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Earnings Calls

Last Earnings Call

Fiscal Period
Q2 2026
Call Date
Jul 23, 2026
AI Summary
Q2 2026

Results: UPM said Q2 was a positive quarter, with improved results in all businesses and comparable EBIT from continuing operations up 71% year-on-year to EUR 212 million, or 9% of sales.

Transformation: Management highlighted two major strategic steps: the signed Sappi graphic paper joint venture agreement with financing secured, and continued progress on separating Plywood into the future WISA Group.

Guidance: For H2 2026, UPM guided comparable EBIT from continuing operations of EUR 375 million to EUR 575 million, while warning of higher maintenance costs and some additional Leuna ramp-up costs.

Energy: The company pointed to strong structural electricity demand in Finland, supported by electrification, data centers and new industries, and said it can offer 12 terawatt hours of clean baseload power through PPAs.

Biofuels & Leuna: Biofuels had a strong quarter on healthy demand, bio premiums and higher fossil reference prices, while Leuna biochemicals remained in ramp-up with more cost pressure expected in the second half.

Market mix: Communication Papers remained under pressure from structural demand decline, while Advanced Materials and Fibres South both posted solid performance, helped by pricing, volumes and efficiency gains.

Key Financials
Sales from continuing operations
EUR 2.355 billion
Comparable EBIT from continuing operations
EUR 212 million
EBIT margin
9%
Total EBIT
EUR 230 million
UPM H1 comparable EBIT
EUR 504 million
Energy demand in Finland
5%
Biofuels EBIT margin
35%
Adhesive Materials sales growth
mid-single-digit
Specialty Materials sales growth
mid-single-digit
Fibres South comparable EBIT
EUR 101 million
Fibres South EBIT margin
24%
Fibres North comparable EBIT
EUR 10 million loss
Communication Papers comparable EBIT
EUR 32 million
Communication Papers EBIT margin
5%
Plywood comparable EBIT
EUR 16 million
Plywood EBIT margin
14%
Leuna working capital / other cash use
EUR 339 million
Investing cash outflow
EUR 191 million
Dividend paid in quarter
EUR 396 million
Maintenance impact in Q2
EUR 55 million
Maintenance impact in second half
around EUR 90 million
Forest asset fair value change in Q2
negative EUR 24 million
WISA Group leverage
relatively low
Earnings Call Recording

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