UPM Annual Report 2025

We are UPM

Governance

Accounts and performance

UPM in brief

Our strategy

Our businesses

Sustainability

Our performance in 2025

Aiming for continuous improvement in sustainability

Sales €bn 9.7 -7%

791 Dividend (proposal), €m Dividend of €1.50 per share unchanged Attractive dividend

3,004 Net debt/EBITDA ratio 2.29 Net debt, €m Strong balance sheet

94% The UPM Code of Conduct lays the foundation for responsible business operations and continuous improvement. -5pp Active employees completed Code of Conduct training *

Employee engagement score

Fossil CO 2 emissions (Scope 1 and 2), million tonnes

67

2.9

Engaged, high-performing people drive our success. -3 points

Creating climate solutions and working towards carbon neutrality. -15%

Comparable EBIT, €m 921 -25% Performance

Capital expenditure, €m 621 attractive returns with disciplined and effective investments Focused investments

and unused credit facilities, €bn 2.7 Cash funds

86% Share of spend covered by our Supplier Code

90% Share of certified wood

5.0 Total recordable injury frequency

+1.5pp

Ensuring a safe working environment for employees and everyone working for UPM. -2%

-5pp

Transparent supplier requirements form the basis of responsible sourcing throughout the entire supply chain.

Forest certification is an excellent tool for ensuring sustainable forestry. Chain-of-Custody requirements ensure 100% supply from controlled sources.

Comparable ROE 6.5 -1.8pp Performance

Operating cash flow, €m 1,405 +4% Cash flow

Business areas achieved their financial targets 2/6 Business areas

* Percentage of active employees completed the new UPM Code of Conduct training since September 2025, excl. the company UPM Adhesive Materials acquired in 2025.

Recognitions Dow Jones Sustainability Index: The only forest and paper company included in the Dow Jones European and World Sustainability Indices (DJSI) for 2024–2025. MSCI ESG ratings: An AAA rating in the assess ment. MSCI ESG Research provides ESG ratings on global public companies based on their exposure to industry-specific ESG risks and their ability to manage those risks relative to peers. CDP Program : A score for our leadership in corporate transparency and action on climate change, and a leadership-level score of A- for forests and water stewardship. An A score in CDP’s 2024 Supplier Engagement Assessment

(SEA), which evaluates how companies engage their supply chains on climate-related issues.

Sales 2025 €9,656 million

Comparable EBIT 2025 €921 million

Capital employed 31 Dec 2025 €14,129 million

4% 7%

6%

S&P Global's Sustainability Yearbook: Top 10% S&P Global CSA Score in the Sustaina bility Yearbook 2025 as one of the top-scoring companies in our industry. EcoVadis: The highest possible Platinum level for our sustainability performance, which only 1% of the over 100,000 companies assessed globally attain. The assessment evaluates per formance across four categories: Environment, Labor and Human Rights, Ethics, and Sustaina ble Procurement. UPM’s overall score increased by 5 points, reaching an impressive 90 out of 100.

16%

4%

17%

19%

16%

13%

2% 6%

5% 6%

UPM Fibres 45%

20%

UPM Fibres 32%

UPM Fibres 31%

24%

12%

16%

We are a participant in the UN Global Compact.

Business area information unconsolidated

Other operations

UPM Plywood

UPM Communication Papers

UPM Fibres

UPM Specialty Papers

UPM Adhesive Materials

UPM Energy

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UPM Annual Report 2025

UPM Annual Report 2025