UPM Annual Report 2025

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Governance

Accounts and performance

Financial Statements

Report of the Board of Directors

Sustainability Statement

Auditor's Report

Sustainability Assurance Reports

Consolidated balance sheet

Consolidated financial statements Consolidated income statement

€ million ASSETS Goodwill

Note

2025

2024

4.4 4.4 4.1 5.2 4.2 4.3 5.3 7.2 3.4

264 554

174 580

Other intangible assets

€ million

Note

2025

2024

Property, plant and equipment

6,459

7,085

Sales

2.1, 2.2

9,656

10,339

Leased assets Forest assets

778

847

Other operating income Costs and expenses

2.3 2.3 4.2

174

130

2,605 2,193

2,517 2,247

-8,630

-8,806

Financial assets at FVOCI

Change in fair value of forest assets and wood harvested Share of results of associated companies and joint ventures Depreciation, amortization and impairment charges

144

80

Other non-current financial assets

24

44

0

1

526

Deferred tax assets

413

2.3, 4.1, 4.4, 5.2

-594

-1,139

Net retirement benefit assets

1

1

Operating profit

749

604

Investments in associates and joint ventures

27 22

20

Other non-current assets

21

Exchange rate and fair value gains and losses

5.4 5.4

43

-7

Non-current assets

13,337

14,062

Interest and other finance costs, net

-102 690

-97 500

Inventories

4.6

1,886 1,481

2,104 1,929

Profit before tax

Trade and other receivables Other current financial assets Income tax receivables Cash and cash equivalents

4.6, 5.3

5.3

78 35

69 40

Income taxes

7.1

-200

-37 463

Profit for the period

491

5.1, 5.3

715

892

Current assets

4,194 17,532

5,034 19,096

Attributable to: Owners of the parent company

Assets

480

436

Non-controlling interests

8.1

11

27

€ million

Note

2025

2024

491

463

EQUITY AND LIABILITIES Share capital

5.5

890

890

Earnings per share for profit attributable to owners of the parent company Basic earnings per share, €

-2 15

-2

Treasury shares Translation reserve

2.4 2.4

0.91 0.91

0.82 0.82

657

Diluted earnings per share, €

Other reserves

5.5 5.5

1,622 1,273 6,205 10,001

1,678 1,273 6,644 11,139

Reserve for invested non-restricted equity

Retained earnings

Consolidated statement of comprehensive income

Equity attributable to owners of the parent company

Non-controlling interests

8.1

333

401

Equity

10,335

11,540

€ million

Note

2025

2024

Profit for the period

491

463

692 439

673 496

Deferred tax liabilities

7.2 3.4 4.5

Other comprehensive income for the period, net of tax Items that will not be reclassified to income statement: Actuarial gains and losses on defined benefit plans Changes in fair value of financial assets at FVOCI

Net retirement benefit liabilities

Provisions

101

89

31

4

Non-current debt

5.2, 5.3

3,638

3,747

-87

-47

Other non-current financial liabilities

5.3

90

158

Items that may be reclassified subsequently to income statement: Translation differences

Non-current liabilities

4,961

5,162

-724

346

Current debt

5.2, 5.3 4.6, 5.3

156

166

Net investment hedge

37 38

-13 78

Trade and other payables

1,839

1,938

Cash flow hedges

Provisions

4.5 5.3

179

165 108

Other comprehensive income for the period, net of tax

7.2

-705 -214

368 831

Other current financial liabilities

37 25

Total comprehensive income for the period

Income tax payables Current liabilities

18

2,237 7,197 17,532

2,395 7,556 19,096

Attributable to: Owners of the parent company

Liabilities

-180

781

Equity and liabilities

Non-controlling interests

-34

50

The notes are integral part of these consolidated financial statements.

-214

831

The notes are integral part of these consolidated financial statements.

UPM Financial Report 2025

260

UPM Financial Report 2025

261

260

261

UPM Annual Report 2025

UPM Annual Report 2025