Siegfried Holding AG (SIX: SFZN): Corporate Profile & Financials
Source: Siegfried Annual Report 2025
Table of Contents
- 1. Company Snapshot
- 2. Company Overview
- 3. Business Segments
- 4. History and Evolution
- 5. Products and Services
- 6. Brand Portfolio
- 7. Geographical Presence
- 8. Board of Directors and Leadership Team
- 9. Future Strategy
- 10. Key Strengths
- 11. Key Challenges and Risks
- 12. Conclusion and Strategic Outlook
- 13. Official Site
- 14. Income Statement / Profit and loss
- 15. Balance sheet
- 16. Cash flow
- 17. Subsidiaries & Joint Ventures
- 18. Other Investments & Holdings
- 19. Physical properties
- 20. Investments and capital expenditure
- 21. Shareholding pattern / Ownership
- 22. Frequently Asked Questions
Company Snapshot
| Metric | Details |
|---|---|
| Company Name | Siegfried Holding AG |
| Ticker Symbol | SIX: SFZN |
| Headquarters | Zofingen, Switzerland |
| Year Founded | 1873 |
| Chief Executive Officer | Marcel Imwinkelried |
| Chairman of the Board | Dr. Andreas Casutt |
| Total Workforce (FTEs) | 3 891 (as of December 31, 2025) |
| Primary Industry | Contract Development and Manufacturing Organization (CDMO) |
| Global Network | 13 manufacturing facilities in 7 countries across 3 continents |
Company Overview
Siegfried Holding AG (SIX: SFZN) is a global Contract Development and Manufacturing Organization (CDMO) headquartered in Zofingen, Switzerland. Founded in 1873, Siegfried specializes in the industrial development and commercial manufacturing of active pharmaceutical ingredients (APIs), intermediates, and finished dosage forms for the global healthcare industry.
The company operates an integrated business model that bridges early-phase drug development to full-scale commercial manufacturing. Siegfried serves a diversified international client base comprising large pharmaceutical corporations as well as small- and mid-cap biotechnology enterprises. By offering combined expertise in both Drug Substances (APIs and intermediates) and Drug Products (complex finished dosage forms), Siegfried acts as a single-source development and manufacturing partner for research-based pharmaceutical companies worldwide.
Business Segments
Siegfried organizes its core commercial manufacturing operations into two main clusters:
- Drug Substances: This segment encompasses custom development and manufacturing (exclusive synthesis) of active pharmaceutical ingredients and high-value chemical intermediates for innovative drug developers. It also includes a non-exclusive portfolio offering of unpatented APIs and pharma-grade substances, such as caffeine for pharmaceutical and nutritional applications. In 2025, the Drug Substances cluster generated CHF 916.3 million in net sales.
- Drug Products: This segment provides contract development, fill-finish, and packaging services for finished dosage forms. Capabilities cover sterile and aseptic liquids (vials, ampoules, cartridges, pre-filled syringes), ophthalmic products (eye drops, ointments, gels, suspensions), inhalation capsules, and oral solid dosage forms (tablets and capsules). In 2025, the Drug Products cluster generated CHF 411.6 million in net sales.
History and Evolution
Siegfried’s origin dates back to 1873, when a Swiss pharmacist established the foundational enterprise in Zofingen, Switzerland. Over more than 150 years, the company transformed from an independent chemical-pharmaceutical laboratory into an international CDMO supplier.
Key historical milestones shaping Siegfried’s modern footprint include:
- 1873: Founding of the company in Zofingen, Switzerland.
- 1928: Acquisition and expansion of the Pennsville facility in New Jersey, USA.
- 2007–2014: International network expansion through the integration of solid oral dosage manufacturing in Hal Far (Malta, 2007), sterile filling capabilities in Irvine (USA, 2012), API manufacturing in Nantong (China, 2013), and aseptic fill-finish in Hameln (Germany, 2014).
- 2015: Acquisition of three manufacturing sites from BASF in Evionnaz (Switzerland), St. Vulbas (France), and Minden (Germany), establishing a broad footprint in European drug substance manufacturing.
- 2021: Strategic acquisition of two major commercial pharmaceutical production sites from Novartis in Barberà del Vallès and El Masnou (Spain), adding significant capacity in oral solids and ophthalmics.
