2025 ANNUAL REPORT

The due diligence process follows the main aspects outlined by ESRS 1: embedding due diligence in governance, engaging stakeholders, identifying and assessing impacts, taking actions to address impacts, and tracking effectiveness. This statement provides a mapping of where these aspects are addressed throughout the sustainability statement.

Information on how due diligence is embedded in Protector's governance structures can be found in the following sections:

• The role of the administrative, management and supervisory bodies (GOV-1), and Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies (GOV-2): Describes how the board sets direction for sustainability efforts through policies and regular oversight, with the risk committee having primary responsibility for oversight of sustainability matters. It also outlines how the CEO and management team implement the board's sustainability direction through dedicated processes.
• Policy overview (MDR-P): Presents a comprehensive overview of the policies governing sustainability matters at Protector, including accountability structures and stakeholder considerations.

Information on how Protector engages with stakeholders as part of its due diligence process is provided in:

• Stakeholder interests and engagement (SBM-2): Details how Protector systematically engages with employees, brokers, customers, and investors to inform strategy and model development.
• Engaging about own workforce about impacts (S1-2): Specifically addresses mechanisms for engagement with employees to identify potential impacts and issues.
• Addressing negative impacts and providing channels for employees to voice concerns (S1-3): Outlines the channels and procedures for employees to report concerns, including anonymous biannual surveys, whistleblowing platforms, and grievance mechanisms.

Protector's approach to identifying and assessing sustainability impacts, risks, and opportunities is described in:

• Double materiality assessment process (IRO-1): Explains the structured methodology for evaluating sustainability topics through both impact materiality and financial materiality lenses, including the process steps and evaluation criteria.
• Double materiality assessment result (SBM-3): Summarizes the findings of the assessment, highlighting the three key areas (climate change, own workforce, and business conduct) identified as material.
• Topical IRO sections in Climate change IROs, Own workforce IROs, and Business conduct IROs: Provide detailed assessments of impacts, risks, and opportunities specific to each material topic.

Actions taken to address identified impacts are detailed in various sections:

• Actions and resources (E1-3) in the climate change chapter: Describes actions related to own operations, climate-conscious underwriting, climate-efficient solutions, and responsible investments.
• Measures related to impacts, risks, and opportunities (S1-4) in the own workforce chapter: Outlines actions to prevent negative impacts and promote positive impacts related to employees.
• Corruption (G1-3 & G1-4) in the Business conduct chapter: Details approaches to preventing corruption and addressing related risks.

Information on how Protector tracks the effectiveness of its due diligence activities is found in:

• Targets and performance metrics (E1-4) in the climate change chapter: Outlines the metrics used to track performance on climate-related matters.
• Targets related to impacts, risks, and opportunities (S1-5) in the own workforce chapter: Details specific workforce-related targets and progress tracking.
• Own workforce key metrics section: Provides quantitative data on workforce composition and performance.
• Climate accounts (E1-6): Presents quantitative data on greenhouse gas emissions and climate performance.

See note 4.1 insurance revenue per segment and line of business.

Protector focuses on the market segments public, commercial, and affinity. The minimum annual insurance premium threshold is NOK 200,000 or equivalent in other currencies. The customer base primarily consists of medium to large-sized organisations, with the following general distribution:

• Public sector: 20-40% of insurance revenue
• Commercial companies: 50-70% of revenue
• Private persons/consumers: <2% of revenue

The company operates in six countries, with 2025 insurance revenue and employees distributed as follows:

Note that Norway hosts the majority of the employees working in investments, headquarters, and IT.

Protector's value chain includes upstream suppliers and partners that provide essential inputs, as well as downstream actors through which the company delivers value to its customers.

Upstream value chain

Reinsurance partners provide risk transfer capacity that enables Protector to underwrite larger and more complex risks than its own balance sheet would allow. Reinsurance is a critical enabler of the company's growth strategy and contributes directly to capital efficiency and financial stability.

Access to capital markets is essential for Protector as it provides financial flexibility to support growth, maintain robust solvency margins, and meet regulatory capital requirements. By issuing instruments such as subordinated bonds, Protector can strengthen its capital base without diluting existing shareholders, enabling the company to underwrite more business, absorb unexpected losses, and pursue strategic opportunities.

Technology and data providers supply IT infrastructure, data analytics tools, and external data sets (including climate data and emissions data) that underpin Protector's pricing accuracy, operational efficiency, and sustainability reporting capabilities.

Downstream value chain

Brokers are the primary distribution channel for all of Protector's insurance products. They are the company's direct interface with customers and play a decisive role in business generation. The quality and breadth of Protector's broker relationships directly influence premium volume and portfolio composition, making them the single most important value chain partner.

Claims fulfilment specialists such as repair workshops and construction firms deliver claims settlement services to policyholders. These partners are essential for customer satisfaction and directly influence both claims costs and the environmental footprint of claims handling (e.g., through choices between repair and replacement, or use of sustainable materials). Claims fulfilment represents Protector's largest cost category and a significant source of Scope 3 GHG emissions.

End customers are predominantly public sector entities and commercial enterprises, receiving insurance coverage, loss prevention, and claims services. End customer retention and satisfaction ultimately drive long-term profitability and market position.

The company has established sustainability targets aligned with its products, markets, and stakeholder relationships.

