UPM and Sappi definitive agreement signed for graphic paper joint venture in Europe; Anticipated €100m annual synergies

UPM and Sappi definitive agreement signed for graphic paper joint venture in Europe; Anticipated €100m annual synergies

UPM – we renew the everyday Investor presentation July 2026

Our portfolio leverages competitive business platforms • Decarbonization solutions Biochemicals, biofuels, CO2-free energy • Advanced materials Adhesive materials, specialty materials, plywood • Renewable fibres Pulp, other bioproducts • Communication papers 2 | © UPM

With the portfolio initiatives, we change the company profile, increasing its growth potential and margins 3 | © UPM High growth potential and unique position • Unique offering for new large electricity consumers, growth driven by electrification, datacenters and green industries • Biofuels and Biochemicals help reduce dependence on fossil fuels and decrease CO2 emissions Maximizing value creation and cash flow • World-class competitive platform in Uruguay, with further cost optimization and capex-efficient debottlenecking potential • Multi-fibre offering through flexible platform in Finland Healthy, predictable and profitable growth • Accelerate growth in high-performance applications (labels, liners, graphics, recyclable packaging) • Expansion in higher margin products, higher growth regions H1 2026 comparable EBIT continuing operations excl. Communication Papers Decarbonization solutions Advanced materials Renewable fibres

4 | © UPM • UPM Communication Papers and Sappi’s graphic paper business in Europe • Subject to merger control and other conditions • Expected to benefit customers and the entire industry by strengthening the resilience of European graphic paper supply in declining markets • Expected to have a positive impact on UPM’s profitability margins, balance sheet and leverage Definitive agreement signed and financing secured for the planned graphic paper Joint Venture Mills UPM + Sappi 8+4 Anticipated synergies € million annually 100 Independent graphic paper company Combined enterprise value, excl. synergies Enterprise value 1,420 € million See the May 28, 2026, stock exchange release for further details

UPM Plywood demerger plan to separate it into a new independent listed company • WISA Group Plc to be listed on Nasdaq Helsinki in early November, with initially the same shareholder base as UPM • Demerger and listing prospectus available on www.upm.com/demerger • The EGM to decide on the demerger plan will be held on August 31, 2026 • Financial targets for WISA Group →Sales over €550 million by 2030 →Comparable EBIT, 13% of sales by 2030 →Net debt / Comparable EBITDA under 1.5x →Dividend policy: around 50% of the profit for the financial year as a dividend • Increase UPM shareholder value by →WISA Group solely pursuing its own strategic priorities and growth opportunities →Increasing visibility into key value drivers facilitates fair valuation of the business →Enhancing UPM’s focus on its core businesses 5 | © UPM

3 000 4 000 5 000 6 000 7 000 8 000 9 000 Consistent growth > GDP UPM sales(, excl. Communication Papers and Plywood ( unconsolidated €M 6 000 7 000 8 000 9 000 10 000 11 000 12 000 UPM sales €M 6 | © UPM A focused portfolio to enable accelerated growth in the coming years

Our global business model has shown resilience By going more global we aim to accelerate growth 7 | © UPM UPM sales in the future(* UPM sales geographically, excl. Communication Papers and Plywood Europe North America ROW Asia (* this is not a forecast Europe North America ROW Asia

8 | © UPM Our dedication to responsible business and environmental leadership will continue

i Innovative products Scientifically verifying the climate impact of all our products Committed to climate-positive forestry and enhancing biodiversity -65% from own CO2 emissions -30% from CO2 emissions of supply chain Our climate commitment WE ACT THROUGH EMISSION REDUCTIONS WE ACT THROUGH PRODUCTS WE ACT THROUGH FORESTS 9 | © UPM

10 | © UPM Innovation boosting performance and future growth R&D Investment (2025) €404 million accounting for 28.8% of operating cash flow Intellectual property: Over5,000 patents Over2,000 trademarks Global research centers: 3 centers located in Finland, China, Germany

