Qiagen N.V. (QGEN): PESTLE Analysis [Nov-2025 Updated]

You're analyzing Qiagen N.V. (QGEN) and the crucial question is how they pivot from the COVID-era boom to sustainable core growth, especially with their non-COVID portfolio projected to hit approximately $2.15 billion in revenue for 2025. The reality is that this growth is now constrained by the EU's stricter IVDR legal deadlines and intense technological competition from Next-Generation Sequencing (NGS) and AI integration. We need to map out how geopolitical supply chain risks, the rising demand for decentralized testing, and the critical need to reduce plastic waste will defintely impact Qiagen's strategic direction and your investment decision right now.

Qiagen N.V. (QGEN) - PESTLE Analysis: Political factors

You're looking at Qiagen N.V.'s external environment, and honestly, the political landscape in 2025 is a mix of regulatory easing in the US and persistent trade friction that hits the bottom line. The biggest takeaway is that while the US regulatory threat on Laboratory Developed Tests (LDTs) has been defused, the cost of doing global business is still rising due to tariffs and supply chain risks.

Increased regulatory scrutiny on in vitro diagnostics (IVD) in the EU and US.

In the European Union, the scrutiny from the In Vitro Diagnostic Medical Device Regulation (IVDR) remains a major factor, but Qiagen N.V. is managing it proactively. The EU's phased rollout, which extends transition periods by 3 to 6 years depending on the IVD risk class, has provided necessary breathing room for the industry. Qiagen N.V. has demonstrated compliance by securing European CE-IVDR certification for its full QIAstat-Dx portfolio in September 2025, and for its QIAGEN Clinical Insight Interpret software, a Class C IVD Medical Device, in 2024. This compliance is a competitive advantage, but it still requires significant, ongoing investment in documentation and quality systems.

The US side is a different story. The US Food and Drug Administration (FDA) regulatory threat to commercial in vitro diagnostics (IVDs) was largely removed when a federal court overturned the FDA's attempt to regulate Laboratory Developed Tests (LDTs) as medical devices in March 2025. The FDA formally rescinded the rule in September 2025. This decision preserves the existing oversight by the Centers for Medicare and Medicaid Services (CMS) under the Clinical Laboratory Improvement Amendments (CLIA). It's a major win for diagnostic labs and, by extension, for Qiagen N.V.'s customers, as it avoids what would have been a costly and time-consuming premarket review process.

Geopolitical tensions affecting supply chains for reagents and instruments.

Geopolitical friction is translating directly into higher operating costs for Qiagen N.V. The company's financial reports for 2025 explicitly mention absorbing headwinds from new US import tariffs and currency movements. These tariffs, often stemming from US-China trade disputes, increase the cost of key components like enzymes, specialized plastics, and microfluidic cartridges essential for their Sample technologies and Assay technologies segments.

Here's the quick math on the tariff and currency impact:

This is a permanent cost-of-business increase, not a temporary blip. So, the company must continue to invest in supply chain diversification and efficiency gains to offset these politically-driven cost pressures.

Government funding priorities shifting toward non-infectious disease research.

The post-pandemic shift in government research funding priorities is a significant tailwind for Qiagen N.V., whose core business increasingly focuses on oncology, personalized medicine, and non-infectious chronic diseases. The US government's proposed Fiscal Year (FY) 2025 budget reflects this shift.

The Department of Health and Human Services (HHS), which funds the National Institutes of Health (NIH), is slated for a proposed increase of $3.8 billion, bringing its total R&D funding to $51.3 billion in FY2025. The NIH's overall program level request is for $50.1 billion. While infectious disease research remains critical, the focus is broadening to include:

• New cancer diagnoses and treatment.
• Chronic diseases and long-term health issues.
• Gene therapies and artificial intelligence (AI) for health.

This focus directly supports Qiagen N.V.'s growth drivers, such as its QIAstat-Dx syndromic testing platform and its digital PCR system for clinical oncology, launched in late 2024. The acquisition of Parse Biosciences in November 2025, which expands its Sample technologies portfolio into the single-cell market, is defintely aligned with the long-term, high-value research areas favored by this government funding shift. The money is moving toward complex, non-communicable diseases, and Qiagen N.V. is positioned to capture that spending.

US FDA's evolving framework for Laboratory Developed Tests (LDTs).