- 2023: Entry into cell and gene therapy manufacturing through the acquisition of a majority stake in DINAMIQS AG, operating out of Schlieren/Zurich, Switzerland.
- 2024: Acquisition of an early-phase small molecule development facility in Grafton, Wisconsin, USA, creating the Siegfried Acceleration Hub.
- 2026 Announcement: Agreements signed to acquire small molecule drug substance capacity across sites in Wilmington (USA), Athens (USA), and Westbury (Australia) from SK Capital (Noramco group).
Products and Services
Siegfried provides development and manufacturing services across the entire drug lifecycle:
- Exclusive API Synthesis: Custom route scouting, process chemistry development, scale-up, and commercial production of active pharmaceutical ingredients.
- Portfolio APIs: Non-exclusive supply of controlled substances, pain and addiction treatment ingredients, anesthetics, and pharmaceutical-grade caffeine.
- Sterile & Aseptic Filling: Liquid fill-finish operations utilizing vials, ampoules, cartridges, and pre-filled syringes for injectable therapies.
- Ophthalmic Formulations: Production of sterile eye drops, ophthalmic ointments, gels, solutions, and suspensions.
- Oral Solid Dosage Forms: Granulation, tableting, encapsulation, and packaging of solid dosage units.
- Bridging Technologies: Advanced physical processing services including micronization, jet milling, and spray drying to optimize API physical properties for dosage integration.
- Viral Vectors: Development and cGMP manufacturing of Adeno-Associated Viruses (AAV) and Lentiviruses for cell and gene therapy applications through DINAMIQS.
Brand Portfolio
Siegfried’s corporate and operational brand platform includes:
- EVOLVE+: The core enterprise growth strategy guiding operational, commercial, and technological development across all global network sites.
- DINAMIQS: Siegfried’s specialized subsidiary dedicated to viral vector development and manufacturing for gene therapy programs.
- Project “Re-Solve”: An internal sustainability initiative focused on reducing, reusing, and recovering organic solvent waste streams across manufacturing plants.
- mySTOP: Siegfried’s digitalized workplace safety and observation program deployed network-wide.
- Bright Blue: The internal enterprise learning management system and e-learning platform.
- LEAP (Leadership Education Advancement Program): The internal talent development framework for people managers and operational leaders.
Geographical Presence
Siegfried operates a network of 13 cGMP manufacturing sites across 7 countries on 3 continents:
- Switzerland: Zofingen (Global HQ and Drug Substances), Evionnaz (Drug Substances), Schlieren/Zurich (Viral Vectors).
- United States: Pennsville, New Jersey (Drug Substances); Irvine, California (Drug Products); Grafton, Wisconsin (Early-Phase Development).
- Germany: Minden (Drug Substances), Hameln (Drug Products).
- Spain: Barberà del Vallès (Oral Solids), El Masnou (Ophthalmics).
- France: St. Vulbas (Drug Substances).
- Malta: Hal Far (Solid Oral Dosage Forms).
- China: Nantong (Drug Substances).
Board of Directors and Leadership Team
Siegfried Holding AG is supervised by an independent, non-executive Board of Directors and managed by an Executive Committee.
Board of Directors (2025/2026 Term):
- Dr. Andreas Casutt: Chairman of the Board (stepping down at the 2026 AGM; Dr. Beat Walti proposed as successor).
- Dr. Martin Schmid: Vice Chairman.
- Dr. Alexandra Brand: Non-Executive Member.
- Prof. Dr. Wolfram Carius: Non-Executive Member (Chair of Strategy & Sustainability Committee).
- Elodie Carr-Cingari: Non-Executive Member (Chair of Audit Committee).
- Dr. Beat Walti: Non-Executive Member.
- Isabelle Welton: Non-Executive Member (Chair of Remuneration Committee).
Executive Committee (as of December 31, 2025):
- Marcel Imwinkelried: Chief Executive Officer.
- Dr. Reto Suter: Chief Financial Officer (succeeded by Tania Micki effective July 1, 2026).
- Dr. Luca Dalla Torre: Chief Legal and Sustainability Officer.
- Peter Freisler: Chief Business Officer.
- Henrik Krüpper: Chief Operating Officer Drug Substances (stepping down March 1, 2026).
- Dr. Stefan Randl: Chief Scientific Officer (also ad interim COO Drug Substances from March 1, 2026).
- Olesia Silanteva: Chief Human Resources Officer.
