Accounting policies |
Accounting policies |
Key estimates and judgments |
Key estimates and judgments | Note |
Valuation of forest assets | 4.2 Forest assets |
Fair value determination of financial assets at FVOCI | 4.3 Financial assets at FVOCI |
Impairment of property, plant and equipment | 4.1 Property, plant and equipment |
Impairment of goodwill and other intangible assets | 4.4 Goodwill and other intangible assets |
Pension and other post-employment benefits | 3.4 Retirement benefit obligations |
Income taxes | 7. Income tax |
Environmental provisions | 4.5 Provisions |
Legal contingencies | 9.2 Litigation |
Financial risks |
Financial risk | Note |
Credit risk | 4.6 Working capital |
Liquidity and refinancing risk | 5.1 Capital management |
Interest rate risk | 6.1 Financial risk management |
Foreign exchange risk | 6.1 Financial risk management |
Electricity price risk | 6.1 Financial risk management |
Financial counterparty risk | 6.2 Derivatives and hedge accounting |
Assessed useful lives | Number of years |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
Accounting policies |
Key estimates and judgments |
Key estimates and judgments | Note |
Valuation of forest assets | 4.2 Forest assets |
Fair value determination of financial assets at FVOCI | 4.3 Financial assets at FVOCI |
Impairment of property, plant and equipment | 4.1 Property, plant and equipment |
Impairment of goodwill and other intangible assets | 4.4 Goodwill and other intangible assets |
Pension and other post-employment benefits | 3.4 Retirement benefit obligations |
Income taxes | 7. Income tax |
Environmental provisions | 4.5 Provisions |
Legal contingencies | 9.2 Litigation |
Financial risks |
Financial risk | Note |
Credit risk | 4.6 Working capital |
Liquidity and refinancing risk | 5.1 Capital management |
Interest rate risk | 6.1 Financial risk management |
Foreign exchange risk | 6.1 Financial risk management |
Electricity price risk | 6.1 Financial risk management |
Financial counterparty risk | 6.2 Derivatives and hedge accounting |
Foreign exchange risk |
Profit before tax | Equity | |||
\u20ac million | 2025 | 2024 | 2025 | 2024 |
EUR strengthens by 10% | ||||
USD | -3 | 1 | 94 | 102 |
UYU | \u2014 | \u2014 | -15 | -14 |
CNY | 1 | 1 | 11 | 13 |
GBP | \u2014 | \u2014 | 6 | 12 |
EUR weakens by 10% | ||||
USD | 3 | -1 | -94 | -102 |
UYU | \u2014 | \u2014 | 15 | 14 |
CNY | -1 | -1 | -11 | -13 |
GBP | \u2014 | \u2014 | -6 | -12 |
Key estimates and judgments |
Key estimates and judgments | Note |
Valuation of forest assets | 4.2 Forest assets |
Fair value determination of financial assets at FVOCI | 4.3 Financial assets at FVOCI |
Impairment of property, plant and equipment | 4.1 Property, plant and equipment |
Impairment of goodwill and other intangible assets | 4.4 Goodwill and other intangible assets |
Pension and other post-employment benefits | 3.4 Retirement benefit obligations |
Income taxes | 7. Income tax |
Environmental provisions | 4.5 Provisions |
Legal contingencies | 9.2 Litigation |
Key estimates and judgments |
Finland | UK | Germany | Other countries | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Discount rate % | 3.24 | 2.85 | 5.50 | 5.45 | 3.78 | 3.22 | 4.45 | 4.30 |
Inflation rate % | 1.88 | 1.90 | 2.95 | 3.20 | 2.00 | 2.00 | 2.00 | 2.02 |
Rate of salary increase % | 1.88 | 1.89 | \u2014 | \u2014 | 2.32 | 2.31 | 2.50 | 2.50 |
Rate of pension increase % | \u2014 | \u2014 | 2.90 | 3.10 | 2.00 | 2.31 | \u2014 | 2.50 |
Expected average remaining working years of participants | \u2014 | \u2014 | 7.6 | 8.3 | 7.0 | 7.8 | 8.2 | 8.6 |
\u20ac million | 0.5% Increase | 0.5% Decrease | ||
2025 | 2024 | 2025 | 2024 | |
Discount rate % | -39 | -46 | 42 | 50 |
Rate of salary increase % | 4 | 5 | -4 | -5 |
Rate of pension increase % | 30 | 33 | -28 | -32 |
Life expectancy +1 year | 24 | 28 | \u2014 | \u2014 |
\u20ac million | 2025 | 2024 | ||
Quoted | Unquoted | Quoted | Unquoted | |
Money market | 37 | 1 | 49 | \u2014 |
Debt instruments | 96 | 44 | 131 | 9 |
Equity instruments | \u2014 | 61 | 50 | \u2014 |
Property | \u2014 | 10 | \u2014 | 21 |
Assets held by insurance companies | \u2014 | 14 | \u2014 | 14 |
Other assets | \u2014 | 18 | \u2014 | 19 |
Total | 133 | 148 | 230 | 63 |
Accounting policies |
Key estimates and judgments |
Key estimates and judgments |
Key estimates and judgments |
Key estimates and judgments |
Key estimates and judgments |
Key estimates and judgments |
Key estimates and judgments |
\u20ac million | 2025 | 2024 |
Dividends received | 2 | 2 |
Purchases of raw materials and services | 36 | 28 |
Loan receivables | 3 | 13 |
Trade and other receivables | 0 | 1 |
Trade and other payables | 5 | 4 |
Number of shares | Group holding % | Carrying value, \u20ac million | ||
2025 | 2024 | |||
Energy shareholdings | ||||
\u00a0 \u00a0 Pohjolan Voima Oyj, A series | 8,176,191 | 61.24 | 571 | 543 |
\u00a0 \u00a0 Pohjolan Voima Oyj, B series | 4,140,132 | 58.11 | 997 | 1,151 |
\u00a0 \u00a0 Pohjolan Voima Oyj, B2 series | 2,869,819 | 51.22 | 7 | 0 |
\u00a0 \u00a0 Kemijoki Oy | 179,189 | 7.33 | 447 | 426 |
\u00a0 \u00a0 L\u00e4nsi-Suomen Voima Oy | 10,220 | 51.10 | 136 | 123 |
Energy shareholdings total | 2,160 | 2,242 | ||
Other | \u2014 | \u2014 | 33 | 4 |
Carrying value, at December 31 | 2,193 | 2,247 |
\u20ac million | 2025 | 2024 |
Carrying value, at January 1 | 2,247 | 2,283 |
Additions | 29 | \u2014 |
Disposals | \u2014 | -4 |
Changes in fair value recognized in other comprehensive income | -83 | -32 |
Carrying value, at December 31 | 2,193 | 2,247 |
Accounting policies |
Key estimates and judgments |
Joint operations | COUNTRY OF INCORPORATION | HOLDING % \u00a0 \u00a0 2025 | HOLDING % \u00a0 \u00a0 \u00a0 2024 |
Oy Alholmens Kraft Ab (Pohjolan Voima Oy, G series and direct ownership) | FI | 50.00 | 50.00 |
J\u00e4rvi-Suomen Voima Oy | FI | 50.00 | 50.00 |
Kaukaan Voima Oy (Pohjolan Voima Oy, G9 series) | FI | 54.00 | 54.00 |
Kymin Voima Oy (Pohjolan Voima Oy, G2 series) | FI | 76.00 | 76.00 |
Rauman Biovoima Oy (Pohjolan Voima Oy, G4 series) | FI | 71.95 | 71.95 |
Phyla UPM JVCO Limited | GB | 50.00 | 50.00 |
Subsidiaries | Country of incorporation | Holding % \u00a0 \u00a0 2025 | Holding % \u00a0 \u00a0 \u00a0 2024 |
Blandin Paper Company | US | 100.00 | 100.00 |
Blanvira S.A. | UY | 91.00 | 91.00 |
Cuecar S.A. | UY | 91.00 | 91.00 |
Forestal Oriental S.A. | UY | 100.00 | 100.00 |
Gebr. Lang GmbH Papierfabrik | DE | 100.00 | 100.00 |
Grafityp (UK) Limited | GB | 100.00 | 100.00 |
Grafityp Selfadhesive Products NV | BE | 100.00 | 100.00 |
LLC UPM Ukraine | UA | 100.00 | 100.00 |
Magenta Prime Limited1) | GB | 100.00 | \u2014 |
Metamark (UK) Limited1) | GB | 100.00 | \u2014 |
Metamark Group Holdings Limited1) | GB | 100.00 | \u2014 |
Myllykoski Oyj | FI | 100.00 | 100.00 |
Nordland Papier GmbH | DE | 100.00 | 100.00 |
NorService GmbH | DE | 100.00 | 100.00 |
Nortrans Speditionsgesellschaft mbH | DE | 100.00 | 100.00 |
Print Inform Japan K.K. | JP | 80.00 | 80.00 |
PT UPM Raflatac Indonesia | ID | 100.00 | 100.00 |
Rhein Papier GmbH | DE | 100.00 | 100.00 |
Tebetur S.A. | UY | 91.00 | 91.00 |
Tile Forestal S.A. | UY | 91.00 | 91.00 |
Trimwel Limited1) | IE | 100.00 | \u2014 |
UPM (China) Co. Ltd | CN | 100.00 | 100.00 |
UPM (Vietnam) Limited | VN | 100.00 | 100.00 |
UPM Asia Pacific Pte. Ltd. | SG | 100.00 | 100.00 |
UPM Biochemicals GmbH | DE | 100.00 | 100.00 |
UPM Biochemicals Sales GmbH | DE | 100.00 | 100.00 |
UPM Communication Papers Oy | FI | 100.00 | 100.00 |
UPM Energy Oy | FI | 100.00 | 100.00 |
UPM GmbH | DE | 100.00 | 100.00 |
UPM O\u00dc | EE | 100.00 | 100.00 |
UPM Plywood Oy | FI | 100.00 | 100.00 |
UPM Pulp Sales Oy | FI | 100.00 | 100.00 |
Subsidiaries | Country of incorporation | Holding % \u00a0 \u00a0 2025 | Holding % \u00a0 \u00a0 \u00a0 2024 |
UPM Pulp, Inc. | US | 100.00 | 100.00 |
UPM Raflatac (China) Co., Ltd. | CN | 100.00 | 100.00 |
UPM Raflatac (S) Pte Ltd | SG | 100.00 | 100.00 |
UPM Raflatac (UK) Ltd. | GB | 100.00 | 100.00 |
UPM Raflatac Canada Holdings Inc. | CA | 100.00 | 100.00 |
UPM Raflatac Chile SpA | CL | 100.00 | 100.00 |
UPM Raflatac Co. Ltd. | TH | 100.00 | 100.00 |
UPM Raflatac GmbH | DE | 100.00 | 100.00 |
UPM Raflatac Iberica S.A. | ES | 100.00 | 100.00 |
UPM Raflatac Inc. | US | 100.00 | 100.00 |
UPM Raflatac Mexico S.A. de C.V. | MX | 100.00 | 100.00 |
UPM Raflatac NZ Limited | NZ | 100.00 | 100.00 |
UPM Raflatac Oy | FI | 100.00 | 100.00 |
UPM Raflatac Pty Ltd | AU | 100.00 | 100.00 |
UPM Raflatac S.r.l. | AR | 100.00 | 100.00 |
UPM Raflatac SAS | FR | 100.00 | 100.00 |
UPM Raflatac Sdn.Bhd. | MY | 100.00 | 100.00 |
UPM Raflatac South Africa (Pty) Ltd | ZA | 100.00 | 100.00 |
UPM Raflatac Sp. z o .o. | PL | 100.00 | 100.00 |
UPM S.A. | UY | 91.00 | 91.00 |
UPM S\u00e4hk\u00f6nsiirto Oy | FI | 100.00 | 100.00 |
UPM Sales GmbH | DE | 100.00 | 100.00 |
UPM Sales Oy | FI | 100.00 | 100.00 |
UPM Specialty Papers Oy | FI | 100.00 | 100.00 |
UPM Trading (Shanghai) Co | CN | 100.00 | 100.00 |
UPM-Kymmene (Korea) Ltd | KO | 100.00 | 100.00 |
UPM-Kymmene (UK) Ltd | GB | 100.00 | 100.00 |
UPM-Kymmene Inc. | US | 100.00 | 100.00 |
UPM-Kymmene India Private Limited | IN | 100.00 | 100.00 |
UPM-Kymmene Japan K.K. | JP | 100.00 | 100.00 |
UPM-Kymmene Kagit Urunleri Sanayi ve Ticared Ltd. Sti. | TR | 100.00 | 100.00 |
UPM-Kymmene Otep\u00e4\u00e4 O\u00dc | EE | 100.00 | 100.00 |
UPM-Kymmene S.r.l. | IT | 100.00 | 100.00 |
UPM-Kymmene Seven Seas Oy | FI | 100.00 | 100.00 |
UPM-Kymmene Sp.z o.o. | PL | 100.00 | 100.00 |
Uruwood S.A.2) | UY | \u2014 | 93.55 |
Werla Insurance Company Ltd | MT | 100.00 | 100.00 |
\u20ac million | 2025 | 2024 |
Dividends received | 2 | 2 |
Purchases of raw materials and services | 36 | 28 |
Loan receivables | 3 | 13 |
Trade and other receivables | 0 | 1 |
Trade and other payables | 5 | 4 |
\u20ac million | 2025 | 2024 |
Dividends received | 2 | 2 |
Purchases of raw materials and services | 36 | 28 |
Loan receivables | 3 | 13 |
Trade and other receivables | 0 | 1 |
Trade and other payables | 5 | 4 |
\u20ac million | 2025 | 2024 |
Dividends received | 2 | 2 |
Purchases of raw materials and services | 36 | 28 |
Loan receivables | 3 | 13 |
Trade and other receivables | 0 | 1 |
Trade and other payables | 5 | 4 |
Subsidiaries | Country of incorporation | Holding % \u00a0 \u00a0 2025 | Holding % \u00a0 \u00a0 \u00a0 2024 |
Blandin Paper Company | US | 100.00 | 100.00 |
Blanvira S.A. | UY | 91.00 | 91.00 |
Cuecar S.A. | UY | 91.00 | 91.00 |
Forestal Oriental S.A. | UY | 100.00 | 100.00 |
Gebr. Lang GmbH Papierfabrik | DE | 100.00 | 100.00 |
Grafityp (UK) Limited | GB | 100.00 | 100.00 |
Grafityp Selfadhesive Products NV | BE | 100.00 | 100.00 |
LLC UPM Ukraine | UA | 100.00 | 100.00 |
Magenta Prime Limited1) | GB | 100.00 | \u2014 |
Metamark (UK) Limited1) | GB | 100.00 | \u2014 |
Metamark Group Holdings Limited1) | GB | 100.00 | \u2014 |
Myllykoski Oyj | FI | 100.00 | 100.00 |
Nordland Papier GmbH | DE | 100.00 | 100.00 |
NorService GmbH | DE | 100.00 | 100.00 |
Nortrans Speditionsgesellschaft mbH | DE | 100.00 | 100.00 |
Print Inform Japan K.K. | JP | 80.00 | 80.00 |
PT UPM Raflatac Indonesia | ID | 100.00 | 100.00 |
Rhein Papier GmbH | DE | 100.00 | 100.00 |
Tebetur S.A. | UY | 91.00 | 91.00 |
Tile Forestal S.A. | UY | 91.00 | 91.00 |
Trimwel Limited1) | IE | 100.00 | \u2014 |
UPM (China) Co. Ltd | CN | 100.00 | 100.00 |
UPM (Vietnam) Limited | VN | 100.00 | 100.00 |
UPM Asia Pacific Pte. Ltd. | SG | 100.00 | 100.00 |
UPM Biochemicals GmbH | DE | 100.00 | 100.00 |
UPM Biochemicals Sales GmbH | DE | 100.00 | 100.00 |
UPM Communication Papers Oy | FI | 100.00 | 100.00 |
UPM Energy Oy | FI | 100.00 | 100.00 |
UPM GmbH | DE | 100.00 | 100.00 |
UPM O\u00dc | EE | 100.00 | 100.00 |
UPM Plywood Oy | FI | 100.00 | 100.00 |
UPM Pulp Sales Oy | FI | 100.00 | 100.00 |
Subsidiaries | Country of incorporation | Holding % \u00a0 \u00a0 2025 | Holding % \u00a0 \u00a0 \u00a0 2024 |
UPM Pulp, Inc. | US | 100.00 | 100.00 |
UPM Raflatac (China) Co., Ltd. | CN | 100.00 | 100.00 |
UPM Raflatac (S) Pte Ltd | SG | 100.00 | 100.00 |
UPM Raflatac (UK) Ltd. | GB | 100.00 | 100.00 |
UPM Raflatac Canada Holdings Inc. | CA | 100.00 | 100.00 |
UPM Raflatac Chile SpA | CL | 100.00 | 100.00 |
UPM Raflatac Co. Ltd. | TH | 100.00 | 100.00 |
UPM Raflatac GmbH | DE | 100.00 | 100.00 |
UPM Raflatac Iberica S.A. | ES | 100.00 | 100.00 |
UPM Raflatac Inc. | US | 100.00 | 100.00 |
UPM Raflatac Mexico S.A. de C.V. | MX | 100.00 | 100.00 |
UPM Raflatac NZ Limited | NZ | 100.00 | 100.00 |
UPM Raflatac Oy | FI | 100.00 | 100.00 |
UPM Raflatac Pty Ltd | AU | 100.00 | 100.00 |
UPM Raflatac S.r.l. | AR | 100.00 | 100.00 |
UPM Raflatac SAS | FR | 100.00 | 100.00 |
UPM Raflatac Sdn.Bhd. | MY | 100.00 | 100.00 |
UPM Raflatac South Africa (Pty) Ltd | ZA | 100.00 | 100.00 |
UPM Raflatac Sp. z o .o. | PL | 100.00 | 100.00 |
UPM S.A. | UY | 91.00 | 91.00 |
UPM S\u00e4hk\u00f6nsiirto Oy | FI | 100.00 | 100.00 |
UPM Sales GmbH | DE | 100.00 | 100.00 |
UPM Sales Oy | FI | 100.00 | 100.00 |
UPM Specialty Papers Oy | FI | 100.00 | 100.00 |
UPM Trading (Shanghai) Co | CN | 100.00 | 100.00 |
UPM-Kymmene (Korea) Ltd | KO | 100.00 | 100.00 |
UPM-Kymmene (UK) Ltd | GB | 100.00 | 100.00 |
UPM-Kymmene Inc. | US | 100.00 | 100.00 |
UPM-Kymmene India Private Limited | IN | 100.00 | 100.00 |
UPM-Kymmene Japan K.K. | JP | 100.00 | 100.00 |
UPM-Kymmene Kagit Urunleri Sanayi ve Ticared Ltd. Sti. | TR | 100.00 | 100.00 |
UPM-Kymmene Otep\u00e4\u00e4 O\u00dc | EE | 100.00 | 100.00 |
UPM-Kymmene S.r.l. | IT | 100.00 | 100.00 |
UPM-Kymmene Seven Seas Oy | FI | 100.00 | 100.00 |
UPM-Kymmene Sp.z o.o. | PL | 100.00 | 100.00 |
Uruwood S.A.2) | UY | \u2014 | 93.55 |
Werla Insurance Company Ltd | MT | 100.00 | 100.00 |
\u20ac million | 2025 | 2024 |
Profit for the period | 117 | |
Other comprehensive income for the period | \u2014 | |
Total comprehensive income for the period | 117 | 298 |
Share of non-controlling interests | 10 | |
Non-current assets | 3,034 | |
Current assets | 809 | |
Non-current liabilities | 189 | |
Current liabilities | 173 | |
Net assets | 3,481 | 4,195 |
Share of non-controlling interests | 313 | 378 |
Accounting policies |
Business area | Description and products |
UPM Fibres | UPM Fibres consists of UPM Pulp and UPM Timber business units. UPM Pulp offers a versatile range of responsibly-produced pulp grades suitable for a wide range of end-uses such as tissue, specialty and packaging papers, graphic papers and board. UPM Timber offers certified sawn timber for joinery, packaging, furniture, planing and construction end-use segments. |
UPM Energy | UPM Energy generates cost-competitive, zero-carbon electricity. Operations also include physical electricity and financial portfolio management as well as services to industrial electricity consumers and producers. |
UPM Adhesive Materials | UPM Adhesive Materials offers innovative and sustainable self-adhesive label materials for branding and promotion, information and functional labeling in the food, beverage, personal care, pharmaceutical and logistics segments, for example. |
UPM Specialty Papers | UPM Specialty Papers offers labeling and packaging materials as well as office and graphic papers for labeling, commercial siliconizing, packaging, office use and printing. |
UPM Communication Papers | UPM Communication Papers offers an extensive product range of sustainably produced graphic papers for advertising and publishing as well as home and office uses. |
UPM Plywood | UPM Plywood offers high quality WISA\u00ae plywood and veneer products for construction, vehicle flooring, LNG shipbuilding, parquet manufacturing and other industrial applications. |
Other operations | Other operations include UPM Forest, UPM Biofuels and UPM Biochemicals business units as well as biofuels development and Group services. UPM Forest secures competitive wood and biomass for UPM businesses and manages UPM-owned and privately-owned forests in North Europe. In addition, UPM offers forestry services to forest owners and forest investors.\u00a0 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 the petrochemical industry. UPM Biochemicals offers innovative wood-based biochemicals for replacing fossil-based raw materials in various applications such as textiles, PET bottles, packaging, cosmetics, pharmaceuticals, detergents, rubbers and resins.\u00a0 |
\u20ac million, or as indicated | UPM Fibres | UPM Energy | UPM Adhesive Materials | UPM Specialty papers | UPM Com papers | UPM Plywood | Other operations | Eliminati- ons and reconcili- ations 2) | Group |