The framework for LDTs, which are tests designed and used within a single lab, has stabilized in a favorable way for the diagnostics industry in 2025. The federal court decision in March 2025 that vacated the FDA's final rule means the FDA does not have the statutory authority to regulate LDTs as medical devices under the Federal Food, Drug, and Cosmetic Act (FDCA).

This is a critical political factor because it removes the threat of a burdensome, multi-stage compliance process that would have required many laboratories to seek costly premarket reviews. The oversight remains under the Clinical Laboratory Improvement Amendments (CLIA), administered by CMS. For Qiagen N.V., this means their lab customers face lower compliance costs and can bring new, cutting-edge LDTs to market faster, which increases the demand for Qiagen N.V.'s underlying Sample to Insight solutions, reagents, and instruments. The LDT market is already poised for significant expansion, with a projected valuation of USD 5,454.76 million in 2025, growing at a Compound Annual Growth Rate (CAGR) of 9.3% through 2033. Less regulatory friction helps accelerate that growth.

Qiagen N.V. (QGEN) - PESTLE Analysis: Economic factors

Global inflation pressures increasing raw material and labor costs.

You are defintely seeing the squeeze from global inflation right now, and Qiagen is no exception, despite its strong operating performance. The core issue is that the cost of inputs for the life sciences industry is rising sharply, driven by geopolitical and trade factors. Qiagen is absorbing significant headwinds from tariffs and currency movements, which impacted its adjusted operating income margin by more than 150 basis points in the third quarter of 2025, compared to constant exchange rates.

The pain points are concrete. New U.S. tariffs, for example, have placed duties up to 25% on Active Pharmaceutical Ingredients (APIs) from China and 20% from India, which increases the cost of manufacturing components for all diagnostic and life science tools. Plus, the cost of polymer-based raw materials, essential for lab reagent packaging and single-use bioprocessing systems, is volatile due to energy price surges, like the Brent crude price spike to $80/barrel in June 2025. This means higher procurement costs for consumables, which is a major part of Qiagen's business.

• Tariffs on APIs: Up to 25% on key components.
• Energy Costs: Brent crude hit $80/barrel in mid-2025.
• Labor: Global healthcare workforce shortage continues to drive up personnel costs.

Strong US Dollar (USD) creating currency headwind for European-based revenue.

As a Netherlands-based company reporting in U.S. Dollars, Qiagen faces a constant currency headwind when the USD strengthens against the Euro and other currencies. While the company's full-year 2025 net sales outlook was expected to be 'neutral' at actual rates, the impact on profitability is clear. The strong USD is expected to result in an adverse impact of about $0.02 per share on the full-year 2025 adjusted earnings per share (EPS).

Here's the quick math: a strong dollar translates foreign revenue into fewer dollars, which hits the bottom line. This currency drag is a persistent challenge that management must actively hedge against, even as they execute on their core strategy.

Focus on non-COVID portfolio, projected to drive revenue to approximately $2.08 billion in 2025.

The economic narrative for Qiagen in 2025 is a definitive shift away from the volatile COVID-19 revenue stream toward its core portfolio of Sample to Insight solutions. This core business, which excludes discontinued products, is the engine for growth, with a projected increase of 5-6% at Constant Exchange Rates (CER) for the full year. Wall Street analysts expect this focus to drive total annual revenue to approximately $2.08 billion for the full year 2025.

The non-COVID portfolio is showing solid momentum, which is the key to sustained, profitable growth. Specific growth drivers include the QIAstat-Dx syndromic testing system and the QuantiFERON latent TB test, both of which delivered strong 11% CER growth in the third quarter of 2025. This consistent performance allows the company to raise its adjusted EPS target to about $2.38 CER for the year.

Healthcare budget constraints in key European and Asian markets impacting purchasing.

While demand for advanced diagnostics is high, particularly for molecular testing, the purchasing environment in key international markets is constrained by tight public healthcare budgets. In Europe, for example, 75% of insurers report that the decline in public healthcare systems is a major contributor to rising medical expenses, pushing systems to seek efficiency and cost-saving measures. This pressure directly impacts the procurement of high-value diagnostic systems and consumables.

In the Asia Pacific region, medical inflation is even higher, expected to reach 13.2% in 2025, which puts a strain on national and corporate health spending. Furthermore, resource constraints in developing countries across Asia-Oceania mean that basic and advanced molecular diagnostics are often unavailable, creating a significant barrier to market penetration for high-end products. This forces sales cycles to be longer and pricing negotiations to be more intense.

