UPM Annual Report 2023, Corporate Governance Statement, Remuneration Report and Remuneration Policy published

UPM-Kymmene Corporation        Annual Financial Report                1 March 2024 at 9:30 EET

UPM Annual Report 2023, Corporate Governance Statement, Remuneration Report and Remuneration Policy published

UPM's Annual Report 2023 has been published online at www.upm.com and www.upm.fi. The Annual Report including the company's Financial Statements and the Report of the Board of Directors for the period 1 January - 31 December 2023 is available in English and Finnish on the corporate website. In accordance with the European Single Electronic Format (ESEF) reporting requirements, the Financial Statements and Report of the Board of Directors for the year 2023 have also been published in xHTML format. In line with the ESEF requirements, the primary statements and notes of the consolidated financial statements have been labelled with XBRL tags. XBRL tags have not been subject to audit and have not been assured by auditors.

UPM has also published its Corporate Governance Statement, the Remuneration Report for the financial year 2023 and the updated Remuneration Policy. The Remuneration Report for governing bodies introduces the remuneration of the directors and the President and CEO in 2023. The Remuneration Policy sets out the framework for the remuneration of the Company’s governing bodies and it must be presented to the general meeting at least every four years. The Remuneration Report 2023 and the Remuneration Policy will be presented at the Annual General Meeting 2024 on 4 April 2024. The Statement, the Remuneration Report and the Remuneration Policy are available on the corporate website at www.upm.com/governance (the Investors section under Governance).

UPM had a solid year in 2023 despite an exceptionally challenging operating environment. We have accelerated growth through significant investments, two of which were completed in 2023 and are set to deliver in 2024. The annual report provides comprehensive information on our transformation as a biomaterials growth company and our progress towards the 2030 responsibility targets. In 2023, our energy-related CO₂ emissions decreased by 17% compared to the previous year. Our purpose is to create a future beyond fossils.

All material information has been integrated into this one, third-party assured entirety and UPM does not publish separate sustainability report. The Annual Report, the Statement, the Remuneration Report and the Remuneration Policy can be downloaded as PDF files in English and Finnish and the Financial Statements and the Report of the Board of Directors as xHTML file and they are also attached to this release.

The printed Annual Report will be published on the week beginning on 18 March 2024. The printed report can be ordered at www.upm.com/investors/subscribe-to-the-annual-report/.

Attachments
Annual report 2023
Financial Statements and Report of the Board of Directors for the year 2023 in xHTML format
Corporate Governance Statement 2023
The Remuneration Report 2023
The Remuneration Policy

UPM-Kymmene Corporation
Pirkko Harrela
Executive Vice President, Stakeholder Relations

UPM, Media Relations
Mon-Fri 9:00-16:00 EET
Tel. +358 40 588 3284
media@upm.com

UPM
We deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Fibres, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. As the industry leader in responsibility, we are committed to the UN Business Ambition for 1.5°C and the science-based targets to mitigate climate change. We employ 16,600 people worldwide and our annual sales are approximately EUR 10.5 billion. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore – Beyond fossils. www.upm.com

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Attachments

• UPM-CG-Statement-2023
• UPM-Remuneration-Report-2023
• UPM-Remuneration-Policy
• 213800EC6PW5VU4J9U64-2023-12-31-en
• UPM_AR_23_EN_Lores