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Upfield Announces Publication of its Financial and ESG Summary 2023

Upfield Announces Publication of its Financial and ESG Summary 2023


Upfield Announces Publication of its Financial and ESG Summary 2023

Upfield Announces Publication of its Financial and ESG Summary 2023

Key figures from the 2023 Financial & ESG Summary include:

• Upfield achieved net sales of €3.3 billion in calendar year 2023
• Following four years of innovation, Upfield launched a category first, plastic-free, recyclable paper tub.
• Upfield has reduced its Scope 1 and 2 greenhouse gas emissions intensity by 13.5% per ton of production in 2023 compared to 2022
• As of 2023, Upfield has achieved 43% female representation in management globally, up from 40% in 2020

Amsterdam, 15th May 2024: Upfield, a global leader in plant-based food, today announced the publication of its annual Financial and ESG Summary. The 2023 report showcases Upfield's strong business growth, key sustainability achievements, and unwavering commitment to its mission of shaping the future of food.

David Haines, Group CEO of Upfield commented: "2023 was a milestone year for Upfield as we accelerated our efforts to shape a more sustainable food system through our performance, world-class innovation, and culture. With our clear purpose and plant-based focused strategy, we are committed to sustainable growth and providing products that are better for people and the planet."

Strong Business Growth
Building on its rich 150-year heritage, Upfield continued to demonstrate the strength of its business throughout 2023. The company reported reaching an additional 55 million consumers globally with its iconic plant-based brands like Flora, Rama, Blue Band, Proactiv, Country Crock and Violife. Upfield also highlighted the vast opportunity ahead, with its total addressable market across spreads, margarines, cheese and cream categories estimated at over €150 billion.

Accelerating Plant-Based Food Research
Powering Upfield's growth and innovation is the company's state-of-the-art Upfield Food Science Centre in Wageningen, Netherlands. The centre is accelerating research and development to create best-in-class plant-based products that deliver on taste, texture, sustainability, and nutrition.

Laurent Lavenut, Chief Operations and Product Officer at Upfield said: "Our continued investment in cutting-edge research and development has been critical to delivering innovations like our new paper tub and high-quality, great-tasting, sustainable plant-based products that consumers love. Through our world-class Upfield Food Science Centre and collaborations with leading innovators, we are shaping the future of food."

Significant Progress Driving Sustainability Strategy
The 2023 report also details Upfield's industry-leading environmental, social and governance (ESG) progress, guided by its sustainability strategy across four key pillars:

• Plant-based Growth: Upfield advanced initiatives to make plant-based foods the obvious choice with 917,000 chefs reached so far through its #makeitplant campaign.
• Healthier Lives: The company reached over 45% of households in lower socio-economic groups with its products.
• Happier People: Upfield continued fostering an inclusive culture and is on course to reach gender parity by 2030.
• Better Planet: The company further reduced its environmental footprint in 2023 through its responsible sourcing practices, investment in low carbon energy solutions and focus on sustainable packaging innovation.

Upfield made significant strides in sustainable packaging. In late 2023, after four years of innovation, in collaboration with partners, the company launched a category first for spreads with its new recyclable paper-based tub. This packaging solution has been well-received by customers and strengthens Upfield's ambition to innovate its way out of plastic.

To learn more, visit The full Financial and ESG Summary 2023 can be accessed in our ESG Centre.

Media Contact:
Herman Betten - Chief Corporate Affairs and Communications Officer

About Upfield
Upfield is a global leader in plant-based food, operating in four categories – butters and spreads, creams, liquids and cheeses. Upfield is the owner of iconic global brands including Flora, Country Crock, BlueBand, Becel, ProActiv, Rama and Violife. The business is supported by 150 years of knowledge of plant-based foods, deep R&D expertise, with 14 manufacturing sites across five continents and an end-to-end supply chain ensuring best service and delivery for our customers and consumers. Upfield is a purpose-driven company, aiming to make people healthier and happier with nutritious and delicious, natural, plant-based food that is good for you and for our planet.