For insurance products, Protector aims to develop climate-conscious underwriting practices using advanced data and modeling across all markets, while promoting loss prevention and climate-efficient claims handling solutions. This includes reducing the climate footprint in claims settlements through efforts such as incentivising sustainable repairs. These goals apply mainly to the company???s property and motor insurance lines of business, as these are material when managing climate risk.

Protector pursues workforce-related goals including achieving a DEIB score of at least 80 out of 100 per the semi-annual employee satisfaction survey, ensuring equal salary for similar responsibilities, and maintaining equal career opportunities. Moreover, Protector targets an engaging, inclusive workplace that fosters personal and professional growth. These goals apply to all Protector???s employees.

In external stakeholder relationships, the company targets best-in-class carbon footprint in investments, responsible supplier management throughout the claims fulfilment chain, no fines and penalties due to lapses of compliance, and zero tolerance for unethical business behaviour.

Protector employs a structured double materiality assessment methodology that evaluates sustainability topics through both impact materiality and financial materiality lenses. It follows the following steps: understanding the context, identification of sustainability topics, and assessment of the identified sustainability topics. This process is conducted annually.

The materiality assessment methodology has not undergone material changes compared to the prior reporting period (2024). The methodology is reviewed annually.

Key contents:??Ensuring minimized environmental impact, promoting social responsibility, and relieving customers of economic risk. Four pillars: People, Climate-conscious underwriting, Climate-efficient solutions, Responsible business conduct.
Policy scope:??All Protector's activities, including business operations and decision-making processes. Covers own operations and value chain.
Accountability:??Chief sustainability officer accountable for developing the policy. All leaders are accountable for implementing the policy.
Third-party standards:??EU CSRD, EU taxonomy regulation, GHG protocol.
Stakeholder consideration:??Extensive stakeholder consideration through Protector's CSRD DMA.
Policy availability:??The company's intranet and published on its website.

Key contents:??Upholding and promoting human rights, supporting responsible investments. Includes labor rights, equal opportunities, and non-discrimination.
Policy scope:??Applies to Board members, CEO, management, employees, and others acting on behalf of Protector.
Accountability:??Leaders tasked with promoting and respecting labor and human rights.
Third-party standards:??ILO Declaration, European Convention for Human Rights, UN conventions, Modern Slavery Act (UK).
Stakeholder consideration:??Employees and workers in the value chain.
Policy availability:??The company's intranet and published on its website.

Key contents:??Promoting responsible sustainable business, ensuring high standard of ethical/moral behaviour.
Policy scope:??All Protector employees.
Accountability:??Employees and directors accountable for maintaining standards.
Third-party standards:??Applicable laws and regulations.
Stakeholder consideration:??Considers interests of employees, Protector, customers, and society.
Policy availability:??The company's intranet.

Key contents:??Ensure Protector is a responsible investor and owner, integrating sustainability into investment activities.
Policy scope:??All investments and asset classes across company.
Accountability:??Chief investment officer.
Third-party standards:??Norges Bank's exclusion list, Government Pension Fund Global guidelines.
Stakeholder consideration:??Considers interests of owners, customers, and society.
Policy availability:??The company's intranet and published on its website.

Key contents:??Provide guidance on diversity, equity, inclusion and belonging. Create inclusive workplace.
Policy scope:??All conduct related to employees.
Accountability:??DEIB Committee with representatives from each country.
Third-party standards:??Local regulations on diversity requirements.
Stakeholder consideration:??Employee feedback through semi-annual survey and quarterly status and plan conversations.
Policy availability:??The company's intranet and published on its website.

Key contents:??Sets minimum ethical standards for suppliers.
Policy scope:??All suppliers and their sub-contractors engaged in delivery to Protector.
Accountability:??Chief sustainability officer accountable for developing the code. Everyone involved in procurement is responsible for implementing the code.
Third-party standards:??UN Global Compact, ILO Declaration, OECD Anti-Bribery Convention.
Stakeholder consideration:??Considers interests of society and Protector's customers.
Policy availability:??The company's intranet and published on its website.

Key contents:??Implement procurement practices that maximize value while ensuring compliance with ESRS G1. Covers supplier management, payment practices, and responsible business conduct.
Policy scope:??All claims related procurement activities. Specific focus on SME suppliers and fair payment terms.
Accountability:??Head of Strategic Procurement accountable for policy development and implementation.
Third-party standards:??ESRS G1 Business Conduct requirements.
Stakeholder consideration:??SME suppliers given specific consideration through fair payment terms and clear communication channels.
Policy availability:??The company's intranet.

Key contents:??Guides employee rights and responsibilities, including working conditions, work-life balance, health and safety procedures, and compliance requirements. Updated regularly to reflect current employee rights and responsibilities.
Policy scope:??All employees across six countries. Covers working hours, time tracking, leave policies, working conditions, and safety procedures.
Accountability:??Head of HR accountable for the development of the handbook. All employees are responsible for complying with the handbook.
Third-party standards:??Local labor laws and regulations across operating countries.
Stakeholder consideration:??Input gathered through employee feedback mechanisms including semi-annual surveys.
Policy availability:??The company's intranet.

Key contents:??Encourage reporting of suspected wrongdoing and protect whistleblowers.
Policy scope:??All employees and those acting on behalf of Protector.
Accountability:??Chief Compliance Officer.
Third-party standards:??EU Directive 2019/1937, Working Environment Act, FCA Handbook, ESRS G1-1.
Stakeholder consideration:??Regulatory compliance.
Policy availability:??The company's intranet.