External sales | 2,908 | 480 | 1,655 | 1,108 | 2,459 | 389 | 659 | -2 | 9,656 |
Internal sales | 499 | 136 | \u2014 | 206 | 34 | 20 | 34 | -930 | \u2014 |
Total sales | 3,407 | 615 | 1,655 | 1,315 | 2,493 | 409 | 693 | -932 | 9,656 |
Comparable EBIT | 283 | 151 | 124 | 147 | 181 | 35 | 9 | -10 | 921 |
Items affecting comparability in operating profit | 0 | \u2014 | -70 | -3 | -75 | -4 | -17 | -1 | -171 |
Operating profit | 282 | 151 | 53 | 144 | 107 | 31 | -8 | -11 | 749 |
Finance costs, net | -59 | ||||||||
Income taxes | -200 | ||||||||
Profit for the period | 491 | ||||||||
Operating assets 1) | 6,662 | 2,486 | 1,003 | 891 | 1,206 | 265 | 3,576 | -244 | 15,845 |
Deferred tax assets | 413 | ||||||||
Other non-operating assets | 58 | ||||||||
Other financial assets | 1,216 | ||||||||
Total assets | 17,532 | ||||||||
Operating liabilities 1) | 315 | 56 | 160 | 219 | 315 | 37 | 380 | -230 | 1,252 |
Deferred tax liabilities | 692 | ||||||||
Other liabilities | 565 | ||||||||
Other financial liabilities | 4,688 | ||||||||
Total liabilities | 7,197 | ||||||||
Other items | |||||||||
Change in fair value of forest assets and wood harvested | 65 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 80 | \u2014 | 144 |
Share of results of associates and joint ventures | 2 | \u2014 | \u2014 | \u2014 | 0 | \u2014 | -2 | \u2014 | 0 |
Depreciation and amortization | -294 | -7 | -52 | -59 | -65 | -20 | -43 | \u2014 | -541 |
Impairment charges | 0 | \u2014 | -9 | 2 | -44 | 0 | -3 | \u2014 | -53 |
Capital employed, December 31 | 6,348 | 2,430 | 843 | 672 | 891 | 228 | 3,196 | -478 | 14,129 |
Average capital employed | 6,745 | 2,603 | 860 | 706 | 1,018 | 230 | 3,112 | -484 | 14,791 |
Capital expenditure | 93 | 11 | 198 | 24 | 31 | 8 | 257 | \u2014 | 621 |
62 | 11 | 27 | 24 | 30 | 8 | 247 | \u2014 | 409 | |
Comparable ROCE, % | 4.2 | 5.8 | 14.4 | 20.9 | 17.8 | 15.4 | 0.3 | \u2014 | 6.7 |
Personnel, December 31 | 2,653 | 86 | 3,287 | 1,820 | 4,728 | 1,542 | 1,011 | \u2014 | 15,127 |
\u20ac million, or as indicated | UPM Fibres | UPM Energy | UPM Adhesive Materials | UPM Specialty papers | UPM Com papers | UPM Plywood | Other operations | Eliminati- ons and reconcili- ations 2) | Group |
External sales | 3,108 | 487 | 1,562 | 1,272 | 2,920 | 409 | 582 | -1 | 10,339 |
Internal sales | 621 | 139 | \u2014 | 195 | 33 | 21 | 40 | -1,049 | \u2014 |
Total sales | 3,728 | 627 | 1,562 | 1,467 | 2,953 | 430 | 623 | -1,051 | 10,339 |
Comparable EBIT | 533 | 181 | 132 | 135 | 273 | 42 | -52 | -20 | 1,224 |
Items affecting comparability in operating profit | -114 | \u2014 | -44 | -3 | -83 | 0 | -382 | 7 | -620 |
Operating profit | 419 | 181 | 88 | 132 | 190 | 42 | -434 | -13 | 604 |
Finance costs, net | -104 | ||||||||
Income taxes | -37 | ||||||||
Profit for the period | 463 | ||||||||
Operating assets 1) | 7,772 | 2,562 | 862 | 1,036 | 1,500 | 275 | 3,331 | -332 | 17,005 |
Deferred tax assets | 526 | ||||||||
Other non-operating assets | 62 | ||||||||
Other financial assets | 1,502 | ||||||||
Total assets | 19,096 | ||||||||
Operating liabilities 1) | 422 | 34 | 149 | 274 | 376 | 34 | 394 | -308 | 1,375 |
Deferred tax liabilities | 673 | ||||||||
Other liabilities | 603 | ||||||||
Other financial liabilities | 4,906 | ||||||||
Total liabilities | 7,556 | ||||||||
Other items | |||||||||
Change in fair value of forest assets and wood harvested | 11 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 68 | \u2014 | 80 |
Share of results of associates and joint ventures | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1 | \u2014 | 1 |
Depreciation and amortization | -316 | -7 | -45 | -71 | -68 | -23 | -47 | \u2014 | -576 |
Impairment charges | -121 | \u2014 | -26 | -2 | -32 | \u2014 | -380 | \u2014 | -562 |
Capital employed, December 31 | 7,350 | 2,527 | 713 | 762 | 1,125 | 241 | 2,937 | -201 | 15,452 |
Average capital employed | 7,153 | 2,426 | 722 | 789 | 1,151 | 243 | 3,129 | -428 | 15,184 |
Capital expenditure | 93 | 4 | 46 | 19 | 37 | 16 | 335 | \u2014 | 550 |
Capital expenditure, excluding acquisitions and shares | 93 | 4 | 23 | 19 | 37 | 16 | 335 | \u2014 | 527 |
Comparable ROCE, % | 7.5 | 7.5 | 18.3 | 17.1 | 23.8 | 17.1 | -1.7 | \u2014 | 8.2 |
Personnel, December 31 | 2,740 | 91 | 3,224 | 1,945 | 5,190 | 1,598 | 1,039 | \u2014 | 15,827 |
\u20ac million, or as indicated | UPM Fibres | UPM Energy | UPM Adhesive Materials | UPM Specialty papers | UPM Com papers | UPM Plywood | Other operations | Eliminati- ons and reconcili- ations 2) | Group |
External sales | 2,908 | 480 | 1,655 | 1,108 | 2,459 | 389 | 659 | -2 | 9,656 |
Internal sales | 499 | 136 | \u2014 | 206 | 34 | 20 | 34 | -930 | \u2014 |
Total sales | 3,407 | 615 | 1,655 | 1,315 | 2,493 | 409 | 693 | -932 | 9,656 |
Comparable EBIT | 283 | 151 | 124 | 147 | 181 | 35 | 9 | -10 | 921 |
Items affecting comparability in operating profit | 0 | \u2014 | -70 | -3 | -75 | -4 | -17 | -1 | -171 |
Operating profit | 282 | 151 | 53 | 144 | 107 | 31 | -8 | -11 | 749 |
Finance costs, net | -59 | ||||||||
Income taxes | -200 | ||||||||
Profit for the period | 491 | ||||||||
Operating assets 1) | 6,662 | 2,486 | 1,003 | 891 | 1,206 | 265 | 3,576 | -244 | 15,845 |
Deferred tax assets | 413 | ||||||||
Other non-operating assets | 58 | ||||||||
Other financial assets | 1,216 | ||||||||
Total assets | 17,532 | ||||||||
Operating liabilities 1) | 315 | 56 | 160 | 219 | 315 | 37 | 380 | -230 | 1,252 |
Deferred tax liabilities | 692 | ||||||||
Other liabilities | 565 | ||||||||
Other financial liabilities | 4,688 | ||||||||
Total liabilities | 7,197 | ||||||||
Other items | |||||||||
Change in fair value of forest assets and wood harvested | 65 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 80 | \u2014 | 144 |
Share of results of associates and joint ventures | 2 | \u2014 | \u2014 | \u2014 | 0 | \u2014 | -2 | \u2014 | 0 |
Depreciation and amortization | -294 | -7 | -52 | -59 | -65 | -20 | -43 | \u2014 | -541 |
Impairment charges | 0 | \u2014 | -9 | 2 | -44 | 0 | -3 | \u2014 | -53 |
Capital employed, December 31 | 6,348 | 2,430 | 843 | 672 | 891 | 228 | 3,196 | -478 | 14,129 |
Average capital employed | 6,745 | 2,603 | 860 | 706 | 1,018 | 230 | 3,112 | -484 | 14,791 |
Capital expenditure | 93 | 11 | 198 | 24 | 31 | 8 | 257 | \u2014 | 621 |
62 | 11 | 27 | 24 | 30 | 8 | 247 | \u2014 | 409 | |
Comparable ROCE, % | 4.2 | 5.8 | 14.4 | 20.9 | 17.8 | 15.4 | 0.3 | \u2014 | 6.7 |
Personnel, December 31 | 2,653 | 86 | 3,287 | 1,820 | 4,728 | 1,542 | 1,011 | \u2014 | 15,127 |
\u20ac million, or as indicated | UPM Fibres | UPM Energy | UPM Adhesive Materials | UPM Specialty papers | UPM Com papers | UPM Plywood | Other operations | Eliminati- ons and reconcili- ations 2) | Group |
External sales | 3,108 | 487 | 1,562 | 1,272 | 2,920 | 409 | 582 | -1 | 10,339 |
Internal sales | 621 | 139 | \u2014 | 195 | 33 | 21 | 40 | -1,049 | \u2014 |
Total sales | 3,728 | 627 | 1,562 | 1,467 | 2,953 | 430 | 623 | -1,051 | 10,339 |
Comparable EBIT | 533 | 181 | 132 | 135 | 273 | 42 | -52 | -20 | 1,224 |
Items affecting comparability in operating profit | -114 | \u2014 | -44 | -3 | -83 | 0 | -382 | 7 | -620 |
Operating profit | 419 | 181 | 88 | 132 | 190 | 42 | -434 | -13 | 604 |
Finance costs, net | -104 | ||||||||
Income taxes | -37 | ||||||||
Profit for the period | 463 | ||||||||
Operating assets 1) | 7,772 | 2,562 | 862 | 1,036 | 1,500 | 275 | 3,331 | -332 | 17,005 |
Deferred tax assets | 526 | ||||||||
Other non-operating assets | 62 | ||||||||
Other financial assets | 1,502 | ||||||||
Total assets | 19,096 | ||||||||
Operating liabilities 1) | 422 | 34 | 149 | 274 | 376 | 34 | 394 | -308 | 1,375 |
Deferred tax liabilities | 673 | ||||||||
Other liabilities | 603 | ||||||||
Other financial liabilities | 4,906 | ||||||||
Total liabilities | 7,556 | ||||||||
Other items | |||||||||
Change in fair value of forest assets and wood harvested | 11 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 68 | \u2014 | 80 |
Share of results of associates and joint ventures | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1 | \u2014 | 1 |
Depreciation and amortization | -316 | -7 | -45 | -71 | -68 | -23 | -47 | \u2014 | -576 |
Impairment charges | -121 | \u2014 | -26 | -2 | -32 | \u2014 | -380 | \u2014 | -562 |
Capital employed, December 31 | 7,350 | 2,527 | 713 | 762 | 1,125 | 241 | 2,937 | -201 | 15,452 |
Average capital employed | 7,153 | 2,426 | 722 | 789 | 1,151 | 243 | 3,129 | -428 | 15,184 |
Capital expenditure | 93 | 4 | 46 | 19 | 37 | 16 | 335 | \u2014 | 550 |
Capital expenditure, excluding acquisitions and shares | 93 | 4 | 23 | 19 | 37 | 16 | 335 | \u2014 | 527 |
Comparable ROCE, % | 7.5 | 7.5 | 18.3 | 17.1 | 23.8 | 17.1 | -1.7 | \u2014 | 8.2 |
Personnel, December 31 | 2,740 | 91 | 3,224 | 1,945 | 5,190 | 1,598 | 1,039 | \u2014 | 15,827 |
\u20ac million | 2025 | 2024 |
Finland | 1,350 | 1,306 |
Germany | 899 | 1,073 |
United States | 1,263 | 1,408 |
United Kingdom | 506 | 513 |
China | 1,515 | 1,744 |
France | 356 | 386 |
Uruguay | 99 | 100 |
Poland | 288 | 304 |
Other EU countries | 1,604 | 1,577 |
Other European countries | 346 | 402 |
Rest of world | 1,430 | 1,527 |
Total | 9,656 | 10,339 |
\u20ac million | 2025 | 2024 | Change % |
UPM Fibres | 3,407 | 3,728 | -9 % |
UPM Energy | 615 | 627 | -2 % |
UPM Adhesive Materials | 1,655 | 1,562 | 6 % |
UPM Specialty Papers | 1,315 | 1,467 | -10 % |
UPM Communication Papers | 2,493 | 2,953 | -16 % |
UPM Plywood | 409 | 430 | -5 % |
Other operations | 693 | 623 | 11 % |
Eliminations | -932 | -1,051 | \u2014 |
Total | 9,656 | 10,339 | -7 % |
Business area | Business | 2025 | 2024 |
\u20ac million | |||
UPM Fibres | UPM Pulp, UPM Timber | 2,908 | 3,108 |
UPM Energy | UPM Energy | 480 | 487 |
UPM Adhesive Materials | UPM Adhesive Materials | 1,655 | 1,562 |
UPM Specialty Papers | UPM Specialty Papers | 1,108 | 1,272 |
UPM Communication Papers | UPM Communication Papers | 2,459 | 2,920 |
UPM Plywood | UPM Plywood | 389 | 409 |
Other operations | UPM Forest, UPM Biofuels, UPM Biochemicals | 659 | 582 |
Eliminations and reconciliations | -2 | -1 | |
Total | 9,656 | 10,339 |
BUSINESS | PRODUCT RANGE |
UPM Pulp | Softwood, birch and eucalyptus pulp |
UPM Timber | Standard and special sawn timber |
UPM Energy | Electricity and related services |
UPM Adhesive Materials | Self-adhesive paper and film label stock |
UPM Specialty Papers | Labeling materials, release base papers, flexible packaging materials, office papers, graphic papers |
UPM Communication Papers | Graphic papers for various end-uses |
UPM Plywood | Plywood and veneer products |
UPM Forest | Wood and wood-based biomass (logs, pulpwood, chips, forest residues etc.), full forestry service offering |
UPM Biofuels | Wood-based renewable diesel for transport and renewable naphtha for transport and petrochemicals |
UPM Biochemicals | Lignin products for industrial use |
Accounting policies |
\u20ac million | 2025 | 2024 |
Finland | 1,350 | 1,306 |
Germany | 899 | 1,073 |
United States | 1,263 | 1,408 |
United Kingdom | 506 | 513 |
China | 1,515 | 1,744 |
France | 356 | 386 |
Uruguay | 99 | 100 |
Poland | 288 | 304 |
Other EU countries | 1,604 | 1,577 |
Other European countries | 346 | 402 |
Rest of world | 1,430 | 1,527 |
Total | 9,656 | 10,339 |
\u20ac million | 2025 | 2024 | Change % |
UPM Fibres | 3,407 | 3,728 | -9 % |
UPM Energy | 615 | 627 | -2 % |
UPM Adhesive Materials | 1,655 | 1,562 | 6 % |
UPM Specialty Papers | 1,315 | 1,467 | -10 % |
UPM Communication Papers | 2,493 | 2,953 | -16 % |
UPM Plywood | 409 | 430 | -5 % |
Other operations | 693 | 623 | 11 % |
Eliminations | -932 | -1,051 | \u2014 |
Total | 9,656 | 10,339 | -7 % |
Business area | Business | 2025 | 2024 |
\u20ac million | |||
UPM Fibres | UPM Pulp, UPM Timber | 2,908 | 3,108 |
UPM Energy | UPM Energy | 480 | 487 |
UPM Adhesive Materials | UPM Adhesive Materials | 1,655 | 1,562 |
UPM Specialty Papers | UPM Specialty Papers | 1,108 | 1,272 |
UPM Communication Papers | UPM Communication Papers | 2,459 | 2,920 |
UPM Plywood | UPM Plywood | 389 | 409 |
Other operations | UPM Forest, UPM Biofuels, UPM Biochemicals | 659 | 582 |
Eliminations and reconciliations | -2 | -1 | |
Total | 9,656 | 10,339 |
BUSINESS | PRODUCT RANGE |
UPM Pulp | Softwood, birch and eucalyptus pulp |
UPM Timber | Standard and special sawn timber |
UPM Energy | Electricity and related services |
UPM Adhesive Materials | Self-adhesive paper and film label stock |
UPM Specialty Papers | Labeling materials, release base papers, flexible packaging materials, office papers, graphic papers |
UPM Communication Papers | Graphic papers for various end-uses |
UPM Plywood | Plywood and veneer products |
UPM Forest | Wood and wood-based biomass (logs, pulpwood, chips, forest residues etc.), full forestry service offering |
UPM Biofuels | Wood-based renewable diesel for transport and renewable naphtha for transport and petrochemicals |
UPM Biochemicals | Lignin products for industrial use |
Accounting policies |
\u20ac million | 2025 | 2024 |
Costs and expenses | ||
Raw materials, consumables and goods | 5,194 | 5,236 |
Employee costs 1) | 1,155 | 1,179 |
Other operating costs and expenses 2) | 1,043 | 1,083 |
Delivery costs and other external charges | 1,239 | 1,308 |
Total | 8,630 | 8,806 |
\u20ac million | 2025 | 2024 |
Rents and lease expenses | 19 | 21 |
Emission expenses 1) | 5 | 64 |
Losses on sale of non-current assets | 1 | 0 |
Credit losses | 1 | 10 |
Maintenance and other operating expenses 2) | 1,016 | 988 |
Total | 1,043 | 1,083 |
\u20ac million | 2025 | 2024 |
Audit fee | 4.7 | 4.5 |
Audit related services | ||
\u00a0 \u00a0 Sustainability Statement assurance | 0.4 | 0.3 |
\u00a0 \u00a0 Other audit-related services | 0.1 | 0.3 |
Tax services | 0.6 | 0.6 |
Other services | 0.4 | 0.1 |
Total | 6.2 | 5.8 |
Accounting policies |
\u20ac million | 2025 | 2024 |
Salaries and fees | 930 | 937 |
Share-based payments | 11 | 16 |
Pension and other post-employment benefits, defined benefit plans | 17 | 19 |
Pension costs, defined contribution plans | 98 | 101 |
Other indirect employee costs 1) | 100 | 106 |
Total | 1,155 | 1,179 |
President and CEO | Other members of Group Executive Team 1) | |||
\u20ac 1,000 | 2025 | 2024 | 2025 | 2024 |
Salaries | 927 | 894 | 3,837 | 3,736 |
Short-term incentives | 261 | 363 | 969 | 996 |
Share rewards | 169 | 125 | 2,562 | 2,871 |
Benefits | 30 | 36 | 143 | 146 |
Total | 1,387 | 1,418 | 7,511 | 7,748 |
\u20ac million | Land and water areas | Buildings | Machinery and equipment | Other tangible assets | Construction in progress | Total |
2025 | ||||||
Accumulated costs | 845 | 4,152 | 12,660 | 760 | 1,462 | 19,879 |
Accumulated depreciation and impairments | \u2014 | -2,332 | -10,110 | -605 | -373 | -13,420 |
Carrying value, at December 31 | 845 | 1,820 | 2,550 | 155 | 1,089 | 6,459 |
Carrying value, at January 1 | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
Additions | 4 | 1 | 8 | 0 | 387 | 400 |
Companies acquired 1) | 1 | 0 | 3 | \u2014 | \u2014 | 4 |
Disposals 2) | -28 | -2 | -23 | 0 | 0 | -53 |
Depreciation | \u2014 | -96 | -306 | -19 | \u2014 | -421 |
Impairment | \u2014 | -5 | -32 | -3 | 0 | -40 |
Reclassifications | 0 | 11 | 119 | 14 | -146 | -2 |
Translation differences and other changes | -85 | -187 | -224 | -15 | -3 | -515 |
Carrying value, at December 31 | 845 | 1,820 | 2,550 | 155 | 1,089 | 6,459 |
2024 | ||||||
Accumulated costs | 954 | 4,699 | 14,693 | 821 | 1,224 | 22,390 |
Accumulated depreciation and impairments | \u2014 | -2,601 | -11,688 | -642 | -373 | -15,305 |
Carrying value, at December 31 | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
Carrying value, at January 1 | 861 | 2,073 | 3,019 | 175 | 925 | 7,053 |
Additions | 44 | 0 | 3 | 0 | 462 | 508 |
Companies acquired 1) | 7 | 6 | 2 | 1 | 0 | 16 |
Disposals | -2 | 0 | -1 | \u2014 | 0 | -3 |
Depreciation | \u2014 | -101 | -339 | -21 | \u2014 | -461 |
Impairment | \u2014 | -32 | -28 | -1 | -373 | -435 |
Reclassifications 3) | 1 | 55 | 230 | 16 | -167 | 136 |
Translation differences and other changes | 43 | 98 | 119 | 8 | 4 | 272 |
Carrying value, at December 31 | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
Assessed useful lives | Number of years |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
\u20ac million | Intangible rights | Software and other intangible assets | Total |
2025 | |||
Accumulated costs | 375 | 624 | 999 |
Accumulated amortization and impairments | -159 | -488 | -646 |
Carrying value, at December 31 | 216 | 136 | 352 |
Carrying value, at January 1 | 212 | 104 | 316 |
