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<!--Created by IRIS Business Services Ltd., Powered by IRIS Carbon, Unique Code 662103d454148f2e2c8f5d95, Generated At Thu, 18 Apr 2024 11:29:42 GMT-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_GrossProfit" xlink:label="GrossProfit" xlink:title="GrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_GrossProfit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_GrossProfit" xml:lang="en" id="label_GrossProfit">Gross profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossProfit" xlink:to="label_GrossProfit" xlink:title="Label : GrossProfit to label_GrossProfit" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Revenue" xlink:label="Revenue" xlink:title="Revenue" />
    <link:label xlink:type="resource" xlink:label="label_Revenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Revenue" xml:lang="en" id="label_Revenue">Revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue" xlink:title="Label : Revenue to label_Revenue" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_DigitalProcessingCostOfServices" xlink:label="DigitalProcessingCostOfServices" xlink:title="DigitalProcessingCostOfServices" />
    <link:label xlink:type="resource" xlink:label="label_DigitalProcessingCostOfServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DigitalProcessingCostOfServices" xml:lang="en" id="label_DigitalProcessingCostOfServices">Digital Processing Cost of Services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DigitalProcessingCostOfServices" xlink:to="label_DigitalProcessingCostOfServices" xlink:title="Label : DigitalProcessingCostOfServices to label_DigitalProcessingCostOfServices" />
    <link:label xlink:type="resource" xlink:label="label_DigitalProcessingCostOfServices_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DigitalProcessingCostOfServices_1" xml:lang="en" id="label_DigitalProcessingCostOfServices_1">The amount of costs relating to expenses directly or indirectly attributed to the digital processing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DigitalProcessingCostOfServices" xlink:to="label_DigitalProcessingCostOfServices_1" xlink:title="Label : DigitalProcessingCostOfServices to label_DigitalProcessingCostOfServices_1" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_PostageAndParcelOptimisationCostOfServices" xlink:label="PostageAndParcelOptimisationCostOfServices" xlink:title="PostageAndParcelOptimisationCostOfServices" />
    <link:label xlink:type="resource" xlink:label="label_PostageAndParcelOptimisationCostOfServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PostageAndParcelOptimisationCostOfServices" xml:lang="en" id="label_PostageAndParcelOptimisationCostOfServices">Postage and Parcel Optimisation Cost of Services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostageAndParcelOptimisationCostOfServices" xlink:to="label_PostageAndParcelOptimisationCostOfServices" xlink:title="Label : PostageAndParcelOptimisationCostOfServices to label_PostageAndParcelOptimisationCostOfServices" />
    <link:label xlink:type="resource" xlink:label="label_PostageAndParcelOptimisationCostOfServices_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PostageAndParcelOptimisationCostOfServices_1" xml:lang="en" id="label_PostageAndParcelOptimisationCostOfServices_1">The amount of costs relating to expenses directly or indirectly attributed to the postage and parcel optimisation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostageAndParcelOptimisationCostOfServices" xlink:to="label_PostageAndParcelOptimisationCostOfServices_1" xlink:title="Label : PostageAndParcelOptimisationCostOfServices to label_PostageAndParcelOptimisationCostOfServices_1" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_NonCurrentContractCosts" xlink:label="NonCurrentContractCosts" xlink:title="NonCurrentContractCosts" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentContractCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentContractCosts" xml:lang="en" id="label_NonCurrentContractCosts">Non-Current Contract Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentContractCosts" xlink:to="label_NonCurrentContractCosts" xlink:title="Label : NonCurrentContractCosts to label_NonCurrentContractCosts" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentContractCosts_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentContractCosts_1" xml:lang="en" id="label_NonCurrentContractCosts_1">The amount of non-current contract costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentContractCosts" xlink:to="label_NonCurrentContractCosts_1" xlink:title="Label : NonCurrentContractCosts to label_NonCurrentContractCosts_1" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_CurrentContractCosts" xlink:label="CurrentContractCosts" xlink:title="CurrentContractCosts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentContractCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentContractCosts" xml:lang="en" id="label_CurrentContractCosts">Current Contract Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentContractCosts" xlink:to="label_CurrentContractCosts" xlink:title="Label : CurrentContractCosts to label_CurrentContractCosts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentContractCosts_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentContractCosts_1" xml:lang="en" id="label_CurrentContractCosts_1">The amount of current contract costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentContractCosts" xlink:to="label_CurrentContractCosts_1" xlink:title="Label : CurrentContractCosts to label_CurrentContractCosts_1" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_CostsRelatedToEquityIssuanceMember" xlink:label="CostsRelatedToEquityIssuanceMember" xlink:title="CostsRelatedToEquityIssuanceMember" />
