ASPECTS OF
RAKON’S STRATEGY
Our business model and strategy:
Our strategic pillars are our key drivers of value and underpin
our planning, activities and how we measure performance.
They are:
• Customer partnerships;
• Technology innovation;
• Core markets (telecommunications / space and defence /
positioning); and
• Flexible, scalable operations – enabling efficient delivery.
These strategic pillars are critical to the creation of long-term
value, while providing the flexibility to explore emerging
opportunities and thrive.
This is shown in the strategic value chain diagram on the
next page.
15
RAKON / CLIMATE STATEMENT / 2025

Figure 2: Rakon’s strategic value chainWe have assessed Rakon’s future
potential climate-related risks and
opportunities based on scenario
analysis for this business model
and strategic value chain out to
the long-term.
We have previously undertaken
a preliminary assessment of the
impact of climate change on
Rakon’s strategy focused on
our four strategic pillars.
The preliminary assessment
did not identify any significant
potential impacts of climate
change on the four strategic
pillars that would necessitate
material changes to Rakon’s
current business model and
strategy. While there may be
some challenges that our
assessment did not identify,
currently we consider that
Rakon is well-placed to tackle
challenges without significant
potential impacts. For example,
we believe that our continuing
focus on building flexibility
and resilience into Rakon’s
manufacturing operations and
supply chain provides a good
foundation for managing impacts
related to climate change.
Growth of
our people
Advancement
of technology
Life-changing
applications and
scientific discovery
Increased
shareholder value
Improved
delivery
OUR OUTPUTS
Our global team
Global manufacturing
platform and supply
Intellectual capital,
R&D investment and
trusted brand
Financial resources
and capability
Partnerships and
relationships
OUR INPUTS
Enduring
relationships
and
development
of market
opportunities
Aligning
global
operations
with markets,
strategy and
growth
priorities
Creating
first-mover
advantage and
next-generation
solutions
Enabling
efficient
delivery and
supporting
long product
life cycles
Building
leadership in
high growth,
high tech
markets
C
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A VALUES-DRIVEN CULTURE
Our values-driven, innovation-focused culture provides the foundation – shaping how we capture opportunities,
manage risk, look after each other, and deliver on our ESG objectives and sustainability goals.
16
RAKON / CLIMATE STATEMENT / 2025

Transition plan aspects of our strategy:
We have now completed our first Transition Plan, being our initial response to the identified material climate risks and
opportunities and our plan to build resilience to those risks and benefit from the opportunities. The key aspects of that plan are:
Key aspectElements
Expected
start*
Decarbonisation
of Rakon’s own
operations
Purchase of renewable power – to support the greening of the electricity grid, alongside initiatives
to improve efficiency of power usage (starting with a focus on Scope 2 for Rakon India )
FY25
Replacement of liquid CO₂ use in production processes – phasing in of liquid N₂ aligning with
customer quality procedure requirements (focus on Rakon India)
FY25
Leverage investment in sustainability management platform to drive local ownership – Cloud
platform facilitates local measurement and ownership
FY25
Establish GHG emissions targets (activity-based) for Scope 1 and 2 – to focus activity on what
matters (starting with Scope 2 for Rakon India in FY25)
FY25
Complete work to determine whether the agreements covering renewable power purchases by
Rakon India meet the criteria for recognition under the GHG Protocol’s market-based method
^
FY26
Decarbonisation
of Rakon’s
value chain
Measure value chain emissions outside Rakon’s own operations (Scope 3) – associated GHG
emissions are expected to be more significant than emissions from Rakon’s own operations
FY26
Engage with key suppliers – partnering to build understanding and achieve climate outcomes togetherFY26
Establish GHG emissions targets (activity-based) for Scope 3– to focus activity on what mattersFY26
Management
of transition
impacts
Key customer impact analysis – so that Rakon can better understand the transition challenges
faced by our key customers and play our part in helping them respond
FY27
Market opportunities analysis – so that Rakon can develop and implement plans for material
opportunities in new markets and growth in existing markets
FY27
Building
resilience
to physical
impacts
Rakon’s own operations – take action in an appropriate timeframe to address material physical
risks identified
FY26
Rakon’s supply chain – engage with key suppliers to identify and address material physical risks
in the supply chain in an appropriate timeframe
FY26
The key aspects referenced here are taken from our first
transition plan, which we expect to review and update
as we build Rakon’s capability in relation to planning for
climate-related impacts on Rakon’s business. Therefore,
we expect there to be changes in the key aspects, the
associated elements and their activities as our approach
matures in the coming years. These key transition plan
aspects of our strategy are not currently aligned with our
internal capital deployment and funding decision-making
processes. This is something we will look to address as
we build our capability.
Rakon has started to take associated actions for the
above elements where they are feasible, for example,
the execution of short-term power purchase agreements
(PPA) for renewable power by Rakon India
≠
to cover the
majority of its electricity needs for the second half of FY25
while longer term options are explored.
* although we have started or expect to start activities associated with
these elements in the noted financial year, most are likely to be
multi-year endeavours
^
the market-based method of GHG emissions measurement uses
contractual instruments (e.g., renewable energy certificates) which
reflect emissions from renewable electricity generation that
organisations have purposefully chosen
≠ Rakon India Private Limited (Rakon India) is a wholly owned subsidiary
of Rakon based in Bengaluru, in the State of Karnataka in India.
17
RAKON / CLIMATE STATEMENT / 2025

Risk management
Disclosure objective for the Risk Management section
– to enable primary users to understand how Rakon’s
climate-related risks are identified, assessed, and managed
and how those processes are integrated into existing risk
management processes.
OUR PROCESSES FOR IDENTIFYING, ASSESSING
AND MANAGING CLIMATE-RELATED RISKS
The tools and methods we use:
Operational management of climate-related risks at Rakon
is covered by our ISO14001 Environmental Management
System processes. We support those ‘bottom-up’ processes by:
• using TCFD generic risk listings and sector specific listings
of risks from CDP to ensure that a wide range of potential
climate-related risks are identified for consideration;
• using a scenario analysis toolkit to support our assessment
of the anticipated impacts and time horizons of
climate-related risks under plausible climate futures; and
• using an adapted risk assessment matrix with specific time
horizons and the inclusion of three climate scenarios.
Rakon’s standard risk assessment matrix splits risks into
two levels:
1. Key risks; and
2. Non-key risks.
Risks are assessed in our standard approach based on the
size of the potential consequence of a risk and the likelihood
of the risk occurring. However, for the scenario analysis-driven
assessment of climate-related risks, we treat impacts as either
occurring or not occurring under a given scenario. As a result,
climate-related risks with a Medium, Medium-High or High
consequence assessment are those considered Key risks.
During FY25 we completed a review and update of our overall
risk management framework. The exercise included an update
of the consequence categories and the dollar ranges we use
for financial consequences. The dollar values used across all
financial consequences bands were increased to better reflect
financial materiality levels at Rakon. These changes meant, for
example, that the financial consequences required to meet a
‘High’ level in the standard risk assessment increased. We
have applied the changes to the assessment of climate-
related risks in FY25, resulting in a decrease in the number
of those risks being classed as Key risks as well as some
risks now meeting Key risk status at a later time horizon.
These changes support greater focus by the Board and
management on the smaller number of Key risks that remain.
Figure 3: Risk assessment – consequence categories
FinancialPeopleOperational
ReputationCompliance
Under our standard approach, Key risks are generally those
with a larger potential consequence and higher likelihood
of occurrence. A simplified version of this is shown in the
diagram on the next page.
Management of climate-related risks that are classed as
Key risks is guided by the strategies for mitigation identified as
part of the scenario analysis (see Strategy section). In addition,
other climate-related risks are managed within our ISO14001
Environmental Management System processes.
The short-term, medium-term, and long-term time
horizons we have considered, and their duration
We have considered the same time horizons for risk
assessment as used for scenario analysis:
Short
term
Medium
term
Long
term
Time horizon1-3 years4-10 years>25 years
Approx. year
(rel. to 2025)*
202720302050+
* approximate year relative to 2025 is indicative only
18
RAKON / CLIMATE STATEMENT / 2025

