UPM Annual Report 2025

We are UPM

Governance

Accounts and performance

Board of Directors

Corporate Governance Statement

Group Executive Team

Remuneration Report

Composition of the Board of Directors, December 31, 2025

Chair of the Board and Chair of the Nomination and Governance Committee

Director since Independence

2024

Independent of the Company and significant shareholders

Director since Independence

2015

Education Nationality

PhD (Chemistry)

Independent of the Company and significant shareholders

German

Education Nationality

M.Sc (Econ.)

Born

1968

Finnish

Gender

female

Born

1969 male

Main occupation

Non-executive director

Gender

UPM shares 1)

3,547

Main occupation

Senior Industrial Partner at CVC

Melanie Maas-Brunner

Henrik Ehrnrooth

UPM shares 1)

34,474

Deputy Chair of the Board

Director since Independence

2022

Independent of the Company and significant shareholders

Director since Independence

2012 2)

Education Nationality

M.Sc (Econ.)

Independent of the Company and significant shareholders

Finnish

Education Nationality

MBA (Harvard), BA (Business Econ.)

Born

1974 male

Norwegian

Gender

Born

1960 male

Main occupation

CEO of Elisa Corporation

Gender

UPM shares 1)

10,014

Main occupation

Chair of the Board of Strømstangen AS

Kim Wahl

Topi Manner

UPM shares 1)

32,335

Kim Wahl

Chair of the Audit Committee

Director since Independence

2018

Independent of the Company and significant shareholders

Director since Independence

2023

Education Nationality

LLM, MBA

Independent of the Company and significant shareholders

Dutch

Education Nationality

M.Soc.Sc. (Econ.), MBA

Born

1958

Finnish

Gender

female

Born

1974

Main occupation

Non-executive director

Gender

female

UPM shares 1)

14,807

Main occupation

CFO of Finnair Plc

Marjan Oudeman

UPM shares 1)

5,213

Martin à PPioartAaaltonen-Forsell

Chair of the Remuneration Committee

Director since Independence

2021

Independent of the Company and significant shareholders

Director since Independence

2020

Education Nationality

M.Sc (Political Science)

Independent of the Company and significant shareholders

Finnish

Education Nationality

M.Sc (Eng.)

Born

1958 male

Swiss 1970 male

Gender

Born

Main occupation

Partner at AlterInvest Oy

Gender

UPM shares 1)

8,049

Main occupation

Non-executive director

Martin à Porta

Jari Gustafsson

UPM shares 1)

30,057

1) on December 31, 2025, and including shares held by the director’s controlled entities if any. 2) not available for re-election at the AGM 2026.

Director since Independence

2013 2)

Independent of the Company and significant shareholders

Education Nationality

LLM

Finnish

Born

1975

Gender

female

Main occupation

Partner at Odgers Finland Oy

UPM shares 1)

29,248

Piia-Noora Kauppi

90

91

UPM Annual Report 2025

UPM Annual Report 2025