Describe the Board’s oversight of climate-related risks and opportunities

The Nominating and Corporate Governance Committee (the Committee) of the Thermo Fisher Scientific Board of Directors is responsible for overseeing strategy, risks and opportunities related to corporate responsibility and sustainability. This involves reviewing and discussing relevant regulatory, governance, market or other trends within the scope of the Committee’s oversight, including those related to climate. In coordination with the committee, the Audit committee of the Board has responsibility for overseeing public disclosures on these matters in the company’s regulated filings as well as the data quality and applicable assurance related to such reporting.

Enterprise risk management is presented to the Board of Directors annually, following a cross-functional review, and may include climate change risk as appropriate. Risks associated with each of the company’s primary businesses and other individual risk topics are presented to the Board of Directors and its committees, as applicable during regularly scheduled meetings.

Describe management’s role in assessing and managing climate-related risks and opportunities

Our company leadership team is responsible to the Board for the management, development and performance of our business. Together with our chairman and CEO, a subset of the company leadership team oversees climate-related strategy including risk management, operations and finance, reviewing plans, risks and results on a periodic basis. Reporting to the chairman and CEO, the senior vice president, global business services, is responsible for implementation of our climate-related strategy. Climate-related activities are managed by:

• Global Business Services, responsible for climate strategy, performance and reporting and key supplier and customer engagement
• Communications, responsible for climate education and voluntary sustainability reporting
• Science and Innovation, responsible for embedding design for sustainability principles into new product development
• Legal and Risk Management, responsible for climate risk analysis

Describe the climate-related risks and opportunities the organization has identified over the short, medium and long term

The most recent climate risk assessment evaluated physical and transition risks across multiple scenarios. The time horizons for the climate risk assessment are based on when the climate-related risks and opportunities could reasonably be expected to occur: short term as 2025-2028, medium term as 2028-2035 and long term as 2035-2050.

Physical risks are expected to intensify but are not individually financially material, though they may become material in aggregate over time.

Short term, financial impacts are limited. The only material risk identified is increased input costs from carbon pricing under a low-emissions scenario, while opportunities are emerging but not yet significant.

Medium term, transition risks become more material—particularly under a lowemissions scenario—including carbon pricing, environmental regulation, rising input costs, supply chain constraints, reduced demand for products and technology substitution. At the same time, opportunities expand through sustainable product development, operational efficiency, circularity and strategic market positioning, supporting both revenue growth and cost reduction.

Long term, transition risks represent the most significant financial exposure, driven by shifts in customer demand, widespread adoption of low-carbon technologies, sustained regulatory pressure and supply chain disruption. However, these risks are accompanied by substantial opportunities, particularly in low-carbon product innovation, circular economy models and efficiency improvements, which can enhance competitiveness and resilience.

Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning

Our net-zero by 2050 commitment reflects our approach to strategically manage climate-related risks and opportunities. The influence on our financial planning can be seen in the following ways:

• We have introduced new net-zero capital guidance including: – Creation of a Net-Zero Building Design Guide outlining mandatory measures such as eliminating the use of fossil fuels and high-impact refrigerants for all new building construction and major renovation projects – Incorporation of greenhouse gas (GHG) impacts into our capital request process requiring an exception plan for any project that adds or extends fossil fuel consumption – Establishment of the carbon capital plan to execute the transition of all fossil fuel and high-impact refrigerant assets across the company
• We have executed several long-term virtual power purchase agreements to secure long-term supply of renewable electricity.
• Business units are directly evaluating environmental sustainability-specific opportunities to enhance their market opportunities, which may result in a change in allocation towards climate-related initiatives.

Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario

Climate scenario analysis informs the resilience of our current climate strategy and helps identify if further strengthening is needed based on different climate-related scenarios.

Our short- and long-term strategies are linked to our climate targets, which are in line with the 1.5°C pathway and validated by the Science Based Targets initiative (SBTi). These targets support our company strategy in two key areas—developing high-impact, innovative new products and delivering a unique value proposition to our customers.

Describe how processes for identifying, assessing and managing climate-related risks are integrated into the organization’s overall risk management

We assess climate-related risks and opportunities through a structured, scenario-based assessment process that informs overall risk identification, assessment and management.

We identify climate-related risks and opportunities through risk sensing, review of internal business planning documents and engagement with business leaders, considering impacts across our operations and value chain. Identified risks are prioritized based on relevance and assessed across short-, medium- and long-term horizons using both quantitative and qualitative criteria, including potential impacts on financial performance (e.g., assets, revenues) and broader operational, strategic and reputational considerations.

Our assessment incorporates climate scenario analysis to evaluate both physical and transition risks. Physical risks are assessed using asset-level analysis, including asset criticality, geographic exposure and sensitivity to acute and chronic hazards under multiple climate scenarios (SSP1-2.6 and SSP3-7.0).1 Transition risks and opportunities are evaluated across policy, market, technology and reputational drivers under both high- and low-emissions scenarios (STEPS and NZE), enabling us to assess potential impacts under different decarbonization pathways.

We engage with customers and shareholders to identify evolving expectations related to climate. Identified expectations are assessed for potential to impact revenue with action taken as deemed appropriate.

Additionally, we review insurance reports outlining flooding, wildfires and extreme weather risks for our company facilities. Site-specific mitigation plans are developed to manage identified risks.

Describe organization’s processes for managing climate-related risks

Climate science is clear. Urgent action is needed to avoid the worst impacts of climate change, which Thermo Fisher has prioritized as core to our Mission and integral to our business and sustainability strategies. In 2022, the company announced a new 2030 GHG emissions reduction target to cut Scope 1 and 2 emissions from operations by more than 50% from a 2018 baseline.

Our climate target fulfills our pledge to align our climate strategy with the Paris Agreement to limit global temperature increase to 1.5°C. This represents an important milestone in our pursuit of a net-zero value chain by 2050, which includes Scope 1, 2 and 3 targets that have been validated by the SBTi.

To manage climate-related risks, we have outlined clear commitments, set targets and continue to actively manage our operational roadmap to a net-zero value chain.

• Transitioning away from fossil fuels and accelerating the adoption of renewable electricity: At the end of 2025, our Scope 1 and Scope 2 emissions were 41% lower than our 2018 baseline—exceeding the pace required to achieve our target of more than a 50% reduction by 2030. Renewable electricity plays an important role in our progress, accounting for 63% of our global electricity use at year end—ahead of schedule to achieve our goal of 80% by 2030.
• Engaging with 90% of suppliers by spend—our largest source of Scope 3 emissions—to set science-based targets by 2027: To help reduce emissions across our global value chain, we launched our supplier guide to decarbonization in 2023. By the end of 2025, 46% of our suppliers by spend had set a science-based target, and another 13% had committed to set a science-based target.
• Advancing our Greener by designTM program: At Thermo Fisher, we leverage the power of innovation to deliver solutions that support our customers in achieving their environmental sustainability objectives without compromising business or scientific priorities. Our Greener by design™ program enhances our customer value proposition by: offering more sustainable solutions, delivering credible, comparable transparency, and embedding design for sustainability principles.

As our net-zero roadmap evolves, we continue to frame our approach toward a broader range of emissions sources such as our fleet, waste generation, transportation and business travel. With insights in these areas, our colleagues and other stakeholders are critical partners in helping us achieve our goals.