Interim report
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UPM Interim Report Q3 2026: Strong cash flow in a challenging quarter amid destocking and cost inflation Q3 2026 highlights, continuing operations • Sales totaled €2,202 million (2,226 million in Q3 2025) • Comparable EBIT decreased by 8% to €131 million, 5.9% of sales (142 million, 6.4%) • Q3 performance impacted by lower deliveries during customer destocking, and increased variable costs • Actions to improve working capital efficiency resulted in strong operating cash flow at € 420 million (218 million)1) • The Extraordinary General Meeting in August decided on the demerger plan, WISA Group plc to start trading on Nasdaq Helsinki in November • Preparations continued for the planned graphic paper Joint Venture. The transaction is subject to merger control approvals Q1-Q3 2026 highlights, continuing operations • Sales totaled €6,983 million (7,140 million in Q1-Q3 2025) • Comparable EBIT increased by 10% to €601 million, 8.6 % of sales (545 million, 7.6 %) • Strong performance in Decarbonization solutions businesses (UPM Energy and UPM Biofuels) • Stable performance in Advanced materials businesses (UPM Adhesive Materials and UPM Specialty Materials), and in UPM Fibres • Operating cash flow was €645 million (685 million)1) • The first installment of the dividend for the year 2025 was paid in April, totaling €395 million • Net debt was 2,993€ million at the end of September (3,218 million) and net debt to EBITDA ratio was 2.09 (2.36)1) 1) Operating cash flow, net debt and net debt to EBITDA ratio include continuing and discontinued operations. UPM Plywood is presented as discontinued operations due to the planned demerger On August 31, 2026, the Extraordinary General meeting resolved on the partial demerger of UPM in accordance with the demerger plan approved by the Board of Directors of UPM on April 29, 2026, and approved a demerger plan. According to the demerger plan, the Plywood business is separated into an independent company to be named as WISA Group Plc. As a result of the planned demerger, the Plywood business is presented as a discontinued operation in accordance with IFRS 5. Unless otherwise stated, the commentary in this report relates to UPM's continuing operations. More information in Financial statement information Note 10 assets and liabilities classified as held for distribution to owners and discontinued operations. Key figures, continuing operations Q3/2026 Q3/2025 Q2/2026 Q1–Q3/2026 Q1–Q3/2025 Q1–Q4/2025 Sales, € million 2,202 2,226 2,355 6,983 7,140 9,392 Comparable EBITDA, € million 267 235 356 999 894 1,254 % of sales 12.1 10.6 15.1 14.3 12.5 13.4 Operating profit (loss), € million 112 47 208 565 343 719 Comparable EBIT, € million 131 142 212 601 545 883 % of sales 5.9 6.4 9.0 8.6 7.6 9.4 Profit (loss) before tax, € million 79 19 182 488 268 660 Comparable profit before tax, € million 98 113 186 524 472 825 Profit (loss) for the period, € million 78 12 163 435 220 466 Comparable profit for the period, € million 91 93 163 458 398 684 Earnings per share (EPS), € 0.14 0.02 0.29 0.79 0.40 0.86 Comparable EPS, € 0.16 0.17 0.29 0.83 0.73 1.27 Return on capital employed (ROCE), % 3.0 1.4 5.9 5.4 3.3 5.4 Comparable ROCE, % 3.6 4.0 6.0 5.8 5.1 6.5 Capital employed at the end of period, € million 13,997 14,120 13,954 13,997 14,120 13,948 Personnel at the end of period 13,144 14,166 13,665 13,144 14,166 13,676 UPM presents certain measures of performance, financial position and cash flows, which are alternative performance measures in accordance with the guidance issued by the European Securities and Markets Authority (ESMA). The definitions of alternative performance measures are presented in UPM's » Annual Report 2025 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 2
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Key figures, discontinued operations The financial information presented for the discontinued operations is not representative of the historical or future profitability of the UPM Plywood business area as a standalone business. Information on UPM Plywood's performance is presented in segment information. WISA Group Plc's demerger and listing prospectus is published at www.upm.com/demerger. Q3/2026 Q3/2025 Q2/2026 Q1–Q3/2026 Q1–Q3/2025 Q1–Q4/2025 Sales, € million 67 72 84 231 204 264 Comparable EBITDA, € million 10 16 20 49 36 57 % of sales 14.4 22.3 23.3 21.2 17.4 21.5 Operating profit (loss), € million 4 7 9 23 16 30 Comparable EBIT, € million 10 12 18 43 21 38 % of sales 14.6 16.0 21.4 18.6 10.1 14.4 Profit (loss) before tax, € million 4 7 4 18 16 30 Comparable profit before tax, € million 10 11 18 43 20 38 Profit (loss) for the period, € million 7 6 3 16 13 24 Comparable profit for the period, € million 13 9 14 36 17 31 Return on capital employed (ROCE), % 7.5 16.9 21.7 16.6 12.3 16.4 Comparable ROCE, % 19.4 26.2 37.4 29.2 15.5 20.8 Capital employed at the end of period, € million 210 171 196 210 171 181 Personnel at the end of period 1,462 1,476 1,519 1,462 1,476 1,451 Key figures, UPM total UPM total Q3/2026 Q3/2025 Q2/2026 Q1–Q3/2026 Q1–Q3/2025 Q1–Q4/2025 Sales, € million 2,270 2,298 2,440 7,214 7,344 9,656 Comparable EBITDA, € million 277 251 376 1,048 929 1,311 % of sales 12.2 10.9 15.4 14.5 12.7 13.6 Operating profit (loss), € million 116 55 217 588 359 749 Comparable EBIT, € million 141 153 230 644 566 921 % of sales 6.2 6.7 9.4 8.9 7.7 9.5 Profit (loss) before tax, € million 83 26 186 506 284 690 Comparable profit before tax, € million 108 125 204 567 492 863 Profit (loss) for the period, € million 85 18 166 451 233 491 Comparable profit for the period, € million 104 103 177 494 415 714 Earnings per share (EPS), € 0.15 0.03 0.30 0.82 0.42 0.91 Comparable EPS, € 0.19 0.19 0.32 0.90 0.77 1.33 Return on equity (ROE), % 3.3 0.7 6.4 5.8 2.8 4.5 Comparable ROE, % 4.0 4.0 6.8 6.3 5.0 6.5 Return on capital employed (ROCE), % 3.1 1.6 6.1 5.6 3.4 5.5 Comparable ROCE, % 3.8 4.3 6.5 6.1 5.2 6.7 Operating cash flow, € million 420 218 136 645 685 1,405 Operating cash flow per share, € 0.80 0.41 0.26 1.22 1.30 2.66 Equity per share at the end of period, € 19.21 19.07 18.86 19.21 19.07 18.97 Capital employed at the end of period, € million 14,207 14,292 14,149 14,207 14,292 14,129 Net debt at the end of period, € million 2,993 3,218 3,313 2,993 3,218 3,004 Net debt to EBITDA (last 12 months) 2.09 2.36 2.36 2.09 2.36 2.29 Personnel at the end of period 14,606 15,642 15,184 14,606 15,642 15,127 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 3
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Massimo Reynaudo, President and CEO, comments on the results: “This was a softer quarter following a strong first half. The broader global uncertainty and persistently high energy costs were visible in more cautious customer activity. In some of our markets, we saw significant destocking among customers, resulting in lower deliveries. Together with higher variable costs, this weighed on performance, although we were able to partly offset the impact through pricing actions. A clear highlight for the quarter was the strong cash flow, supported by improved working capital efficiency. We continued our work to shape UPM for the future as a more focused company – built around businesses with strong positions in structurally growing markets. The separation of our Plywood business is just days away from completion and will result in the establishment of WISA Group as an independent listed company. Operational preparations for the planned graphic paper Joint Venture with Sappi have progressed well. In early October, however, the European Commission restated its serious concerns about the transaction. We believe in the strength of our arguments in addressing the concerns raised. At the same time, we have opened discussions on potential remedies. Since quarter-end, we have also inaugurated our new biorefinery in Leuna, Germany. Leuna brings our biochemical science and technology to industrial scale and will open up new markets and opportunities for us and our customers. We have now reached production readiness of Renewable Functional Fillers, and qualification volumes for customers will be produced in Q4. This means that two of the three core processes have been tested and are in production. Our customer deliveries now range from industrial sugars, through lignin-derived specialty chemicals to RFF. During commissioning of the third and final process turning sugars to glycols, we have identified specific modifications that are required. We now expect to start integrated production of the refinery in Q2 2027 – approximately six months later than previously anticipated – and to reach nominal capacity in early 2028. During the third quarter, sales from our continuing operations were €2,202 million, and comparable EBIT was €131 million, down 8% year on year. At the same time, our year-to- date performance remains clearly ahead of 2025: comparable EBIT increased by 10% to €601 million and the comparable EBIT margin improved to 8.6% from 7.6%. Cash generation was particularly strong in the quarter. Actions to improve working capital efficiency contributed to operating cash flow of €420 million. Net debt at the end of the quarter was lower, at €2,993 million, and the net debt to EBITDA ratio improved to 2.09. Strengthening cash flow and maintaining a strong balance sheet remain clear priorities for us. Our decarbonization solutions businesses continued to perform well, supported by good demand and pricing for renewable fuels. UPM Energy reported broadly stable performance during the summer quarter, which included the maintenance shutdown of the OL3 nuclear power unit. Strong demand for electricity continued, and new data center projects were announced during the quarter in Finland. With our existing 12 TWh CO2-free production capacity and a multi-gigawatt pipeline consisting of suitable data center sites and renewable energy and battery development projects, we are well positioned to serve data centers and other large electricity consumers. In our advanced materials businesses, UPM Adhesive Materials and UPM Specialty Materials, earnings were impacted by lower delivery volumes. Both businesses saw heavy customer destocking, particularly in Europe. On the positive side, we were able to maintain stable margins in both businesses, despite input cost increases. UPM Fibres’ results improved. Fibres South continued to deliver strong profitability, while Fibres North returned to positive comparable EBIT. After a seasonally slower summer, demand and market prices increased moderately. Production was curtailed at the Kaukas pulp mill in Finland for eight weeks to optimize production and wood sourcing, and to ensure profitability in the challenging softwood pulp markets. In the final quarter, we will curtail production at the Pietarsaari mill for five weeks. UPM Communication Papers had a challenging quarter, further underlining the structural pressures facing the graphic paper markets. Market demand weakened, and the prevailing overcapacity limited our ability to pass through the sharp increase in energy-related costs during the quarter. These market realities reaffirm the rationale for the planned Joint Venture with Sappi and the need to strengthen the long-term competitiveness of the business. Looking ahead, while there continues to be uncertainty in the operating environment, there are also positive factors that underpin our performance. Demand continues to be strong in our decarbonization solutions businesses. In addition, we are entering a seasonally stronger period in the Energy and Fibres businesses. In our advanced materials businesses, unit margins are healthy. Destocking is still going on in some markets but is temporary by nature. Finally, following the increase in variable costs we will continue margin management actions across our businesses. We remain focused on protecting margins, improving cash flow and working capital efficiency, and maintaining disciplined capital allocation. These priorities support our ongoing transformation towards a more focused UPM, centered on businesses with stronger growth characteristics and higher value creation.” This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 4
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Profit guidance, continuing operations UPM’s comparable EBIT in H2 2026 from continuing operations is expected to be approximately in the range of €375-575 million (€479 million in H2 2025, and €471 million in H1 2026). These figures exclude UPM Plywood, which is classified as discontinued operations. Outlook There continue to be significant uncertainties in geopolitics and trade. In H2 2026, compared with H1 2026, UPM’s delivery volumes are expected to be lower. UPM’s performance is expected to be supported by moderately higher sales prices. Variable costs are expected to increase. Energy refunds are expected to support UPM Communication Papers' result in Q4. Maintenance activity is expected to increase from the comparison period. The production ramp-up at UPM Leuna is expected to increase costs moderately. In H2 2026, compared with H2 2025, UPM’s performance is expected to benefit from higher sales prices. Variable costs are expected to increase. Fair value change of forest assets is expected to have a significantly smaller impact on comparable EBIT in H2 2026 than in H2 2025 (€131 million). The energy refunds to be booked in UPM Communication Papers in Q4 are anticipated to have a somewhat smaller positive impact than in 2025. Maintenance activity is expected to increase from the comparison period. The production ramp-up at UPM Leuna is expected to increase costs. Sensitivity to pulp and electricity prices UPM’s comparable EBIT is sensitive to pulp and electricity prices. The figures below represent group earnings sensitivities on annual level. UPM is a large producer and consumer of chemical pulp. A €50/tonne change in average pulp price would impact annual comparable EBIT by approximately €180 million (net impact: assuming no correlation between pulp and paper prices) to approximately €270 million (gross impact: assuming paper pricing would match changes in pulp costs). UPM is a large producer and consumer of electricity in Finland and separately hedges part of its electricity sales and purchases. Based on UPM’s estimated unhedged net electricity sales position in Finland in 2026, a €10/MWh change in average electricity market price in Finland would impact annual comparable EBIT by approximately €40 million. Foreign exchange exposure Fluctuations in monetary policies and economic conditions can significantly impact the value of various currencies, which in turn may affect UPM. Additionally, the escalation of global trade tensions could influence currency exchange rates. These currency fluctuations could impact UPM’s cash flow, earnings, or balance sheet, and may also affect the relative competitiveness between different currency regions. The Group’s policy is to hedge an average of 50% of its estimated net currency cash flows on a rolling basis over the next 12-month period. At the end of Q3 2026, UPM’s estimated net currency cash flows for the next 12 months totaled approximately €1.5 billion. USD was the largest exposure at approximately €1.3 billion, followed by UYU, GBP, JPY and CNY. In addition, the earnings of UPM’s foreign subsidiaries are translated to euros in reporting. UPM has significant foreign subsidiaries in Uruguay, the U.S. and China. Foreign exchange risks are discussed in UPM's Annual Report 2025 on pages 313– 314. Timing of significant maintenance shutdowns Timing Unit Q1-Q2/2025 Olkiluoto nuclear power plant unit OL3 Q2/2025 Olkiluoto nuclear power plant units OL1 and OL2 UPM Paso de los Toros pulp mill UPM Kymi pulp mill Q3/2025 UPM Kaukas pulp mill Q4/2025 UPM Fray Bentos pulp mill Q2/2026 Olkiluoto nuclear power plant units OL1 and OL2 UPM Pietarsaari pulp mill Q3/2026 UPM Lappeenranta biorefinery Q3-Q4/2026 Olkiluoto nuclear power plant unit OL3 Q4/2026 UPM Paso de los Toros pulp mill Q2/2027 Olkiluoto nuclear power plant units OL1 and OL2 UPM Fray Bentos pulp mill UPM Kymi pulp mill UPM Lappeenranta biorefinery turnaround Q3/2027 UPM Kaukas pulp mill This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 5