Key contents:??Ensure prohibition of corruption and bribery, maintain highest standards of integrity.
Policy scope:??Board members, CEO, management, employees and those acting on behalf of Protector.
Accountability:??Leaders responsible for establishing routines (all employees responsible for complying with this policy).
Third-party standards:??UN Convention against Corruption, OECD Guidelines, Council of Europe Criminal Law Convention.
Stakeholder consideration:??Regulatory compliance and Protector's risk assessment.
Policy availability:??The company's intranet.

The company has an actual negative impact on climate through both direct and indirect GHG emissions from its activities. The majority of the carbon footprint stems from claims-related emissions and our investment portfolio.

Protector can reduce emissions in its own operations through office location choices enabling sustainable commuting, energy-efficient buildings, improved teleconferencing facilities reducing business travel, and source separation of waste at all offices.

Through its investment strategy, the company can influence market behaviour and company practices. Protector actively engages with investees on sustainability matters and exercises active ownership through participation in election committees. As a part of the investment strategy, Protector applies a form of negative screening, where many companies with transition risk (e.g., airlines) are excluded during the evaluation of potential investments. Moreover, the company applies exclusion criteria based on Norges Bank's exclusion list.

Most significantly, Protector can promote positive climate impact through its core insurance operations. The company's climate-conscious underwriting incorporates climate risk assessment, encourages loss prevention, and promotes climate-efficient solutions. Through claims handling, the company can reduce environmental impact by prioritizing repair over replacement, employing climate-friendly materials and processes, and utilizing residual values.

The company faces both physical and transition risks from climate change across different time horizons. In the short term (0-2 years), climate change may affect claims frequency and severity through weather events. The Financial Supervisory Authority of Norway has emphasized that both physical and societal changes may occur more rapidly than current models suggest.

In the medium term (2-5 years), the company faces risks related to changing environmental patterns potentially distorting underwriting models and incorrect pricing. Protector may also face transition risks as regulatory changes and market shifts could affect both insurance products and the investment portfolio.

In the long term (5+ years), there is risk of significant changes in risk patterns requiring substantial adjustment of underwriting models and product offerings. The company's exposure to physical climate risk is partially mitigated by its geographical focus on Northern Europe and customer profile of primarily larger commercial and public sector properties built to high standards. Additionally, as insurance policies are renewed annually, this enables the company to account for long-term changes to physical climate risk through product price adjustments. The investment portfolio faces transition risks as increased requirements, regulations, and costs for activities with negative sustainability impact may affect portfolio values. This risk is managed through active ownership and ESG integration in investment decisions.

Several opportunities arise from climate change adaptation and mitigation:

The company can enhance its competitiveness through accurate climate risk pricing and loss prevention. By developing expertise in climate risk assessment and adaptation solutions, the company can strengthen its position as a trusted advisor to its clients.

Through climate-efficient claims handling, emphasizing repair over replacement and sustainable materials, the company can both reduce costs and enhance its sustainability profile. Partnerships with remediation specialists and independent workshops support this approach.

For claims fulfilment specialists and remediation specialists, Protector expects opportunities due to increased focus on loss prevention and increased frequency and severity of claims.

In investments, the company can benefit from transition opportunities by identifying and investing in companies well-positioned for a low-carbon economy. The active ownership approach promotes positive change while potentially enhancing returns.

The focus on climate-conscious underwriting and loss prevention positions the company to benefit from increasing customer demand for sustainable insurance solutions. The broker-only distribution model enables effective communication of these capabilities to clients.

Based on these impacts, risks and opportunities, the following climate-related topics are material to Protector:

Protector employs a structured approach to climate scenario analysis to assess the resilience of its business model and strategy under different climate change pathways. The analysis forms a part of the company's risk management system and informs strategic decision-making related to underwriting, loss prevention, claims handling, and investments. The analysis is conducted annually.

Protector???s sustainability policy extends to the company???s day-to-day operations, focusing on resource efficiency and thus minimizing emissions.

The company's new office in Oslo, as well as the Helsinki and Manchester offices, are certified as BREEAM Excellent. Protector???s Copenhagen office is assigned the energy label A by the Danish Energy Agency. All company offices are in city centres with easy access to public transport, limiting climate emissions through enabling sustainable commute. Protector employs source separation of waste at all offices. Moreover, the company has, through digitalisation and improved teleconferencing facilities, reduced its level of business travel.

Protector's climate-conscious underwriting strategy focuses on three core elements: accurate climate risk pricing, proactive loss prevention, and portfolio-level climate risk management. This strategy aims to protect both the company and its customers from increasing climate-related risks while promoting sustainable practices.

Climate risk encompasses both physical risks (extreme weather, sea-level rise, temperature changes) and transition risks (policy changes, technological shifts, market evolution).

The company recognizes accelerating changes in weather patterns, with adverse events becoming more frequent and severe. This observation drives a strategic focus on forward-looking climate risk assessment to understand exposures being transferred through insurance contracts.

Protector's exposure to physical climate risk is partially mitigated by its geographical focus on Northern Europe and its customer profile. The company primarily insures larger commercial and public sector properties. These are often modern buildings in urban centers constructed to high standards using materials like concrete and steel, which typically offer better resilience to extreme weather.

