UPM Annual Report 2024

WE ARE UPM

GOVERNANCE

ACCOUNTS AND PERFORMANCE

Our strategy

Our businesses

Sustainability

2024 highlights

LEADER IN SUSTAINABILITY

Dow Jones Sustainability Index: The only forest and paper company in the Dow Jones European and World Sustainability Indices (DJSI) for 2024–2025. MSCI ESG ratings: An AAA rating in the assessment. MSCI ESG Research provides ESG ratings on global public companies, according to their exposure to in dustry specific ESG risks and ability to manage those risks relative to peers. CDP Programme: A score for our leadership in cor porate transparency and action on climate change and leadership level score A- for forests and water stewardship. S&P Global's Sustainability Yearbook: Top 10% S&P Global CSA Score in the Sustainability Year book 2024 as one of the top-scoring companies in our industry. EcoVadis: The highest possible Platinum level for our sustainability performance for which only 1% of over 100,000 companies assessed globally attain.

JANUARY Massimo Reynaudo takes over as President and CEO of UPM-Kymmene Corporation 1 Saara Tahvanainen is appointed Executive Vice President, UPM Stakeholder Relations and member of the Group Executive Team as of May 2024 15

SEPTEMBER

UPM announces plans to discontinue the UPM Biocom posites business and to close the production units in Lahti, Finland and in Bruchsal, Germany by the end of the year 18 Gunnar Eberhardt is appointed Executive Vice President, UPM Communication Papers and member of the Group Executive Team as of 1 October 2024 27

FEBRUARY CDP recognises UPM with double ‘A’ score for transparency on climate change and forests 6

UPM holds a Capital Markets Day in London, UK, with the theme “From transformation to growth” 5 UPM Biochemicals and Södra announce plans to acceler ate commercialisation of innovative lignin-based solutions 20 Harald Dialer is appointed Executive Vice President, Technology and UPM Biorefining and a member of the Group Executive Team as of 1 January 2025 24

UPM launches a new forest habitat programme to increase biodiversity in its own forests in Finland 7

UPM Biochemicals and Nokian Tyres introduce the first concept tyre with UPM BioMotion™ Renewable Functional Fillers 27

MARCH UPM Raflatac opens a new slitting and distribution terminal in Mumbai, India 5 UPM Biochemicals launches of a new range of bio-based plant stimulants, UPM Solargo™ 26

JULY

OCTOBER UPM Raflatac opens a new slitting terminal in Toronto, Canada 15

Mika Kekki is appointed Executive Vice President, UPM Specialty Papers as of 1 January 2025 29

APRIL UPM holds its Annual General Meeting 4

NOVEMBER UPM Raflatac announces the gradual closure of its Kaltenkirchen factory in Germany during 2025 to improve competitiveness 27 UPM supports Save the Children Finland, focusing on children and families living in conflict areas such as Ukraine and Gaza 28

Tim Kirchen is appointed Executive Vice President, UPM Raflatac and member of the Group Executive Team as of 1 August 2024 25

UPM Raflatac acquires Belgian-based Grafityp to accelerate its growth in graphic solutions 23

MAY UPM announces plans to permanently close the UPM Hürth newsprint mill and a fine paper machine at Nordland Papier (PM3) in Dörpen, Germany. The mill is closed in August and PM3 is closed in December 29

AUGUST UPM Energy announces that it will invest in a new ultraca pacitor in Kuusankoski to balance the grid 8

We are a participant in the UN Global Compact.

DECEMBER The new central railway from Paso de los Toros to the pulp terminal in Montevideo in full use

UPM issues its fourth Green Bond of EUR 600 million 21

UPM receives platinum in the EcoVadis responsibility assessment 26

JUNE UPM Paso de los Toros pulp mill reached nominal capacity before its first maintenance shutdown

Susanna Rinne is appointed interim Executive Vice President of UPM Plywood, effective 1 January 2025 2

UPM is listed in the Dow Jones Global and European Sustainability Indices (DJSI) for the years 2024-2025 as the only company in its industry 23

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UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024