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

8.

Tangible assets

9.

Other non-current assets

Advance payments and construction in progress

Holdings in participating interest companies

Holdings in group companies

Receivables from group companies 2)

Receivables from participating interest companies

Land and water areas

Machinery and equipment

Other tangible assets

Other shares and holdings

€ million

Buildings

Total

€ million

Total

2025 Accumulated costs

2025 Accumulated costs

8,315 -1,754 6,561 6,968

15

25

847

3 — 3

9,205 -1,754 7,452 8,040

449

569

2,263 -1,913

135 -118

15

3,430 -2,451

Accumulated value adjustments Carrying value, at December 31 Carrying value, at January 1

—

—

—

Accumulated depreciation and impairments

—

-420

— —

15

25

847

Revaluations

298 747 747

—

—

—

298

5

3

1,051

13

Carrying value, at December 31 Carrying value, at January 1

149 158

350 386

16 18

15 17 13

1,277 1,326

Additions Disposals

10

10

23

100

143

-357

— —

— —

-304

-10

-670

Additions Disposals

1

2

33

— —

49

Value adjustments 1)

-60

—

— 3

-60

-1 — —

—

—

— —

-1

Carrying value, at December 31

6,561

15

25

847

7,452

Depreciation

-14

-82

-2

-98

2024 Accumulated costs

Reclassifications

3

12

—

-15

—

5 — 5 5 — — — 5

3 — 3 3 — — — 3

1,051

13

9,733 -1,693 8,040 7,590

8,662 -1,693 6,968 6,587

Carrying value, at December 31

747

149

350

16

15

1,277

Accumulated value adjustments Carrying value, at December 31 Carrying value, at January 1

—

—

2024 Accumulated costs

1,051 993

13

449

577

2,299 -1,913

141

17

3,483

3

Accumulated depreciation and impairments

—

-419

-122

— —

-2,454

Additions Disposals

611

102 -44

10

723 -48

Revaluations

298 747 748

—

—

—

298

-4

— —

Value adjustments 1)

-226

—

-226

Carrying value, at December 31 Carrying value, at January 1

158 166

386 414

18 18

17

1,326 1,372

Carrying value, at December 31

6,968

1,051

13

8,040

26

Additions Disposals

1

1

24

2

14

43

1) Value adjustments are shown in financial expenses 2) 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.

-2

—

—

—

— —

-3

Depreciation

— —

-14

-70

-2

-86

Reclassifications

5

18

—

-23

—

Carrying value, at December 31

747

158

386

18

17

1,326

10. Current receivables

Receivables from participating interest companies

Receivables from group companies 3)

Receivables from others

€ million

Total

2025 Trade receivables Loan receivables 1)

385

9 — — — 9

52

446

1,259

—

1,260

Prepayments and accrued income 2)

—

16 41

17

Other current receivables

227

268

Carrying value, at December 31

1,872

109

1,991

2024 Trade receivables Loan receivables 1)

462

12

48

521

1,094

— — —

—

1,094

Prepayments and accrued income 2)

1

15

16

Other current receivables

57

112

168

Carrying value, at December 31

1,613

12

174

1,799

1) There were no loans granted to the company’s President and CEO and members of the Board of Directors at December 31, 2025 and 2024.

UPM Financial Report 2025

336

UPM Financial Report 2025

337

336

337

UPM Annual Report 2025

UPM Annual Report 2025