This white paper is structured in three main sections: –Section 1 sets out the business case for building geopolitical muscle, describing why awareness alone is insufficient and what is at stake for firms. –Section 2 examines how companies are moving from awareness to execution, unpacking the five building blocks of developing geopolitical muscle. –Section 3 contains forward-looking reflections on the evolution of geopolitical decision-making in global business. By structuring the paper in this way, the aim is to provide both a snapshot of current corporate practices and a framework for future capability-building. How the interviews were conducted BOX 1 The semi-structured interviews lasted 45–60 minutes. Executives were invited to reflect on how geopolitics is understood and structured within their organizations. The discussions focused on three themes: –Exposure and quantification –Geopolitical capabilities –Success stories and drivers in practice Participants included heads of geopolitics, government affairs, corporate affairs, strategy, risk and compliance, and international operations, alongside selected CEOs, C-suite leaders and executive vice-presidents. Companies represented a wide range of sectors (see below). As with all qualitative research, interviews have limitations. Respondents tend to emphasize progress rather than deficiencies, and insights cannot always be independently verified. Nevertheless, there is value in asking executives to explain what steps they are taking, what their information diet is, and who uses their analysis. In this manner, other companies as well as government officials can better understand how geopolitics is being perceived and acted upon. Distribution of companies interviewed by sector Financial services and investment11 Industrial goods and automotive9 Energy, oil, gas and power7 Consumer goods, luxury and retail6 Healthcare6 Mining6 Logistics5 TMT and services3 Chemicals3Financial services and investment List of companies interviewed (not exhaustive) Airbus Allianz Anglo American Asahi Group Holdings AXA Banque Pictet Centrica CMA CGM Danone Dow e& EDF Edmond de Rothschild Equinor Eurazeo GoogleHitachi Energy Huntington Ingalls Industries LATC Lilly Medtronic Nissan Novartis PepsiCoPernod Ricard Philips RBC Rio Tinto Safran Sanofi Schneider Electric Siemens Teva Pharmaceutical Trafigura Visa Volvo Group Walmart YaraNote: O&G = oil and gas; FMCG = fast-moving consumer goods; TMT = technology, media and telecommunications. Building Geopolitical Muscle: How Companies Turn Insights into Strategic Advantage 7

Building Geopolitical Muscle 2026