Viva Energy Group

Assessing climate-related risks and opportunities

Our assessment relies on both quantitative and qualitative factors to identify and assess material climate-related risks and opportunities and their potential impacts on our business model and value chain. Our assessment draws on climate scenario analysis, our Enterprise Risk Management framework and governance processes, as well as inputs from internal and external subject matter experts. Through this work we continue to identify, assess, prioritise and monitor climate-related risks and opportunities.

Through our assessment, we identified the following as material climate related risk and opportunities for our business:

• Transition risk (policy / legal) – Exposure to climate related government regulations that impose an additional cost of carbon.
• Transition risk (market / technology) – The demand destruction of traditional fuels driven by technological advancements (electrification of the transport fleet and improved fuel efficiency) and consumer preferences.
• Transition opportunities (market / technology) – Increased demand for low emission or alternative fuels such as biodiesel, renewable diesel and sustainable aviation fuel (SAF), as well as EV charging infrastructure, are opportunities to retain and diversify revenue sources.

We maintain ongoing oversight of a broad range of climate-related risks and opportunities. While many of these are not currently assessed as material, we anticipate that additional climate-related risks (including physical climate risks) and climate-related opportunities may emerge over time as internal priorities and external operating conditions evolve.

Transitional climate risks

Exposure to climate related government regulations that impose an additional cost of carbon

Description: Increasingly Australian climate regulations and policy commitments, such as the Safeguard Mechanism (SGM), increase compliance requirements and costs, and may adversely impact our business. The SGM is currently the Australian Government's primary mechanism for meeting its international emission reduction obligations. As the Geelong Refinery is a high-emitting facility, the SGM poses a significant risk to unrecovered cost increases in our business in both the short and long term. Future regulations that mandate emissions reductions for the Group may be strengthened over time, increasing the cost of compliance and influence the Group's investment decisions.

Potential consequence: Increased compliance / operational costs, additional capital required for decarbonisation investments. Higher operating costs impacting the competitiveness of our locally manufactured products. Whether the risk of any future government regulation or policy eventuates or is material to the business will depend on the nature and application of the regulations.

This is classified as a transitional risk (policy/legal). Time horizons identified: short term, medium term and long term.

A reduction in demand for hydrocarbon fuel products

Description: It is anticipated that a combination of Government policy, improved fuel efficiency of vehicles and access to new technologies will result in displacement of existing gasoline, diesel and jet fuel sales over the medium to long term. The rate of this displacement is expected to vary across segments. The pace and timing of the transition will have a direct impact on the investment returns for new fuel infrastructure, and our ability to align our strategy with this transition will determine how effectively we adapt our infrastructure and operations to address this risk.

Potential consequence: Financial – reduced sales of traditional fuels, resulting in reduced revenue, and potentially lower margin contribution and obsolete assets and infrastructure.

This is classified as a transition risk (market/technology). Time horizons identified: short term, medium term and long term.

Transitional climate opportunities

Increased demand for low-carbon liquid fuels (LCLFs)

Description: LCLFs will play an important role in decarbonising the fuel pool by providing a drop-in replacement alternative for hard to abate sectors, important for key sectors including mining, aviation and long haul transport where electrification will be difficult or expensive. Government policy (both demand-side and supply-side) will be a key driver of LCLF uptake in Australia. As LCLFs are a drop-in fuel replacement, they are highly compatible with existing terminal and supply chain infrastructure. The Group's opportunity in LCLFs relates to both the manufacture and the supply of these products, with the Geelong Refinery central to the LCLF manufacturing opportunity.

Potential consequence: Financial – increased sales of LCLFs, resulting in retaining and increasing revenue. Reputational – through manufacturing and distribution of LCLFs, we may have the opportunity to strengthen our reputation as a credible contributor to the energy transition and respond to growing stakeholder expectations for low-emissions fuel solutions.

This is classified as a transition opportunity (market/technology). Time horizons identified: short term, medium term and long term.

Physical risks consideration

Our risk assessment identified a range of other climate-related risks and opportunities which are currently not reasonably expected to affect the Group's prospects. This includes an assessment of the Group's direct exposure to physical climate risks, which at this stage are not assessed as posing a material risk to our business or assets under any scenario or time horizon. We note that the Geelong Refinery, the Group's largest asset, is exposed to a risk of more frequent and severe extreme wind and storm events, which have the potential to interrupt power supply and processing reliability.

