First View: UPM Pulp production Curtailments in Finland a 1-2% EBIT headwind

Research evidence excerpt

First View: UPM Pulp production Curtailments in Finland a 1-2% EBIT headwind

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Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published June 18, 2026 3:29 A.M.

Recommendation Distributed June 18, 2026 3:29 A.M.

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.

Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.

Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.

The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within

a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price

consistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated

securities with an average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-

month period.