Rakon recognises the worsening physical impacts of
climate change beyond 2050 in higher emissions scenarios.
Accordingly, we consider potential physical impacts beyond
2050 as part of our consideration of local factors in assessing
climate-related risks (see page 14 within the Strategy section
for further details on this). This is an exercise we expect to
expand in future to consider other parts of the value chain
now that we have considered all Rakon key locations.
Management of climate-related risks at Rakon occurs
through the execution of risk reduction measures for
Key risks and the management of Non-key risks through
normal business processes.
Figure 3: Standard risk assessment matrix (simplified)
CONSEQUENCE
LIKELIHOOD
LOWLOW/MEDIUMMEDIUMMEDIUM/HIGHHIGH
LOW
23456
LOW/MEDIUM
34567
MEDIUM
45678
MEDIUM/HIGH
56789
HIGH
678910
■ LOW ■ LOW/MEDIUM ■ MEDIUM ■ MEDIUM/HIGH ■ HIGH
19
RAKON / CLIMATE STATEMENT / 2025

Key risks are those assessed as being outside the Board’s
mandated risk appetite level for a given risk category under
our standard risk assessment approach. Rakon’s Board has
set a standard risk appetite level of ‘Medium’ for climate-
related risk. However, as noted earlier in this section,
under our scenario analysis driven risk assessment approach,
climate-related risks leading to impacts with a Medium,
Medium-High or Very High consequence assessment
for a particular scenario and time horizon are those
considered Key risks.
Value chain exclusions:
Rakon’s climate-related risks have been identified and
assessed based on the strategic value chain shown in
Figure 2 (see the Strategy section of this Statement).
We have not excluded any part of that value chain from
the exercise.
However, we recognise that, as we build Rakon’s climate
change capability, we will gain a greater understanding of
our value chain and may uncover climate-related risks that
are not currently identified. For example, as we now intend
to measure material Scope 3 GHG Emissions in FY26,
there may be significant emission sources that we are
not currently aware of.
Frequency of assessment:
We review our assessment of climate-related risks annually
and whenever we update our climate scenario analysis.
Climate-related risks that are classed as Key risks are
reviewed at least every six months as part of reporting
on those risks to the Audit and Risk Committee.
Our processes for prioritising climate-related risks relative
to other types of risks:
Rakon seeks to ensure that climate-related risks assessed
as Key risks for any scenario are given sufficient priority for
action within wider risk management activity, despite the
occurrence of potential impacts of climate change typically
having a longer time horizon than other risks.
HOW OUR PROCESSES FOR IDENTIFYING,
ASSESSING, AND MANAGING CLIMATE-RELATED
RISKS ARE INTEGRATED INTO OUR OVERALL
RISK MANAGEMENT PROCESSES
Currently there is some degree of integration of climate-
related risk processes into Rakon’s overall risk management
processes. For example, operational management of
climate-related risks at Rakon is covered by our ISO14001
Environmental Management System processes. As part of the
review and update of the overall risk management framework,
there is now further recognition of climate-related risks within
the following risk categories:
• Compliance
• Operational Continuity and Resilience
• External (factors outside of Rakon’s direct control)
However, we have further work to do on this integration.
We expect there to be further integration of climate-related
risk management processes within the overall framework as
we mature our approach to climate-related risk management.
20
RAKON / CLIMATE STATEMENT / 2025

Metrics & Targets
Disclosure objective for the Metrics and Targets section
– to enable primary users to understand how Rakon
measures and manages its climate-related risks and
opportunities and provide a basis upon which primary
users can compare Rakon with its sector or industry peers.
THE METRICS RELEVANT TO ALL ENTITIES
Greenhouse gas (GHG) emissions (incl. intensity):
Rakon’s most relevant climate change metrics relate
to GHG emissions. Previously we reported to CDP
(since 2010 on a calendar year basis) and currently
measure our Scope 1 (Direct) and Scope 2 (Indirect Energy)
GHG emissions. Last year we changed the basis of our
GHG emissions measurement from a calendar year basis
to a financial year basis to meet the requirements of the
climate-related disclosures regime.
GHG emissionsSources
Scope 1CO₂ usage in production, leakage of air
conditioning refrigerants, fuel consumption
(LPG, natural gas, diesel, petrol)
Scope 2Electricity usage
Our latest global GHG emissions for the 2025 and 2024 financial years and calendar year 2022 (using the location-based method
and including intensity metrics) are shown in the tables and charts below:
Measure2022FY24FY25
% change
2022 to
FY25
% change
FY24 to
FY25
Scope 1 emissions (tonnes CO₂e)1,7251,5721,113-35%-29%
Scope 2 emissions (tonnes CO₂e)3,8033,8073,091-19%-19%
Scope 1 & 2 emissions (tonnes CO₂e)5,5285,3794,204-24%-22%
Scope 1 & 2 emissions intensity (tonnes CO₂e per $m of revenue) 31.242.040.5+30%-4%
Scope 1 & 2 emissions intensity (tonnes CO₂e per m units produced)94.3187.4185.2+96%-1%
A limited assurance engagement has been performed over FY25 Scope 1 emissions (tonnes CO₂e) and FY25 Scope 2 emissions
(tonnes CO₂e) by PwC. Other than as described as being subject to assurance, no other disclosures in this Climate Statement
have been included in the assurance engagement and are not covered by the limited assurance report issued. Please refer to
PwC’s report, included as Appendix 4 to this Statement which states the scope of PwC’s work and the parts of this Statement
to which its assurance applies.
In FY25 Rakon India procured renewable power (wind and solar) for approximately 39% of its electricity needs. We have
started the work to determine whether the agreements covering those purchases meet the criteria for recognition under the
GHG Protocol’s market-based method* for Scope 2 emissions. As that workstream is in progress as at the date of this Statement,
we have not disclosed emissions under the market-based method for FY25. We intend to complete that work for Rakon’s 2026
Climate Statement.
*Scope 2 GHG emissions measurement approaches:
• Location-based method – uses an emission factor calculated from all electricity delivered to the grid in a period; and
• Market-based method – uses contractual instruments (e.g. renewable energy certificates) which reflect emissions from
renewable electricity generation that organisations have purposefully chosen.
Sourced from: www.toitu.co.nz
21
RAKON / CLIMATE STATEMENT / 2025

