UPM Annual Report 2025

First page Table of contents Next page Last page

Cover	1
We are UPM	2
UPM in brief	2
From the President and CEO	4
This is UPM	6
Our businesses	8
Events in 2025	12
Our solutions for every day	14
Our strategy	16
We increase our growth focus through a streamlined business portfolio	18
We act on three fronts	18
Strategy in action	20
Financial performance and targets	24
Driving long-term value creation	24
Strategic milestones in 2025	26
Innovating for impact	28
Accelerating innovation through AI	28
Generating shareholder value	30
Risks and opportunities	30
Our businesses	34
UPM Biorefining	36
UPM Energy	36
UPM Adhesive Materials	38
UPM Specialty Papers	38
UPM Fibres	40
UPM Plywood	42
UPM Communication Papers	42
Sustainability	44
Value from sustainability	46
Our 2030 sustainability targets	46
Actions for the environment	50
Sustainable forestry	50
Enhancing biodiversity	52
Committed to climate action	54
Toward CO₂-free energy	56
Responsible water management	58
Advancing the circular bioeconomy	60
Creating value for people and society	62
Active dialogue with stakeholders	62
People and culture	66
A diverse and inclusive working culture	70
Safety and well-being	72
Collaborating on human rights	74
Committed to compliance	76
Ensuring a sustainable supply chain	80
Contributing to society through taxes	82
Our societal and environmental impacts	84
Governance	86
Corporate Governance Statement 2025	88
Board of Directors	90
Group Executive Team	100
Remuneration Report 2025	108
Accounts and performance	114
Report of the Board of Directors	116
Sustainability Statement	132
ESRS 2 General information	136
ESRS E1 Climate change	154
ESRS E2 Pollution	176
ESRS E3 Water and marine resources	182
ESRS E4 Biodiversity and ecosystems	188
ESRS E5 Resource use and circular economy	198
ESRS S1 Own workforce	208
ESRS S2 Workers in the value chain	222
ESRS S3 Affected communities	228
ESRS G1 Business conduct	236
Financial Statements 2025	258
Auditor's report	342
Sustainability Assurance Reports	350
Other financial information	354
More on sustainability	360
Contact us	362

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