UPM Annual Report 2025

We are UPM

Governance

Accounts and performance

Sustainability Assurance Reports

Report of the Board of Directors

Sustainability Statement

Financial Statements

Auditor's Report

Financial information 2016–2025 € million, or as indicated

2025 2024 2023 2022 2021

2020 2019 2018 2017 2016

Income statement Sales Comparable EBITDA

9,656

10,339

10,460

11,720 2,536

9,814 1,821

8,580 1,442

10,238

10,483

10,010

9,812 1,560 15.9 1,135

1,311 13.6 749

1,734

1,573

1,851

1,868

1,677

Reconciliation of key figures to IFRS (Quarterly key figures are unaudited)

% of sales

16.8 604

15.0 608

21.6

18.6

16.8 761

18.1

17.8

16.8

Operating profit

1,974

1,562

1,344

1,895

1,259

Q1– Q4/25

Q1– Q4/24

€ million, or as indicated Items affecting comparability Impairment charges

Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24

% of sales

7.8 921 9.5

5.8

5.8

16.8

15.9

8.9

13.1

18.1

12.6

11.6

Comparable EBIT

1,224

1,013

2,096

1,471 15.0 1,548

948

1,404

1,513 14.4 1,839

1,292

1,143

-10

-35 -71

-3

-11

-516

11

-44 -83

—

-59 -151

-549 -103

11.8

9.7

17.9

11.1

13.7

12.9

11.6

% of sales

9

-16

-72

-18

-3

2

Restructuring charges

Profit before tax

690

500

464

1,944

737

1,307

1,186

1,080

Change in fair value of unrealized cash flow and commodity hedges Capital gains and losses on sale of non-current assets

-1

1

0 — 0

-1 —

8

12

-10

-3 22

-1

7

% of sales

7.1

4.8

4.4

16.6

15.8

8.6

12.8

17.5

11.9

11.0

48 -10 35

7

1

—

5 —

55 -15

29 -4

Comparable profit before tax

863 8.9 491

1,123 10.9 463

934

2,066

1,457

924 10.8 568 6.6 737

1,367

1,457

1,218 12.2 974

1,089

—

-4

3

-6 14

—

Other non-operational items

8.9

17.6

14.8

13.4

13.9

11.1

% of sales

-99

-19

-89

-523

-132

21

-171

-620

Total items affecting comparability in operating profit Items affecting comparability in financial items

Profit for the period

394

1,556

1,307

1,073

1,496

880

—

— —

-1 —

— 3

— —

0 —

-3

— — 0 0

-1

-3

% of sales

5.1

4.5

3.8

13.3

13.3

10.5 1,119 10.9

14.3

9.7

9.0

-68 -10 -77 -42

—

-65

—

Tax provisions

Comparable profit for the period

714 7.4

953

755

1,679

1,204

1,194

1,004

879

14 14

3 3

7

100 100

-3 -3

37 37

13

133 133

Taxes relating to items affecting comparability

10

-51

9.2

7.2

14.3

12.3

8.6

11.4

10.0

9.0

% of sales

Items affecting comparability in taxes Items affecting comparability, total

-85

-17

-79

-423

11

-98

21

-224

-490

Balance sheet Non-current assets

Comparable EBITDA Operating profit (loss)

13,337 1,886 2,309 17,532 10,335 4,961 2,237 17,532 14,129

14,062 2,104 2,930 19,096 11,540 5,162 2,395 19,096 15,452

13,913 1,948 2,612 18,473 11,531

14,977 2,289

12,420 1,594 3,662 17,676 11,106 4,102 2,468 17,676 13,759

10,149 1,285 3,424 14,858 9,513 3,606 1,740 14,858 11,555

10,140

9,501 1,642 2,853 13,996 9,797 2,194 2,005 13,996 10,575

9,144

9,715 1,346 2,850 13,911 8,237 3,364 2,309 13,911 10,657

390

55

107

198

-105

305

50

354

749

604

Inventories

1,367 3,215

1,311

Depreciation, amortization and impairment charges excluding items affecting comparability Change in fair value of forest assets and wood harvested excluding items affecting comparability Share of result of associates and joint ventures Items affecting comparability in operating profit

130

126

138

140

147

144

151

147

535

590

4,941

2,612

Other current assets

Total assets Total equity

22,207 12,879 5,807

14,722 10,175 2,730

13,067 8,663 2,254

-104

-28

-6

-6

-130

16

27

8

-144

-80

1

0

0

0

0

-1

-1

1

0

-1

Non-current liabilities

4,501 2,441

-35 382 16.5 390 -35 355 15.3

99

19

89

523 436 16.5 -105 523 418 15.9

-14

132 359 14.1

-21

171

620

3,522

1,818

2,150

Current liabilities

251 10.9

257 10.7

421 15.9

450 17.9

489 18.5

1,311 13.6

1,734

Comparable EBITDA

16.8

Total equity and liabilities Capital employed at year end

18,473 14,916

22,207 17,913

14,722 11,474

13,067 9,777

% of sales

Comparable EBIT Operating profit (loss)

