UPM completes partial demerger to form WISA Group; prospectus supplement approved

Demerger completion and listing

The Board of Directors has notified the Finnish Trade Register so that the partial demerger will be registered on October 31, 2026. Under the demerger plan, assets and liabilities relating to UPM’s plywood business are transferred to the newly established WISA Group. UPM filed a listing application with Nasdaq Helsinki on October 22, 2026; trading in WISA Group shares is expected to begin on or about November 2, 2026 under the trading code WISA.

Prospectus supplement

The Finnish Financial Supervisory Authority approved a supplement to the Finnish-language demerger and listing prospectus on October 28, 2026. The supplement addresses WISA Group’s unaudited carve-out financial information for the nine months ended September 30, 2026, WISA Group’s guidance and outlook, and certain technical amendments. UPM will publish the supplement on behalf of WISA Group.

Share allocation and trading entitlements

UPM shareholders will receive one WISA share for each UPM share as demerger consideration, totaling an expected 527,324,046 WISA shares; treasury shares receive no consideration. WISA shares will be registered in shareholders’ book-entry accounts on or about November 2, 2026. Trades in UPM shares made on the exchange on October 30, 2026 at the latest will entitle the purchaser to receive the demerger consideration; unsettled trades made on or before that date will be settled so investors receive both UPM and WISA shares.

Post-demerger structure

After completion, UPM and WISA Group will operate as separate, independent companies with their own strategic objectives.