UPM Annual Report 2024

WE ARE UPM

GOVERNANCE

ACCOUNTS AND PERFORMANCE

Our strategy

Our businesses

Sustainability

We are a material solutions company

Contents

ABOUT THIS REPORT

WE ARE UPM CEO Review

GOVERNANCE Corporate Governance Statement

OUR BUSINESSES Renewable fibres UPM Fibres Advanced materials UPM Raflatac

The reports online All online reports can be found at www.upm.com/annualreport UPM Annual Report 2024 PDF version UPM Corporate Governance Statement 2024

This Annual Report provides a comprehensive overview of our performance in 2024. All material information has been integrated into this one entirety.

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88 90 101

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This is UPM

Board of Directors

Corporate Sustainability Reporting Directive (CSRD) The EU Corporate Sustainability Reporting Directive (CSRD) introduces a standardised mandatory reporting framework that requires companies to disclose comprehensive information about their environmental, social and governance performance. This includes actions to mitigate climate change, address human rights and promote good governance. Under the CSRD, the European Sustainability Reporting Standards (ESRS) outline the new EU requirements and indicators, and provide detailed guidelines on the content and format of reporting on sustainabili ty-related impacts, risks and opportunities. We have included the European Sustainability Reporting Standards (ESRS) relevant to our business and the material topics identified through the double materiality assessment in the Sustainability Statement (on pages 125–245). UPM has reported in accordance with the standards of the Global Re porting Initiative (GRI) for the period 1 January 2024 to 31 December 2024. Our GRI index document shows where the material topics and general disclosures can be found in the Annual Report, on UPM’s website or in the GRI index document itself. It also includes information about omissions, additional explanations and disclosures on the management approach. The document is available on UPM’s website www.upm.com/sustainability. UPM is also committed to the principles of inclusivity, materiality, responsiveness and impact as defined in the AA 1000 AccountAbility Principles Standard (2018). UPM’s corporate responsibility reporting in accordance with GRI standards and AA 1000

UPM businesses presented Our performance in 2024

Group Executive Team

UPM Remuneration Report 2024 Accounts for 2024 in XBRL format

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UPM Specialty Papers

2024 highlights

ACCOUNTS AND PERFORMANCE Report of the Board of Directors 110 Sustainability Statement 125 Financial Statements 254 Auditor's report 332 Sustainability Assurance Reports 339 Other financial information 350 More on sustainability 356 Contact us 360

UPM GRI Content Index 2024 UPM Material Balance 2024 Interactive Analyst tool for financial and sustainability data

UPM Plywood

OUR STRATEGY Our strategic direction

Communication papers UPM Communication Papers

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Executing our growth strategy

20 22 24 26 28 30 33 36

Decarbonisation solutions UPM Energy

Read more about our responsibility agenda at www.upm.com/sustainability.

Ensuring performance

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Creating value for customers Innovating for the future Value from sustainability

UPM Biorefining

SUSTAINABILITY Actions for environment Sustainable forestry

2030 sustainability targets and progress

50 52 54 57 60 62 66 70 72 74 76 80 82 84 61

Risks and opportunities

Enhancing biodiversity

Generating shareholder value

Committed to climate action Towards fossil-free energy Responsible water management Driving a circular bioeconomy Creating value for people and society Active dialogue with stakeholders

People and culture

A diverse and inclusive working culture

Safety and wellbeing

Collaborating on human rights Committed to compliance Ensuring a sustainable supply chain Contributing to society through taxes Our societal and environmental impacts

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UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024