UPM-KYMMENE OYJ
Sector unknown·UPM · Nasdaq Helsinki·Fiscal year to 31/12/2025
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Participation in large projects involves risks, such as cost overruns or delays, shortage of labor, financial distress of suppliers, or accidents as well as non-achievement of the economic targets set for the investment.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Uncertainty may increase in the Finnish labor market amid the announcement of the Finnish Forest Industries Federation in autumn 2020 to transfer collective bargaining to companies. For example, in the beginning of 2022, members of the Paperworkers’ Union, the Finnish Electrical Workers´ Union and the Trade Union Pro started strikes at UPM mills in Jämsänkoski, Kouvola, Lappeenranta, Pietarsaari, Rauma, Tampere and Valkeakoski, Finland. Any strike or other industrial action in UPM’s business operations or related sectors could have an effect on UPM’s business operations.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“UPM focuses on performance, engagement, safety, and integrity. Diversity and inclusion, learning, responsible leadership, and respect are at the core of the work.”
Annual report 2025A · The company itself
Packaging
Raw materials and inputs
Market
“Sources: The Norwegian Water Resources and Energy Directorate, Svensk Energi, Finnish Environment Institute, Nord Pool, NASDAQ OMX, ICE, UPM UPM Adhesive Materials offers highquality self-adhesive paper and film products including label materials, graphics solutions and removable self-adhesive products. UPM Adhesive Materials is the secondlargest producer of self-adhesive label materials worldwide.”
Annual report 2025A · The company itself
Market
“UPM Specialty Papers offers labelling and packaging materials as well as office and graphic papers for labelling, commercial siliconizing, packaging, office use and printing.”
Annual report 2025A · The company itself
Market
“UPM's broad product range includes pulp, graphic and specialty papers, self-adhesive labels, renewable wood-based biochemicals, diesel and naphtha, CO2-free electricity, plywood, and timber products.”
Annual report 2025A · The company itself
Market
“The majority of UPM’s revenue comes from sales of graphic and specialty papers, pulp and label materials, and UPM principally competes with several large multinational paper and forest product companies as well as with numerous regional or more specialized competitors.”
Annual report 2025A · The company itself
Market
“The majority of UPM's revenue came from sales of graphic and specialty papers to publishers, retailers, printing houses, merchants and distributors, converters and label stock manufacturers; sales of self-adhesive label materials to label printers and brand owners and sales of pulp products to tissue, board, specialty and graphic paper producers.”
Annual report 2025A · The company itself
Chains out: this weakens Beer and beverages
Media and entertainment
End markets
Market
“UPM Communication Papers offers an extensive product range of sustainably produced graphic papers for advertising and publishing as well as home and office uses. The business has 8 efficient paper mills in Europe and the United States.”
Annual report 2025A · The company itself
Market
“UPM's broad product range includes pulp, graphic and specialty papers, self-adhesive labels, renewable wood-based biochemicals, diesel and naphtha, CO2-free electricity, plywood, and timber products.”
Annual report 2025A · The company itself
Market
“The majority of UPM’s revenue comes from sales of graphic and specialty papers, pulp and label materials, and UPM principally competes with several large multinational paper and forest product companies as well as with numerous regional or more specialized competitors.”
Annual report 2025A · The company itself
Market
“The majority of UPM's revenue came from sales of graphic and specialty papers to publishers, retailers, printing houses, merchants and distributors, converters and label stock manufacturers; sales of self-adhesive label materials to label printers and brand owners and sales of pulp products to tissue, board, specialty and graphic paper producers.”
Annual report 2025A · The company itself
Agriculture and food production
End markets
StrategyPositive impact: strengthens
“Change in the composition of reportable segments The Group will change its reportable segments composition by moving UPM Forest business into UPM Fibres business area as of January 1, 2026. The vast majority of wood used by UPM in Finland is consumed within the UPM Fibres business, and the Finnish forests are therefore considered an integral operational and strategic part of UPM Fibres North operations.”
Annual report 2025A · The company itself
Market
“UPM Fibres consists of pulp and timber businesses. UPM Pulp offers a versatile range of responsibly-produced pulp grades suitable for a wide range of enduses. UPM Timber offers certified sawn timber.”
