Carbon Reduction Plan

Icon has validated near-term company-wide emissions reduction targets through Science Based Target initiative (SBTi) that align with a 1.5°C pathway. Icon also has a validated Scope 3 engagement target, ensuring that key suppliers of purchased goods and services are measuring their greenhouse gas (GHG) emissions in line with the GHG protocol and setting their own science-based targets.

Icon’s newly acquired UK subsidiary (Pharmaxo Group) has committed to achieving net zero by 2045. Icon plans to consolidate its net zero global position in the next 1-2 years with the view of matching or exceeding current commitments of recent UK acquisition. Icon recognises the critical role our supply chain has and remain committed to working collaboratively to drive meaningful change.

Baseline Emissions Footprint

APOG Topco Pty Ltd (Icon Group) reported emissions are shown below. The reported emissions include Icon Group’s subsidiaries that meet the financial control boundary (per GHG protocol). This includes Integrated Clinical Oncology Network UK, however as this is a new establishment set up in FY24, only limited data has been recorded to date. All future data, targets and measures will be fully adopted and implemented by this entity.

Current Emissions Reporting

Emissions reduction targets

To align with 1.5°C pathway, Icon has adopted the following near term carbon reduction targets:

1. Reduce our Scope 1 and 2 Greenhouse gas emissions by 42% by FY30 from an FY23 baseline year
2. Scope 3 – 73% of Icons suppliers by emissions covering purchased goods and services will have set Science-Based target (SBT) by FY28 from a FY23 baseline year
3. By FY27 achieve a 50% reduction in general waste sent to landfill, globally.

These targets represent an important step in progressing towards net zero. We project that carbon emissions (Scope 1, 2 and 3) will decrease over the next five years to 9,956 tCO₂e by 2029. This is an overall reduction of 32%.

Our combined Scope 1 and 2 GHG emissions are projected to decrease by 92% over the next five years to 606 tCO₂e.

Our Scope 3 engagement target focuses on the most material component of our Scope 3 inventory (purchased goods and services). While supplier data is currently not available to support absolute or intensity-based Scope 3 target, the intended pathway to maturity is to progress towards adopting such targets in the next 1-2 years.

With Icon’s continued growth, particularly with recent entry and expansion into the UK market, we project Scope 3 emissions to increase during the next five years. Accordingly, we intend to baseline our emissions targets during this period to continue Icon’s path towards net zero.

Progress against these targets can be seen in the graph below:

Carbon Reduction Projects

Completed Carbon Reduction Initiatives

The following environmental management measures and projects have been completed or implemented since the 2023 baseline:

• Development of Environment, Social, Governance (ESG) strategy and governance framework: including ambitious targets to actively work towards a lower waste and carbon footprint, endorsed by Icon Group Board.
• Engaged an environmental resources management consultant: to develop an interactive GHG (greenhouse gas inventory model) capturing baseline and ongoing emission tracking, alongside a decarbonisation roadmap to guide impactful initiatives.
• Icon Group Science-Based Targets affirmed: In 2023, Icon’s commitment to sustainability reached a significant milestone with the Science Based Targets initiative (SBTi) officially validating the group’s near-term emissions reduction targets. These targets align with 1.5◦ pathway, and are publicly available on the SBTi’s dashboard:
  • APOG Topco Pty Ltd commits to reduce absolute Scope 1 and Scope 2 greenhouse gas (GHG) emissions 42% by FY2030, from a FY2023 baseline.
  • APOG Topco Pty Ltd also commits that 73% of its suppliers by emissions—covering purchased goods and services—will have science-based targets in place by FY2028.

• Electrification of owned vehicles (EVs): Seven EV’s purchased since 2023; committed to transitioning fleet to electric.
• Purchased renewable energy: Purchased Energy Attribute Certificates to offset 65% of Scope 2 emissions in 2023, and 85% of Scope 2 emissions in 2024, and undertaking the process again for 2025.
• Scope 3 supplier engagement target progress: Confirmed major suppliers representing >73% of emissions from purchased goods and services, have set a science-based emissions reduction target as at end of CY2024.
• Supplier engagement: reached out to suppliers on potential changes to products from a waste perspective.
• Solar PV transition: transitioned 2 sites to solar PV, with plans to transition or install solar for additional sites in the coming year.

The carbon emission reduction achieved by these schemes equate to 4,057 tCO₂e, a 28% reduction against the 2023 baseline and the measures will be in effect when performing the contract.

Icon’s ultimate goal is to achieve net zero emissions by 2050 or earlier. This year in 2025, we will assess opportunities to consolidate a global net zero strategy, including alignment with the existing targets of our recent UK acquisition, and formalie these targets via Science Based Target initiative (SBTi). As Icon works towards this goal, we continue focus on the areas of most impact and will implement additional initiatives to support progress. These include:

• Supply chain engagement and education: and downstream logistics service providers to improve the logistics carbon footprint data
• Survey of employee and patient commuting needs to enable development of Green Travel & Commuting initiatives and distance travelled
• Review and update of travel, fleet and logistics policies: related to business travel, company car provision and logistics
• Conducting biodiversity analysis: and incorporating it into environmental and sustainability policies and guidelines
• Evaluation of potential renewable energy projects and continued procurement of energy attribute certificates: to offset 100% of electricity
• Fleet efficiency and replacement – Continued electrification of owned and leased vehicles: across Icon
• Energy efficiency – Implementing a heating and ventilation opportunity: across all our sites to reduce energy consumption which involves standardising temperature settings to reduce GHG emissions, and comprehensive energy audits of selective sites aimed at providing actionable insights into energy usage patterns to reduce overall environmental impact
• Expanding our renewable energy efforts: including exploring long-term Power Purchasing Agreement (PPA) opportunities and installing solar PV where possible at sites
• Electrification of gas consumption equipment: implementation planning underway for FY26
• Adopting LED lighting where possible: by establishing a protocol for LED lighting replacements
• Supplier code of conduct: establishing a supplier code of conduct and Sustainable Procurement Policy
• Supplier engagement: working with major suppliers to facilitate data sharing to enable monitoring of each company’s progress against science-based targets
• Ceasing to accept tenders from companies: that do not meet our sustainability standards
• Requesting sustainable alternatives: in design and construction projects
• Waste Reduction: Developing waste manage action plan and strategies for all divisions and sites.

Icon is continuously implementing new initiatives and actively seeking feedback from our teams on ideas to further reduce C0₂ – equivalent emissions.

Declaration and Sign Off

This Carbon Reduction Plan has been completed in accordance with PPN 06/21 and associated guidance and reporting standard for Carbon Reduction Plans.

Emissions have been reported and recorded in accordance with the published reporting standard for Carbon Reduction Plans and the GHG Reporting Protocol corporate standard¹ and uses the appropriate Government emission conversion factors for greenhouse gas company reporting².

Scope 1 and Scope 2 emissions have been reported in accordance with SECR requirements, and the required subset of Scope 3 emissions have been reported in accordance with the published reporting standard for Carbon Reduction Plans and the Corporate Value Chain (Scope 3) Standard³.

This Carbon Reduction Plan has been reviewed and signed off by Mark Middleton, Icon Group Chief Executive Officer.

Signed on behalf of the Supplier: Mark Middleton OAM, Chief Executive Officer – Icon Group
Date: 3 June 2026

References

1. https://ghgprotocol.org/corporate-standard
2. https://www.gov.uk/government/collections/government-conversion-factors-for-company-reporting
3. https://ghgprotocol.org/standards/scope-3-standard