UPM Annual Report 2023

ACCOUNTS FOR 2023

UPM

BEYOND FOSSILS

BUSINESSES

RESPONSIBILITY

GOVERNANCE

Shareholders by category at 31 December, %

Adjusted share related indicators

2023

2022

2021

2020

2019

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014

Companies

2.6 3.8 5.3 4.4

2.6 3.6 5.3 4.5

2.9 3.7 5.8 4.6

2.7 3.8 6.0 4.7

2.3 3.0 5.7 4.6

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, % Dividend to comparable EPS, %

0.73 1.40

2.86 3.09

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

Financial institutions and insurance companies

Public bodies

20.93

23.44

20.34

17.53

18.87

18.36

16.24

15.43

14.89

14.02

Non-profit organisations

1.50

1.50 52.4 158

1.30 53.9

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

Households

16.4 67.6

16.0 68.1

15.8 67.2

15.6 67.1

15.2 69.1

206.2

123.7

Non-Finnish nationals

35

55 59

69 95

38 63

52 58

42 61

30 58

34 54

30 58

Total

100.0

100.0

100.0

100.0

100.0

107

49

Effective dividend yield, %

4.4

4.3

3.9

4.3

4.2

5.9 7.9

4.4

4.1

4.4

5.1

P/E ratio

46.8 4.25 800

12.2 0.95 800

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

Share distribution at 31 December 2023

Operating cash flow per share, EUR

2.49 693

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

NUMBER OF SHARE HOLDERS

NUMBER OF SHARES, MILLION

34.06 26.62 35.99 31.33

34.93 24.85 37.14 32.50

33.46 29.11 35.37 32.15

30.47 20.31 31.50 26.09

30.91 21.10 31.49 25.73

22.15 21.69 34.70 28.86

25.91 20.82 26.69 23.89

23.34 13.71 23.41 17.51

17.23 13.19 19.26 16.37 9,192 7,469

13.62 10.07 13.99 12.26 7,266 6,233

% OF SHARE HOLDERS

% OF SHARES

SIZE OF SHAREHOLDINGS

Lowest quotation, EUR Highest quotation, EUR

1 – 100

61,123 61,382 16,854

43.43 43.62 11.98

2.6

0.5 4.3 8.4 5.6

101 – 1,000

23.1 44.7 30.0 74.8

Average quotation for the period, EUR

1,001 – 10,000 10,001 – 100,000

Market capitalisation, EURm

18,165 18,629 17,845 16,250 16,485 11,813 13,818 12,452

1,248

0.89 0.09

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

8,752

9,680

8,435

9,921

9,695

9,980

8,460

6,749

100,001 –

121

14.0 32.8 67.2

Total

279,371 297,879 262,377 380,237 376,801 345,822 354,053 385,355 456,168 508,318

140,728

100.00

175.2 358.5

Nominee-registered

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

52.4

55.9

49.2

71.3

70.7

64.8

66.4

72.2

85.5

95.6

Not registered as book entry units

—

0.0

533,324 533,324 533,324 533,324 533,324 533,324 533,415 533,505 533,505 531,574 533,736 533,736 533,736 533,736 533,736 533,736 533,736 533,736 533,736 533,736

Total

533.7

100.0

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

of which treasury shares (1,000)

412

412

412

412

412

412

412

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) 2023 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

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 (EPS), EUR

Comparable EPS, EUR

Earnings per share calculated in accordance with IFRS excluding items affecting comparability and their tax impact.

Equity per share, EUR

Equity attributable to the owners of the parent company in relation to the adjusted number of shares at the end of period.

Dividend per share, EUR

Dividend distribution divided by adjusted number of shares at the end of period.

Dividend to earnings ratio, %

Dividend per share as a percentage of earnings per share.

Dividend to operating cash flow, %

Dividend per share as a percentage of operating cash flow per share.

Dividend to comparable EPS, %

Dividend per share as a percentage of comparable earnings per share

Effective dividend yield, %

Adjusted dividend per share as a percentage of adjusted share price at 31.12.

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.

Market capitalisation, EURm

Total number of shares (excluding those held as treasury shares) multiplied by the share price at the end of period.

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.

160

161

UPM ANNUAL REPORT 2023

UPM ANNUAL REPORT 2023

UPM FINANCIAL REPORT 2023

160

UPM FINANCIAL REPORT 2023

161