Moreover, as a non-life insurance company, the insurance policies are renewed annually. This enables the company to account for long-term changes to physical climate risk through product price adjustments.

The company's climate-conscious approach to underwriting includes:

• Analysis of climate risk in underwriting
• Regular portfolio-level climate risk evaluation
• Continuous enhancement of climate risk modeling capabilities
• Investment in loss prevention expertise and resources
• Active customer engagement on climate resilience
• Price incentives for climate risk mitigation through accurate climate risk pricing

The company implements its climate-conscious underwriting through several mechanisms:

Protector's approach to climate-efficient solutions focuses on enabling and motivating customers to choose options that minimize environmental impact. The approach emphasizes both damage control through remediation and sustainable claims settlement through circular economy practices. This approach directly supports the company's broader climate strategy by reducing emissions from claims handling, which represents a significant portion of Protector's carbon footprint.

The company implements this approach through two main channels: remediation services and climate-conscious claims settlement. For both channels, Protector maintains supplier requirements covering environmental standards, waste management, and emissions reduction.

Protector received 228 000 claims in 2025, with motor and property claims representing the greatest potential for environmental impact reduction. The company's approach to climate-conscious claims settlement emphasizes three core principles:

• Prioritise repair and reuse over replacement of parts
• Employ climate-friendly materials and processes
• Utilization of residual values

For motor claims, Protector maintains a network of recommended workshops selected on their cost-efficiency, customer satisfaction, environmental performance and repair capabilities. Workshop selection criteria emphasize:

• Cost-efficiency
• Independent status as it promotes repair over replacement
• Specialization in specific repair types leading to higher repair rates
• Demonstrated commitment to environmental standards

Protector gradually improves on its capability to steer claims toward the recommended workshops, and the company saw y/y improved steering rates in 2025.

Share of used parts in motor claims:

To incentivize sustainable choices, Protector waives deductibles for glass repairs rather than replacements, promoting both cost savings and environmental benefits. The company's relatively young vehicle portfolio presents challenges for used parts availability, but targeted supplier programmes help maximize opportunities for sustainable repairs.

Glass repair rate for motor claims:

Property claims management emphasizes both immediate remediation and sustainable restoration. For restoration work, Protector engages independent appraisers who ensure compliance with current environmental standards while identifying opportunities for sustainable materials and methods. In 2025, Protector has deepened its collaboration with its remediation suppliers, shifted more work to claims fulfilment specialists with a higher level of sustainability competence, and implemented ???smart repairs??? more widely.

Protector takes a structured approach to responsible investments that integrates sustainability considerations with its financial objectives. In relation to climate risk, the company expects increased requirements, regulations, and costs for activities that have a negative sustainability impact. This view is reflected in its approach to investment.

Protector has a ???bottom-up??? analysis approach, where company-specific factors such as competitive position and valuation are the starting point. As a part of the investment strategy, Protector applies a form of negative screening, where many companies with transition risk (e.g. airlines) are excluded during the evaluation of potential investments. This is an example of how factors related to ESG are integrated in the investment decisions.

Overall, Protector wants to take part in sustainable value creation together with its investees. To achieve this, the company focuses on the following key themes in its work related to ESG:

• Zero emissions by 2050

• Focusing on investees with high levels of carbon emissions in the portfolio.

• Equality, diversity, and inclusion.
  • Everyone should be entitled to the same rights, duties, and opportunities regardless of a person???s characteristics.
• Good corporate governance.

• Boards must act in the best interest of the shareholders.
• Board members must also be able to contribute perspectives and knowledge to maximise long-term value creation.
• Compensation of management and the board must be reasonable and not at the expense of the shareholders.

It is important that profitability and sustainability go hand in hand. In cases where profitability is temporarily pressured due to necessary sustainability measures, Protector encourages companies to share the cost with their value chain over time, or to develop new ways of working to restore historical profitability.

As a starting point, Protector will not invest in companies that have a history of poor corporate governance. Protector contributes to improving governance by participating in election committees where possible. Historically, the company has been active in changing the board composition of several investees to increase competence and value creation.

In 2025, Protector has been represented on the election committees of five investees where the company has a large share of ownership. Examples include Seafire, Siili Solutions and Duni.

Protector is often a major shareholder or lender. This gives opportunities for exercise of ownership. The exercise of ownership is based on an assessment of how it can have the greatest impact. In some cases, it may be better to retain an ownership position and exert influence rather than exiting the investment.

Where Protector is exposed to companies with a high carbon intensity, the companies should have a plan to reduce emissions. If this does not exist, Protector can still invest but will then seek to influence the companies to put one in place.

Examples of active ownership:

• Ongoing contact with management through investor meetings.
  • In some cases, there is also engagement on board level.
• Promoting best practices from other companies in the same industry.
• Voting and proposals for general assemblies.
• Reviewing and giving input on bond and loan terms.

Protector also seeks to collaborate with other investors to influence companies in matters related to corporate governance and sustainability.

In 2025 data coverage for financed emissions increased significantly and Scope 3 data has also been included. Data coverage has increased primarily due to estimates becoming available for municipal bonds through Stamdata.

In 2025 financed emissions increased by 25% compared to an increase in AUM of 19% (on a like-for-like basis based on S1+S2). The total increase not explained by increased AUM is due to higher carbon intensity for bond funds and equities. Internally managed bonds make up ~3/4 of AUM where financed emissions did not change materially (on a like-for-like basis based on S1+S2).

