--- title: "UPM supplements Prospectus in Finland with WISA Group’s carve-out and pro forma financials; WISA pro forma figures disclosed" sdDatePublished: "2026-08-17T16:07:00Z" source: "https://www.upm.com/contentassets/7b217c3378a04f0a9dbc998aafdabd77/wisa-group-plc-supplement-to-the-prospectus-17-august-2026.pdf" topics: - name: "business reporting and performance" identifier: "medtop:20001365" - name: "business restructuring" identifier: "medtop:20001366" - name: "stocks and securities" identifier: "medtop:20000396" locations: - "Savonlinna" - "Mikkeli" - "Joensuu" - "Jyväskylä" - "Chudovo" - "Otepää" - "Germany" - "France" - "Spain" - "Netherlands" - "United Kingdom" - "South Korea" - "Denmark" - "Finland" - "Russia" - "Estonia" --- UPM supplements Prospectus in Finland with WISA Group’s carve-out and pro forma financials; WISA pro forma figures disclosed i SUPPLEMENT TO THE PROSPECTUS 17 AUGUST 2026 This supplement (the “Supplement”) is a translation of the Finnish-language supplement (the “Finnish Supplement”) to the demerger and listing prospectus dated 16 July 2026 (the “Prospectus”), prepared in connection with the partial demerger of UPM-Kymmene Corporation (“UPM”) and the listing of the shares of WISA Group Plc (“WISA Group”), may not be released or otherwise forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into Australia, Canada, Hong Kong, Japan, Singapore, South Africa or any jurisdiction where the distribution of these materials would breach any applicable law or regulation or would require any registration or licensing within such jurisdiction. For further information, see the section “Important Information” in this Supplement. The Financial Supervisory Authority has approved the Finnish Supplement on 17 August 2026 but is not responsible for the accuracy of the information presented therein or herein. The journal number of the Financial Supervisory Authority's decision of approval is FIVA/2026/1422. The Finnish Supplement has been prepared in Finnish, and this Supplement is a translation of the Finnish Supplement. The FIN-FSA has not approved this English translation. In the event of any discrepancies between the language versions, the Finnish Supplement shall prevail. UPM supplements the Prospectus with the following information. This information should be read in conjunction with the Prospectus. Terms defined elsewhere in the Prospectus have the same meaning when used in this Supplement. ii TABLE OF CONTENTS SUPPLEMENTS TO THE PROSPECTUS ........................................................................................................................ 1 Selected combined carve-out and unaudited pro forma financial information of WISA Group as at and for the six months ended 30 June 2026 ............................................................................................................................................................ 1 Guidance ........................................................................................................................................................................... 33 Management holdings ....................................................................................................................................................... 34 IMPORTANT INFORMATION ...................................................................................................................................... 35 WISA GROUP’S UNAUDITED CARVE-OUT FINANCIAL INFORMATION AS AT AND FOR THE SIX MONTHS ENDED 30 JUNE 2026 .................................................................................................................................................... 37 ANNEX B – INDEPENDENT PRACTITIONER’S ASSURANCE REPORT ON THE COMPILATION OF PRO FORMA FINANCIAL INFORMATION INCLUDED IN THE PROSPECTUS ............................................................ 38 1 SUPPLEMENTS TO THE PROSPECTUS Selected combined carve-out and unaudited pro forma financial information of WISA Group as at and for the six months ended 30 June 2026 On 23 July 2026, UPM published its half year financial report for the six months ended 30 June 2026. UPM supplements the Prospectus accordingly with WISA Group’s selected combined carve-out financial information and unaudited pro forma financial information as at and for the six months ended 30 June 2026. The sections “Documents on Display”, “Carve-Out Financial Information of WISA Group” and “Annex B – Independent Practitioner’s Assurance Report on the Compilation of Pro Forma Financial Information Included in the Prospectus” of the Prospectus are supplemented as follows: (1) The following text is inserted to replace the fifth point under the heading “Documents on Display” on page 159 of the Prospectus: • WISA Group’s unaudited carve-out financial information as at and for the six months ended 30 June 2026; and (2) The following text is inserted to replace the second point under the heading “Carve-Out Financial Information of WISA Group” on page F-1 of the Prospectus: • WISA Group’s unaudited interim carve-out financial information as at and for the six months ended 30 June 2026 .................................................................................................................................................. F-50–F-63. (3) The document included as Annex 1 to the Supplement is inserted to replace pages F-50–F-61 of the Prospectus in their entirety. (4) The document included as Annex 2 to the Supplement is inserted to replace in its entirety the section of the Prospectus entitled “Annex B – Independent Practitioner’s Assurance Report on the Compilation of the Pro Forma Financial Information Included in the Prospectus”. Summary The section “Summary” of the Prospectus is supplemented as follows: (1) The following text is inserted to replace the first and second sentence of the first paragraph in the section “Summary – What Is the Key Financial Information Regarding the Issuer?” on page 3 of the Prospectus: The following tables present selected combined carve-out financial information of WISA Group as at and for the years ended 31 December 2025, 2024 and 2023 and as at and for the six months ended 30 June 2026 and 2025. The selected combined carve-out financial information presented below has been extracted from the audited WISA Group carve-out financial statements as at and for the years ended 31 December 2025, 2024 and 2023 and the unaudited carve-out financial information of WISA Group as at and for the six months ended 30 June 2026, including unaudited comparative financial information as at and for the six months ended 30 June 2025. 