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UPM Financial Statements 2020: Q4 2020 highlights Sales decreased by 11% to EUR 2,188 million (2,447 million in Q4 2019) due to lower pulp prices and lower deliveries and prices of graphic papers Comparable EBIT was EUR 252 million, 11.5% of sales (343 million, 14.0%), down 27% year-over-year Operating cash flow was EUR 347 million (592 million) Successful health and safety measures enabled uninterrupted business operations and progress in transformative growth projects The year ended on a positive note, with good demand for UPM’s products UPM issued a EUR 750 million Green Bond under the EMTN programme UPM was listed as the industry leader in the Dow Jones Sustainability Indices (DJSI) and received a triple ‘A’ score from CDP for outstanding environmental performance

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