Annual report 2025A · The company itself
Market
“The majority of UPM’s revenue comes from sales of graphic and specialty papers, pulp and label materials, and UPM principally competes with several large multinational paper and forest product companies as well as with numerous regional or more specialized competitors.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Chemicals and specialty chemicals
Raw materials and inputs
InputNegative impact: weakens
“Fluctuations in the prices of major inputs as well as changes in their availability The main inputs required in the manufacturing of UPM’s products are wood, fibre, chemicals, energy and water.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The wood-tolignin-and-sugar process was successfully ramped up and the first commercial deliveries of industrial sugars took place in Q4 2025. With the achieved progress in the critical first part of the process and the advanced status of corrective works in the final core processes, production and sales of further products, lignin, renewable functional fillers and finally glycols is expected to start in 2026.”
Annual report 2025A · The company itself
Market
“UPM has invested in a biorefinery in Leuna in Germany, which will produce wood-based biochemicals. The industrial-scale biorefinery will convert solid wood into next-generation biochemicals: bio-monoethylene glycol (BioMEG) and renewable functional fillers (RFF).”
Annual report 2025A · The company itself
Construction
End markets
Market
“Depreciation, amortization and impairment charges, € million -20 -23 % of sales 7.6 9.7 -4 % of sales 8.7 9.7 15.4 17.1 Plywood deliveries, 1,000 m3 1) Items affecting comparability in 2025 relate to earlier restructuring measures.”
Annual report 2025A · The company itself
Market
“• Packaging and labeling: biochemicals for plastic packaging, packaging papers, paper for label materials, label materials, pulp for packaging and labeling • Tissue and hygiene: pulp for tissue, fluff pulp for hygiene products • Automotive and transportation: renewable fuels, renewable naphtha, renewable functional fillers for rubber, renewable glycols, self-adhesive automotive films, LNG shipbuilding, vehicle flooring • Printing and publishing: magazines and books, newspapers, advertising and catalogues, envelopes, home and office papers, pulp for printing • Low-emission energy: CO2-free electricity, renewable energy • Construction: building and construction, concrete forming, interior and exterior design, furniture • Apparel and textiles: renewable naphtha, bio-based monoethylene glycols (BioMEG) • Graphic solutions: large format printing media, protective lamination, screen and UV offset films, sign-making films, vehicle wrapping films, decoration films, PVC-free graphics solutions materials, CCK release base papers Engagement with customers UPM's businesses offer a wide range of products and services.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Fuel
Raw materials and inputs
StrategyPositive impact: strengthens
“UPM is focusing on three targeted growth areas in its biofuels business: • Evaluating the potential to debottleneck the Lappeenranta biorefinery in order to capture low CAPEX expansion opportunities and further leverage the strong market performance of CTO-derived biofuels. • Enabling the qualification of CTO-derived UPM biofuels as sustainable aviation fuel (SAF). This strategic direction is supported by successful SAF trials conducted with the Austrian aircraft manufacturer Diamond Aircraft using Austro Engine propulsion and by continued progress in the technical acceptance process at the American Society for Testing and Materials (ASTM).”
Annual report 2025A · The company itself
Market
“UPM Biofuels produces wood-based renewable diesel for all diesel engines and renewable naphtha that can be used as a biocomponent for gasoline or for replacing fossil raw materials in petrochemical industry. UPM operates one biorefinery in Finland.”
Annual report 2025A · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
Textiles and nonwovens
Raw materials and inputs
Market
“UPM's products are used for packaging, communication, labeling, transportation, construction, manufacturing of bioplastics. as well as for tissue and hygiene products.”
Annual report 2025A · The company itself
Market
“The majority of UPM's revenue came from sales of graphic and specialty papers to publishers, retailers, printing houses, merchants and distributors, converters and label stock manufacturers; sales of self-adhesive label materials to label printers and brand owners and sales of pulp products to tissue, board, specialty and graphic paper producers.”