Qiagen N.V. (QGEN) - PESTLE Analysis: Social factors

The social landscape for Qiagen N.V. is defined by a powerful demographic shift and a growing public insistence on faster, more personalized, and environmentally conscious healthcare. This isn't just about new products; it's about fundamentally changing where, how, and for whom diagnostics are delivered. Your strategic focus must be on meeting the demand for molecular insights outside of centralized labs, especially as the population ages and chronic diseases become more prevalent.

Rising global demand for personalized medicine (theranostics) and companion diagnostics

The social acceptance of personalized medicine (precision medicine) has moved from a niche concept to a core expectation, fundamentally driving the diagnostics market. This shift is a massive opportunity for Qiagen N.V. The global Precision Medicine Market is estimated to be valued at nearly USD 110.68 billion in 2025 and is projected to grow at a robust Compound Annual Growth Rate (CAGR) of 14.03% through 2030. The diagnostics segment, which is Qiagen N.V.'s wheelhouse, is the primary enabler of this trend. Specifically, the Companion Diagnostics (CDx) market, which links a specific diagnostic test to a targeted drug, is expected to reach a revenue of USD 6,059.1 million in 2025.

The core of this demand is oncology, which accounts for approximately 44.23% of the precision medicine application market. This means that co-developing CDx tests with pharmaceutical partners-like the company's focus on Minimal Residual Disease (MRD) testing using the QIAcuity digital PCR system-is defintely a high-leverage move. Molecular diagnostics, the segment where Qiagen N.V. is a leader, holds the largest share of the CDx market at 49.1% in 2025, due to its precision in identifying the genetic mutations that guide targeted treatment. It's a clear signal: the future of cancer care is molecular, and it's individualized.

Increased public awareness and demand for decentralized (Point-of-Care) testing

The public's experience with rapid, decentralized testing (Point-of-Care or PoC) during the recent pandemic has permanently changed expectations. People now demand faster results closer to home. The global PoC Diagnostics Market is estimated at approximately USD 53.63 billion in 2025, with a projected CAGR of 9.63% through 2030. This growth is fueled by the need for immediate clinical decision-making, especially in managing infectious diseases, which hold the largest PoC market share at 25.9% in 2025.

This social factor presents a direct opportunity for Qiagen N.V.'s integrated systems, like the QIAsymphony and QIAcuity, to be adapted for decentralized settings or to provide the high-quality sample preparation needed for subsequent PoC molecular analysis. The fastest-growing platform segment within PoC is Molecular Diagnostics, forecast to post an 11.8% CAGR through 2030, which validates the company's core technology focus. You need to make your complex molecular workflows simple enough for the doctor's office or even home use.

Growing aging population driving demand for chronic disease and oncology testing

The demographic reality of an aging global population is the single most predictable driver of diagnostics demand. Older adults face a higher risk of chronic conditions, particularly cancer. The global next-generation cancer diagnostics market, which includes the advanced testing Qiagen N.V. provides, is valued at USD 19.16 billion in 2025. The U.S. market alone is calculated at USD 5.50 billion in 2025.

Here's the quick math on why this matters: as the cohort of older patients expands, the demand for early screening and therapeutic monitoring rises dramatically. For instance, the colorectal cancer screening market is expected to reach $16.6 billion in 2025, directly driven by the aging demographic. This trend not only increases the volume of testing but also necessitates more complex, multi-biomarker genetic testing, which saw a 10% increase in utilization in 2024.

Shift in R&D focus toward sustainable, less resource-intensive lab practices

Societal pressure is increasingly forcing life science companies to account for their environmental footprint, especially the high use of plastics and energy in labs. This is a critical social factor that translates directly into operational risk and opportunity. Qiagen N.V. has responded with clear, quantifiable commitments validated by the Science Based Targets initiative (SBTi).

The company commits to a 42% reduction in Scope 1 and 2 emissions by 2030, and a 25% reduction in Scope 3 emissions (which includes the use and end-of-life treatment of sold products) by 2030. This commitment means R&D must prioritize the design of new kits and instruments that use less plastic and energy. This is not a soft goal; it's tied to compensation, as ESG objectives now account for 20% of annual variable compensation for the global workforce. That's a strong incentive.