With strong commercial momentum and the strategic expansion of our US drug substance platform, we have significantly enhanced our capabilities and are well positioned to capture the long-term growth opportunities ahead.
Marcel Imwinkelried, Chief Executive Officer
Future Strategy
Siegfried’s long-term business strategy is driven by the EVOLVE+ growth framework, which targets sustainable market outperformance.
The key pillars of EVOLVE+ include:
- Core Business Expansion: Scaling small-molecule active ingredient manufacturing, oral solid dosage forms, and sterile aseptic fill-finish operations across Europe and North America.
- Technological Broadening: Investing in bridging technologies (spray drying, micronization), advanced aseptic processing, and high-capacity sterile lines.
- Growth into New Modalities: Building specialized contract development capabilities in cell and gene therapy (viral vectors via DINAMIQS) and synthetic biology.
- Value-Accretive M&A: Executing targeted transactions to expand technological reach and geographic capacity, exemplified by the acquisition of small-molecule API capacity in the United States and Australia.
- Sustainability & Net Zero Transition: Executing science-based climate targets validated by the Science Based Targets initiative (SBTi) to achieve net-zero greenhouse gas emissions across the value chain by 2050.
Key Strengths
- Integrated Service Offering: Ability to provide single-partner development and manufacturing for both Drug Substances (APIs) and Drug Products (finished dosage).
- Global Scale and Network Flexibility: A network of 13 cGMP facilities enabling dual-sourcing options, risk mitigation, and supply chain continuity.
- Diversified Customer Base: Broad commercial relationships spanning mid-cap biotech enterprises (approx. 60% of revenues) and large pharmaceutical companies (approx. 40% of revenues).
- Validated Climate Leadership: One of the first global CDMOs to receive formal validation from the Science Based Targets initiative (SBTi) for near-term and net-zero reduction targets.
- High Commercial-Phase Revenue Balance: Over 90% of net revenues generated from commercial-stage pharmaceutical products, providing stable cash flow visibility.
Key Challenges and Risks
- Geopolitical and Trade Headwinds: Potential tariffs, trade barriers, and geopolitical friction affecting global chemical and pharmaceutical supply chains.
- Energy and Raw Material Volatility: Price fluctuations and potential supply disruptions for natural gas, specialized solvent materials, and fossil-based chemical starting blocks.
- Strict Regulatory Oversight: Operational exposure to rigorous cGMP inspections by international health authorities (US FDA, Swissmedic, EMA) where non-compliance can trigger manufacturing halts.
- Information and Cyber Security Threats: Sophisticated cyberattacks, ransomware, or industrial espionage attempting to breach IT infrastructure or compromise client intellectual property.
- Transition Risks of Decarbonization: Capital requirements associated with replacing legacy heating assets with electric boilers, heat pumps, and low-carbon thermal systems across production plants.
Conclusion and Strategic Outlook
Siegfried Holding AG continues to reinforce its position as a leading global CDMO supplier by combining commercial focus, operational discipline, and network expansion. Through the execution of its EVOLVE+ strategy, targeted capacity investments in ophthalmics, fill-finish, and viral vectors, and the strategic addition of small-molecule capacity in key geographies, the Group is well positioned to capitalize on outsourcing trends across the pharmaceutical industry. Backed by a solid balance sheet, a diversified revenue mix, and a commitment to validated net-zero decarbonization goals, Siegfried remains focused on delivering long-term value for its clients, patients, and shareholders.
