UPM Annual Report 2023

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ACCOUNTS FOR 2023

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)

DNSH criteria (‘Does Not Significantly Harm’)

Substantial contribution criteria

DNSH criteria (‘Does Not Significantly Harm’)

Fiscal year 2023

2023

Substantial contribution criteria

Fiscal year 2023

2023

Proporti on of Taxono my aligned (A.1.) or - eligible (A.2.) OpEx, year 2022

Climate change adaptation

Minimum safeguards Proportion of Taxonomy -aligned (A.1.) or - eligible (A.2.) CapEx, year 2022

Climate change mitigation

Minimum safeguards

Circular economy Biodiversity

Catego ry enablin g activity

Catego ry transitio nal activity

Catego ry enablin g activity

Categor y transitio nal activity

Proport ion of CapEx %

Proport ion of OpEx %

Pollution

Absolut e CapEx

Absolu te OpEx

Water

Economic activities

Code(s)

Y; N; N/EL

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 % E

A. TAXONOMY-ELIGIBLE ACTIVITIES

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

N/ EL N/ EL N/ EL N/ EL N/ EL N/ EL

Afforestation

CCM 1.1 3

0% Y

Y Y Y Y Y Y Y

0% E

N/ EL N/ EL N/ EL N/ EL N/ EL

Forest management

CCM 1.3 24 3% Y

YYYYYYY 3% E

Forest management

CCM 1.3 54 4% Y

Y Y Y Y Y Y Y

5% E

Manufacture of other low carbon technologies

CCM 3.6 15 2% Y

YYYYYYY 2% E

Manufacture of other low carbon technologies

CCM 3.6 385 29% Y

Y Y Y Y Y Y Y

19% E

Electricity generation from hydropower

CCM 4.5 6 1% Y

YYYYYYY 1% E

Electricity generation from hydropower

CCM 4.5 3

0% Y

Y Y Y Y Y Y Y

0% E

Manufacture of biogas and biofuels for use in transport Cogeneration of heat/cool and power from bioenergy OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

CCM 4.13 CCM 4.20

28 4% Y

YYYYYYY 2% E

Manufacture of biogas and biofuels for use in transport Cogeneration of heat/cool and power from bioenergy

CCM 4.13 CCM 4.20

14 1% Y

Y Y Y Y Y Y Y

1% E

11 2% Y

YYYYYYY 3% E

0% Y

Y Y Y Y Y Y Y

0% E

84 12% 12%—%—%—%—%—% Y Y Y Y Y Y Y 11%

CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

460 35% 35% —%—%—%—%—% Y Y Y Y Y Y Y

26%

Of which Enabling

84 12% 12%—%—%—%—%—% Y Y Y Y Y Y Y 11% E

Of which Enabling

460 35% 35% —%—%—%—%—% Y Y Y Y Y Y Y

26% E

Of which Transitional

— — —%

Y Y Y Y Y Y Y —%

Of which Transitional

— — —%

Y Y Y Y Y Y Y

—%

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

EL; N/EL

EL; N/ EL

EL; N/EL

Sea and coastal freight water transport, vessels for port operations and auxiliary activities

CCM 6.1 0 0% EL N/EL N/EL N/EL N/EL N/EL

CCM 6.1 38 3% EL N/EL N/EL N/EL N/EL N/EL

OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)

CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)

0 0% 0%—%—%—%—%—%

38 3% 3% —% —% —% —% —%

OpEx of Taxonomy-eligible activities (A.1 + A.2)

CapEx of Taxonomy-eligible activities (A.1 + A.2)

84 12% 12% —% —% —% —% —%

11%

498 38% 38% —% —% —% —% —%

29%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

OpEx of Taxonomy-non-eligible activities (B)

628 88%

CapEx of Taxonomy-non-eligible activities (B)

830 62%

Total (A + B)

712 100%

TOTAL

1,329 100%

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

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

148

149

UPM ANNUAL REPORT 2023

UPM FINANCIAL REPORT 2023

148

UPM FINANCIAL REPORT 2023

149

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