A conversation with...

CEO Magnus Wikner and Camilla Malmose, Head of Strategy & ESG

NLTG has been very focused on sustainability in recent years. How does this contribute to your mission to create the best weeks of the year for the people traveling with you?

Magnus: We usually say that we're not selling trips; we’re selling experiences and memories. That's very much about taking care, showing respect and creating the right kind of environment for our customers to have a really good time. For us to give people the best weeks of the year, they need to experience destinations that are thriving; where nature is healthy, communities are respected, and visitors feel welcome and safe. So, sustainability isn’t separate from the customer experience; it’s the foundation for it. If we want people to have unforgettable holidays with us for decades to come, we need to protect the destinations they travel to. This goes for us as well as our competitors. That’s why sustainability is not a nice-to-have for the tourist industry; it’s business-critical.

Camilla: That’s right. Our customers want to relax and enjoy their holiday knowing that the choices behind it are responsible – from booking their flights and hotels to the way they experience the destination. We want to give them that confidence. People will continue to travel. Nearly all trend studies say that holidaymakers increasingly prefer companies that take responsibility across the whole value chain because that allows them to have the best weeks of the year with a clear conscience.

Looking at this year’s achievements within sustainability, what are you both most proud of?

Magnus: There are many. Towards the end of the year, we gathered the entire management team to review and discuss our work over the past year, and I'm really proud of what we’ve achieved as a company – the investments we have made, and the progress we’ve made towards our targets. We’ve reduced our carbon footprint, lowered our energy consumption and brought in many other initiatives to reduce resource use – the Environment chapter in this report has all the details on progress in these areas. But having our emission reduction targets validated in November 2024 by the Science Based Target initiative (SBTi) was perhaps the biggest milestone for us.

Camilla: I agree. SBTi validation didn’t just confirm that we’re heading in the right direction; it gave us a much clearer framework for what we measure and how we measure it. That clarity has helped the whole organisation understand the purpose behind our work and get behind our commitment to doing our part to keep global warming below 1.5°C. And it’s brought real focus and rigour to our efforts this year, particularly when it comes to reducing our carbon footprint, lowering our energy consumption and introducing a range of initiatives to cut resource use. When it comes to our environmental footprint and bringing down emissions, we must focus on our airline, which is responsible for 66% of all calculated emissions from our operations. Our SBTi-validated target for Sunclass is to reduce CO2 emissions per passenger kilometre by 19% by 2030 (from a 2023 baseline). I’m proud to say that we already reached an 8% reduction this year, which is a fantastic achievement.

You say that sustainability is business critical. What other opportunities do you see for your company when it comes to sustainability?

Magnus: For me, there’s one benefit that isn’t spoken of enough in the context of the green transition – and that's costs savings. Sustainability is often seen as a A conversation with... CEO Magnus Wikner and Camilla Malmose, Head of Strategy & ESG ESG data tables and development tracking Governance Statements, references and contact information Contents Introduction Business & strategy Environment Social Key achievements 2025 Staying the course Introduction A conversation with... About this report Case overview | NLTG Sustainability Report 2025 7 cost because many initiatives require upfront investment. But at NLTG, we have proven time and again that these initiatives reduce costs in the long term. When we use fewer resources and reduce our energy and water consumption, our environmental impact drops, and so do our costs. To me, that’s the definition of a winwin – for our business and for the planet.

Camilla: It's also important not to overlook the impact these initiatives have for people. They are motivating for our employees and have a positive impact on our destinations.

Magnus: That's right. During the summer, I was in Makrigialos, the resort in Crete where I started in the company as a tour guide 40 years ago. When I arrived, Nikos Tsabanakis, the hotel manager, took me on his moped to see the new water circulation and reuse system we had installed. The system will save around 7,000 m3 of water at the hotel each year. Nikos was really very proud of the impact this will have for the local community. The people who live there need clean, fresh drinking water every day, all year round, so water saving is very important to them. This is a fantastic example of NLTG doing something good, not just for our customers and business – or even the planet – but for the communities where we work.

With so many different projects going on, how do you keep colleagues focused and engaged?

Camilla: We’ve been working with sustainability since the 1990s – it’s in our culture and, as we’ve already discussed, it’s a key part of our mission. And our colleagues are truly behind it. We saw clear documentation for this in the Employee Sustainability Survey we ran in September, where 78% of respondents told us that it was ‘important’ or ‘very important’ for them to work for a company with a strong sustainability strategy. But the survey also showed us that we need to do more around communication. ESG terminology doesn’t make much sense to most people; neither does data with no context or explanation. We need to get better at making what we do real and relatable to our colleagues, so they can connect with what’s happening and are able to follow our progress. Over the next 12 months, we’ll focus on sharing more practical stories and providing regular updates through the channels our colleagues use every day.

Magnus: Camilla’s point about communication is really important. Reaching our long-term goals – including our ambition for net zero emissions by 2050 – depends on everyone understanding how they can contribute. And the good news is, many already do. Last year alone, colleagues across our hotels took part in 647 community and environmental activities – from beach clean-ups and blood donations to local charity support. None of this is mandated; people take action because they care about their community and the planet. And every one of these initiatives matter. That’s why maintaining that drive and dedication is essential.

How do you balance this focus on tangible projects people can relate to and your investments in more long-term ones?

Magnus: I don’t think the two approaches compete; they reinforce ESG data tables and development tracking Governance Statements, references and contact information Contents Introduction Business & strategy Environment Social Key achievements 2025 Staying the course Introduction A conversation with... About this report Case overview | NLTG Sustainability Report 2025 8 one another. When we invest in new companies and technologies – such as through ClimatePoint – we’re clear that we want to support initiatives that are close to our business; initiatives that can have a real impact in our destinations, our business or our industry.

Camilla: Ocean Oasis, which we focus on in one of the case stories in this report, is a perfect example. Through our investment, we’re supporting their wave energy desalination technology, which is now being rolled out in Gran Canaria. By 2027, it could produce enough freshwater for 15,000 people a day. So, while it’s a long-term investment, the impact is immediate and relatable. Especially in a destination that’s so important to our customers and our business.

There has been a lot of uncertainty around sustainability reporting this past year. How have you dealt with that?

Camilla: We used the Omnibus pause – while Corporate Sustainability Reporting Directive (CSRD) requirements were being redefined – to improve our data collection and target setting, giving us a more systematic and reliable foundation for our plans. We’ve also focused on completing our Double Materiality Assessment, which is now finalised and approved. While we had a fairly clear sense of the issues that were material to our business when we began, the structured process has brought sharper focus on what matters most, and it’s given us greater clarity on the impacts, risks and opportunities we face. For us, getting that kind of clarity goes far beyond compliance. It provides strategic guidance for the business.

Where will you focus next year?

Camilla: My focus will be to keep up momentum on the progress we’re making and the commitments we’ve made. Sustainability investments tend to be challenged a little bit more now than they were a couple of years ago. And, when people see that we already have a high focus on sustainability issues – that we're doing well on sustainability already – attention tends to shift to other areas. But that’s when it’s important to stay the course and be very clear about the fact that sustainability is, and always will be, work in progress.

Magnus: I totally agree. For us, next year is about keeping up momentum. Making sure that we – through our investments and daily work – continue to take steps in the right direction. Because that’s the only way we can continue to give our customers the best weeks of the year – and ensure that our colleagues have a great place to work.