It is expected that financed emissions and carbon intensity will fluctuate with asset allocation going forward.

Reference INCOME STATEMENT for insurance revenue stated in the climate accounts.

Protector has a direct positive impact on employee development through its structured approach to continuous learning and competence building. The company's learning management system, combined with regular performance reviews and development discussions, creates an environment conducive to professional growth.

Protector has a slightly lower level of positive impacts on non-employees, as those employees do not necessarily participate in said structured approach to continuous learning and competence building. Remaining impacts are similar across employees and non-employees.

The company positively influences work-life balance by offering flexible working arrangements while maintaining its strategic focus on office presence to strengthen team collaboration and development. This balanced approach recognizes individual needs while fostering the company's One Team culture.

Potential negative impacts primarily relate to psychosocial factors in an office environment, including stress from high-performance expectations and workload management. The company also recognizes potential impacts from irregular working hours in certain roles, particularly during peak periods or when handling urgent claims. Protector has not discovered any other significant correlations between various impacts and people with particular characteristics, those working in particular contexts, or those undertaking particular activities.

The company has an actual positive impact on diversity, equity, inclusion and belonging (DEIB) through structured programmes and initiatives. This includes promoting equal opportunities regardless of gender, age, ethnicity, or other characteristics, and actively working to increase representation at all organisational levels.

Being a knowledge-based organisation, Protector faces material risks related to workforce retention and development. Failure to maintain high employee engagement or provide adequate development opportunities could lead to loss of critical competence, potentially affecting decision-making and cost-efficiency.

A competitive labor market presents risks related to recruitment and retention. This could impact the company's ability to maintain its competitive edge. The company has not identified any specific groups of employees, except for executive management, with elevated levels of risks.

Market conditions and inflation create expectations for wage growth. Not meeting these expectations appropriately while maintaining internal equity could affect employee satisfaction and retention, particularly of key personnel.

High workloads during growth periods or organisational changes could impact employee well-being and work-life balance, potentially leading to increased stress levels and turnover.

Protector sees significant opportunities in strengthening its position as an attractive employer in the insurance sector. The company's focus on competence development, combined with its challenger position, creates unique opportunities for employee growth and innovation.

The company has not identified any specific groups of employees that provide a materially different level of opportunity compared to that of other groups of employees.

Strategic workforce planning and development present opportunities to build competitive advantages through enhanced expertise in areas like underwriting, claims handling, and technology development.

The company's commitment to DEIB initiatives offers opportunities to broaden its talent pool and enhance decision-making through diverse perspectives. This includes targeted efforts to increase gender balance in management positions and attract diverse talent across all functions.

Investment in technology and process improvements presents opportunities to enhance employee satisfaction through more efficient work processes and reduced administrative burden.

Based on these impacts, risks and opportunities, the following workforce-related topics are material for Protector:

The remainder of this report focuses on these material topics, with particular emphasis on their relationship with Protector's strategy and business model.

Protector is committed to conducting business with integrity, fairness, and transparency. The Ethical Guidelines Policy ensures that all employees, management, and board members act in alignment with the company???s core values: Credible, Innovative/Open, Bold, and Committed. The policy prohibits discrimination, harassment, corruption, exploitation, and unethical business practices. Employees are expected to treat stakeholders with dignity, comply with all applicable laws and regulations, and uphold ethical business conduct.

To prevent, detect, and address discrimination and misconduct, the policy enforces a zero-tolerance approach to discrimination and harassment, supported by a structured whistleblowing system for confidential reporting. Mandatory training on subjects addressed in the policy is required for all employees and managers to reinforce awareness and accountability. Additionally, supplier due diligence and monitoring are implemented to prevent forced labour and exploitation in business relationships.

Violations of the policy are subject to investigation and corrective action, which may include disciplinary measures, up to and including termination, ensuring compliance and maintaining ethical standards throughout the organisation.

Protector???s Human Rights Policy ensures a secure, respectful, and rights-based workplace by safeguarding fundamental labour rights. This includes ensuring fair wages and equal pay for equal work, upholding freedom of association and collective bargaining rights, and protecting employees against unfair dismissal and unjust working conditions. The policy also prioritises safe and healthy working conditions through proactive risk assessments and compliance monitoring.

To prevent and mitigate human rights impacts, the company enforces structured risk assessments and impact evaluations, implements grievance mechanisms for the prompt resolution of human rights concerns, and mandates human rights training for all employees. Additionally, supplier audits and due diligence processes are in place to prevent labour rights violations in the supply chain.

Employees are encouraged to report concerns through the company???s whistleblowing and grievance mechanisms, which ensure confidentiality, protection against retaliation, and timely investigation. Furthermore, Protector applies responsible investment principles by excluding companies and suppliers that violate human rights. These exclusions are reviewed and enforced in accordance with OECD guidelines and international human rights standards.

The DEIB Policy fosters an inclusive and equitable workplace, ensuring that all employees have equal rights, duties, and opportunities. The policy explicitly prohibits discrimination based on race, ethnicity, colour, sex, gender identity, sexual orientation, disability, age, religion, political opinion, national extraction, social origin, and other protected characteristics under Union and national law.

