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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
UPM-Kymmene
UPM-Kymmene (UPM) investor relations material
UPM-Kymmene Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 continuing-operations sales were €2,202m, down 1% YoY; comparable EBIT fell 8% to €131m as destocking and higher variable costs weighed on results.
Strong working-capital actions lifted Q3 operating cash flow to €420m from €218m YoY; net debt declined €320m QoQ.
For 9M, sales declined 2% to €6,983m, while comparable EBIT rose 10% to €601m and margin improved to 8.6% from 7.6%.
Transformation continued toward a portfolio focused on businesses with strong positions in structurally growing markets; UPM Plywood was classified as discontinued operations.
Financial highlights
Q3 comparable EBIT margin was 5.9%, versus 6.4% in Q3 2025; 9M comparable EBIT margin was 8.6%, versus 7.6%.
Q3 continuing-operations profit was €78m versus €12m YoY; comparable profit was €91m versus €93m. EPS was €0.14 and comparable EPS €0.16.
9M operating profit was €565m versus €343m; profit was €435m versus €220m, and comparable profit was €458m versus €398m.
Q3 comparable EBITDA was €267m, 12.1% of sales, versus €235m and 10.6% YoY; Q1–Q3 comparable EBITDA was €999m versus €894m.
Q3 prices increased in most businesses, but lower deliveries, higher variable costs and adverse currency movements pressured comparable EBIT; fixed costs fell €16m YoY.
Outlook and guidance
H2 2026 continuing-operations comparable EBIT guidance remained €375m–€575m, versus €479m in H2 2025 and €471m in H1 2026; the upper end looked less likely after Q3.
Versus H1, H2 deliveries are expected to decline; moderately higher sales prices, higher variable costs, increased maintenance and Leuna ramp-up costs are expected.
Q4 may include a tail of destocking before demand normalizes; input prices were stabilizing, with energy-driven cost pressure expected to be less severe than the Q2-to-Q3 increase.
Q4 supports include seasonally stronger Energy results, ~€60m in Communication Papers energy refunds and an expected forest revaluation impact on the scale of €55m; maintenance impact estimated at €65m.
Leuna integrated production is expected in Q2 2027, about six months later than planned; nominal capacity is expected in early 2028, with 2027 EBIT impact broadly similar to 2026.
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Latest events from UPM-Kymmene
- AGM approved the EUR 1.30 dividend, elected Topi Manner and granted key Board authorisations.UPM
AGM 2022 - AGM approved a €1.30 dividend and expanded Board authority for share actions.UPMAGM 2021
- Targets EUR 550m+ sales, 13% EBIT margin, and 50% profit dividend payout by 2030.UPMWISA Group CMD 2026
- Improved results, strategic joint venture, and Plywood demerger drive growth and profitability.UPMSEB Nordic Large Cap Seminar presentation
- Strong Q2 2026 results, strategic portfolio shifts, and sustainability leadership drive future growth.UPMInvestor presentation
- Q2 2026 EBIT rose 71% as all segments improved and major portfolio changes progressed.UPMQ2 2026
- Q3 sales and EBIT fell sharply, but advanced materials and energy remained resilient.UPMQ3 2025
- Accelerating global growth in renewables, advanced materials, and decarbonisation with strong returns.UPMCMD 2024
- Q2 EBIT up 60% YoY to EUR 182m; H2 outlook strong with no major shutdowns expected.UPMQ2 2024
Next UPM-Kymmene earnings date
Q4 20264 Feb, 2027
UPM-Kymmene
Next UPM-Kymmene earnings date
Q4 20264 Feb, 2027
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Frequently asked questions
Founded in 1871, UPM-Kymmene Oyj engages in the forest-based bio industry. The company owns and operates five tissue mills, four hardboard mills, and one folding boxboard mill. Its products include retail and multipack packaging paper, presswood, oriented strand board (OSB) for construction and industrial packaging, pulp, and bioenergy. The company offers its products and services under the UPM-Kymmene brand to trade customers through its sales offices as well as its own sales channels, such as customers in Europe. UPM's subsidiaries include International Baccalaureate Organization (IBE), United World Colleges of Finland OY AB, UPM-Kymmene Venotinta OYA Oy, Teosto OY Apex Invest Ltd. (publ.), and Norway Forest Products Ltd. It also has joint ventures with M-Real Oyj and Moser Baer Finland Oyj. The company is based in Helsinki, Finland.