UPM Annual Report 2025

We are UPM

Governance

Accounts and performance

UPM in brief

Our strategy

Our businesses

Sustainability

Worldwide presence Our strong and balanced business portfolio of renewable fibres, advanced materials, and decarbonization solutions provides a number of attractive growth opportunities. We serve global markets and our head office is in Finland.

Advanced materials

Decarbonization solutions

UPM Specialty Materials UPM Specialty Materials offers specialty packaging materials for flexible packaging, labeling and industrial release liners, as well as office and graphic papers in the Asia-Pacific region. • Total annual production capacity of 2.0 million tonnes

UPM Adhesive Materials UPM Adhesive Materials provides high-performance, innovative self-adhesive products, including label materials, graphics solutions, and specialty tapes, as well as reliable services close to customers. • 12 factories and 21 slitting and distribution terminals around the world China: Changshu Finland: Tampere Germany: Hagenow Malaysia: Johor Bahru Poland: Biskupice Podgórne ( Wrocław) and Nowa Wieś (Wrocław) United Kingdom: Scarborough and Lancaster USA: Mills River, NC; Fletcher, NC and Dixon, IL Factories Belgium: Houthalen

UPM Energy UPM Energy generates carbon-free electricity in its own and co-owned power plants. The business also trades electricity and its derivatives on the market and explores opportunities in energy transformation. UPM Energy is the second largest electricity producer in Finland. • The total electricity generation capacity is 1,943 MW, including UPM’s own hydropower plants and shareholdings in other energy companies • Approx. 33% share in OL1 and OL2, and 31% share in the OL3 nuclear power plant units through the shareholding in Pohjolan Voima Oyj (PVO) • Largest shareholdings: – 54.3% of Pohjolan Voima Oy (PVO), which is the majority shareholder (58.5%) in Teollisuuden Voima Oyj (TVO) – 19% of Kemijoki Oy’s hydropower shares Hydropower plants: Finland: Kallioinen (Sotkamo), Kaltimo (Joensuu), Katerma (Kuhmo), Keltti (Kouvola), Kuusankoski (Kouvola), Tyrvää (Sastamala), Voikkaa (Kouvola) and Äetsä UPM Next Generation Renewables UPM Biochemicals offers wood-based renewable biochemicals to replace fossil-based raw materials in various applications such as packaging, PET bottles, cosmetics, pharmaceuticals, textiles, detergents, rubbers and resins. UPM Biofuels produces wood-based renewable diesel for all diesel engines and renewable naphtha that can be used as a biocomponent for gasoline or for replacing fossil raw materials in the petrochemical industry. • UPM Leuna Biorefinery: Annual production capacity of 220,000 tonnes of wood-based, renewable glycols, renewable functional fillers and industrial sugars (full production expected in 2027) • UPM Lappeenranta Biorefinery: Annual production capacity of 130,000 tonnes of wood-based renewable diesel and naphtha Biorefineries Germany: UPM Leuna Biorefinery Finland: UPM Lappeenranta Biorefinery

Paper mills China: UPM Changshu Finland: UPM Jämsänkoski (Jämsä) and UPM Tervasaari (Valkeakoski) Germany: UPM Nordland Papier (Dörpen)

UPM Plywood UPM Plywood offers high-quality WISA ® plywood and veneer products for construction, vehicle flooring, LNG shipbuilding, parquet manufacturing and other industrial applications. • Annual production capacity of 785,000 cubic meters Plywood mills Estonia: UPM Otepää Finland: UPM Joensuu, UPM Pellos 1, 2, 3 (Mikkeli) and UPM Savonlinna

Renewable fibres

Communication papers UPM Communication Papers UPM Communication Papers offers the industry’s widest portfolio for newspaper, magazine, marketing and book printing, as well as for home and office applications. The business has extensive low-cost operations in Europe and the USA, a global sales network and an efficient logistics system. Its main customers are publishers, cataloguers, retailers, printers and merchants. • Annual paper production capacity of 3.7 million tonnes, produced in 8 paper mills • Capacities: Annual production capacity of 1.4 million tonnes of coated publication papers, 0.8 million tonnes of uncoated publication papers and 1.5 million tonnes of fine papers • The combined heat and power (CHP) plants at the paper mill sites included in the business area • Owns 76,000 hectares of forest land in the USA Paper mills Finland: UPM Jämsänkoski (Jämsä), UPM Kymi (Kouvola) and UPM Rauma Germany: UPM Augsburg, UPM Nordland Papier (Dörpen) and UPM Schongau United Kingdom: UPM Caledonian Paper (Irvine) USA: UPM Blandin (Grand Rapids, MN)

Slitting and distribution terminals Argentina: Buenos Aires Australia: Melbourne Canada: Toronto Chile: Santiago China: Guangzhou

UPM Fibres UPM Fibres consists of pulp, timber and forest businesses. UPM Pulp offers a versatile range of pulp products suitable for many end uses such as tissue, specialty papers, packaging papers, graphic papers and board. UPM Timber offers certified sawn timber for joinery, packaging, furniture, planing and construction. UPM Forest secures competitive wood and biomass for UPM’s businesses and manages UPM owned and privately-owned forests in Northern Europe. UPM Forest also provides forestry services to forest owners, from private forest owners to forest investors. • Annual pulp production capacity of 5.8 million tonnes, produced at two pulp mills in Uruguay and three pulp mills in Finland • Annual capacity in tonnes by mill: UPM Paso de los Toros 2.1 million tonnes; UPM Fray Bentos 1.3 million tonnes; UPM Kymi 870,000 tonnes; UPM Pietarsaari 800,000 tonnes and UPM Kaukas 700,000 tonnes • 495,000 hectares of owned and leased plantations in Uruguay

• Certified sawn timber with an annual capacity of 1.0 million cubic meters, produced in three sawmills in Finland • Wood and biomass sourcing in 12 countries, 522,000 hectares of own forest land in Finland, offering forestry services to private forest owners in Finland • UPM RaumaCell, annual capacity of 100,000 tonnes of fluff pulp, produced in Rauma, Finland Pulp mills Finland: UPM Kaukas (Lappeenranta), UPM Kymi (Kouvola), UPM Pietarsaari and UPM RaumaCell Uruguay: UPM Fray Bentos, UPM Paso de los Toros and certified eucalyptus plantations Sawmills Finland: UPM Alholma (Pietarsaari), UPM Kaukas (Lappeenranta) and UPM Seikku (Pori)

France : Nancy India: Mumbai Indonesia: Jakarta Italy: Osnago Mexico: Mexico City, Guadalajara and Rosarito New Zealand: Auckland South Africa: Johannesburg Spain: Barcelona Thailand: Bangkok Turkey: Istanbul Ukraine: Kiev USA: Vancouver, WA Vietnam: Ho Chi Minh City and Hung Yen (to be opened in 2026)

Veneer mill Finland: UPM Kalso (Kouvola)

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UPM Annual Report 2025

UPM Annual Report 2025