    <link:label xlink:type="resource" xlink:label="label_CostsRelatedToEquityIssuanceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostsRelatedToEquityIssuanceMember" xml:lang="en" id="label_CostsRelatedToEquityIssuanceMember">Costs Related to Equity Issuance [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsRelatedToEquityIssuanceMember" xlink:to="label_CostsRelatedToEquityIssuanceMember" xlink:title="Label : CostsRelatedToEquityIssuanceMember to label_CostsRelatedToEquityIssuanceMember" />
    <link:label xlink:type="resource" xlink:label="label_CostsRelatedToEquityIssuanceMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostsRelatedToEquityIssuanceMember_1" xml:lang="en" id="label_CostsRelatedToEquityIssuanceMember_1">This member stands for a component of equity representing costs related to equity issuance.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsRelatedToEquityIssuanceMember" xlink:to="label_CostsRelatedToEquityIssuanceMember_1" xlink:title="Label : CostsRelatedToEquityIssuanceMember to label_CostsRelatedToEquityIssuanceMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EquityMember" xlink:label="EquityMember" xlink:title="EquityMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityMember" xml:lang="en" id="label_EquityMember">Equity [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMember" xlink:to="label_EquityMember" xlink:title="Label : EquityMember to label_EquityMember" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_CostsRelatedToEquityIssuance" xlink:label="CostsRelatedToEquityIssuance" xlink:title="CostsRelatedToEquityIssuance" />
    <link:label xlink:type="resource" xlink:label="label_CostsRelatedToEquityIssuance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostsRelatedToEquityIssuance" xml:lang="en" id="label_CostsRelatedToEquityIssuance">Costs Related to Equity Issuance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsRelatedToEquityIssuance" xlink:to="label_CostsRelatedToEquityIssuance" xlink:title="Label : CostsRelatedToEquityIssuance to label_CostsRelatedToEquityIssuance" />
    <link:label xlink:type="resource" xlink:label="label_CostsRelatedToEquityIssuance_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostsRelatedToEquityIssuance_1" xml:lang="en" id="label_CostsRelatedToEquityIssuance_1">A component of equity representing costs related to equity issuance.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsRelatedToEquityIssuance" xlink:to="label_CostsRelatedToEquityIssuance_1" xlink:title="Label : CostsRelatedToEquityIssuance to label_CostsRelatedToEquityIssuance_1" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" xlink:label="NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" xlink:title="NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" xml:lang="en" id="label_NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests">Non-Current Liabilities Associated with Puttable Non-Controlling Interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" xlink:to="label_NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" xlink:title="Label : NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests to label_NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests_1" xml:lang="en" id="label_NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests_1">The amount of non-current liabilities associated with puttable non-controlling interests.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" xlink:to="label_NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests_1" xlink:title="Label : NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests to label_NonCurrentLiabilitiesAssociatedWithPuttableNonControllingInterests_1" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_IncreaseDecreaseThroughIssuanceOfNewShares" xlink:label="IncreaseDecreaseThroughIssuanceOfNewShares" xlink:title="IncreaseDecreaseThroughIssuanceOfNewShares" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughIssuanceOfNewShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughIssuanceOfNewShares" xml:lang="en" id="label_IncreaseDecreaseThroughIssuanceOfNewShares">Increase (Decrease) Through Issuance of New Shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughIssuanceOfNewShares" xlink:to="label_IncreaseDecreaseThroughIssuanceOfNewShares" xlink:title="Label : IncreaseDecreaseThroughIssuanceOfNewShares to label_IncreaseDecreaseThroughIssuanceOfNewShares" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughIssuanceOfNewShares_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughIssuanceOfNewShares_1" xml:lang="en" id="label_IncreaseDecreaseThroughIssuanceOfNewShares_1">The increase (decrease) in equity resulting from the issuance of new shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughIssuanceOfNewShares" xlink:to="label_IncreaseDecreaseThroughIssuanceOfNewShares_1" xlink:title="Label : IncreaseDecreaseThroughIssuanceOfNewShares to label_IncreaseDecreaseThroughIssuanceOfNewShares_1" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_OtherReserve" xlink:label="OtherReserve" xlink:title="OtherReserve" />
    <link:label xlink:type="resource" xlink:label="label_OtherReserve" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReserve" xml:lang="en" id="label_OtherReserve">Other Reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReserve" xlink:to="label_OtherReserve" xlink:title="Label : OtherReserve to label_OtherReserve" />
    <link:label xlink:type="resource" xlink:label="label_OtherReserve_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherReserve_1" xml:lang="en" id="label_OtherReserve_1">A component of equity resulting from other reserve.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReserve" xlink:to="label_OtherReserve_1" xlink:title="Label : OtherReserve to label_OtherReserve_1" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_DigitalProcessingRevenues" xlink:label="DigitalProcessingRevenues" xlink:title="DigitalProcessingRevenues" />