Official Site
Website: https://www.siegfried.ch
Income Statement / Profit and loss
| Metric | 2025 (in 1000 CHF) | 2024 (in 1000 CHF) | YoY Growth (%) |
|---|---|---|---|
| Net sales | 1 327 834 | 1 294 573 | +2.57% |
| Cost of goods sold | -973 840 | -965 516 | +0.86% |
| Gross profit | 353 994 | 329 057 | +7.58% |
| Marketing and sales costs | -18 645 | -18 067 | +3.20% |
| Research and development costs | -46 182 | -41 115 | +12.32% |
| Administration and general overhead costs | -80 134 | -80 294 | -0.20% |
| Other operating income | 14 732 | 9 679 | +52.21% |
| Operating result (EBIT) | 223 764 | 199 260 | +12.30% |
| Financial income | 63 | 2 167 | -97.09% |
| Financial expenses | -8 737 | -8 628 | +1.26% |
| Exchange rate differences | -6 424 | 3 469 | -285.18% |
| Profit before income taxes | 208 666 | 196 268 | +6.32% |
| Income taxes | -40 292 | -36 379 | +10.76% |
| Net profit incl. minority interests | 168 374 | 159 890 | +5.31% |
| Net profit attributable to shareholders of Siegfried Holding AG | 168 659 | 160 064 | +5.37% |
| Non-diluted earnings per share (CHF) | 3.85 | 3.71 | +3.77% |
| Diluted earnings per share (CHF) | 3.84 | 3.69 | +4.07% |
| Core EBITDA (CHF million) | 312.3 | 285.6 | +9.35% |
| Core EBIT (CHF million) | 217.5 | 200.9 | +8.26% |
| Core net profit (CHF million) | 162.1 | 158.9 | +2.01% |
Balance sheet
| Metric | 2025 (in 1000 CHF) | 2024 (in 1000 CHF) | YoY Growth (%) |
|---|---|---|---|
| Property, plant and equipment | 1 016 079 | 909 988 | +11.66% |
| Intangible assets | 65 331 | 55 892 | +16.89% |
| Financial and other non-current assets | 566 | 583 | -2.92% |
| Employer contribution reserves | 10 605 | 9 966 | +6.41% |
| Deferred tax assets | 12 221 | 17 918 | -31.79% |
| Total non-current assets | 1 104 802 | 994 346 | +11.11% |
| Inventories | 407 551 | 387 580 | +5.15% |
| Trade receivables | 391 690 | 395 008 | -0.84% |
| Cash and cash equivalents | 103 082 | 38 756 | +165.98% |
| Other current assets | 87 169 | 64 457 | +35.24% |
| Accrued income and prepaid expenses | 48 270 | 34 497 | +39.93% |
| Current income taxes asset | 10 259 | 18 221 | -43.70% |
| Total current assets | 1 048 740 | 939 375 | +11.64% |
| Total assets | 2 153 543 | 1 933 722 | +11.37% |
| Share capital | 32 566 | 49 643 | -34.40% |
| Treasury shares | -75 411 | -77 542 | -2.75% |
| Capital reserves | 180 579 | 171 174 | +5.49% |
| Retained earnings | 990 390 | 836 917 | +18.34% |
| Minority interests | -569 | -284 | +100.35% |
| Total equity | 1 127 555 | 979 908 | +15.07% |
| Non-current financial liabilities | 375 200 | 490 100 | -23.44% |
| Non-current pension liabilities | 73 158 | 85 565 | -14.50% |
| Non-current provisions | 12 701 | 20 380 | -37.68% |
| Deferred tax liabilities | 20 881 | 18 435 | +13.27% |
| Other non-current liabilities | 19 323 | 32 736 | -40.97% |
| Total non-current liabilities | 501 263 | 647 216 | -22.55% |
| Current financial liabilities | 200 000 | 0 | N/A |
| Trade payables | 110 352 | 95 505 | +15.55% |
| Other current liabilities | 111 351 | 111 424 | -0.07% |
| Accrued expenses and deferred income | 63 547 | 61 552 | +3.24% |
| Current income tax liabilities | 34 180 | 30 732 | +11.22% |
| Current provisions | 4 680 | 6 120 | -23.53% |
| Total current liabilities | 524 726 | 306 599 | +71.14% |
| Total liabilities | 1 025 989 | 953 815 | +7.57% |
| Total liabilities and equity | 2 153 543 | 1 933 723 | +11.37% |
Cash flow
| Metric | 2025 (in 1000 CHF) | 2024 (in 1000 CHF) | YoY Growth (%) |
|---|---|---|---|
| Cash flow from operating activities before change in NWC | 322 058 | 267 954 | +20.19% |
| Change in net working capital | -62 523 | -10 164 | +515.14% |
| Payments out of provisions and pension liabilities | -7 989 | -8 146 | -1.93% |
| Income taxes paid | -23 028 | -82 669 | -72.14% |