To advance diversity and inclusion, Protector integrates DEIB principles into structured training programmes that educate employees on bias prevention and inclusivity, transparent and structured recruitment processes, which are designed to actively mitigate the risk of systemic bias and thereby ensure equal access to job opportunities, and career development programmes that promote fair promotions and leadership opportunities. A dedicated DEIB committee oversees implementation and progress, ensuring continuous development across all company regions.

In addition to these commitments, the policy includes positive action measures to support vulnerable groups. These include workplace accommodations and accessibility improvements for employees with disabilities, mentorship programmes and targeted recruitment efforts for underrepresented groups, and language and cultural integration programmes for migrant employees.

To reinforce these commitments, internal handbooks and e-learning modules provide detailed guidance on inclusive workplace practices, reporting mechanisms, and resolution procedures, ensuring that diversity, equity, inclusion, and belonging remain embedded in Protector???s corporate culture and operations.

For additional information on these policies, see the policy overview (MDR-P).

Respect for employees??? human rights is a core principle in all engagement with the workforce. A psychologically safe environment is ensured through three key safeguards: confidentiality in the handling of sensitive issues; anonymity, offered through platforms such as the engagement survey and the whistleblowing channel; and a strict non-retaliation policy protecting any employee who voices concern.

A comprehensive framework is in place to address potential negative impacts on the company???s workforce and ensure open communication through accessible and effective channels.?? Structured policies and initiatives are in place to proactively address negative impacts. When significant harmful effects are caused or contributed to, remedial measures are implemented. The effectiveness of these measures is regularly assessed through employee feedback and performance metrics.

All employees, including internal employee representatives, have equal access to formal reporting mechanisms provided by a third-party. These mechanisms, available via the intranet, allow employees to raise concerns, share input, and engage with structured feedback channels. Employee representatives are granted the same rights and access as other employees to ensure transparency and inclusivity in issue escalation. However, the follow-up process is managed by designated responsible personnel in each country, including HR and other selected representatives. Issue handling follows internally developed guidelines, which have been formulated with input from external experts to ensure quality and compliance.

In summary, the key communication channels to help identify employees particularly vulnerable to negative impacts by detecting workplace inequalities, potential barriers, and emerging risks are:

• Anonymous biannual employee engagement surveys: Feedback on employee well-being, inclusion, and workplace dynamics, offering actionable insights to guide improvements.??
• Internal whistleblowing platform: Confidential anonymous channel that is linked in our HR system that is available for reporting available for all employee to concerns or breaches, ensuring transparency and compliance with local regulations.??
• Grievance handling mechanisms: procedures for documenting, reviewing, and resolving employee complaints in a fair and timely manner.??

These channels are introduced during onboarding and reinforced through regular training, communication, and informative sessions to ensure employees are informed and empowered to use them.??In addition, awareness campaigns are conducted to educate employees about their rights and how to effectively use grievance and whistleblowing mechanisms

Protector ensures continuous follow-up and monitoring through structured review processes, open dialogue, and transparent reporting mechanisms. Any concern raised through any channel is logged, assessed, and addressed with appropriate actions. Employees are not only encouraged to use these channels but are also actively involved in feedback loops to refine and enhance reporting. Employees are protected from retaliation, and confidentiality safeguards are in place to encourage trust and participation

The vast majority of the measures detailed in this section are not temporary projects but are integrated into the company's continuous operational processes. They represent our ongoing commitment to our workforce and are managed through annual cycles (e.g., performance reviews, salary adjustments), quarterly monitoring (e.g., work environment committees), or as continuous activities (e.g., health and safety management, onboarding of new employees).

Financial resources for measures
Protector manages resource allocation for its measures dynamically, rather than through fixed, pre-allocated budgets. Funding for initiatives, such as leadership training, new systems, or well-being initiatives, is approved based on the strategic importance and business case presented by the relevant department. While these expenditures are operational in nature (Opex), they are not segregated or tracked as a specific line item for ESRS reporting. They are managed as part of the company's overall operational costs. Therefore, we do not disclose separate financial figures for these measures.

Job security and work-life balance??
Employment practices comply with local legal frameworks, and all employees receive clear contracts that align with national regulations. Temporary contracts are monitored through HR systems to ensure compliance, with documented justifications required for transparency and fairness. National regulations on working hours, rest periods, and overtime limitations are followed, which supports a sustainable work-life balance. In most locations, time-tracking systems are used to ensure compliance with labour laws, record overtime, and monitor holidays and sick leave. Where such systems are not in place, HR and managers manually oversee working hours to ensure fair and flexible arrangements.

Employees are encouraged to actively manage their working hours to maintain a healthy balance between professional and personal life. Overtime requires prior approval from managers, and in cases where extended overtime is legally mandated, it is pre-approved through appropriate channels to ensure compliance.

The importance of family-related leave as a key aspect of employee well-being is recognized. All employees have equal rights to family-related leave, per national social policies and parental leave schemes.

Protector encourages working from the office as much as possible, as the company???s strategy is based on the belief that a team is stronger than the sum of its individual members. By working closely together in the office, Protector can foster better collaboration, promote employee well-being, and support the continuous development of both its employees and the company.

At the same time, Protector strives to be inclusive and recognize that some employees may need flexibility. Therefore, the company facilitates flexible working arrangements, such as remote work options and adaptable schedules, wherever feasible. For roles with limited flexibility, Protector is committed to supporting a healthy work-life balance.

