UPM Annual Report 2025

We are UPM

Governance

Accounts and performance

Report of the Board of Directors

Sustainability Statement

Financial Statements

Auditor's Report

Sustainability Assurance Reports

Accounts and performance

Report of the Board of Directors

116

Sustainability Statement

133

Financial Statements

258

Auditor's Report

343

Sustainability Assurance Reports

350

Other financial information

355

More on sustainability

360

Contact us

362

114

115

UPM Annual Report 2025

UPM Annual Report 2025