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€ million Comparable EBIT Q3 2026 Q3 2025 UPM Energy UPM Adhesive MaterialsUPM Specialty Materials UPM Fibres UPM Communication Papers UPM PlywoodOther operations -50 0 50 100 € million % of sales Comparable EBIT, continuing operations Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 100 200 300 400 0 5 10 15 20 € million € per share Operating cash flow * Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 100 200 300 400 500 600 700 800 0.00 0.50 1.00 1.50 2.00 . € million Net debt to EBITDA Net debt and net debt to EBITDA * Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0.00 0.40 0.80 1.20 1.60 2.00 2.40 *Operating cash flow, net debt and net debt to EBITDA ratio Include continuing and discontinued operations. Results, continuing operations Q3 2026 compared with Q3 2025 Q3 2026 sales totaled €2,202 million, 1% lower than the €2,226 million in Q3 2025. Lower delivery volumes in most businesses had a somewhat larger negative impact on sales than the positive impact of increased sales prices. Sales decreased in most businesses, with the exception of UPM Adhesive Materials and Other operations. The comparable EBIT decreased by 8% to €131 million, which was 5.9% of sales (142 million, 6.4%). Comparable EBIT increased in UPM Fibres and remained at the same level in UPM Adhesive Materials, and decreased in the other businesses compared to last year. Sales price increased in most businesses, on group level more than offsetting the impact of increased variable costs. Changes in delivery volumes had a small positive impact on comparable EBIT. Fixed costs decreased by €16 million. Changes in currencies, net of hedging, had a negative impact on the results. Depreciation, amortization and impairment charges excluding items affecting comparability totaled €125 million (122 million), including depreciation of leased assets totaling €23 million (22 million). The change in the fair value of forest assets net of wood harvested in comparable EBIT was €-12 million (28 million). Operating profit was €112 million (47 million). Items affecting comparability in operating profit totaled €-19 million in the period (-94 million). More information on items affecting comparability in Financial statement information Note 2 Quarterly information by business area. Net interest and other finance income and costs were €-22 million (-27 million). The exchange rate and fair value gains and losses were €-11 million (-1 million). Items affecting comparability in finance costs totaled €0 million (0 million). Income taxes were €-2 million (-7 million). Items affecting comparability in taxes totaled €5 million (13 million). Profit for Q3 2026 was €78 million (12 million), and comparable profit was €91 million (93 million). Q3 2026 compared with Q2 2026 The comparable EBIT decreased by 38% to €131 million, which was 5.9% of sales (212 million, 9.0%). Comparable EBIT decreased mainly due to significantly higher variable costs, across most input categories and businesses. Sales prices increased, but only offset part of the increase in variable costs. Delivery volumes decreased in most businesses, and had a negative impact on comparable EBIT. Fixed costs decreased by €39 million, partially due to seasonal fluctuations and partially due to lower maintenance activity than in the previous quarter. Depreciation, amortization and impairment charges excluding items affecting comparability, totaled €125 million (122 million). The change in the fair value of forest assets net of wood harvested in comparable EBIT was €-12 million (-24 million). Operating profit was €112 million (208 million). Items affecting comparability in the operating profit totaled €-19 million for the period (-4 million). More information on items affecting comparability in Financial statement information Note 2 Quarterly information by business area. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 6
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January–September 2026 compared with January– September 2025 In Q1-Q3 2026 sales were €6,983 million, 2% lower than the €7,140 million in Q1-Q3 2025. Sales decreased in UPM Fibres, UPM Communication Papers and UPM Specialty Materials, but increased in UPM Energy and UPM Adhesive Materials business areas, and in the Other operations segment. Comparable EBIT increased by 10% to €601 million, 8.6 % of sales (545 million, 7.6%). Variable costs decreased, whereas changes in sales prices at group level were neutral to the results. Delivery volumes increased moderately. Fixed costs decreased by €73 million. Depreciation, amortization and impairment charges excluding items affecting comparability, totaled €369 million (390 million) including depreciation of leased assets totaling €66 million (67 million). The change in the fair value of forest assets net of wood harvested was €-31 million (41 million). Operating profit totaled €565 million (343 million). Items affecting comparability in operating profit totaled €-36 million in the period (-202 million). More information on items affecting comparability in Financial statement information Note 2 Quarterly information by business area. Net interest and other finance costs were €-67 million (-75 million). The exchange rate and fair value gains and losses were €-10 million (0 million). Items affecting comparability in finance costs totaled €0 million (-1 million). Income taxes totaled €-53 million (-49 million). Profit for Q1-Q3 2026 was €435 million (220 million), and comparable profit was €458 million (398 million). Financing and cash flow The following information includes both continuing and discontinued operations. € million Q3/26 Q3/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Operating cash flow 420 218 645 685 1,405 Net debt at the end of period 2,993 3,218 2,993 3,218 3,004 Net debt to EBITDA (last 12 m) 2.09 2.36 2.09 2.36 2.29 Gearing ratio % 29 31 29 31 29 In Q1-Q3 2026, the cash flow from operating activities before capital expenditure and financing totaled €645 million (685 million in 2025). Working capital increased by €63 million (increased by €25 million). Net debt was €2,993 million at the end of Q3 2026 (3,218 million at the end of Q3 2025). The gearing ratio as of September 30, 2026 was 29% (31%). The net debt to EBITDA ratio, based on the last 12 months' EBITDA, was 2.09 at the end of the period (2.36). On September 30, 2026, UPM's cash funds and unused committed credit facilities totaled €2.6 billion. The total amount of committed credit facilities was €1.9 billion of which €159 million will mature in 2027 and €1.8 billion will mature in 2029 or beyond. For the 2025 financial year, the dividend of €1.50 per share is paid in two equal installments. The first installment of €0.75 per share (totaling €395 million) was paid on April 21, 2026, and the second installment of €0.75 per share will be paid on November 6, 2026 (totaling €395 million). Capital expenditure, continuing operations In Q1-Q3 2026, capital expenditure excluding investments in shares from continuing operations totalled €164 million (279 million), which was 2.3% of sales. There were no investments in shares during the period. In Q1-Q3 2025, capital expenditure including investment in shares from continuing operations amounted to €462 million, which was 6.5% of sales. Capital expenditure does not include additions to leased assets. In 2026 capital expenditure from continuing operations excluding investments in shares, is expected to be about €300 million. In January 2020, UPM announced that it would invest in a 220,000 tonne next-generation biochemicals biorefinery in Leuna, Germany. The total investment estimate is €1,370 million. UPM Adhesive Materials has ongoing production capacity investments in Mills River, North Carolina, U.S., and in Johor Bahru, Malaysia. The business area is also opening new slitting and distribution terminals near Hanoi, Vietnam, and near New Delhi, India. UPM Energy invests over €20 million in the extensive modernization of the Tyrvää hydropower plant in Finland, including the refurbishment of both turbine-generator units. The modernization is expected to be fully completed by the end of 2030. Personnel In Q1-Q3 2026, UPM had an average of 14,920 employees (15,974). At the beginning of the year, the number of employees was 15,127 and at the end of Q3 it was 14,606. Continuing operations had an average of 13,449 employees (14,465). At the beginning of the year, the number of employees was 13,676 and at the end of the Q3 it was 13,144. Discontinued operations had an average of 1,472 employees (1,509). At the beginning of the year, the number of employees was 1,451 and at the end of the Q3 it was 1,462. Planned graphic paper Joint Venture On May 28, 2026, UPM announced it had signed a definitive agreement to form a graphic paper Joint Venture with Sappi, and the parties had secured financing arrangements that will provide a robust financial standing for the Joint Venture. A non- binding letter of intent (LOI) on the transaction was signed on December 4, 2025. The Joint Venture will include the entire UPM Communication Papers business and Sappi’s graphic paper business in Europe. The Joint Venture will be owned 50/50 by UPM and Sappi. It will operate as an independent company, managing its own operations, resources, and decisions within agreed shareholder boundaries. Until the closing of the intended Joint Venture according to the satisfaction of all legal and regulatory requirements, UPM Communication Papers and Sappi’s European graphic paper business will continue to operate as separate and independent companies. The Joint Venture is expected to create annual synergies estimated at about €100 million through asset and logistics optimizations, product portfolio rationalization, sourcing efficiency improvements and operational efficiencies. Financing secured for the Joint Venture: • The parties have secured €600 million of external financing for the transaction as well as a committed revolving credit facility of €100 million to finance the Joint Venture’s This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 7
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operational liquidity needs, both facilities fully underwritten by Citi and Nordea. • At the closing of the transaction, the Joint Venture will raise the agreed debt to fund the cash consideration payable to UPM and Sappi respectively. To ensure adequate equity and balance sheet for the Joint Venture, the parties have agreed that a part of the purchase prices will be financed through shareholder loans as explained below in further detail. • Except for the shareholder loans, the Joint Venture will be independently financed following the closing, and to the extent it would require additional funding, such financing shall be without any recourse to the shareholders. Based on the definitive agreement: • UPM and Sappi will contribute their respective businesses and assets to the Joint Venture with a combined enterprise value of €1,420 million, excluding the value of expected synergy benefits. UPM Communication Papers business is valued at €1,100 million (enterprise value). Sappi’s European business is valued at €320 million (enterprise value). • As consideration for its assets contributed to the planned Joint Venture, at closing UPM will receive cash proceeds of €475 million, a receivable for a shareholder loan on preferential terms valued at €88 million, a receivable for an additional shareholder loan valued at €10 million and 50% of the equity of the Joint Venture equal to a book value of €167 million. As part of the transferring business perimeter, €411 million of net pension and other liabilities based on year-end 2025 balance sheet will transfer to the Joint Venture. • Sappi will receive cash proceeds of €90 million, a receivable of a shareholder loan valued at €10 million and 50% of the equity of the Joint Venture equal to a book value of €167 million. The purchase prices, cash proceeds and financial impact of the transaction are estimates at the time of the definitive agreement, and subject to customary purchase price adjustments. The Joint Venture will first repay its shareholder loans to its two shareholders and thereafter distribute dividends according to its financial performance and standing. The parties have agreed that UPM has an option to sell to Sappi half of any outstanding preferential terms shareholder loan two years after closing. The establishment of the Joint Venture would create a sustainable standalone business that ultimately will provide divestment flexibility for both shareholders. Three years after closing, with the Joint Venture expected to have completed the integration and realized the synergies, either shareholder may initiate a divestment of their shareholdings. Securing long-term resilience and sustainability The transaction would create a more efficient, adaptable and sustainable graphic paper business. It would create a structurally competitive cost base and supply security for the European and global customers. By strategic reallocation of production volumes to the most efficient paper machines, the Joint Venture would achieve more sustainable capacity utilization and stronger operational performance, while continuing to serve customers with a broad portfolio of graphic paper products. Overall, the Joint Venture would rationalize supply in an industry burdened by declining demand, structural overcapacity and high energy costs. It would contribute to a more balanced and resilient European market, and make the industry better positioned to withstand market challenges and increasing imports to Europe. UPM Communication Papers has already today an ambitious climate action roadmap to reduce product emissions by up to 70% by 2030, supporting customers in achieving their climate targets. The Joint Venture would further enhance these opportunities. By optimizing capacity utilization, enhancing operational efficiencies and continuing to invest in decarbonization, the Joint Venture could reduce its overall climate impact, helping to advance the EU’s Clean Industrial Deal objectives. Impact of the transaction on UPM financials The financial benefit for UPM at closing will consist of the €475 million cash payment to UPM by the Joint Venture, the €98 million shareholder loan receivable and UPM’s share (50%) of the Joint Venture. In addition, €411 million of net pension and other liabilities will transfer to the Joint Venture as part of the transferring business perimeter. The ownership in the Joint Venture will be accounted for using the equity method, below operating profit. The transaction is expected to have a positive impact on UPM’s profitability margins (EBIT % of sales), balance sheet and leverage. UPM would also achieve a more focused business portfolio operating on growth markets and would no longer have direct sales exposure to the declining European and North American graphic paper markets. Transaction subject to merger control and other conditions The transaction requires among other conditions merger control approvals, and most jurisdictions, including China, South Africa and the U.S., have approved the transaction. The European Commission’s final decision is expected by year-end or shortly thereafter. The Joint Venture would become operational upon closing. On October 5, 2026, UPM announced that it and Sappi had received a Letter of Facts from the European Commission which stated that the Commission continues to have serious concerns about the proposed graphic paper Joint Venture. UPM disagrees with the Commission's preliminary assessment and will continue to engage with the review process. UPM continues to believe that the proposed Joint Venture would support the long-term competitiveness, sustainability and resilience of the European graphic paper industry. To address the Commission’s concerns, the parties have opened discussion for specific remedies, but given the rationale of the transaction, not divestments. The Plywood business demerger into a new listed company On April 29, 2026, the Board of Directors approved a demerger plan concerning a partial demerger of UPM. According to the demerger plan, UPM will demerge so that all assets and liabilities of UPM relating to the UPM Plywood business area, or mainly serving the UPM Plywood business area, are transferred to WISA Group Plc (“WISA Group”), a company to be established in the demerger (the “Demerger”). The Demerger was approved by UPM’s Extraordinary General Meeting held on August 31, 2026. The planned completion date of the Demerger is October 31, 2026. A demerger and listing prospectus was published on July 16, 2026. UPM has applied for admitting the shares of WISA Group for trading on the official list of Nasdaq Helsinki Ltd (“Nasdaq Helsinki”). Upon the completion of the Demerger, WISA Group would initially have the same shareholder structure as UPM. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 8
