Metsä Board Annual review 2023

METSÄ BOARD Annual review 2023

Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2023

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2023

DNSH criteria (‘does not significantly harm’)

Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6

Financial year 2023

Year

Substantial contribution criteria

Financial year 2023

Year

Substantial contribution criteria

Strategy and financial targets

Value creation

Economic activities

Financial development 10 Key figures 12

EUR million %

Y; N; N/EL

Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T

EUR million %

Y; N; N/EL

Y; N; N/ELY/N Y/N Y/N Y/N Y/N Y/N Y/N % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

Report of the Board of Directors

A.1 Environmentally sustainable activities (Taxonomy-aligned) Cogeneration of heat/cool and power from bioenergy

A.1 Environmentally sustainable activities (Taxonomy-aligned) Cogeneration of heat/cool and power from bioenergy CCM 4.20.

20 72

• Sustainability statement • Sustainability statement assurance report

CCM 4.20. 22.2 10% K E/S E/S E/S E/S E/S Y Y Y Y Y Y Y

39%

0.7 0% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y

CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

Turnover of environmentally sustainable activi- ties (Taxonomy-aligned) (A.1)

22.2 10%10%0%0%0%0%0% Y Y Y Y Y Y Y

39%

0.7 0%0%0%0%0%0%0% Y Y Y Y Y Y Y

Consolidated financial statements

Of which enabling 0.0 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y

Of which enabling

0.0 0%0%0%0%0%0%0% Y Y Y Y Y Y Y

Of which transitional

0% 0%

Of which transitional

0% 0%

78 Notes to the consolidated financial statements 126 Parent company financial statements 129 Notes to the parent company financial statements 142 The Board’s proposal to the Annual General Meeting for the distribution of funds 143 Auditor’s Report 147 Shares and shareholders 151 Ten years in figures 152 Taxes 153 Production capacities 155 Calculation of key ratios and comparable performance measures Corporate governance 157 Corporate governance statement 165 • Board of Directors of Metsä Board 168 • Corporate Management Team of Metsä Board

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL

Cogeneration of heat/cool and power from bioenergy

CCM 4.20. CCM 4.24.

Cogeneration of heat/cool and power from bioenergy

CCM 4.20.

2.3 1% EL N/EL N/ELN/EL N/EL N/EL

2.3 0% EL N/EL N/EL N/EL N/EL N/EL

Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)

Production of heat/cool from bioenergy

0.1

0% EL N/EL N/EL N/EL N/EL N/EL

2.3 0% 0% 0% 0% 0% 0% 0%

CE 3.2.

Renovation of existing buildings

1.8 1% N/EL N/EL N/EL N/EL EL N/EL

A. Turnover of Taxonomy eligible activities (A.1+A.2)

3.0 0% 0% 0% 0% 0% 0% 0%

CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)

4.2 2% 1% 0% 0% 0% 1% 0%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

A. CapEx of taxonomy-eligible activities (A.1+A.2)

26.4 12% 11% 0% 0% 0% 1% 0%

Turnover of taxonomy-non-eligible activities

1,938.9 100%

TOTAL

1,941.9 100%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES CapEx of taxonomy-non-eligible activities

202.3 88%

TOTAL

228.7 100%

170 Remuneration report 174 Investor relations and investor information

Report of the Board of Directors | METSÄ BOARD ANNUAL REVIEW 2023