UPM Annual Report 2021

ACCOUNTS FOR 2021

UPM

BEYOND FOSSILS

STRATEGY

BUSINESSES

RESPONSIBILITY

GOVERNANCE

Shareholders by category at 31 December, %

Adjusted share related indicators

2021

2020

2019

2018

2017

2021 2020 2019 2018 2017 2016 2015 2014 2013 2012

Companies

2.9 3.7 5.8 4.6

2.7 3.8 6.0 4.7

2.3 3.0 5.7 4.6

2.1 2.9 6.8 4.4

2.1 2.4 5.1 4.8

Earnings per share (EPS), EUR Comparable EPS, EUR Equity per share, EUR Dividend per share, EUR 1) Dividend to earnings ratio, % Dividend to operating cash flow, %

2.41 2.22

1.05 1.37

1.99 2.07

2.80 2.24

1.82 1.88

1.65 1.65

1.72 1.38

0.96 1.20

0.63 0.91

–2.14

Financial institutions and insurance companies

0.74

Public bodies

20.34 17.53 18.87 18.36 16.24 15.43 14.89 14.02 14.08 14.18

Non-profit organisations

1.30

1.30

1.30 65.4

1.30 46.4

1.15 63.0

0.95 57.6

0.75 43.6

0.70 72.9

0.60 95.2

0.60 neg.

Households

15.8 67.2

15.6 67.1

15.2 69.1

15.0 68.7

15.1 70.5

53.9 123.7

Non-Finnish nationals

55

69

38

52

42

30

34

30

43

30

Total

100.0

100.0

100.0

100.0

100.0

Effective dividend yield, %

3.9

4.3

4.2

5.9 7.9

4.4

4.1

4.4

5.1

4.9

6.8

P/E ratio

13.9 2.34 693

29.0 1.89 693

15.5 3.46 693

14.2 2.74 613

14.1 3.16 507

10.0 2.22 400

14.2 2.33 373

19.5 1.39 317

neg. 1.98 317 8.81 7.82

Operating cash flow per share, EUR

2.49 693

Share distribution at 31 December 2021

Dividend distribution, EURm 1) Share price at 31 Dec., EUR

33.46 30.47 30.91 22.15 25.91 23.34 17.23 13.62 12.28 29.11 20.31 21.10 21.69 20.82 13.71 13.19 10.07 7.30 35.37 31.50 31.49 34.70 26.69 23.41 19.26 13.99 13.02 10.98 17,845 16,250 16,485 11,813 13,818 12,452 9,192 7,266 6,497 4,633 8,435 9,921 9,695 9,980 8,460 6,749 7,469 6,233 5,308 5,534 262,377 380,237 376,801 345,822 354,053 385,355 456,168 508,318 563,382 600,968 32.15 26.09 25.73 28.86 23.89 17.51 16.37 12.26 9.42 9.21

NUMBER OF SHARE HOLDERS

NUMBER OF SHARES, MILLION

Lowest quotation, EUR Highest quotation, EUR

% OF SHARE HOLDERS

% OF SHARES

SIZE OF SHAREHOLDINGS

1 – 100

49,631 56,070 16,284

40.24 45.46 13.20

2.2

0.4 4.1 8.2 5.5

Average quotation for the period, EUR

101 – 1,000

21.7 43.6 29.6 80.9

Market capitalisation, EURm

1,001 – 10,000 10,001 – 100,000

Shares traded, EURm 2) Shares traded (1,000)

1,227

0.99 0.11

100,001 –

134

15.2 33.3 66.7

Total

Shares traded, % of all shares Number of shares, average (1,000)

49.2

71.3

70.7

64.8

66.4

72.2

85.5

95.6 106.7 114.4

123,346

100.00

177.9 355.8

Nominee-registered

533,324 533,324 533,324 533,324 533,415 533,505 533,505 531,574 527,818 525,434 533,736 533,736 533,736 533,736 533,736 533,736 533,736 533,736 529,302 526,124

Not registered as book entry units

—

0.0

Number of shares at the end of period (1,000)

Total

533.7

100.0

of which treasury shares (1,000)

412

412

412

412

412

231

231

231

231

231

Under the provisions of the Securities Markets Act, changes in holdings must be disclosed when the holding reaches, exceeds or falls below 5, 10, 15, 20, 25, 30, 50 or 66.7 (2/3) per cent of the voting rights or the number of shares of the company. The stock exchange releases on notifications of changes in holdings pursuant to Chapter 9, Section 5 of the Securities Market Act are available in UPM website upm.com/investors .

1) 2021 proposal 2) Trading on the Nasdaq Helsinki Main Market. Treasury shares bought by the company are included in shares traded.

The definitions of adjusted share related indicators are described below

SHARE RELATED INDICATORS Earnings per share (EPS), EUR

DEFINITION

Profit for the period attributable to owners of the parent company divided by adjusted average number of shares during the period excluding treasury shares. Earnings per share calculated in accordance with IFRS excluding items affecting comparability and their tax impact. Equity attributable to the owners of the parent company in relation to the adjusted number of shares at the end of period.

Comparable EPS, EUR Equity per share, EUR

Dividend per share, EUR Dividend to earnings ratio, %

Dividend distribution divided by adjusted number of shares at the end of period. Dividend per share as a percentage of earnings per share. Dividend per share as a percentage of operating cash flow per share. Adjusted dividend per share as a percentage of adjusted share price at 31.12.

Dividend to operating cash flow, %

Effective dividend yield, %

P/E ratio

Adjusted share price in relation to the earnings per share.

Operating cash flow per share, EUR

Operating cash flow divided by adjusted average number of shares during the period excluding treasury shares. Total number of shares (excluding those held as treasury shares) multiplied by the share price at the end of period.

Market capitalisation, EURm

Adjusted share price at the end of period

Share price at the end of period in relation to share issue coefficient.

Adjusted average share price

Total value of shares traded in relation to adjusted number of shares traded during the period.

148

UPM FINANCIAL REPORT 2021 149 UPM ANNUAL REPORT 2021 149

UPM ANNUAL REPORT 2021

UPM FINANCIAL REPORT 2021 148