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Strategic rationale of the Demerger According to the assessment of the Board of Directors of UPM, the separation of the Plywood business area into a new publicly listed company would increase shareholder value by creating an integrated platform focused solely on pursuing the strategic priorities and growth opportunities of the Plywood business area. The separation will also simplify governance and decision- making structures, foster more direct accountability, and enhance UPM’s focus on its core businesses. It will also provide increased visibility to investors into key value drivers specific to the Plywood business area, which can facilitate the fair valuation of the business and provide more flexibility for accessing external capital. The separation further allows the Plywood business area to attract new investors who are interested in investing directly in an independent company focused on high v a l u e ‑ a d d e d e n d - u s e s e g m e n t s , i n c l u d i n g c o n s t r u c t i o n , L N G shipbuilding and vehicle flooring solutions. This also benefits the value creation for UPM’s current shareholders. Overview of the Demerger The Demerger will be executed as a partial demerger, as set out in the Finnish Companies Act (624/2006, as amended, the “Finnish Companies Act”). The shareholders of UPM will receive as demerger consideration one new share in WISA Group for each share they hold in UPM (the “Demerger Consideration”), that is, the Demerger Consideration will be issued to the shareholders of UPM in proportion to their existing shareholdings with a ratio of 1:1. No action will be required from UPM shareholders to receive the Demerger Consideration. UPM’s shareholders will retain their shareholdings in UPM. The planned completion date of the Demerger pursuant to the demerger plan is October 31, 2026. Trading in the shares of WISA Group on Nasdaq Helsinki is currently expected to commence on or about November 2, 2026, or as soon as possible thereafter. UPM presents the UPM Plywood business area as discontinued operations in its financial reporting in accordance with the IFRS 5 standard starting from the second quarter of 2026. Biochemicals refinery investment In January 2020, UPM announced that it would invest in a 220,000 tonne next-generation biochemicals refinery in Leuna, Germany. The investment estimate is €1,370 million. Commercial ramp-up of the Biochemicals business is advancing well. In the production ramp-up of the Leuna refinery, clearly defined additional modification works are needed in one process before full integrated production of the unit can commence. This represents an approximately six months delay. Commercial interest in the biochemicals products is strong The long-term biochemicals business case, including attractive growth and profitability outlook is intact, and supported by confirmed customer interest. Commercial interest in the main products and side-streams is strong, with confirmed customer contracts and a sales and customer qualification pipeline that exceeds multiple times the annual capacity of the refinery. Since the final investment decisions, the portfolio of high- value products and materials has grown, particularly through the development of lignin-derived specialty chemicals and additional grades of Renewable Functional Fillers (RFF). This opens promising new commercial opportunities. With the strategic acquisition of the intellectual property behind Avantium’s Ray Technology® in May 2026, we have broadened our technology options for the conversion of sugars to glycols, creating a basis for future technology and optimization pathways. Two of the three core processes tested and running Wood-to-lignin-and-sugar: Enzymatic hydrolysis was started up in Q4 2025 and commercial deliveries of industrial sugars have reached substantial volumes. The production of lignin-derived specialty chemicals has also reached stable operation, and we are ramping up sales into attractive growth markets such as battery and construction materials. Lignin-to-RFF: We have reached technical readiness to produce Renewable Functional Fillers and are progressing towards commercial sales. RFF production will ramp up in Q4 2026. We will immediately start qualifying the final product at our customers and subsequently start sales across RFF application areas in tyres, mechanical rubber goods and plastics. Additional modification works required in the final core process Sugars-to-glycols: The third and final process step, the conversion of sugars to glycols, is a first of its kind process and comprises a number of complex technologies required to convert biomass-based sugars. During commissioning, we have identified smaller technological challenges that require modifications to certain pieces of equipment. We expect the modifications and technological upgrades to be completed, and the process to reach technological readiness in Q1 2027, with integrated production starting in Q2 2027. Required additional investment for the modifications is minor. Financial impact of the ramp-up Production of the refinery is expected to reach nominal capacity in the early part of 2028, which is the prerequisite for EBIT positive operation. On this basis, the EBIT impact for the full year 2027 is expected to be on broadly similar level as in 2026. Biofuels business development Renewable fuels and renewable chemicals are the central elements of UPM’s long-term growth in decarbonization solutions. UPM is focusing on three targeted growth areas in its biofuels business: • Evaluating the potential to debottleneck the Lappeenranta biorefinery in order to capture low CAPEX expansion opportunities and further leverage the strong market performance of CTO-derived biofuels. • Enabling the qualification of CTO-derived UPM biofuels as sustainable aviation fuel (SAF). This strategic direction is supported by successful SAF trials conducted with the Austrian aircraft manufacturer Diamond Aircraft using Austro Engine propulsion and by continued progress in the technical acceptance process at the American Society for Testing and Materials (ASTM). Results from these trials and stakeholder reviews have been consistently positive. • Continuing feedstock technology development to qualify and enable the use of additional competitive and sustainable biomass. This will support the cost-efficient production of high-quality biofuels for both road and aviation applications. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 9
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Change in the composition of reportable segments The Group has changed its reportable segments composition by moving UPM Forest business into UPM Fibres business area as of January 1, 2026. The vast majority of wood used by UPM in Finland is consumed within the UPM Fibres business, and the Finnish forests are therefore considered an integral operational and strategic part of UPM Fibres North operations. In addition, the change improves consistency with UPM Fibres operations in Uruguay, where forest assets have already been reported as part of the UPM Fibres South operations. Until the end of 2025, UPM Forest was included in Other operations. UPM Biorefining, consisting of UPM Biochemicals and UPM Biofuels and reported as part of Other operations, was renamed UPM Next Generation Renewables as of January 1, 2026. Following these changes, Other Operations includes UPM Next Generation Renewables, wood sourcing, Group services and Technology and forest assets in the U.S. The change impacts KPIs of UPM Fibres reportable segment and Other Operations. The comparative periods are restated according to the new reporting principles. The reporting change has had no impact on Group financial result or balance sheet. Refer to Financial Statement information Note 9 Change in the composition of reportable segments in Financial statement information. Events during the reporting period On January 12, 2026, UPM received leadership scores in CDP 2025 assessment for climate change, forests and water security, reaffirming UPM's leading position in sustainability. On February 4, 2026, UPM announced plans for the period 2026–2028 within the company’s two long-term share incentive arrangements. On March 5, 2026, UPM Energy announced an investment of over €20 million in the extensive modernization of the Tyrvää hydropower plant. On March 30, 2026, UPM Adhesive Materials announced an expansion of its footprint in India with a new slitting and distribution terminal near New Delhi. On April 9, 2026, UPM-Kymmene Corporation held its Annual General Meeting. Decisions of the AGM are presented elsewhere in this report. On April 28, 2026, the EU Commission announced the opening of a Phase II investigation into the planned graphic paper Joint Venture. On April 29, 2026, the Board of Directors of UPM approved a demerger plan concerning the separation of the Plywood business into a new listed company. On May 4, 2026, UPM announced that it has been included as the only company in its sector in the Dow Jones World and European Sustainability Indices (DJSI) for 2025–2026. On May 28, 2026, UPM and Sappi signed a definitive agreement on the graphic paper Joint Venture. On June 18, 2026, UPM announced the temporary shutdown of the UPM Kaukas pulp mill as of August 3, 2026, for approx. six weeks, and a potential temporary shutdown of the UPM Pietarsaari pulp mill in October. On July 2, 2026, EcoVadis, a leading provider of corporate sustainability ratings, awarded UPM Platinum recognition, the highest possible rating held by only the top one percent of rated companies. On July 16, 2026, The Finnish Financial Supervisory Authority approved WISA Group Plc’s demerger and listing prospectus. WISA Group Plc’s Group Leadership Team was appointed. On August 31, 2026, UPM held an Extraordinary General Meeting, which resolved on the partial demerger of the Company and, as part of the demerger resolution and conditional upon the completion of the demerger, on the establishment of a new independent company to be named WISA Group Plc (”WISA”), the composition of the Board of Directors of WISA, and the authorization of the Board of Directors of WISA to issue shares and special rights entitling to shares in WISA and to decide on the acquisition of WISA’s own shares. The Extraordinary General Meeting resolved, conditional upon the completion of the demerger, on the remuneration of the Board of Directors, the election and remuneration of the auditor of WISA. On September 23, WISA Group held its first Capital Markets Day. Events after the balance sheet date On October 5, 2026, UPM announced it and Sappi had received a Letter of Facts from the European Commission stating that it continues to have serious concerns about the proposed graphic paper Joint Venture. UPM disagrees with the Commission's preliminary assessment and will continue to engage with the review process. UPM continues to believe that the proposed Joint Venture would support the long-term competitiveness, sustainability and resilience of the European graphic paper industry. To address the Commission’s concerns, the parties are planning to submit proposals for specific remedies, but given the rationale of the transaction, not divestments. On October 22, 2026, UPM filed a listing application with Nasdaq Helsinki Ltd (“Nasdaq Helsinki”) for the admission to trading of WISA Group’s shares on the regulated market of Nasdaq Helsinki. The completion of the Demerger is expected to be registered in the Finnish Trade Register on or about October 31, 2026, and trading in WISA Group’s shares is expected to commence on or about November 2, 2026, under the trading code “WISA”. The ISIN code of WISA Group’s shares will be FI4000603345. In connection with the completion of the Demerger, the new ISIN code for UPM’s shares will be FI4000603337 and the share trading code will continue to be “UPM”. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 10
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UPM Energy UPM Energy generates cost competitive, zero-carbon electricity. Operations also include physical electricity and financial portfolio management as well as services to industrial electricity consumers. UPM Energy is the second largest electricity producer in Finland. UPM’s power generation capacity consists of hydropower, nuclear power and thermal power. € million % of sales Comparable EBIT Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 30 60 90 120 0 15 30 45 60 Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Sales, € million 129 141 252 176 149 118 173 522 439 615 Comparable EBITDA, € million 23 26 102 56 39 12 51 151 102 158 % of sales 18.0 18.2 40.5 31.8 25.9 10.2 29.6 28.9 23.1 25.6 Depreciation, amortization and impairment charges, € million -2 -2 -2 -2 -2 -2 -2 -5 -5 -7 Operating profit, € million 22 24 100 54 37 10 49 146 97 151 % of sales 16.7 17.0 39.8 30.7 24.7 8.7 28.7 27.9 22.0 24.5 Items affecting comparability in operating profit, € million (Financial statements information Note 2) — — — — — — — — — — Comparable EBIT, € million 22 24 100 54 37 10 49 146 97 151 % of sales 16.7 17.0 39.8 30.7 24.7 8.7 28.7 27.9 22.0 24.5 Capital employed (average), € million 2,759 2,532 2,416 2,647 2,698 2,555 2,514 2,569 2,589 2,603 Comparable ROCE, % 3.1 3.8 16.6 8.2 5.5 1.6 7.9 7.6 5.0 5.8 Electricity deliveries, GWh 2,714 2,628 3,140 3,161 2,829 2,409 2,743 8,481 7,980 11,141 • Finnish power demand was seasonally lower during the summer quarters, but past 12-month realized demand was at highest levels seen since 2008 • The OL3 maintenance shutdown started in September and is expected to end in the first week of November Results Q3 2026 compared with Q3 2025 The comparable EBIT for UPM Energy decreased due to lower nuclear volumes and lower sales prices. UPM’s average electricity sales price decreased by 10% to €44.0/MWh (€48.8/MWh). Q3 2026 compared with Q2 2026 The comparable EBIT decreased slightly. Nuclear volumes increased compared to Q2 when OL1 and OL2 were in maintenance outage. Sales prices were lower. UPM’s average electricity sales price decreased by 9% to €44.0/MWh (€48.5/MWh). January–September 2026 compared with January– September 2025 Comparable EBIT increased due to increased electricity deliveries and higher prices. UPM’s average electricity sales price increased by 14% to €56.5/MWh (€49.4/MWh). Market environment • Nordic hydrological balance was well below the long-term average at the end of September. In Finland, the hydrological balance was above the long-term average. • The CO₂ emissions daily future price of €84.6/tonne at the end of Q3 2026, was higher than at the end of Q2 2026 (€79.1/tonne) and at the end of Q3 2025 (€75.4/tonne). • The average Finnish area spot price on the Nordic electricity exchange in Q3 2026 was €37.7/MWh, 24% lower than in Q2 2026 (€49.3/MWh) and 7% lower than in Q3 2025 (€40.4/MWh). • The front-year forward electricity price for the Finnish area closed at €61.5/MWh in September, 27% higher than at the end of Q2 2026 (€48.5/MWh). Sources: The Norwegian Water Resources and Energy Directorate, Svensk Energi, Finnish Environment Institute, Nord Pool, Euronext, ICE, UPM This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 11
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UPM Adhesive Materials UPM Adhesive Materials offers high-quality self-adhesive paper and film products including label materials, graphics solutions and removable self-adhesive products. UPM Adhesive Materials is the second-largest producer of self-adhesive label materials worldwide. € million % of sales Comparable EBIT Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 20 40 60 0 5 10 15 Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Sales, € million 413 448 414 391 405 425 434 1,274 1,264 1,655 Comparable EBITDA, € million 45 56 45 33 46 49 49 146 143 176 % of sales 10.9 12.5 10.9 8.4 11.2 11.5 11.3 11.5 11.3 10.7 Depreciation, amortization and impairment charges, € million -14 -12 -13 -22 -13 -14 -13 -38 -39 -61 Operating profit, € million 29 41 25 -6 4 28 27 95 59 53 % of sales 6.9 9.3 6.1 -1.6 1.1 6.5 6.3 7.5 4.7 3.2 Items affecting comparability in operating profit, € million (Financial statements information Note 2) -4 -2 -7 -26 -28 -7 -9 -13 -44 -70 Comparable EBIT, € million 33 44 33 20 33 35 36 109 104 124 % of sales 7.9 9.8 7.9 5.1 8.1 8.2 8.3 8.5 8.2 7.5 Capital employed (average), € million 891 867 842 864 891 900 787 867 859 860 Comparable ROCE, % 14.6 20.1 15.5 9.2 14.8 15.4 18.4 16.8 16.1 14.4 • Coater investment ramp-up at the Mills River mill, North-Carolina • UPM Intercoat™ was introduced, a new value label material line balancing customer needs in bulk with cost efficiency Results Q3 2026 compared with Q3 2025 The comparable EBIT for UPM Adhesive Materials was stable. The positive impact of increased sales prices and more favorable sales mix was offset by increased variable costs and lower deliveries due to customer destocking. Q3 2026 compared with Q2 2026 The comparable EBIT decreased due to significant customer destocking and increased variable costs. These negatives were partly offset by increased prices and changes in sales mix. January–September 2026 compared with January– September 2025 The comparable EBIT increased slightly. Delivery volumes, sales prices and mix had a positive impact on the result, while variable costs had a negative impact. Market environment • In Q3 2026, European markets were weighed down by a sharp drawdown of customer inventories built up in the previous quarter. Markets in the Asia-Pacific region picked up, and the highly competed North American markets continued to be soft. Sources: UPM, FINAT, TLMI This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 12