| Cash flow from operating activities | 228 159 | 168 777 | +35.18% |
| Purchase of property, plant and equipment | -211 914 | -165 301 | +28.20% |
| Proceeds from disposal of property, plant and equipment | 160 | 437 | -63.39% |
| Purchase of intangible and other assets | -19 555 | -15 546 | +25.79% |
| Acquisition of group companies | 0 | -10 138 | -100.00% |
| Cash flow from investing activities | -231 244 | -190 346 | +21.49% |
| Free cash flow | -3 085 | -11 570 | -73.34% |
| Increase of non-current financial liabilities | 420 000 | 175 100 | +139.86% |
| Decrease of non-current financial liabilities | -334 900 | -130 000 | +157.62% |
| Distribution to the shareholders of Siegfried Holding AG | -16 633 | -15 386 | +8.10% |
| Interest paid and bank charges | -6 341 | -9 081 | -30.17% |
| Cash flow from financing activities | 68 487 | 3 039 | +2153.60% |
| Net change in cash and cash equivalents | 65 402 | -18 529 | -452.97% |
| Cash and cash equivalents at 31/12 | 103 082 | 38 756 | +165.98% |
Subsidiaries & Joint Ventures
- Siegfried AG, Zofingen (Switzerland) – Participation: 100.00%, Share Capital: CHF 20 000 000
- Siegfried Evionnaz SA, Evionnaz (Switzerland) – Participation: 100.00%, Share Capital: CHF 1 000 000
- SIEGFRIED DiNAMIQS AG, Schlieren (Switzerland) – Participation: 95.00%, Share Capital: CHF 500 000
- Siegfried Hameln GmbH, Hameln (Germany) – Participation: 100.00%, Share Capital: EUR 751 000
- Siegfried PharmaChemikalien Minden GmbH, Minden (Germany) – Participation: 100.00%, Share Capital: EUR 50 000
- Siegfried St. Vulbas SAS, St. Vulbas (France) – Participation: 100.00%, Share Capital: EUR 15 200 000
- Siegfried Malta Ltd, Valletta (Malta) – Participation: 100.00%, Share Capital: EUR 100 000
- Siegfried Barbera S.L., Barcelona (Spain) – Participation: 100.00%, Share Capital: EUR 503 000
- Siegfried El Masnou S.A., Barcelona (Spain) – Participation: 100.00%, Share Capital: EUR 10 099 778
- Siegfried USA LLC, Pennsville, NJ (USA) – Participation: 100.00%, Share Capital: USD 500 000
- Alliance Medical Products Inc., Irvine, CA (USA) – Participation: 100.00%, Share Capital: USD 116 521
- Siegfried Grafton Inc. / Curia Wisconsin Inc., Grafton, WI (USA) – Participation: 100.00%, Share Capital: USD 1
- Siegfried (Nantong) Pharmaceuticals Co. Ltd., Nantong (China) – Participation: 100.00%, Share Capital: CNY 422 296 722
- Siegfried Deutschland Holding GmbH, Hameln (Germany) – Participation: 100.00%, Share Capital: EUR 1 790 000
- Siegfried Hong Kong Ltd., Hong Kong (China) – Participation: 100.00%, Share Capital: HKD 1 000
- Siegfried USA Holding Inc., Pennsville (USA) – Participation: 100.00%, Share Capital: USD 3 000
- Siegfried Pharmaceutical UK Ltd., London (UK) – Participation: 100.00%, Share Capital: GBP 1
Other Investments & Holdings
- Strategic Acquisition (announced January 2026, subject to closing): Acquisition of small molecule drug substance manufacturing assets of the Noramco group from SK Capital, comprising Wilmington (Delaware, USA), Purisys in Athens (Georgia, USA), and Extractas Bioscience in Westbury (Tasmania, Australia).
- Financial Assets: Non-current financial assets recorded at CHF 566 thousand as of December 31, 2025 (2024: CHF 583 thousand).
- Cross Shareholdings: The Siegfried Group has no capital- or share-based crossholdings with other companies.
Physical properties
- Zofingen (HQ), Switzerland: Drug Substances manufacturing (API, Intermediates, Controlled Substances) – 768 headcount.
- Evionnaz, Switzerland: Drug Substances manufacturing (API, Intermediates) – 394 headcount.
- Zurich / Schlieren, Switzerland: Drug Products manufacturing (Viral vectors) – 45 headcount.
- Pennsville, USA: Drug Substances manufacturing (API, Intermediates, Controlled Substances) – 170 headcount.
- Irvine, USA: Drug Products manufacturing (Sterile and aseptic filling) – 182 headcount.