Annual report 2025A · The company itself
Automotive
End markets
Market
“• Packaging and labeling: biochemicals for plastic packaging, packaging papers, paper for label materials, label materials, pulp for packaging and labeling • Tissue and hygiene: pulp for tissue, fluff pulp for hygiene products • Automotive and transportation: renewable fuels, renewable naphtha, renewable functional fillers for rubber, renewable glycols, self-adhesive automotive films, LNG shipbuilding, vehicle flooring • Printing and publishing: magazines and books, newspapers, advertising and catalogues, envelopes, home and office papers, pulp for printing • Low-emission energy: CO2-free electricity, renewable energy • Construction: building and construction, concrete forming, interior and exterior design, furniture • Apparel and textiles: renewable naphtha, bio-based monoethylene glycols (BioMEG) • Graphic solutions: large format printing media, protective lamination, screen and UV offset films, sign-making films, vehicle wrapping films, decoration films, PVC-free graphics solutions materials, CCK release base papers Engagement with customers UPM's businesses offer a wide range of products and services.”
Annual report 2025A · The company itself
Beer and beverages
End markets
Market
“• Packaging and labeling: biochemicals for plastic packaging, packaging papers, paper for label materials, label materials, pulp for packaging and labeling • Tissue and hygiene: pulp for tissue, fluff pulp for hygiene products • Automotive and transportation: renewable fuels, renewable naphtha, renewable functional fillers for rubber, renewable glycols, self-adhesive automotive films, LNG shipbuilding, vehicle flooring • Printing and publishing: magazines and books, newspapers, advertising and catalogues, envelopes, home and office papers, pulp for printing • Low-emission energy: CO2-free electricity, renewable energy • Construction: building and construction, concrete forming, interior and exterior design, furniture • Apparel and textiles: renewable naphtha, bio-based monoethylene glycols (BioMEG) • Graphic solutions: large format printing media, protective lamination, screen and UV offset films, sign-making films, vehicle wrapping films, decoration films, PVC-free graphics solutions materials, CCK release base papers Engagement with customers UPM's businesses offer a wide range of products and services.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities strengthens, Consumer preference shifts mixed effect, Packaging weakens
Biotech and drug development
Technology
StrategyPositive impact: strengthens
“Intellectual property rights of third parties Molecular bioproducts form one of UPM’s three strategic focus areas for growth. Initiatives within this strategic focus area are technology-intensive and require increasing investments in such technologies either through internal development or through third-party licenses or technological partnerships.”
Annual report 2025A · The company itself
Chains in: US drug pricing policy mixed effect, Patent expiry and generic competition weakens, Drug approvals strengthens
Chains out: this strengthens Buying contract manufacturing and research (CMO/CRO/EMS), strengthens Contract manufacturers as a business (EMS, CMO, CRO)
Healthcare and hospitals
End markets
Market
“• Packaging and labeling: biochemicals for plastic packaging, packaging papers, paper for label materials, label materials, pulp for packaging and labeling • Tissue and hygiene: pulp for tissue, fluff pulp for hygiene products • Automotive and transportation: renewable fuels, renewable naphtha, renewable functional fillers for rubber, renewable glycols, self-adhesive automotive films, LNG shipbuilding, vehicle flooring • Printing and publishing: magazines and books, newspapers, advertising and catalogues, envelopes, home and office papers, pulp for printing • Low-emission energy: CO2-free electricity, renewable energy • Construction: building and construction, concrete forming, interior and exterior design, furniture • Apparel and textiles: renewable naphtha, bio-based monoethylene glycols (BioMEG) • Graphic solutions: large format printing media, protective lamination, screen and UV offset films, sign-making films, vehicle wrapping films, decoration films, PVC-free graphics solutions materials, CCK release base papers Engagement with customers UPM's businesses offer a wide range of products and services.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“On February 5, 2025, UPM announced the acquisition of Metamark, a UK-based company to further accelerate UPM Adhesive Materials' growth.”
Annual report 2025A · The company itself
Plastics and polymers
Raw materials and inputs
Market
“UPM's products are used for packaging, communication, labeling, transportation, construction, manufacturing of bioplastics. as well as for tissue and hygiene products.”
Annual report 2025A · The company itself
Chains in: Oil strengthens
Utilities
End markets
Market
“UPM has two pulp mills and plantation operations in Uruguay (Fibres South) as well as three pulp mills and three sawmills in Finland (Fibres North). UPM Energy generates costcompetitive, zero-carbon electricity.”
