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

14. Current liabilities

16. Off-balance sheet assets

tonnes

2025

2024

Payables to participating interest companies

Payables to group companies 2)

Emission allowances Emission allowances at January 1

€ million

Payables to others

Total

1,090,737 221,714 50,000 -139,197 -570,000

1,132,472

2025 Loans from financial institutions

Allocated allowances Purchased allowances Discontinued allowances

52,571

— —

— —

31

31

—

Advances received

1

1

-94,306

Trade payables

84

3

350

437

Sold allowances

—

Accrued expenses and deferred income 1)

2

— —

82

83

Emission allowances at December 31

653,254 1,090,737

Other current liabilities

3,197 3,282

71

3,268 3,819

Carrying value, at December 31

3

534

Emission allowance corresponding to actual emissions

-177,560 -192,689

Emission allowance surplus at December 31

475,694

898,048

2024 Loans from financial institutions

The market value of emission allowances at December 31 (€ million)

42

59

—

—

31

31

Trade payables

81

3

357

440

17. Shares and holdings owned by the parent company

Accrued expenses and deferred income 1)

—

— —

91

91

Other current liabilities

3,905 3,985

50

3,954 4,517

Carrying value, at December 31

3

529

Subsidiaries

Country of incorporation

Holding %

Myllykoski Oyj

FI FI FI FI

100.00 100.00 65.44 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 27.80

1) Accrued expenses and deferred income

Repola Investment Oy Suurijärven Huolto Oy

€ million

2025

2024

Unicarta Oy

Personnel expenses Interest expenses

59

70 20

UPM (Vietnam) Limited

VN CH SG NL DE

21

UPM AG

Exchange gains and losses

—

—

UPM Asia Pacific Pte. Ltd.

Income taxes

3

1

UPM B.V.

Carrying value, at December 31

83

91

UPM Biochemicals GmbH UPM Biorefining Holding Oy UPM Communication Papers Oy

2) Comparison year figure restated due to classification mistake in revaluation. €4.1 million has been transferred from current payables to Group companies to non-current payables.

FI FI FI

15. Commitments

In addition, the parent company acts as a guarantor on behalf of other companies belonging to the Group. The majority of such commitments relate to major investment projects and can end up payable by the parent company in case Group companies are unable to manage their obligations. Refer to » Note 4.1 Property, plant and equipment for information about major investment projects. Pension commitments of the President and CEO and the members of the Group Executive Team Refer to » Note 3.2 Key management personnel.

UPM Energy Oy

UPM Kft.

HU BR NL BE

UPM Manufatura e Comércio de Produtos Florestais Ltda.

€ million

2025

2024

UPM Netherlands B.V.

Guarantees Other guarantees on behalf of Group companies Other commitments Leasing commitments, due within 12 months

UPM NV UPM OÜ

15

23

EE

UPM Plywood Oy

FI FI FI FI

24 79 80

25 95 52

UPM Pulp Holding Oy

Leasing commitments, due after 12 months

UPM Pulp Oy

Other commitments

UPM Pulp Sales Oy

Total

199

196

Related party transactions Refer to » Note 8.3 Related party transactions.

UPM Raflatac Canada Holdings Inc.

CA NZ

UPM Raflatac NZ Limited

UPM Raflatac Oy UPM Raflatac S.r.l. UPM Romania S.R.L

FI

AR RO

UPM Silvesta Oy

FI FI

UPM Specialty Papers Oy

UPM Wood Materials (UK) Ltd

UK AT

UPM Wood Materials Austria GmbH

UPM-Kymmene (HK) Ltd.

CN/HK

UPM Financial Report 2025

340

UPM Financial Report 2025

341

340

341

UPM Annual Report 2025

UPM Annual Report 2025