UPM Annual Report 2025

We are UPM

Governance

Accounts and performance

Sustainability Statement

Report of the Board of Directors

Financial Statements

Auditor's Report

Sustainability Assurance Reports

TCFD

TNFD

UPM's climate-related disclosures according to TCFD (Task Force on Climate-related Financial Disclosures) are presented in this Sustainability Statement as follows:

UPM's nature-related disclosures according to TNFD (Task Force on Nature-related Financial Disclosures) are presented in this Sustainability Statement as follows:

Requirements

Paragraphs in this sustainability statement

Requirements

Paragraphs in this sustainability statement

Governance a) The role of the Board in overseeing climate-related issues

Governance a) The role of the Board in overseeing nature-related impacts, risks and opportunities

ESRS 2 GOV-1 Management's role in sustainability IRO-1 Materiality assessment process ESRS 2 GOV-1 Management's role in sustainability ESRS 2 IRO-1 Materiality assessment process

ESRS 2 GOV-1 Management's role in sustainability ESRS 2 IRO-1 Materiality assessment process ESRS 2 GOV-1 Management's role in sustainability ESRS 2 IRO-1 Materiality assessment process ESRS 2 GOV-1 Sustainability governance ESRS 2 GOV-4 Sustainability Due Diligence S1-1 UPM and human rights ESRS 2 IRO-1 Materiality assessment process E4 SBM-3 Impacts, risks and opportunities ESRS 2 IRO-1 Materiality assessment process E4 SBM-3 Impacts, risks and opportunities ESRS 2 IRO-1 Materiality assessment process E4 SBM-3 Impacts, risks and opportunities E4-1 Transition plan ESRS 2 IRO-1 Materiality assessment process E4 SBM-3 Impacts, risks and opportunities ESRS 2 IRO-1 Materiality assessment process E4 SBM-3 Impacts, risks and opportunities ESRS 2 IRO-1 Materiality assessment process E4 SBM-3 Impacts, risks and opportunities

b) The role of management in assessing and managing climate-related issues

b) The role of management in assessing and managing nature-related dependencies, impacts, risks and opportunities c) Human rights policies and engagement activities, and oversight by the Board and management, with respect to Indigenous Peoples, Local Communities, affected and other stakeholders, in the organisation’s assessment of, and response to, nature-related dependencies, impacts, risks and opportunities. Strategy a) The nature-related dependencies, impacts, risks and opportunities over the short, medium and long term b) The effect of nature-related dependencies, impacts, risks and opportunities on business model, value chain, strategy and financial planning, as well as on any transition plans or analysis in place

Strategy a) The climate-related risks and opportunities over the short, medium and long term ESRS 2 IRO-1 Materiality assessment process ESRS 2 SBM-3 Impacts, risks and opportunities E1-4 Targets b) The impact of climate-related risks and opportunities on business, strategy and financial planning ESRS 2 IRO-1 Materiality assessment process

E1-1 Transition plan - Investments and funding ESRS 2 SBM-3 Impacts, risks and opportunities E1-4 Targets ESRS 2 SBM-3 Resilience of UPM's business model E1-1 Transition plan E1 SBM-3 Climate risks and business resilience

c) The resilience of strategy, taking into consideration climate-related scenarios

c) The resilience of strategy, taking into consideration nature-related scenarios

Risk management a) Processes for identifying climate-related risks

Risk management a) Processes for identifying, assessing and prioritizing nature-related dependencies, impacts, risks and opportunities

ESRS 2 IRO-1 Materiality assessment process - Climate-related risks

b) Processes for managing climate-related risks

ESRS 2 GOV-1 Sustainability governance E1-1 Transition plan

b) Processes for monitoring nature-related dependencies, impacts, risks and opportunities

c) How processes for identifying, assessing, and managing climate-related risks are integrated into overall risk management

ESRS 2 IRO-1 Materiality assessment - Process in general

c) How processes for identifying, assessing, prioritizing and monitoring nature-related risks are integrated into and inform the overall risk management process

Metrics and targets a) Metrics used to assess climate-related risks and opportunities

Metrics and targets a) Metrics used to assess and manage material nature-related risks and opportunities

Metrics (E1-5 Energy consumption and mix, E1-6 GHG emissions, E1-7 Carbon removals and carbon credits, E1-8 Internal carbon pricing)

E4-5 Metrics

b) Positive impact on forest biodiversity and developing a monitoring system and obstacle-free streams, and related risks c) Targets used to manage nature-related dependencies, impacts, risks and opportunities and performance against targets

E4-3 Actions E4 SBM-3 Impacts, risks and opportunities

b) Scope 1, Scope 2 and Scope 3 emissions, and related risks

Emissions: E1-6 GHG emissions Risks: ESRS 2 SBM-3 Impacts, risks and opportunities

E4-4 Targets

c) Targets used to manage climate-related risks and opportunities and performance against targets E1-4 Targets

UPM Financial Report 2025

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UPM Financial Report 2025

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UPM Annual Report 2025

UPM Annual Report 2025