A positive and engaging work environment is reinforced through structured onboarding, company-wide events, and recognition programmes. New employees from all countries participate in a comprehensive onboarding program, allowing them to connect with colleagues, learn about the company, and align with its values. To celebrate high-performing employees who embody Protector???s core principles, an annual Employee Awards program is held, where winners are recognized and rewarded with a dedicated trip alongside other high-achieving employees. Additionally, various social and charitable activities contribute to a strong company culture, including an annual charity run, DEIB-related initiatives, and company-wide celebrations when organisational goals are met.

Protector is a knowledge-based organisation that regards its employees as its most important asset. Protector offers an environment conducive to professional growth, ensuring employees have the necessary tools and opportunities to develop their skills and advance their careers.

Structured development approaches include:

• Experiential learning through task assignments aligned with employees' skills for growth.
• Social learning with sessions for shared experiences and problem-solving.
• Formal learning in the learning management system, which offers numerous in-house courses and access to external professional development programmes. Protector also supports continued education for employees to ensure alignment with organisational goals and individual development plans.

In addition to these learning methods, structured feedback and evaluation tools play a key role in employee development:

• STP (status and plan) conversations ??? Quarterly structured discussions between employees and managers to review performance, results, and company values, while identifying opportunities for growth and development.
• Annual appraisals ??? A yearly evaluation of performance that highlights development needs and sets goals for the next 1???3 years.
• 360 reviews for managers (annually) ??? Feedback from teams and peers to support continuous leadership growth.
• 270 reviews for all employees (annually) ??? A structured feedback process from colleagues, peers, and managers to foster a culture of development and continuous improvement.

Leadership development programmes are run to reinforce company values, encouraging knowledge-sharing across business areas, and strengthening social learning. These structured programmes and feedback mechanisms ensure that Protector employees receive the support and development they need to thrive in their roles.

The DEIB committee is composed of representatives from all countries and conducts quarterly meetings to review progress on the different initiatives. Its work will:????

• Identify risks of discrimination and obstacles to equality.??
• Analyse the causes of risks, obstacles, and gender differences.????
• Plan and implement actions that counteract discrimination and promote equality and diversity.????
• Evaluate the measures.??
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Protector is a signatory of the Women in Finance Charter. In accordance with this charter, the company is targeting a balanced representation in all management levels.??

To reinforce our commitment to DEIB, all employees are required to undergo mandatory DEIB training and sign our DEIB policy when entering the company. The DEIB training is meant to equip employees with the knowledge, awareness, and tools to promote an inclusive and respectful work environment.????

In addition, Protector also actively prevents discrimination through:??

• Recruitment and promotion practices based on qualifications and skills.??
• Training for managers on equal treatment and non-discrimination.??
• Complaint mechanisms, to handle concerns confidentially.??

Protector is committed to supporting vulnerable groups. The company actively supports initiatives such as language training to foster integration and cultural understanding, educational sessions focused on women's health, and tailored accommodations to ensure an inclusive workplace for individuals with disabilities.??Recognizing the potential for further actions, Protector prioritises ongoing collaboration with employees and their representatives to plan, develop, and implement ideas that strengthen diversity and inclusion across the organisation.??

In 2025, Protector has continued to strengthen its commitment to DEIB through targeted measures aligned with the company???s overarching goals. These initiatives are aimed at fostering an inclusive workplace culture, enhancing fairness in our processes, and promoting awareness of DEIB principles across the organisation.

Key initiatives for 2025:

• Implementation of a new recruitment system: For the parts of the business that manage recruitment directly, the company has implemented a new recruitment system in late 2025 after a thorough selection process. This platform enhances both fairness and efficiency by streamlining workflows, offering an anonymous mode for qualification-based evaluations, and improving the candidate experience. It also provides advanced data and analytics to enable more strategic, data-driven recruitment decisions and strengthen our DEIB reporting, while other countries continue to partner with external recruitment agencies.
• Recruitment training for leaders: To further professionalise Protector???s hiring practices, a digital recruitment course was offered to all managers. This training, developed in collaboration with the testing provider, focused on the recruitment process, effective tools, and methods to ensure the most objective and fair selection possible. The course will be held regularly to ensure continuous learning and development.
• Knowledge sharing in the DEIB group: The company has held two knowledge-sharing sessions in its cross-national DEIB group. The topics were onboarding and fair recruitment, where different practices in the different countries were reviewed to learn and to improve and harmonise processes where advantageous.
• Comprehensive DEIB training: To ensure a shared understanding and commitment from day one, all new employees complete a mandatory DEIB course as part of their onboarding. This training is designed to integrate DEIB principles into their daily practices and reinforce Protector???s inclusive culture.
• Language accessibility: To support integration into a multicultural workforce, the company offers language courses to employees as needed.
• Promoting awareness: The company fosters an inclusive culture through collaborative knowledge-sharing initiatives, led by the cross-national DEIB group. Using a rotational model, different countries take the lead in developing content and inspiring activities for key topics like Pride, International Women???s Day, and Mental Health Day. The approach combines shared digital campaigns with locally adapted events. A key highlight in 2025 was the company-wide DEIB Week, a digital event where each country contributed content and perspectives on the intranet, creating a unified yet diverse conversation about inclusion.
• Reflecting workforce diversity: Protector has maintained a focused effort to ensure that recruitment practices, job advertisements, and external communication align with the diversity of the company???s workforce, ensuring inclusive representation.

