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

POLICIES

UPM Chemical Management Standard

The UPM Chemical Management Standard describes the minimum requirements for chemical risk assessment, approval and safe handling. UPM complies with the relevant international and national legislation applicable to the production site and for the product. In addition, chemicals approved for use should have minimal negative effects on human health, the environment and the safety of UPM's products. The least harmful alternative should be selected. Chemicals that are classified as or contain a component that is fatal to humans, carcinogenic, mutagenic, harmful to reproduction, toxic for single organs, skin or respiratory sensitising, toxic to aquatic life with chronic effects, hazardous to the ozone layer, or that are on the list of substances of very high concern (SVHC) of the European Chemicals Agency (ECHA), or that are considered to have endocrine disrupting properties, must not be The UPM Risk Management Standard also applies to OHS & Environment. It states: “Risks are managed at UPM using risk assessments. No job should begin without an evaluation of risk.” The standard defines that management at all UPM units (sites, mills, offices, etc.) are expected to: 1. identify all foreseeable hazards and evaluate their risk levels with respect to health, safety, environment, products and Company reputation; 2. effectively control risks to a level as low as reasonably practicable; 3. effectively communicate risk assessment findings to all relevant employees so they can work safely and in an environmentally responsible way; 4. review and prioritise the risks in their area of responsibility. Further standards such as the UPM Process Safety Standard or UPM Management of Change Standard are also addressing aspects relevant for the management of environmental performance. UPM's standards are approved at UPM Function level. UPM Incident Investigation and Reporting Standard The UPM Incident Investigation and Reporting Standard applies to OHS & Environment. For example, it defines UPM's effective incident investigation process to include how to notify, investigate, and assign preventive and corrective actions, report the findings, and share the lessons learned with other UPM organisations. The UPM incident investigation process starts when an incident occurs or is detected. Immediately following an incident, the line organisation's first task is to stabilise the situation, limit any further consequences, and make the incident site safe and secure. used if technically feasible safer alternatives are available. UPM Risk Management Standard

E2-1

UPM's Code of Conduct expresses the Company's respect for people, the environment and ethical business practices, and includes its commitment to minimising negative environmental impacts. The Code is complemented by UPM's Sustainability Policy Statement, which addresses the issue in more detail. The UPM Supplier and Third-Party Code sets out minimum requirements for the value chain. » Refer to G1-1 Policies for more information about these policy documents. In addition, specific aspects are addressed in the following policy documents: • UPM Sustainable Supply Chain Programme » Refer to G1-2 Responsible Sourcing • UPM Clean Run Standard • UPM Chemical Management Standard • UPM Risk Management Standard • UPM Incident Investigation and Reporting Standard UPM's high-level commitment to mitigating, preventing and controlling negative impacts related to pollution is stated in the UPM Code of Conduct: "We aim to minimise any direct or indirect negative impacts on the environment or people in our sphere of influence. On an ongoing basis, we measure and assess the direct and indirect environmental risks and impacts of our operations and promote the use of best available techniques. We expect our suppliers and business partners to share our commitment to the environment." This is complemented by UPM's Sustainability Policy Statement: "UPM pays close attention to the impact of its operations on the air, climate, water and soil and aims to minimise any adverse effects. This means reducing emissions to air and water, avoiding emissions to soil and minimising both non-hazardous and hazardous waste." All relevant pollutants and substances from UPM's operations are covered by UPM's policies. The reduction targets for most material pollutants at Group level, NO X , SO 2 , COD and landfill waste, are included in UPM's sustainability targets for 2030. UPM's commitment to the continuous improvement of environmental impacts is specified in the UPM Sustainability Policy Statement. UPM Clean Run Standard The UPM Clean Run Standard formalises UPM's Clean Run concept. It aims to ensure that all businesses of UPM implement the processes falling under Clean Run as intended in UPM's Sustainability Policy Statement, and to ensure continuous improvement of environmental performance and compliance with all applicable laws and other regulatory obligations. » Refer to E2-2 UPM Clean Run concept .

Pollution (ESRS E2) UPM pays close attention to the impact of its operations on the air, climate, water and soil and aims to minimise any adverse effects. This means reducing emissions to air and water, avoiding emissions to soil and minimising both non-hazardous and hazardous waste.

Reduction in acidifying flue gases (NO X /SO 2 ) achieved for a UPM average product Reduction in chemical oxygen demand (COD) achieved for UPM's average product -19% -44%

35 environmental deviations from permit, contractual or other legal obligations 2,200 preventive observations and near misses reported

Compared to 2008 (2030 target: -40%)

Compared to 2015 (2030 target: -20%)

UPM FINANCIAL REPORT 2024

176

UPM FINANCIAL REPORT 2024

177

176

177

UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024