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

Balance sheet

€ million

Note

2025

2024

EQUITY AND LIABILITIES Equity Share capital

€ million

Note

2025

2024

890 140

890 140

ASSETS Non-current assets Intangible assets Intangible rights

Revaluation reserve

Reserve for invested non-restricted equity

1,273

1,273 1,216

Retained earnings

645

21 41

5

Profit (Loss) for the period

1,148

382

Other intangible assets

21 41 67

Total equity

11

4,095

3,900

Advance payments

34 96

7

Accumulated depreciation difference

322

347

Tangible assets Land and water areas

Provisions Termination provisions

747 149 350

747 158 386

2

4

Buildings

Other provisions

143 146

196 200

Machinery and equipment

12

Other tangible assets

16 15

18 17

LIABILITIES Non-current liabilities Bonds

Advance payments and construction in progress

8

1,277

1,326

2,669

2,711 154 325 129 3,319

Investments Holdings in Group companies

Loans from financial institutions Payables to Group companies 2)

123

6,561

6,968

439

Holdings in participating interest companies

15

5 3

Other non-current liabilities

114

Other shares and holdings

25

13

3,346

Receivables from Group companies 1)

847

1,051

Current liabilities Loans from financial institutions

Receivables from participating interest companies

3

13

31

31

9

7,452 8,824

8,040 9,432

Advances received

1

0

Total non-current assets

Trade payables

350

357

Current assets Inventories Raw materials and consumables

Payables to Group companies 2)

3,282

3,985

Payables to participating interest companies

3

3

264

256

Other current liabilities

71

50

Finished products and goods

24

32 33

Accrued expenses and deferred income

82

91

Advance payments

31

14

3,819 7,165 11,728

4,517 7,836 12,283

319

321

Total liabilities

Receivables Current receivables Trade receivables

Equity and liabilities

52

48

2) Comparison year figure restated due to classification mistake in revaluation. €4.1 million has been transferred from current payables to Group companies to non-current payables.

Receivables from Group companies 1)

1,872

1,613

Receivables from participating interest companies

9

12

Other current receivables

41 16

112

Prepayments and accrued income

15

10

1,991

1,799

Other current financial assets Cash and cash equivalents

1

1

594

729

Total current assets

2,904

2,851

Assets

11,728

12,283

1) Comparison year figure restated due to classification mistake in revaluation. €100.8 million has been transferred from current receivables from Group companies to non-current receivables.

UPM Financial Report 2025

330

UPM Financial Report 2025

331

330

331

UPM Annual Report 2025

UPM Annual Report 2025