- Grafton, USA: Drug Substances development (Early-phase development) – 85 headcount.
- Hameln, Germany: Drug Products manufacturing (Sterile and aseptic filling) – 634 headcount.
- Minden, Germany: Drug Substances manufacturing (API, Intermediates, Controlled Substances) – 535 headcount.
- St. Vulbas, France: Drug Substances manufacturing (API, Intermediates) – 154 headcount.
- Hal Far, Malta: Drug Products manufacturing (Solid oral dosage forms) – 167 headcount.
- Barberà del Vallès, Spain: Drug Products manufacturing (Solid oral dosage forms) – 478 headcount.
- El Masnou, Spain: Drug Products manufacturing (Ophthalmics) – 550 headcount.
- Nantong, China: Drug Substances manufacturing (API, Intermediates) – 260 headcount.
- Wilmington, USA (Acquisition 2026): Drug Substances manufacturing (API, Intermediates, Controlled Substances) – ~180 headcount.
- Athens, USA (Acquisition 2026): Drug Substances development (Early-phase development) – ~45 headcount.
- Westbury, Australia (Acquisition 2026): Drug Substances extraction (Commercial extraction of alkaloid raw materials) – ~170 headcount.
Investments and capital expenditure
- Capital Expenditure on PPE (2025): CHF 211.9 million (16.0% of net sales).
- Total Investments in PPE and Intangible Assets (2025): CHF 231.5 million (2024: CHF 180.8 million).
- Intangible Asset Additions (2025): CHF 19.555 million (2024: CHF 15.546 million).
- Core Research & Development Spend (2025): CHF 46.2 million (2024: CHF 41.1 million).
- Key Expansion Capital Projects: Expansion of sterile eye drop production and ointments line in El Masnou (Spain), spray drying capabilities in Barberà del Vallès (Spain), fill-finish operations expansion in Hameln (Germany), commissioning of high-volume drug substance plant in Minden (Germany), and inauguration of cGMP viral vector facility for DINAMIQS in Schlieren (Switzerland).
Shareholding pattern / Ownership
| Shareholder / Category | Reported Shares | 2025 % Stake | 2024 % Stake |
|---|---|---|---|
| Ernst Göhner Foundation, Zug, Switzerland | 324 983 | 7.3% | 7.3% |
| UBS Fund Management (Switzerland) AG, Zurich, Switzerland | 268 595 | 5.9% | 5.9% |
| Interogo Foundation, Vaduz, Liechtenstein | 224 167 | 5.0% | 5.0% |
| Swisscanto Fondsleitung AG, Zurich, Switzerland | 2 264 739 | 5.0% | 3.0% |
| Siegfried Holding AG (Treasury shares) | 1 421 560 | 4.2% | 4.2% |
| Dimensional Holdings Inc., Wilmington, USA | 148 078 | 3.3% | 3.3% |
| BlackRock, Inc., New York, USA | 1 392 224 | 3.1% | 3.0% |
| René Braginsky, Susanne Braginsky, David Braginsky | 128 000 | 3.0% | 3.0% |
Frequently Asked Questions
What is the core business of Siegfried Holding AG?
Siegfried Holding AG is a global Contract Development and Manufacturing Organization (CDMO) that develops and manufactures active pharmaceutical ingredients (Drug Substances) and finished dosage forms (Drug Products) for the global pharmaceutical industry.
On which stock exchange is Siegfried listed?
Siegfried Holding AG is publicly traded on the SIX Swiss Exchange under the ticker symbol SFZN (valor symbol: SFZN, ISIN: CH0014293268 / CH1429326825).
Where are Siegfried’s primary manufacturing facilities located?
Siegfried operates 13 manufacturing facilities located in Switzerland (Zofingen, Evionnaz, Schlieren), the United States (Pennsville, Irvine, Grafton), Germany (Minden, Hameln), Spain (Barberà del Vallès, El Masnou), France (St. Vulbas), Malta (Hal Far), and China (Nantong).
What are Siegfried’s climate and sustainability targets?
Siegfried’s near-term and net-zero greenhouse gas targets have been validated by the Science Based Targets initiative (SBTi). The company aims to reduce Scope 1 and Scope 2 emissions by 67% by 2033 (from 2020 levels) and achieve net-zero emissions across its full value chain by 2050.