Analysis of main trends
Scope 1: The overall 29% reduction in Scope 1 GHG
emissions between FY24 and FY25 has been driven mainly
by a reduction of carbon dioxide (CO₂) use in production
processes at Rakon New Zealand (Rakon NZ) and Rakon
India, with lower production activity and replacement by liquid
nitrogen (N₂) use being the main contributors to that change.
Since calendar year 2022 there has been a 35% reduction
in Scope 1 GHG emissions with the same factors as noted
above being the key contributors.
Scope 2: The overall 19% reduction in Scope 2 GHG
emissions between FY24 and FY25 has been driven
mainly by lower production activity across Rakon sites.
There has also been a 19% reduction in Scope 2 GHG
emissions between 2022 and FY25, driven primarily by
the same factor as noted above.
Total Scope 1 and 2 GHG emissions have reduced by
24% from 2022 to FY25 including a 22% from FY24 to
FY25. Those changes were mainly driven by the factors
described above.
Scope 1 and 2 GHG emissions by country
Rakon India’s GHG emissions dominate Rakon’s overall
emissions, mainly due to grid carbon intensity being
significantly higher in India than in New Zealand for Rakon NZ
as a result of higher reliance on fossil fuels for grid electricity
generation. There has been only a marginal change in each
country’s share of GHG emissions since FY24.
Figure 5: Our Scope 1 & 2 GHG emissions by country Figure 4: Our Scope 1 & 2 GHG emissions
(location-based method)
We have not reported Scope 3 (Other Indirect) GHG
emissions in this Statement as we have elected to use
adoption provision 4. We have started the process to
enable Rakon to measure those emissions.
0
1,000
2,000
3,000
4,000
5,000
6,000
FY25FY242022
Scope 2 emissions (tCO
2
e)
Scope 1 emissions (tCO
2
e)
Scope 1 & 2 emissions intensity (tCO
2
e per m units produced) 
Scope 1 & 2 emissions intensity (tCO
2
e per $m of revenue)
  
tCO
2
e
tCO
2
e per Sm / tCO
2
e per m unts
0
20
40
60
80
100
120
140
160
180
200
■ India84.5%
■ New Zealand8.8%
■ France5.5%
■ UK1.1%
■ India81.1%
■ New Zealand12.0%
■ France6.5%
■ UK0.5%
FY24
FY25
22
RAKON / CLIMATE STATEMENT / 2025

Emissions intensity metrics
Increases in Rakon’s emissions intensity metrics (tCO2e per
$m of revenue and tCO₂e per million units produced) between
2022 and FY25 reflect:
• The impact of changes in the mix of products produced/
sold. In 2022, production and sales included large high
volume one-off chip shortage contracts that required
production to run at high capacity. This was not repeated
in FY24 or FY25, leading to lower production volumes at
lower, less energy efficient capacity.
• The planned reduction in Rakon’s holding of units of
finished goods stock over FY24, leading to reduced
production volumes to meet demand; and
• Lower production and sales volumes in FY25 than the
two previous years due to the impact of the difficult
global economic environment.
Electricity consumption is relatively fixed for a given Rakon
facility regardless of the volume of production and is
influenced by the type of products we manufacture, and the
volumes required. As a result, we expect on-going variability
in these intensity measures and consider the absolute GHG
emissions measures (tonnes CO₂e) to be of more relevance.
We use a sustainability management software platform to
support us to measure and manage GHG emissions (and
other sustainability metrics). The platform facilitates the
collection of sustainability data across our operations
globally with local responsibility for measurement.
We expect this to lead to support greater local focus and
responsibility for achievement of sustainability outcomes.
Further disclosures in relation to GHG emissions
(subject to assurance):
GHG emissions measurement is often based on estimates
or proxy data and, as a result, does not provide a perfect view
of Rakon’s exposures or risks. GHG emissions quantification
is inherently uncertain due to the necessity to estimate and
apply judgements, and because of incomplete scientific
knowledge used to determine emission factors and the values
needed to combine emissions of different gases. Data quality
improvements are an on-going focus for Rakon, and any
outputs should be interpreted as approximate and not precise
(see Appendix 3 for further detail on data limitations).
Rakon’s GHG emissions have been measured in accordance
with the Greenhouse Gas Protocol: A Corporate Accounting
and Reporting Standard.
We have used the financial control GHG emissions
consolidation approach to set Rakon’s organisational
boundary for GHG emissions measurement purposes.
The current GHG Protocol guidance suggests leases that
have the characteristics of operating leases are reported
as Scope 3 Category 8 Upstream leased assets for reporting
entities with a financial control approach. However, consistent
with the principles of NZ IFRS 16 Leases and Rakon’s
application of it to capitalise lease assets in the statement of
financial position as a right of use asset, we have determined
that during the lease period, Rakon has the right to control the
use of the asset as well as the right to substantially all of the
related economic benefits and therefore we have included the
related emissions in Scope 1 and Scope 2.
All emissions were calculated using emission factors and
Global Warming Potentials (GWPs) from:
• New Zealand – Ministry for the Environment – Measuring
Emissions Guidance – Detailed Guide – 2024
• United Kingdom – Department for Energy & Net Zero –
Conversion Factors Methodology – 2024
• France – Association of Issuing Bodies (AIB) European
electricity factors – 2023
• India – Ministry of Power – CO₂ Baseline Database – 2024
• GHG Protocol - Refrigeration and Air-Conditioning
Equipment – Guidance on emissions factors – 2005
• Market Economics Limited, Consumption Emissions
Modelling, report prepared for Auckland Council – 2023.
100-year GWPs from the IPCC’s Fifth Assessment
Report (AR5) have been used as a preferred approach
where available.
For electricity usage in India, the emission factor used is
weighted average factor (grid emissions factor), calculated
using a mix of all grids and energy sources. The source data
23
RAKON / CLIMATE STATEMENT / 2025