11 | © UPM Sales Logistics Operations Forests and plantations AI is being deployed at scale across our entire organization 25+ ongoing AI projects, cutting across UPM

-0,5 0,0 0,5 1,0 1,5 2,0 2,5 3,0 -1 000 -500 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 20152016201720182019202020212022202320242025 Net debt/ EBITDA (x) Net debt and leverage Net debt €m Group financial performance and targets 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 2 200 20152016201720182019202020212022202320242025 €m Comparable EBIT 0 2 4 6 8 10 12 14 20152016201720182019202020212022202320242025 % Comparable ROE Target: 10% Target: EBIT growth Policy: ≤ 2x 12 | © UPM

Business area long-term return targets 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 *) Shareholdings in UPM Energy valued at fair value Long-term return target UPM Specialty Materials UPM Communication Papers UPM Plywood UPM Adhesive Materials UPM Energy UPM Fibres 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 FCF/CE % ROCE % *) ROCE % **) ROCE% ROCE % ROCE % 13 | © UPM

0 200 400 600 800 1 000 1 200 1 400 1 600 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Depreciation Low capital expenditure after the major investment cycle 14 | © UPM Estimate Strategic investments Operational investments € million Capex estimate for 2026 excl. acquisitions, € million 300 Operational investment needs consistently low Capital expenditure

20 30 40 50 60 70 80 90 100 0,00 0,20 0,40 0,60 0,80 1,00 1,20 1,40 1,60 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 €/share % of comp. EPS Consistently attractive dividend 15 | © UPM Dividend for the financial year 2025 791 1.50 € / share € million Rewarding shareholders Dividend 10 years Dividend policy UPM aims to pay attractive dividends, targeting at least half of the comparable earnings per share over time. Paid in two instalments, Apr 21 and Nov 6, 2026

16 | © UPM Q2 2026 – improved results in all businesses, portfolio change progressing • Sales from continuing operations totaled €2,355 million (2,341 million in Q2 2025) • Comparable EBIT from continuing operations increased by 71% to €212 million, 9.0% of sales (124 million, 5.3%) • All businesses improved their results y-o-y • UPM and Sappi signed a definitive agreement on the graphic paper Joint Venture • The Board approved a plan to demerge the Plywood business into a new listed company. The EGM to decide on the demerger plan will be held on August 31, 2026 UPM Plywood is presented as discontinued operations

• UPM Plywood is presented as discontinued operations due to the proposed demerger • The financial information presented for discontinued operations is not representative of the historical or future profitability of the UPM Plywood business area as a stand-alone business Continuing and discontinued operations, UPM total in the Half year financial report 2026 17 | © UPM € million Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Sales, continuing 2,355 2,341 4,781 4,914 9,392 Sales, discontinued operations 84 59 164 132 264 Sales, total 2,440 2,400 4,945 5,046 9,656 Comparable EBITDA, continuing % of sales 356 15.1 250 10.7 732 15.3 659 13.4 1,254 13.4 Comparable EBITDA, discontinued operations % of sales 20 23.3 7 11.9 39 24.0 19 14.8 57 21.5 Comparable EBITDA, total % of sales 376 15.4 257 10.7 771 15.6 678 13.4 1,311 13.6 Comparable EBIT, continuing % of sales 212 9.0 124 5.3 471 9.8 404 8.2 883 9.4 Comparable EBIT, discontinued operations % of sales 18 21.4 2 3.2 33 20.2 9 6.9 38 14.4 Comparable EBIT, total % of sales 230 9.4 126 5.2 504 10.2 413 8.2 921 9.5

