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

• We assessed whether the group sustainability statement in material respect meets the requirements of ESRS standards for material sustainability topics: – We have tested the accuracy of the information presented in the group sustainability statement by comparing the information on a sample basis with supporting company documentation. – We have on a sample basis performed analytical assurance procedures and related inquiries, recalculation and inspected documentation, as well as tested data aggregation to assess the accuracy of the group sustainability statement. • We gained an understanding of the process by which a company has defined taxonomy-eligible and taxonomy-aligned economic activities and evaluate the regulatory compliance of the information provided.

ASSURANCE REPORT ON THE SUSTAINABILITY STATEMENT (Translation of the Finnish original) To the Annual General Meeting of UPM-Kymmene Oyj

We have performed a reasonable assurance engagement of Scope 1 and Scope 2 GHG emissions (the “GHG emissions”) contained in the group sustainability statement of UPM-Kymmene Oyj (1041090-0) that is referred to in Chapter 7 of the Accounting Act and the sustainability reporting standards (ESRS) (the “Criteria”) and that is included in the report of the Board of Directors for the financial year 1.1.–31.12.2024. Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did not perform reasonable assurance procedures on the remaining information included in the group sustainability statement and accordingly, we do not express an opinion on this information. Opinion In our opinion, Scope 1 and Scope 2 GHG emissions for the financial year 1.1-31.12.2024 are presented, in all material respects, in accordance with the requirements laid down in Chapter 7 of the Accounting Act and the sustainability reporting standards (ESRS). Our opinion does not cover the tagging of the group sustainability statement with digital XBRL sustainability tags in accordance with Chapter 7, Section 22, Subsection 1(2), of the Accounting Act, because sustainability reporting companies have not had the possibility to comply with that provision in the absence of the ESEF regulation or other European Union legislation. Basis for Opinion We performed the assurance of the group sustainability statement as a reasonable assurance engagement in compliance with good assurance practice in Finland and with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information . Our responsibilities under this standard are further described in the Responsibilities of the Group Sustainability Auditor section of our report. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Matter We draw attention to the fact that the group sustainability statement of UPM-Kymmene Oyj that is referred to in Chapter 7 of the Accounting Act has been prepared and assurance has been provided for it for the first time for the financial year 1.1.– 31.12.2024. Our opinion does not cover the comparative information that has been presented in the group sustainability statement. Our opinion is not modified in respect of this matter.

Helsinki 13.2.2025 Ernst & Young Oy Authorized Sustainability Audit Firm

Heikki Ilkka Authorized Sustainability Auditor

UPM FINANCIAL REPORT 2024

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UPM FINANCIAL REPORT 2024

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UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024