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UPM-Kymmene Oyj
XMUN:RPL

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UPM-Kymmene Oyj
XMUN:RPL
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Price: 25.94 EUR -1.52%
Market Cap: €13.8B

UPM-Kymmene Oyj
Investor Relations

UPM-Kymmene Oyj is a Finnish forest products company that turns wood into paper, pulp, label materials, plywood, and other wood-based products. It also sells biofuels and other wood-derived materials, so it sits between the forest and the industries that need raw materials made from it. Its business is built around harvesting and processing timber, then refining it into products that customers use in packaging, publishing, manufacturing, and energy. Its main customers are packaging makers, consumer goods companies, printers, publishers, and industrial buyers that need pulp, specialty papers, or engineered wood products. UPM makes money by selling these physical products to business customers, usually through long-term supply relationships and contracts tied to industrial demand. The company also earns from managing and selling wood fiber and related bio-based inputs. What makes UPM different is that it is not just a paper maker. It is a broad wood-processing company with deep control over forestry, fiber sourcing, and industrial production, which gives it a central role in the bioeconomy. That makes its business less about finished consumer brands and more about supplying the basic materials other companies use to make packaging, printed goods, and renewable industrial products.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Jul 23, 2026
AI Summary
Q2 2026

Results: UPM said Q2 was a positive quarter, with improved results in all businesses and comparable EBIT from continuing operations up 71% year-on-year to EUR 212 million, or 9% of sales.

Transformation: Management highlighted two major strategic steps: the signed Sappi graphic paper joint venture agreement with financing secured, and continued progress on separating Plywood into the future WISA Group.

Guidance: For H2 2026, UPM guided comparable EBIT from continuing operations of EUR 375 million to EUR 575 million, while warning of higher maintenance costs and some additional Leuna ramp-up costs.

Energy: The company pointed to strong structural electricity demand in Finland, supported by electrification, data centers and new industries, and said it can offer 12 terawatt hours of clean baseload power through PPAs.

Biofuels & Leuna: Biofuels had a strong quarter on healthy demand, bio premiums and higher fossil reference prices, while Leuna biochemicals remained in ramp-up with more cost pressure expected in the second half.

Market mix: Communication Papers remained under pressure from structural demand decline, while Advanced Materials and Fibres South both posted solid performance, helped by pricing, volumes and efficiency gains.

Key Financials
Sales from continuing operations
EUR 2.355 billion
Comparable EBIT from continuing operations
EUR 212 million
EBIT margin
9%
Total EBIT
EUR 230 million
UPM H1 comparable EBIT
EUR 504 million
Energy demand in Finland
5%
Biofuels EBIT margin
35%
Adhesive Materials sales growth
mid-single-digit
Specialty Materials sales growth
mid-single-digit
Fibres South comparable EBIT
EUR 101 million
Fibres South EBIT margin
24%
Fibres North comparable EBIT
EUR 10 million loss
Communication Papers comparable EBIT
EUR 32 million
Communication Papers EBIT margin
5%
Plywood comparable EBIT
EUR 16 million
Plywood EBIT margin
14%
Leuna working capital / other cash use
EUR 339 million
Investing cash outflow
EUR 191 million
Dividend paid in quarter
EUR 396 million
Maintenance impact in Q2
EUR 55 million
Maintenance impact in second half
around EUR 90 million
Forest asset fair value change in Q2
negative EUR 24 million
WISA Group leverage
relatively low
Earnings Call Recording
Other Earnings Calls

Management

Mr. Massimo Reynaudo
President & CEO
No Bio Available
Mr. Petri Hakanen
SVP of Tech, Head of Uruguayan Dev Projects and SVP of Fibres Finland Operations & UPM Fibres
No Bio Available
Ms. Saara Tahvanainen M.Sc. (Soc.)
Executive Vice President of Marketing, Sustainability & Communications
No Bio Available
Ms. Riitta Savonlahti M.Sc. (Econ.)
Executive Vice President of Human Resources
No Bio Available
Ms. Pirkko Harrela M.A.
Executive Officer
No Bio Available
Ms. Anu Ahola
Senior Vice President of SBU Newspaper Publishing for UPM Paper Europe & North America
No Bio Available
Mr. Kari Stahlberg M.Sc. (Eng.)
Executive Vice President of Strategy
No Bio Available
Mr. Jaakko Nikkila
Executive Vice President of UPM Specialty Papers
No Bio Available
Mr. Aki Temmes
Executive Vice President of UPM Fibres
No Bio Available
Mr. Mika Kekki
Executive Vice President of UPM Plywood
No Bio Available

Contacts

Address
ETELA-SUOMEN
Helsinki
ALVAR AALLON KATU 1
Contacts
+35820415111
www.upm.com