UPM Annual Report 2025
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Governance
Accounts and performance
Report of the Board of Directors
Sustainability Statement
Financial Statements
Auditor's Report
Sustainability Assurance Reports
Financial information 2016–2025
Sales and personnel
Capital expenditure excluding acquisitions and shares
Free cash flow
Operating cash flow
Comparable EBITDA
Comparable EBIT
%
€m
€m
1,500 €m
1,500 €m
€m
employees
€m
%
5 EUR
2,000
2,500
25,000
20
25
2,500
12,000
4
1,200
2,000
1,200
20
2,000
1,500
20,000
15
10,000
3
900
1,500
900
15
1,500
1,000
15,000
10
8,000
2
600
1,000
600
10
1,000
500
10,000
5
6,000
1
300
500
300
5
500
0
0
0
0
0
5,000
0
0
0
4,000
21 16 17 18 19 20 22 23
24 25
21 16 17 18 19 20 22 23
24 25
24 25 16 17 18 19 20 21 22 23
24 25 16 17 18 19 20 21 22 23
24 25 16 17 18 19 20 21 22 23
24 25 16 17 18 19 20 21 22 23
Operating cash flow Per share
Sales Personnel
Comparable EBITDA % of sales
Comparable EBIT Items affecting comparability % of sales
Dividend per share
Equity and comparable ROE
Capital employed and comparable ROCE
Net debt and net debt to EBITDA
Comparable profit before tax
Comparable earnings per share
€
%
€m
€m
%
%
%
18,000 €m
€m
€
2,000
4,000
13,000
15
4
15
3.0
20
1.0 1.2 1.4 1.6
150
12,000
2.5
16,000
12
12
120
1,500
3,000
3
15
11,000
2.0
14,000
9
9
90
10,000
1,000
2,000
2
1.5
10
0.0 0.2 0.4 0.6 0.8
9,000
12,000
6
6
60
1.0
8,000
500
1,000
1
5
10,000
3
3
30
0.5
7,000
0
0
6,000
8,000
0
0
0
0
0.0
0
16 17 Dividend per share (2025: proposal) Dividend to operating cash flow
24 25 20 21 22 23 18 19
20 21
24 25 16 17 18 19 20 21 22 23
21 16 17 18 19 20
22 23
24 25
16 17
22 23
24 25
24 25 16 17 18 19 20 21 22 23
24 25 16 17 18 19 20 21 22 23
18 19
Net debt Net debt to EBITDA
Comparable profit before tax Items affecting comparability % of sales
Comparable EPS Effect of items affecting comparability
Equity Comparable ROE
Capital employed Comparable ROCE
358
359
UPM Annual Report 2025
UPM Annual Report 2025
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