Key actions driven by this social pressure include:

• Reducing plastic in transportation packaging by 9.6% compared to 2020.
• Developing less resource-intensive workflows in new instruments.
• Integrating ESG goals into 20% of global employee variable compensation.

This focus on sustainability is now a prerequisite for retaining talent and securing long-term institutional investment. You must continue to prioritize R&D that makes your products smaller, faster, and greener.

Qiagen N.V. (QGEN) - PESTLE Analysis: Technological factors

Rapid adoption of Next-Generation Sequencing (NGS) and digital PCR platforms.

You need to watch the shift in molecular testing, as it directly impacts Qiagen N.V.'s core business. While the company is a leader in sample preparation, the platforms that run the final analysis are changing fast. In Q1 2025, the company's PCR/Nucleic acid amplification revenues were strong, growing by 13%. This shows the continued strength of their traditional quantitative PCR (qPCR) and newer digital PCR (dPCR) platforms, like QIAcuity, which delivered high-single-digit constant exchange rate (CER) gains in Q1 2025.

Still, the Genomics/Next-Generation Sequencing (NGS) segment saw a revenue decrease of 3% in Q1 2025, which is a clear headwind. NGS is the future of high-throughput genetic analysis, so this dip is a concern. Qiagen N.V. is addressing this by expanding its NGS-related portfolio, especially in the high-growth minimal residual disease (MRD) testing space, often using their QIAseq targeted gene panels on third-party NGS systems. This is a critical area for them to gain traction in, defintely.

AI and Machine Learning integration for data analysis and diagnostic accuracy.

The biggest near-term opportunity for Qiagen N.V. is in bioinformatics (using computer science to understand biological data), specifically by integrating Artificial Intelligence (AI) and Machine Learning (ML). This is where the value is moving-from generating data to interpreting it. The company is making concrete moves here. They acquired Genoox in May 2025 with an upfront cash payment of $70 million, plus up to $10 million in milestone payments.

This acquisition is small relative to their overall business-it is expected to add only $5 million in sales in 2025-but it is strategically important, bringing the AI-powered Franklin software into their Qiagen Digital Insights (QDI) portfolio. They also acquired Parse Biosciences in Q3 2025, expanding into the single-cell market, which is a fast-growing area that relies heavily on AI for data processing. This is how they future-proof their data interpretation tools.

Other recent launches that show this focus include:

• QIAGEN Biomedical KB-AI: A generative AI-driven knowledge base launched in early 2024.
• Ingenuity Pathway Analysis (IPA) Interpret: An AI-extension launched in late 2024 to simplify complex biological data interpretation.

Continued investment in the QIAstat-Dx syndromic testing platform expansion.

The QIAstat-Dx syndromic testing platform is a major internal growth engine and a core part of their Diagnostic Solutions segment. This platform provides rapid, multiplexed detection of multiple pathogens from a single sample. The growth numbers here are exceptional: Diagnostic solutions sales grew +11% CER in Q2 2025, driven by QIAstat-Dx, which saw an impressive +41% CER growth in the same quarter. Q3 2025 core sales growth remained strong at +11% CER.

To support this, the company is investing heavily in capacity and portfolio expansion. In March 2025, they received U.S. FDA clearance for a second QIAstat-Dx mini gastrointestinal panel. They are also planning to launch the QIAstat-Dx Rise, a higher-capacity instrument submitted for U.S. regulatory clearance, designed to process up to 160 tests per day. This is a clear move to capture more market share in high-volume hospital labs.

Competition from faster, cheaper gene-editing technologies like CRISPR.

The rise of gene-editing technologies, particularly CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats), represents a long-term competitive threat to many traditional molecular biology tools. CRISPR is much faster and cheaper for precise gene modification, which could eventually reduce the need for certain types of complex, multi-step molecular analysis that Qiagen N.V. specializes in. The global CRISPR gene editing market is projected to reach a valuation of $4.10 billion in 2025.

This market is expanding at a Compound Annual Growth Rate (CAGR) of 13.01% from 2025 to 2034, which is significantly faster than Qiagen N.V.'s projected full-year 2025 net sales growth of 4-5% CER. Key players like Thermo Fisher Scientific Inc. and Merck KGaA are major competitors in the CRISPR product space. Qiagen N.V. does participate in this market by providing sample preparation and analysis tools, but the core gene-editing technology itself is a disruptive force that could shift R&D focus and funding away from their traditional research products.

