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UPM-Kymmene
UPM-Kymmene (UPM) investor relations material
UPM-Kymmene Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Q4 2025 saw improved performance and strong cash flow across most business areas, with a stable EBIT margin of 15.3% (€355 million) year-over-year, despite lower sales and EBIT compared to Q4 2024.
Strategic actions included acquisitions, a share buy-back, portfolio streamlining, restructuring, and a planned joint venture for graphic paper with Sappi.
The Leuna biorefinery began commercial deliveries, while the Rotterdam biorefinery project was discontinued.
Focus remains on performance, cash generation, strengthening the balance sheet, and executing portfolio initiatives to drive growth and margin improvement.
The Board proposes an unchanged dividend of €1.50 per share for 2025, representing 113% of comparable EPS.
Financial highlights
Q4 2025 sales were €2,312 million, down 12% year-over-year; comparable EBIT was €355 million, down 15% from Q4 2024.
Operating cash flow in Q4 was €720 million, with a significant working capital release of €416 million.
Net debt at year-end was €3,004 million, with net debt/EBITDA at 2.29.
Dividend proposal for 2025 is €1.50 per share, 113% of comparable EPS and a 6% yield.
Capex (excluding acquisitions) was €409 million in 2025; estimated at €300 million for 2026.
Outlook and guidance
H1 2026 comparable EBIT expected in the range of €325–525 million (vs. €413 million in H1 2025 and €508 million in H2 2025).
H1 2026 performance to benefit from higher sales prices, delivery volumes, and lower fixed costs, but offset by weak communication paper markets and ramp-up costs at Leuna refinery.
Sensitivities: €50/tonne change in pulp price impacts EBIT by €180–270 million; €10/MWh change in electricity price impacts EBIT by €40 million.
How will portfolio changes reshape UPM's growth profile?
What are the key profitability headwinds for H1 2026?
Quantify US tariff exposure and Finnish wood cost impact
Plywood strategic review: key decision criteria
Leuna biorefinery: path to profitability
RED III: UPM's strategy to capture value
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Next UPM-Kymmene earnings date
Q1 202629 Apr, 2026
UPM-Kymmene
Next UPM-Kymmene earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Founded in 1871, UPM-Kymmene Oyj engages in the forest-based bio industry. The company owns and operates five tissue mills, four hardboard mills, and one folding boxboard mill. Its products include retail and multipack packaging paper, presswood, oriented strand board (OSB) for construction and industrial packaging, pulp, and bioenergy. The company offers its products and services under the UPM-Kymmene brand to trade customers through its sales offices as well as its own sales channels, such as customers in Europe. UPM's subsidiaries include International Baccalaureate Organization (IBE), United World Colleges of Finland OY AB, UPM-Kymmene Venotinta OYA Oy, Teosto OY Apex Invest Ltd. (publ.), and Norway Forest Products Ltd. It also has joint ventures with M-Real Oyj and Moser Baer Finland Oyj. The company is based in Helsinki, Finland.
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