UPM Annual Report 2024

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Cover	1
We are UPM	2
Contents	2
CEO Review	4
This is UPM	6
UPM businesses presented	8
Our performance in 2024	10
2024 highlights	12
Our strategy	18
Our strategic direction	18
Executing our growth strategy	20
Ensuring performance	22
Creating value for customers	24
Innovating for the future	26
Value from sustainability	28
2030 sustuinability targets and progress	30
Risks and opportunities	32
Generating shareholder value	36
Our businesses	38
UPM Fibres	40
UPM Raflatac	42
UPM Plywood	44
UPM Communication Papers	44
UPM Energy	46
UPM Biorefining	46
Sustainability	48
Sustainable forestry	50
Enhancing biodiversity	52
Committed to climate action	54
Towards CO2 -free energy	56
Active dialogue with stakeholders	62
People and culture	66
A diverse and inclusive working culture	70
Responsible water management	60
Safety and wellbeing	72
Collaborating on human rights	74
Committed to compliance	76
Ensuring a sustainable supply chain	80
Contributing to society through taxes	82
Our societal and environmental impacts	84
Governance	86
Corporate Governance Statement	88
Board of Directors	90
Group Executive Team	100
Accounts and performance	108
Report of the Board of Directors	110
Sustainability Statement	124
Financial Statements	254
Auditor´s Report	332
Sustainability Assurance Reports	338
Other financial information	350
More on sustainability	356
Contact us	360

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