Time horizon definitions

Our scenario analysis was undertaken across three time frames:

• Short term = Beyond 2025 and up to 2030: Considers short-term external developments, including emerging government policies, uptake of emerging technologies, and shifts in customer demand. Takes into account the Group's budget and operational planning through to 2030.
• Medium term = Beyond 2030 and up to 2040: Considers more significant structural changes in energy systems, investment patterns, and regulatory frameworks. While the Group may be able to respond to these changes, doing so is likely to involve substantial capital expenditure. Policy settings may also significantly change over this time period, requiring ongoing flexibility in decision-making.
• Long term = Beyond 2040 and up to 2050: Considers possible long-term structural developments and end state pathways associated with decarbonisation and broader transitions across our economy and industries.

We initially conducted a climate risk and opportunity scenario assessment in 2024, evaluating results across three timeframes: short term (2030), medium term (2040) and long term (2050). During 2025 we reviewed this modelling and resilience assessment to ensure it remained relevant and aligned with the latest insights on climate-related impacts across the Group's operations, business model, and strategy.

Business model and value chain

We source crude oil (domestic and international) for domestic refining, and refined products from international refineries. We refine crude oil into usable products – including petrol, diesel, jet fuel and specialty products. We transport refined product to bulk storage fuel terminals by pipe or ship. Terminals are typically located near major metropolitan, industrial and mining centres (closer to end customers). We sell bulk fuel products directly to commercial customers. Fuel and convenience items are sold to retail customers through a nation-wide network of retail & convenience sites. The value chain stages are: 1. Procurement/Supply, 2. Domestic Refining, 3. Primary Distribution, 4. Storage, 5. Secondary Distribution, 6. Fuels Marketing, spanning the Energy & Infrastructure, Commercial & Industrial and Convenience & Mobility business units.

Concentration of climate-related risks and opportunities in the business model and value chain

For the transition risk relating to government regulations that impose an additional cost of carbon, the value chain and business line(s) affected are: Direct Operations for Energy & Infrastructure business (Geelong Refinery).

For the transition risk relating to a reduction in demand for hydrocarbon fuel products, the value chain and business line(s) affected are: Downstream for all business lines.

For the transition opportunity relating to increased demand for low-carbon liquid fuels (LCLFs), the value chain and business line(s) affected are: Downstream for Commercial & Industrial.

With around 90% of the Group's Scope 1 and 2 emissions originating from the Geelong Refinery, the refinery is central to the Group's decarbonisation strategy and to its long-term contribution to Australia's energy transition. The Geelong Refinery is also the Group's largest source of GHG emissions, accounting for 98% of the Group's Scope 1 emissions in 2025, and is most likely to be exposed to changing government policy.

Our risk assessment indicates that 100% of the Group's assets and business activities are vulnerable to climate-related risks and aligned with climate-related opportunities in some way, with climate-related impacts applying across the entirety of the business rather than being confined to a discrete subset of activities or assets.

Energy and Decarbonisation Transition Plan

Viva Energy supplies approximately 25% of Australia's transport fuel needs through the Geelong Refinery and fuel importation. Our transition plan is designed to support the commercial viability of our business across the short, medium and long term, and to ensure we remain an active contributor through the energy transition. It comprises four key pillars:

• Our energy transition – Reducing operational emissions through direct abatement, renewable energy procurement, and use of environmental offsets.
• Supporting our customers – Delivering new energy solutions including LCLF imports, EV charging, and hydrogen refuelling infrastructure to meet our customer's requirements.
• LCLF manufacturing – Advancing co-processing at the Geelong Refinery (a scalable, low-cost pathway to LCLFs) and planning for future dedicated LCLF production.
• Energy transition value – Establishing an investment framework that supports sustainable shareholder returns through the transition.

In the short term, we plan to focus on establishing the foundations required to support scaled growth and adaptability throughout the energy transition, including building organisational and workforce capability to understand and respond to climate-related risks and opportunities. A key enabler will be securing appropriate settings under the renegotiated Fuel Security Services Payment (FSSP) during 2026. Other key government policy dependences include the regulation of market instruments we utilise as part of our transition plan, including the ACCUs scheme and Large-scale Generation Certificates (LGC) market.

