Stock exchange release on 5 February 2025: UPM commences a share buy-back program
The Board of Directors of UPM-Kymmene Corporation has decided to commence a repurchase of UPM’s own shares (“buyback program”) on the basis of the authorization given by the Annual General Meeting held on 4 April 2024. The main terms of the buyback program are:
- The maximum number of shares to be repurchased is 6,000,000, corresponding to approximately 1.1% of the total number of shares. The maximum monetary amount to be used for the program is EUR 160 million.
- The shares will be repurchased in public trading on Nasdaq Helsinki otherwise than in proportion to the existing shareholdings of UPM’s shareholders, at the market price quoted at the time of purchase on Nasdaq Helsinki Ltd, using the Company’s non-restricted shareholders’ equity.
- The shares shall be repurchased to optimize UPM's capital structure through the reduction of capital.
- The share buyback program shall commence on 10 February 2025 at the earliest, and end by 31 May 2025, at the latest. Repurchased shares will be cancelled after the program has ended.
The repurchases will be carried out in accordance with the so-called safe harbor rules referred to in Article 5 of the EU Market Abuse Regulation (EU N:o 596/2014). UPM has appointed a third-party broker as the lead manager for the buyback program. The broker will make trading decisions independently, without influence from UPM.
UPM's buy-back program commenced in February has been completed
UPM-Kymmene Corporation has completed a share repurchase program (“buy-back program”), the commencement of which was announced via a stock exchange release on February 5, 2025. During the program UPM repurchased a total of 6,000,000 own shares between February 10 – April 8, 2025, corresponding to approximately 1.1% of the total number of shares in the company. The shares were purchased at an average price of EUR 26.60.
The purchases made under the buy-back program reduced UPM's equity by approximately EUR 160 million. As a result of the buy-back program, UPM holds a total of 6,411,653 own shares. Shares repurchased under the buy-back program will be cancelled, resulting in UPM holding a total of 411,653 own shares after cancellation.
The shares were repurchased otherwise than in proportion to the shareholdings of the shareholders at the market price prevailing at the time of acquisition in public trading on Nasdaq Helsinki Ltd using the company's unrestricted equity.
