Shift to employee ownership amid uncertainty
2025 marked a significant transition for Gunvor, with the management buy-out resulting to Gunvor becoming an employee-owned commodities trading company. This was combined with a challenging geopolitical environment. As a result, we have invested in our capabilities, we are continuing to diversify our portfolio and, we are strengthening our governance structures.
The changes we are making are cultural as much as they are structural. Employee ownership means a stronger sense of responsibility and accountability. It also fosters long-term thinking across the organisation, developing a much stronger link between operations and strategic decision-making, with a focus on how each individual can have an impact on the future success of the business. And it places greater emphasis on both transparency and performance, as we continue to build trust with our stakeholders in our new ownership model and the results it can deliver.
As well as the geopolitical uncertainty, regulatory requirements are increasing, the transition to lower-carbon products is accelerating and stakeholders are demanding greater transparency. We need to be very careful to maintain the balance of retaining our agility to maximise the opportunities while mitigating the risks as we work in the dynamic markets that are responding to shifts in energy demand, policy and technology.
We have a tight focus on building a business that is resilient in the long-term. We are ensuring sustainability is increasingly integrated into decision-making we make across the Group, and that we have strengthened governance that enables the right blend of responsibility and pragmatism.
Systems and processes matter but it is our people who drive and define our success, which is why we are particularly proud that our employee engagement numbers are so strong.
Environment
Accelerating the energy transition
Our portfolio continued to shift towards lower-carbon and transition commodities, including biofuels, natural gas and Liquefied Natural Gas (LNG). Between them, they now account for around one-third of our trading volumes. We also continued to expand into areas such as biomethane, battery storage and renewable energy offtake, as well as developing positions in transition metals and exploring emerging opportunities in hydrogen and ammonia.
We made good progress on our environmental priorities within our own operations, particularly emissions reduction. Our Scope 1 and 2 emissions are now down 57.5% compared with 2019, marking a clear improvement on 2025 and exceeding our interim targets. We also continued to improve shipping efficiency,
reducing Time chartered fleet carbon intensity by 18.5%, bringing us ever-closer to our 2027 target of a 20% reduction compared to 2023.
It is important to recognise that any energy production, which is essential for the way our economic systems operate, is inevitably a polluting activity. It is equally important to recognise there is still much more we can do to reduce that pollution. Our biggest challenge lies in Scope 3 emissions, which represent the majority of our footprint: around three-quarters of these emissions come from the use of the commodities we trade. Reducing this impact requires complex, long-term work, with collaboration throughout the value chain.
We also made solid progress in the way we use resource use across our operations. Waste volumes fell significantly during the year, and recycling rates improved as we strengthened our waste segregation processes. Our water consumption increased in 2025, with the Ingolstadt refinery returning to full capacity, though the underlying usage remaining broadly stable.
Social
Strengthening our capabilities
Trading commodities is a human-driven endeavour and our people are at the heart of our business. We prioritise engaging people, providing the right environment for them to develop professionally and personally, and their health and safety. Throughout 2025, employee engagement remained high, with ongoing investment in development programmes and strong participation in performance reviews. We also maintained an excellent safety record at our plants, with very low injury rates and another year of zero fatalities.
Our early careers pipeline, which includes graduate programmes and internships, enables us to build for the long-term. And the training we provide, combined with opportunities for international mobility, ensure we have the skills in the right places as Gunvor continues to evolve and grow.
We also put focus on the communities we work in. For example, we supported the distribution of around 250,000 cookstoves in Sierra Leone, helping everyday living conditions and reducing wood consumption. This is an important project, both because it has a positive impact on people’s lives and because it generates revenue through the sale of carbon credits: Environmental sustainability needs to be practical and scalable to have lasting impact.
In addition, our teams worked on a variety of initiatives including addressing the risks of child labour in our supply chains, and supporting education and livelihoods at a local level.
Governance
Enhancing governance to meet increasing
complexity
In 2025, we strengthened our governance framework, reflecting our internal changes, the scale and complexity of the business, and the growing external pressures. In particular, we have developed new committee structures and enhanced board oversight that have improved our decision-making and risk-management processes.
We have also grown our Compliance function significantly. This is designed to help us meet the requirements of changing and growing regulations. It also provides our teams with real-time risk management, which is important as our markets undergo rapid change and opportunities become more constrained.
Alongside this, we are investing in tools and technologies, including data, analytics and AI, that support both more efficient decision-making and are aimed at delivering improved outcomes.
We have changed how we report on sustainability, aligning with the EU’s CSRD/ESRS requirements ahead of mandatory deadlines. This has required considerable investment in systems, controls, and data collection and management. However, it puts us in a strong position to meet future expectations.
We are looking to develop a clear and credible transition plan. This will be increasingly important as regulatory frameworks evolve. Equally important is our duty as a responsible corporate citizen to play our part in reducing our impact on the global environment. And as we grow, the impact of our actions grow.
Governance will remain a key area of focus, with increasingly stringent requirements requiring our thought and effort in how we manage and report across the business.
What do the numbers say
Gunvor’s commitment to measurable environmental progress is reflected in its ongoing reduction of greenhouse gas emissions across all business segments. In 2025, the Company achieved a 57.5% reduction in Scope 1 and 2 emissions compared to its 2019 baseline. This reduction was achieved as a result of better-than-expected performance at the Ingolstadt refinery and decommissing of the Rotterdam refineary.
Shipping plays a central role in Gunvor’s business model, and optimizing the environmental footprint of this activity is a strategic priority. In 2025, Gunvor re-baselined its time chartered fleet targets accordingly (2023 baseline). In 2025, the carbon intensity of the TC fleet improved by 18% compared to the 2023 baseline. Gunvor is working on improving the measure of its VC fleet further.
Progress has also been made in upgrading the efficiency criteria of Gunvor’s vessels. As of the end of 2025, 68% of its Time Chartering fleet consisted of eco-efficient vessels, and all co-owned ships were 100% eco-rated. Additionally, Gunvor continued to measure the Scope 3 carbon intensity related to traded products with emissions metrics disclosed further in this report.
These data points demonstrate both ongoing progress and strategic adaptability, ensuring a continuous focus on operational excellence and environmental impact reduction.
In 2025, the Company achieved
57.5%
reduction in Scope 1 and 2
emissions compared to 2019
This reduction was reached as a result of better-than-expected performance at the Ingolstadt refinery and decommissioning of the Rotterdam refinery.