Our transition plan needs to be flexible, and able to respond to the phased transition under Australia's Net Zero Plan and the climate-related scenarios, balancing readiness with flexibility as technologies scale and market signals strengthen. It assumes Australia will face increasing climate regulation, and the growth in medium to long-term demand for lower-emission fuel sources.

Our energy transition (Geelong Refinery)

During 2025, we primarily met our obligations under the Safeguard Mechanism (SGM) through the surrendering of ACCUs. We recognise that additional mitigation pathways will be required to strengthen the ability to achieve our decarbonisation strategy. The upcoming SGM review will help us shape this strategy. Our Scope 1 climate target aligns directly with the SGM.

We continue to identify and advance additional opportunities to reduce emissions at the refinery, including progressing electrification projects and improving energy efficiency across existing equipment and processes. Individual decarbonisation initiatives are assessed and prioritised based on their technical and financial viability. In 2025, we delivered emissions reduction projects across our operations, including during the Residue Catalytic Cracking Unit (RCCU) maintenance program.

The site's emissions profile means that most of the refinery's emissions do not currently have a viable reduction pathway in the short term - coke production accounts for around 30% of the refinery's emissions and cannot be displaced while the RCCU is in operation; combustion of refinery fuel gas accounts for around 30% of the site's total emissions. In the short to medium term, our key focus will be on reducing the volume of natural gas used to produce steam at the Geelong refinery, the most immediate and commercially viable abatement opportunity. Further emissions reduction at the Geelong Refinery will require cost-effective, technically mature solutions that enable direct abatement, as well as an upgraded grid connection to support greater electrification, and stable long-term policy settings.

Commercial & Industrial / Supply Chain

Our Scope 1 GHG emissions within our supply chain are largely in relation to our nation-wide terminal operations, and our Liberty Rural fleet. As these emissions are geographically dispersed, with no single point source, they present unique challenges for direct abatement opportunities. We continue to monitor emerging technologies and are working closely with our terminal partners to develop a pipeline of potential decarbonisation projects.

Convenience & Mobility

In 2024, our Convenience & Mobility business commenced a multi-year direct action program designed to reduce emissions across our retail network. To date, rooftop solar systems have been installed at 264 retail sites across Australia, delivering a total solar generation capacity of approximately 8,281 kW. The rooftop solar rollout, along with associated canopy LED lighting upgrades, are an essential part of our decarbonisation plan for the Convenience & Mobility business. Once complete, the estimated total emissions reduction associated with the solar program and LED lighting upgrades is 13.4k tonnes CO2e (tCO2-e) per year by 2029.

Supporting our customers

We continue to support our customers by expanding access to new energy solutions (including LCLF imports, EV charging, and hydrogen refuelling infrastructure). In 2025, our complex distribution networks were used to establish the ongoing delivery of sustainable aviation fuel (SAF) and renewable diesel (RD) into regional Australia. Examples during 2025 include: R30 renewable diesel trial with the Australian Defence Force; agreement to supply SAF to RAAF Base East Sale; supply of RD to the Formula 1 Australian Grand Prix 2025; marine biofuel trial with Royal Caribbean Group; supply of RD to Rio Tinto's Pilbara iron ore operations (reducing Rio Tinto's Scope 1 emissions by about 27,000 tonnes); and supply of SAF to Virgin Australia flights from Proserpine.

We continue to deploy EV charging into our retail network, including Australia's first truck-length, pull-through ultrafast EV charging bays. In June 2025, we launched the nation's first publicly accessible renewable hydrogen refuelling station at Corio, Geelong, using a 2.5 MW electrolyser and recycled water, incorporating ultra-fast battery-electric charging infrastructure for trucks and buses and traditional diesel supply.

In December 2025, we opened the Ultra Low Sulphur Gasoline (ULSG) plant at the Geelong Refinery, a $400 million project including a $150 million contribution from the Australian Government.

LCLF manufacturing

Increased demand for LCLFs represents a material climate-related opportunity, spanning both manufacture and supply. The Geelong Refinery provides an important platform for co-processing (our most scalable, low-cost pathway to LCLF manufacture) as well as plans for future dedicated LCLF production. In December 2024, the Geelong Refinery commenced co-processing used cooking oil through the RCCU, followed by tyre pyrolysis oil and soft plastic pyrolysis oil in May 2025. Scaling co-processing and dedicated LCLF production will require significant upfront investment in engineering and infrastructure readiness. To support investment decisions in LCLF manufacturing, three elements are critical: reliable feedstock supply chains, proven technology maturity, and a well-established end market. We will continue to make measured, disciplined investments in LCLF manufacturing while Government policy continues to evolve.