Additions | 3 | 6 | 9 |
Companies acquired 1) | 0 | 60 | 60 |
Amortization | -7 | -24 | -30 |
Impairment | -1 | 0 | -2 |
Reclassifications | 9 | -8 | 1 |
Translation differences | 0 | -2 | -2 |
Carrying value, at December 31 | 216 | 136 | 352 |
Emission rights, carrying value 2) | 201 | ||
Carrying value including emission rights, at December 31 | 554 | ||
2024 | |||
Accumulated costs | 434 | 587 | 1,021 |
Accumulated amortization and impairments | -222 | -482 | -705 |
Carrying value, at December 31 | 212 | 104 | 316 |
Carrying value, at January 1 | 214 | 245 | 459 |
Additions | 3 | 16 | 18 |
Companies acquired 1) | \u2014 | 5 | 5 |
Amortization | -5 | -26 | -30 |
Impairment | 0 | -5 | -5 |
Reclassifications 3) | 0 | -136 | -135 |
Translation differences | 0 | 4 | 4 |
Carrying value, at December 31 | 212 | 104 | 316 |
Emission rights, carrying value 2) | 264 | ||
Carrying value including emission rights, at December 31 | 580 |
\u20ac million | 2025 | 2024 |
Current tax expense | 108 | 122 |
Change in deferred taxes | 92 | -85 |
Total | 200 | 37 |
\u20ac million | 2025 | 2024 |
Profit before tax | 690 | 500 |
Computed tax at Finnish statutory rate of 20% | 138 | 100 |
Difference between Finnish and foreign rates | 10 | -6 |
Tax-exempt income | -41 | -91 |
Non-deductible expenses | 15 | 37 |
Withholding taxes | 3 | 2 |
Tax loss with no tax benefit | 18 | 8 |
Results of associates | 0 | 0 |
Change in tax legislation | 65 | \u2014 |
Change in recoverability of deferred tax assets | -6 | \u2014 |
Utilization of previously unrecognized tax losses | -1 | -1 |
Other items | 0 | -13 |
Total income taxes | 200 | 37 |
Effective tax rate, % | 28.9% | 7.4% |
Accounting policies |
Key estimates and judgments |
\u20ac million | 2025 | 2024 |
Costs and expenses | ||
Raw materials, consumables and goods | 5,194 | 5,236 |
Employee costs 1) | 1,155 | 1,179 |
Other operating costs and expenses 2) | 1,043 | 1,083 |
Delivery costs and other external charges | 1,239 | 1,308 |
Total | 8,630 | 8,806 |
\u20ac million | 2025 | 2024 |
Rents and lease expenses | 19 | 21 |
Emission expenses 1) | 5 | 64 |
Losses on sale of non-current assets | 1 | 0 |
Credit losses | 1 | 10 |
Maintenance and other operating expenses 2) | 1,016 | 988 |
Total | 1,043 | 1,083 |
\u20ac million | 2025 | 2024 |
Audit fee | 4.7 | 4.5 |
Audit related services | ||
\u00a0 \u00a0 Sustainability Statement assurance | 0.4 | 0.3 |
\u00a0 \u00a0 Other audit-related services | 0.1 | 0.3 |
Tax services | 0.6 | 0.6 |
Other services | 0.4 | 0.1 |
Total | 6.2 | 5.8 |
\u20ac million | 2025 | 2024 |
Gains on sale of non-current assets | 57 | 31 |
Rental income | 10 | 9 |
Emission rights received | 101 | 92 |
Derivatives, non-qualifying hedges | 18 | -25 |
Exchange rate gains and losses | -37 | -9 |
Other | 26 | 31 |
Total | 174 | 130 |
\u20ac million | 2025 | 2024 |
Carrying value, at January 1 | 264 | 256 |
Emission rights received and purchased | 160 | 96 |
Deliveries and disposals | -230 | -84 |
Impairment | 8 | -5 |
Translation differences | -1 | \u2014 |
Carrying value, at December 31 | 201 | 264 |
Accumulated costs | 201 | 272 |
Accumulated impairments | \u2014 | -8 |
Carrying value, at December 31 | 201 | 264 |
Accounting policies |
\u20ac million | 2025 | 2024 |
Costs and expenses | ||
Raw materials, consumables and goods | 5,194 | 5,236 |
Employee costs 1) | 1,155 | 1,179 |
Other operating costs and expenses 2) | 1,043 | 1,083 |
Delivery costs and other external charges | 1,239 | 1,308 |
Total | 8,630 | 8,806 |
\u20ac million | 2025 | 2024 |
Rents and lease expenses | 19 | 21 |
Emission expenses 1) | 5 | 64 |
Losses on sale of non-current assets | 1 | 0 |
Credit losses | 1 | 10 |
Maintenance and other operating expenses 2) | 1,016 | 988 |
Total | 1,043 | 1,083 |
\u20ac million | 2025 | 2024 |
Current tax expense | 108 | 122 |
Change in deferred taxes | 92 | -85 |
Total | 200 | 37 |
\u20ac million | 2025 | 2024 |
Profit before tax | 690 | 500 |
Computed tax at Finnish statutory rate of 20% | 138 | 100 |
Difference between Finnish and foreign rates | 10 | -6 |
Tax-exempt income | -41 | -91 |
Non-deductible expenses | 15 | 37 |
Withholding taxes | 3 | 2 |
Tax loss with no tax benefit | 18 | 8 |
Results of associates | 0 | 0 |
Change in tax legislation | 65 | \u2014 |
Change in recoverability of deferred tax assets | -6 | \u2014 |
Utilization of previously unrecognized tax losses | -1 | -1 |
Other items | 0 | -13 |
Total income taxes | 200 | 37 |
Effective tax rate, % | 28.9% | 7.4% |
Accounting policies |
Key estimates and judgments |
\u20ac million | 2025 | 2024 |
Costs and expenses | ||
Raw materials, consumables and goods | 5,194 | 5,236 |
Employee costs 1) | 1,155 | 1,179 |
Other operating costs and expenses 2) | 1,043 | 1,083 |
Delivery costs and other external charges | 1,239 | 1,308 |
Total | 8,630 | 8,806 |
\u20ac million | 2025 | 2024 |
Rents and lease expenses | 19 | 21 |
Emission expenses 1) | 5 | 64 |
Losses on sale of non-current assets | 1 | 0 |
Credit losses | 1 | 10 |
Maintenance and other operating expenses 2) | 1,016 | 988 |
Total | 1,043 | 1,083 |
\u20ac million | 2025 | 2024 |
Audit fee | 4.7 | 4.5 |
Audit related services | ||
\u00a0 \u00a0 Sustainability Statement assurance | 0.4 | 0.3 |
\u00a0 \u00a0 Other audit-related services | 0.1 | 0.3 |
Tax services | 0.6 | 0.6 |
Other services | 0.4 | 0.1 |
Total | 6.2 | 5.8 |
\u20ac million | 2025 | 2024 |
Costs and expenses | ||
Raw materials, consumables and goods | 5,194 | 5,236 |
Employee costs 1) | 1,155 | 1,179 |
Other operating costs and expenses 2) | 1,043 | 1,083 |
Delivery costs and other external charges | 1,239 | 1,308 |
Total | 8,630 | 8,806 |
\u20ac million | 2025 | 2024 |
Audit fee | 4.7 | 4.5 |
Audit related services | ||
\u00a0 \u00a0 Sustainability Statement assurance | 0.4 | 0.3 |
\u00a0 \u00a0 Other audit-related services | 0.1 | 0.3 |
Tax services | 0.6 | 0.6 |
Other services | 0.4 | 0.1 |
Total | 6.2 | 5.8 |
\u20ac million | 2025 | 2024 |
Gains on sale of non-current assets | 57 | 31 |
Rental income | 10 | 9 |
Emission rights received | 101 | 92 |
Derivatives, non-qualifying hedges | 18 | -25 |
Exchange rate gains and losses | -37 | -9 |
Other | 26 | 31 |
Total | 174 | 130 |
\u20ac million | 2025 | 2024 |
Carrying value, at January 1 | 264 | 256 |
Emission rights received and purchased | 160 | 96 |
Deliveries and disposals | -230 | -84 |
Impairment | 8 | -5 |
Translation differences | -1 | \u2014 |
Carrying value, at December 31 | 201 | 264 |
Accumulated costs | 201 | 272 |
Accumulated impairments | \u2014 | -8 |
Carrying value, at December 31 | 201 | 264 |
Accounting policies |
Assessed useful lives | Number of years |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
Accounting policies |
\u20ac million | 2025 | 2024 |
Profit attributable to owners of the parent company, \u20ac million | 480 | 436 |
Weighted average no. of shares (1,000) | 528,554 | 533,324 |
Basic earnings per share, \u20ac | 0.91 | 0.82 |
Diluted earnings per share, \u20ac | 0.91 | 0.82 |
\u20ac million | 2025 | 2024 |
Salaries and fees | 930 | 937 |
Share-based payments | 11 | 16 |
Pension and other post-employment benefits, defined benefit plans | 17 | 19 |
Pension costs, defined contribution plans | 98 | 101 |
Other indirect employee costs 1) | 100 | 106 |
Total | 1,155 | 1,179 |
Shareholdings December 31 | Annual base fee (\u20ac 1,000) | Annual committee fee (\u20ac 1,000) | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Board members | ||||||
Henrik Ehrnrooth, Chair | 34,474 | 30,304 | 240 | 231 | 20 | 20 |
Kim Wahl, Deputy Chair | 32,335 | 29,729 | 150 | 145 | 10 | 10 |
Pia Aaltonen-Forsell | 5,213 | 3,128 | 120 | 120 | 50 | 45 |
Melanie Maas-Brunner | 3,547 | 1,462 | 120 | 120 | 10 | 10 |
Jari Gustafsson | 8,049 | 5,964 | 120 | 120 | 30 | 25 |
Piia-Noora Kauppi | 29,248 | 27,163 | 120 | 120 | 10 | 10 |
Topi Manner | 10,014 | 7,929 | 120 | 120 | 10 | 10 |
Marjan Oudeman | 14,807 | 12,722 | 120 | 120 | 30 | 25 |
Martin \u00e0 Porta | 30,057 | 27,972 | 120 | 120 | 28 | 28 |
Total | 167,744 | 146,373 | 1,230 | 1,216 | 198 | 183 |
President and CEO | Other members of Group Executive Team 1) | |||
\u20ac 1,000 | 2025 | 2024 | 2025 | 2024 |
Salaries | 927 | 894 | 3,837 | 3,736 |
Short-term incentives | 261 | 363 | 969 | 996 |
Share rewards | 169 | 125 | 2,562 | 2,871 |
Benefits | 30 | 36 | 143 | 146 |
Total | 1,387 | 1,418 | 7,511 | 7,748 |
2025 | 2024 | |||||||||
\u20ac million | Finland | UK | Germany | Other countries | Total | Finland | UK | Germany | Other countries | Total |
Present value of funded obligations | 13 | 283 | 27 | \u2014 | 323 | 14 | 305 | \u2014 | 2 | 321 |
Fair value of plan assets | -14 | -266 | -2 | \u2014 | -281 | -15 | -275 | -2 | -2 | -293 |
Deficit (+)/surplus (\u2013) | 0 | 18 | 24 | 0 | 42 | 0 | 30 | -2 | 0 | 28 |
Present value of unfunded obligations | \u2014 | \u2014 | 362 | 13 | 375 | \u2014 | \u2014 | 431 | 15 | 446 |
Net defined benefit liability (+)/asset (\u2013) | 0 | 18 | 387 | 13 | 417 | 0 | 30 | 429 | 15 | 474 |
Net retirement benefit asset in the balance sheet | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | \u2014 | 1 |
Net retirement benefit liability in the balance sheet 1) | 0 | 18 | 387 | 13 | 415 | 0 | 30 | 429 | 15 | 475 |
\u20ac million | Present value of obligation | Fair value of plan assets | Net defined benefit liability/ (Asset) | Present value of obligation | Fair value of plan assets | Net defined benefit liability/ (Asset) |
Carrying value, at January 1 | 767 | -293 | 474 | 810 | -327 | 484 |
Current service cost | 4 | \u2014 | 4 | 4 | \u2014 | 4 |
Curtailments | -1 | \u2014 | -1 | \u2014 | \u2014 | \u2014 |
Gains and losses arising from settlements | -1 | \u2014 | -1 | -1 | \u2014 | -1 |
Interest expense (+) income (\u2013) | 30 | -14 | 16 | 30 | -14 | 16 |
Total included in employee costs (Note 3.1) | 31 | -14 | 17 | 33 | -14 | 19 |
Actuarial gains and losses arising from changes in demographic assumptions | 1 | \u2014 | 1 | -1 | \u2014 | -1 |
Actuarial gains and losses arising from changes in financial assumptions | -37 | \u2014 | -37 | -28 | \u2014 | -28 |
Actuarial gains and losses arising from experience adjustments | -9 | \u2014 | -9 | -12 | \u2014 | -12 |
Return on plan assets, excluding amounts included in interest expense (+) income (\u2013) | \u2014 | -5 | -5 | \u2014 | 34 | 34 |
Total remeasurement gains (\u2013) and losses (+) included in other comprehensive income | -44 | -5 | -49 | -41 | 34 | -7 |
Benefits paid | -41 | 36 | -5 | -52 | 52 | \u2014 |
Settlements paid | -1 | 1 | \u2014 | \u2014 | \u2014 | \u2014 |
Contributions by the employer | \u2014 | -19 | -19 | \u2014 | -24 | -24 |
Companies acquired | 2 | \u2014 | 2 | \u2014 | \u2014 | \u2014 |
Translation differences | -16 | 14 | -3 | 16 | -15 | 1 |
Carrying value, at December 31 | 698 | -281 | 417 | 767 | -293 | 474 |
Actuarial risks |
Key estimates and judgments |
Finland | UK | Germany | Other countries | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Discount rate % | 3.24 | 2.85 | 5.50 | 5.45 | 3.78 | 3.22 | 4.45 | 4.30 |
Inflation rate % | 1.88 | 1.90 | 2.95 | 3.20 | 2.00 | 2.00 | 2.00 | 2.02 |
Rate of salary increase % | 1.88 | 1.89 | \u2014 | \u2014 | 2.32 | 2.31 | 2.50 | 2.50 |
Rate of pension increase % | \u2014 | \u2014 | 2.90 | 3.10 | 2.00 | 2.31 | \u2014 | 2.50 |
Expected average remaining working years of participants | \u2014 | \u2014 | 7.6 | 8.3 | 7.0 | 7.8 | 8.2 | 8.6 |
\u20ac million | 0.5% Increase | 0.5% Decrease | ||
2025 | 2024 | 2025 | 2024 | |
Discount rate % | -39 | -46 | 42 | 50 |
Rate of salary increase % | 4 | 5 | -4 | -5 |
Rate of pension increase % | 30 | 33 | -28 | -32 |
Life expectancy +1 year | 24 | 28 | \u2014 | \u2014 |
\u20ac million | 2025 | 2024 | ||
Quoted | Unquoted | Quoted | Unquoted | |
Money market | 37 | 1 | 49 | \u2014 |
Debt instruments | 96 | 44 | 131 | 9 |
Equity instruments | \u2014 | 61 | 50 | \u2014 |
Property | \u2014 | 10 | \u2014 | 21 |
Assets held by insurance companies | \u2014 | 14 | \u2014 | 14 |
Other assets | \u2014 | 18 | \u2014 | 19 |
Total | 133 | 148 | 230 | 63 |
Accounting policies |
\u20ac million | 2025 | 2024 |
Salaries and fees | 930 | 937 |
Share-based payments | 11 | 16 |
Pension and other post-employment benefits, defined benefit plans | 17 | 19 |
Pension costs, defined contribution plans | 98 | 101 |
Other indirect employee costs 1) | 100 | 106 |
Total | 1,155 | 1,179 |
Shareholdings December 31 | Annual base fee (\u20ac 1,000) | Annual committee fee (\u20ac 1,000) | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Board members | ||||||
Henrik Ehrnrooth, Chair | 34,474 | 30,304 | 240 | 231 | 20 | 20 |
Kim Wahl, Deputy Chair | 32,335 | 29,729 | 150 | 145 | 10 | 10 |
Pia Aaltonen-Forsell | 5,213 | 3,128 | 120 | 120 | 50 | 45 |
Melanie Maas-Brunner | 3,547 | 1,462 | 120 | 120 | 10 | 10 |
Jari Gustafsson | 8,049 | 5,964 | 120 | 120 | 30 | 25 |
Piia-Noora Kauppi | 29,248 | 27,163 | 120 | 120 | 10 | 10 |
Topi Manner | 10,014 | 7,929 | 120 | 120 | 10 | 10 |
Marjan Oudeman | 14,807 | 12,722 | 120 | 120 | 30 | 25 |
Martin \u00e0 Porta | 30,057 | 27,972 | 120 | 120 | 28 | 28 |
Total | 167,744 | 146,373 | 1,230 | 1,216 | 198 | 183 |
President and CEO | Other members of Group Executive Team 1) | |||
\u20ac 1,000 | 2025 | 2024 | 2025 | 2024 |
Salaries | 927 | 894 | 3,837 | 3,736 |
Short-term incentives | 261 | 363 | 969 | 996 |
Share rewards | 169 | 125 | 2,562 | 2,871 |
Benefits | 30 | 36 | 143 | 146 |
Total | 1,387 | 1,418 | 7,511 | 7,748 |
Performance Share Plans | PSP 2022-2024 | PSP 2023-2025 | PSP 2024-2026 | PSP 2025-2027 |
No. of participants at December 31, 2025 | 17 | 15 | 24 | 26 |
Actual achievement | 20% | \u2014 | \u2014 | \u2014 |
Max no. of shares to be delivered 1) | ||||
to the President and CEO | 6,000 | 29,000 | 72,952 | 75,530 |
to other members of GET | 30,100 | 146,000 | 204,000 | 276,000 |
to other selected members of management | 21,100 | 75,000 | 144,000 | 175,000 |
Total max no. of shares to be delivered | 57,200 | 250,000 | 420,952 | 526,530 |
Share delivery (year) | 2025 | 2026 | 2027 | 2028 |
Earning criteria (weighting) | Total shareholder return (80%) ESG (20%) 2) | Total shareholder return (80%) ESG (20%) 3) | Total shareholder return (80%) ESG (20%) 4) | Total shareholder return (80%) ESG (20%) 4) |
Deferred Bonus Plans | DBP 2022 | DBP 2023 | DBP 2024 | DBP 2025 |
No. of participants (at grant) | 451 | 446 | 453 | 314 |
No. of participants (at December 31, 2025) | 361 | 104 | 392 | 305 |
Max no. of shares to be delivered (at grant) | 487,130 | 477,052 | 571,338 | 505,078 |
Estimated no. of shares to be delivered at December 31, 2025 1) | 374,025 | 50,784 | 148,663 | 11,571 |
Share delivery (year) | 2025 | 2026 | 2027 | 2028 |
Earning criteria | Group/Business Area EBITDA | Group/Business Area EBITDA | Group/Business Area EBITDA | Group/Business Area EBITDA |
Restricted Share Plan | RSP 2024-2027 | RSP 2025-2028 |
No. of participants (at December 31, 2025) | 10 | 3 |
Estimated no. of shares to be delivered at December 31,\u00a0 2025 1) | 150,892 | 130,000 |
Share delivery (year) | 2025,2026,2027* | 2027,2028* |
2025 | 2024 | |||||||||
\u20ac million | Finland | UK | Germany | Other countries | Total | Finland | UK | Germany | Other countries | Total |
Present value of funded obligations | 13 | 283 | 27 | \u2014 | 323 | 14 | 305 | \u2014 | 2 | 321 |
Fair value of plan assets | -14 | -266 | -2 | \u2014 | -281 | -15 | -275 | -2 | -2 | -293 |
Deficit (+)/surplus (\u2013) | 0 | 18 | 24 | 0 | 42 | 0 | 30 | -2 | 0 | 28 |
Present value of unfunded obligations | \u2014 | \u2014 | 362 | 13 | 375 | \u2014 | \u2014 | 431 | 15 | 446 |
Net defined benefit liability (+)/asset (\u2013) | 0 | 18 | 387 | 13 | 417 | 0 | 30 | 429 | 15 | 474 |
Net retirement benefit asset in the balance sheet | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | \u2014 | 1 |
Net retirement benefit liability in the balance sheet 1) | 0 | 18 | 387 | 13 | 415 | 0 | 30 | 429 | 15 | 475 |
\u20ac million | Present value of obligation | Fair value of plan assets | Net defined benefit liability/ (Asset) | Present value of obligation | Fair value of plan assets | Net defined benefit liability/ (Asset) |
Carrying value, at January 1 | 767 | -293 | 474 | 810 | -327 | 484 |
Current service cost | 4 | \u2014 | 4 | 4 | \u2014 | 4 |
Curtailments | -1 | \u2014 | -1 | \u2014 | \u2014 | \u2014 |
Gains and losses arising from settlements | -1 | \u2014 | -1 | -1 | \u2014 | -1 |
Interest expense (+) income (\u2013) | 30 | -14 | 16 | 30 | -14 | 16 |
