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Risks and opportunities are discussed on pages 28–29 and 129-131, and risk management is presented on pages 189–195 of the report.Demand for most UPM products is influenced by overall economic activity and hence, also depends on the shape and rate of the economic recovery.There will be more maintenance activity in H2 2020 than in H1 2020, particularly as the two pulp mill maintenance shutdowns were rescheduled from Q2 2020 to Q4 2020.The COVID-19-lockdowns had a significant negative impact on graphic paper demand. At UPM Raflatac, we are labeling a smarter future beyond fossils. Along with having deep roots in their communities, UPM's paper mills look outward to a global market and ahead to an ever-changing future.

Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing activities and the achievement of efficiencies therein including the availability and cost of production inputs, continued success of product development, acceptance of new products or services by the Group's targeted customers, success of the existing and future collaboration arrangements, changes in business strategy or development plans or targets, changes in the degree of protection created by the Group's patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for the Group's products and the pricing pressures thereto, financial condition of the customers and the competitors of the Group, the potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in the Group's principal geographic markets or fluctuations in exchange and interest rates. We offer our customers ways to replace fossil raw materials and reduce their carbon footprint.UPM Communication Papers is the world’s leading producer of graphic papers. Moreover, we’re constantly challenging ourselves by expanding into new end-use areas.We serve the global market with a comprehensive assortment of responsibly produced eucalyptus, birch and softwood pulp grades suitable for a variety of end-uses.Wood-based biochemicals offer truly sustainable, competitive and high-quality solutions for various industries and applications.At UPM, we see responsibility as a requirement for long-term value creation and live by our values – trust and be trusted, achieve together, renew with courage.UPM Energy produces low emission electricity to the Nordic marketUPM Specialty Papers produces fine papers to Asian markets and label and packaging materials to global markets.UPM Biomedicals develops and supplies innovative and sustainable wood-based biomedical products for a variety of uses.We create renewable and responsible solutions that replace fossil-based materials by making the most of residues and side streams.

Sustainable products, safety and high environmental performance form the core of our operations. +49 821 31090. UPM shares are listed on the NASDAQ OMX Helsinki stock exchange… Open the interactive map to learn more about our production sites.High quality WISA plywood and veneer from UPM Plywood.We source wood raw material for sustainable and recyclable UPM products.UPM Biofuels produces renewable and sustainable products for the transport and petrochemical industries. UPM consists of six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. Georg-Haindl-Strasse 5 PO Box 101749 D-86007 Augsburg Fax +49 821 3109-156/157. UPM leads the forest-based bioindustry into a sustainable, innovation-driven, and exciting future across six business areas.