UPM Annual Report 2023

BUSINESSES

UPM

BEYOND FOSSILS

RESPONSIBILITY

GOVERNANCE

ACCOUNTS FOR 2023

OUR BUSINESSES

We invest in sustainable growth. With the completion of our major projects, we produce more renewable and recyclable materials and more CO 2 -free energy. WHAT TRANSFORMING MEANS

BUSINESS AREAS UPM Fibres - UPM Pulp UPM Fibres - UPM Timber

38 40 42 44 46 48 50

UPM Energy UPM Raflatac

UPM Specialty Papers

UPM Communication Papers

UPM Plywood

OTHER OPERATIONS UPM Biorefining - UPM Biofuels UPM Biorefining - UPM Biochemicals UPM Biorefining - UPM Biomedicals UPM Biorefining - UPM Biocomposites

52 54 56 57

36

37

UPM ANNUAL REPORT 2023

UPM ANNUAL REPORT 2023