Total included in employee costs (Note 3.1) | 31 | -14 | 17 | 33 | -14 | 19 |
Actuarial gains and losses arising from changes in demographic assumptions | 1 | \u2014 | 1 | -1 | \u2014 | -1 |
Actuarial gains and losses arising from changes in financial assumptions | -37 | \u2014 | -37 | -28 | \u2014 | -28 |
Actuarial gains and losses arising from experience adjustments | -9 | \u2014 | -9 | -12 | \u2014 | -12 |
Return on plan assets, excluding amounts included in interest expense (+) income (\u2013) | \u2014 | -5 | -5 | \u2014 | 34 | 34 |
Total remeasurement gains (\u2013) and losses (+) included in other comprehensive income | -44 | -5 | -49 | -41 | 34 | -7 |
Benefits paid | -41 | 36 | -5 | -52 | 52 | \u2014 |
Settlements paid | -1 | 1 | \u2014 | \u2014 | \u2014 | \u2014 |
Contributions by the employer | \u2014 | -19 | -19 | \u2014 | -24 | -24 |
Companies acquired | 2 | \u2014 | 2 | \u2014 | \u2014 | \u2014 |
Translation differences | -16 | 14 | -3 | 16 | -15 | 1 |
Carrying value, at December 31 | 698 | -281 | 417 | 767 | -293 | 474 |
Actuarial risks |
Key estimates and judgments |
Finland | UK | Germany | Other countries | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Discount rate % | 3.24 | 2.85 | 5.50 | 5.45 | 3.78 | 3.22 | 4.45 | 4.30 |
Inflation rate % | 1.88 | 1.90 | 2.95 | 3.20 | 2.00 | 2.00 | 2.00 | 2.02 |
Rate of salary increase % | 1.88 | 1.89 | \u2014 | \u2014 | 2.32 | 2.31 | 2.50 | 2.50 |
Rate of pension increase % | \u2014 | \u2014 | 2.90 | 3.10 | 2.00 | 2.31 | \u2014 | 2.50 |
Expected average remaining working years of participants | \u2014 | \u2014 | 7.6 | 8.3 | 7.0 | 7.8 | 8.2 | 8.6 |
\u20ac million | 0.5% Increase | 0.5% Decrease | ||
2025 | 2024 | 2025 | 2024 | |
Discount rate % | -39 | -46 | 42 | 50 |
Rate of salary increase % | 4 | 5 | -4 | -5 |
Rate of pension increase % | 30 | 33 | -28 | -32 |
Life expectancy +1 year | 24 | 28 | \u2014 | \u2014 |
\u20ac million | 2025 | 2024 | ||
Quoted | Unquoted | Quoted | Unquoted | |
Money market | 37 | 1 | 49 | \u2014 |
Debt instruments | 96 | 44 | 131 | 9 |
Equity instruments | \u2014 | 61 | 50 | \u2014 |
Property | \u2014 | 10 | \u2014 | 21 |
Assets held by insurance companies | \u2014 | 14 | \u2014 | 14 |
Other assets | \u2014 | 18 | \u2014 | 19 |
Total | 133 | 148 | 230 | 63 |
Accounting policies |
Shareholdings December 31 | Annual base fee (\u20ac 1,000) | Annual committee fee (\u20ac 1,000) | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Board members | ||||||
Henrik Ehrnrooth, Chair | 34,474 | 30,304 | 240 | 231 | 20 | 20 |
Kim Wahl, Deputy Chair | 32,335 | 29,729 | 150 | 145 | 10 | 10 |
Pia Aaltonen-Forsell | 5,213 | 3,128 | 120 | 120 | 50 | 45 |
Melanie Maas-Brunner | 3,547 | 1,462 | 120 | 120 | 10 | 10 |
Jari Gustafsson | 8,049 | 5,964 | 120 | 120 | 30 | 25 |
Piia-Noora Kauppi | 29,248 | 27,163 | 120 | 120 | 10 | 10 |
Topi Manner | 10,014 | 7,929 | 120 | 120 | 10 | 10 |
Marjan Oudeman | 14,807 | 12,722 | 120 | 120 | 30 | 25 |
Martin \u00e0 Porta | 30,057 | 27,972 | 120 | 120 | 28 | 28 |
Total | 167,744 | 146,373 | 1,230 | 1,216 | 198 | 183 |
President and CEO | Other members of Group Executive Team 1) | |||
\u20ac 1,000 | 2025 | 2024 | 2025 | 2024 |
Salaries | 927 | 894 | 3,837 | 3,736 |
Short-term incentives | 261 | 363 | 969 | 996 |
Share rewards | 169 | 125 | 2,562 | 2,871 |
Benefits | 30 | 36 | 143 | 146 |
Total | 1,387 | 1,418 | 7,511 | 7,748 |
Performance Share Plans | PSP 2022-2024 | PSP 2023-2025 | PSP 2024-2026 | PSP 2025-2027 |
No. of participants at December 31, 2025 | 17 | 15 | 24 | 26 |
Actual achievement | 20% | \u2014 | \u2014 | \u2014 |
Max no. of shares to be delivered 1) | ||||
to the President and CEO | 6,000 | 29,000 | 72,952 | 75,530 |
to other members of GET | 30,100 | 146,000 | 204,000 | 276,000 |
to other selected members of management | 21,100 | 75,000 | 144,000 | 175,000 |
Total max no. of shares to be delivered | 57,200 | 250,000 | 420,952 | 526,530 |
Share delivery (year) | 2025 | 2026 | 2027 | 2028 |
Earning criteria (weighting) | Total shareholder return (80%) ESG (20%) 2) | Total shareholder return (80%) ESG (20%) 3) | Total shareholder return (80%) ESG (20%) 4) | Total shareholder return (80%) ESG (20%) 4) |
Deferred Bonus Plans | DBP 2022 | DBP 2023 | DBP 2024 | DBP 2025 |
No. of participants (at grant) | 451 | 446 | 453 | 314 |
No. of participants (at December 31, 2025) | 361 | 104 | 392 | 305 |
Max no. of shares to be delivered (at grant) | 487,130 | 477,052 | 571,338 | 505,078 |
Estimated no. of shares to be delivered at December 31, 2025 1) | 374,025 | 50,784 | 148,663 | 11,571 |
Share delivery (year) | 2025 | 2026 | 2027 | 2028 |
Earning criteria | Group/Business Area EBITDA | Group/Business Area EBITDA | Group/Business Area EBITDA | Group/Business Area EBITDA |
Restricted Share Plan | RSP 2024-2027 | RSP 2025-2028 |
No. of participants (at December 31, 2025) | 10 | 3 |
Estimated no. of shares to be delivered at December 31,\u00a0 2025 1) | 150,892 | 130,000 |
Share delivery (year) | 2025,2026,2027* | 2027,2028* |
Accounting policies |
Accounting policies |
\u20ac million | 2025 | 2024 |
Property, plant and equipment | 6,459 | 7,085 |
Leased assets | 778 | 847 |
Forest assets | 2,605 | 2,517 |
Financial assets at FVOCI | 2,193 | 2,247 |
Goodwill and other intangible assets | 818 | 754 |
Operating working capital | 1,714 | 2,161 |
Provisions | -280 | -253 |
Net retirement benefit assets and liabilities | -438 | -496 |
Cash and cash equivalents | 715 | 892 |
Other assets and liabilities | -154 | -154 |
Net deferred tax assets and liabilities | -279 | -146 |
Assets classified as held for sale, net | \u2014 | \u2014 |
Total | 14,129 | 15,452 |
\u20ac million | 2025 | 2024 |
Equity attributable to owners of the parent company | 10,001 | 11,139 |
Non-controlling interest | 333 | 401 |
Total equity | 10,335 | 11,540 |
Non-current debt | 3,638 | 3,747 |
Current debt | 156 | 166 |
Total debt | 3,794 | 3,913 |
Total capitalization | 14,129 | 15,452 |
Total debt | 3,794 | 3,913 |
Less: Interest-bearing financial assets and investment funds | 790 | 1,044 |
Net debt | 3,004 | 2,869 |
Gearing ratio, % 1) | 29 | 25 |
Net debt to EBITDA 1) | 2.29 | 1.66 |
\u20ac million | Land and water areas | Buildings | Machinery and equipment | Other tangible assets | Construction in progress | Total |
2025 | ||||||
Accumulated costs | 845 | 4,152 | 12,660 | 760 | 1,462 | 19,879 |
Accumulated depreciation and impairments | \u2014 | -2,332 | -10,110 | -605 | -373 | -13,420 |
Carrying value, at December 31 | 845 | 1,820 | 2,550 | 155 | 1,089 | 6,459 |
Carrying value, at January 1 | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
Additions | 4 | 1 | 8 | 0 | 387 | 400 |
Companies acquired 1) | 1 | 0 | 3 | \u2014 | \u2014 | 4 |
Disposals 2) | -28 | -2 | -23 | 0 | 0 | -53 |
Depreciation | \u2014 | -96 | -306 | -19 | \u2014 | -421 |
Impairment | \u2014 | -5 | -32 | -3 | 0 | -40 |
Reclassifications | 0 | 11 | 119 | 14 | -146 | -2 |
Translation differences and other changes | -85 | -187 | -224 | -15 | -3 | -515 |
Carrying value, at December 31 | 845 | 1,820 | 2,550 | 155 | 1,089 | 6,459 |
2024 | ||||||
Accumulated costs | 954 | 4,699 | 14,693 | 821 | 1,224 | 22,390 |
Accumulated depreciation and impairments | \u2014 | -2,601 | -11,688 | -642 | -373 | -15,305 |
Carrying value, at December 31 | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
Carrying value, at January 1 | 861 | 2,073 | 3,019 | 175 | 925 | 7,053 |
Additions | 44 | 0 | 3 | 0 | 462 | 508 |
Companies acquired 1) | 7 | 6 | 2 | 1 | 0 | 16 |
Disposals | -2 | 0 | -1 | \u2014 | 0 | -3 |
Depreciation | \u2014 | -101 | -339 | -21 | \u2014 | -461 |
Impairment | \u2014 | -32 | -28 | -1 | -373 | -435 |
Reclassifications 3) | 1 | 55 | 230 | 16 | -167 | 136 |
Translation differences and other changes | 43 | 98 | 119 | 8 | 4 | 272 |
Carrying value, at December 31 | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
\u20ac million | 2025 | 2024 |
New biorefinery / Germany | 42 | 177 |
Advanced label material capacity increase / Mills River, NC | 8 | \u2014 |
Capability enhancement and capacity increase / Malaysia | 10 | \u2014 |
Accounting policies |
Assessed useful lives | Number of years |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
Key estimates and judgments |
\u20ac million | Land and water areas | Buildings | Machinery and equipment | Other tangible assets | Construction in progress | Total |
2025 | ||||||
Accumulated costs | 845 | 4,152 | 12,660 | 760 | 1,462 | 19,879 |
Accumulated depreciation and impairments | \u2014 | -2,332 | -10,110 | -605 | -373 | -13,420 |
Carrying value, at December 31 | 845 | 1,820 | 2,550 | 155 | 1,089 | 6,459 |
Carrying value, at January 1 | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
Additions | 4 | 1 | 8 | 0 | 387 | 400 |
Companies acquired 1) | 1 | 0 | 3 | \u2014 | \u2014 | 4 |
Disposals 2) | -28 | -2 | -23 | 0 | 0 | -53 |
Depreciation | \u2014 | -96 | -306 | -19 | \u2014 | -421 |
Impairment | \u2014 | -5 | -32 | -3 | 0 | -40 |
Reclassifications | 0 | 11 | 119 | 14 | -146 | -2 |
Translation differences and other changes | -85 | -187 | -224 | -15 | -3 | -515 |
Carrying value, at December 31 | 845 | 1,820 | 2,550 | 155 | 1,089 | 6,459 |
2024 | ||||||
Accumulated costs | 954 | 4,699 | 14,693 | 821 | 1,224 | 22,390 |
Accumulated depreciation and impairments | \u2014 | -2,601 | -11,688 | -642 | -373 | -15,305 |
Carrying value, at December 31 | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
Carrying value, at January 1 | 861 | 2,073 | 3,019 | 175 | 925 | 7,053 |
Additions | 44 | 0 | 3 | 0 | 462 | 508 |
Companies acquired 1) | 7 | 6 | 2 | 1 | 0 | 16 |
Disposals | -2 | 0 | -1 | \u2014 | 0 | -3 |
Depreciation | \u2014 | -101 | -339 | -21 | \u2014 | -461 |
Impairment | \u2014 | -32 | -28 | -1 | -373 | -435 |
Reclassifications 3) | 1 | 55 | 230 | 16 | -167 | 136 |
Translation differences and other changes | 43 | 98 | 119 | 8 | 4 | 272 |
Carrying value, at December 31 | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
Assessed useful lives | Number of years |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
\u20ac million | Intangible rights | Software and other intangible assets | Total |
2025 | |||
Accumulated costs | 375 | 624 | 999 |
Accumulated amortization and impairments | -159 | -488 | -646 |
Carrying value, at December 31 | 216 | 136 | 352 |
Carrying value, at January 1 | 212 | 104 | 316 |
Additions | 3 | 6 | 9 |
Companies acquired 1) | 0 | 60 | 60 |
Amortization | -7 | -24 | -30 |
Impairment | -1 | 0 | -2 |
Reclassifications | 9 | -8 | 1 |
Translation differences | 0 | -2 | -2 |
Carrying value, at December 31 | 216 | 136 | 352 |
Emission rights, carrying value 2) | 201 | ||
Carrying value including emission rights, at December 31 | 554 | ||
2024 | |||
Accumulated costs | 434 | 587 | 1,021 |
Accumulated amortization and impairments | -222 | -482 | -705 |
Carrying value, at December 31 | 212 | 104 | 316 |
Carrying value, at January 1 | 214 | 245 | 459 |
Additions | 3 | 16 | 18 |
Companies acquired 1) | \u2014 | 5 | 5 |
Amortization | -5 | -26 | -30 |
Impairment | 0 | -5 | -5 |
Reclassifications 3) | 0 | -136 | -135 |
Translation differences | 0 | 4 | 4 |
Carrying value, at December 31 | 212 | 104 | 316 |
Emission rights, carrying value 2) | 264 | ||
Carrying value including emission rights, at December 31 | 580 |
\u20ac million | Land areas | Buildings | Machinery and equipment | Other leased assets | Advance payments 1) | Total |
2025 | ||||||
Carrying value, at January 1 | 291 | 144 | 411 | 1 | \u2014 | 847 |
New contracts and subsequent additions | 12 | 19 | 51 | 1 | \u2014 | 83 |
Business acquisitions | \u2014 | 4 | 0 | \u2014 | \u2014 | 4 |
Reassessments and disposals | 10 | 2 | 0 | 0 | \u2014 | 12 |
Depreciation | -18 | -23 | -48 | 0 | \u2014 | -90 |
Impairments | \u2014 | 0 | -14 | \u2014 | \u2014 | -15 |
Translation differences | -32 | -4 | -28 | 0 | \u2014 | -64 |
Carrying value, at December 31 | 263 | 142 | 372 | 1 | \u2014 | 778 |
2024 | ||||||
Carrying value, at January 1 | 272 | 161 | 226 | 1 | 24 | 683 |
New contracts and subsequent additions | 19 | 3 | 181 | 1 | 9 | 213 |
Reassessments and disposals | 1 | 4 | -1 | 0 | \u2014 | 4 |
Depreciation | -18 | -24 | -43 | 0 | \u2014 | -85 |
Reclassifications | \u2014 | \u2014 | 33 | \u2014 | -33 | \u2014 |
Translation differences | 16 | 0 | 15 | 0 | 0 | 32 |
Carrying value, at December 31 | 291 | 144 | 411 | 1 | \u2014 | 847 |
\u20ac million | 2025 | 2024 |
New biorefinery / Germany | 42 | 177 |
Advanced label material capacity increase / Mills River, NC | 8 | \u2014 |
Capability enhancement and capacity increase / Malaysia | 10 | \u2014 |
\u20ac million | 2025 | 2024 |
Other own commitments | ||
Leasing commitments for the next 12 months in accordance with IFRS 16 | 1 | 1 |
Other commitments | 128 | 106 |
Total | 129 | 107 |
\u20ac million | 2025 | 2024 |
New biorefinery / Germany | 42 | 177 |
Advanced label material capacity increase / Mills River, NC | 8 | \u2014 |
Capability enhancement and capacity increase / Malaysia | 10 | \u2014 |
\u20ac million | 2025 | 2024 |
Other own commitments | ||
Leasing commitments for the next 12 months in accordance with IFRS 16 | 1 | 1 |
Other commitments | 128 | 106 |
Total | 129 | 107 |
Cash generating unit | Basis of valuation | Period of forecast | Pre-tax discount rate | Key assumptions |
Pulp operations Uruguay | Value in use | 10 years + terminal value | 8.60% (2024: 9.12%) | Pulp price, wood costs |
UPM Adhesive Materials | Value in use | 10 years + terminal value | 9.14% (2024: 10.59%) | Product prices, cost development |
UPM Plywood | Value in use | 10 years + terminal value | 10.18% (2024: 11.12%) | Product prices, cost development |
Key estimates and judgments |
Assessed useful lives | Number of years |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
Assessed useful lives | Number of years |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
\u20ac million | 2025 | 2024 |
Carrying value, at January 1 | 2,517 | 2,355 |
Additions | 61 | 54 |
Disposals | -21 | -21 |
Wood harvested | -178 | -218 |
Net change in fair value | 322 | 299 |
Translation differences | -96 | 48 |
Carrying value, at December 31 | 2,605 | 2,517 |
\u20ac million | 2025 | 2024 |
Forest assets in Finland | 1,777 | 1,695 |
Forest assets in Uruguay | 814 | 807 |
Forest assets in United States | 14 | 15 |
Carrying value, at December 31 | 2,605 | 2,517 |
1,000 ha | Forest land | Productive forest land | Forested land |
Finland | 522 | 427 | 415 |
Uruguay | 319 | 190 | 177 |
Uruguay, leased land | 177 | 142 | 136 |
United States | 76 | 56 | 56 |
Total | 1,094 | 814 | 784 |
Accounting policies |
Key estimates and judgments |
Number of shares | Group holding % | Carrying value, \u20ac million | ||
2025 | 2024 | |||
Energy shareholdings | ||||
\u00a0 \u00a0 Pohjolan Voima Oyj, A series | 8,176,191 | 61.24 | 571 | 543 |
\u00a0 \u00a0 Pohjolan Voima Oyj, B series | 4,140,132 | 58.11 | 997 | 1,151 |
\u00a0 \u00a0 Pohjolan Voima Oyj, B2 series | 2,869,819 | 51.22 | 7 | 0 |
\u00a0 \u00a0 Kemijoki Oy | 179,189 | 7.33 | 447 | 426 |
\u00a0 \u00a0 L\u00e4nsi-Suomen Voima Oy | 10,220 | 51.10 | 136 | 123 |
Energy shareholdings total | 2,160 | 2,242 | ||
Other | \u2014 | \u2014 | 33 | 4 |
Carrying value, at December 31 | 2,193 | 2,247 |
\u20ac million | 2025 | 2024 |
Carrying value, at January 1 | 2,247 | 2,283 |
Additions | 29 | \u2014 |
Disposals | \u2014 | -4 |
Changes in fair value recognized in other comprehensive income | -83 | -32 |
Carrying value, at December 31 | 2,193 | 2,247 |
Accounting policies |
Key estimates and judgments |
\u20ac million | 2025 | 2024 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Financial assets | ||||||||
Investment funds | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 |
Derivatives, non-qualifying hedges | \u2014 | 8 | \u2014 | 8 | \u2014 | 10 | \u2014 | 10 |
Derivatives under hedge accounting | \u2014 | 85 | \u2014 | 85 | 1 | 85 | \u2014 | 85 |
Financial assets at FVOCI | \u2014 | \u2014 | 2,193 | 2,193 | \u2014 | \u2014 | 2,247 | 2,247 |
Total | \u2014 | 94 | 2,193 | 2,287 | 1 | 96 | 2,247 | 2,343 |
Financial liabilities | ||||||||
Derivatives, non-qualifying hedges | \u2014 | 6 | \u2014 | 6 | \u2014 | 17 | \u2014 | 17 |
Derivatives under hedge accounting | \u2014 | 150 | \u2014 | 150 | \u2014 | 195 | \u2014 | 195 |
Total | \u2014 | 155 | \u2014 | 155 | \u2014 | 211 | \u2014 | 211 |
Accounting policies |
\u20ac million | 2025 | 2024 |
Carrying value, at January 1 | 2,517 | 2,355 |
Additions | 61 | 54 |
Disposals | -21 | -21 |
Wood harvested | -178 | -218 |
Net change in fair value | 322 | 299 |