55 99

107

198

305 -14 291 11.5

50

354

749 171 921 9.5

604 620

Capital expenditure

621 6.4

550

1,122 10.7 1,094

1,555

1,483

903 10.5 902 10.5

378

303

329

325

19

89

132 182 7.2

-21

Items affecting comparability in operating profit

% of sales

5.3

13.3

15.1

3.7

2.9

3.3

3.3

153 6.7

126 5.2

287 10.8

333 12.6

1,224

Comparable EBIT

Capital expenditure excluding acquisitions and shares

409

527

1,399

1,477

378

303

303

325

11.8

% of sales

% of sales

4.2

5.1

10.5

11.9

15.1

3.7

2.9

3.0

3.3

Comparable profit before tax Profit (loss) before tax

406 -35

26 99

85

173

-131 523

271 -14

28

332

690

500 620

Cash flow and net debt Operating cash flow

19

89

132

-21

171

Items affecting comparability in operating profit Items affecting comparability in financial items

1,352

2,269 1,193 2,432

508

1,250

1,005

1,847 1,432 -453

1,330

1,460 1,336

1,686 1,424

1,405

—

—

1

—

—

0

3

—

1

3

Free cash flow

977

766

-1,077 2,374

-74 647

126

1,131 -311

370

125

105

262

392

257

163

311

863

1,123

Comparable profit before tax Comparable ROCE, % Comparable profit before tax

Net debt

3,004

2,869

56

174

1,131

Key figures Return on capital employed (ROCE), %

370

125

105

262

392

257

163

311 28

863 124 987

1,123

5.5 6.7 4.5 6.5

4.1 8.2 4.0 8.3

3.5 6.4 3.2 6.2

12.8 13.6 13.0 14.0

12.4 11.7 12.7 11.7

6.7 8.3 5.8 7.5

12.3 12.8 10.7 11.2

18.4 14.6 16.2 12.9

12.5 12.8 11.5 11.9

10.5 10.6 10.9 10.9

33

30

29

34

31

37

29

126

Interest expenses and other financial expenses

Comparable ROCE, % Return on equity (ROE), %

403

155

134

296

423

294

192

339

1,249 15,184

14,210

14,343

14,421

14,951

15,262

14,831

14,809

14,972

14,791

Capital employed, average Comparable ROCE, %

11.3

4.3

3.7

7.9

11.1

7.9

5.2

9.1

6.7

8.2

Comparable ROE, %

Comparable profit for the period Profit (loss) for the period Items affecting comparability, total Comparable profit for the period Comparable EPS, € Comparable profit for the period

Gearing ratio, %

29

25

21

18

6

1

-4

-3

2

14

258

18

71 17

143

-95 423 328

246

33 98 131

279

491 224 714

463 490 953 953 -27 926

Net debt to EBITDA

2.29 59.0

1.66 60.5

1.55 62.5

0.94 58.1

0.35 62.9

0.04 64.1

-0.24

-0.17

0.10 66.6

0.73 59.4

42

85

79

-11

-21

Equity to assets ratio, % Personnel Personnel at year end

69.2

70.1

300

103

89

223

236

258

15,127

15,827

16,573

17,236

16,966

18,014

18,742

18,978

19,111

19,310

300

103

89

223

328

236

131

258

714

Deliveries Pulp (1,000 t)

-1

-2

-1

-6

-4

-10

-6

-7

-11

Profit attributable to non-controlling interest

299

101

88

216

324

226

125

251

704

5,163 11,141 4,291

4,945 11,328 4,692

4,139

2,761 9,442 6,135

3,724 9,300 7,486

3,664 9,168 7,062

3,715 8,619 8,326

3,468 8,608 8,996

3,595 8,127 9,430

3,419 8,782 9,613

527,324

527,324

527,391

532,245

533,324

533,324

533,324

533,324 528,554

533,324

Average number of shares basic (1,000)

Electricity (GWh)

12,059 4,935

0.57 300

0.19 103

0.17

0.41 223

0.61 328

0.42 236

0.23

0.47 258

1.33 714

1.74 953

Comparable EPS, €

Papers, total (1,000 t) Plywood (1,000 m3) Sawn timber (1,000 m3)

89

131

Comparable profit for the period

458 1,113

482

429

616

738

683

739

791

811

764 1,751

10,362

10,359

10,458

11,064

11,356

11,134

11,451

11,669

10,937

11,535

Total equity, average Comparable ROE, %

1,202

1,524

1,538

1,610

1,604

1,741

1,719

1,728

11.6

4.0

3.4

8.1

11.5

8.5

4.6

8.9

6.5

8.3

UPM Financial Report 2025

356

UPM Financial Report 2025

357

356

357

UPM Annual Report 2025

UPM Annual Report 2025