Decarbonization solutions: strong results in Biofuels, ramp-up in Biochemicals, Energy improved y-o-y 18 | © UPM Markets Actions Results 0 10 20 30 40 50 60 0 20 40 60 80 100 120 UPM Energy Electricity consumption growth continued in Finland, +5% LTM to May Q2 followed normal seasonality Electrification, data centers and green transition expected to drive significant demand growth Maximize value in the volatile markets Clean baseload electricity offering for large new demand New renewable energy development pipeline Sites suitable for data centers and other industrial actors Q2 2026 comparable EBIT €24 million, 17% of sales H1 2026 comparable EBIT €124 million, 32% of sales OL1&2 maintenance shutdowns in Q2 Good demand and healthy bio- premiums for advanced renewable fuels Elevated fossil fuel prices in Q2 Robust demand and sales pipeline for biochemicals products Biofuels posted strong results, H1 2026 comparable EBIT €58 million, 35% of sales Biochemicals ramp-up ongoing, H1 2026 comparable EBIT €-65 million Capex-efficient debottlenecking Qualification process for SAF Proprietary feedstock technologies development Leuna: deliveries of industrial sugars have reached substantial volumes, deliveries of RFF and other lignin derivatives are expected to start during Q3 Energy Next Generation Renewables Comparable EBIT % of sales €M -80 -60 -40 -20 0 20 40 60 UPM Next Generation Renewables €M Biofuels Biochemicals Comparable EBIT

0 5 10 15 20 0 20 40 60 80 Advanced materials: robust sales growth and results 19 | © UPM Markets Actions Results Strong Q2 label materials demand in Europe (+14% yoy) and Asia Pacific, with some support from stock buying Slower demand growth (+1% yoy) in North America Actions to sharpen competitiveness Investments to grow in higher- margin products in the U.S. Investments in higher-growth regions, Southeast Asia, India Building position in graphics following recent acquisitions Q2 2026 sales grew by 5% comparable EBIT €44 million, 10% of sales H1 2026 comparable EBIT €70 million, 9% of sales Good Q2 demand for label, release base and packaging papers in Europe The U.S. markets were softer Specialty paper markets in Asia were good, fine paper markets competitive Q2 2026 sales grew by 4%, comparable EBIT €40 million, 12% of sales H1 2026 comparable EBIT €80 million, 12% of sales Barrier papers’ product development pipeline strengthened Capacity to grow with low investments Adhesive Materials Specialty Materials UPM Adhesive Materials 0 5 10 15 20 0 20 40 60 80 Comparable EBIT Comparable EBIT UPM Specialty Materials % of sales €M % of sales €M

0 5 10 15 20 25 30 0 25 50 75 100 125 150 Renewable fibres: further improved results in Fibres South, challenging markets and maintenance in Fibres North 20 | © UPM Markets Actions Results % of sales €M Global hardwood pulp shipments -2% yoy in Apr-May/2026 Hardwood pulp market prices increased gradually Optimization of wood sourcing and inbound logistics, as the plantations reach maturity Planning capex-efficient debottlenecking World-class competitiveness Fully offset increases in logistics and other costs Q2 2026 comparable EBIT €101 million, 24% of sales H1 2026 comparable EBIT €187 million, 23% of sales Global softwood pulp shipments +4% yoy in Apr-May/2026 Low softwood pulp market prices continued Pulpwood market prices in Finland stabilized in H1, at approx. 30% lower yoy Wood costs decreased, sales prices and currencies weaker UPM Pietarsaari maintenance shutdown in Q2 Q2 2026 comparable EBIT €-10 million H1 2026 comparable EBIT €24 million, 3% of sales Temporary shut-downs planned for H2 2026 to optimize production and wood sourcing, and ensure profitability Fibres South Fibres North Fibres South Comparable EBIT -5 0 5 10 15 20 25 -25 0 25 50 75 100 125 Fibres North Comparable EBIT % of sales €M

0 5 10 15 20 0 10 20 30 40 0 5 10 15 20 0 40 80 120 160 Communication Papers and Plywood: solid Q2 performance, graphic paper Joint Venture, plywood demerger plans progr