Translation differences | -96 | 48 |
Carrying value, at December 31 | 2,605 | 2,517 |
\u20ac million | 2025 | 2024 |
Forest assets in Finland | 1,777 | 1,695 |
Forest assets in Uruguay | 814 | 807 |
Forest assets in United States | 14 | 15 |
Carrying value, at December 31 | 2,605 | 2,517 |
1,000 ha | Forest land | Productive forest land | Forested land |
Finland | 522 | 427 | 415 |
Uruguay | 319 | 190 | 177 |
Uruguay, leased land | 177 | 142 | 136 |
United States | 76 | 56 | 56 |
Total | 1,094 | 814 | 784 |
Accounting policies |
Key estimates and judgments |
Number of shares | Group holding % | Carrying value, \u20ac million | ||
2025 | 2024 | |||
Energy shareholdings | ||||
\u00a0 \u00a0 Pohjolan Voima Oyj, A series | 8,176,191 | 61.24 | 571 | 543 |
\u00a0 \u00a0 Pohjolan Voima Oyj, B series | 4,140,132 | 58.11 | 997 | 1,151 |
\u00a0 \u00a0 Pohjolan Voima Oyj, B2 series | 2,869,819 | 51.22 | 7 | 0 |
\u00a0 \u00a0 Kemijoki Oy | 179,189 | 7.33 | 447 | 426 |
\u00a0 \u00a0 L\u00e4nsi-Suomen Voima Oy | 10,220 | 51.10 | 136 | 123 |
Energy shareholdings total | 2,160 | 2,242 | ||
Other | \u2014 | \u2014 | 33 | 4 |
Carrying value, at December 31 | 2,193 | 2,247 |
\u20ac million | 2025 | 2024 |
Carrying value, at January 1 | 2,247 | 2,283 |
Additions | 29 | \u2014 |
Disposals | \u2014 | -4 |
Changes in fair value recognized in other comprehensive income | -83 | -32 |
Carrying value, at December 31 | 2,193 | 2,247 |
Accounting policies |
Key estimates and judgments |
\u20ac million | 2025 | 2024 |
Trade receivables | ||
Trade receivables | 1,106 | 1,458 |
Loss allowance provision | -25 | -26 |
Total trade receivables | 1,081 | 1,432 |
Prepayments and accrued income | ||
Personnel expenses | 3 | 3 |
Interest income | 0 | 0 |
Energy and other excise taxes | 7 | 8 |
Other items | 151 | 164 |
Total prepayments and accrued income | 161 | 176 |
Other receivables | ||
VAT and other indirect taxes receivable | 162 | 169 |
Cash collaterals | 35 | 110 |
Other receivables | 43 | 43 |
Total other receivables | 239 | 322 |
Total | 1,481 | 1,929 |
2025 | 2024 | |||||
\u20ac million | Trade receivables | Loss allowance provision | Trade receivables, net of provision | Trade receivables | Loss allowance provision | Trade receivables, net of provision |
Undue | -2 | |||||
68 | -1 | 66 | -1 | 62 | ||
10 | -2 | 8 | -2 | 12 | ||
21 | -21 | |||||
Total | 1,106 | 1,081 | -26 |
\u20ac million | 2025 | 2024 |
Accrued expenses and deferred income | ||
Personnel expenses | 162 | 186 |
Interest expenses | 30 | 30 |
Indirect taxes | 15 | 16 |
Customer rebates | 99 | 114 |
Customer claims | 5 | 6 |
Other items | 108 | 109 |
Total accrued expenses and deferred income | 419 | 462 |
Advances received | 12 | 6 |
Trade payables | 1,240 | 1,369 |
Other current liabilities | 167 | 101 |
Total | 1,839 | 1,938 |
Operational credit risk |
\u20ac million | 2025 | 2024 |
Equity attributable to owners of the parent company | 10,001 | 11,139 |
Non-controlling interest | 333 | 401 |
Total equity | 10,335 | 11,540 |
Non-current debt | 3,638 | 3,747 |
Current debt | 156 | 166 |
Total debt | 3,794 | 3,913 |
Total capitalization | 14,129 | 15,452 |
Total debt | 3,794 | 3,913 |
Less: Interest-bearing financial assets and investment funds | 790 | 1,044 |
Net debt | 3,004 | 2,869 |
Gearing ratio, % 1) | 29 | 25 |
Net debt to EBITDA 1) | 2.29 | 1.66 |
Liquidity and refinancing risk |
\u20ac million | 2025 | 2024 |
Cash at bank | 715 | 849 |
Cash equivalents | \u2014 | 42 |
Investment funds | 1 | 1 |
Committed credit lines | 2,009 | 2,310 |
of which used | \u2014 | 0 |
Loan commitments | \u2014 | \u2014 |
Used uncommitted credit lines | -33 | -1 |
Long-term loan repayment cash flow | -121 | -151 |
Liquidity | 2,570 | 3,050 |
\u20ac million | 2026 | 2027 | 2028 | 2029 | 2030 | 2031+ | Total |
Bonds | \u2014 | 319 | 750 | 500 | \u2014 | 1,100 | 2,669 |
Loans from financial institutions | 31 | 31 | 31 | 31 | 31 | \u2014 | 154 |
Lease liabilities | 90 | 72 | 59 | 50 | 55 | 446 | 772 |
Other loans | \u2014 | \u2014 | \u2014 | 114 | \u2014 | \u2014 | 115 |
Current loans | 33 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 33 |
Principal payments | 154 | 423 | 840 | 695 | 86 | 1,546 | 3,743 |
Interest payments | 94 | 88 | 60 | 52 | 33 | 194 | 520 |
\u20ac million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030+ | Total |
Bonds | \u2014 | \u2014 | 361 | 750 | 500 | 1,100 | 2,711 |
Loans from financial institutions | 34 | 31 | 31 | 31 | 31 | 31 | 188 |
Lease liabilities | 115 | 81 | 69 | 63 | 55 | 451 | 832 |
Other loans | 2 | \u2014 | \u2014 | \u2014 | 129 | \u2014 | 131 |
Current loans | 1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Principal payments | 152 | 112 | 461 | 844 | 714 | 1,581 | 3,863 |
Interest payments | 102 | 93 | 91 | 63 | 56 | 215 | 620 |
\u20ac million | 2026 | 2027 | 2028 | 2029 | 2030 | 2031+ | Total |
Net settled interest rate swaps | |||||||
Net inflow | 9 | 9 | \u2014 | \u2014 | \u2014 | \u2014 | 18 |
Net outflow | -19 | -20 | -21 | -1 | -2 | -17 | -81 |
Gross settled derivatives | |||||||
Gross currency swaps | |||||||
Total inflow | 7 | 7 | 7 | 117 | \u2014 | \u2014 | 137 |
Total outflow | -5 | -5 | -6 | -168 | \u2014 | \u2014 | -184 |
Forward foreign exchange contracts | |||||||
Total inflow | 811 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 811 |
Total outflow | -809 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -809 |
Guarantees | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u20ac million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030+ | Total |
Net settled interest rate swaps | |||||||
Net inflow | 5 | 8 | 9 | 1 | 1 | \u2014 | 25 |
Net outflow | -23 | -17 | -18 | -19 | \u2014 | \u2014 | -79 |
Gross settled derivatives | |||||||
Gross currency swaps | |||||||
Total inflow | 8 | 8 | 8 | 8 | 133 | \u2014 | 163 |
Total outflow | -5 | -5 | -5 | -5 | -168 | \u2014 | -189 |
Forward foreign exchange contracts | |||||||
Total inflow | 741 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 741 |
Total outflow | -750 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -750 |
Guarantees | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u20ac million | 2025 | 2024 |
Bonds | 2,594 | 2,642 |
Loans from financial institutions | 123 | 154 |
Lease liabilities | 684 | 717 |
Derivatives | 111 | 84 |
Other loans | 126 | 149 |
Non-current debt | 3,638 | 3,747 |
Repayments of non-current debt | 31 | 36 |
Repayments of lease liabilities | 88 | 115 |
Derivatives | 3 | 14 |
Other liabilities | 33 | 1 |
Current debt | 156 | 166 |
Total debt | 3,794 | 3,913 |
Loan receivables | 2 | 2 |
Derivatives | 14 | 21 |
Other receivables | 16 | 15 |
Non-current interest-bearing assets | 32 | 38 |
Loan receivables | 1 | 1 |
Derivatives | 5 | 2 |
Other receivables | 35 | 110 |
Investment funds | 1 | 1 |
Cash and cash equivalents | 715 | 892 |
Current interest-bearing assets | 758 | 1,006 |
Total interest-bearing assets | 790 | 1,044 |
Net debt | 3,004 | 2,869 |
Accounting policies |
Reported in financing activities in cash flow statement | ||||||||||
\u20ac million | Non-current loans incl. repayments | Lease liabilities | Current loans | Net deriva- tives | Invest- ment funds | Debt held for sale | Other financial assets | Cash and cash equiva- lents | Financial assets held for sale | Net debt |
Carrying value, at January 1 | 2981 | 832 | 1 | 76 | -1 | \u2014 | -128 | -892 | \u2014 | 2,869 |
Change in net debt, cash | ||||||||||
Proceeds from non-current debt | 65 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 65 |
Payments of non-current debt | -148 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -148 |
Lease repayments | \u2014 | -112 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -112 |
Change in current liabilities | \u2014 | \u2014 | 32 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 32 |
Net cash flows from derivatives | \u2014 | \u2014 | \u2014 | 14 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 14 |
Change in other financial assets in operating cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 73 | \u2014 | \u2014 | 73 |
Change in other financial assets in investing cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1 | \u2014 | \u2014 | -1 |
Change in cash and cash equivalents | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 158 | \u2014 | 158 |
-83 | -112 | 32 | 14 | \u2014 | \u2014 | 72 | 158 | \u2014 | 80 | |
Change in net debt, non-cash | ||||||||||
Companies acquired | 48 | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 52 |
New contracts and subsequent additions | \u2014 | 84 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 84 |
Lease liability reassessments | \u2014 | 11 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 11 |
Fair value gains and losses | -18 | \u2014 | \u2014 | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -13 |
Exchange gains and losses | -56 | -47 | \u2014 | \u2014 | \u2014 | \u2014 | 1 | 19 | \u2014 | -84 |
Effective interest rate adjustment | 5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 5 |
-22 | 52 | \u2014 | 6 | \u2014 | \u2014 | 1 | 19 | \u2014 | 55 | |
Carrying value, at December 31 | 2,875 | 772 | 33 | 95 | -1 | \u2014 | -55 | -715 | \u2014 | 3,004 |
\u20ac million | Non- current loans incl. repay- ments | Lease liabilities | Current loans | Net deriva- tives | Invest- ment funds | Debt held for sale | Other financial assets | Cash and cash equiva- lents | Financial assets held for sale | Net debt |
Carrying value, at January 1 | 2,371 | 706 | 180 | 63 | -1 | 2 | -208 | -632 | -47 | 2,432 |
Change in net debt, cash | ||||||||||
Proceeds from non-current debt | 600 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 600 |
Payments of non-current debt | -23 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -23 |
Lease repayments | \u2014 | -105 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -105 |
Change in current liabilities | \u2014 | \u2014 | -182 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -182 |
Net cash flows from derivatives | \u2014 | \u2014 | \u2014 | -5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -5 |
Transaction costs and discounts in operating cash flow | -7 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -7 |
Change in other financial assets in operating cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 79 | \u2014 | \u2014 | 79 |
Change in other financial assets in investing cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 0 | \u2014 | \u2014 | 0 |
Change in cash and cash equivalents 1) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -261 | 39 | -222 |
570 | -105 | -182 | -5 | \u2014 | \u2014 | 79 | -261 | 39 | 135 | |
Change in net debt, non-cash | ||||||||||
Companies acquired | 1 | \u2014 | 3 | 4 | ||||||
Companies disposed | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -2 | 2 | \u2014 | 9 | 9 |
New contracts and subsequent additions | \u2014 | 202 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 202 |
Lease liability reassessments | \u2014 | 5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 5 |
Fair value gains and losses | 17 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 35 |
Exchange gains and losses | 17 | 24 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 | \u2014 | 43 |
Effective interest rate adjustment | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
40 | 231 | 3 | 18 | \u2014 | -2 | 1 | 2 | 9 | 302 | |
Carrying value, at December 31 | 2,981 | 832 | 1 | 76 | -1 | \u2014 | -128 | -892 | \u2014 | 2,869 |
Fixed rate period | Interest rate, % | Currency | Nominal value issued, million | Carrying value 2025 \u20ac million | Carrying value 2024 \u20ac million |
1997-2027 | 7.450 | USD | 375 | 331 | 375 |
2020-2028 | 0.125 | EUR | 750 | 691 | 675 |
2021-2031 | 0.500 | EUR | 500 | 496 | 496 |
2022-2029 | 2.250 | EUR | 500 | 498 | 497 |
2024-2034 | 3.375 | EUR | 600 | 578 | 599 |
Value, at December 31 | 2,594 | 2,642 | |||
Current portion | \u2014 | \u2014 | |||
Non-current portion | 2,594 | 2,642 |
\u20ac million | Fair value through profit and loss | Equity instruments at fair value through OCI | Derivatives under hedge accounting | Financial assets and liabilities at amortized cost | Total |
Financial assets at FVOCI | \u2014 | 2,193 | \u2014 | \u2014 | 2,193 |
Other non-current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 6 | 6 |
Derivatives | \u2014 | \u2014 | 18 | \u2014 | 18 |
\u2014 | \u2014 | 18 | 6 | 24 | |
Trade and other receivables | \u2014 | \u2014 | \u2014 | 1,481 | 1,481 |
Other current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 1 | 1 |
Derivatives | 8 | \u2014 | 67 | \u2014 | 75 |
Investment funds | 1 | \u2014 | \u2014 | \u2014 | 1 |
9 | \u2014 | 67 | 1 | 78 | |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | 715 | 715 |
Total financial assets | 9 | 2,193 | 85 | 2,203 | 4,490 |
Non-current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 3,528 | 3,528 |
Derivatives | \u2014 | \u2014 | 111 | \u2014 | 111 |
\u2014 | \u2014 | 111 | 3,528 | 3,638 | |
Other non-current financial liabilities | |||||
Other liabilities 1) | \u2014 | \u2014 | \u2014 | 86 | 86 |
Derivatives | \u2014 | \u2014 | 4 | \u2014 | 4 |
\u2014 | \u2014 | 4 | 86 | 90 | |
Current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 152 | 152 |
Derivatives | 1 | \u2014 | 2 | \u2014 | 3 |
1 | \u2014 | 2 | 152 | 156 | |
Trade and other payables | \u2014 | \u2014 | \u2014 | 1,839 | 1,839 |
Other current financial liabilities | |||||
Derivatives | 4 | \u2014 | 33 | \u2014 | 37 |
4 | \u2014 | 33 | \u2014 | 37 | |
Total financial liabilities | 6 | \u2014 | 150 | 5,605 | 5,761 |
\u20ac million | Fair value through profit and loss | Equity instruments at fair value through OCI | Derivatives under hedge accounting | Financial assets and liabilities at amortized cost | Total |
Financial assets at FVOCI | \u2014 | 2,247 | \u2014 | \u2014 | 2,247 |
Other non-current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 16 | 16 |
Derivatives | 1 | \u2014 | 27 | \u2014 | 28 |
1 | \u2014 | 27 | 16 | 44 | |
Trade and other receivables | \u2014 | \u2014 | \u2014 | 1,929 | 1,929 |
Other current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 1 | 1 |
Derivatives | 9 | \u2014 | 58 | \u2014 | 67 |
Investment funds | 1 | \u2014 | \u2014 | \u2014 | 1 |
10 | \u2014 | 58 | 1 | 69 | |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | 892 | 892 |
Total financial assets | 11 | 2,247 | 85 | 2,838 | 5,181 |
Non-current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 3,662 | 3,662 |
Derivatives | \u2014 | \u2014 | 84 | \u2014 | 84 |
\u2014 | \u2014 | 84 | 3,662 | 3,747 | |
Other non-current financial liabilities | |||||
Other liabilities 1) | \u2014 | \u2014 | \u2014 | 153 | 153 |
Derivatives | \u2014 | \u2014 | 5 | \u2014 | 5 |
\u2014 | \u2014 | 5 | 153 | 158 | |
Current debt | |||||
Loans | \u2014 | \u2014 | \u2014 | 152 | 152 |
Derivatives | 10 | \u2014 | 5 | \u2014 | 14 |
10 | \u2014 | 5 | 152 | 166 | |
Trade and other payables | \u2014 | \u2014 | \u2014 | 1,938 | 1,938 |
Other current financial liabilities | |||||
Derivatives | 7 | \u2014 | 101 | \u2014 | 108 |
7 | \u2014 | 101 | \u2014 | 108 | |
Total financial liabilities | 17 | \u2014 | 195 | 5,905 | 6,116 |
\u20ac million | 2025 | 2024 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Financial assets | ||||||||
Investment funds | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 |
Derivatives, non-qualifying hedges | \u2014 | 8 | \u2014 | 8 | \u2014 | 10 | \u2014 | 10 |
Derivatives under hedge accounting | \u2014 | 85 | \u2014 | 85 | 1 | 85 | \u2014 | 85 |
Financial assets at FVOCI | \u2014 | \u2014 | 2,193 | 2,193 | \u2014 | \u2014 | 2,247 | 2,247 |
Total | \u2014 | 94 | 2,193 | 2,287 | 1 | 96 | 2,247 | 2,343 |
Financial liabilities | ||||||||
Derivatives, non-qualifying hedges | \u2014 | 6 | \u2014 | 6 | \u2014 | 17 | \u2014 | 17 |
Derivatives under hedge accounting | \u2014 | 150 | \u2014 | 150 | \u2014 | 195 | \u2014 | 195 |
Total | \u2014 | 155 | \u2014 | 155 | \u2014 | 211 | \u2014 | 211 |
Accounting policies |
\u20ac million | Currency cash flow hedges | Electricity purchase and sales hedges | Cost of hedging | Tax | Total |
2025 | |||||
Hedging reserve, at January 1 | -40 | 29 | 0 | 2 | -10 |
Amounts reclassified to profit and loss | -37 | -51 | 3 | 17 | -68 |
Change in fair value of hedging instruments recognized in OCI | 99 | 39 | -6 | -26 | 106 |
Hedging reserve, at December 31 | 22 | 16 | -2 | -8 | 28 |
\u20ac million | Currency cash flow hedges | Electricity purchase and sales hedges | Cost of hedging | Tax | Total |