Qiagen N.V. (QGEN) - PESTLE Analysis: Legal factors

Compliance with the EU's stricter In Vitro Diagnostic Regulation (IVDR) deadline.

The European Union's In Vitro Diagnostic Regulation (IVDR) represents a significant legal and operational challenge, requiring extensive re-certification for legacy products. For a major diagnostics player like Qiagen N.V., this is not a theoretical risk; it is a massive, near-term compliance cost. Successfully navigating this regulatory shift is crucial for maintaining market access in the EU, which is one of the company's core markets.

The good news is that Qiagen has shown concrete progress in 2025. In September 2025, the company secured the European CE-IVDR Certification for its full QIAstat-Dx portfolio. This is a critical milestone, as the QIAstat-Dx system is a key growth driver, with its sales increasing by 41% at constant exchange rates (CER) in Q2 2025. Failure to achieve IVDR compliance would have meant pulling these high-growth products from the EU market, so this certification effectively de-risks a significant portion of their diagnostics revenue.

Here's the quick math: protecting a key product line with 41% CER growth is a huge win. The risk of non-compliance is simply too high to ignore.

Intellectual property (IP) litigation risks in the highly competitive molecular diagnostics space.

In the molecular diagnostics space, intellectual property (IP) is the core currency, and Qiagen is both a frequent plaintiff and defendant. The risk here is two-fold: defending its own extensive patent portfolio and managing infringement claims against its products. Litigation is a constant, expensive reality in this industry, but it also protects future revenue streams.

In 2025, the company has been actively involved in several high-stakes cases, demonstrating its commitment to vigorously defending its IP. For instance, in March 2025, the German Federal Patent Court ruled in Qiagen's favor against SD Biosensor, upholding the validity of a key patent protecting innovations in its QuantiFERON technology. The QuantiFERON franchise alone is protected by a group of more than 120 patents globally. Conversely, in August 2025, the Federal Circuit in the U.S. reversed a jury verdict against Qiagen in a patent case involving Mass General (now LabCorp), setting aside a willful-infringement verdict that had included an award of about $5 million in damages. This reversal saved the company a substantial financial hit and affirmed their non-infringement position on the patents in question.

The table below summarizes recent IP activity, highlighting the competitive pressure:

Data privacy laws (e.g., GDPR, CCPA) requiring stringent data handling protocols.

As a global entity with over 5,700 employees and operations in more than 35 locations as of September 30, 2025, Qiagen must comply with a patchwork of global data privacy laws, including the EU's General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). This is defintely a high-risk area, especially given the sensitive nature of molecular diagnostics data.

Non-compliance carries massive financial penalties. A single GDPR violation can result in fines of up to €20 million or 4% of global annual revenue, whichever is higher. In the U.S., CCPA violations can cost up to $7,500 per incident. For a mid-to-large company, the initial cost of establishing a GDPR-compliant framework averages around $1.3 million, not including the ongoing operational costs of handling Data Subject Access Requests (DSARs), which average $1,500 per request.

Qiagen's Compliance Program explicitly covers data protection laws, but the sheer volume of data and the increasing stringency of regulations mean the operational expense for data mapping, security upgrades, and response protocols is a material, recurring cost. You cannot afford a data breach in this business.

Anti-kickback and anti-bribery laws in international markets requiring robust compliance.

Operating in the global healthcare and life sciences sectors exposes Qiagen to severe risks under anti-corruption statutes like the U.S. Foreign Corrupt Practices Act (FCPA) and the U.K. Bribery Act 2010 (UKBA). These laws prohibit offering anything of value to foreign officials to gain a business advantage, which is a constant challenge when dealing with government-run healthcare systems in international markets.

The regulatory environment became even more focused in 2025, particularly in high-growth markets like China. The State Administration for Market Regulation (SAMR) in China published Compliance Guidelines for Healthcare Companies in January 2025, and a May 2025 notice from 14 Chinese government agencies highlighted continued enforcement focus on the sale and distribution of medical products. This increased scrutiny targets high-risk areas like genetic testing and patient information protection, which are central to Qiagen's business model.

