UPM Annual Report 2022

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ACCOUNTS FOR 2022

UPM

BEYOND FOSSILS

BUSINESSES

RESPONSIBILITY

GOVERNANCE

CapEx of taxonomy-eligible activities (excluding nuclear and fossil gas related activities)

OpEx of taxonomy-eligible activities (excluding nuclear and fossil gas related activities)

Substantial contribution criteria

DNSH criteria (‘Does Not Significantly Harm’)

Substantial contribution criteria

DNSH criteria (‘Does Not Significantly Harm’)

Water and marine resources

Climate change adaptation

Climate change mitigation

Bioversity and ecosystems

Bioversity and ecosystems Minimum safeguards Taxonomy aligned proportio n of CapEx, year 2022

Bioversity and ecosystems

Bioversity and ecosystems Minimum safeguards Taxono my Taxono my

Proportion of CapEx %

Proportion of OpEx %

Taxonom y aligned proportio n of CapEx, year 2021

Circular economy Pollution

Catego ry (enabli ng activity = E)

Catego ry ‘(transiti onal activity' = T)

Catego ry (enabli ng activity = E)

Categor y ‘(transiti onal activity' = T)

Absolute CapEx

Absolute OpEx

aligned proporti on of OpEx, year 2022

aligned proporti on of OpEx, year 2021

Code(s)

Economic activities

A. TAXONOMY-ELIGIBLE ACTIVITIES

EURm % %

Y/N Y/N Y/N Y/N Y/N Y/N Y/N %

EURm % %

Y/N Y/N Y/N Y/N Y/N Y/N Y/N %

A.1. Environmentally sustainable activities (Taxonomy-aligned)

A2.1, A2.2, A2.3

1.1. Afforestation

A2.1 7

0% 100%

YYYYYYY 100%

1.3. Forest management

22 3% 100%

YYYYYYY100%

A2.1, A2.2, A2.3

4.5. Electricity generation from hydropower

1.3. Forest management

79 5% 100%

YYYYYYY 100%

D35.1.1 4 1% 100%

YYYYYYY100%

3.6 Manufacture of other low carbon technologies

4.13. Manufacture of biogas and biofuels for use in transport

C22 314 19% 100%

YYYYYYY 100%

D35.2.1 8 1% 100%

YYYYYYY100%

4.20. Cogeneration of heat/cool and power from bioenergy

D35.1.1, D35.3

4.5. Electricity generation from hydropower

D35.1.1 8

0% 100%

YYYYYYY 100%

23 3% 100%

YYYYYYY100%

4.13. Manufacture of biogas and biofuels for use in transport

9.1. Close to market research, development and innovation

D35.2.1 16 1% 100%

YYYYYYY 100%

M72.1 12 2% 100%

YYYYYYY100%

OpEx of environmentally sustainable activities (Taxonomy aligned) (A.1) A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) 6.10 Sea and coastal freight water transport, vessels for port operations and auxiliary activities OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)

4.20. Cogeneration of heat/cool and power from bioenergy

D35.1.1, D35.3

0% 100%

YYYYYYY 100%

69 11% 100%

YYYYYYY100%

9.1. Close to market research, development and innovation CapEx of environmentally sustainable activities (Taxonomy aligned) (A.1) A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) 6.10 Sea and coastal freight water transport, vessels for port operations and auxiliary activities CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)

M72.1 1

0% 100%

YYYYYYY 100%

424 26% 100%

YYYYYYY 100%

H50.2 0 0%

0 0%

—%

H50.2 59 4%

Total (A.1 + A.2)

69 11%

100%

59 4%

—%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

OpEx of Taxonomy-non-eligible activities (B)

Total (A.1 + A.2)

483 29%

88%

582 89%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Total (A + B)

650 100%

CapEx of Taxonomy-non-eligible activities (B)

1,173 71%

OpEx of Taxonomy-non-eligible activities (B) includes the eligible and aligned nuclear related activities

Total (A + B)

1,656 100%

CapEx of Taxonomy-non-eligible activities (B) includes the eligible and aligned nuclear related activities