UPM Annual Report 2025

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Biogenic CO 2 emissions

Excluded categories The following categories are excluded from UPM's inventory:

Scope 1 UPM's Scope 1 emissions include UPM's power plants, fuel used in production processes, and a share of jointly operated on-site power plants corresponding to UPM's energy supply. UPM does not report GHG emissions from mobile combustion and from facilities other than production sites and power plants. Scope 1 fossil and biogenic CO 2 are calculated based on the respective fuel consumption. The calculation is based on the European Emissions Trading System, other national requirements, or official calculation factors. UPM only reports CO 2 for Scope 1. Other Greenhouse Gas (GHG) emissions such as CH4 and N 2 O are not material. The European Emissions Trading Scheme and other national schemes require additional third-party verification from accredited auditors for Scope 1 emission. The verification might take place after the publication of this Statement. In the event of significant differences, this will lead to a restatement in next year's reporting. Scope 2 For the Scope 2 calculation, UPM follows the principles and requirements of the GHG Protocol Scope 2 Guidance. UPM's Scope 2 emissions from purchased electricity are calculated using both the market-based and location-based approaches. The main method is the market-based approach, and the target follow-up is based on this method. If the market-based data is unavailable, the residual mix is used, and if the residual mix is unavailable, regional or national grid factors are used. The location-based calculation is based on MLC (former GaBi) factors. In cases where UPM has sold greenhouse gas claims (such as Guarantees of Origin) for energy used by UPM, the corresponding amount has been calculated using the national residual mix. Scope 2 emissions from purchased heat are calculated using the market-based approach, i.e. information from the supplier. Scope 2 GHG emissions are only fossil CO 2 , as information on other GHG emissions is not yet available from suppliers, and the share of other GHG emissions is considered to be low for market-based electricity. Scope 2 biogenic emissions are estimated based on location-based factors for electricity purchased from MLC (formerly GaBi), excluding sites using 100% nuclear electricity. For UPM's pulp and paper mills in Europe, China, and Uruguay, the Scope 1 and 2 CO 2 emissions are verified and reported in accordance with the EU's Eco-Management and Audit Scheme (EMAS) by EMAS accredited auditors. Scope 3 UPM's Scope 3 calculation follows the principles and requirements of the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard. Information about biogenic CO 2 emissions is unavailable for Scope 3 categories, except for category 11 (Use of sold products), where UPM reports biogenic CO 2 from the combustion of UPM's renewable diesel sales. Other GHG emissions from combustion are estimated to be insignificant.

tonne-kilometers and primary emission data from suppliers or secondary emission factors from databases (GLEC, except UPM Adhesive Materials' which uses GaBi factors). For raw material transport, the calculation is based on actual quantities received and distances per mode of transport. Updates for transport distances vary between raw material categories and business areas. For product transport, both tonnes per transport mode and distances are actual figures. Only chemical transports are not calculated based on actual distances but are estimated using actual quantities received and an average CO 2 eq per quantity factor for pigment transport as a proxy. The estimated percentage of emissions calculated using data from suppliers is 40%. UPM's -30 by 30 Program to reduce CO 2 emissions related to logistics and purchased materials includes measures to receive accurate data from more suppliers. • 10 Processing of sold products: This category includes all UPM products, calculated based on production figures and various sources of emissions related to further processing. CO 2 eq for tissue and packaging paper production from pulp and industrial printing of paper is calculated based on ecoinvent data for electricity consumption for the respective processes and region-specific factors for electricity generation. CO 2 eq for printing at home or the office is estimated as the average electricity consumption of laser and ink jet printers and ecoinvent's region-specific factors for electricity generation. UPM's average CO 2 eq emissions from graphic paper and label production are used to estimate external processing. The average represents different regions. The processing of sold labels is based on assumptions and calculations for UPM Adhesive Materials' LCA from 2021. CO 2 eq emissions are based on assumptions and calculations from the verified Environmental Product Declarations for the processing of timber and plywood. The percentage of emissions calculated using data from customers: 0%. Included minor categories The following minor categories are included in UPM's carbon inventory as additional information: • 2 Capital goods • 5 Waste generated in operations • 6 Business travel • 7 Employee commuting