referred to in Appendix 3 does not disclose the GWPs
associated with this emission factor. (See Appendix 3
for more details on emissions calculation methodology,
associated limitations and references)
We have excluded the following sources of
GHG emissions from Rakon’s FY25 Scope 1 and 2
GHG emissions measurement:
Sources*Justification for exclusion
Overseas Sales
functions (China,
Taiwan, USA,
Korea, Germany)
Estimated to be below a de minimis
threshold, and adequate data collection
processes are not in place
Natural gas used
by UK operation
(Cambridge)
Used only to heat common areas of a
shared building. Rakon UK premises use
isolated electric heating. Estimated as
below a de minimis threshold
*sources includes facilities, operations or assets
Amount or percentage of assets or business activities
vulnerable to transition risks:
A description of Rakon’s identified transition climate-related
risks and strategies for their mitigation can be found under
the ‘Rakon’s climate-related risks and opportunities’ heading
in the Strategy section of this Statement.
Our work on transition risks remains at an early stage and
we note that we have more work to do to further assess our
transition risks, including the consideration of our Scope 3
GHG emissions. As a result, we are unable to disclose a
measure for this metric at this time.
Amount or percentage of assets or business activities
vulnerable to physical risks:
Our work to consider Rakon’s physical climate-related risks
can be found under the ‘Rakon’s climate-related risks and
opportunities’ heading in the Strategy section of this
Statement. We consider such risks to be approaching a
material level in the long-term time horizon and increasing
thereafter in the higher emissions scenarios.
Our work on physical risks remains at an early stage and we
note that we have more work to do in that regard, including
further work on the local climate-related physical risk factors
we have identified for some Rakon locations and associated
impacts. As a result, we are unable to disclose a measure for
this metric at this time.
Amount or percentage of assets or business activities
aligned with climate-related opportunities:
The production process of a significant percentage of the
products manufactured in Rakon’s New Zealand factory has
switched from the use of CO₂ to N₂. The analytical work
necessary to ascertain the associated revenue for these
products separately has not been completed for FY25 due to
workforce focus on other priorities including activities related
to the transfer of the manufacture of certain New Zealand
product lines to Rakon’s operations in India. As a result, we
are unable to disclose a measure for this metric at this time.
Amount of capital expenditure, financing, or investment
deployed toward climate-related risks and opportunities:
There was a small amount of capital expenditure in FY25 on
the conversion of small-scale production processes from CO₂
to N₂ at Rakon India but it was not a material amount.
Internal emissions price and management remuneration:
Rakon has not currently implemented internal GHG emissions
pricing or linked management remuneration to climate-related
risks and opportunities. We expect to consider these
initiatives as we increase our maturity in this space.
INDUSTRY-BASED METRICS
At present we have not identified any industry-based metrics
relevant to our industry or business model that could be
used to measure and manage climate-related risks and
opportunities. We expect to consider industry-based metrics
as we increase our maturity in this space
24
RAKON / CLIMATE STATEMENT / 2025

OTHER KEY PERFORMANCE INDICATORS
There are no other key performance indicators used
by Rakon to measure and manage climate-related risks
and opportunities.
TARGETS USED TO MANAGE CLIMATE-RELATED
RISKS AND OPPORTUNITIES
We measure our Scope 1 and 2 GHG emissions and have
commenced initiatives focused on reducing those emissions.
However, due to Rakon’s production activities taking place
across a number of countries and potential changes in the
balance of those activities between countries and between
Rakon and its subcontractors in the coming years, there is
uncertainty in the potential emissions outcomes for Scope 2
in relation to electricity usage. In addition, the timing and/
practicality of the replacement of liquid carbon dioxide with
liquid nitrogen for production processes is subject to a range
of factors that need to be considered, impacting Scope 1
emissions outcomes. Together these two sources of GHG
emissions accounted for approximately 90% of total Scope 1
and 2 emissions in FY25.
That uncertainty makes it difficult to set numerical targets
for those emissions that Rakon can credibly stand behind.
Therefore, we have set initial interim Scope 2 targets based
on expected activities for Rakon India.
Rakon India Scope 2 emissions (65% of Rakon’s total Scope 1 and 2 emissions in FY25)
Scope 2 target for Rakon India is to procure an increasing percentage of electricity from renewable sources, with the following
initial interim targets:
• For FY26, complete the assessment for recognition of renewable power purchases under the market-based method
of measurement
• For FY26, 50% of electricity to be procured from renewable sources
• For FY27, 65% of electricity to be procured from renewable sources
• For FY28, 75% of electricity to be procured from renewable sources
These targets are neither absolute nor intensity targets and do not rely on the use of offsets.
The Science Based Targets initiative (SBTi) has previously set the following minimum acceptable thresholds for renewable
electricity procurement between 2025 and 2030 (using the market-based method of measurement), noting that targets at
this ambition level are consistent with limiting warming to 1.5°C (i.e., they align with the goals of the Paris Agreement*):
Metric measured202520262027202820292030
Renewable electricity procurement share
(% of scope 2 electricity that is renewable)
80%84%88%92%96%100%
Rakon’s initial interim targets do not meet SBTi requirements as shown above because they do not extend to 2030 (for an interim
target), do not apply to all Rakon operations, and the percentage of renewable power purchased is below the required level for
the selected years. Therefore, our targets do not align with limiting global warming to 1.5 °C. We note that the SBTi is currently
considering feedback received on a draft standard which includes an update of Scope 2 emissions target requirements and is
expected to supersede the thresholds noted above.
25
RAKON / CLIMATE STATEMENT / 2025

*At COP 21 in Paris (2015), it was agreed to strengthen
the global response to the threat of climate change by
keeping a global temperature rise this century well
below 2°C above pre-industrial levels and to pursue
efforts to limit the temperature increase even further
to 1.5°C (https://unfccc.int/process-and-meetings/
the-paris-agreement). The agreement is known as
the Paris Agreement.
Scope 1 targets for Rakon India and Scope 1 and 2 targets
for other Rakon key locations (New Zealand, France, UK)
(35% of Rakon’s global emissions in FY25)
We expect to review the above initial interim targets and to
consider GHG emissions interim targets for Scope 1 emissions
for Rakon India and for Scope 1 and 2 emissions for other
Rakon key locations in FY26.
Our other focus area in FY26 will be Scope 3 emissions
measurement. Therefore, we are not currently able to consider
Scope 3 emissions targets but expect to be able to do so
following the completion of that work. We expect that our
initial targets for Scope 3 emissions will relate to actions,
such as engagement with key suppliers.
26
RAKON / CLIMATE STATEMENT / 2025

APPENDIX 1: SCENARIO PARAMETERS AND ASSUMPTIONS
Scenario Parameters &
Assumptions
Rapid transition to a low carbon world, limiting
temperature increase to 1.5°C. High degree of
transformation across the economy.
A status quo, middle of the road scenario in which
the world follows a path in which social, economic,
and technological trends do not shift markedly
from historical patterns until close to mid-century.
Resulting temperature increase of c. 2.7°C
Limited action towards a low carbon global
economy and lack of coordination result in
high emissions and a resulting temperature
increase of c. 4.4 ̊C.
Scenario
Description
Emissions levelsGlobal emissions decline to around 22 GtCO₂e
per annum by 2030, reaching net zero by ~2050.
The second half of the century is characterised by
net negative CO₂e emissions, implying the use of
carbon dioxide removals such as negative
emissions technology
Global emissions peak at around 42 GtCO₂e
per annum by 2040, are falling by 2050 but
fail to reach net zero by 2100
Global emissions continue to rise, reaching
around 83 GtCO₂e per annum by 2050,
continuing to rise until very late in the century
Physical impacts Increase in physical climate-related impacts
such as increased extreme temperatures,
increased heavy precipitation, increased
droughts. Worst impacts avoided
Extreme weather events become increasingly
damaging. Signs of climate instability globally.
Increasing risk to human health
Catastrophic climate-related impacts result
in severe damage, displacement and
economic instability
The warming over the next few decades is largely already determined by past emissions & inertia in the climate system, so whilst there is limited divergence
of physical impacts between scenarios up to 2050, the 2nd half of the century is when the physical impact differences between scenarios become much
more apparent
Global policy
response
Policy coordination. All regions demonstrate
strong leadership in reducing emissions
Global and national institutions work toward
but make slow progress in achieving sustainable
development goals, including emissions reductions
Lack of robust action to reduce emissions,
fossil fuelled development continues,
minimal environmental policy
Technological
impacts
Technology disruptions required to drive the
transition. New markets created for energy
efficient and zero emission products and services
Uneven and delayed transition drives some
technology disruption but that is limited until
a later wave of disruption, driven by increasing
physical impacts
Minimal demand for low-emissions goods
and services. Increasing physical impacts
drive technology uptake for adaptation in
the longer term
Appendices
27
RAKON / CLIMATE STATEMENT / 2025

