Alma cut-size Announcement

No one was hurt after a fire erupted Monday morning, Jan. 4, 2021, in one of the paper machines at Paper Excellence Canada in Port Alberni. “We had a paper fire on the No. 4 paper machine in the dryer section,” Paper Excellence Canada Alberni division general manager Marc Bodin confirmed. Bodin said preliminary checks indicate damage was not extensive. “It looks like there was minimal damage to the machine itself.” The No. 5 machine remains in production. Bodin said he doesn’t anticipate Monday’s fire affecting the Alberni plant’s overall production. “We’re not expecting any significant down time or loss of production as a result,” he said.

2022 highlights • Sales increased by 19% to EUR 11,720 million (9,814 million in 2021) • Comparable EBIT increased by 42% to EUR 2,096 million (1,471 million), and was 17.9% (15.0%) of sales • Operating cash flow was EUR 508 million (1,250 million), impacted by cash outflows from energy hedges in highly exceptional energy markets • Net debt increased to EUR 2,374 million (647 million) and the net debt to EBITDA ratio was 0.94 (0.35). A significant part of the increase in net debt is temporary, due to the cash flow impacts of energy hedges and future energy generation • In April, UPM and the Paperworkers’ Union agreed on the first-ever business-specific collective labour agreements • In June, UPM announced the sale of the Steyrermühl site in Austria to secure competitiveness and adapt newsprint production to long-term market development • In September, UPM Raflatac completed the acquisition of AMC AG

UPM sells its Jyväskylä plywood mill site and premises, located in Säynätsalo, Jyväskylä in Finland, to real estate developer Redeve Oy. The transaction was completed today, and the ownership of the real estate was transferred to Redeve immediately. At the same time, businesses currently renting premises on the site, will become tenants of Redeve. “We are delighted to find a buyer for the mill site so quickly. The site has been developed as a business district already while the plywood mill was operating. We have had successful co-operation with Redeve also earlier and we believe this good news for the further development of the site”, says Jaakko Kaijalainen, Property Manager at UPM. Redeve has earlier bought the Myllykoski mill site and the Voikkaa business district from UPM and operates business districts on both locations. Same is being planned also for Säynätsalo.