Metsä Board Annual Review 2024

METSÄ BOARD Annual review 2024

CCM 4.24 Production of heat/cool from bioenergy Taxonomy-eligible capital expenditures under the activity include mainte- nance investments made in the Kaskinen chemical recovery plant, and the taxonomy-aligned capital expenditures include maintenance investments made in the Kaskinen power plant. The activity’s taxonomy-eligible operating expenses include maintenance costs for the Kaskinen chemical recovery plant, and the taxonomy-aligned operating expenses consist of maintenance costs for the Kaskinen power plant. Due to the climate risk analysis conducted in 2024, the operation of the Kaskinen power plant was taxonomy-aligned for the first time in the reporting year. More information about the climate risk analysis can be found in section E1 – Climate change .

Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2024

includes the sale of heat produced at the Kyro power plant to nearby areas, as well as the sale of heat and electricity from the Husum pulp mill. Taxonomy-eligible capital expenditure related to activity include maintenance investments made at the Simpele power plant. The taxon- omy-aligned capital expenditure for the activity include an investment in a new turbine at the Kyro power plant and investments in a new recovery boiler and turbine at the Husum pulp mill. Taxonomy-eligible operating expenses consist of maintenance costs for the Simpele power plant. The taxonomy-aligned operating expenses include maintenance costs for the Husum pulp mill and the Kyro power plant.

DNSH criteria ('Does not significantly harm')

Financial year 2024

Year

Substantial contribution criteria

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

Strategy and financial targets

Value creation

Economic activities

Y; N; N/ EL

Y; N; N/ EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N

Financial development 10 Key figures 12

EUR million

% 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 CCM 4.20.

20 20 37 70 89 96

• Sustainability statement

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2024

N/ EL N/ EL

11.2 6% Y

Y Y Y Y Y Y Y

10%

General information

CCM 4.24.

Production of heat/cool from bioenergy

0.2 0% Y

Y Y Y Y Y Y Y

E – Environment

DNSH criteria ('Does not significantly harm')

Financial year 2024

Year

Substantial contribution criteria

S – Social responsibility

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

11.4 7% 7% 0% 0% 0% 0% 0%

10%

Y Y Y Y Y Y Y

G – Governance

Of which enabling

0 0%0%0%0%0%0%0% Y Y Y Y Y Y Y

Annexes to the Sustainability statement

Of which transitional

0% 0%

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. 0.5 0% EL N/ EL N/ EL N/ EL N/ EL N/ EL

98 Consolidated financial statements 102 Notes to the consolidated financial statements 150 Parent company financial statements 153 Notes to the parent company financial statements 166 The Board’s proposal to the Annual General Meeting for the distribution of funds 167 Auditor’s Report 171 Sustainability statement assurance report 173 Shares and shareholders 177 Ten years in figures 178 Taxes 179 Production capacities 181 Calculation of key ratios and comparable performance measures Corporate governance 183 Corporate governance statement 190 • Board of Directors of Metsä Board 194 • Corporate Management Team of Metsä Board

Economic activities

Y; N; N/ EL

Y; N; N/ EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N

EUR million

CCM 4.24.

N/ EL N/ EL

N/ EL

N/ EL N/ EL

Production of heat/cool from bioenergy

0.0 0% EL

% E T

CE 3.2.

N/ EL

A. TAXONOMY-ELIGIBLE ACTIVITIES

Renovation of existing buildings

3.8 2%

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

CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) A. CapEx of Taxonomy eligible activities (A.1+A.2)

4.3 2% 0% 0% 0% 0% 2% 0%

N/ EL

2.7 0% Y

Y Y Y Y Y Y Y

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

15.7 9% 7% 0% 0% 0% 2% 0%

12%

2.7 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%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

CapEx of Taxonomy-non-eligible activities

159.7 91%

TOTAL

175.4 100%

Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) A. Turnover of Taxonomy eligible activities (A.1+A.2)

0.7 0% 0% 0% 0% 0% 0% 0%

3.4 0% 0% 0% 0% 0% 0% 0%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Turnover of Taxonomy-non-eligible activities

1,935.2 100%

TOTAL

1,938.6 100%

196 Remuneration report 201 Investor relations and investor information

Report of the Board of Directors | METSÄ BOARD ANNUAL REVIEW 2024