Scenario Parameters &
Assumptions
Rapid transition to a low carbon world, limiting
temperature increase to 1.5°C. High degree of
transformation across the economy.
A status quo, middle of the road scenario in which
the world follows a path in which social, economic,
and technological trends do not shift markedly
from historical patterns until close to mid-century.
Resulting temperature increase of c. 2.7°C
Limited action towards a low carbon global
economy and lack of coordination result in
high emissions and a resulting temperature
increase of c. 4.4 ̊C.
Scenario
Description
Reference
sources
IPCC, 2021: Summary for Policymakers:
The Physical Science Basis / IPCC SSP1-1.9
(Riahi, et al., 2017), supported by parameters
from the IEA Net Zero Emissions by 2050
scenario (2023) where required
IPCC, 2021: Summary for Policymakers: The
Physical Science Basis / IPCC SSP2-4.5 (Riahi, et
al., 2017), supported by parameters from the IEA
Stated Policies scenario (2023) where required
(although this is a slightly lower emissions
scenario, leading to a c. 2.4°C temperature
increase)
IPCC, 2021: Summary for Policymakers:
The Physical Science Basis /
AssumptionsGlobal
population
8.0 billion 2030, 8.5 billion 2050 (IPCC)8.3 billion 2030, 9.2 billion 2050 (IPCC)8.0 billion 2030, 8.6 billion 2050 (IPCC)
EconomicsWorld GDP assumed to grow at rate of c. 3.2%
between 2030 & 2050 (IPCC)
World GDP assumed to grow at rate of c. 2.5%
between 2030 & 2050 (IPCC)
World GDP assumed to grow at rate of c. 4.0%
between 2030 & 2050 (IPCC)^
(^ - impact of assumed economic growth &
associated growth in energy demand in SSP5
reduced for assessment of business strategy &
financial implications due to the expected
substantial physical impacts of climate change
on growth in this scenario)
Timeframe to 2100 (IPCC) (IEA to 2050) to 2100 (IPCC) (IEA to 2050)to 2100 (IPCC)
Key Scenario
Metrics
Carbon PriceEstimate per tCO2e range from 15-140 USD in
2030, and 55–250 USD in 2050 depending on
the stage of development of a country’s economy
& its net zero pledge status (WEO 2023)
Estimate per tCO2e range from 0-130 USD
in 2030, and 0–155 USD in 2050 depending
on the country’s stated policy (WEO 2023)
Carbon Price remains low or not in place (IPCC)
Energy demandTotal final energy consumption declines by an
annual average of 0.9% every year from 2022
to 2050 (WEO)
Total final energy consumption rises by 1.1% per
year to 2030 & then continues to rise at a slower
rate through to 2050 (WEO)
A more than tripling of energy demand over the
course of the century (IPCC) ^
28
RAKON / CLIMATE STATEMENT / 2025

Scenario Parameters &
Assumptions
Rapid transition to a low carbon world, limiting
temperature increase to 1.5°C. High degree of
transformation across the economy.
A status quo, middle of the road scenario in which
the world follows a path in which social, economic,
and technological trends do not shift markedly
from historical patterns until close to mid-century.
Resulting temperature increase of c. 2.7°C
Limited action towards a low carbon global
economy and lack of coordination result in
high emissions and a resulting temperature
increase of c. 4.4 ̊C.
Key Scenario
Metrics
Energy mixLow emissions electricity generation increases to
71% of total electricity generation by 2030,
reaching nearly 100% by 2050. Approx. 73% of
global total final energy consumption is fueled by
low emissions electricity and modern renewables
by 2050 (WEO)
The global share of electricity generation from
low emissions sources rises to about 56% by
2030 & 78% by 2050. Approx. 34% of global
final energy consumption is fueled by low
emissions electricity and modern renewables by
2050 (WEO)
Primary Energy Triangle shows increasing
domination of coal and oil in the energy mix with
continuing low level of renewables through to
2100 (IPCC)
Forestry and
Afforestation
There is a pervasive expansion of land under
forestry from the late 2030s. This increases by
around 300 million hectares from that time by the
end of the century. These changes are the result
of dedicated measures to reduce deforestation
and encourage afforestation and reforestation
activities (IPCC)
Deforestation continues to occur up to around
2050. The global loss of land under forestry does
not exceed 100 million hectares of land by that
time. After that there is a modest increase of land
under forestry by the end of the century. These
changes reflect a reduction and eventual
elimination of deforestation, with some
afforestation, but supportive measures are not
effective until the 2nd half of the century (IPCC)
Deforestation continues to occur up to about
2060 and the global loss of land under forestry
exceeds 200 million hectares of land by then.
After that there is a modest increase of land
under forestry by the end of the century. This is
driven by an eventual elimination of deforestation,
not by mitigation-induced afforestation (IPCC)
Technology
investment
Solar PV capacity additions reach 820 GW by
2030 and the same level is achieved by 2050 (was
220GW in 2022). Wind capacity additions reach
320 GW in 2030 & 350 GW in 2050 (was 75GW
in 2022) (all above are per annum and per WEO).
Solar PV capacity additions reach 500 GW by
2030 and 580 by 2050 (was 220GW in 2022).
Wind capacity additions reach 175 GW in 2030
& 195 GW in 2050 (was 75GW in 2022) (all
above are per annum and per WEO).
Limited given the substantial exploitation of fossil
fuel resources that is noted for IPCC SSP5.
Investment focus is more on adaptation than
mitigation (IPCC).
Further details of the reference scenarios are available at:
IPCC –
• IPCC, 2021: Summary for Policymakers. In: Climate Change 2021: The Physical Science Basis. Contribution of Working Group I to the Sixth Assessment Report of the IPCC
• https://www.ipcc.ch/report/ar6/wg1/downloads/report/IPCC_AR6_WGI_SPM.pdf
• Riahi et al. (2017). The Shared Socioeconomic Pathways and their energy, land use, and greenhouse gas emissions implications: An overview, Global Environmental Change, Volume 42,
Pages 153-168, 2017, ISSN 0959-3780, DOI: 110.1016/j.gloenvcha.2016.05.009
IEA –
• World Energy Outlook 2023 https://www.iea.org/reports/world-energy-outlook-2023
29
RAKON / CLIMATE STATEMENT / 2025

