Helsinki (News release) - UPM's Annual Report 2024 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 (including the Sustainability Statement) for the period 1 January - 31 December 2024 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 2024 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. The audit firm Ernst & Young Oy has provided an independent auditor's report on ESEF financial statements based on a reasonable assurance engagement it has performed in accordance with International Standard on Assurance Engagements ISAE 3000.

As part of the Report of the Board of Directors, UPM also publishes its statutory Sustainability Statement, which is based on the new EU Corporate Sustainability Reporting Directive (CSRD). The audit firm Ernst & Young Oy has assured the report at a limited assurance level. UPM has also reported on sustainability in accordance with the Global Reporting Initiative (GRI) standards and provides an IFRS S1 and S2 alignment index with UPM's Sustainability Statement.

UPM has also published its Corporate Governance Statement and the Remuneration Report for the financial year 2024. The Remuneration Report for governing bodies introduces the remuneration of the directors and the President and CEO in 2024. The Remuneration Report 2024 will be presented at the Annual General Meeting 2025 on 27 March 2025. The Corporate Governance Statement and the Remuneration Report are available on the corporate website at www.upm.com/governance (the Investors section under Governance).

UPM's performance improved from the previous year, supported by a good contribution from the new pulp mill in Uruguay and modestly improved volumes in the advanced materials businesses. The annual report provides comprehensive information on how UPM seeks profitable, sustainable growth through performance and capitalizing on major investments. UPM's strong and balanced business portfolio in renewable fibres, advanced materials and decarbonization solutions will provide several attractive growth opportunities in the coming years.