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UPM Specialty Materials UPM Specialty Materials offers labelling and packaging materials as well as office and graphic papers for labelling, commercial siliconizing, packaging, office use and printing. The production plants are located in China, Finland and Germany. € million % of sales Comparable EBIT Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 15 30 45 60 0 5 10 15 20 Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Sales, € million 303 341 332 309 304 328 374 976 1,006 1,315 Comparable EBITDA, € million 37 51 52 53 45 48 59 140 151 204 % of sales 12.3 14.9 15.6 17.1 14.8 14.6 15.7 14.3 15.1 15.5 Depreciation, amortization and impairment charges, € million -12 -11 -12 -13 -11 -17 -16 -35 -44 -57 Operating profit, € million 26 40 43 38 34 30 43 108 106 144 % of sales 8.5 11.7 12.9 12.4 11.2 9.1 11.4 11.1 10.6 11.0 Items affecting comparability in operating profit, € million (Financial statements information Note 2) — — 3 -2 — -1 — 3 -1 -3 Comparable EBIT, € million 26 40 40 40 34 31 43 105 107 147 % of sales 8.5 11.7 12.0 13.0 11.1 9.4 11.4 10.8 10.7 11.2 Capital employed (average), € million 692 676 670 686 693 705 739 679 712 706 Comparable ROCE, % 14.8 23.5 23.8 23.4 19.5 17.5 23.1 20.7 20.1 20.9 Paper deliveries, 1000 t 319 367 367 354 333 343 368 1,053 1,044 1,398 Results Q3 2026 compared with Q3 2025 The comparable EBIT for UPM Specialty Materials decreased due to lower sales volumes and higher variable costs. These negatives were partially offset by higher sales prices. Q3 2026 compared with Q2 2026 The comparable EBIT decreased. Customer destocking had a negative impact on sales volumes, while variable costs increased. Sales prices were higher and fixed costs lower. January–September 2026 compared with January– September 2025 The comparable EBIT decreased. The negative impact on earnings from lower sales prices outweighed the positive impact of higher sales volumes and reduced variable costs. Market environment • In Q3 2026, the label and release base paper markets in Europe experienced significant destocking towards the end of the quarter. • In Q3 2026, the markets for specialty papers in Asia were relatively stable. The fine paper market remained highly competitive.. Sources: UPM, RISI, AFRY, AWA This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 13
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UPM Fibres UPM Fibres consists of pulp, timber and forest businesses. UPM Pulp offers a versatile range of responsibly-produced pulp grades suitable for a wide range of end-uses. UPM Timber offers certified sawn timber. UPM has two pulp mills and plantation operations in Uruguay (Fibres South) as well as three pulp mills, three sawmills and forest operations in Finland (Fibres North). € million % of sales Comparable EBIT Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 50 100 150 200 0 5 10 15 20 UPM Fibres 1) Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Sales, € million 793 885 876 825 797 870 1,039 2,554 2,706 3,531 Comparable EBITDA, € million 182 181 178 140 105 149 227 541 481 621 % of sales 23.0 20.4 20.3 17.0 13.1 17.2 21.8 21.2 17.8 17.6 Change in fair value of forest assets and wood harvested, € million -12 -24 5 103 28 6 6 -31 41 144 Share of results of associated companies and joint ventures, € million 1 1 1 — 1 1 1 2 2 2 Depreciation, amortization and impairment charges, € million -72 -70 -70 -72 -72 -73 -79 -212 -224 -295 Operating profit, € million 100 86 113 172 62 83 155 299 299 472 % of sales 12.6 9.7 12.9 20.9 7.8 9.5 14.9 11.7 11.1 13.4 Items affecting comparability in operating profit, € million (Financial statements information Note 2) — -1 — — — — — -1 — — Comparable EBIT, € million 100 87 113 172 62 83 155 300 300 472 % of sales 12.6 9.9 12.9 20.9 7.8 9.6 14.9 11.7 11.1 13.4 Capital employed (average), € million 8,184 8,242 8,254 8,294 8,349 8,482 9,099 8,227 8,643 8,556 Comparable ROCE, % 4.9 4.2 5.5 8.3 3.0 3.9 6.8 4.9 4.6 5.5 Pulp deliveries, 1000 t 1,190 1,320 1,413 1,276 1,262 1,192 1,433 3,923 3,888 5,163 1) 2025 reporting is restated according to the change in the composition of UPM Fibres reporting segment and Other operations Financial Statements information Note 9 Change in the composition of reportable segments Pulp mill maintenance shutdowns: Q2 2026 UPM Pietarsaari, Q4 2025 UPM Fray Bentos, Q3 2025 UPM Kaukas, Q2 2025 UPM Paso de los Toros and UPM Kymi. Additional information on geographic areas 1) Fibres South Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Sales, € million 401 419 411 370 367 374 435 1,232 1,175 1,545 Comparable EBITDA, € million 156 168 138 100 111 95 145 462 351 451 % of sales 38.9 40.1 33.4 27.0 30.3 25.4 33.4 37.5 29.9 29.2 Comparable EBIT, € million 94 101 85 78 80 50 86 281 216 294 % of sales 23 24.2 20.8 21.1 21.9 13.3 19.8 22.8 18.4 19.1 Capital employed (average), € million 5,533 5,520 5,460 5,578 5,592 5,718 6,244 5,504 5,851 5,783 Comparable ROCE, % 6.8 7.4 6.3 5.6 5.7 3.5 5.5 6.8 4.9 5.1 Pulp deliveries, 1000 t 737 769 824 767 782 723 786 2,331 2,290 3,058 Fibres North Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Sales, € million 384 458 457 447 423 488 591 1,299 1,501 1,949 Comparable EBITDA, € million 32 17 47 43 -5 56 88 96 140 183 % of sales 8.3 3.7 10.4 9.6 -1.1 11.6 15.0 7.4 9.3 9.4 Comparable EBIT, € million 11 -10 34 99 -15 37 76 35 99 197 % of sales 2.8 -2.2 7.4 22.1 -3.5 7.6 12.9 2.7 6.6 10.1 Capital employed (average), € million 2,640 2,711 2,775 2,688 2,759 2,757 2,856 2,708 2,790 2,765 Comparable ROCE, % 1.6 -1.5 4.9 14.7 -2.1 5.4 10.7 1.7 4.7 7.1 Pulp deliveries, 1000 t 453 550 589 509 480 469 648 1,592 1,597 2,106 1) Geographical information is excluding administration, development and other Fibres' operations. • The Kaukas pulp mill, in Finland, curtailed production during Q3. Decision to curtail production at the Pietarsaari pulp mill, in Finland, starting in October and lasting for 5 weeks. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 14
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Results Q3 2026 compared with Q3 2025 The comparable EBIT for UPM Fibres increased as prices were higher. In addition, lower wood costs in Finland and lower maintenance activity reduced costs.The change in the fair value of net forest assets and wood harvested was € -12 million (28 million). The average price in euros for UPM’s pulp deliveries increased by 8%. Q3 2026 compared with Q2 2026 The comparable EBIT increased. Results were positively impacted by lower maintenance activity and negatively by fuel and chemicals prices. The change in the fair value of net forest assets and wood harvested in Q3 was € -12 million (-24 million). The average price in euros for UPM’s pulp deliveries decreased by 1%. January–September 2026 compared with January– September 2025 The comparable EBIT was stable. Earnings were supported by higher volumes and lower variable and fixed costs, whereas sales prices and currencies developed unfavorably. The change in the fair value of net forest assets and wood harvested in was € -31 million (41 million). The average price in euros for UPM’s pulp deliveries decreased by 4.5%. Market environment • In Q3 2026, global pulp deliveries increased compared to Q2, changes in market prices varied by market and grade. • In Europe, the average market price of northern bleached softwood kraft pulp (NBSK) in euros was flat in Q3 compared to Q2 2026 and the price of bleached hardwood kraft pulp (BHKP) 2% higher. • In China, the average market price of northern bleached softwood kraft pulp (NBSK) in dollars decreased by 2% in Q3 compared to Q2 2026 and the price of bleached hardwood kraft pulp (BHKP) decreased by 5%. Sources: FOEX, UPM This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 15
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UPM Communication Papers UPM Communication Papers offers an extensive product range of sustainably produced graphic papers for advertising and publishing as well as home and office uses. The business has extensive low-cost operations consisting of 8 efficient paper mills in Europe and the United States, a global sales network and an efficient logistic system. The main customers are publishers, catalogers, retailers, printers and merchants. € million % of sales Comparable EBIT Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -20 0 20 40 60 80 100 120 -5 0 5 10 15 20 Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Sales € million 608 594 613 580 619 630 664 1,815 1,913 2,493 Comparable EBITDA,€ million 8 47 27 127 28 21 65 82 115 241 % of sales 1.3 7.9 4.4 21.8 4.6 3.4 9.8 4.5 6.0 9.7 Share of results of associated companies and joint ventures, € million — — — — — — — — — — Depreciation, amortization and impairment charges, € million -16 -12 -17 -17 -49 -20 -23 -45 -92 -109 Operating profit, € million -7 35 6 183 -53 -2 -22 34 -76 107 % of sales -1.2 5.9 1.0 31.5 -8.5 -0.3 -3.3 1.9 -4.0 4.3 Items affecting comparability in operating profit, € million (Financial statements information Note 2) 1 3 -7 73 -67 -7 -74 -3 -148 -75 Comparable EBIT, € million -8 32 13 110 14 5 52 37 72 181 % of sales -1.3 5.4 2.1 18.9 2.3 0.8 7.9 2.0 3.7 7.3 Capital employed (average), € million 864 881 898 937 991 1,033 1,109 881 1,044 1,018 Comparable ROCE, % -3.6 14.6 5.6 46.9 5.6 2.1 18.9 5.6 9.1 17.8 Paper deliveries, 1000 t 708 700 726 690 733 740 731 2,134 2,203 2,893 • Preparations for the potential graphic paper join venture with Sappi continued, management team was nominated Results Q3 2026 compared with Q3 2025 The comparable EBIT for UPM Communication Papers decreased due to lower sales volumes and increased variable costs across the board. Higher sales prices and lower fixed costs supported earnings. The average price in euros for UPM’s paper deliveries increased by 1.5%. Q3 2026 compared with Q2 2026 The comparable EBIT decreased. The negative impact of variable costs was significantly larger than the positive impact of increased prices and volumes and reduced fixed costs. The average price in euros for UPM’s paper deliveries increased by 1%. January–September 2026 compared with January– September 2025 The comparable EBIT decreased. Earnings were negatively impacted by sales volumes and prices, as well as by increased variable costs. The average price in euros for UPM’s paper deliveries decreased by 2%. Market environment • In Q3 2026, demand for graphic papers in Europe was 7% lower than in Q3 2025. Demand declined by 3% for newsprint, while magazine papers declined by 9% and fine papers by almost 9%. • In Q3 2026, publication paper prices in Europe were 2% higher compared to Q3 2025 and 1% higher compared to Q2 2026. Fine paper prices in Europe increased by 1% compared to Q3 2025 and increased by 1% compared to Q2 2026. • In Q3 2026, demand for magazine and coated wood free papers in North America was at the same level as in Q3 2025. In Q3 the average price in North America for magazine and coated wood free papers was 3% higher than in Q3 2025 and 1% higher than in Q2 2026. Sources: PPI/RISI, Euro-Graph, PPPC This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 16
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UPM Plywood UPM Plywood offers high quality WISA® plywood and veneer products for construction, vehicle flooring, LNG shipbuilding, parquet manufacturing and other industrial applications. As a result of the planned demerger, UPM presents the UPM Plywood business area as discontinued operations in accordance with the IFRS 5 Non-current assets held for sale and discontinued operations starting from the second quarter of 2026. More information in Financial statement information Note 10 assets and liabilities classified as held for distribution to owners and discontinued operations. € million % of sales Comparable EBIT Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 5 10 15 20 0 5 10 15 20 25 Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Sales, € million 105 121 119 104 113 89 103 345 305 409 Comparable EBITDA, € million 8 18 17 20 16 7 12 44 35 55 % of sales 8.1 15.0 14.5 19.5 14.2 8.3 11.4 12.7 11.5 13.6 Depreciation, amortization and impairment charges, € million (1 — -2 -5 -4 -5 -5 -6 -6 -16 -20 Operating profit, € million -5 16 12 16 7 2 6 23 15 31 % of sales -4.6 13.4 10.0 15.3 6.4 2.1 5.9 6.8 5.0 7.6 Items affecting comparability in operating profit, € million (Financial statements information Note 2) -13 — -1 — -4 — — -14 -4 -4 Comparable EBIT, € million 9 16 12 16 11 2 6 37 19 35 % of sales 8.2 13.6 10.4 15.4 10.0 2.3 5.9 10.9 6.4 8.7 Capital employed (average), € million 214 235 240 228 223 226 244 230 231 230 Comparable ROCE, % 16.1 28.0 20.6 27.9 20.3 3.6 10.0 21.7 11.2 15.4 Plywood deliveries, 1000 m3 117 138 131 112 128 99 120 385 346 458 1) Due to UPM Plywood business area's classification as discontinued operations, the depreciation and amortization was ceased during Q2 2026. • The listing prospectus of WISA Group was approved in July, the EGM approved the demerger in August • WISA Group held its first CMD in September • Maintenance shutdowns completed successfully at all mills during Q3 Results Q3 2026 compared with Q3 2025 The comparable EBIT for UPM Plywood decreased. Deliveries were lower than during the post-strike backlog last year. Variable costs increased and fixed costs were elevated due to maintenance and demerger preparation. In accordance with IFRS 5, no depreciation was recognized in Q3. Q3 2026 compared with Q2 2026 The comparable EBIT decreased. Deliveries decreased seasonally and variable costs increased. In accordance with IFRS 5, no depreciation was recognized from May onwards. Due to the preparations for the IT separation from UPM some sales were shifted from Q3 to Q2. The planned IT separation was completed successfully. January–September 2026 compared with January– September 2025 The comparable EBIT increased. The positive impact of higher deliveries was partially offset by higher fixed costs. Fixed costs in the comparison period were lower due to industrial action. In 2026, the preparation for the demerger increased fixed costs. Market environment • In Q3 2026, markets for plywood were seasonally slower. • Vehicle flooring demand remained at a good level. Markets in panel trading and construction end-use became more challenging. • Demand in the LNG end-use was strong. Source: UPM This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 17
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Other operations Other Operations includes UPM Next Generation Renewables (UPM Biofuels and UPM Biochemicals business units) and Group services. 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 petrochemical industry. 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 operates one biofuels refinery in Finland and one biochemicals refinery in Germany. € million Comparable EBIT Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -60 -30 0 30 Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Sales, € million 162 208 185 187 149 192 166 555 506 693 Comparable EBITDA, € million -25 -7 -15 -44 -21 -33 -37 -46 -91 -136 Share of results of associated companies and joint ventures, € million — 1 — -2 — — — 1 -1 -2 Depreciation, amortization and impairment charges, € million -13 -16 -12 -10 -10 -11 -14 -40 -34 -44 Operating profit, € million -47 -29 -35 -64 -31 -47 -54 -112 -133 -197 Items affecting comparability in operating profit, € million (Financial statements information Note 2) -10 -11 -9 -9 — -3 -5 -29 -8 -17 Comparable EBIT, € million -37 -19 -26 -55 -31 -44 -50 -82 -125 -180 Capital employed (average), € million 1,447 1,458 1,405 1,358 1,315 1,334 1,198 1,437 1,282 1,301 Comparable ROCE, % -10.3 -5.1 -7.5 -16.2 -9.6 -13.2 -16.6 -7.6 -13.0 -13.8 * 2025 reporting is restated according to the change in the composition of UPM Fibres reporting segment and Other operations Financial Statement information Note 9 Change in the composition of reportable segments • A strong quarter of good volumes and elevated prices for UPM Biofuels • Stable production of lignin-derivatives at the Leuna biorefinery, technical readiness to produce RFF reached in Q3 and progress made towards commercial sales Results Q3 2026 compared with Q3 2025 The comparable EBIT for Other operations decreased. Biofuels volumes and sales prices were clearly higher and variable costs lower. Ramp-up costs of the Leuna biorefinery were higher. Q3 2026 compared with Q2 2026 The comparable EBIT decreased. September volumes of biofuels were impacted by a maintenance shutdown at the Lappeenranta biorefinery. Ramp-up costs of the Leuna biorefinery were slightly higher. January–September 2026 compared with January– September 2025 The comparable EBIT increased due to the significantly improved performance of UPM Biofuels. Ramp-up costs of the Leuna biorefinery were higher. Market environment • In Q3 2026, demand and prices for advanced biofuels in European markets remained at good levels, supported by continued geopolitical pressures on fuel prices. Source: UPM This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 18
