UPM-Kymmene (UPM) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw improved results across all business segments, with sales from continuing operations at €2,355 million, up 0.6% year-over-year, and comparable EBIT rising 71% to €212 million (9% margin).

• Portfolio transformation advanced with a definitive agreement for a graphic paper joint venture with Sappi and a demerger plan for the Plywood business into WISA Group.

• All business units reported year-over-year improvement in results, with transformation focusing on Advanced Materials and Decarbonization Solutions.

• UPM achieved a Platinum EcoVadis rating and an A score from CDP for supplier engagement.

Financial highlights

• Q2 2026 sales from continuing operations were €2,355 million; comparable EBIT was €212 million (9% margin); comparable EBITDA was €356 million (15.1% margin).

• H1 2026 sales totaled €4,781 million, with comparable EBIT at €471 million (9.8% margin).

• Q2 2026 profit for the period was €163 million, up from €70 million in Q2 2025; comparable profit was €163 million (vs. €87 million).

• Net debt at end of June 2026 was €3,313 million; net debt/EBITDA ratio at 2.36.

• Dividend: €395–396 million paid in Q2 2026.

Outlook and guidance

• H2 2026 comparable EBIT for continuing operations expected between €375–575 million.

• Moderately higher sales prices and variable costs anticipated sequentially; maintenance activity to increase in H2, with €40 million higher impact than H1.

• Leuna biochemicals ramp-up to incur higher costs before breakeven in 2027; sensitivities include pulp and electricity price changes.

• Forest value gains expected to be significantly smaller than last year.