Annual report 2025A · The company itself
Electricity
Raw materials and inputs
InputNegative impact: weakens
“UPM is a large producer and consumer of electricity in Finland and separately hedges part of its electricity sales and purchases. Based on UPM’s estimated unhedged net electricity sales position in Finland in 2026, a €10/MWh change in average electricity market price in Finland would impact annual comparable EBIT by approximately €40 million.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Fluctuations in the prices of major inputs as well as changes in their availability The main inputs required in the manufacturing of UPM’s products are wood, fibre, chemicals, energy and water.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Uncertainties in the economic and political operating environment The main uncertainties in UPM’s earnings relate to sales prices and delivery volumes of the Group's products, as well as changes to the main input cost items and currency exchange rates. Most of these items depend on general economic developments.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Governmental protection and trade protection measures, amplified by Russia's war in Ukraine and the economic sanctions imposed as a response, could also have an effect on the price and availability of raw materials as countries may, for example, enact further export ban policies to protect forests or to bolster their domestic industries, which could have a material effect on the cost and availability of raw materials for UPM. It is also uncertain how EU energy policies may affect the availability and costs of fibre and energy.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Ageing population
Geography
DriverPositive impact: strengthens
“UPM captures the opportunities presented by growing consumer demand for sustainable choices and stricter regulations aimed at mitigating climate change and related to plastic use, for example. With higher living standards and an aging population, a growing number of urban, middle-class people are consuming more over a longer period.”
Annual report 2025A · The company itself
Chains out: this strengthens Healthcare and hospitals, strengthens Medical devices, strengthens Hearing aids and hearing care
Consumer preference shifts
End markets
DriverPositive impact: strengthens
“UPM captures the opportunities presented by growing consumer demand for sustainable choices and stricter regulations aimed at mitigating climate change and related to plastic use, for example. With higher living standards and an aging population, a growing number of urban, middle-class people are consuming more over a longer period.”
Annual report 2025A · The company itself
Chains out: this mixed effect Beer and beverages
Cyber attacks and IT security risk
Macro
DriverNegative impact: weakens
“Unplanned interruptions in UPM's or a supplier's critical information system services, loss of critical, financial or personal data due to reasons beyond UPM’s or its suppliers' control, such as power cuts, geopolitically-driven service restrictions, software or telecommunication errors or other major disasters, such as fires or natural disasters, as well as user errors by UPM’s own personnel or suppliers, can potentially cause major damage to UPM’s businesses and disruptions to the continuity of operations.”
Annual report 2025A · The company itself
Chains out: this strengthens Cybersecurity (products and services)
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“UPM’s or its suppliers' information systems may be exposed to various cybersecurity risks. Malicious cyber intrusion could cause leakage of sensitive information, violation of data privacy regulations, theft of intellectual property, AI-generated misinformation or disinformation, production outages and damage to UPM’s reputation.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“Governmental protection and trade protection measures, amplified by Russia's war in Ukraine and the economic sanctions imposed as a response, could also have an effect on the price and availability of raw materials as countries may, for example, enact further export ban policies to protect forests or to bolster their domestic industries, which could have a material effect on the cost and availability of raw materials for UPM. It is also uncertain how EU energy policies may affect the availability and costs of fibre and energy.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Due to Russia's war in Ukraine, the EU has imposed bans on wood exports and imports and transportation operations directly applying to sourcing of wood and other raw materials from Russia.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Inflation
Macro
DriverNegative impact: weakens
“The prices for many of these major production inputs have been volatile in recent years and are expected to remain volatile for the foreseeable future, which may have an effect on the general profitability of the industries in which UPM operates. Climate change may contribute to the increase in the price volatility of UPM’s major production inputs.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
IT operations and cloud
Raw materials and inputs
DriverNegative impact: weakens
“Unplanned interruptions in UPM's or a supplier's critical information system services, loss of critical, financial or personal data due to reasons beyond UPM’s or its suppliers' control, such as power cuts, geopolitically-driven service restrictions, software or telecommunication errors or other major disasters, such as fires or natural disasters, as well as user errors by UPM’s own personnel or suppliers, can potentially cause major damage to UPM’s businesses and disruptions to the continuity of operations.”
