UPM Annual Report 2024
WE ARE UPM
GOVERNANCE
ACCOUNTS AND PERFORMANCE
Report of the Board of Directors
Sustainability Statement
Financial Statements
Auditor's Report
Sustainability Assurance Reports
Information on shares
Shareholders by category at 31 December, %
2024
2023
2022
2021
2020
Companies
2.9 4.4 7.2 4.0
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
Authorisations held by the Board of Directors The Annual General Meeting held on 4 April 2024, authorised the Board of Directors to decide on the repurchase of a maximum of 50,000,000 of the Company’s own shares. The authorisation will be valid for 18 months from the date of the AGM resolution. The Annual General Meeting held on 4 April 2024, authorised the Board of Directors to decide on the issuance of new shares, the transfer of treasury shares and the issuance of special rights entitling to shares in proportion to the shareholders’ existing holdings in the Company, or in a directed share issue, deviating from the shareholder’s pre-emptive subscription right. The Board of Directors may also decide on a share issue without payment to the Company itself. The aggregate maximum number of new shares that may be issued and treasury shares that may be transferred is 25,000,000, including the number of shares that can be received on the basis of special rights. The authorisation will be valid for 18 months from the date of the AGM resolution. Aside from the above, the Board of Directors has no current authorisation to issue shares, convertible bonds or share options.
Shares UPM has one class of shares. Each share entitles the holder to one vote at the General Meeting of UPM. On 31 December 2024, the total number of UPM shares was 533,735,699. Through the issuance authorisation described below, the number of shares may increase to a maximum of 558,735,699. On 31 December 2024, UPM held 411,653 treasury shares, representing approximately 0.08% of the total number of UPM shares and voting rights. There are no specific terms related to the shares. In 2024, UPM shares worth a total of EUR 7,936 million (8,752 million) were traded on the Nasdaq Helsinki stock exchange. This is estimated to represent approximately 70% of the total trading volume in UPM shares. The highest listing was EUR 35.77 in May and the lowest was EUR 24.78 in November.
Financial institutions and insurance companies
Public bodies
Non-profit organisations
Households
16.9 64.7
16.4 67.6
16.0 68.1
15.8 67.2
15.6 67.1
Non-Finnish nationals
Total
100.0
100.0
100.0
100.0
100.0
Share distribution at 31 December 2024
NUMBER OF SHARE HOLDERS
NUMBER OF SHARES,
% OF SHARE HOLDERS
SIZE OF SHAREHOLDINGS
MILLION % OF SHARES
1 – 100
63,083 64,335 17,415
43.13 43.99 11.91
2.7
0.5 4.5 8.6 5.9
101 – 1,000
24.2 45.9 31.5 86.6
1,001 – 10,000 10,001 – 100,000
1,296
0.89 0.09
100,001 –
129
16.2 35.8 64.2
Changes in number of shares
Total
146,258
100.00
190.9 342.9
Nominee-registered
2024
2023
2022
2021
2020
Not registered as book entry units
—
0.0
Number of shares 1 January
533,735,699 533,735,699
533,735,699 533,735,699
533,735,699 533,735,699
533,735,699 533,735,699
533,735,699 533,735,699
Total
533.7
100.0
Number of shares at 31 December
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 .
Major shareholders at 31 December 2024
NUMBER OF SHARES
HOLDING %
Varma Mutual Pension Insurance Company Ilmarinen Mutual Pension Insurance Company ELO Mutual Pension Insurance Company
12,999,564 12,164,214 6,483,000 3,500,000 2,804,413 1,859,271 1,800,000 1,696,360 1,654,521 1,650,000 345,546,627 141,577,729 533,735,699
2.44 2.28 1.21 0.66 0.53 0.35 0.34 0.32 0.31 0.31
The State Pension Fund Nordea Bank ABP Svenska Kulturfonden Holding Manutas Oy
Kymin Osakeyhtiön 100-vuotissäätiö
Investment fund Seligson & Co
Security Trading Oy
Nominees & Registered foreign owners
64.74 26.53
Others
Total
100.00
UPM FINANCIAL REPORT 2024 250
250
UPM FINANCIAL REPORT 2024
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251
UPM ANNUAL REPORT 2024
UPM ANNUAL REPORT 2024
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