2024 | |||||
Hedging reserve, at January 1 | 13 | -120 | -3 | 21 | -88 |
Amounts reclassified to profit and loss | 2 | 2 | 3 | -1 | 6 |
Change in fair value of hedging instruments recognized in OCI | -55 | 146 | -1 | -18 | 72 |
Hedging reserve, at December 31 | -40 | 29 | 0 | 2 | -10 |
Foreign exchange risk |
Profit before tax | Equity | |||
\u20ac million | 2025 | 2024 | 2025 | 2024 |
EUR strengthens by 10% | ||||
USD | -3 | 1 | 94 | 102 |
UYU | \u2014 | \u2014 | -15 | -14 |
CNY | 1 | 1 | 11 | 13 |
GBP | \u2014 | \u2014 | 6 | 12 |
EUR weakens by 10% | ||||
USD | 3 | -1 | -94 | -102 |
UYU | \u2014 | \u2014 | 15 | 14 |
CNY | -1 | -1 | -11 | -13 |
GBP | \u2014 | \u2014 | -6 | -12 |
Interest rate risk |
\u20ac billion | 2025 | 2024 |
EUR | 2.0 | 1.7 |
USD | 0.5 | 0.8 |
CNY | -0.2 | -0.3 |
Others | -0.1 | -0.2 |
Total | 2.2 | 2.1 |
Profit before tax | ||
\u20ac million | 2025 | 2024 |
Interest rate of net debt 100 basis points higher | -11 | -12 |
Interest rate of net debt 100 basis points lower | 11 | 12 |
Electricity price risk |
\u20ac million | Effect | 2025 | 2024 |
+/\u2013EUR 5/MWh in electricity forward quotations | |||
Effect on profit before tax | +/- | \u2014 | \u2014 |
Effect on equity | +/- | 27.3 | 31.0 |
Accounting policies |
Financial counterparty risk |
Positive fair values | Negative fair values | Net fair values | Positive fair values | Negative fair values | Net fair values | |
\u20ac million | 2025 | 2024 | ||||
Foreign exchange risk | ||||||
Forward foreign exchange contracts | ||||||
Cash flow hedges | 26 | -5 | 21 | 16 | -54 | -38 |
Net investment hedge | 9 | -1 | 8 | 9 | -25 | -16 |
Non-qualifying hedges | 8 | -6 | 3 | 10 | -17 | -7 |
Cross currency swaps | ||||||
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivatives hedging foreign exchange risk | 44 | -12 | 32 | 35 | -96 | -61 |
Interest rate risk | ||||||
Interest rate swaps | ||||||
Fair value hedges | 15 | -74 | -59 | 21 | -74 | -53 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Cross currency swaps | ||||||
Fair value hedges | \u2014 | -39 | -39 | \u2014 | -15 | -15 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivatives hedging interest risk | 15 | -113 | -98 | 21 | -89 | -68 |
Commodity risk | ||||||
Electricity sales | ||||||
Cash flow hedges | 34 | -22 | 12 | 18 | -26 | -8 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Electricity purchase | ||||||
Cash flow hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other commodities | ||||||
Cash flow hedges | \u2014 | -8 | -8 | 21 | \u2014 | 21 |
Non-qualifying hedges | 0 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivatives hedging commodity risk | 34 | -30 | 4 | 39 | -26 | 13 |
Total | 93 | -155 | -62 | 95 | -211 | -116 |
\u20ac million | 2025 | 2024 |
Interest rate futures | 1,319 | 1,134 |
Interest rate swaps | 1,668 | 1,711 |
Forward foreign exchange contracts | 3,192 | 3,617 |
Currency options | \u2014 | |
Cross currency swaps | 114 | 129 |
Commodity contracts | 401 | 551 |
\u20ac million | Positive fair values | Negative fair values | Net fair values |
2025 | 63 | -125 | -62 |
2024 | 43 | -159 | -116 |
Timing of nominal amounts of derivatives 2025 | Within 1 year | Between 1\u20135 years | Later than 5 years | Total |
\u20ac million | 2025 | |||
Foreign exchange risk | ||||
Forward foreign exchange contracts | ||||
Cash flow hedges | 1,347 | 1 | \u2014 | 1,348 |
Net investment hedge | 696 | \u2014 | \u2014 | 696 |
Non-qualifying hedges | 1,147 | 1 | \u2014 | 1,149 |
Cross currency swaps | ||||
Non-qualifying hedges | \u2014 | 114 | \u2014 | 114 |
Interest rate risk | ||||
Interest rate swaps | ||||
Fair value hedges | \u2014 | 1,068 | 600 | 1,668 |
Cross currency swaps | ||||
Fair value hedges | \u2014 | 114 | \u2014 | 114 |
Interest rate futures | ||||
Non-qualifying hedges | 1,319 | \u2014 | \u2014 | 1,319 |
Commodity risk | ||||
Electricity sales | ||||
Cash flow hedges | 207 | 77 | \u2014 | 284 |
Electricity purchase | ||||
Cash flow hedges | 51 | 7 | \u2014 | 58 |
Other commodities | ||||
Cash flow hedges | 40 | 15 | \u2014 | 55 |
Non-qualifying hedges | 4 | \u2014 | \u2014 | 4 |
Within 1 year | Between 1\u20135 years | Later than 5 years | Total | |
\u20ac million | 2024 | |||
Foreign exchange risk | ||||
Forward foreign exchange contracts | ||||
Cash flow hedges | 1,679 | 11 | \u2014 | 1,690 |
Net investment hedge | 783 | \u2014 | \u2014 | 783 |
Non-qualifying hedges | 1,099 | 46 | \u2014 | 1,145 |
Cross currency swaps | ||||
Non-qualifying hedges | \u2014 | 129 | \u2014 | 129 |
Interest rate risk | ||||
Interest rate swaps | ||||
Fair value hedges | \u2014 | 1,111 | 600 | 1,711 |
Cross currency swaps | ||||
Fair value hedges | \u2014 | 129 | \u2014 | 129 |
Interest rate futures | ||||
Non-qualifying hedges | 1,134 | \u2014 | \u2014 | 1,134 |
Commodity risk | ||||
Electricity sales | ||||
Cash flow hedges | 285 | 69 | \u2014 | 354 |
Electricity purchase | ||||
Cash flow hedges | 68 | 30 | \u2014 | 98 |
Other commodities | ||||
Cash flow hedges | 56 | 17 | \u2014 | 73 |
Non-qualifying hedges | 26 | \u2014 | \u2014 | 26 |
Number of shares | Group holding % | Carrying value, \u20ac million | ||
2025 | 2024 | |||
Energy shareholdings | ||||
\u00a0 \u00a0 Pohjolan Voima Oyj, A series | 8,176,191 | 61.24 | 571 | 543 |
\u00a0 \u00a0 Pohjolan Voima Oyj, B series | 4,140,132 | 58.11 | 997 | 1,151 |
\u00a0 \u00a0 Pohjolan Voima Oyj, B2 series | 2,869,819 | 51.22 | 7 | 0 |
\u00a0 \u00a0 Kemijoki Oy | 179,189 | 7.33 | 447 | 426 |
\u00a0 \u00a0 L\u00e4nsi-Suomen Voima Oy | 10,220 | 51.10 | 136 | 123 |
Energy shareholdings total | 2,160 | 2,242 | ||
Other | \u2014 | \u2014 | 33 | 4 |
Carrying value, at December 31 | 2,193 | 2,247 |
\u20ac million | 2025 | 2024 |
Carrying value, at January 1 | 2,247 | 2,283 |
Additions | 29 | \u2014 |
Disposals | \u2014 | -4 |
Changes in fair value recognized in other comprehensive income | -83 | -32 |
Carrying value, at December 31 | 2,193 | 2,247 |
Accounting policies |
Key estimates and judgments |
\u20ac million | 2025 | 2024 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Financial assets | ||||||||
Investment funds | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 |
Derivatives, non-qualifying hedges | \u2014 | 8 | \u2014 | 8 | \u2014 | 10 | \u2014 | 10 |
Derivatives under hedge accounting | \u2014 | 85 | \u2014 | 85 | 1 | 85 | \u2014 | 85 |
Financial assets at FVOCI | \u2014 | \u2014 | 2,193 | 2,193 | \u2014 | \u2014 | 2,247 | 2,247 |
Total | \u2014 | 94 | 2,193 | 2,287 | 1 | 96 | 2,247 | 2,343 |
Financial liabilities | ||||||||
Derivatives, non-qualifying hedges | \u2014 | 6 | \u2014 | 6 | \u2014 | 17 | \u2014 | 17 |
Derivatives under hedge accounting | \u2014 | 150 | \u2014 | 150 | \u2014 | 195 | \u2014 | 195 |
Total | \u2014 | 155 | \u2014 | 155 | \u2014 | 211 | \u2014 | 211 |
Positive fair values | Negative fair values | Net fair values | Positive fair values | Negative fair values | Net fair values | |
\u20ac million | 2025 | 2024 | ||||
Foreign exchange risk | ||||||
Forward foreign exchange contracts | ||||||
Cash flow hedges | 26 | -5 | 21 | 16 | -54 | -38 |
Net investment hedge | 9 | -1 | 8 | 9 | -25 | -16 |
Non-qualifying hedges | 8 | -6 | 3 | 10 | -17 | -7 |
Cross currency swaps | ||||||
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivatives hedging foreign exchange risk | 44 | -12 | 32 | 35 | -96 | -61 |
Interest rate risk | ||||||
Interest rate swaps | ||||||
Fair value hedges | 15 | -74 | -59 | 21 | -74 | -53 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Cross currency swaps | ||||||
Fair value hedges | \u2014 | -39 | -39 | \u2014 | -15 | -15 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivatives hedging interest risk | 15 | -113 | -98 | 21 | -89 | -68 |
Commodity risk | ||||||
Electricity sales | ||||||
Cash flow hedges | 34 | -22 | 12 | 18 | -26 | -8 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Electricity purchase | ||||||
Cash flow hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other commodities | ||||||
Cash flow hedges | \u2014 | -8 | -8 | 21 | \u2014 | 21 |
Non-qualifying hedges | 0 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivatives hedging commodity risk | 34 | -30 | 4 | 39 | -26 | 13 |
Total | 93 | -155 | -62 | 95 | -211 | -116 |
\u20ac million | Positive fair values | Negative fair values | Net fair values |
2025 | 63 | -125 | -62 |
2024 | 43 | -159 | -116 |
Accounting policies |
\u20ac million | 2025 | 2024 |
Pulp operations Uruguay | 100 | 111 |
UPM Adhesive Materials | 151 | 48 |
UPM Plywood | 13 | 13 |
Other operations | \u2014 | 1 |
Total | 264 | 174 |
\u20ac million | 2025 | 2024 |
Carrying value, at January 1 | 174 | 283 |
Companies acquired | 109 | 3 |
Translation differences | -18 | 7 |
Impairment charges | -1 | -118 |
Carrying value, at December 31 | 264 | 174 |
Cash generating unit | Basis of valuation | Period of forecast | Pre-tax discount rate | Key assumptions |
Pulp operations Uruguay | Value in use | 10 years + terminal value | 8.60% (2024: 9.12%) | Pulp price, wood costs |
UPM Adhesive Materials | Value in use | 10 years + terminal value | 9.14% (2024: 10.59%) | Product prices, cost development |
UPM Plywood | Value in use | 10 years + terminal value | 10.18% (2024: 11.12%) | Product prices, cost development |
Key estimates and judgments |
Accounting policies |
\u20ac million | 2025 | 2024 |
Pulp operations Uruguay | 100 | 111 |
UPM Adhesive Materials | 151 | 48 |
UPM Plywood | 13 | 13 |
Other operations | \u2014 | 1 |
Total | 264 | 174 |
\u20ac million | 2025 | 2024 |
Carrying value, at January 1 | 174 | 283 |
Companies acquired | 109 | 3 |
Translation differences | -18 | 7 |
Impairment charges | -1 | -118 |
Carrying value, at December 31 | 264 | 174 |
\u20ac million | Intangible rights | Software and other intangible assets | Total |
2025 | |||
Accumulated costs | 375 | 624 | 999 |
Accumulated amortization and impairments | -159 | -488 | -646 |
Carrying value, at December 31 | 216 | 136 | 352 |
Carrying value, at January 1 | 212 | 104 | 316 |
Additions | 3 | 6 | 9 |
Companies acquired 1) | 0 | 60 | 60 |
Amortization | -7 | -24 | -30 |
Impairment | -1 | 0 | -2 |
Reclassifications | 9 | -8 | 1 |
Translation differences | 0 | -2 | -2 |
Carrying value, at December 31 | 216 | 136 | 352 |
Emission rights, carrying value 2) | 201 | ||
Carrying value including emission rights, at December 31 | 554 | ||
2024 | |||
Accumulated costs | 434 | 587 | 1,021 |
Accumulated amortization and impairments | -222 | -482 | -705 |
Carrying value, at December 31 | 212 | 104 | 316 |
Carrying value, at January 1 | 214 | 245 | 459 |
Additions | 3 | 16 | 18 |
Companies acquired 1) | \u2014 | 5 | 5 |
Amortization | -5 | -26 | -30 |
Impairment | 0 | -5 | -5 |
Reclassifications 3) | 0 | -136 | -135 |
Translation differences | 0 | 4 | 4 |
Carrying value, at December 31 | 212 | 104 | 316 |
Emission rights, carrying value 2) | 264 | ||
Carrying value including emission rights, at December 31 | 580 |
Cash generating unit | Basis of valuation | Period of forecast | Pre-tax discount rate | Key assumptions |
Pulp operations Uruguay | Value in use | 10 years + terminal value | 8.60% (2024: 9.12%) | Pulp price, wood costs |
UPM Adhesive Materials | Value in use | 10 years + terminal value | 9.14% (2024: 10.59%) | Product prices, cost development |
UPM Plywood | Value in use | 10 years + terminal value | 10.18% (2024: 11.12%) | Product prices, cost development |
Key estimates and judgments |
Accounting policies |
\u20ac million | Intangible rights | Software and other intangible assets | Total |
2025 | |||
Accumulated costs | 375 | 624 | 999 |
Accumulated amortization and impairments | -159 | -488 | -646 |
Carrying value, at December 31 | 216 | 136 | 352 |
Carrying value, at January 1 | 212 | 104 | 316 |
Additions | 3 | 6 | 9 |
Companies acquired 1) | 0 | 60 | 60 |
Amortization | -7 | -24 | -30 |
Impairment | -1 | 0 | -2 |
Reclassifications | 9 | -8 | 1 |
Translation differences | 0 | -2 | -2 |
Carrying value, at December 31 | 216 | 136 | 352 |
Emission rights, carrying value 2) | 201 | ||
Carrying value including emission rights, at December 31 | 554 | ||
2024 | |||
Accumulated costs | 434 | 587 | 1,021 |
Accumulated amortization and impairments | -222 | -482 | -705 |
Carrying value, at December 31 | 212 | 104 | 316 |
Carrying value, at January 1 | 214 | 245 | 459 |
Additions | 3 | 16 | 18 |
Companies acquired 1) | \u2014 | 5 | 5 |
Amortization | -5 | -26 | -30 |
Impairment | 0 | -5 | -5 |
Reclassifications 3) | 0 | -136 | -135 |
Translation differences | 0 | 4 | 4 |
Carrying value, at December 31 | 212 | 104 | 316 |
Emission rights, carrying value 2) | 264 | ||
Carrying value including emission rights, at December 31 | 580 |
Key estimates and judgments |
\u20ac million | Restructuring | Termination | Environmental | Emissions | Other | Total |
2025 | ||||||
Provisions at January 1 | 55 | 79 | 26 | 66 | 28 | 253 |
Provisions made during the year | 56 | 73 | 5 | 60 | 21 | 214 |
Provisions utilized during the year | -29 | -53 | -1 | -61 | -11 | -155 |
Unused provisions reversed | -12 | -9 | 0 | -2 | -7 | -31 |
Translation differences | 0 | 0 | 0 | -1 | 0 | -1 |
Provisions at December 31 | 70 | 89 | 29 | 63 | 30 | 280 |
Non-current | 101 | |||||
Current | 179 | |||||
Total | 280 | |||||
2024 | ||||||
Provisions at January 1 | 59 | 117 | 27 | 56 | 6 | 266 |
Provisions made during the year | 27 | 58 | 0 | 78 | 26 | 189 |
Provisions utilized during the year | -29 | -90 | -1 | -68 | -1 | -189 |
Unused provisions reversed | -4 | -5 | -1 | -1 | -3 | -14 |
Reclassifications | 1 | -1 | 0 | 0 | 0 | 0 |
Translation differences | 0 | 0 | 0 | 0 | 0 | 1 |
Provisions at December 31 | 55 | 79 | 26 | 66 | 28 | 253 |
Non-current | 89 | |||||
Current | 165 | |||||
Total | 253 |
Accounting policies |
Key estimates and judgments |
\u20ac million | Restructuring | Termination | Environmental | Emissions | Other | Total |
2025 | ||||||
Provisions at January 1 | 55 | 79 | 26 | 66 | 28 | 253 |
Provisions made during the year | 56 | 73 | 5 | 60 | 21 | 214 |
Provisions utilized during the year | -29 | -53 | -1 | -61 | -11 | -155 |
Unused provisions reversed | -12 | -9 | 0 | -2 | -7 | -31 |
Translation differences | 0 | 0 | 0 | -1 | 0 | -1 |
Provisions at December 31 | 70 | 89 | 29 | 63 | 30 | 280 |
Non-current | 101 | |||||
Current | 179 | |||||
Total | 280 | |||||
2024 | ||||||
Provisions at January 1 | 59 | 117 | 27 | 56 | 6 | 266 |
Provisions made during the year | 27 | 58 | 0 | 78 | 26 | 189 |
Provisions utilized during the year | -29 | -90 | -1 | -68 | -1 | -189 |
Unused provisions reversed | -4 | -5 | -1 | -1 | -3 | -14 |
Reclassifications | 1 | -1 | 0 | 0 | 0 | 0 |
Translation differences | 0 | 0 | 0 | 0 | 0 | 1 |
Provisions at December 31 | 55 | 79 | 26 | 66 | 28 | 253 |
Non-current | 89 | |||||
Current | 165 | |||||
Total | 253 |
Accounting policies |
Key estimates and judgments |
\u20ac million | 2025 | 2024 |
Raw materials and consumables | 1,025 | 1,149 |
Work in progress | 0 | 6 |
Finished products and goods | 828 | 915 |
Advance payments | 32 | 35 |
Total | 1,886 | 2,104 |
\u20ac million | 2025 | 2024 |
Trade receivables | ||
Trade receivables | 1,106 | 1,458 |
Loss allowance provision | -25 | -26 |
Total trade receivables | 1,081 | 1,432 |
Prepayments and accrued income | ||
Personnel expenses | 3 | 3 |
Interest income | 0 | 0 |
Energy and other excise taxes | 7 | 8 |
Other items | 151 | 164 |
Total prepayments and accrued income | 161 | 176 |
Other receivables | ||
VAT and other indirect taxes receivable | 162 | 169 |
Cash collaterals | 35 | 110 |
Other receivables | 43 | 43 |
Total other receivables | 239 | 322 |
Total | 1,481 | 1,929 |
2025 | 2024 | |||||
\u20ac million | Trade receivables | Loss allowance provision | Trade receivables, net of provision | Trade receivables | Loss allowance provision | Trade receivables, net of provision |
Undue | -2 | |||||
68 | -1 | 66 | -1 | 62 | ||
10 | -2 | 8 | -2 | 12 | ||
21 | -21 | |||||
Total | 1,106 | 1,081 | -26 |
\u20ac million | 2025 | 2024 |
Trade receivables | ||
Trade receivables | 1,106 | 1,458 |
Loss allowance provision | -25 | -26 |
Total trade receivables | 1,081 | 1,432 |
Prepayments and accrued income | ||
Personnel expenses | 3 | 3 |
Interest income | 0 | 0 |
Energy and other excise taxes | 7 | 8 |
Other items | 151 | 164 |
Total prepayments and accrued income | 161 | 176 |
Other receivables | ||
VAT and other indirect taxes receivable | 162 | 169 |
Cash collaterals | 35 | 110 |
Other receivables | 43 | 43 |
Total other receivables | 239 | 322 |