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Risks and near-term uncertainties The main uncertainties in UPM’s earnings relate to the sales prices and customer demand of the Group’s products, as well as changes to the main input cost items and currency exchange rates. Most of these items depend on general economic developments. In 2026, tensions and uncertainties related to geopolitics and trade relations continue. Currently significant uncertainty in the global business environment relates to the conflict in the Middle East. Significant part of global supply of oil, LNG and many other commodities has been disrupted, which has increased their global market prices. It is uncertain how long the conflict will last, what the outcome will be, and how long will it take for the global business environment to normalize. Higher fossil fuel prices may have an increasing impact on UPM's energy costs, logistics costs and many raw material costs. Uncertainty has increased related to global logistics and supply chains. This may increase logistics costs, but it may also disrupt trade flows and supply chains and possibly impact the supply-demand dynamics of various globally traded products and commodities in different markets. Bottlenecks in global logistics could impact the delivery of UPM's products, the sourcing of raw materials for UPM's businesses and the delivery of equipment for UPM's investments projects. On the global macro level, the situation may lead to decreased economic growth, decreased private consumption, increased inflation and higher interest rates. This may indirectly affect demand for UPM products. On the mitigating side, UPM's business portfolio includes an energy business, a biofuels business and a new biochemicals business, all of which provide alternatives for fossil energy and fossil-based materials. In other businesses UPM has production units in different geographic locations, which may provide opportunities to optimize operations. Russia's war in Ukraine continues, and political ambitions by the U.S. continue to cause uncertainty in the operating environment, which may impact economic growth, private consumption, inflation and trade. The potential escalation in global geopolitical and trade tensions and the resulting impacts on the global economy may all affect UPM’s operations and the supply chain, demand, supply and pricing of UPM’s products, inputs or resources, or the progress of UPM’s large investment projects. There continues to be uncertainty related to the trade tensions between major economies, particularly to the tariffs introduced by the U.S. on imports from nearly all countries in the world, and the potential countermeasures introduced by the other countries. It is possible that widely applied tariffs could have indirect impacts on UPM, for example impacting demand and supply of various products or raw materials, or redirect trade flows between countries and regions, which could impact deliveries and pricing of UPM's products or cost of raw materials on markets relevant to UPM. For example, in Q2 2025 the tariffs between the U.S. and China were momentarily very high. This uncertainty indirectly impacted even trading of goods in China from third countries and not under tariffs, such as pulp. Lower pulp buying, even if temporary, negatively impacted pulp prices. A part of UPM's business is directly impacted by the U.S tariffs. In 2025, approximately 13% of UPM's sales had the U.S. as destination. Approximately 46% of UPM sales to the U.S. market was produced locally within the U.S. and approximately 54% was imported, mainly from the EU. The imports consisted mainly of communication papers, specialty papers, and eucalyptus pulp. Part of the raw materials used by UPM in the U.S. were also imported and may be subject to tariffs. It is estimated that the U.S. market demand exceeds local production for many of the products that UPM exports to the U.S. However, even in such cases, tariffs could affect demand of such products, or relative competitiveness of various suppliers. For example, demand for imported communication papers in the U.S. could be negatively impacted by tariffs. The halting of wood imports from Russia, combined with investments by competitors have impacted the wood markets in the Baltic Rim. It is possible that wood raw material costs in Finland could stay elevated even if product markets were slow to recover. Fluctuations in monetary and fiscal policies and economic conditions can significantly impact the value of various currencies, which in turn may affect UPM. Additionally, the escalation of global trade tensions, or political pressure on key central banks could influence currency exchange rates. These currency changes could impact UPM’s cash flow, earnings, or balance sheet, and may also affect the relative competitiveness between different currency regions. UPM's business operations depend on the availability of supporting information systems and network services. Unplanned interruptions in critical information system services can cause disruptions to the continuity of operations. The information systems may be exposed to a cyber-intrusion that could cause leaks of sensitive information, violation of data privacy regulations, theft of intellectual property, AI-generated misinformation or disinformation, production outages or damage to reputation. In Germany, UPM is in the commissioning and start-up of the next-generation biochemicals refinery in Leuna. The commissioning and start up has made good progress, and there is a good pipeline of commercial interest for the products. Due to the pioneering nature of the project, there are uncertainties how quickly or whether the project will reach the targeted returns. The project is subject to the risks related to product development, innovation, IPR and large investment projects discussed in the Annual Report 2025, on pages 130-132. In Finland, UPM indirectly owns approximately 31% of the new nuclear power plant unit, Olkiluoto 3 EPR (OL3), through its shareholdings in Pohjolan Voima Oyj. Pohjolan Voima Oyj is a majority shareholder of Teollisuuden Voima Oyj (TVO), holding 58.5% of its shares. TVO supplies electricity to its shareholders on a cost-price principle (Mankala principle), which is widely applied in the Finnish energy industry. Under the Mankala principle electricity and/or heat is supplied to shareholders in proportion to ownership, and each shareholder is, pursuant to the specific stipulations of the respective articles of association, responsible for its respective share of the production costs of the energy company concerned. TVO procured OL3 as a fixed-price turnkey project from a consortium (Plant Supplier) formed by Areva GmbH, Areva NP SAS and Siemens AG. As stipulated in the Plant Contract, the consortium companies have joint and several liability for the contractual obligations. TVO has announced that even though there have been few interruptions to electricity generation at OL3 following the conclusion of the test operation program, there are uncertainties related to the availability of OL3 during the first operating cycles due to the possibility of unexpected events. These uncertainties are managed by means of systematic maintenance and monitoring of the plant unit. According to TVO, if OL3 fails to achieve the planned load factor or operating cost structure, the Finnish national grid limits its power level, or the costs incurred by TVO due to grid load limitation make it unprofitable to operate at full power, there is a risk of production costs exceeding TVO’s target. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 19
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The Group’s cost structure is presented on page 276 of the UPM Annual Report 2025. Risks and opportunities are discussed on pages 31–33, risks and risk management are presented on pages 128–132, and material sustainability risks and opportunities are presented on pages 148-152, 158, 189, 209, 223 and 230 as part of the UPM Sustainability Statement. Financial risk management, including foreign exchange and interest rate risks, is discussed on pages 313-318. Shareholdings in Pohjolan Voima Oyj are discussed on page 129 of the UPM Annual Report 2025. Sustainability The EU Packaging and Packaging Waste Regulation (PPWR) entered into force in August 2026. The regulation aims to reduce packaging waste, enhance packaging recyclability and harmonize packaging requirements. Under the PPWR, final responsibility for compliance lies with the company that places the packaging on the EU market. UPM provides packaging and product compliance information and documentation. PPWR- specific details have been added to UPM’s Product Safety Declaration of Compliance documents, and a Declaration of Conformity (DoC) has been prepared for the relevant packaging. UPM Specialty Materials has expanded the application of PPWR-compliant specialty papers by extending its barrier paper technology to label end uses. The new label face paper is designed for applications, where grease protection is needed, such as on olive oil bottles. It delivers grease resistance without the use of per- and polyfluoroalkyl substances (PFAS), helping customers meet the requirements of the PPWR. During the quarter, UPM Forest completed a materiality screening and impact prioritization of its direct operations in Finland, in line with the Science Based Targets Network (SBTN) Framework and Version 1.1 guidance. The assessment identified the most material impacts on nature, mapped their occurrence and prioritized areas and locations where action could yield the largest positive outcomes. The assessment supports setting future targets and allocating resources effectively. UPM is among a limited number of companies globally that have disclosed validated progress under the SBTN framework. ESG ratings and recognitions CDP Climate A; Forest A-; Water A- (A is the highest) DJSI Indices World and Europe (only constituent) Ecovadis Platinum (highest level) ISS ESG Quality Governance 1 ; Environment 1; Social 1 (1 best) ISS ESG Rating B (A+ best) MSCI AAA (highest level) Shares In January–September 2026, UPM shares worth a total of € 5,689 million (5,702) were traded on the Nasdaq Helsinki stock exchange. This is estimated to represent approximately 70% of the total trading volume in UPM shares. The highest listing was €27.94 in February and the lowest was €22.12 in July. The Annual General Meeting held on April 9, 2026, authorized the Board of Directors to resolve on the repurchase of a maximum of 50,000,000 of the Company’s own shares. The authorization will be valid for 18 months from the date of the AGM's resolution. The Annual General Meeting authorized the Board of Directors to resolve on the issuance of new shares, transfer of treasury shares and issuance of special rights entitling to shares in proportion to the shareholders’ existing holdings in the Company, or in a directed share issue, deviating from the shareholder's pre-emptive subscription right. The Board of Directors may also resolve on a share issue without payment to the Company itself. The aggregate maximum number of new shares that may be issued and treasury shares that may be transferred is 25,000,000 including also the number of shares that can be received on the basis of the special rights. The authorization is valid for 18 months from the date of the AGM resolution. Aside from the above, the Board of Directors has no current authorization to issue shares, convertible bonds or share options. The number of shares entered in the Trade Register on September 30, 2026 was 527,735,699. Through the issuance authorization, the number of shares may increase to a maximum of 552,735,699. On September 30, 2026, the Company held 411,653 of its own shares, representing approximately 0.08% of the total number of Company shares and voting rights. The Board of Directors may decide to retain, transfer or cancel the treasury shares. Legal proceedings The Group’s management is not aware of any significant litigation at the end of Q3 2026. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 20
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Helsinki, October 28, 2026 UPM-Kymmene Corporation Board of Directors This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 21
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Financial statement information Consolidated income statement € million Q3/2026 Q3/2025 Q1–Q3/2026 Q1–Q3/2025 Q1–Q4/2025 Continuing operations Sales (Note 3) 2,202 2,226 6,983 7,140 9,392 Other operating income 45 31 126 75 170 Costs and expenses -1,998 -2,081 -6,142 -6,474 -8,412 Change in fair value of forest assets and wood harvested -12 28 -31 41 144 Share of results of associated companies and joint ventures 1 0 3 1 0 Depreciation, amortization and impairment charges -126 -157 -374 -439 -575 Operating profit (loss) 112 47 565 343 719 Exchange rate and fair value gains and losses -11 -1 -10 0 43 Interest and other finance costs, net -22 -27 -67 -75 -102 Profit (loss) before tax from continuing operations 79 19 488 268 660 Income taxes -2 -7 -53 -49 -194 Profit (loss) for the period from continuing operations 78 12 435 220 466 Discontinued operations Profit (loss) for the period from discontinued operations (Note 10) 7 6 16 13 24 Profit (loss) for the period 85 18 451 233 491 Attributable to: Owners of the parent company 79 16 432 223 480 Non-controlling interests 6 2 20 9 11 85 18 451 233 491 Earnings per share for profit attributable to owners of the parent company Basic earnings per share, € 0.15 0.03 0.82 0.42 0.91 Diluted earnings per share, € 0.15 0.03 0.82 0.42 0.91 Basic earnings per share from continuing operations, € 0.14 0.02 0.79 0.40 0.86 Diluted earnings per share from continuing operations, € 0.14 0.02 0.79 0.40 0.86 Consolidated statement of comprehensive income € million Q3/2026 Q3/2025 Q1–Q3/2026 Q1–Q3/2025 Q1–Q4/2025 Profit (loss) for the period 85 18 451 233 491 Other comprehensive income for the period, net of tax Items that will not be reclassified to income statement: Actuarial gains and losses on defined benefit obligations 23 11 31 26 31 Changes in fair value of financial assets at FVOCI 105 98 388 225 -87 Items that may be reclassified subsequently to income statement: Translation differences 31 -13 210 -691 -724 Net investment hedge -1 1 -16 37 37 Cash flow hedges -53 -57 -119 14 38 Other comprehensive income for the period, net of tax 105 40 495 -390 -705 Total comprehensive income for the period 190 58 946 -157 -214 Total comprehensive income attributable to: Owners of the parent company 182 56 916 -122 -180 Non-controlling interests 7 1 30 -35 -34 190 58 946 -157 -214 Total comprehensive income attributable to owners of the parent company: Continuing operations 175 50 899 -135 -204 Discontinued operations 7 6 16 13 24 Total comprehensive income for the period attributable to owners of the parent company 182 56 916 -122 -180 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 22
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Consolidated balance sheet € million SEP 30, 2026 SEP 30, 2025 DEC 31, 2025 ASSETS Goodwill 256 265 264 Other intangible assets 467 561 554 Property, plant and equipment (Note 4) 6,362 6,472 6,459 Leased assets 736 752 778 Forest assets 2,647 2,493 2,605 Financial assets at FVOCI (Note 5) 2,580 2,482 2,193 Other non-current financial assets 18 22 24 Deferred tax assets 427 524 413 Net retirement benefit assets 1 1 1 Investments in associates and joint ventures 29 29 27 Other non-current assets 25 22 22 Non-current assets 13,548 13,624 13,337 Inventories 1,907 1,995 1,886 Trade and other receivables 1,371 1,693 1,481 Other current financial assets 98 65 78 Income tax receivables 56 64 35 Cash and cash equivalents 663 577 715 Current assets 4,094 4,394 4,194 Assets classified as held for sale (Note 11) — 27 — Assets classified as held for distribution to owners (Note 10) 280 — — Assets 17,922 18,045 17,532 EQUITY AND LIABILITIES Share capital 890 890 890 Treasury shares -2 -2 -2 Translation reserve 198 47 15 Other reserves 1,892 1,906 1,622 Reserve for invested non-restricted equity 1,273 1,273 1,273 Retained earnings 5,879 5,944 6,205 Equity attributable to owners of the parent company 10,129 10,057 10,001 Non-controlling interests 339 332 333 Equity 10,467 10,389 10,335 Deferred tax liabilities 653 671 692 Net retirement benefit liabilities 393 456 439 Provisions (Note 8) 63 80 101 Non-current debt 3,587 3,634 3,638 Other non-current financial liabilities 110 95 90 Non-current liabilities 4,806 4,936 4,961 Current debt 147 268 156 Trade and other payables 2,111 2,141 1,839 Provisions (note 8) 139 246 179 Other current financial liabilities 149 27 37 Income tax payables 27 38 25 Current liabilities 2,573 2,720 2,237 Liabilities related to assets classified as held for distribution to owners (Note 10) 75 — — Liabilities 7,454 7,655 7,197 Equity and liabilities 17,922 18,045 17,532 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 23
