During the past 15 years, UPM has transformed from a paper producer in a declining European market to a company supplying advanced materials to growing markets, with global market presence. The company has striven for leading sustainability performance and received top recognition for the results. At the same time, UPM has delivered a robust total shareholder return of 14% per year through strong performance and effective capital allocation.

UPM is now ready to accelerate its growth in the coming five years. The company's business portfolio is well positioned for robust growth in renewable fibres, namely pulp, in advanced materials, such as adhesive materials, specialty papers and plywood, and in decarbonisation solutions, such as biochemicals, biofuels and CO2-free energy. The graphic paper business continues to focus on strong cash flow generation.

In the area of renewable fibres, UPM aims to optimise its production and realise the full potential of its world-class business platform in Uruguay. In advanced materials, UPM is in a strong position in fast-growing product markets and geographies and aims to grow in both current and synergistic adjacent markets. Decarbonisation solutions offer sustainable options to meet the urgent need to decarbonise the society. With the launch of the biochemicals business later this year, the preparations to scale up biofuels and through capturing the value in the energy market transformation UPM is addressing key sectors critical to decarbonisation.

"With a strong, balanced portfolio, we are well-positioned for the future. Our recent USD 3.47 billion investment in the pulp business platform in Uruguay is expected to provide healthy earnings contribution. In the coming years we seek further earnings growth in advanced materials and decarbonisation solutions and strive to capture opportunities in higher-growth geographies," says Massimo Reynaudo, President and CEO of UPM.

"While seeking significant growth, we will maintain our disciplined capital allocation principles. We select opportunities with attractive returns, supported by robust demand growth outlook and structural competitive advantages. At the same time, we remain committed to predictable and attractive dividends, which can potentially be complemented with share buybacks."

"We are committed to creating value for our customers, using sustainable, renewable feedstocks, reducing our own environmental footprint and enhancing our positive social impact. Our leading position in sustainability is based on world-leading standards, commitment to respected global initiatives and 3rd party verification. We believe in science-based actions and raising the bar higher on sustainability," he concludes.

[Massimo Reynaudo at UPM CMD 2024]

A replay of the webcast will be available at www.upm.com/investors following the event. All materials presented at the Capital Markets Day are available online on UPM's website under Reports and presentations https://www.upm.com/investors/reports-and-presentations/2024/.

For further information please contact:
Mika Mikkola, Vice President, Investor relations, UPM, tel. +358 40 5953202

UPM, Media Relations
Mon-Fri 9:00-16:00 EEST
tel. +358 40 588 3284
media@upm.com

UPM
We deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Fibres, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. As the industry leader in responsibility, we are committed to the UN Business Ambition for 1.5°C and the science-based targets to mitigate climate change. We employ 16,600 people worldwide and our annual sales are approximately EUR 10.5 billion. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore - Beyond fossils.www.upm.com

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