UPM Annual Report 2025

We are UPM

Governance

Accounts and performance

Our strategy

UPM in brief

Our businesses

Sustainability

Strategy in action UPM is a material solutions company with world-class businesses in growth markets. These businesses are leading in their fields and aim for world-class performance. We have global market presence, which enables our businesses to capture opportunities in faster-growing markets, serving them from competitive production platforms.

Decarbonization solutions Decarbonization solutions businesses address the growing need to reduce climate emissions, offering solutions ranging from the electrification of society to low-emission traffic and bio-based chemicals. Market growth: +++

Improve competitiveness

Focused growth

World-class businesses

Biochemicals

• First customer deliveries of industrial sugars in 2025 • Further products will be introduced in the first half of 2026

• Entry to new business • Commercial interest confirmed • Gather learnings for next steps

• 220,000 tonnes of pioneering renewable chemicals • Full production and positive EBIT expected during 2027

Biofuels

• Decreased variable costs • Improved efficiency • Discontinued the Rotterdam biorefinery development

• CapEx-efficient debottlenecking • Qualification process for SAF • Proprietary feedstock technologies development

• 130,000 tonnes of advanced renewable fuels • Profitability improvement and recovering markets

Energy

• Maximize value in the volatile electricity markets

• Capability to supply CO₂-free electricity and ready sites for industrial use, to meet growing demand from electrifica tion, data centers and green transition

• 12 TWh of CO₂-free electricity, baseload and flexibility • Strong value creation track record

20

21

UPM Annual Report 2025

UPM Annual Report 2025