• 8 Upstream leased assets: Not a relevant category. According to several Life Cycle Assessment (LCA) studies carried out for the paper industry, infrastructure accounts for less than 1% of CO 2 emissions for paper industry units. • 9 Downstream transport and distribution: UPM mainly produces intermediate products. Due to the scarcity of reliable information, the availability of adequate data, and UPM's influence on transport to end users, UPM only reports CO 2 emissions related to the transport of UPM's (intermediate) products to customers. As these transports are purchased by UPM, their emissions are included in category 4 (Upstream transport and distribution). • 11 Use of sold products: Not a relevant category. UPM's products do not cause any fossil CO 2 emissions during their use. As additional information, UPM reports on biogenic CO 2 from the combustion of renewable diesel, while emissions of other greenhouse gases from combustion are estimated to be insignificant. • 12 End-of-life treatment of sold products: As a producer of mostly intermediate products, reliable information, availability of adequate data, and the company's influence on this emission category is limited. These emissions are therefore excluded from the inventory. • 13 Downstream leased assets: Not relevant, as covered by other categories. • 14 Franchises: Not applicable, as UPM does not have any franchise activities. • 15 Investments: Not applicable, as there are no investments with emissions that are not included in Scope 1 and 2. Included major categories The following major categories are included in UPM's carbon inventory: • 1 Purchased goods and services: If primary data from the supplier is unavailable, secondary data from ecoinvent is used to calculate emissions. Exceptions: IT-related emissions are evaluated using DEFRA factors per euro spent. Material categories included in the inventory are external pulp, wood, recovered paper, pigments and fillers, chemicals (for pulp, paper and label production), external paper and films. The estimated percentage of emissions calculated using data from suppliers is 40%. UPM's -30 by 30 Program to reduce CO 2 emissions related to logistics and purchased materials includes measures to receive accurate data from more suppliers. • 3 Fuel- and energy-related activities (not included in Scope 1 or Scope 2): This category includes emissions from the extraction, production and transport of purchased fuels used on production sites. The figure is calculated by multiplying consumption by fuel type with CO 2 eq factors from ecoinvent or MLC (formerly GaBi) for purchased electricity. Emissions related to the production of biogenic fuels are not included in this category, as they are already included in the figures under other Scope 3 categories: for example, energy wood is included in category 1 under wood. The percentage of emissions calculated using data from suppliers is 0%. • 4 Upstream transportation and distribution: This category includes transport for the same raw materials reported in category 1, as well as product deliveries from UPM sites and storage facilities to customers, as these are under UPM's control. The calculation is based on calculated

t Biogenic CO 2

2025

2024

Scope 1

12,140,000 11,740,000

Scope 2

150,000

170,000

Scope 3 (Category 11 Use of sold products)

390,000

300,000

Fossil CO 2 emissions by country 2025

1,500,000

1,000,000

500,000

0

Finland Germany China Uruguay US

UK Other

Scope 1

Scope 2

GHG intensity

% 2025/2024

t/€ m

2025

2024

Total GHG emissions (location-based) per net revenue (tCO 2 eq/€ m sales) Total GHG emissions (market-based) per net revenue (tCO 2 /€ m sales)

1,160

1,170

1 %

1,120

1,090

-2 %

Sales correspond to total sales as reported in the consolidated financial statements. Refer to » Note 2.2. Sales in the consolidated financial statements, Accounting policies.

Reporting principles for metrics

UPM reports data on a consolidated basis. Refer to » ESRS 2, BP-1 f or detailed information. The share of associated companies is insignificant.

UPM Financial Report 2025

166

UPM Financial Report 2025

167

166

167

UPM Annual Report 2025

UPM Annual Report 2025