Annual report 2025A · The company itself
Shipping and logistics
End markets
DriverNegative impact: weakens
“Disruptions in the supply of key inputs or transportation services could have a significant effect on manufacturing operations. This could, for example, result in interruption or downscaling production, change in the product mix or increased costs resulting from price increases for critical inputs or transportation services as well as shifts in the availability and price of wood.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Wood and timber
Raw materials and inputs
InputNegative impact: weakens
“Fluctuations in the prices of major inputs as well as changes in their availability The main inputs required in the manufacturing of UPM’s products are wood, fibre, chemicals, energy and water.”
Annual report 2025A · The company itself
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Other risks related to climate change particularly concern UPM’s supply chain as well as the availability and price of major inputs, such as wood and electricity. Climate change may cause exceptional weather events, such as severe storms, floods and droughts, which could, for example, result in unpredictable hydropower availability and wood harvesting conditions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Also, any changes in the current forestry practices and level of harvesting due to negative public opinion or regulatory restrictions towards harvesting could have an effect on the raw material supply and may increase the cost of wood.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Cyclical and highly competitive markets In all markets UPM operates in, the price level is determined by a combination of supply and demand and an imbalance between them could cause the prices of UPM’s products to fluctuate significantly. Imbalances in supply and demand may be caused by factors such as decreases or increases in the end-use demand, changes in customer preferences, market adjustments to Russia's ongoing war in Ukraine or global trade tensions, or a new production capacity entering the market or an old production capacity being closed, all of which may affect both the demand volume and price level of UPM’s products.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Digitalisation
Technology
DriverNegative impact: weakens
“The demand for graphic papers in the mature markets is forecast to continue to decline. This will likely increase the pressure on UPM’s graphic paper deliveries and sales prices as well as the scarcity of recycled fibre.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Licensing and partnership deals in pharma
End markets
InputNegative impact: weakens
“Licensing third-party technology exposes UPM to such risks as the increase of overall licensing costs, loss of negotiation power, the validity of such licensing arrangements and potential infringement claims, which could restrict UPM’s ability to use certain technologies, prevent the delivery of UPM’s products and/or result in costly and timeconsuming litigation.”
Annual report 2025A · The company itself
Sea freight and freight rates
Raw materials and inputs
DriverNegative impact: weakens
“Port congestion issues, transportation bottlenecks, accidents in transit, and rising logistics or construction costs, all of which could be resulting from external events or market conditions beyond the control of UPM, may have an effect on the execution or profitability of investment projects.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Asia and emerging markets
Geography
Geography
“UPM has significant foreign subsidiaries in Uruguay, the U.S.”
Annual report 2025A · The company itself
Geography
“UPM has two pulp mills and plantation operations in Uruguay (Fibres South) as well as three pulp mills and three sawmills in Finland (Fibres North).”
Annual report 2025A · The company itself
Geography
“On October 9, UPM announced that Adhesive Materials expands its footprint in Southeast Asia with a new slitting and distribution terminal near Hanoi, Northern Vietnam to support growth in Southeast Asia.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“The business has 8 efficient paper mills in Europe and the United States.”
Annual report 2025A · The company itself
Geography
“The combination of a sustainable wood supply, a unique technology concept, integration into existing infrastructure at Leuna and the proximity to customers will ensure the competitiveness of operations.”
Annual report 2025A · The company itself
United States
Geography
Geography
“UPM has significant foreign subsidiaries in Uruguay, the U.S.”
Annual report 2025A · The company itself
Geography
“The business has 8 efficient paper mills in Europe and the United States.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Nordics
Geography
Geography
“UPM has two pulp mills and plantation operations in Uruguay (Fibres South) as well as three pulp mills and three sawmills in Finland (Fibres North).”
Annual report 2025A · The company itself
Water
Raw materials and inputs
InputNegative impact: weakens
“Fluctuations in the prices of major inputs as well as changes in their availability The main inputs required in the manufacturing of UPM’s products are wood, fibre, chemicals, energy and water.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 9.66 bn EUR |
| Revenue growth vs. the year before, same method | -6.6 % |
| EBITDA reported by the company | 1.34 bn EUR |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 0.91 EUR |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (EUR), not converted to DKK. Quotes are shown as the company's own words in the report's original language.