Investment framework

Investment in the energy transition is inherently complex and requires balancing the need to reduce our own emissions with the need to support our customers through their transition. In the short term, smaller-scale emissions reduction investments will play a critical role in testing climate-related opportunities, laying the groundwork to invest in new assets and processes for larger, scalable projects anticipated in medium to long term. Given the significant capital investment required, the Group will continue to regularly assess its investment program, adjusting the pace of investment in line with government policy enablers, technology developments and commercial returns. Capital investment decisions must balance emissions-reduction objectives and identified climate risks and opportunities with the disciplined allocation of capital across the Group's broader growth priorities.

Progress against previous plans

In 2021, the Company announced its commitment to reduce carbon emissions across its operations over the medium and long term, in relation to Scope 1 and 2 emissions, with voluntary targets set to guide decarbonisation approach (net zero Scope 1 and 2 emissions across non-refining operations by 2030, and a 10% reduction in emissions intensity at the Geelong Refinery by 2030). As part of a broader decarbonisation strategy review, the Company revised these climate targets in 2025 to ensure alignment with strategy, business model and the evolving external environment, given significant business model changes since 2021 (notably the establishment of the Convenience & Mobility business) and substantial reforms to Australian policy and regulatory landscape, including changes to the SGM.

Risk mitigation efforts (from risk and opportunity assessment)

For the government regulation/cost of carbon risk: Current and direct risk mitigation efforts include surrendering ACCUs to meet SGM obligations. In 2025, we invested $20 million in a series of capital projects at the Geelong Refinery aimed at reducing emissions where commercially viable, expected to deliver an estimated annual reduction of 29 kt Scope 1 emissions. We undertake regular monitoring, stakeholder engagement and policy advocacy in relation to potential future climate related policy and regulation. Future and indirect risk mitigation efforts include implementing electrification projects and improving energy efficiency of existing equipment and processes, reviewed and prioritised based on technical and financial viability.

For the reduction in demand for hydrocarbon fuel products risk: current and direct mitigation efforts include monitoring LCLF and EV uptake, policy developments and technology cost curves; New Energies and Future Fuels teams assess emerging technologies and alternative fuel options; establishing new supply chains for LCLFs across Australia and piloting LCLF manufacture at the Geelong Refinery; opening Australia's first renewable hydrogen refuelling station; advancing EV charging offering across retail network; actively monitoring climate policy developments and working closely with commercial customers to understand strategic and operational plans.

For the LCLF opportunity: we have established a dedicated Future Fuels Team responsible for monitoring emerging technologies, assessing diversified product offerings, and identifying viable alternatives; advancing plans to expand the production, distribution and sale of LCLFs.

Current financial effects

The Group incurred net compliance costs under the SGM in FY2025 amounting to $3.5 million. The Geelong Refinery currently holds Trade-Exposed Baseline-Adjusted (TEBA) status under the SGM, which reduced our cost exposure in 2025. While the current financial impact of the SGM is not considered material to the Group's financial statements, it is the risk of increasingly demanding climate-related regulations and policies (and the resulting rise in compliance costs) in addition to the current SGM regulations that is regarded as a material anticipated risk for the Group.

In 2025 the Company continued to see resilience in the Australian fuel market. There continues to be growth in fuel usage despite signs of increased uptake of low-carbon liquid fuels (LCLFs) and EVs. The Australian fuel pool grew from 58.1 billion litres in 2024 to 58.9 billion litres in 2025. The total number of registered passenger vehicles in Australia has increased from 15.6 million vehicles in 2024 to 15.99 million vehicles in 2025. Petrol and diesel vehicles remain at 94% of the market share, with the remaining made up of hybrids (4%) and EVs (2%). This risk did not have a material impact on the Group's financial position, performance and cash flows in 2025.

The opportunity presented by LCLFs remains in its early stages, with current investment limited in scale and financial contributions still minor, $2.2 million in 2025. Our supply, together with volumes identified through publicly available information, represented less than 0.05% of the total fuel market in Australia in 2025.