    <link:label xlink:type="resource" xlink:label="label_DigitalProcessingRevenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DigitalProcessingRevenues" xml:lang="en" id="label_DigitalProcessingRevenues">Digital Processing Revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DigitalProcessingRevenues" xlink:to="label_DigitalProcessingRevenues" xlink:title="Label : DigitalProcessingRevenues to label_DigitalProcessingRevenues" />
    <link:label xlink:type="resource" xlink:label="label_DigitalProcessingRevenues_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DigitalProcessingRevenues_1" xml:lang="en" id="label_DigitalProcessingRevenues_1">The amount of revenue arising from the digital processing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DigitalProcessingRevenues" xlink:to="label_DigitalProcessingRevenues_1" xlink:title="Label : DigitalProcessingRevenues to label_DigitalProcessingRevenues_1" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_DigitalProcessingGrossProfit" xlink:label="DigitalProcessingGrossProfit" xlink:title="DigitalProcessingGrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_DigitalProcessingGrossProfit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DigitalProcessingGrossProfit" xml:lang="en" id="label_DigitalProcessingGrossProfit">Digital Processing Gross Profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DigitalProcessingGrossProfit" xlink:to="label_DigitalProcessingGrossProfit" xlink:title="Label : DigitalProcessingGrossProfit to label_DigitalProcessingGrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_DigitalProcessingGrossProfit_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DigitalProcessingGrossProfit_1" xml:lang="en" id="label_DigitalProcessingGrossProfit_1">The amount of revenue less cost of sales relating to the digital processing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DigitalProcessingGrossProfit" xlink:to="label_DigitalProcessingGrossProfit_1" xlink:title="Label : DigitalProcessingGrossProfit to label_DigitalProcessingGrossProfit_1" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_PostageAndParcelOptimisationRevenues" xlink:label="PostageAndParcelOptimisationRevenues" xlink:title="PostageAndParcelOptimisationRevenues" />
    <link:label xlink:type="resource" xlink:label="label_PostageAndParcelOptimisationRevenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PostageAndParcelOptimisationRevenues" xml:lang="en" id="label_PostageAndParcelOptimisationRevenues">Postage and Parcel Optimisation Revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostageAndParcelOptimisationRevenues" xlink:to="label_PostageAndParcelOptimisationRevenues" xlink:title="Label : PostageAndParcelOptimisationRevenues to label_PostageAndParcelOptimisationRevenues" />
    <link:label xlink:type="resource" xlink:label="label_PostageAndParcelOptimisationRevenues_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PostageAndParcelOptimisationRevenues_1" xml:lang="en" id="label_PostageAndParcelOptimisationRevenues_1">The amount of revenue arising from the postage and parcel optimisation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostageAndParcelOptimisationRevenues" xlink:to="label_PostageAndParcelOptimisationRevenues_1" xlink:title="Label : PostageAndParcelOptimisationRevenues to label_PostageAndParcelOptimisationRevenues_1" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_PostageAndParcelOptimisationGrossProfit" xlink:label="PostageAndParcelOptimisationGrossProfit" xlink:title="PostageAndParcelOptimisationGrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_PostageAndParcelOptimisationGrossProfit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PostageAndParcelOptimisationGrossProfit" xml:lang="en" id="label_PostageAndParcelOptimisationGrossProfit">Postage and Parcel Optimisation Gross Profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostageAndParcelOptimisationGrossProfit" xlink:to="label_PostageAndParcelOptimisationGrossProfit" xlink:title="Label : PostageAndParcelOptimisationGrossProfit to label_PostageAndParcelOptimisationGrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_PostageAndParcelOptimisationGrossProfit_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PostageAndParcelOptimisationGrossProfit_1" xml:lang="en" id="label_PostageAndParcelOptimisationGrossProfit_1">The amount of revenue less cost of sales relating to the postage and parcel optimisation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostageAndParcelOptimisationGrossProfit" xlink:to="label_PostageAndParcelOptimisationGrossProfit_1" xlink:title="Label : PostageAndParcelOptimisationGrossProfit to label_PostageAndParcelOptimisationGrossProfit_1" />
    <link:loc xlink:type="locator" xlink:href="254900QIETDP1T932G86-2023-12-31.xsd#upg_CurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" xlink:label="CurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" xlink:title="CurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" xml:lang="en" id="label_CurrentLiabilitiesAssociatedWithPuttableNonControllingInterests">Current Liabilities Associated with Puttable Non Controlling Interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" xlink:to="label_CurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" xlink:title="Label : CurrentLiabilitiesAssociatedWithPuttableNonControllingInterests to label_CurrentLiabilitiesAssociatedWithPuttableNonControllingInterests" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesAssociatedWithPuttableNonControllingInterests_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentLiabilitiesAssociatedWithPuttableNonControllingInterests_1" xml:lang="en" id="label_CurrentLiabilitiesAssociatedWithPuttableNonControllingInterests_1">The amount of current liabilities associated with puttable non-controlling interests.</link:label>
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