Annual Report 2023 UPM Forestal Oriental

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EDITORIAL

Álvaro Fitipaldo Head of Operations at UPM Forestal Oriental

The start of operations of the new pulp mill in the department of Durazno set up the dynamics of a year where we consolidated the increase in the scale of UPM Forestal Oriental’s operations in Uruguay and reached a historic milestone for UPM’s activity overall. The positive impact produced by the new mill was very visible in the amount of activity in rural areas and communities in its sphere of influence, which will capitalize on the momentum generated by this new operation. At UPM Forestal Oriental, 2023 was also a year of corroborations. After several years of preparations to secure the forestry base and supply capacity for the expanded demand for timber that comes with two operational pulp mills, we validated the success of detailed and rigorous planning. We also affirmed the importance of methodical and orderly implementation, which was carried out by our fantastic team and our solid base of contractors, who proved to be up to this enormous challenge. This annual report which we are sharing here reflects, in each section, the key findings of each of our processes and operational areas, as well as our progress in the different projects we are committed to continue to ensure a long term, responsible and sustainable forestry operation.