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Consolidated statement of changes in equity € million Share capital Treasury shares Translation reserve Other reserves Reserve for invested non- restricted equity Retained earnings Equity attributable to owners of the parent company Non- controlling interests Total equity Value at January 1, 2026 890 -2 15 1,622 1,273 6,205 10,001 333 10,335 Profit for the period — — — — — 432 432 20 451 Translation differences — — 199 — — — 199 11 210 Cash flow hedges - reclassified to income statement, net of tax — — — 34 — — 34 — 34 Cash flow hedges - changes in fair value, net of tax — — — -153 — — -153 — -153 Net investment hedge, net of tax — — -16 — — — -16 — -16 Financial assets at FVOCI - changes in fair value, net of tax — — — 388 — — 388 — 388 Actuarial gains and losses on defined benefit plans, net of tax — — — — — 31 31 — 31 Total comprehensive income for the period — — 184 269 — 463 916 30 946 Share-based payments, net of tax — — — — — 3 3 — 3 Dividend distribution — — — — — -791 -791 -11 -802 Return of capital to non-controlling interests — — — — — — — -14 -14 Other items — — — — — -1 -1 — — Total transactions with owners for the period — — — — — -789 -788 -25 -813 Value at September 30, 2026 890 -2 198 1,892 1,273 5,879 10,129 339 10,467 Value at January 1, 2025 890 -2 657 1,678 1,273 6,644 11,139 401 11,540 Profit for the period — — — — — 223 223 9 233 Translation differences — — -647 — — — -647 -45 -691 Cash flow hedges - reclassified to income statement, net of tax — — — -50 — — -50 — -50 Cash flow hedges - changes in fair value, net of tax — — — 64 — — 64 — 64 Net investment hedge, net of tax — — 37 — — — 37 — 37 Financial assets at FVOCI - changes in fair value, net of tax — — — 225 — — 225 — 225 Actuarial gains and losses on defined benefit plans, net of tax — — — — — 26 26 — 26 Total comprehensive income for the period — — -610 239 — 250 -122 -35 -157 Share-based payments, net of tax — — — -11 — 3 -7 — -7 Acquisition of treasury shares — -160 — — — — -160 — -160 Cancellation of treasury shares — 160 — — — -160 — — — Dividend distribution — — — — — -792 -792 -23 -816 Return of capital to non-controlling interests — — — — — — — -8 -8 Other items — — — — — -1 -1 — -1 Acquisition of shares from non- controlling interests — — — — — — — -2 -2 Total transactions with owners for the period — — — -11 — -950 -960 -34 -994 Value at September 30, 2025 890 -2 47 1,906 1,273 5,944 10,057 332 10,389 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 24
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Consolidated cash flow statement The following information includes both continuing and discontinued operations. € million Q3/2026 Q3/2025 Q1– Q3/2026 Q1– Q3/2025 Q1– Q4/2025 Cash flows from operating activities Profit (loss) for the period from continuing operations 78 12 435 220 466 Profit (loss) for the period from discontinued operations 7 6 16 13 24 Profit (loss) for the period 85 18 451 233 491 Adjustments 1) 111 167 453 658 743 Interest received 5 3 13 14 19 Interest paid -19 -19 -87 -92 -126 Dividends received — — 1 6 8 Other financial items, net -8 -4 -26 -19 -24 Income taxes paid -31 -19 -96 -90 -96 Change in working capital 276 72 -63 -25 391 Operating cash flow 420 218 645 685 1,405 Cash flows from investing activities Capital expenditure -58 -75 -190 -266 -364 Additions to forest assets -20 -15 -53 -46 -64 Acquisition of businesses and subsidiaries, net of cash acquired — — — -124 -124 Proceeds from sale of property, plant and equipment and intangible assets, net of tax 8 1 44 9 84 Proceeds from sale of forest assets, net of tax 3 2 9 14 20 Net cash flows from net investment hedges -1 — 5 20 20 Change in other non-current assets — — 2 — — Investing cash flow -67 -87 -182 -393 -428 Cash flows from financing activities Proceeds from non-current debt — — 33 65 65 Payments of non-current debt -32 -65 -48 -132 -148 Lease repayments -24 -22 -68 -91 -112 Change in current liabilities -85 -99 -9 145 32 Net cash flows from derivatives -1 6 9 16 14 Acquisition of treasury shares — — — -160 -160 Dividends paid to owners of the parent company — — -395 -397 -792 Dividends paid to non-controlling interests — — -11 -23 -23 Return of capital to non-controlling interests — — -14 -8 -8 Other financing cash flow — — -1 -1 -1 Financing cash flow -141 -180 -505 -586 -1,135 Change in cash and cash equivalents 211 -49 -42 -294 -158 Cash and cash equivalents at the beginning of the period 458 627 715 892 892 Exchange rate effect on cash and cash equivalents 1 — 4 -21 -19 Change in cash and cash equivalents 211 -49 -42 -294 -158 Change in cash and cash equivalents classified as held for distribution to owners (Note 10) -8 — -14 — — Cash and cash equivalents at the end of the period 663 577 663 577 715 1) Adjustments € million Q3/2026 Q3/2025 Q1– Q3/2026 Q1– Q3/2025 Q1– Q4/2025 Change in fair value of forest assets and wood harvested 12 -28 31 -41 -144 Share of results of associated companies and joint ventures -1 — -3 -1 — Depreciation, amortization and impairment charges 126 161 380 454 594 Capital gains and losses on sale of non-current assets -9 -7 -48 -8 -57 Financial income and expenses 33 28 83 75 59 Income taxes -2 8 54 52 200 Utilized provisions -34 -17 -102 -68 -95 Non-cash changes in provisions 15 56 30 147 125 Other adjustments -28 -33 28 48 60 Total 111 167 453 658 743 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 25
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Notes to the financial statements 1 Basis of preparation and accounting policies This unaudited interim report has been prepared in accordance with the accounting policies set out in International Accounting Standard 34 on Interim Financial Reporting and Group’s consolidated statements for 2025. Alternative performance measures presented in this report should not be considered as a substitute for measures of performance in accordance with the IFRS Accounting Standards and may not be comparable to similarly titled amounts used by other companies. Figures presented in this report have been rounded and therefore the sum of individual figures might deviate from the presented total figure. Key figures have been calculated using exact figures. Non-current assets and liabilities held for sale and discontinued operations 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 or amortized after the classification as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheet. Discontinued operation is a component of an entity representing major line of business or geographical area of operations that is disposed of or classified as held for sale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss from discontinued operations in the consolidated income statement. Cash flows from discontinued operations are included in the consolidated statement of cash flows and are disclosed separately in Note 10 Assets and liabilities classified as held for distribution to owners and discontinued operations. Geopolitical developments and trade environment The Group has assessed the impact of ongoing geopolitical developments and changes in the global trade environment, particularly the conflict in the Middle East between the U.S., Israel and Iran. Higher fossil fuel prices may have an increasing impact on UPM's energy costs, logistics costs and many raw material costs. The Group expects to continue operating and meeting its liabilities as they fall due. UPM has a solid balance sheet and a broad geographic presence. As of September 30, 2026, UPM’s cash funds and unused committed credit facilities totaled €2.6 billion. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 26
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2 Quarterly information by business area € million, or as indicated Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Sales UPM Energy 129 141 252 176 149 118 173 522 439 615 UPM Adhesive Materials 413 448 414 391 405 425 434 1,274 1,264 1,655 UPM Specialty Materials 303 341 332 309 304 328 374 976 1,006 1,315 UPM Fibres 793 885 876 825 797 870 1,039 2,554 2,706 3,531 UPM Communication Papers 608 594 613 580 619 630 664 1,815 1,913 2,493 UPM Plywood 105 121 119 104 113 89 103 345 305 409 Other operations 162 208 185 187 149 192 166 555 506 693 Internal sales -243 -297 -283 -258 -239 -251 -305 -823 -795 -1,053 Eliminations and reconciliations -1 -1 -1 -1 — -1 — -3 -1 -2 Sales, total 2,270 2,440 2,505 2,312 2,298 2,400 2,646 7,214 7,344 9,656 Sales, discontinued operations 67 84 80 60 72 59 73 231 204 264 Sales, continuing operations 2,202 2,355 2,425 2,252 2,226 2,341 2,573 6,983 7,140 9,392 Comparable EBITDA UPM Energy 23 26 102 56 39 12 51 151 102 158 UPM Adhesive Materials 45 56 45 33 46 49 49 146 143 176 UPM Specialty Materials 37 51 52 53 45 48 59 140 151 204 UPM Fibres 182 181 178 140 105 149 227 541 481 621 UPM Communication Papers 8 47 27 127 28 21 65 82 115 241 UPM Plywood 8 18 17 20 16 7 12 44 35 55 Other operations -25 -7 -15 -44 -21 -33 -37 -46 -91 -136 Eliminations and reconciliations -3 5 -12 -2 -6 3 -5 -10 -8 -10 Comparable EBITDA, total 277 376 395 382 251 257 421 1,048 929 1,311 Comparable EBITDA, discontinued operations 10 20 20 21 16 7 13 49 36 57 Comparable EBITDA, continuing operations 267 356 375 361 235 250 408 999 894 1,254 Operating profit UPM Energy 22 24 100 54 37 10 49 146 97 151 UPM Adhesive Materials 29 41 25 -6 4 28 27 95 59 53 UPM Specialty Materials 26 40 43 38 34 30 43 108 106 144 UPM Fibres 100 86 113 172 62 83 155 299 299 472 UPM Communication Papers -7 35 6 183 -53 -2 -22 34 -76 107 UPM Plywood -5 16 12 16 7 2 6 23 15 31 Other operations -47 -29 -35 -64 -31 -47 -54 -112 -133 -197 Eliminations and reconciliations -1 4 -9 -3 -6 4 -6 -5 -8 -11 Operating profit, total 116 217 255 390 55 107 198 588 359 749 % of sales 5.1 8.9 10.2 16.9 2.4 4.5 7.5 8.2 4.9 7.8 Operating profit, discontinued operations 4 9 10 13 7 2 7 23 16 30 % of sales 5.7 11.1 12.8 22.4 10.3 2.9 9.8 10.1 8.0 11.3 Operating profit, continuing operations 112 208 245 376 47 105 191 565 343 719 % of sales 5.1 8.8 10.1 16.7 2.1 4.5 7.4 8.1 4.8 7.7 Items affecting comparability UPM Energy — — — — — — — — — — UPM Adhesive Materials -4 -2 -7 -26 -28 -7 -9 -13 -44 -70 UPM Specialty Materials — — 3 -2 — -1 — 3 -1 -3 UPM Fibres — -1 — — — — — -1 — — UPM Communication Papers 1 3 -7 73 -67 -7 -74 -3 -148 -75 UPM Plywood -13 — -1 — -4 — — -14 -4 -4 Other operations -10 -11 -9 -9 — -3 -5 -29 -8 -17 Eliminations and reconciliations 1) 2 -1 2 -1 1 — -1 2 -1 -1 Items affecting comparability in operating profit, total -25 -13 -18 35 -99 -19 -89 -56 -207 -171 Items affecting comparability in operating profit, discontinued operations -6 -9 -5 -4 -4 — — -20 -4 -8 Items affecting comparability in operating profit, continuing operations -19 -4 -14 39 -94 -19 -89 -36 -202 -163 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 27
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€ million, or as indicated Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Comparable EBIT UPM Energy 22 24 100 54 37 10 49 146 97 151 UPM Adhesive Materials 33 44 33 20 33 35 36 109 104 124 UPM Specialty Materials 26 40 40 40 34 31 43 105 107 147 UPM Fibres 100 87 113 172 62 83 155 300 300 472 UPM Communication Papers -8 32 13 110 14 5 52 37 72 181 UPM Plywood 9 16 12 16 11 2 6 37 19 35 Other operations -37 -19 -26 -55 -31 -44 -50 -82 -125 -180 Eliminations and reconciliations -2 5 -11 -2 -6 3 -5 -8 -8 -10 Comparable EBIT, total 141 230 274 355 153 126 287 644 566 921 % of sales 6.2 9.4 10.9 15.3 6.7 5.2 10.8 8.9 7.7 9.5 Comparable EBIT, discontinued operations 10 18 15 17 12 2 7 43 21 38 % of sales 14.6 21.4 19.0 28.8 16.0 3.2 9.8 18.6 10.1 14.4 Comparable EBIT, continuing operations 131 212 259 337 142 124 280 601 545 883 % of sales 5.9 9.0 10.7 15.0 6.4 5.3 10.9 8.6 7.6 9.4 1) Eliminations and adjustments includes changes in fair value of unrealized cash flow and commodity hedges. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 28
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Items affecting comparability Certain non-operational or non-cash valuation transactions with significant income statement impact are considered as items affecting comparability and reported separately to reflect the underlying business performance and to enhance comparability from period to period. In 2026, items affecting comparability include €7 million restructuring charges to improve operations' competitiveness and efficiency and €5 million addition to restructuring charges related to the closure of Kaltenkirchen factory in UPM Adhesive Materials, €7 million restructuring charges to improve end-to-end efficiency, €1 million reversal of restructuring charges related to the closure of Ettringen paper mill in Germany and €7 million addition to prior restructuring charges. In addition, items affecting comparability include €6 million capital gain on sale of non-current assets in Kaukas site in UPM Communication Papers and €38 million capital gain on sale of non-current assets in Other operations and in UPM Specialty Materials. Other non-operational items include €20 million charges related to the strategic review of UPM Plywood Business Area and €54 million charges related to the announced definite agreement related to joint venture transaction between Sappi and UPM in the graphic paper business. Items affecting comparability in financial items include financial expenses and income related to the strategic review of UPM Plywood Business Area. In 2025, items affecting comparability include restructuring and impairment charges related to the closure of Ettringen paper mill in Germany, the exercise of a put option concerning the Kraftwerk Plattling power plant company, the closure of Kaukas paper machine 1 in Finland in UPM Communication Papers, the discontinuation of label materials' production at Nancy factory in France in UPM Adhesive Materials, the closure of UPM Biomedicals business, and the discontinuation of Rotterdam refinery project in Other operations. In addition, they include other restructuring and impairment charges in UPM Adhesive Materials, UPM Specialty Materials, UPM Communication Papers, UPM Plywood and Other operations. Items affecting comparability include €46 million capital gain on sale of Plattling paper mill site and another €7 million capital gain on sale of non-current assets in UPM Communication Papers. Other non-operational items include acquisition charges related to Metamark acquisition and charges related to the strategic review of UPM Plywood Business Area and to the announced definite agreement related to joint venture transaction between Sappi and UPM in the graphic paper business. Items affecting comparability in taxes include the impact of the future corporate income tax rate change in Germany. The legislation was enacted in 2025. € million Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Comparable profit for the period, continuing operations 91 163 203 286 93 87 217 458 398 684 Items affecting comparability, Group total Impairment charges -1 — -3 -10 -35 -3 -11 -4 -49 -59 Restructuring charges -6 -2 -13 9 -71 -16 -72 -21 -159 -151 Change in fair value of unrealized cash flow and commodity hedges 2 -1 2 -1 1 — -1 2 -1 -1 Capital gains and losses on sale of non- current assets 7 24 14 48 7 — — 45 7 55 Other non-operational items -26 -34 -18 -10 — — -4 -78 -4 -15 Total items affecting comparability in operating profit, Group total -25 -13 -18 35 -99 -19 -89 -56 -207 -171 Items affecting comparability in financial items — -6 — — — -1 — -6 -1 -1 Changes in tax rates 1 -1 — -68 — — 3 — 3 -65 Taxes relating to items affecting comparability 5 8 6 -10 14 3 7 19 23 13 Items affecting comparability in taxes 6 7 6 -77 14 3 10 19 26 -51 Items affecting comparability, total -19 -11 -13 -42 -85 -17 -79 -43 -182 -224 Items affecting comparability, discontinued operations -5 -11 -4 -3 -3 — — -20 -3 -6 Items affecting comparability, continuing operations -14 — -9 -39 -82 -17 -79 -23 -178 -217 Profit (loss) for the period, continuing operations 78 163 195 246 12 70 138 435 220 466 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 29
