UPM Annual Report 2025

We are UPM

Governance

Accounts and performance

Sustainability

UPM in brief

Our strategy

Our businesses

Our activities and products have impacts on the environment and society. Understanding these impacts is a prerequisite to developing our operations. Direct and indirect inputs and outputs provide a comprehensive picture of the value chain and form the basis for the impact assessment. Our societal and environmental impacts

UPM's detailed material balance is available at upm.com/annualreport

Indirect upstream

Direct upstream

Direct downstream

Direct downstream

Indirect downstream

Impacts

Raw materials

Products

Emissions to air

Increasing knowledge and quality of life through our products

Number of b2b suppliers

17,000

10,000 in 110 countries

Nitrogen oxides

8,800 t

Paper

4.3m t

Number of customers

Wood

28m m³

Sulphur dioxide

760 t

Chemical pulp

5.2m t

Vitality and prosperity for area of influence

Market pulp

1.3m t

Private forest owners supplying wood to UPM

13,000

Particulates

780 t

Converting materials

0.5m t

People using UPM products

more than 300m

VOC

1,000 t

Increased social capital and skills of employees

Recovered paper

0.5m t

Plywood and veneer

0.5m m³

Seedlings planted

55 million

Fossil CO 2 emissions (Scope 1)

2.1m t

Sawn timber

1.1m m³

€1.7m distributed to about 210 groups

Local support and charitable donations under the UPM Share and Care Program

Minerals

1.7m t

Well-being and safety of employees and contractors

Biogenic CO 2 emissions

12.1 m t

Electricity and heat

14,100 GWh

Emissions to water

Supplier spend covered by UPM Supplier Code

86%

Chemicals

0.9m t

Biodiversity enhanced by various initiatives 3)

Sales

€9,656m

Process wastewater

190m m³

Purchased paper for converting

Comparable EBIT

€921m

0.3m t

Cooling water

190m m³

Virgin materials replaced

1.0m t

Certified wood

90%

Ecosystem services secured through sustainable forest management

Biological oxygen demand (7 days)

5,300 t

Plastic, adhesives, resins, films

0.2m t

Patent and trademark portfolio

5,044

Percentage of wood origin known

Value of products eligible for ecolabeling

Climate change mitigation through UPM's carbon actions 4)

100%

€7.9 billion

Chemical oxygen demand

57,600 t

People and society

Costs, raw materials

€ 4.1 billion

Employees

15,100

Adsorbable organic halogens

300 t

Water uptake

Value added €2.2 billion

Fossil CO 2 emissions (Scope 2)

0.8m t

Process waste and by-products

Shareholders

154,424

UPM forests available for recreational use

Surface water

395m m³

599,000 ha

Material recycling

323,000 dry t

Societal value of carbon sink of UPM own and leased forests €190m5 )

Training hours per employee

9

Fossil CO 2 emissions (Scope 3 upstream)

Ground water

10m m³

Energy recovery

215,000 dry t

4.0m t

Total recordable injury frequency incl. contractors

Fossil CO 2 emissions (Scope 3 downstream)

5.0

Composting

7,800 dry t

3.7m t

Societal cost of GHG emissions (Scope 1-3) €-1,060m 6)

Communal water

4m m³

Water intensive production sites located in water abundant areas

Landfilling

97,000 dry t

100%

Dividend distribution

€792m

Energy

Societal cost of other air emissions €-149m 7)

Temporary storage

17,000 dry t

Temporary carbon storage in UPM products' lifetime

-2.4m t

Renewable fuels

35,100 GWh

Employee wages and benefits

€1,155m

New hires

1,700

Incineration without energy recovery

4,600 dry t

Recreational value of UPM forests €80m 8)

Fossil fuels

8,100 GWh

-1.9m t CO 2 eq

Carbon sink in UPM own and leased forests 2)

Own and leased forests and plantations

Corporate income taxes paid and property taxes

Hazardous waste for special treatment

1,094,000 ha

€136m

Purchased electricity and heat1 )

7,000 t

Societal value of paid taxes €165m 9)

14,400 GWh

6) Calculated using societal cost of carbon €100/tCO 7) Calculated using societal cost of each air emissions (NO

2 (average damage cost per tonne of CO 2 ). Source: EEA. Using European emissions allowance price would result in €-926m.

1) Includes UPM shares in hydro, nuclear and condensing power as well as purchases from the market. 2 ) Based on calculations by Luke Finland: 5-year average of carbon sink and sources in UPM own and leased forests in Finland, Uruguay and the U.S. 3) Read more on pages 50–53. 4) Read more on pages 54–58. 5) Calculated using societal cost of carbon €100/tCO 2 (average damage cost per tonne of CO 2 ). Source: EEA. Using European emissions allowance price would result in €166m.

x , SO 2 and VOC). Source: EEA.

8) Based on pilot study by Gaia. Read more on upm.com/sustainability. 9) Calculated using corporate

income and property taxes, and adjusted for higher social value of money in lower-income countries. Source: Value Balancing Alliance

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UPM Annual Report 2025

UPM Annual Report 2025