Metrics such as absenteeism rates, workplace injuries, engagement scores, and turnover rates are monitored to ensure continuous improvement. Dialogue between employees and management provides direct insights into workforce challenges, helping reduce risks and enhance the work environment.

The biannual engagement survey, a key tool for assessing employee satisfaction and well-being, has shown steady year over year improvements since 2020. The impact of DEIB initiatives is clearly reflected in the survey. The overall DEIB score has shown consistent growth, reaching 77 in 2025, an increase from 76.5 in 2024 and 70.6 in 2023. This positive trend, coupled with increased diversity among job applicants, reflects the concrete actions taken during the year to refine the company???s recruitment processes and address equality challenges. This work will remain a key priority going forward.

The selected measures are tailored to address workforce-specific challenges and are designed based on industry best practices, legal requirements, and direct employee feedback. By utilizing both qualitative and quantitative data, Protector ensures that interventions are relevant, effective, and adaptable to evolving workforce needs.

Protector aims to maintain a positive, engaging, and supportive work environment. A key performance indicator is to achieve an overall employee satisfaction score of at least 80/100 in the biannual engagement surveys. The target applies to all permanent employees and is benchmarked against the company's historical data.

The intended outcome beyond the score is to foster a work environment where employees feel genuinely valued, motivated, and experience a sustainable work-life balance, leading to higher personal and professional fulfilment.

Status and progress in 2025
In 2025, Protector achieved a score of 78/100. While this is marginally below the target, it represents a continued high level of employee satisfaction and reflects a positive long-term trend. The result indicates that the company???s initiatives are having an impact, but that there is still room for improvement.

Measures taken in 2025
To support this target, Protector continues to conduct biannual engagement surveys in collaboration with an external provider. The results were analysed and presented to leaders, who received support in developing and implementing action plans within their teams. Employee feedback has been crucial in prioritizing initiatives related to the work environment and employee development.

The way forward and adjusted timeline
The improvement process is driven locally, where leaders and their teams analyse their respective results to create and implement targeted action plans. Building on this continuous, data-driven approach, the target of achieving a score of 80/100 is carried forward. As the 2025 target was not fully met, the timeline has been extended to year-end 2026. For improved reporting precision, the scope is now explicitly stated as 'all permanent employees' to accurately reflect the measurement cohort that has consistently been used. The core methodology of the survey remains unchanged.

Protector's target is to have at least two female members in top management and to ensure that neither gender accounts for less than 40% of employees across all positions. This goal reflects the company's DEIB commitments and its obligations as a signatory of the Women in Finance Charter.

The intended outcome is to enrich our decision-making with a diversity of perspectives and to cultivate fair and equitable career pathways for all genders.

Status and progress in 2025
The company's target for 2025 was twofold. During the year, Protector successfully achieved the first part of this target, reaching two female members in its top management team.

However, the second part of the target, achieving 40% gender representation across all positions, was not fully met by year-end, although progress was made in several parts of the organisation.

Measures taken in 2025
To support this target, ongoing recruitment and career development efforts were maintained throughout 2025. Gender representation was monitored regularly through internal reporting, with adjustments planned based on talent availability, overseen by management, HR, and recruitment teams.

The way forward
The goal for top management representation was achieved in 2025 and will be maintained going forward. The ambition to achieve 40% gender representation across all positions is carried forward. As this specific part of the target was not met, its timeline has been extended to year-end 2026.

Protector???s goal is to leverage workforce data for proactive decision-making, continuous improvement, and strategic planning. The company aims to utilize insights gathered from the entire employee lifecycle to ensure leaders have access to accurate and relevant workforce data.

The intended outcome is to empower leaders with insights that enable them to proactively support their team members' well-being and professional growth; moving from reactive problem-solving to preventative support for each individual.

Status and progress in 2025
In 2025, Protector significantly improved the structure and quality of its workforce data foundation. A key achievement was the implementation of new data collection points focused on crucial phases of the employee journey, including onboarding and exit. This is facilitated through a combination of automated surveys via the HR system and structured conversations between HR and employees.

As these systems were implemented mid-year, the initial focus has been on establishing robust data collection. While the company needs more longitudinal data to analyse trends, the foundation is now in place to work more proactively with improvements based on employee input.

Recognizing that turnover patterns vary by region and function, each country has now established specific, localised turnover targets ??? a significant change from the single, centralised objective used in the previous reporting period. This allows each business unit to address its particular circumstances more effectively.

The way forward
Protector???s goal is to leverage this enhanced data infrastructure to become even more proactive in its workforce management. By accumulating and analysing data over time, the company will be better equipped to identify trends, predict challenges, and implement data-driven actions that enhance the employee experience and support strategic objectives.

Own workforce key metrics (S1-6, S1-7, S1-9, S1-10, S1-14, S1-15, S1-16, S1-17)

At the end of the reporting period, the company employed 727 people, including 302 women (42%) and 425 men (58%). The workforce primarily consisted of permanent employees (706), including 294 women and 412 men. Additionally, there were 21 temporary employees (8 women, 13 men) and 16 non-guaranteed hours employees (6 women, 10 men), typically students working extra on-call shifts or during vacations. The workforce was distributed across several markets: United Kingdom 236, Norway 196, Sweden 156, Denmark 92, Finland 24 and France 23. The measurement indicators used have not been externally validated.

See Labour expenses, pensions, number of employees for a limited cross-reference to employee data in the company???s financial statements.