Total | 1,481 | 1,929 |
2025 | 2024 | |||||
\u20ac million | Trade receivables | Loss allowance provision | Trade receivables, net of provision | Trade receivables | Loss allowance provision | Trade receivables, net of provision |
Undue | -2 | |||||
68 | -1 | 66 | -1 | 62 | ||
10 | -2 | 8 | -2 | 12 | ||
21 | -21 | |||||
Total | 1,106 | 1,081 | -26 |
\u20ac million | 2025 | 2024 |
Accrued expenses and deferred income | ||
Personnel expenses | 162 | 186 |
Interest expenses | 30 | 30 |
Indirect taxes | 15 | 16 |
Customer rebates | 99 | 114 |
Customer claims | 5 | 6 |
Other items | 108 | 109 |
Total accrued expenses and deferred income | 419 | 462 |
Advances received | 12 | 6 |
Trade payables | 1,240 | 1,369 |
Other current liabilities | 167 | 101 |
Total | 1,839 | 1,938 |
\u20ac million | 2025 | 2024 |
Accrued expenses and deferred income | ||
Personnel expenses | 162 | 186 |
Interest expenses | 30 | 30 |
Indirect taxes | 15 | 16 |
Customer rebates | 99 | 114 |
Customer claims | 5 | 6 |
Other items | 108 | 109 |
Total accrued expenses and deferred income | 419 | 462 |
Advances received | 12 | 6 |
Trade payables | 1,240 | 1,369 |
Other current liabilities | 167 | 101 |
Total | 1,839 | 1,938 |
Operational credit risk |
Liquidity and refinancing risk |
\u20ac million | 2025 | 2024 |
Cash at bank | 715 | 849 |
Cash equivalents | \u2014 | 42 |
Investment funds | 1 | 1 |
Committed credit lines | 2,009 | 2,310 |
of which used | \u2014 | 0 |
Loan commitments | \u2014 | \u2014 |
Used uncommitted credit lines | -33 | -1 |
Long-term loan repayment cash flow | -121 | -151 |
Liquidity | 2,570 | 3,050 |
\u20ac million | 2025 | 2024 |
Cash at bank | 715 | 849 |
Cash equivalents | \u2014 | 42 |
Investment funds | 1 | 1 |
Committed credit lines | 2,009 | 2,310 |
of which used | \u2014 | 0 |
Loan commitments | \u2014 | \u2014 |
Used uncommitted credit lines | -33 | -1 |
Long-term loan repayment cash flow | -121 | -151 |
Liquidity | 2,570 | 3,050 |
Reported in financing activities in cash flow statement | ||||||||||
\u20ac million | Non-current loans incl. repayments | Lease liabilities | Current loans | Net deriva- tives | Invest- ment funds | Debt held for sale | Other financial assets | Cash and cash equiva- lents | Financial assets held for sale | Net debt |
Carrying value, at January 1 | 2981 | 832 | 1 | 76 | -1 | \u2014 | -128 | -892 | \u2014 | 2,869 |
Change in net debt, cash | ||||||||||
Proceeds from non-current debt | 65 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 65 |
Payments of non-current debt | -148 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -148 |
Lease repayments | \u2014 | -112 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -112 |
Change in current liabilities | \u2014 | \u2014 | 32 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 32 |
Net cash flows from derivatives | \u2014 | \u2014 | \u2014 | 14 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 14 |
Change in other financial assets in operating cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 73 | \u2014 | \u2014 | 73 |
Change in other financial assets in investing cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1 | \u2014 | \u2014 | -1 |
Change in cash and cash equivalents | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 158 | \u2014 | 158 |
-83 | -112 | 32 | 14 | \u2014 | \u2014 | 72 | 158 | \u2014 | 80 | |
Change in net debt, non-cash | ||||||||||
Companies acquired | 48 | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 52 |
New contracts and subsequent additions | \u2014 | 84 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 84 |
Lease liability reassessments | \u2014 | 11 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 11 |
Fair value gains and losses | -18 | \u2014 | \u2014 | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -13 |
Exchange gains and losses | -56 | -47 | \u2014 | \u2014 | \u2014 | \u2014 | 1 | 19 | \u2014 | -84 |
Effective interest rate adjustment | 5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 5 |
-22 | 52 | \u2014 | 6 | \u2014 | \u2014 | 1 | 19 | \u2014 | 55 | |
Carrying value, at December 31 | 2,875 | 772 | 33 | 95 | -1 | \u2014 | -55 | -715 | \u2014 | 3,004 |
\u20ac million | Non- current loans incl. repay- ments | Lease liabilities | Current loans | Net deriva- tives | Invest- ment funds | Debt held for sale | Other financial assets | Cash and cash equiva- lents | Financial assets held for sale | Net debt |
Carrying value, at January 1 | 2,371 | 706 | 180 | 63 | -1 | 2 | -208 | -632 | -47 | 2,432 |
Change in net debt, cash | ||||||||||
Proceeds from non-current debt | 600 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 600 |
Payments of non-current debt | -23 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -23 |
Lease repayments | \u2014 | -105 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -105 |
Change in current liabilities | \u2014 | \u2014 | -182 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -182 |
Net cash flows from derivatives | \u2014 | \u2014 | \u2014 | -5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -5 |
Transaction costs and discounts in operating cash flow | -7 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -7 |
Change in other financial assets in operating cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 79 | \u2014 | \u2014 | 79 |
Change in other financial assets in investing cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 0 | \u2014 | \u2014 | 0 |
Change in cash and cash equivalents 1) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -261 | 39 | -222 |
570 | -105 | -182 | -5 | \u2014 | \u2014 | 79 | -261 | 39 | 135 | |
Change in net debt, non-cash | ||||||||||
Companies acquired | 1 | \u2014 | 3 | 4 | ||||||
Companies disposed | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -2 | 2 | \u2014 | 9 | 9 |
New contracts and subsequent additions | \u2014 | 202 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 202 |
Lease liability reassessments | \u2014 | 5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 5 |
Fair value gains and losses | 17 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 35 |
Exchange gains and losses | 17 | 24 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 | \u2014 | 43 |
Effective interest rate adjustment | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
40 | 231 | 3 | 18 | \u2014 | -2 | 1 | 2 | 9 | 302 | |
Carrying value, at December 31 | 2,981 | 832 | 1 | 76 | -1 | \u2014 | -128 | -892 | \u2014 | 2,869 |
\u20ac million | 2025 | 2024 |
Operating cash flow | 1,405 | 1,352 |
Investing cash flow | -428 | -586 |
Free cash flow | 977 | 766 |
Dividends paid to owners of the parent company | -792 | -801 |
Treasury shares purchased | -160 | \u2014 |
Dividends paid to non-controlling interests | -23 | -19 |
Return of capital to NCI | -8 | \u2014 |
Other financing cash flow | -1 | -10 |
Transaction costs and discounts in operating cash flow | \u2014 | 7 |
Change in other financial assets in operating cash flow | -73 | -79 |
Change in other financial assets in investing cash flow | 1 | \u2014 |
Change in net debt, cash | 80 | 135 |
Change in net debt, non-cash | 55 | 302 |
Change in net debt | 135 | 437 |
Opening net debt | 2,869 | 2,432 |
Closing net debt | 3,004 | 2,869 |
\u20ac million | 2025 | 2024 |
Cash at bank | 715 | 849 |
Cash equivalents | \u2014 | 42 |
Investment funds | 1 | 1 |
Committed credit lines | 2,009 | 2,310 |
of which used | \u2014 | 0 |
Loan commitments | \u2014 | \u2014 |
Used uncommitted credit lines | -33 | -1 |
Long-term loan repayment cash flow | -121 | -151 |
Liquidity | 2,570 | 3,050 |
\u20ac million | 2026 | 2027 | 2028 | 2029 | 2030 | 2031+ | Total |
Bonds | \u2014 | 319 | 750 | 500 | \u2014 | 1,100 | 2,669 |
Loans from financial institutions | 31 | 31 | 31 | 31 | 31 | \u2014 | 154 |
Lease liabilities | 90 | 72 | 59 | 50 | 55 | 446 | 772 |
Other loans | \u2014 | \u2014 | \u2014 | 114 | \u2014 | \u2014 | 115 |
Current loans | 33 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 33 |
Principal payments | 154 | 423 | 840 | 695 | 86 | 1,546 | 3,743 |
Interest payments | 94 | 88 | 60 | 52 | 33 | 194 | 520 |
\u20ac million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030+ | Total |
Bonds | \u2014 | \u2014 | 361 | 750 | 500 | 1,100 | 2,711 |
Loans from financial institutions | 34 | 31 | 31 | 31 | 31 | 31 | 188 |
Lease liabilities | 115 | 81 | 69 | 63 | 55 | 451 | 832 |
Other loans | 2 | \u2014 | \u2014 | \u2014 | 129 | \u2014 | 131 |
Current loans | 1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Principal payments | 152 | 112 | 461 | 844 | 714 | 1,581 | 3,863 |
Interest payments | 102 | 93 | 91 | 63 | 56 | 215 | 620 |
\u20ac million | 2025 | 2024 |
Bonds | 2,594 | 2,642 |
Loans from financial institutions | 123 | 154 |
Lease liabilities | 684 | 717 |
Derivatives | 111 | 84 |
Other loans | 126 | 149 |
Non-current debt | 3,638 | 3,747 |
Repayments of non-current debt | 31 | 36 |
Repayments of lease liabilities | 88 | 115 |
Derivatives | 3 | 14 |
Other liabilities | 33 | 1 |
Current debt | 156 | 166 |
Total debt | 3,794 | 3,913 |
Loan receivables | 2 | 2 |
Derivatives | 14 | 21 |
Other receivables | 16 | 15 |
Non-current interest-bearing assets | 32 | 38 |
Loan receivables | 1 | 1 |
Derivatives | 5 | 2 |
Other receivables | 35 | 110 |
Investment funds | 1 | 1 |
Cash and cash equivalents | 715 | 892 |
Current interest-bearing assets | 758 | 1,006 |
Total interest-bearing assets | 790 | 1,044 |
Net debt | 3,004 | 2,869 |
Accounting policies |
Reported in financing activities in cash flow statement | ||||||||||
\u20ac million | Non-current loans incl. repayments | Lease liabilities | Current loans | Net deriva- tives | Invest- ment funds | Debt held for sale | Other financial assets | Cash and cash equiva- lents | Financial assets held for sale | Net debt |
Carrying value, at January 1 | 2981 | 832 | 1 | 76 | -1 | \u2014 | -128 | -892 | \u2014 | 2,869 |
Change in net debt, cash | ||||||||||
Proceeds from non-current debt | 65 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 65 |
Payments of non-current debt | -148 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -148 |
Lease repayments | \u2014 | -112 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -112 |
Change in current liabilities | \u2014 | \u2014 | 32 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 32 |
Net cash flows from derivatives | \u2014 | \u2014 | \u2014 | 14 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 14 |
Change in other financial assets in operating cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 73 | \u2014 | \u2014 | 73 |
Change in other financial assets in investing cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1 | \u2014 | \u2014 | -1 |
Change in cash and cash equivalents | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 158 | \u2014 | 158 |
-83 | -112 | 32 | 14 | \u2014 | \u2014 | 72 | 158 | \u2014 | 80 | |
Change in net debt, non-cash | ||||||||||
Companies acquired | 48 | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 52 |
New contracts and subsequent additions | \u2014 | 84 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 84 |
Lease liability reassessments | \u2014 | 11 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 11 |
Fair value gains and losses | -18 | \u2014 | \u2014 | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -13 |
Exchange gains and losses | -56 | -47 | \u2014 | \u2014 | \u2014 | \u2014 | 1 | 19 | \u2014 | -84 |
Effective interest rate adjustment | 5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 5 |
-22 | 52 | \u2014 | 6 | \u2014 | \u2014 | 1 | 19 | \u2014 | 55 | |
Carrying value, at December 31 | 2,875 | 772 | 33 | 95 | -1 | \u2014 | -55 | -715 | \u2014 | 3,004 |
\u20ac million | Non- current loans incl. repay- ments | Lease liabilities | Current loans | Net deriva- tives | Invest- ment funds | Debt held for sale | Other financial assets | Cash and cash equiva- lents | Financial assets held for sale | Net debt |
Carrying value, at January 1 | 2,371 | 706 | 180 | 63 | -1 | 2 | -208 | -632 | -47 | 2,432 |
Change in net debt, cash | ||||||||||
Proceeds from non-current debt | 600 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 600 |
Payments of non-current debt | -23 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -23 |
Lease repayments | \u2014 | -105 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -105 |
Change in current liabilities | \u2014 | \u2014 | -182 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -182 |
Net cash flows from derivatives | \u2014 | \u2014 | \u2014 | -5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -5 |
Transaction costs and discounts in operating cash flow | -7 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -7 |
Change in other financial assets in operating cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 79 | \u2014 | \u2014 | 79 |
Change in other financial assets in investing cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 0 | \u2014 | \u2014 | 0 |
Change in cash and cash equivalents 1) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -261 | 39 | -222 |
570 | -105 | -182 | -5 | \u2014 | \u2014 | 79 | -261 | 39 | 135 | |
Change in net debt, non-cash | ||||||||||
Companies acquired | 1 | \u2014 | 3 | 4 | ||||||
Companies disposed | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -2 | 2 | \u2014 | 9 | 9 |
New contracts and subsequent additions | \u2014 | 202 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 202 |
Lease liability reassessments | \u2014 | 5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 5 |
Fair value gains and losses | 17 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 35 |
Exchange gains and losses | 17 | 24 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 | \u2014 | 43 |
Effective interest rate adjustment | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
40 | 231 | 3 | 18 | \u2014 | -2 | 1 | 2 | 9 | 302 | |
Carrying value, at December 31 | 2,981 | 832 | 1 | 76 | -1 | \u2014 | -128 | -892 | \u2014 | 2,869 |
Fixed rate period | Interest rate, % | Currency | Nominal value issued, million | Carrying value 2025 \u20ac million | Carrying value 2024 \u20ac million |
1997-2027 | 7.450 | USD | 375 | 331 | 375 |
2020-2028 | 0.125 | EUR | 750 | 691 | 675 |
2021-2031 | 0.500 | EUR | 500 | 496 | 496 |
2022-2029 | 2.250 | EUR | 500 | 498 | 497 |
2024-2034 | 3.375 | EUR | 600 | 578 | 599 |
Value, at December 31 | 2,594 | 2,642 | |||
Current portion | \u2014 | \u2014 | |||
Non-current portion | 2,594 | 2,642 |
\u20ac million | 2026 | 2027 | 2028 | 2029 | 2030 | 2031+ | Total |
Net settled interest rate swaps | |||||||
Net inflow | 9 | 9 | \u2014 | \u2014 | \u2014 | \u2014 | 18 |
Net outflow | -19 | -20 | -21 | -1 | -2 | -17 | -81 |
Gross settled derivatives | |||||||
Gross currency swaps | |||||||
Total inflow | 7 | 7 | 7 | 117 | \u2014 | \u2014 | 137 |
Total outflow | -5 | -5 | -6 | -168 | \u2014 | \u2014 | -184 |
Forward foreign exchange contracts | |||||||
Total inflow | 811 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 811 |
Total outflow | -809 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -809 |
Guarantees | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u20ac million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030+ | Total |
Net settled interest rate swaps | |||||||
Net inflow | 5 | 8 | 9 | 1 | 1 | \u2014 | 25 |
Net outflow | -23 | -17 | -18 | -19 | \u2014 | \u2014 | -79 |
Gross settled derivatives | |||||||
Gross currency swaps | |||||||
Total inflow | 8 | 8 | 8 | 8 | 133 | \u2014 | 163 |
Total outflow | -5 | -5 | -5 | -5 | -168 | \u2014 | -189 |
Forward foreign exchange contracts | |||||||
Total inflow | 741 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 741 |
Total outflow | -750 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -750 |
Guarantees | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u20ac million | Fair value through profit and loss | Equity instruments at fair value through OCI | Derivatives under hedge accounting | Financial assets and liabilities at amortized cost | Total |
Financial assets at FVOCI | \u2014 | 2,193 | \u2014 | \u2014 | 2,193 |
Other non-current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 6 | 6 |
Derivatives | \u2014 | \u2014 | 18 | \u2014 | 18 |
\u2014 | \u2014 | 18 | 6 | 24 | |
Trade and other receivables | \u2014 | \u2014 | \u2014 | 1,481 | 1,481 |
Other current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 1 | 1 |
Derivatives | 8 | \u2014 | 67 | \u2014 | 75 |
Investment funds | 1 | \u2014 | \u2014 | \u2014 | 1 |
