UPM Annual Report 2025

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Governance

Accounts and performance

Financial Statements

Report of the Board of Directors

Sustainability Statement

Auditor's Report

Sustainability Assurance Reports

1) Adjustments

Notes to the consolidated financial statements

€ million

2025

2024

Change in fair value of forest assets and wood harvested Share of results of associated companies and joint ventures Depreciation, amortization and impairment charges Capital gains and losses on sale of non-current assets

-144

-80

0

-1

594 -57

1,139

-31

Financial income and expenses

59

104

The notes to the consolidated financial statements are grouped into sections based on their nature. The notes contain the relevant financial information as well as a description of accounting policy and key estimates and judgments applied for the topics of the individual notes. All amounts are shown in millions of euros unless otherwise stated.

Income taxes

200 -95 125

37

Utilized provisions

-121

Non-cash changes in provisions

101 74

Other adjustments

60

Total

743

1,223

2) Change in working capital

€ million

2025

2024

Inventories

123

-94 -81 95 -80

Receivables included in working capital Liabilities included in working capital

396 -128

Total

391

3) Total income taxes paid in 2025 amounted to €97 million (145 million). Income taxes paid related to investing activities are presented in investing cash flow.

Items marked with this symbol describe the accounting principle by UPM to specific financial statement area.

Items marked with this symbol indicate that the accounting area involves estimates and judgment which are described separately.

Risks related to disclosures, whether they are financial, actuarial, credit or counterparty in nature, can be found in sections marked with this symbol.

UPM Financial Report 2025

264

UPM Financial Report 2025

265

264

265

UPM Annual Report 2025

UPM Annual Report 2025