UPM Announces SC Price Increase

UPM continues to take action to ensure the company’s competitiveness. UPM aims to increase efficiency of its global functions by reorganising and streamlining the operations in Finland, Germany, and Austria. If implemented, the plans would decrease the number of employments in the functions by up to 51. Employee consultations on efficiency improvements will be started according to national practices. Final decisions will be made after the employee consultation procedures have been concluded in each country. UPM aims for continuous improvement in cost efficiency. In 2020, the company decreased fixed and variable costs in different businesses and functions. Earlier this year, UPM completed the employee consultation process in UPM Timber to improve profitability and strengthen competitiveness.

• Q3 2023 reported operating loss of $49 million; net loss of $36 million, or $0.55 per share • Stable global pulp market fundamentals throughout the quarter, as a slight uptick in purchasing activity in China was offset by ongoing challenging conditions in other global regions • Northwood NBSK Pulp Mill scheduled maintenance downtime and inspection of recovery boiler number one completed as planned; restart delayed due to operational challenges

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