Scenario nameNarrative
Rapid
Transition
Collective global climate action is taken from the short term in this scenario and the ambitious goals of the Paris Agreement are met.
Governments worldwide move forward simultaneously towards a low carbon economy. Carbon prices rise steadily and significantly in the short term and onwards, adding
costs to all industries, especially higher emitting ones. Regulations promoting low carbon products, services and operations are strengthened. For example, increases in the
size and scope of carbon border taxes. These changes promote low-carbon producers and drive customer behaviour change substantially. End consumers are well aware of
the need to decarbonise the economy and so expect products and services to have low carbon emissions associated with them. Similarly, businesses and other organisations
are expected to reduce their emissions in line with global carbon net zero by 2050. This flows through the global economy, impacting all industries. From the short term
onwards, technology is steadily but quickly developed to mitigate emissions. For example, electrification of transport and industry happens at pace whilst carbon capture
and sequestration becomes a viable option. Global electricity generation moves towards fully renewable sources as fossil fuels are gradually phased out to be replaced by
these low emissions technologies. Resilience measures also benefit from technology development, which also support adaptation initiatives.
As a result of this coordinated and timely action around the world to curb GHG emissions, annual emissions decline to 2030 and reach net zero by 2050 globally, preventing
the worst predicted physical impacts of climate change and their impact on GDP.
Status QuoWorldwide, action to decarbonise is limited at first and fossil fuels continue to dominate energy use until near to mid-century.
In some countries, decarbonisation occurs in line with stated policies, but the overall emissions impact is minimal. There is limited development of low emissions technologies
which limits the possible transition until near to mid-century. Global emissions per annum continue to increase in the short and medium term, peaking in about 2040 before
they start to decline.
The global transition commences between the medium and long terms, driven by the clear physical effects of climate change and awareness of its harmful consequences
to society, the economy and the environment. From this time global carbon prices increase and there is widespread adoption of low emissions technologies. Those changes
cannot prevent more acute and chronic physical climate impacts occurring from the long term onwards. Those impacts negatively affect GDP.
Limited
Climate Action
There is minimal action across all time horizons towards a low carbon global transition, with minimal low carbon regulations and carbon pricing remaining ineffectually low.
This leads to little behaviour change, coupled with a lack of technology development and uptake. Fossil fuel use continues increasing as does mass consumption. Actions
are driven by cost-saving concerns rather than a change in societal expectations and behaviour. Renewable electricity grows globally but that growth is not significant.
There are increasing levels of social, economic and environmental degradation caused by the significantly worsening climate by the long term but there is minimal shift in
social and political traction towards a low emissions future.
The combined impact of the above pushes annual emissions higher until very late in the 21st century. This leads to significant materialisation of acute and chronic physical
risks globally, especially after 2050. Between the medium and long terms, this sees some increase in severity of extreme weather, accompanied by rising sea levels beyond
the long term that drive high physical risk. As these risks materialise, they increasingly impact GDP negatively.
APPENDIX 2: SCENARIO NARRATIVES
30
RAKON / CLIMATE STATEMENT / 2025

APPENDIX 3: OTHER GHG EMISSIONS DISCLOSURES & CLIMATE DATA LIMITATIONS
References (subject to assurance):
World Resources Institute and World Business Council
for Sustainable Development. 2004. The Greenhouse Gas
Protocol: A Corporate Accounting and Reporting Standard
(revised), https://ghgprotocol.org/sites/default/files/standards/
ghg-protocol-revised.pdf
Ministry for the Environment NZ. 2024. Measuring
emissions: A guide for organisations, 2024 detailed guide,
https://environment.govt.nz/assets/publications/Measuring-
Emissions-2024/Measuring-emissions_Detailed-
guide_2024_ME1829.pdf
United Kingdom – Department for Energy & Net Zero -
Conversion Factors Methodology – 2024, https://www.gov.uk/
government/publications/greenhouse-gas-reporting-
conversion-factors-2024
France - Association of Issuing Bodies (AIB) European
electricity factors – 2023 https://www.aib-net.org/sites/default/
files/assets/AIB_2023_Residual_Mix_FINALResults.pdf
India - Ministry of Power – CO2 Baseline Database – 2024,
https://cea.nic.in/wp-content/uploads/2021/03/User_Guide_
Version_20.0.pdf
GHG Protocol – Refrigeration and Air-Conditioning Equipment
– Guidance on emissions factors – 2005, https://ghgprotocol.
org/sites/default/files/hfc-cfc_1.pdf
GHG Protocol guidance on uncertainty assessment in GHG
inventories and calculating statistical parameter uncertainty,
https://ghgprotocol.org/sites/default/files/2023-03/
ghg-uncertainty.pdf
Market Economics Limited, Consumption Emissions Modelling,
report prepared for Auckland Council – 2023, https://
knowledgeauckland.org.nz/media/2593/consumption-
emissions-modelling-market-economics-march-2023.pdf
The Science Based Targets initiative (SBTi),
https://sciencebasedtargets.org/
GHG emissions measurement methodology, limitations,
assumptions and uncertainty (subject to assurance)
The calculation methodology we have used to quantify the
emissions inventory is based on the following calculation
approach below (unless otherwise stated):
Emissions = activity data x emissions factor
Activity data is derived from reports, invoices and data from
the relevant data source/supplier and the most relevant and
recent emission factors available are applied to calculate
the emissions.
Where applicable, unit conversion methods were also applied
when processing activity data that could not be used directly
to calculate emissions, e.g., to calculate emissions from spend
on fuel for vehicles where litres of fuel purchased was not
available. Where activity data was not available in some
key locations, we used assumptions to estimate emissions,
e.g., for some locations we used floor area of buildings and
national data on air conditioning refrigerant usage and leakage
to calculate emissions from leakage of refrigerant. The emissions
calculated from these emissions sources were not material
to Rakon’s total Scope 1 and 2 GHG emissions for FY25.
Uncertainty has been calculated through using estimates
of uncertainty, using both the data completeness category
and the emission factors themselves. The uncertainty values
have been assessed in accordance with Greenhouse Gas
Protocol guidance.
There are systems and procedures in place that will ensure
applied quantification methodologies will continue in future
GHG emissions inventories.
Subsequent events for GHG emissions measurement
(subject to assurance)
We have checked for available updates of the emission factors
we used for FY25 emissions measurement as required by our
policy on updates to emission factors that are made available
between the end of a reporting period and the issuance of
reporting for that period. We concluded that, in accordance
with the policy, no updates to reported emissions or disclosures
of potential adjustments were required as the potential
adjustments for available updated emission factors since
31 March 2025 were not material.
Climate data limitations
Climate change is an evolving challenge, with high levels
of uncertainty; climate data is subject to the uncertainties
of scientific and technical research. It is important to have an
understanding of the uncertainties and limitations inherent
to climate projections and modelling when considering the
information in this Statement.
Climate change science is currently unable to accurately
forecast how the future impacts of climate change will affect
the environment, economy or society. In addition, the wide
range of variables that will influence global GHG emissions
trajectories cannot be predicted with certainty. Rakon is
committed to progressing its response to climate-related risks
and opportunities over time but is constrained by the novel
and developing nature of this subject matter.
The evolution of climate change science and associated
datasets is constant, and climate scenario analysis uses
the best information available at the relevant time. However,
the underlying datasets and assumptions, on which climate
models are built, may not be reliable.
We have prepared the information in this report based on our
current knowledge and understanding. However, as a result of
the limitations noted here, our estimates of the potential impacts
of climate change on Rakon involve a high degree of uncertainty.
31
RAKON / CLIMATE STATEMENT / 2025