Anticipated financial effects

The Federal Government is scheduled to review the SGM in FY2026–27, creating uncertainty regarding potential changes to the scheme. The financial implications of the future SGM and how these compliance costs will impact the Group's income statement, balance sheet and cash flows in the future is currently unknown. Any estimates for future SGM cost consider three major factors – the eligibility of the Group's TEBA status, the forecast increases to future ACCU prices, and the impact of any future direct abatement initiatives at the refinery. The level of measurement uncertainty involved in estimating the effects of these factors on our cost of SGM compliance is so high that the resulting quantitative information would not be useful. In addition, the cost to the Group of any future climate policy is unknown, and therefore currently unable to be quantified. The risk of heightened climate-related regulatory requirements is expected to lead to increases in our compliance costs in the medium to long term, as well as potentially large capital expenditures to reduce emissions which may not be recoverable from the market. In the medium to long term, the level of capital investment capable of generating positive returns is expected to decline.

While the current financial impact of the decline in demand for fuel is not currently considered material, it is the risk of increasing fuel displacement in the medium to long term that is regarded as a potential material risk for the Group. With the average age of passenger vehicles at over 11 years, it will take time for the combined effects of improved fuel efficiency and EVs to materially impact the gasoline pool. While there remains a level of measurement uncertainty involved in quantifying the financial impacts of this risk in the medium to long term, analysis suggests that these trends will have a material impact on the Group's revenue from hydrocarbon fuel sales, future product mix, infrastructure investment, and asset planning decisions over the medium to long term. As a result of these uncertainties and the interdependencies between fuel demand and broader economic drivers, it is not currently possible to quantify a range that reliably supports the anticipated financial impacts of this transition risk.

With existing investments in the processing, distribution and sale of LCLFs, the Group is well positioned to benefit from this opportunity as supporting infrastructure continues to mature. Future government policy settings and evolving customer demand will play a key role in shaping the growth trajectory of LCLFs. Given the current uncertainty in both areas, the potential future financial impact of this opportunity cannot yet be reliably quantified. At this stage, we are unable to reliably estimate capital expenditure for anticipated investments in supply chains or LCLF manufacturing. Given the current uncertainty in market uptake, policy settings, and funding pathways, capital requirements cannot yet be quantified with reasonable accuracy.

The financial impact of future weather events at the Geelong Refinery is difficult to estimate due to uncertainty in climate projections beyond 2030 and the variability of key factors such as prevailing refining margins, lost throughput during shutdowns, and the duration and timing of the interruption. These factors can fluctuate significantly, limiting the ability to forecast future financial impacts with any certainty. As a result, no sustained or cumulative deterioration in earnings, balance-sheet values or cash-flow forecasts has been identified in relation to physical climate risks.

Business resilience to climate-related risks and opportunities

Climate scenario analysis plays an important role in identifying and assessing our material climate risks and opportunities, as well as the resilience of our business model and strategy. Our scenario analysis assesses the broader business operations, with a particular focus on our refinery operations in Geelong, Victoria.

Our scenario analysis incorporates scenarios based on the projections of various external data sources. Transitional risks and opportunities were assessed relying on the scenarios of the International Energy Agency (IEA) and data from the Australian Energy Market Operator (AEMO) to provide Australian specific information for the gas and electricity sectors. Physical climate risks were assessed based on scenarios from the Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report on Climate Change (2021). These sources informed our scenarios, representing a range of potential global outlooks and energy transition pathways.

We initially conducted a climate risk and opportunity scenario assessment in 2024, evaluating results across three timeframes: short term (2030), medium term (2040) and long term (2050). During 2025 we reviewed this modelling and resilience assessment to ensure it remained relevant and aligned with the latest insights on climate-related impacts across the Group's operations, business model, and strategy.

Scenarios used

• Transition climate scenarios (IEA & AEMO): Low Warming Scenario – ambitious scenarios that limit global warming to 1.5ºC above pre-industrial levels, consistent with Australia's Climate Change Act (2022). High Warming Scenario – scenarios most aligned with current global progress in emissions reduction, assuming no changes to current policy settings, associated with a projected temperature increase of more than 2.5ºC.
• Physical climate scenarios (IPCC): Shared Socioeconomic Pathway (SSP) 1-2.6 – a low emissions scenario likely to keep global warming below 2ºC relative to pre-industrial levels, aligned to Paris Agreement commitments, which would substantially reduce the projected increases in extreme weather events. SSP5-8.5 – a high emissions scenario, assuming no additional climate policy, under which emissions almost double by 2050, with changes in the climate system intensifying, including increasing heat extremes, severe drought, extreme rainfall, flooding and fire weather.