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Items affecting comparability by business area Business area Items affecting comparability 1) UPM Energy There are no items affecting comparability in 2026 or 2025. UPM Adhesive Materials In Q3 2026, items affecting comparability include €1 million gain on sale on non-current assets, €2 million addition to charges to improve operations' competitiveness and efficiency, €1 million charges related to the operations in a region impacted by geopolitical uncertainties and €2 addition to prior restructuring charges. In Q2 2026, items affecting comparability include €2 million addition to restructuring charges related to the closure of Kaltenkirchen factory. In Q1 2026, items affecting comparability include €5 million restructuring charges to improve operations' competitiveness and efficiency and €2 million addition to restructuring charges related to the closure of Kaltenkirchen factory. In 2025, items affecting comparability include €30 million restructuring charges to improve operations' competitiveness and efficiency, €28 million restructuring charges related to the discontinuation of label materials' production at Nancy factory in France, €6 million addition to impairment charges and €2 million reversal of restructuring charges related to the closure of Kaltenkirchen factory, €3 million charges related to Metamark acquisition and a €1 million addition to charges related to Adhesive Materials factory which was impacted by Hurricane Helene and €3 million addition to prior restructuring charges. UPM Specialty Materials In Q3 and Q2 2026, there are no items affecting comparability. In Q1 2026, items affecting comparability include €2 million restructuring charges to improve end-to-end efficiency and €5 million gain on sale of non-current assets. In 2025, items affecting comparability relate to restructuring measures. UPM Fibres In Q3 2026 there were no items affecting comparability. In Q2 2026, items affecting comparability include €1 million non- operational costs. In Q1 2026, there are no items affecting comparability. In 2025, items affecting comparability include €1 million restructuring charges and €1 million capital gain on sale on Korkeakoski saw mill. UPM Communication Papers In Q3 2026, items affecting comparability include €6 million gain on sale of non-current assets related to the Kaukas paper machine 1 closure and €6 million addition to prior restructuring charges. In Q2 2026, items affecting comparability include €1 million addition to restructuring charges related to prior restructurings, €1 million income on sale of current assets related to the Kaukas paper machine 1 closure and €3 million impairment reversal of non-current assets. In Q1 2026, items affecting comparability include €5 million restructuring charges to improve end-to-end efficiency, €1 million reversal of restructuring charges related to the closure of Ettringen paper mill in Germany and €3 million impairment of non-current assets. In 2025, items affecting comparability include €42 million restructuring charges and €10 million impairment charges related to the closure of Ettringen paper mill in Germany, €36 million restructuring charges and €36 million impairment charges of fixed assets related to the closure of Kaukas paper machine 1 in Finland, €14 million reversal of restructuring charges related to the closure of Plattling paper mill in 2023, €9 million restructuring charges in UPM Communication Papers to improve mills' operations' efficiency, €4 million restructuring charges and €4 million impairment charges resulting from the exercise of a put option concerning the Kraftwerk Plattling power plant company, € 46 million capital gain on sale of Plattling paper mill site, €7 million capital gain on sale of non-current assets and €1 million addition to prior restructuring charges. UPM Plywood In Q3 2026, items affecting comparability include €13 million charges related to strategic review of UPM Plywood business area. In Q2 2026, there are no items affecting comparability. In Q1 2026, items affecting comparability include €1 million charges related to strategic review of UPM Plywood Business Area. In 2025, items affecting comparability relate to earlier restructuring measures. Other operations In Q3 2026, items affecting comparability include €7 million recharge from UPM Plywood related to strategic review of UPM Plywood Business Area and €17 million charges related to the announced definite agreement related to joint venture transaction between Sappi and UPM in the graphic paper business. In Q2 2026, items affecting comparability include €8 million charges related to strategic review of UPM Plywood Business Area, €23 million charges related to the announced definite agreement related to joint venture transaction between Sappi and UPM in the graphic paper business, €3 million impairment charges of non-current assets and €24 million capital gain on sale of non-current assets. In Q1 2026, items affecting comparability include €4 million charges related to strategic review of UPM Plywood Business Area, €13 million charges related to the announced definite agreement related to joint venture transaction between Sappi and UPM in the graphic paper business, and €9 million capital gain on sale on non-current assets. In 2025, items affecting comparability include €10 million charges related to strategic review of UPM Plywood Business Area and to the announced definite agreement related to joint venture transaction between Sappi and UPM in the graphic paper business, €3 million restructuring charges and €1 million impairment charges related to the closure of the UPM Biomedicals business, €1 million reversal of restructuring charges related to the closure of UPM Biocomposites business, €2 million restructuring charges related to discontinuation of Rotterdam refinery project and €1 million impairment of residual goodwill in Other operations. 1) For the current year, the descriptions of items affecting comparability reflect events accumulated on a quarter-to-date basis and for the prior year, the description of items affecting comparability reflect events accumulated on a year-to-date basis and reflect the full year. The year 2026 includes events occurring in July-September 2026, April- June 2026 and January–March 2026, and the year 2025 includes events occurring in January–December 2025. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 30
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3 External sales by major products Business area Business Q3/2026 Q3/2025 Q1–Q3/2026 Q1–Q3/2025 Q1–Q4/2025 € million UPM Energy UPM Energy 101 113 392 339 480 UPM Adhesive Materials UPM Adhesive Materials 413 405 1,274 1,263 1,655 UPM Specialty Materials UPM Specialty Materials 255 255 823 848 1,108 UPM Fibres UPM Pulp UPM Timber UPM Forest 645 668 2,066 2,237 2,908 UPM Communication Papers UPM Communication Papers 598 610 1,788 1,888 2,459 UPM Plywood UPM Plywood 100 107 329 291 389 Other operations UPM Biofuels UPM Biochemicals UPM Biomedicals 1) 158 141 545 480 659 Eliminations and reconciliations -1 — -3 -1 -2 Total 2,270 2,298 7,214 7,344 9,656 Sales, discontinued operations 67 72 231 204 264 Sales, continuing operations 2,202 2,226 6,983 7,140 9,392 1) Operations in UPM Biomedicals have been terminated in Q3 2025. Business Product range UPM Energy Electricity and related services UPM Adhesive Materials Self-adhesive paper, film and graphic materials UPM Specialty Materials Labelling materials, release base papers, flexible packaging materials, office papers, graphic papers UPM Pulp Softwood, birch and eucalyptus pulp UPM Timber Standard and special sawn timber UPM Forest Wood and wood-based biomass (logs, pulpwood, chips, forest residues etc.), full forestry service offering UPM Communication Papers Graphic papers for various end uses UPM Plywood Plywood and veneer products UPM Biofuels Wood-based renewable diesel for transport and renewable naphtha for transport and petrochemicals UPM Biochemicals Lignin products for industrial use 4 Changes in property, plant and equipment € million Q1-Q3/2026 Q1-Q3/2025 Q1–Q4/2025 Book value at beginning of period 6,459 7,085 7,085 Reclassification to assets held for distribution to owners, net -110 — — Reclassification to assets held for sale, net — -24 — Capital expenditure 164 277 400 Companies acquired 0 4 4 Decreases -4 -1 -53 Depreciation -288 -320 -421 Impairment charges -1 -31 -40 Impairment reversal 2 — — Reclassifications -1 -1 -2 Translation difference and other changes 142 -517 -515 Book value at end of period 6,362 6,472 6,459 Capital expenditure in 2026 and 2025 mainly relate to the construction of the new biorefinery in Germany. Reclassification to assets held for distribution to owners relate to the demerger of UPM Plywood. Please refer to Note 10 Assets and liabilities classified as held for distribution to owners and discontinued operations for more information. Impairment charges in 2025 mainly relate to the closure of the Ettringen paper mill in Germany, the closure of paper machine 1 at the Kaukas mill in Finland and to the closure of Kaltenkirchen factory in Germany. Companies acquired in 2025 mainly relate to the acquisition of Metamark. In Q1-Q3 2025, the assets held for sale relate to the sale of Korkeakoski sawmill to Versowood. In Q1- Q4 2025, the decreases relate to the sale of Korkeakoski sawmill to Versowood and to the sale of the Plattling paper mill site in Germany. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 31
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5 Financial assets and liabilities Financial assets and liabilities measured at fair value € million SEP 30, 2026 SEP 30, 2025 DEC 31, 2025 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Investment funds — 1 — 1 — 1 — 1 — 1 — 1 Derivatives non-qualifying hedges — 7 — 7 — 9 — 9 — 8 — 8 Derivatives under hedge accounting 1 102 — 103 — 70 — 70 — 85 — 85 Financial assets at FVOCI — — 2,580 2,580 — — 2,482 2,482 — — 2,193 2,193 Total 1 110 2,580 2,691 — 80 2,482 2,562 — 94 2,193 2,287 Financial liabilities Derivatives non-qualifying hedges — 7 — 7 — 8 — 8 — 6 — 6 Derivatives under hedge accounting — 317 — 317 1 125 — 126 — 150 — 150 Total — 324 — 324 1 133 — 134 — 155 — 155 There have been no transfers between levels. Specific valuation techniques used to value financial instruments at level 2 include the following methods: Interest forward rate agreements (FRAs) are fair valued based on quoted market rates on the balance sheet date. Forward foreign exchange contracts are fair valued based on the contract forward rates at the balance sheet date. Foreign currency options are fair valued based on quoted market rates and market volatility rates on the balance sheet date by using the Black&Scholes option valuation model. Interest and currency swap instruments are fair valued as present value of the estimated future cash flows based on observable yield curves. Commodity swaps are fair valued based on forward curve quotations received from service providers. Valuation of investment funds is based on quoted prices (unadjusted) for identical assets in markets that are not active. Fair value measurements using significant unobservable inputs, Level 3 Financial assets at FVOCI € million Q1-Q3/2026 Q1-Q3/2025 Q1–Q4/2025 Book value at beginning of period 2,193 2,247 2,247 Additions — — 29 Fair value changes recognised in other comprehensive income 387 236 -83 Book value at end of period 2,580 2,482 2,193 The majority of financial assets at FVOCI consists of energy shareholdings. The strategic partnership agreement between UPM and Versowood, which became effective on December 31, 2025, increased financial assets measured at FVOCI by €29 million. Fair valuation of energy shareholdings in UPM Energy (Pohjolan Voima Oyj’s A, B and B2 shares, Kemijoki Oy shares, and Länsi-Suomen Voima Oy shares) is based on the discounted cash flows model. As of June 30, 2025, UPM has no ownership in Pohjolan Voima Oyj's C shares. The electricity price estimate is based on future electricity forward prices and a simulation of the Finnish area electricity price. A change of 5% in the electricity price used in the model would change the total value of the assets by approximately €360 (320 in Q3 2025) million. The discount rate of 6.73% (7.10% in Q3 2025) used in the valuation model of energy shareholdings is determined using the weighted average cost of capital method. A change of 0.5 percentage points in the discount rate would change the total value of the assets by approximately €240 (240 in Q3 2025) million. The increase in fair value during the reporting period was mainly due to the decrease in the discount rate and the increase in forecasted electricity market prices. Fair value of financial assets and liabilities measured at amortized cost € million SEP 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2025 DEC 31, 2025 DEC 31, 2025 Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Bonds 2,567 2,452 2,602 2,510 2,594 2,507 Other non-current debt excl. derivative financial instruments and lease liabilities 234 232 273 274 249 247 Total 2,800 2,684 2,875 2,784 2,844 2,754 The carrying amounts are not significantly different from fair values due to hedges. The fair values of all other financial assets and liabilities approximate their carrying amount. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 32
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6 Commitments and contingencies The following information includes both continuing and discontinued operations. € million SEP 30, 2026 SEP 30, 2025 DEC 31, 2025 Other own commitments Commitments related to off-balance sheet short-term leases 1 1 1 Other commitments 140 123 128 Total 141 125 129 Capital commitments € million Completion Total cost BY December 31, 2025 Q1-Q3/2026 AFTER September 30, 2026 New biorefinery / Germany Q2 2027 1,370 1,293 36 41 Advanced label material capacity increase / Mills River, NC Q3 2026 13 4 9 — Capability enhancement and capacity increase / Malaysia Q4 2026 12 2 7 3 Tyrvää hydropower plant modernization / Finland Q3 2030 19 4 — 15 7 Notional amounts of derivative financial instruments The following information includes both continuing and discontinued operations. € million SEP 30, 2026 SEP 30, 2025 DEC 31, 2025 Interest rate futures 1,421 1,285 1,319 Interest rate swaps 1,680 1,671 1,668 Forward foreign exchange contracts 3,044 3,188 3,192 Currency options, bought — — — Currency options, written — — — Cross currency swaps 118 121 114 Commodity contracts 720 482 401 8 Provisions € million Restructuring Termination Environmental Emissions Other Total Value at January 1, 2026 70 89 29 63 30 280 Provisions made during the year 11 17 — 58 14 100 Provisions utilized during the year -29 -54 — -49 -18 -151 Unused provisions reversed -7 -2 — -1 -3 -14 Reclassification to liabilities held for distribution to owners — -1 -12 — -1 -14 Translation differences — — — 1 — 1 Value at September 30, 2026 44 49 17 71 21 202 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 33
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9 Change in the composition of reportable segments The Group has changed its reportable segments composition by moving UPM Forest business into UPM Fibres business area as of January 1, 2026. The vast majority of wood used by UPM in Finland is consumed within the UPM Fibres business, and the Finnish forests are therefore considered an integral operational and strategic part of UPM Fibres North operations. In addition, the change improves consistency with UPM Fibres operations in Uruguay, where forest assets have already been reported as part of the UPM Fibres South operations. Until the end of 2025, UPM Forest was included in Other operations. UPM Biorefining, consisting of UPM Biochemicals and UPM Biofuels and reported as part of Other operations, was renamed UPM Next Generation Renewables as of January 1, 2026. Following these changes, Other Operations includes UPM Next Generation Renewables, Wood sourcing, Group services and Technology and forest assets in the U.S. The change impacts KPIs of UPM Fibres reportable segment and Other Operations. The comparative periods have been restated according to the new reporting principles. The reporting change has had no impact on Group financial result or balance sheet. UPM Fibres UPM Fibres as published UPM Fibres restated Q4/25 Q3/25 Q2/25 Q1/25 Q1- Q4/25 Q4/25 Q3/25 Q2/25 Q1/25 Q1- Q4/25 Sales, € million 781 777 838 1,010 3,407 825 797 870 1,039 3,531 Comparable EBITDA, € million 102 88 119 202 511 140 105 149 227 621 % of sales 13.1 11.4 14.1 20.0 15.0 17.0 13.1 17.2 21.8 17.6 Change in fair value of forest assets and wood harvested, € million 31 22 9 2 65 103 28 6 6 144 Share of results of associated companies and joint ventures, € million — 1 1 1 2 — 1 1 1 2 Depreciation, amortization and impairment charges, € million -72 -72 -72 -79 -295 -72 -72 -73 -79 -295 Operating profit, € million 62 39 55 126 282 172 62 83 155 472 % of sales 8.0 5.1 6.6 12.4 8.3 20.9 7.8 9.5 14.9 13.4 Items affecting comparability in operating profit, € million 1) — — — — — — — — — — Comparable EBIT, € million 62 39 56 126 283 172 62 83 155 472 % of sales 8.0 5.1 6.6 12.4 8.3 20.9 7.8 9.6 14.9 13.4 Capital employed (average), € million 6,464 6,539 6,680 7,298 6,745 8,294 8,349 8,482 9,099 8,556 Comparable ROCE, % 3.9 2.4 3.3 6.9 4.2 8.3 3.0 3.9 6.8 5.5 Other Operations Other operations as published Other operations restated Q4/25 Q3/25 Q2/25 Q1/25 Q1- Q4/25 Q4/25 Q3/25 Q2/25 Q1/25 Q1- Q4/25 Sales, € million 187 149 192 166 693 187 149 192 166 693 Comparable EBITDA, € million -6 -5 -2 -12 -25 -44 -21 -33 -37 -136 Change in fair value of forest assets and wood harvested, € million 72 6 -3 4 80 — — — — — Share of results of associated companies and joint ventures, € million -2 — — — -2 -2 — — — -2 Depreciation, amortization and impairment charges, € million -10 -10 -11 -14 -45 -10 -10 -11 -14 -44 Operating profit, € million 46 -9 -20 -25 -8 -64 -31 -47 -54 -197 Items affecting comparability in operating profit, € million 1) -9 — -3 -5 -17 -9 — -3 -5 -17 Comparable EBIT, € million 55 -9 -16 -21 9 -55 -31 -44 -50 -180 Capital employed (average), € million 3,188 3,125 3,136 2,999 3,112 1,358 1,315 1,334 1,198 1,301 Comparable ROCE, % 6.9 -1.1 -2.1 -2.7 0.3 -16.2 -9.6 -13.2 -16.6 -13.8 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 34
