UPM Annual Report 2024

WE ARE UPM

GOVERNANCE

ACCOUNTS AND PERFORMANCE

Report of the Board of Directors

Sustainability Statement

Financial Statements

Auditor's Report

Sustainability Assurance Reports

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’)

DNSH criteria (‘Does Not Significantly Harm’)

Financial year 2024

2024

Substantial contribution criteria

Financial year 2024

2024

Substantial contribution criteria

Proportion of Taxonomy -aligned (A.1.) or - eligible (A.2.) CapEx, year 2023

Proportion of Taxonomy -aligned (A.1.) or - eligible (A.2.) OpEx, year 2023

Categ ory enabli ng activity

Categ ory transiti onal activity

Categ ory enabli ng activity

Categ ory transiti onal activity

Proporti on of CapEx, year 2024

Proporti on of OpEx, year 2024

Economic Activities

Economic Activities

Code CapEx

Code OpEx

Climate change mitigation

Climate change adaptation Water Pollution

Circular economy Biodiversity

Climate change mitigation

Climate change adaptation Water Pollution

Circular economy Biodiversity

Minimum safeguards

Climate change mitigation

Climate change adaptation Water Pollution

Circular economy Biodiversity

Climate change mitigation

Climate change adaptation Water Pollution

Circular economy Biodiversity

Minimum safeguards

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

EURm %

EURm %

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

T

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

T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A. TAXONOMY-ELIGIBLE ACTIVITIES

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

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

CCM 1.1 CCM 1.3 CCM 3.6 CCM 4.5 CCM 4.13 CCM 4.20

CCM 1.3 CCM 3.6 CCM 4.5 CCM 4.13 CCM 4.20

Afforestation

0%

Forest management

3%

Manufacture of other low carbon technologies

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

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

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

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

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

Forest management

4%

11

2% Y

Y Y Y Y Y Y Y

2% E

Manufacture of other low-carbon technologies

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

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

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

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

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

309 38% Y

Y Y Y Y Y Y Y

29% E

Electricity generation from hydropower

4

1% Y

Y Y Y Y Y Y Y

1% E

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

Electricity generation from hydropower

3

0% Y

Y Y Y Y Y Y Y

0% E

13

2% Y

Y Y Y Y Y Y Y

4% E

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

6

1% Y

Y Y Y Y Y Y Y

1% E

10

1% Y

Y Y Y Y Y Y Y

2% E

5

1% Y

Y Y Y Y Y Y Y

0% E

37

6% 6% —%—%—%—%—% Y Y Y Y Y Y Y

12%

Of which enabling

37

6% 6% —%—%—%—%—% Y Y Y Y Y Y Y

12% E

324 40% 40%—%—%—%—%—% Y Y Y Y Y Y Y

35%

Of which transitional

— —% —%

Y Y Y Y Y Y Y

—%

T

Of which enabling

324 40% 40%—%—%—%—%—% Y Y Y Y Y Y Y

35% E

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL

Of which transitional

— —% —%

Y Y Y Y Y Y Y

—%

T

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL

CCM 1.3 CCM 6.10

Forest management

27

4% EL N/EL N/EL N/EL N/EL N/EL

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

CCM 1.1 CCM 1.3 CCM 6.10

N/ EL N/ EL N/ EL

N/ EL N/ EL N/ EL

N/ EL N/ EL N/ EL

N/ EL N/ EL N/ EL

N/ EL N/ EL N/ EL

Afforestation

16

2% EL

0

0% EL N/EL N/EL N/EL N/EL N/EL

0%

Forest management

53

6% EL

OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) OpEx of Taxonomy-eligible activities (A.1 + A.2)

27

4% 4% —% —% —% —% —%

0%

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

1

0% EL

3%

64

10% 10% —% —% —% —% —%

12%

CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) CapEx of Taxonomy-eligible activities (A.1 + A.2)

70

9% 9% —% —% —% —% —%

3%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

OpEx of Taxonomy-non-eligible activities

601 90%

393 48% 48% —% —% —% —% —%

38%

TOTAL 665 100% OpEx of Taxonomy-non-eligible activities (B) includes the eligible and aligned nuclear-related activities

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

CapEx of Taxonomy-non-eligible activities

420 52%

TOTAL

813 100%

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

UPM FINANCIAL REPORT 2024

4

UPM FINANCIAL REPORT 2024

5 167

166

UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024