Our scenario analysis was undertaken across three time frames (short term = beyond 2025 up to 2030; medium term = beyond 2030 up to 2040; long term = beyond 2040 up to 2050), noting the rate of change across different fuel types is a major consideration, with passenger vehicles (gasoline demand) expected to transition at a different pace than transport vehicles utilising diesel and jet fuels.

Under all pathways, we continue to see that the Group has a role in both: (1) Security of supply – ensuring fuel and energy supply remains safe, reliable and efficient, and secure as the energy transition progresses; and (2) Energy transition – developing, commercialising and delivering low carbon liquid fuels and alternatives to support customers through the energy transition.

Short term resilience

Our analysis indicates that the Group's operations demonstrate resilience under both scenarios. Increased demand for LCLFs offsets the risk of declining demand for hydrocarbon fuel products under both low and high warming scenarios, as LCLF functions as a transition fuel rather than creating new demand or additional sales growth. The New Vehicle Efficiency Standard (NVES) is not expected to have a material impact on the Group's position under either scenario, as the expected age profile of the Australian passenger fleet limits its influence on short-term demand for hydrocarbon fuel products. Across both scenarios, the Group is expected to be exposed to some cost of compliance in relation to government climate policy, though the cost of this compliance is highly uncertain given the variability and interdependency of measurement inputs, such as emissions forecasts, future application of unknown policy, and forecast ACCU prices, making the ultimate impact too uncertain to quantify.

The Geelong Refinery is currently required to comply with the SGM and is the Group's largest source of GHG emissions (accounting for 98% of the Group's Scope 1 emissions in 2025). For scenario analysis purposes, we projected the future emissions profile at the refinery based on assumed feedstock volume and quality over a five year period, and considered variables including the potential impact of direct abatement investment, the future application of TEBA and a range of forecast ACCU prices.

Under the low warming scenario, we assumed maximum direct abatement reduction of emissions at the refinery, considering a range of potential ACCU prices and TEBA eligibility outcomes. Based on these hypothetical assumptions, the associated short-term compliance costs to the Group under the low warming scenario are estimated to range from $57.4 million to $105.2 million cumulatively to 2030.

Under the high warming scenario, we assumed no further direct abatement is achieved at the refinery. Applying the same range of potential ACCU prices and TEBA eligibility outcomes, the associated short-term compliance costs under the high warming scenario are estimated to range from $63.1 million to $112.8 million cumulatively to 2030.

Medium and long term resilience

Our analysis suggests that the Group's operations demonstrate medium-term resilience under both scenarios. However, this exposure is expected to increase over time, driven by anticipated regulatory expansion, technological developments and changes in consumer preferences. Over the medium and long term horizons, impacts under both low and high warming scenarios did not result in any immediate re-rating of existing risk ratings established through our broader risk management processes.

The assessment of climate-related risks and opportunities over these timeframes is inherently complex due to the unpredictable nature and uncertainty of market trends and policy developments. Furthermore, the long-term scenario analysis contemplates a future in which our business in its current form (including the Geelong Refinery) may no longer be viable. The medium to long-term impacts under either scenario cannot, therefore, be quantified with any degree of certainty at this stage.

We will continue assessing climate-related risks and opportunities to inform our business strategy and long-term planning, particularly as key decisions, such as the Fuel Security Services Payment (FSSP) negotiations, are finalised. Our strategy focuses on building a flexible foundation to support adaptation to changes in decarbonisation and climate policy, regulatory frameworks, and demand for traditional fuels.

Capacity to adjust

In relation to capital allocation, our current approach to managing climate-related risks is largely focused on purchasing ACCUs to meet regulatory obligations under the SGM. The upcoming SGM review in 2026 and 2027 will also shape our future decarbonisation strategies once finalised. While climate change poses potential risks to existing operations and infrastructure, we are well positioned to adapt our infrastructure and operations to capture emerging opportunities. We have been investing in opportunities to repurpose our existing infrastructure for LCLFs, co-processing and electrification solutions, positioning the business to respond to customer demand as it emerges. Our strategy, planning, and capital allocation approach is designed to enhance our business resilience and long-term performance. Maintaining our strategic flexibility is critical to navigating a range of possible future scenarios.