APPENDIX 4: GHG EMISSIONS ASSURANCE

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz

Independent Assurance Report
To the Directors of Rakon Limited

Limited Assurance Report on Rakon Limited’s Greenhouse Gas (GHG) Disclosures
Our conclusion
We have undertaken a limited assurance engagement on the gross GHG emissions, additional required disclosures of gross GHG emissions, and
gross GHG emissions methods, assumptions and estimation uncertainty (the GHG Disclosures), within the Scope of our Limited Assurance
Engagement section below, included in the Climate Statement of Rakon Limited (the Company) and its subsidiaries (the Group) for the year ended
31 March 2025.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that
the GHG Disclosures are not fairly presented and are not prepared, in all material respects, in accordance with the Aotearoa New Zealand Climate
Standards (NZ CSs) issued by the External Reporting Board (XRB), as explained on page 2 of the Climate Statement.
Scope of our Limited Assurance Engagement
We have undertaken a limited assurance engagement over the following GHG Disclosures on pages 21, 23-24 and 31 of the Climate Statement
for the year ended 31 March 2025:
● gross GHG emissions:
○ Scope 1 emissions of 1,113 tCO2e on page 21; and
○ Scope 2 emissions of 3,091 tCO2e on page 21;
● additional required disclosures of gross GHG emissions on pages 23-24 and 31; and
● gross GHG emissions methods, assumptions and estimation uncertainty on page 31.
Our assurance engagement does not extend to any other information included, or referred to, in the

Climate Statement on pages 1 to 31. The
comparative information for the years ended 31 March 2024 and calendar year ended 31 December 2022 disclosed in the Group’s Climate
Statement are not covered by the assurance conclusion expressed in this report. We have not performed any procedures with respect to the
excluded information and, therefore, no conclusion is expressed on it.
Emphasis of matter
We draw attention to the disclosure on page 23 which explains how Rakon has classified certain emissions from leased assets in Scope 1 and
Scope 2. In our judgement, this disclosure is of such importance that it is fundamental to the users’ understanding of the GHG Disclosures. Our
assurance conclusion is not modified in respect of this matter.

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent Assurance Report
To the Directors of Rakon Limited

Limited Assurance Report on Rakon Limited’s Greenhouse Gas (GHG) Disclosures
Our conclusion
We have undertaken a limited assurance engagement on the gross GHG emissions, additional required disclosures of gross GHG emissions, and
gross GHG emissions methods, assumptions and estimation uncertainty (the GHG Disclosures), within the Scope of our Limited Assurance
Engagement section below, included in the Climate Statement of Rakon Limited (the Company) and its subsidiaries (the Group) for the year ended
31 March 2025.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that
the GHG Disclosures are not fairly presented and are not prepared, in all material respects, in accordance with the Aotearoa New Zealand Climate
Standards (NZ CSs) issued by the External Reporting Board (XRB), as explained on page 2 of the Climate Statement.
Scope of our Limited Assurance Engagement
We have undertaken a limited assurance engagement over the following GHG Disclosures on pages 21, 23-24 and 31 of the Climate Statement
for the year ended 31 March 2025:
● gross GHG emissions:
○ Scope 1 emissions of 1,113 tCO2e on page 21; and
○ Scope 2 emissions of 3,091 tCO2e on page 21;
● additional required disclosures of gross GHG emissions on pages 23-24 and 31; and
● gross GHG emissions methods, assumptions and estimation uncertainty on page 31.
Our assurance engagement does not extend to any other information included, or referred to, in the

Climate Statement on pages 1 to 31. The
comparative information for the years ended 31 March 2024 and calendar year ended 31 December 2022 disclosed in the Group’s Climate
Statement are not covered by the assurance conclusion expressed in this report. We have not performed any procedures with respect to the
excluded information and, therefore, no conclusion is expressed on it.
Emphasis of matter
We draw attention to the disclosure on page 23 which explains how Rakon has classified certain emissions from leased assets in Scope 1 and
Scope 2. In our judgement, this disclosure is of such importance that it is fundamental to the users’ understanding of the GHG Disclosures. Our
assurance conclusion is not modified in respect of this matter.

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent Assurance Report
To the Directors of Rakon Limited

Limited Assurance Report on Rakon Limited’s Greenhouse Gas (GHG) Disclosures
Our conclusion
We have undertaken a limited assurance engagement on the gross GHG emissions, additional required disclosures of gross GHG emissions, and
gross GHG emissions methods, assumptions and estimation uncertainty (the GHG Disclosures), within the Scope of our Limited Assurance
Engagement section below, included in the Climate Statement of Rakon Limited (the Company) and its subsidiaries (the Group) for the year ended
31 March 2025.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that
the GHG Disclosures are not fairly presented and are not prepared, in all material respects, in accordance with the Aotearoa New Zealand Climate
Standards (NZ CSs) issued by the External Reporting Board (XRB), as explained on page 2 of the Climate Statement.
Scope of our Limited Assurance Engagement
We have undertaken a limited assurance engagement over the following GHG Disclosures on pages 21, 23-24 and 31 of the Climate Statement
for the year ended 31 March 2025:
● gross GHG emissions:
○ Scope 1 emissions of 1,113 tCO2e on page 21; and
○ Scope 2 emissions of 3,091 tCO2e on page 21;
● additional required disclosures of gross GHG emissions on pages 23-24 and 31; and
● gross GHG emissions methods, assumptions and estimation uncertainty on page 31.
Our assurance engagement does not extend to any other information included, or referred to, in the

Climate Statement on pages 1 to 31. The
comparative information for the years ended 31 March 2024 and calendar year ended 31 December 2022 disclosed in the Group’s Climate
Statement are not covered by the assurance conclusion expressed in this report. We have not performed any procedures with respect to the
excluded information and, therefore, no conclusion is expressed on it.
Emphasis of matter
We draw attention to the disclosure on page 23 which explains how Rakon has classified certain emissions from leased assets in Scope 1 and
Scope 2. In our judgement, this disclosure is of such importance that it is fundamental to the users’ understanding of the GHG Disclosures. Our
assurance conclusion is not modified in respect of this matter.
32
RAKON / CLIMATE STATEMENT / 2025

