UPM renews its dividend policy
(UPM, Helsinki, 2 February 2023 at 10:00 EET) - UPM’s Board of Directors has revised the company’s dividend policy to be based on earnings instead of cash flow. This aligns the dividend policy with the company’s transformative growth strategy. The new dividend policy is: “UPM aims to pay attractive dividends, targeting at least half of the comparable earnings per share over time.” The previous dividend policy was: “UPM aims to pay attractive dividends, targeting a dividend of 30-40% of the operating cash flow per share.” Effective capital allocation is key to attractive long-term