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

Limitation of the Assignment In a limited assurance assignment, the methods of obtaining evidence are more limited than in a reasonable assurance assignment, which is why more limited assurance is obtained than in a reasonable assurance assignment. We have designed and performed the engagement in such a way that we obtain enough evidence for limited assurance on which to base our conclusions, and thus it does not provide all of the evidence required to obtain reasonable assurance. The scope of the assignment covers the Subject Matter for the reporting period 1 January 2024 – 31 December 2024 and does not include sustainability information from previous reporting periods. The assurance covers the Subject Matter previously defined in the section Scope, and the assurance does not apply to other information published in the Annual Report. Conclusion Based on our procedures and the evidence obtained, we are not aware of any material modifications that should be made to the Subject Matter for the period 1.1-31.12.2024, in order for it to be in accordance with the Criteria. ► Involvement of stakeholders : Based on the assurance work done and the evidence we have obtained, we have not come across any facts, based on which it would be reasonable to assume that essential stakeholders were not taken into account in the measures related to the participation of stakeholders or that the principle of the participation of stakeholders was not taken into account in the development of corporate responsibility procedures. In its disclosures, UPM has identified its key stakeholders, set goals related to the involvement of stakeholders and reported on measures to involve stakeholders. Stakeholder group work is monitored regularly at the management team and board level. ► Determining the essential topics of corporate responsibility: Based on the assurance work done and the evidence we have obtained, we have not come across any facts, based on which there is reason to assume that the determination of UPM's materiality topics of corporate responsibility does not give a fair picture of the material topics regarding corporate responsibility. UPM has carried out a materiality analysis to identify key impacts and published its results in its Sustainability Statement and Annual Report 2024. The materiality topics have been prioritized based on the significance of the effects of UPM's operations and the views of stakeholders. UPM regularly monitors stakeholders' views by conducting stakeholder surveys.Goals have been set for each relevant topic, which are monitored and reported on using appropriate metrics. ► Responding to stakeholders' expectations: Based on the assurance work done and the evidence we have obtained, we have not come across any facts that would give a reason to assume that UPM has not applied the principle of responding to stakeholders' expectations with regard to the topics to be reported. UPM has identified the expectations of various stakeholders and described the measures taken to meet them. ► Assessment of impacts: Based on the assurance work done and the evidence we have obtained, we have not come across any facts that would make it reasonable to assume that UPM has not measured, monitored and evaluated its impacts on the ecosystems surrounding the company. UPM's essential impacts, indicators and goal monitoring are described in the annual report for each area of corporate responsibility. Applying AccountAbility (AA1000) principles of corporate responsibility:

Quality and reliability of corporate responsibility data Based on the assurance work done and the evidence we have obtained, we have not come across any facts that would give a reason to assume that the presented corporate responsibility information is not reliable and high-quality in essential parts based on the reporting criteria, or does not give an adequate and correct picture of UPM's corporate responsibility in essential parts. Recommendations Based on the assurance work we have done and the evidence we have obtained, we are not aware of any significant changes or additions that should be made to the Subject Matter in order for it to meet the requirements of the Criteria. • Implementing a more structured process for local community and social engagement practices across all locations, irrespective of scale of operations • More emphasis can be placed on measuring and monitoring of metrics on stakeholder engagements especially related to affected communities. Standardizing or categorizing the metrics would allow for continuous monitoring of the effectiveness of stakeholder engagement and its associated actions.

Helsinki, 13 February 2025

Ernst & Young Oy Authorized Public Accountant Firm

Heikki Ilkka Authorized Public Accountant

UPM FINANCIAL REPORT 2024

348

UPM FINANCIAL REPORT 2024

349

348

349

UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024