UPM Annual Report 2025

We are UPM

Governance

Accounts and performance

Sustainability Statement

Report of the Board of Directors

Financial Statements

Auditor's Report

Sustainability Assurance Reports

Adjusted share related indicators

On December 31, 2025, the distributable funds of the parent company were €3,065,993,436.22. The profit of the parent company for the period was €1,148,309,149.44. No material changes have taken place in respect of the company's financial position after the balance sheet date. In the opinion of the Board Of Directors, the proposed distribution of profits does not risk the solvency of the company. Signatures of the annual accounts and the report of the Board of Directors for the year 2025 assets, obligations, financial position and profit or loss of both the company and the group of companies included in the consolidated financial statements. The Board of Directors' report includes a truthful description of the development and results of the business of both the company and the group of companies included in the consolidated financial statements and a description of the most significant risks and uncertainties and other state of the company. The Sustainability Statement included in the Board of Director's Report has been prepared in accordance with the reporting standards indicated in the Accounting Act chapter 7 and Article 8 of the Taxonomy Regulation. The financial statements have been prepared in accordance with the applicable accounting standards and they give a true and fair view of the

Board of Directors´ proposal for the distribution of profit The Board of Directors proposes to the Annual General Meeting of UPM Kymmene Corporation to be held on April 9, 2026, that an aggregate dividend of €1.50 per share be paid based on the balance sheet to be adopted for the financial year ending December 31, 2025, and that the remaining portion of the distributable funds be retained in the company’s unrestricted shareholders’ equity. The Board proposes that the dividend be paid in two instalments. The first dividend instalment, €0.75 per share, is proposed to be paid to shareholders registered in the company’s register of shareholders maintained by Euroclear Finland Oy on the record date for the first dividend instalment April 13, 2026. The Board proposes that the payment date for the first dividend instalment would be on April 21, 2026. The second dividend instalment, €0.75 per share, is proposed to be paid to shareholders registered in the company's register of shareholders maintained by Euroclear Finland Oy on the record date for the second dividend instalment October 30, 2026. The Board proposes that the payment date for the second dividend instalment would be on November 6, 2026. If the payment of the dividend is prevented due to applicable law, regulation or unexpected circumstances, the Board will resolve, as soon as practically possible, on a new record date and payment date. On the date of the dividend proposal, February 4, 2026, the registered number of the company’s shares is 527,735,699. The aforementioned number of shares includes 411,653 treasury shares which are not entitled to dividend. As a result, the proposed dividend would total €791 million.

2025 2024 2023 2022

2021

2020 2019 2018 2017

2016

Earnings per share (EPS), €

0.91 1.33

0.82 1.74

0.73 1.40

2.86 3.09

2.41 2.22

1.05 1.37

1.99 2.07

2.80 2.24 18.36 1.30 46.4

1.82 1.88

1.65 1.65

Comparable EPS, € Equity per share, € Dividend per share, € 1)

18.97

20.89 20.93

23.44 20.34

17.53

18.87 1.30 65.4

16.24

15.43 0.95

1.50

1.50

1.50

1.50 52.4 158 49 4.3 12.2 0.95 800

1.30 53.9

1.30

1.15

Dividend to earnings ratio, %

165.2

183.6 206.2

123.7

63.0

57.6

Dividend to operating cash flow, % Dividend to comparable EPS, %

56 113 6.1

59 86 5.6

35

55 59 3.9

69 95 4.3

38 63 4.2

52 58 5.9 7.9

42

30 58 4.1

107 4.4

61

Effective dividend yield, %

4.4

P/E ratio

27.3 2.66

32.5 2.54 792

46.8 4.25 800

13.9 2.34 693

29.0 1.89 693

15.5 3.46 693 30.91 21.10

14.2 2.74

14.1 3.16 507

Operating cash flow per share, € Dividend distribution, € million 1)

2.49 693 22.15

791

613

Share price at Dec 31., € Lowest quotation, € Highest quotation, €

24.79 26.56 34.06 34.93

33.46 30.47

25.91

23.34 13.71 23.41 17.51

21.72 30.07 24.63 13,072 7,462

24.78 35.77 30.16

26.62 35.99 31.33

24.85

29.11

20.31 31.50 26.09

21.69 20.82

37.14 35.37

31.49 34.70 26.69

Average quotation for the period, € Market capitalization, € million

32.50

32.15

25.73

28.86 23.89

14,165 18,165 18,629 17,845 16,250 16,485

11,813 13,818 12,452

Shares traded, € million 2)

7,936

8,752

9,680 8,435

9,921

9,695 9,980 8,460 6,749

Shares traded (1,000)

302,997 263,124 279,371

297,879 262,377 380,237 376,801

345,822 354,053 385,355

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

57.3

49.3

52.4

55.9

49.2

71.3

70.7

64.8

66.4

72.2

528,554 533,324 533,324 533,324 533,324 533,324 533,324 533,324 533,415 533,505 527,736 533,736 533,736 533,736 533,736 533,736 533,736 533,736 533,736 533,736

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

of which treasury shares (1,000)

412

412

412

412

412

412

412

412

412

231

1) 2025 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

Helsinki, February 4, 2026

Share related indicators

Definition

Earnings per share (EPS), €

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, €

Henrik Ehrnrooth Chair

Kim Wahl

Pia Aaltonen-Forsell

Equity per share, €

Dividend per share, €

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.

Jari Gustafsson

Piia-Noora Kauppi

Melanie Maas-Brunner

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 December 31

P/E ratio

Adjusted share price in relation to the earnings per share.

Operating cash flow per share, €

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.

Topi Manner

Marjan Oudeman

Martin à Porta

Market capitalization, € million

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.

Massimo Reynaudo President and CEO

UPM Financial Report 2025

256

UPM Financial Report 2025

257

256

257

UPM Annual Report 2025

UPM Annual Report 2025