2 (2) The following table is inserted to replace the table in the section “Summary – What Is the Key Financial Information Regarding the Issuer?” on page 3 of the Prospectus: As at 30 June and 1 January to 30 June As at and for the year ended 31 December In EUR million, unless otherwise indicated 2026 2025 2025 2024 2023 (unaudited) (audited, unless otherwise indicated) Combined income statement Sales .................................................................................................... 240.1 192.1 409.1 429.9 421.8 Sales growth, %................................................................................... 25.0 - -4.81) 1.91) - Operating profit ................................................................................... 13.1 5.8 26.9 38.4 46.6 Operating profit, % of sales ................................................................. 5.5 3.0 6.6 8.9 11.0 Comparable EBITDA .......................................................................... 33.2 16.6 50.7 60.6 73.4 Comparable EBITDA, % of sales ....................................................... 13.8 8.7 12.4 14.1 17.4 Profit for the period ............................................................................. 8.7 6.1 24.6 34.2 41.7 Comparable profit for the period ......................................................... 17.4 6.2 28.11) 34.21) 48.01) Comparable ROCE, % ........................................................................ 21.62) 5.72) 14.9 17.3 22.6 Combined Balance Sheet Total assets .......................................................................................... 318.6 388.2 324.4 422.9 413.9 Total invested equity ........................................................................... 230.6 298.1 231.8 332.1 335.4 Combined Cash Flow Statement Operating cash flow ............................................................................ -1.3 19.5 44.3 68.0 48.8 Investing cash flow ............................................................................. -2.5 -2.7 -7.9 -16.5 -2.6 Financing cash flow ............................................................................ 7.5 -16.1 -35.6 -50.3 -47.5 ________________ 1) Unaudited. 2) Comparable EBIT used in the calculation of the key figure, multiplied by two for the six months ended 30 June 2026 and 30 June 2025. (3) The following text is inserted to replace the second paragraph in the section “Summary – Unaudited Pro Forma Financial Information” on pages 3–4 of the Prospectus: The unaudited pro forma combined income statement for the financial year ended 31 December 2025 and the unaudited pro forma combined income statement for the six months ended 30 June 2026 give effect to the Demerger as if it had occurred on 1 January 2025. The unaudited pro forma combined balance sheet as at 30 June 2026 illustrates the impact of the Demerger as if it had occurred on that date. (4) The following text is inserted to replace the fifth paragraph in the section “Summary – Unaudited Pro Forma Financial Information” on page 4 of the Prospectus: The Unaudited Pro Forma Financial Information has been extracted from WISA Group’s audited carve-out financial statements as at and for the year ended 31 December 2025 and unaudited carve-out financial information as at and for the six months ended 30 June 2026 and UPM management’s estimate of the assets and liabilities to be transferred to WISA Group and the costs related to the Demerger and Listing, for which WISA Group is responsible in accordance with the Demerger Plan. (5) The following table is inserted to replace the table in the section “Summary – Unaudited Pro Forma Financial Information” on page 4 of the Prospectus: 1 January to 30 June 2026 or as at 30 June 2026 For the financial year ended 31 December 2025 In EUR million, unless otherwise indicated Sales ................................................................................................................. 240.1 409.1 Operating profit ................................................................................................ 23.8 6.3 Operating profit, % of sales .............................................................................. 9.9 1.5 Comparable EBITDA ....................................................................................... 33.2 51.4 Comparable EBITDA, % of sales .................................................................... 13.8 12.6 Profit for the period .......................................................................................... 14.8 1.2 Comparable profit for the period ...................................................................... 14.8 21.4 Earnings per share, euros ................................................................................. 0.03 0.00 Comparable earnings per share, euros .............................................................. 0.03 0.04 Assets ............................................................................................................... 306.8 - Equity ............................................................................................................... 100.6 - Net debt ............................................................................................................ 93.7 - Net debt/ Comparable EBITDA1) ..................................................................... 1.4x - ________________ 1) Comparable EBITDA as a carve-out basis from the latest 12 months (30 June 2026). 3 (6) The following text is inserted to replace the first paragraph in the section “Summary – Key Information on the Offer of Securities to the Public and the Admission to Trading on a Regulated Market – Costs and Remuneration” on page 6 of the Prospectus: The total costs related to the Demerger and the Listing are expected to am