UPM announced that it will temporarily shut down UPM Kaukas pulp mill as of August 3 for approximately six weeks. In addition, a potential temporary shutdown of the UPM Pietarsaari pulp mill is being planned for October. The Kaukas pulp mill is located in Lappeenranta in South East Finland. The pulp mill has the capacity to produce 700,000 tonnes per year of softwood pulp on two production lines. The mill site also consists of a paper mill (shutdown in 4Q 2025), a sawmill, a biorefinery producing wood-based diesel and UPM's research centre.

HIGHLIGHTS• Pulp sales of 2,401 thousand tons (-2% vs. 1Q23).• Paper sales1 of 313 thousand tons (12% vs. 1Q23).• Average net pulp price in export market: US$624/ton (-13% vs. 1Q23).• Average net paper price1 of R$6,713/ton (-9% vs. 1Q23). • Pulp cash cost ex-downtime of R$812/ton (-13% vs. 1Q23). • Leverage of 3.5 times in USD and 3.6 times in BRL. • Cerrado Project completes 94% of physical progress and 87% of financial progress up to April 2024.

January–September 2021 (1–9/2020) •Sales were EUR 4,457 million (3,698). •Operating result was EUR 652 million (279). Comparable operating result was EUR 694 million (274). •Result before taxes was EUR 616 million (242). Comparable result before taxes was EUR 658 million (236). •Comparable return on capital employed was 16.4% (7.0). •Net cash flow from operations was EUR 596 million (361). July–September 2021 (7–9/2020) •Sales were EUR 1,515 million (1,245). •Operating result was EUR 273 million (116). Comparable operating result was EUR 278 million (115). •Result before taxes was EUR 263 million (103). Comparable result before taxes was EUR 267 million (102). •Comparable return on capital employed was 18.8% (8.8). •Net cash flow from operations was EUR 222 million (158).