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10 Assets and liabilities classified as held for distribution to owners and discontinued operations On September 23, 2025 UPM announced a strategic review of the UPM Plywood business area to assess options for maximizing its long-term potential in an evolving market environment. On April 29 2026, UPM’s Board of Directors approved a demerger plan concerning the separation of UPM Plywood business area into a new independent listed company, to be named WISA Group Plc. On August 31, 2026, the Extraordinary General meeting resolved on the partial demerger of UPM in accordance with the demerger plan approved and signed by the Board of Directors of UPM on April 29, 2026, and approved a demerger plan. The planned completion date of the demerger is October 31, 2026. A demerger and listing prospectus was published on July 16, 2026. Based on the strategic review, the Board of Directors of UPM has approved a demerger plan concerning a partial demerger of UPM. According to the demerger plan, UPM will demerge so that all assets and liabilities of UPM relating to the UPM Plywood business area, or mainly serving the UPM Plywood business area, are transferred to WISA Group Plc (“WISA Group”), a company to be established in the demerger (the “Demerger”). UPM has applied for admitting the shares of WISA Group for trading on the official list of Nasdaq Helsinki Ltd (“Nasdaq Helsinki”). Upon the completion of the Demerger, WISA Group would initially have the same shareholder structure as UPM. As a result of the demerger plan approval, UPM presents the UPM Plywood business area as discontinued operations in accordance with the IFRS 5 Non-current assets held for sale and discontinued operations starting from the second quarter of 2026. In accordance with IFRS 5 standard, the profit (loss) for the period from discontinued operations is presented in the consolidated income statement separately from the income and expenses of continuing operations, and assets and liabilities related to the discontinued operations are presented separately as assets and liabilities classified as held for distribution to owners in the consolidated balance sheet. The comparison periods have been adjusted accordingly in the consolidated income statement. The consolidated balance sheet has not been adjusted. The presented discontinued operations include revenue and expenses directly related to the UPM Plywood business area, as well as other income and expenses related to continuing operations that are not expected to continue after the Demerger or that would have been avoided without the proposed Demerger. The balance sheet items that are presented as held for distribution to owners include, in addition to the balance sheet items in UPM Plywood business area, the balance sheet items that will not be part of UPM as a result of the Demerger. As a result of the classification of the disposal group as held for distribution to owners in accordance with IFRS 5, depreciation and amortization of the related non-current assets is ceased. Due to the reasons described above, the financial information presented for the discontinued operations is not representative of the historical or future profitability of the UPM Plywood business area as a standalone business. The tables below include additional information about UPM Plywood as discontinued operations. Income statement, discontinued operations € million Q3/2026 Q3/2025 Q1–Q3/2026 Q1–Q3/2025 Q1–Q4/2025 Sales (Note 3) 67 72 231 204 264 Other operating income — — — — 3 Costs and expenses -64 -60 -202 -173 -218 Depreciation, amortization and impairment charges — -5 -6 -15 -19 Operating profit (loss) 4 7 23 16 30 Interest and other finance costs, net — — -6 — — Profit (loss) before tax from discontinued operations 4 7 18 16 30 Income taxes 3 -1 -1 -3 -5 Profit (loss) for the period from discontinued operations 7 6 16 13 24 Attributable to: Owners of the parent company 7 6 16 13 24 Non-controlling interests — — — — — 7 6 16 13 24 Earnings per share for profit attributable to owners of the parent company Basic earnings per share from discontinued operations, € 0.01 0.01 0.03 0.02 0.05 Diluted earnings per share from discontinued operations, € 0.01 0.01 0.03 0.02 0.05 There are no items in other comprehensive income for the periods related to discontinued operations and therefore UPM will not present a separate table for Comprehensive income for the period for discontinued operations. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 35
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Consolidated balance sheet, discontinued operations € million SEP 30, 2026 SEP 30, 2025 DEC 31, 2025 ASSETS Goodwill 13 13 13 Other intangible assets 8 8 8 Property, plant and equipment 110 110 109 Leased assets 6 5 7 Non-current assets 137 136 137 Inventories 82 63 79 Trade and other receivables 44 43 32 Income tax receivables 2 2 1 Cash and cash equivalents 14 2 3 Current assets 142 110 115 Assets 280 246 252 LIABILITIES Deferred tax liabilities 7 9 11 Provisions 14 14 14 Non-current debt 4 3 5 Non-current liabilities 25 26 29 Current debt 2 1 2 Trade and other payables 48 49 46 Provisions — 1 1 Income tax payables — 2 — Current liabilities 50 53 48 Liabilities 75 79 77 Consolidated cash flow statement, discontinued operations € million Q3/2026 Q3/2025 Q1–Q3/2026 Q1–Q3/2025 Q1–Q4/2025 Operating cash flow 11 3 18 8 11 Investing cash flow -4 -3 -6 -6 -8 Financing cash flow — — -1 -1 -1 Change in cash and cash equivalents 8 — 11 1 1 11 Assets and liabilities classified as held for sale There were no assets or liabilities held for sale as of 30 September, 2026 or 31 December, 2025. Assets classified as held for sale as of September 30, 2025 relate to the agreement to sell Korkeakoski sawmill in Juupajoki, Finland, to Versowood. This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 36
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Alternative performance measures Quarterly key figures In addition to the conventional financial performance measures established by the IFRS, certain key figures (alternative performance measures) are presented to reflect the underlying business performance and enhance comparability from period to period. Quarterly key figures, continuing operations Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Sales, € million 2,202 2,355 2,425 2,252 2,226 2,341 2,573 6,983 7,140 9,392 Comparable EBITDA, € million 267 356 375 361 235 250 408 999 894 1,254 % of sales 12.1 15.1 15.5 16.0 10.6 10.7 15.9 14.3 12.5 13.4 Comparable EBIT, € million 131 212 259 337 142 124 280 601 545 883 % of sales 5.9 9.0 10.7 15.0 6.4 5.3 10.9 8.6 7.6 9.4 Comparable profit before tax, € million 98 186 240 353 113 103 255 524 472 825 Capital employed (average, € million) 13,975 14,070 14,067 14,034 14,166 14,241 14,770 13,972 14,694 14,608 Comparable ROCE, % 3.6 6.0 7.6 11.0 4.0 3.7 7.8 5.8 5.1 6.5 Comparable profit for the period, € million 91 163 203 286 93 87 217 458 398 684 Comparable EPS, € 0.16 0.29 0.38 0.54 0.17 0.16 0.40 0.83 0.73 1.27 Items affecting comparability in operating profit, € million -19 -4 -14 39 -94 -19 -89 -36 -202 -163 Items affecting comparability in financial items, € million — — — — — -1 — — -1 -1 Items affecting comparability in taxes, € million 5 4 5 -78 13 3 10 14 25 -53 Capital expenditure, € million 54 51 58 151 91 118 253 164 462 613 Capital expenditure excluding acquisitions, € million 54 51 58 122 81 117 81 164 279 401 Personnel at the end of period 13,144 13,665 13,347 13,676 14,166 14,764 14,386 13,144 14,166 13,676 Quarterly key figures, discontinued operations Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Sales, € million 67 84 80 60 72 59 73 231 204 264 Comparable EBITDA, € million 10 20 20 21 16 7 13 49 36 57 % of sales 14.4 23.3 24.8 35.3 22.3 11.9 17.2 21.2 17.4 21.5 Comparable EBIT, € million 10 18 15 17 12 2 7 43 21 38 % of sales 14.6 21.4 19.0 28.8 16.0 3.2 9.8 18.6 10.1 14.4 Comparable profit before tax, € million 10 18 15 17 11 2 7 43 20 38 Capital employed (average, € million) 203 192 185 176 176 180 181 196 178 182 Comparable ROCE, % 19.4 37.4 32.7 39.4 26.2 4.3 15.9 29.2 15.5 20.8 Comparable profit for the period, € million 13 14 9 14 9 1 6 36 17 31 Comparable EPS, € 0.02 0.03 0.02 0.03 0.02 0.00 0.01 0.07 0.03 0.06 Items affecting comparability in operating profit, € million -6 -9 -5 -4 -4 — — -20 -4 -8 Items affecting comparability in financial items, € million — -6 — — — — — -6 — — Items affecting comparability in taxes, € million 1 3 1 1 1 — — 5 1 2 Capital expenditure, € million 3 2 1 3 3 2 1 6 5 8 Capital expenditure excluding acquisitions, € million 3 2 1 3 3 2 1 6 5 8 Personnel at the end of period 1,462 1,519 1,454 1,451 1,476 1,543 1,504 1,462 1,476 1,451 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 37
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Quarterly key figures, UPM total Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Sales, € million 2,270 2,440 2,505 2,312 2,298 2,400 2,646 7,214 7,344 9,656 Comparable EBITDA, € million 277 376 395 382 251 257 421 1,048 929 1,311 % of sales 12.2 15.4 15.8 16.5 10.9 10.7 15.9 14.5 12.7 13.6 Comparable EBIT, € million 141 230 274 355 153 126 287 644 566 921 % of sales 6.2 9.4 10.9 15.3 6.7 5.2 10.8 8.9 7.7 9.5 Comparable profit before tax, € million 108 204 255 370 125 105 262 567 492 863 Capital employed (average, € million) 14,178 14,262 14,252 14,210 14,343 14,421 14,951 14,168 14,872 14,791 Comparable ROCE, % 3.8 6.5 7.9 11.3 4.3 3.7 7.9 6.1 5.2 6.7 Comparable profit for the period, € million 104 177 213 300 103 89 223 494 415 714 Total equity, average, € million 10,371 10,446 10,476 10,362 10,359 10,458 11,064 10,401 10,964 10,937 Comparable ROE, % 4.0 6.8 8.1 11.6 4.0 3.4 8.1 6.3 5.0 6.5 Average number of shares basic (1,000) 527,324 527,324 527,324 527,324 527,324 527,391 532,245 527,324 528,969 528,554 Comparable EPS, € 0.19 0.32 0.39 0.57 0.19 0.17 0.41 0.90 0.77 1.33 Items affecting comparability in operating profit, € million -25 -13 -18 35 -99 -19 -89 -56 -207 -171 Items affecting comparability in financial items, € million — -6 — — — -1 — -6 -1 -1 Items affecting comparability in taxes, € million 6 7 6 -77 14 3 10 19 26 -51 Operating cash flow, € million 420 136 89 720 218 179 289 645 685 1,405 Operating cash flow per share, € 0.80 0.26 0.17 1.36 0.41 0.34 0.54 1.22 1.30 2.66 Net debt at the end of period, € million 2,993 3,313 2,962 3,004 3,218 3,310 2,954 2,993 3,218 3,004 Net debt to EBITDA (last 12 m.) 2.09 2.36 2.30 2.29 2.36 2.12 1.77 2.09 2.36 2.29 Gearing ratio, % 29 32 28 29 31 32 28 29 31 29 Equity per share at the end of period, € 19.21 18.86 19.48 18.97 19.07 18.96 19.29 19.21 19.07 18.97 Capital expenditure, € million 58 54 59 154 94 120 254 170 467 621 Capital expenditure excluding acquisitions, € million 58 54 59 125 84 119 81 170 284 409 Equity to assets ratio, % 58.4 57.5 59.7 59.0 57.6 56.8 56.3 58.4 57.6 59.0 Personnel at the end of period 14,606 15,184 14,801 15,127 15,642 16,307 15,890 14,606 15,642 15,127 The definitions of alternative performance measures are presented in the section » Other financial information in UPM's Annual Report 2025 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 38
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Reconciliation of key figures to IFRS € million, or as indicated Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Items affecting comparability, UPM total Impairment charges -1 — -3 -10 -35 -3 -11 -4 -49 -59 Restructuring charges -6 -2 -13 9 -71 -16 -72 -21 -159 -151 Change in fair value of unrealized cash flow and commodity hedges 2 -1 2 -1 1 — -1 2 -1 -1 Capital gains and losses on sale of non- current assets 7 24 14 48 7 — — 45 7 55 Other non-operational items -26 -34 -18 -10 — — -4 -78 -4 -15 Total items affecting comparability in operating profit -25 -13 -18 35 -99 -19 -89 -56 -207 -171 Items affecting comparability in financial items — -6 — — — -1 — -6 -1 -1 Changes in tax rates 1 -1 — -68 — — 3 — 3 -65 Taxes relating to items affecting comparability 5 8 6 -10 14 3 7 19 23 13 Items affecting comparability in taxes 6 7 6 -77 14 3 10 19 26 -51 Items affecting comparability, total -19 -11 -13 -42 -85 -17 -79 -43 -182 -224 Items affecting comparability, discontinued operations Items affecting comparability in operating profit -6 -9 -5 -4 -4 — — -20 -4 -8 Items affecting comparability in financial items — -6 — — — — — -6 — — Items affecting comparability in taxes 1 3 1 1 1 — — 5 1 2 Items affecting comparability, discontinued operations -5 -11 -4 -3 -3 — — -20 -3 -6 Items affecting comparability, continuing operations Items affecting comparability in operating profit -19 -4 -14 39 -94 -19 -89 -36 -202 -163 Items affecting comparability in financial items — — — — — -1 — — -1 -1 Items affecting comparability in taxes 5 4 5 -78 13 3 10 14 25 -53 Items affecting comparability, continuing operations -14 — -9 -39 -82 -17 -79 -23 -178 -217 Comparable EBITDA, continuing operations Operating profit (loss) 112 208 245 376 47 105 191 565 343 719 Depreciation, amortization and impairment charges excluding items affecting comparability 125 122 122 126 122 133 135 369 390 516 Change in fair value of forest assets and wood harvested excluding items affecting comparability 12 24 -5 -104 -28 -6 -6 31 -41 -144 Share of result of associates and joint ventures -1 -1 — 1 — — — -3 -1 — Items affecting comparability in operating profit 19 4 14 -39 94 19 89 36 202 163 Comparable EBITDA, continuing operations 267 356 375 361 235 250 408 999 894 1,254 % of sales 12.1 15.1 15.5 16.0 10.6 10.7 15.9 14.3 12.5 13.4 Comparable EBIT, continuing operations Operating profit (loss) 112 208 245 376 47 105 191 565 343 719 Items affecting comparability in operating profit 19 4 14 -39 94 19 89 36 202 163 Comparable EBIT, continuing operations 131 212 259 337 142 124 280 601 545 883 % of sales 5.9 9.0 10.7 15.0 6.4 5.3 10.9 8.6 7.6 9.4 Comparable profit before tax, continuing operations Profit (loss) before tax 79 182 226 392 19 83 166 488 268 660 Items affecting comparability in operating profit 19 4 14 -39 94 19 89 36 202 163 Items affecting comparability in financial items — — — — — 1 — — 1 1 Comparable profit before tax, continuing operations 98 186 240 353 113 103 255 524 472 825 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 39
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€ million, or as indicated Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Comparable ROCE, %, continuing operations Comparable profit before tax 98 186 240 353 113 103 255 524 472 825 Interest expenses and other financial expenses 27 26 26 32 30 29 33 79 92 124 125 213 266 386 143 132 289 604 564 949 Capital employed, average 13,975 14,070 14,067 14,034 14,166 14,241 14,770 13,972 14,694 14,608 Comparable ROCE, %, continuing operations 3.6 6.0 7.6 11.0 4.0 3.7 7.8 5.8 5.1 6.5 Comparable profit for the period, continuing operations Profit (loss) for the period 78 163 195 246 12 70 138 435 220 466 Items affecting comparability, total 14 — 9 39 82 17 79 23 178 217 Comparable profit for the period, continuing operations 91 163 203 286 93 87 217 458 398 684 Comparable EPS, €, continuing operations Comparable profit for the period 91 163 203 286 93 87 217 458 398 684 Profit attributable to non-controlling interest -6 -8 -6 -1 -2 -1 -6 -20 -9 -11 85 155 198 284 92 86 211 438 389 673 Average number of shares basic (1,000) 527,324 527,324 527,324 527,324 527,324 527,391 532,245 527,324 528,969 528,554 Comparable EPS, €, continuing operations 0.16 0.29 0.38 0.54 0.17 0.16 0.40 0.83 0.73 1.27 The following information includes both continuing and discontinued operations. € million, or as indicated Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q1– Q3/26 Q1– Q3/25 Q1– Q4/25 Comparable ROE, % Comparable profit for the period 104 177 213 300 103 89 223 494 415 714 Total equity, average 10,371 10,446 10,476 10,362 10,359 10,458 11,064 10,401 10,964 10,937 Comparable ROE, % 4.0 6.8 8.1 11.6 4.0 3.4 8.1 6.3 5.0 6.5 Net debt Non-current debt 3,591 3,641 3,629 3,638 3,634 3,707 3,710 3,591 3,634 3,638 Current debt 149 233 130 156 268 359 150 149 268 156 Total debt 3,740 3,874 3,759 3,794 3,902 4,066 3,860 3,740 3,902 3,794 Non-current interest-bearing assets 26 30 30 32 33 33 35 26 33 32 Cash and cash equivalents 677 465 689 715 577 627 772 677 577 715 Other current interest-bearing assets 44 66 78 43 74 96 99 44 74 43 Total interest-bearing assets 747 561 797 790 684 755 906 747 684 790 Net debt 2,993 3,313 2,962 3,004 3,218 3,310 2,954 2,993 3,218 3,004 This interim report is unaudited UPM INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2026 40
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It should be noted that certain statements herein, which are not historical facts, including, without limitation, those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties which may cause actual results to materially differ from those expressed in such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing activities and the achievement of efficiencies therein including the availability and cost of production inputs, continued success of product development, acceptance of new products or services by the Group’s targeted customers, success of the existing and future collaboration arrangements, changes in business strategy or development plans or targets, changes in the degree of protection created by the Group’s patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for the Group’s products and the pricing pressures thereto, financial condition of the customers and the competitors of the Group, the potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in the Group’s principal geographic markets or fluctuations in exchange and interest rates. The main earnings sensitivities and the Group’s cost structure are presented on page 276 of the 2025 Annual Report. Risks and opportunities are discussed on pages 31–33 and risks and risk management are presented on pages 128–132 of the report. UPM-Kymmene Corporation Alvar Aallon katu 1 PO Box 380 FI-00101 Helsinki, Finland Tel. +358 2041 5111 Fax +358 2041 5110 ir@upm.com