To mitigate this, Qiagen maintains a comprehensive Compliance Program, overseen by the Audit Committee of the Supervisory Board, and has a specific Anti-Corruption Policy. The key compliance actions include:

• Mandatory acceptance of a Supplier Code of Conduct by 100% of its global supplier network, which includes over 5,900 suppliers in more than 60 countries.
• Regular, mandatory compliance and anti-corruption training for employees, including a whistleblower system (QIAintegrity Line) for reporting misconduct.
• Strict policies governing business courtesies, prohibiting cash gifts and requiring advance approval for non-cash gifts and hospitality.

The cost of this compliance-training, audits, internal controls-is a necessary operating expense to avoid a potentially catastrophic fine that could reach hundreds of millions of dollars under the FCPA.

Qiagen N.V. (QGEN) - PESTLE Analysis: Environmental factors

Growing pressure from investors and regulators on Scope 1 and 2 carbon emissions.

The pressure to decarbonize is a critical external factor, driven by both institutional investors and increasingly stringent global regulations like the EU's Corporate Sustainability Reporting Directive (CSRD). Qiagen N.V. has responded by setting ambitious, Science Based Targets initiative (SBTi) validated goals. The company is committed to a 42% absolute reduction in Scope 1 and 2 emissions by 2030, using a 2020 base year, with a long-term goal of net-zero by 2050 for these operational emissions.

In the near term, the results are already visible. The company's Scope 1 and 2 market-based emissions saw a significant decrease of 14% in 2024 compared to 2023, representing a reduction of 2,466 tCO₂e. This reduction is not just a paper exercise; it's the result of concrete operational changes, such as decommissioning the combined heat and power (CHP) plant at its Hilden facility and increasing the procurement of green energy, which accounted for 84% of global electricity usage in 2023.

Here's the quick math on recent progress:

Need to reduce plastic waste from single-use diagnostic consumables.

The life sciences and diagnostics sector relies heavily on single-use plastics for sterility and workflow efficiency, creating a major environmental challenge. Qiagen N.V. is tackling this head-on with a reduce-reuse-recycle strategy. In 2024, the company reduced its plastic use by 25 tons, which notably exceeded its internal goal of 20 tons for the year.

This is a defintely material issue for the industry, so the focus is on product redesign and material substitution. The QIAwave product line, for instance, is a concrete example of a sustainable product innovation, with each kit using 62% less plastic and 58% less cardboard than its predecessors. Furthermore, the company introduced bio-based plastics into a key diagnostic product in 2024, signaling a shift away from fossil-based materials in their consumables.

Key actions to reduce plastic waste include:

• Introducing bio-based plastics for product components.
• Achieving a 9.6% plastic reduction in transportation packaging since 2020.
• Setting a goal to further decrease the plastic footprint by an additional 20 tons in the upcoming year.

Developing sustainable packaging and logistics for global product distribution.

Global distribution, particularly for temperature-sensitive molecular diagnostic kits (cold chain), is a major source of Scope 3 emissions and packaging waste. Qiagen N.V. is actively replacing high-impact materials and optimizing its logistics network. The company has rolled out eco-friendly transport boxes across the U.S. and EMEA regions, replacing the traditional, high-polluting Expanded Polystyrene (EPS) foam boxes.

These new transport boxes are a huge improvement, consuming 50 times less energy during their production compared to the Styrofoam alternatives. The focus extends beyond the box itself; the company invested in new winding equipment for pallet wrapping in its distribution hubs, which drastically reduced the amount of stretch foil used in logistics. This kind of supply chain optimization is where you find real, measurable impact.

Increased focus on ESG (Environmental, Social, and Governance) reporting transparency.

Transparency in ESG reporting is no longer optional; it's a prerequisite for capital access and stakeholder trust. Qiagen N.V. has demonstrated a high level of commitment here, voluntarily preparing and publishing its 2024 Sustainability Statement in accordance with the rigorous EU Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). This voluntary early adoption, even before the directive was fully implemented in Dutch law, shows proactive risk management.

The company's reporting is externally validated, with its 2024 Sustainability Statement subject to limited assurance by KPMG Accountants N.V. This level of scrutiny builds confidence for investors. The market is recognizing these efforts, reflected in top-tier ESG ratings as of 2025:

• MSCI ESG Rating: AAA Leader
• Sustainalytics Risk Rating: 13.5 (Low risk)
• S&P Global ESG Score: 48 (as of July 31, 2025)
• CDP Climate Score: B Management Level

Also, the company has started linking executive compensation to climate-related goals, specifically including a plastics reduction goal in the 2024 Team Goals for variable remuneration. That's how you drive accountability.