UPM Annual Report 2025

We are UPM

Governance

Accounts and performance

Financial Statements

Report of the Board of Directors

Sustainability Statement

Auditor's Report

Sustainability Assurance Reports

COUNTRY OF INCORPORATION

HOLDING % 2025

HOLDING % 2024

Country of incorporation

Holding % 2025

Holding % 2024

Joint operations

Subsidiaries

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 91.00

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 91.00

UPM Pulp, Inc.

US CN SG GB CA CL TH DE ES US MX NZ AU AR FR MY ZA PL UY FI

Oy Alholmens Kraft Ab (Pohjolan Voima Oy, G series and direct ownership)

FI FI FI FI FI

50.00 50.00 54.00 76.00 71.95 50.00

50.00 50.00 54.00 76.00 71.95 50.00

UPM Raflatac (China) Co., Ltd.

Järvi-Suomen Voima Oy

Kaukaan Voima Oy (Pohjolan Voima Oy, G9 series) Kymin Voima Oy (Pohjolan Voima Oy, G2 series) Rauman Biovoima Oy (Pohjolan Voima Oy, G4 series)

UPM Raflatac (S) Pte Ltd UPM Raflatac (UK) Ltd.

UPM Raflatac Canada Holdings Inc.

Phyla UPM JVCO Limited

GB

UPM Raflatac Chile SpA UPM Raflatac Co. Ltd. UPM Raflatac GmbH UPM Raflatac Iberica S.A.

Non-controlling interests UPM has non-controlling interests mainly in Uruguay companies. Summarized financial information of Uruguay subsidiaries that have non controlling interests is presented in the following table. The amounts disclosed are before inter-company eliminations.

Associates and joint ventures Transactions with associates and joint ventures are presented in the table below. The Group has no individually material associates or joint ventures.

UPM Raflatac Inc.

UPM Raflatac Mexico S.A. de C.V.

€ million

2025

2024

UPM Raflatac NZ Limited

UPM Raflatac Oy

Dividends received

2

2

€ million

2025

2024

UPM Raflatac Pty Ltd UPM Raflatac S.r.l. UPM Raflatac SAS UPM Raflatac Sdn.Bhd.

Purchases of raw materials and services

36

28

Profit for the period

117

298

Loan receivables

3 0 5

13

Other comprehensive income for the period Total comprehensive income for the period

—

—

Trade and other receivables Trade and other payables

1

117

298

4

Share of non-controlling interests

10

27

UPM Raflatac South Africa (Pty) Ltd

UPM Raflatac Sp. z o .o.

Subsidiaries and joint operations Refer to » Note 8.2 Principal subsidiaries and joint operations .

Non-current assets

3,034

3,632

UPM S.A.

Current assets

809 189 173

965 270

UPM Sähkönsiirto Oy

FI

Non-current liabilities

Pension Funds In the UK, the single UPM Pension Scheme operates under a Trust which is independent from the Group. The Trust consists of various defined benefit sections, all of which are closed to future accrual and one common defined contribution section which is open to all UPM employees in the UK. The Group made contributions of €0 million (0 million) to the defined benefit sections of the Scheme in 2025. The fair value of the UK defined benefit fund assets at December 31, 2025 was €266 million (274 million), of which 23% was invested in equity instruments, 53% in debt instruments, 4% in property, 14% money market and 6% in other investments. 8.4 Assets held for sale No assets or liabilities were classified as held for sale at the end of 2025 or at the end of 2024.

UPM Sales GmbH

DE

Current liabilities

132

UPM Sales Oy

FI FI

Net assets

3,481

4,195

UPM Specialty Papers Oy UPM Trading (Shanghai) Co UPM-Kymmene (Korea) Ltd UPM-Kymmene (UK) Ltd

Share of non-controlling interests

313

378

CN KO GB US

8.3 Related party transactions The Board of Directors and the Group Executive Team There have not been any material transactions between UPM and its members of the Board of Directors or the Group Executive Team (key management personnel) or persons closely associated with these members or organizations in which these individuals have control or significant influence. There are no loans granted to any members of the Board of Directors or the Group Executive Team at December 31, 2025 or 2024. For information concerning shares held by members of the Board of Directors as well as remuneration to members of the Board of Directors and the Group Executive Team are disclosed in Note 3.2. Key management personnel.

UPM-Kymmene Inc.

UPM-Kymmene India Private Limited

IN JP

UPM-Kymmene Japan K.K.

UPM-Kymmene Kagit Urunleri Sanayi ve Ticared Ltd. Sti.

TR EE

UPM-Kymmene Otepää OÜ

UPM-Kymmene S.r.l.

IT FI

UPM-Kymmene Seven Seas Oy

UPM-Kymmene Sp.z o.o.

PL UY MT

—

93.55

Uruwood S.A. 2)

100.00

100.00

Werla Insurance Company Ltd

Above list includes UPM's principal subsidiaries. 1) In 2025, UPM acquired Metamark. Refer to » note 8.1. Business acquisitions and disposals. 2) In 2025, Uruwood S.A. merged to Forestal Oriental S.A.

Accounting policies

Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of carrying amount and fair value less costs to sell, if UPM will recover their carrying amount through a sale transaction which is considered highly probable. Non-current assets classified as held for sale, or included within a disposal group that is classified as held for sale, are not depreciated after the classification.

UPM Financial Report 2025

324

UPM Financial Report 2025

325

324

325

UPM Annual Report 2025

UPM Annual Report 2025