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

Group sustainability auditor's Independence and Quality Management We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our engagement, and we have fulfilled our other ethical responsibilities in accordance with these requirements. The group sustainability auditor applies International Standard on Quality Management ISQM 1, which requires the sustainability audit firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Responsibilities of the Board of Directors and the Managing Director The Board of Directors and the Managing Director of UPM-Kymmene Oyj are responsible for: • the group sustainability statement and for its preparation and presentation in accordance with the provisions of Chapter 7 of the Accounting Act, including the process that has been defined in the sustainability reporting standards and in which the information for reporting in accordance with the sustainability reporting standards has been identified • such internal control as the Board of Directors and the Managing Director determine is necessary to enable the preparation of a group sustainability statement that is free from material misstatement, whether due to fraud or error. Inherent Limitations in the Preparation of a Sustainability Statement Sustainability reporting is characterized by estimates and assumptions, as well as measurement and estimation uncertainty. The determination of greenhouse gases is subject to inherent uncertainty due to the incomplete scientific data used to determine the emission factors and the numerical values needed to combine emissions of different gases. Responsibilities of the Group Sustainability Auditor Our responsibility is to express an opinion on the presentation of the GHG emissions based on the evidence we have obtained. We conducted our engagement in accordance with the International Standard for Assurance Engagements (ISAE) 3000 (Revised) Other Than Audits or Reviews of Historical Financial Information. Those standards require that we plan and perform our engagement to obtain reasonable assurance about whether, in all material respects, the GHG emissions are presented in accordance with the Criteria, and to issue a report. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risk of material misstatement, whether due to fraud or error. Description of the Procedures That Have Been Performed As part of our assurance procedures we, for example: • Conducted interviews with relevant personnel to understand the business and reporting process, including the sustainability strategy, principles and management • Conducted interviews with key personnel to understand the sustainability reporting system during the reporting period, including the process for collecting, collating and reporting the GHG emissions • Checked that the calculation criteria have been correctly applied in accordance with the methodologies outlined in the Criteria

• Undertook analytical review procedures to support the reasonableness of the data • Identified and testing assumptions supporting calculations • Tested, on a sample basis, underlying source information to check the accuracy of the data • Inspected relevant documentation of the systems and processes for compiling, analysing, and aggregating data in the reporting period and testing such documentation on a sample basis • Performed physical and online site visits to performed inquiries and inspect documents on a sample basis. • Read and reviewed selected material qualitative statements in applicable sections of the report for plausibility and consistency

Helsinki 13.2.2025

Ernst & Young Oy Authorized Sustainability Audit Firm

Heikki Ilkka Authorized Sustainability Auditor

UPM FINANCIAL REPORT 2024

344

UPM FINANCIAL REPORT 2024

345

344

345

UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024