Strategic report
Governance
Financial statements
76 OCU Group Annual report and financial statements 2026
Reporting and performance continued TCFD report
Climate-related financial disclosures OCU’s FY26 climate disclosure has regard to UK requirements and the four TCFD pillars: governance, strategy, risk management, and metrics and targets. Reporting continues to develop with the Group’s scale and footprint. In ANZ, acquisitions expanded renewable energy and infrastructure delivery capabilities. In the UK, Valmech added heat network and mechanical engineering capability. These developments broaden transition opportunities and physical risk. Outdoor and remote ANZ works have greater exposure to heat, bushfire, heavy rain, flooding, storms and cyclone-related disruption.
Climate matters are considered through due diligence, integration, risk reviews and Board reporting. Material risks have owners and are escalated when impact, likelihood or velocity changes or falls outside appetite. Strategy OCU’s capabilities across Power Transmission & Distribution, Energy Transformation, Digital Infrastructure, and Water & Environmental align with electrification, renewable energy, grid reinforcement, water resilience, climate adaptation and low-carbon heat. Key FY27 strategic themes: • Renewable energy: Continue delivery across wind, solar and battery storage, including through OCU – ANZ. • Power Transmission & Distribution: Support network investment that enables renewable integration, resilience and capacity. • International delivery: Use the ANZ platform to deliver solar, wind, storage, civil and power infrastructure across Australia and New Zealand. • Energy connections: Combine specialist solar, private-network and high-voltage interface expertise. • Battery energy storage systems (BESS): Develop design, construction, commissioning and monitoring capability supporting grid flexibility and energy security. • Heat networks and low-carbon heat: Integrate design, manufacturing, mechanical, civil and installation capabilities. • Water & Environmental: Support AMP8 through water infrastructure, leakage reduction, storm‑overflow mitigation, flood resilience and nature-based solutions. In FY26, OCU submitted near-term and net-zero targets for SBTi validation, including net zero by 2050. Subject to validation, a transition plan will be developed in FY27. The Group’s broader capabilities increase transition opportunities and the importance of consistent integration, risk controls, resilient planning and transparent reporting.
Our approach to the TCFD framework
Thematic area
Recommended disclosure
Where covered in this section
Governance
Governance arrangements for assessing and managing climate-related risks and opportunities. Actual and potential impacts of climate‑related risks and opportunities on the business model, strategy and financial planning where material. How the Group identifies, assesses and manages climate-related risks, and how those processes are integrated into overall risk management. Metrics, KPIs and targets used to assess and manage relevant climate-related risks and opportunities, including performance and calculation basis.
See page 76 (this page)
Strategy
See page 76 (this page)
Risk management
See page 77
Metrics and targets
See page 82
Governance The Board is responsible for risk management, including climate-related matters. The Audit & Risk Committee reviews Group risks quarterly, informed by the ESG Committee. The ESG Taskforce prepares the underlying assessment and disclosure and reviews it at least annually, and after significant acquisitions or entry into new markets. Material changes are escalated through the relevant committees. In FY26, the ESG Taskforce expanded its scope to integrate acquisitions into climate risk, emissions, safety, supply-chain standards and sustainability strategy, while recognising local hazards and regulation.
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