PwC 2
Other matter - comparative information
The comparative GHG Disclosures (that is, GHG Disclosures for the year ended 31 March 2024 and for the calendar year ended 31 December
2022) have not been subject to assurance. As such, these disclosures are not covered by our assurance conclusion.
Directors’ responsibilities
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of the GHG Disclosures in
accordance with NZ CSs. This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation
of GHG Disclosures that are free from material misstatement whether due to fraud or error.
Inherent Uncertainty in preparing GHG Disclosures
As discussed on page 23 of the Climate Statement, the GHG quantification is subject to inherent uncertainty because of incomplete scientific
knowledge used to determine emissions factors and the values needed to combine emissions of different gases.
Our independence and quality management
This assurance engagement was undertaken in accordance with New Zealand Standard on Assurance Engagements 1 Assurance Engagements
over Greenhouse Gas Emissions Disclosures, issued by the External Reporting Board (XRB) (NZ SAE 1). NZ SAE 1 is founded on the
fundamental principles of independence, integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
We have also complied with the following professional and ethical standards and accreditation body requirements:
● Professional and Ethical Standard 1: International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand);
● Professional and Ethical Standard 3: Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other
Assurance or Related Services Engagements; and
● Professional and Ethical Standard 4: Engagement Quality Reviews.
In our capacity as auditor and assurance practitioner, our firm also provides audit, other assurance, and agreed-upon procedures. Our firm carried
out other assignments relating to providing access to training material through an on-line platform. The firm has no other relationship with, or
interests in, the Group.
Assurance practitioner’s responsibilities
Our responsibility is to express a conclusion on the GHG Disclosures based on the procedures we have performed and the evidence we have
obtained. NZ SAE 1 requires us to plan and perform the engagement to obtain the intended level of assurance about whether anything has come
to our attention that causes us to believe that the GHG Disclosures are not fairly presented and are not prepared, in all material respects, in
accordance NZ CSs, whether due to fraud or error, and to report our conclusion to the Directors of the Company.
As we are engaged to form an independent conclusion on the GHG Disclosures prepared by management, we are not permitted to be involved in
the preparation of the GHG information as doing so may compromise our independence.

PwC 3
Summary of work performed
Our limited assurance engagement was performed in accordance with NZ SAE 1, and ISAE (NZ) 3410 Assurance Engagements on Greenhouse
Gas Emissions. This involves assessing the suitability in the circumstances of the Group’s use of NZ CSs as the basis for the preparation of the
GHG Disclosures, assessing the risks of material misstatement of the GHG Disclosures whether due to fraud or error, responding to the assessed
risks as necessary in the circumstances, and evaluating the overall presentation of the GHG Disclosures.
A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both the risk assessment
procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks.
The procedures we performed were based on our professional judgement and included enquiries, observation of processes performed, inspection
of documents, analytical procedures, evaluating the appropriateness of quantification methods and reporting policies, and agreeing or reconciling
with underlying records. In undertaking our limited assurance engagement on the GHG Disclosures, we:
● Obtained, through enquiries, an understanding of the Group’s control environment, processes and information systems relevant to the
preparation of the GHG Disclosures. We did not evaluate the design of particular control activities, or obtain evidence about their
implementation;
● Evaluated whether the Group’s methods for developing estimates are appropriate and had been consistently applied. Our procedures did not
include testing the data on which the estimates are based or separately developing our own estimates against which to evaluate the Group’s
estimates;
● Tested a limited number of items to, or from, supporting records, as appropriate;
● Assessed all of in-scope emission factor sources and reperformed emissions calculations for mathematical accuracy;
● Inspected the Group’s vehicle asset register and performed a keyword search related to fugitive emissions against its expense general ledgers
and performed a site visit to Rakon India to assess the completeness of the reported emissions;
● Performed analytical procedures on particular emission categories by comparing the expected GHGs emitted to actual GHGs emitted and
made enquiries of management to obtain explanations for any significant differences we identified; and
● Assessed the presentation and disclosure of the GHG Disclosures.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable
assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the
assurance that would have been obtained had we performed a reasonable assurance engagement and does not enable us to obtain assurance
that we would become aware of all significant matters that we otherwise might identify. Accordingly, we do not express a reasonable assurance
opinion on these GHG Disclosures.
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PwC 3
Summary of work performed
Our limited assurance engagement was performed in accordance with NZ SAE 1, and ISAE (NZ) 3410 Assurance Engagements on Greenhouse
Gas Emissions. This involves assessing the suitability in the circumstances of the Group’s use of NZ CSs as the basis for the preparation of the
GHG Disclosures, assessing the risks of material misstatement of the GHG Disclosures whether due to fraud or error, responding to the assessed
risks as necessary in the circumstances, and evaluating the overall presentation of the GHG Disclosures.
A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both the risk assessment
procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks.
The procedures we performed were based on our professional judgement and included enquiries, observation of processes performed, inspection
of documents, analytical procedures, evaluating the appropriateness of quantification methods and reporting policies, and agreeing or reconciling
with underlying records. In undertaking our limited assurance engagement on the GHG Disclosures, we:
● Obtained, through enquiries, an understanding of the Group’s control environment, processes and information systems relevant to the
preparation of the GHG Disclosures. We did not evaluate the design of particular control activities, or obtain evidence about their
implementation;
● Evaluated whether the Group’s methods for developing estimates are appropriate and had been consistently applied. Our procedures did not
include testing the data on which the estimates are based or separately developing our own estimates against which to evaluate the Group’s
estimates;
● Tested a limited number of items to, or from, supporting records, as appropriate;
● Assessed all of in-scope emission factor sources and reperformed emissions calculations for mathematical accuracy;
● Inspected the Group’s vehicle asset register and performed a keyword search related to fugitive emissions against its expense general ledgers
and performed a site visit to Rakon India to assess the completeness of the reported emissions;
● Performed analytical procedures on particular emission categories by comparing the expected GHGs emitted to actual GHGs emitted and
made enquiries of management to obtain explanations for any significant differences we identified; and
● Assessed the presentation and disclosure of the GHG Disclosures.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable
assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the
assurance that would have been obtained had we performed a reasonable assurance engagement and does not enable us to obtain assurance
that we would become aware of all significant matters that we otherwise might identify. Accordingly, we do not express a reasonable assurance
opinion on these GHG Disclosures.
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PwC 4
Inherent limitations
Because of the inherent limitations of an assurance engagement, together with the internal control structure, it is possible that fraud, error or non-
compliance may occur and not be detected.
Who we report to
This report is made solely to the Company’s Directors, as a body. Our work has been undertaken so that we might state those matters
which we are required to state to them in our assurance report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the Company and the Company’s Directors, as a body, for our procedures, for
this report, or for the conclusions we have formed.
The engagement partner on the engagement resulting in this independent assurance report is Victoria Ashplant.
For and on behalf of:



PricewaterhouseCoopersAuckland
31 July 2025
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