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

Change in net debt 2025

Change in net debt 2024

Reported in financing activities in cash flow statement

Reported in financing activities in cash flow statement

Non current loans incl. repay ments

Cash and cash equiva lents

Cash and cash equiva lents

Non-current loans incl. repayments

Net

Invest

Debt held for sale

Other financial assets

Financial assets held for sale

Net

Invest

Other financial assets

Financial assets held for sale

Lease liabilities

Current loans

deriva

ment funds

Net debt

Lease liabilities

Current loans

deriva

ment funds

Debt held for sale

Net debt

€ million

tives

€ million

tives

2981

832

1

76

-1

—

-128

-892

—

2,869

Carrying value, at January 1

Carrying value, at January 1

2,371

706

180

63

-1

2

-208

-632

-47

2,432

Change in net debt, cash Proceeds from non-current debt

Change in net debt, cash Proceeds from non-current debt

65

—

—

—

—

—

—

—

—

65

600

—

—

—

—

—

—

—

—

600

-148

—

—

—

—

—

—

—

—

-148

Payments of non-current debt

Payments of non-current debt

-23

—

—

—

—

—

—

—

—

-23

—

-112

—

—

—

—

—

—

—

-112

Lease repayments

Lease repayments

—

-105

—

—

—

—

—

—

—

-105

—

—

32

—

—

—

—

—

—

32

Change in current liabilities

Change in current liabilities

—

—

-182

—

—

—

—

—

—

-182

—

—

—

14

—

—

—

—

—

14

Net cash flows from derivatives

Net cash flows from derivatives

—

—

—

-5

—

—

—

—

—

-5

Change in other financial assets in operating cash flow Change in other financial assets in investing cash flow

Transaction costs and discounts in operating cash flow Change in other financial assets in operating cash flow Change in other financial assets in investing cash flow

—

—

—

—

—

—

73

—

—

73

-7

—

—

—

—

—

—

—

—

-7

—

—

—

—

—

—

-1

—

—

-1

—

—

—

—

—

—

79

—

—

79

Change in cash and cash equivalents

—

—

—

—

—

—

0

—

—

0

—

—

—

—

—

—

—

158

—

158

Change in cash and cash equivalents 1)

-83

-112

32

14

—

—

72

158

—

80

—

—

—

—

—

—

—

-261

39

-222

Change in net debt, non-cash Companies acquired New contracts and subsequent additions

570

-105

-182

-5

—

—

79

-261

39

135

48

4

—

—

—

—

—

—

—

52

Change in net debt, non-cash Companies acquired

1

—

3

4

—

84

—

—

—

—

—

—

—

84

Companies disposed

—

—

—

—

—

-2

2

—

9

9

—

11

—

—

—

—

—

—

—

11

Lease liability reassessments

New contracts and subsequent additions

-18

—

—

6

—

—

—

—

—

-13

Fair value gains and losses

—

202

—

—

—

—

—

—

—

202

-56

-47

—

—

—

—

1

19

—

-84

Exchange gains and losses

Lease liability reassessments

—

5

—

—

—

—

—

—

—

5

5

—

—

—

—

—

—

—

—

5

Effective interest rate adjustment

Fair value gains and losses

17

—

—

18

—

—

—

—

—

35

-22

52

—

6

—

—

1

19

—

55

Exchange gains and losses

17

24

—

—

—

—

—

2

—

43

Carrying value, at December 31

2,875

772

33

95

-1

—

-55

-715

—

3,004

Effective interest rate adjustment

4

—

—

—

—

—

—

—

—

4

40

231

3

18

—

-2

1

2

9

302

Carrying value, at December 31

2,981

832

1

76

-1

—

-128

-892

—

2,869

1) The difference between the change in cash and cash equivalents in the consolidated cash flow statement, amounting to €222 million and the change in cash and cash equivalents here, amounting to €261 million, is due to cash and cash equivalents classified as held for sale as of December 31, 2023, amounting to €39 million. Cash and cash equivalents classified as held for sale were disposed in 2024 as a part of the sale of 100% of the shares of Austrian subsidiary UPM Kymmene-Austria GmbH to the HEINZEL GROUP.

UPM Financial Report 2025

302

UPM Financial Report 2025

303

302

303

UPM Annual Report 2025

UPM Annual Report 2025