9 | \u2014 | 67 | 1 | 78 | |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | 715 | 715 |
Total financial assets | 9 | 2,193 | 85 | 2,203 | 4,490 |
Non-current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 3,528 | 3,528 |
Derivatives | \u2014 | \u2014 | 111 | \u2014 | 111 |
\u2014 | \u2014 | 111 | 3,528 | 3,638 | |
Other non-current financial liabilities | |||||
Other liabilities 1) | \u2014 | \u2014 | \u2014 | 86 | 86 |
Derivatives | \u2014 | \u2014 | 4 | \u2014 | 4 |
\u2014 | \u2014 | 4 | 86 | 90 | |
Current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 152 | 152 |
Derivatives | 1 | \u2014 | 2 | \u2014 | 3 |
1 | \u2014 | 2 | 152 | 156 | |
Trade and other payables | \u2014 | \u2014 | \u2014 | 1,839 | 1,839 |
Other current financial liabilities | |||||
Derivatives | 4 | \u2014 | 33 | \u2014 | 37 |
4 | \u2014 | 33 | \u2014 | 37 | |
Total financial liabilities | 6 | \u2014 | 150 | 5,605 | 5,761 |
\u20ac million | Fair value through profit and loss | Equity instruments at fair value through OCI | Derivatives under hedge accounting | Financial assets and liabilities at amortized cost | Total |
Financial assets at FVOCI | \u2014 | 2,247 | \u2014 | \u2014 | 2,247 |
Other non-current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 16 | 16 |
Derivatives | 1 | \u2014 | 27 | \u2014 | 28 |
1 | \u2014 | 27 | 16 | 44 | |
Trade and other receivables | \u2014 | \u2014 | \u2014 | 1,929 | 1,929 |
Other current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 1 | 1 |
Derivatives | 9 | \u2014 | 58 | \u2014 | 67 |
Investment funds | 1 | \u2014 | \u2014 | \u2014 | 1 |
10 | \u2014 | 58 | 1 | 69 | |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | 892 | 892 |
Total financial assets | 11 | 2,247 | 85 | 2,838 | 5,181 |
Non-current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 3,662 | 3,662 |
Derivatives | \u2014 | \u2014 | 84 | \u2014 | 84 |
\u2014 | \u2014 | 84 | 3,662 | 3,747 | |
Other non-current financial liabilities | |||||
Other liabilities 1) | \u2014 | \u2014 | \u2014 | 153 | 153 |
Derivatives | \u2014 | \u2014 | 5 | \u2014 | 5 |
\u2014 | \u2014 | 5 | 153 | 158 | |
Current debt | |||||
Loans | \u2014 | \u2014 | \u2014 | 152 | 152 |
Derivatives | 10 | \u2014 | 5 | \u2014 | 14 |
10 | \u2014 | 5 | 152 | 166 | |
Trade and other payables | \u2014 | \u2014 | \u2014 | 1,938 | 1,938 |
Other current financial liabilities | |||||
Derivatives | 7 | \u2014 | 101 | \u2014 | 108 |
7 | \u2014 | 101 | \u2014 | 108 | |
Total financial liabilities | 17 | \u2014 | 195 | 5,905 | 6,116 |
\u20ac million | 2025 | 2024 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Financial assets | ||||||||
Investment funds | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 |
Derivatives, non-qualifying hedges | \u2014 | 8 | \u2014 | 8 | \u2014 | 10 | \u2014 | 10 |
Derivatives under hedge accounting | \u2014 | 85 | \u2014 | 85 | 1 | 85 | \u2014 | 85 |
Financial assets at FVOCI | \u2014 | \u2014 | 2,193 | 2,193 | \u2014 | \u2014 | 2,247 | 2,247 |
Total | \u2014 | 94 | 2,193 | 2,287 | 1 | 96 | 2,247 | 2,343 |
Financial liabilities | ||||||||
Derivatives, non-qualifying hedges | \u2014 | 6 | \u2014 | 6 | \u2014 | 17 | \u2014 | 17 |
Derivatives under hedge accounting | \u2014 | 150 | \u2014 | 150 | \u2014 | 195 | \u2014 | 195 |
Total | \u2014 | 155 | \u2014 | 155 | \u2014 | 211 | \u2014 | 211 |
\u20ac million | 2025 | 2024 |
Exchange rate gains and losses | ||
Derivatives | 12 | -31 |
Exchange gains and losses on financial liabilities measured at amortized costs | 48 | -11 |
Exchange gains and losses on financial assets measured at amortized costs | -57 | 37 |
Other exchange rate gains and losses 1) | 41 | 0 |
44 | -6 | |
Fair value changes | ||
Fair value gains and losses on derivatives designated as fair value hedges | -20 | 16 |
Fair value adjustment of debt attributable to interest rate risk | 18 | -17 |
-1 | -1 | |
Total | 43 | -7 |
Interest and other finance income and costs, net | ||
Interest expense on lease liabilities | -26 | -24 |
Interest expense on other financial liabilities measured at amortized cost | -57 | -47 |
Interest income (expense) on derivatives | -21 | -40 |
Interest income on loans, receivables and cash | 19 | 31 |
Dividend income from financial assets at FVOCI | 5 | 2 |
Impairment charges of associates and joint ventures | \u2014 | -2 |
Other financial income and expenses, net | -23 | -17 |
-102 | -97 | |
Total | -59 | -104 |
\u20ac million | 2025 | 2024 |
Cash flow hedges reclassified from hedging reserve | 85 | -7 |
Non-qualifying hedges | 18 | -25 |
Total | 102 | -33 |
\u20ac million | 2025 | 2024 |
Sales | 34 | -5 |
Other operating income | -37 | -9 |
Total | -4 | -14 |
Accounting policies |
Financial counterparty risk |
Positive fair values | Negative fair values | Net fair values | Positive fair values | Negative fair values | Net fair values | |
\u20ac million | 2025 | 2024 | ||||
Foreign exchange risk | ||||||
Forward foreign exchange contracts | ||||||
Cash flow hedges | 26 | -5 | 21 | 16 | -54 | -38 |
Net investment hedge | 9 | -1 | 8 | 9 | -25 | -16 |
Non-qualifying hedges | 8 | -6 | 3 | 10 | -17 | -7 |
Cross currency swaps | ||||||
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivatives hedging foreign exchange risk | 44 | -12 | 32 | 35 | -96 | -61 |
Interest rate risk | ||||||
Interest rate swaps | ||||||
Fair value hedges | 15 | -74 | -59 | 21 | -74 | -53 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Cross currency swaps | ||||||
Fair value hedges | \u2014 | -39 | -39 | \u2014 | -15 | -15 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivatives hedging interest risk | 15 | -113 | -98 | 21 | -89 | -68 |
Commodity risk | ||||||
Electricity sales | ||||||
Cash flow hedges | 34 | -22 | 12 | 18 | -26 | -8 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Electricity purchase | ||||||
Cash flow hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other commodities | ||||||
Cash flow hedges | \u2014 | -8 | -8 | 21 | \u2014 | 21 |
Non-qualifying hedges | 0 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivatives hedging commodity risk | 34 | -30 | 4 | 39 | -26 | 13 |
Total | 93 | -155 | -62 | 95 | -211 | -116 |
\u20ac million | 2025 | 2024 |
Interest rate futures | 1,319 | 1,134 |
Interest rate swaps | 1,668 | 1,711 |
Forward foreign exchange contracts | 3,192 | 3,617 |
Currency options | \u2014 | |
Cross currency swaps | 114 | 129 |
Commodity contracts | 401 | 551 |
\u20ac million | Positive fair values | Negative fair values | Net fair values |
2025 | 63 | -125 | -62 |
2024 | 43 | -159 | -116 |
Timing of nominal amounts of derivatives 2025 | Within 1 year | Between 1\u20135 years | Later than 5 years | Total |
\u20ac million | 2025 | |||
Foreign exchange risk | ||||
Forward foreign exchange contracts | ||||
Cash flow hedges | 1,347 | 1 | \u2014 | 1,348 |
Net investment hedge | 696 | \u2014 | \u2014 | 696 |
Non-qualifying hedges | 1,147 | 1 | \u2014 | 1,149 |
Cross currency swaps | ||||
Non-qualifying hedges | \u2014 | 114 | \u2014 | 114 |
Interest rate risk | ||||
Interest rate swaps | ||||
Fair value hedges | \u2014 | 1,068 | 600 | 1,668 |
Cross currency swaps | ||||
Fair value hedges | \u2014 | 114 | \u2014 | 114 |
Interest rate futures | ||||
Non-qualifying hedges | 1,319 | \u2014 | \u2014 | 1,319 |
Commodity risk | ||||
Electricity sales | ||||
Cash flow hedges | 207 | 77 | \u2014 | 284 |
Electricity purchase | ||||
Cash flow hedges | 51 | 7 | \u2014 | 58 |
Other commodities | ||||
Cash flow hedges | 40 | 15 | \u2014 | 55 |
Non-qualifying hedges | 4 | \u2014 | \u2014 | 4 |
Within 1 year | Between 1\u20135 years | Later than 5 years | Total | |
\u20ac million | 2024 | |||
Foreign exchange risk | ||||
Forward foreign exchange contracts | ||||
Cash flow hedges | 1,679 | 11 | \u2014 | 1,690 |
Net investment hedge | 783 | \u2014 | \u2014 | 783 |
Non-qualifying hedges | 1,099 | 46 | \u2014 | 1,145 |
Cross currency swaps | ||||
Non-qualifying hedges | \u2014 | 129 | \u2014 | 129 |
Interest rate risk | ||||
Interest rate swaps | ||||
Fair value hedges | \u2014 | 1,111 | 600 | 1,711 |
Cross currency swaps | ||||
Fair value hedges | \u2014 | 129 | \u2014 | 129 |
Interest rate futures | ||||
Non-qualifying hedges | 1,134 | \u2014 | \u2014 | 1,134 |
Commodity risk | ||||
Electricity sales | ||||
Cash flow hedges | 285 | 69 | \u2014 | 354 |
Electricity purchase | ||||
Cash flow hedges | 68 | 30 | \u2014 | 98 |
Other commodities | ||||
Cash flow hedges | 56 | 17 | \u2014 | 73 |
Non-qualifying hedges | 26 | \u2014 | \u2014 | 26 |
\u20ac million | Land areas | Buildings | Machinery and equipment | Other leased assets | Advance payments 1) | Total |
2025 | ||||||
Carrying value, at January 1 | 291 | 144 | 411 | 1 | \u2014 | 847 |
New contracts and subsequent additions | 12 | 19 | 51 | 1 | \u2014 | 83 |
Business acquisitions | \u2014 | 4 | 0 | \u2014 | \u2014 | 4 |
Reassessments and disposals | 10 | 2 | 0 | 0 | \u2014 | 12 |
Depreciation | -18 | -23 | -48 | 0 | \u2014 | -90 |
Impairments | \u2014 | 0 | -14 | \u2014 | \u2014 | -15 |
Translation differences | -32 | -4 | -28 | 0 | \u2014 | -64 |
Carrying value, at December 31 | 263 | 142 | 372 | 1 | \u2014 | 778 |
2024 | ||||||
Carrying value, at January 1 | 272 | 161 | 226 | 1 | 24 | 683 |
New contracts and subsequent additions | 19 | 3 | 181 | 1 | 9 | 213 |
Reassessments and disposals | 1 | 4 | -1 | 0 | \u2014 | 4 |
Depreciation | -18 | -24 | -43 | 0 | \u2014 | -85 |
Reclassifications | \u2014 | \u2014 | 33 | \u2014 | -33 | \u2014 |
Translation differences | 16 | 0 | 15 | 0 | 0 | 32 |
Carrying value, at December 31 | 291 | 144 | 411 | 1 | \u2014 | 847 |
Accounting policies |
\u20ac million | 2025 | 2024 |
Other own commitments | ||
Leasing commitments for the next 12 months in accordance with IFRS 16 | 1 | 1 |
Other commitments | 128 | 106 |
Total | 129 | 107 |
\u20ac million | Fair value through profit and loss | Equity instruments at fair value through OCI | Derivatives under hedge accounting | Financial assets and liabilities at amortized cost | Total |
Financial assets at FVOCI | \u2014 | 2,193 | \u2014 | \u2014 | 2,193 |
Other non-current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 6 | 6 |
Derivatives | \u2014 | \u2014 | 18 | \u2014 | 18 |
\u2014 | \u2014 | 18 | 6 | 24 | |
Trade and other receivables | \u2014 | \u2014 | \u2014 | 1,481 | 1,481 |
Other current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 1 | 1 |
Derivatives | 8 | \u2014 | 67 | \u2014 | 75 |
Investment funds | 1 | \u2014 | \u2014 | \u2014 | 1 |
9 | \u2014 | 67 | 1 | 78 | |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | 715 | 715 |
Total financial assets | 9 | 2,193 | 85 | 2,203 | 4,490 |
Non-current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 3,528 | 3,528 |
Derivatives | \u2014 | \u2014 | 111 | \u2014 | 111 |
\u2014 | \u2014 | 111 | 3,528 | 3,638 | |
Other non-current financial liabilities | |||||
Other liabilities 1) | \u2014 | \u2014 | \u2014 | 86 | 86 |
Derivatives | \u2014 | \u2014 | 4 | \u2014 | 4 |
\u2014 | \u2014 | 4 | 86 | 90 | |
Current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 152 | 152 |
Derivatives | 1 | \u2014 | 2 | \u2014 | 3 |
1 | \u2014 | 2 | 152 | 156 | |
Trade and other payables | \u2014 | \u2014 | \u2014 | 1,839 | 1,839 |
Other current financial liabilities | |||||
Derivatives | 4 | \u2014 | 33 | \u2014 | 37 |
4 | \u2014 | 33 | \u2014 | 37 | |
Total financial liabilities | 6 | \u2014 | 150 | 5,605 | 5,761 |
\u20ac million | Fair value through profit and loss | Equity instruments at fair value through OCI | Derivatives under hedge accounting | Financial assets and liabilities at amortized cost | Total |
Financial assets at FVOCI | \u2014 | 2,247 | \u2014 | \u2014 | 2,247 |
Other non-current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 16 | 16 |
Derivatives | 1 | \u2014 | 27 | \u2014 | 28 |
1 | \u2014 | 27 | 16 | 44 | |
Trade and other receivables | \u2014 | \u2014 | \u2014 | 1,929 | 1,929 |
Other current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 1 | 1 |
Derivatives | 9 | \u2014 | 58 | \u2014 | 67 |
Investment funds | 1 | \u2014 | \u2014 | \u2014 | 1 |
10 | \u2014 | 58 | 1 | 69 | |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | 892 | 892 |
Total financial assets | 11 | 2,247 | 85 | 2,838 | 5,181 |
Non-current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 3,662 | 3,662 |
Derivatives | \u2014 | \u2014 | 84 | \u2014 | 84 |
\u2014 | \u2014 | 84 | 3,662 | 3,747 | |
Other non-current financial liabilities | |||||
Other liabilities 1) | \u2014 | \u2014 | \u2014 | 153 | 153 |
Derivatives | \u2014 | \u2014 | 5 | \u2014 | 5 |
\u2014 | \u2014 | 5 | 153 | 158 | |
Current debt | |||||
Loans | \u2014 | \u2014 | \u2014 | 152 | 152 |
Derivatives | 10 | \u2014 | 5 | \u2014 | 14 |
10 | \u2014 | 5 | 152 | 166 | |
Trade and other payables | \u2014 | \u2014 | \u2014 | 1,938 | 1,938 |
Other current financial liabilities | |||||
Derivatives | 7 | \u2014 | 101 | \u2014 | 108 |
7 | \u2014 | 101 | \u2014 | 108 | |
Total financial liabilities | 17 | \u2014 | 195 | 5,905 | 6,116 |
\u20ac million | 2025 | 2024 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Financial assets | ||||||||
Investment funds | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 |
Derivatives, non-qualifying hedges | \u2014 | 8 | \u2014 | 8 | \u2014 | 10 | \u2014 | 10 |
Derivatives under hedge accounting | \u2014 | 85 | \u2014 | 85 | 1 | 85 | \u2014 | 85 |
Financial assets at FVOCI | \u2014 | \u2014 | 2,193 | 2,193 | \u2014 | \u2014 | 2,247 | 2,247 |
Total | \u2014 | 94 | 2,193 | 2,287 | 1 | 96 | 2,247 | 2,343 |
Financial liabilities | ||||||||
Derivatives, non-qualifying hedges | \u2014 | 6 | \u2014 | 6 | \u2014 | 17 | \u2014 | 17 |
Derivatives under hedge accounting | \u2014 | 150 | \u2014 | 150 | \u2014 | 195 | \u2014 | 195 |
Total | \u2014 | 155 | \u2014 | 155 | \u2014 | 211 | \u2014 | 211 |
Accounting policies |
\u20ac million | 2025 | 2024 |
Exchange rate gains and losses | ||
Derivatives | 12 | -31 |
Exchange gains and losses on financial liabilities measured at amortized costs | 48 | -11 |
Exchange gains and losses on financial assets measured at amortized costs | -57 | 37 |
Other exchange rate gains and losses 1) | 41 | 0 |
44 | -6 | |
Fair value changes | ||
Fair value gains and losses on derivatives designated as fair value hedges | -20 | 16 |
Fair value adjustment of debt attributable to interest rate risk | 18 | -17 |
-1 | -1 | |
Total | 43 | -7 |
Interest and other finance income and costs, net | ||
Interest expense on lease liabilities | -26 | -24 |
Interest expense on other financial liabilities measured at amortized cost | -57 | -47 |
Interest income (expense) on derivatives | -21 | -40 |
Interest income on loans, receivables and cash | 19 | 31 |
Dividend income from financial assets at FVOCI | 5 | 2 |
Impairment charges of associates and joint ventures | \u2014 | -2 |
Other financial income and expenses, net | -23 | -17 |
-102 | -97 | |
Total | -59 | -104 |
\u20ac million | 2025 | 2024 |
Cash flow hedges reclassified from hedging reserve | 85 | -7 |
Non-qualifying hedges | 18 | -25 |
Total | 102 | -33 |
\u20ac million | 2025 | 2024 |
Sales | 34 | -5 |
Other operating income | -37 | -9 |
Total | -4 | -14 |
\u20ac million | 2025 | 2024 |
Exchange rate gains and losses | ||
Derivatives | 12 | -31 |
Exchange gains and losses on financial liabilities measured at amortized costs | 48 | -11 |
Exchange gains and losses on financial assets measured at amortized costs | -57 | 37 |
Other exchange rate gains and losses 1) | 41 | 0 |
44 | -6 | |
Fair value changes | ||
Fair value gains and losses on derivatives designated as fair value hedges | -20 | 16 |
Fair value adjustment of debt attributable to interest rate risk | 18 | -17 |
-1 | -1 | |
Total | 43 | -7 |
Interest and other finance income and costs, net | ||
Interest expense on lease liabilities | -26 | -24 |
Interest expense on other financial liabilities measured at amortized cost | -57 | -47 |
Interest income (expense) on derivatives | -21 | -40 |
Interest income on loans, receivables and cash | 19 | 31 |
Dividend income from financial assets at FVOCI | 5 | 2 |
Impairment charges of associates and joint ventures | \u2014 | -2 |
Other financial income and expenses, net | -23 | -17 |
-102 | -97 | |
Total | -59 | -104 |
\u20ac million | 2025 | 2024 |
Cash flow hedges reclassified from hedging reserve | 85 | -7 |
Non-qualifying hedges | 18 | -25 |
Total | 102 | -33 |
\u20ac million | 2025 | 2024 |
Sales | 34 | -5 |
Other operating income | -37 | -9 |
Total | -4 | -14 |
\u20ac million | 2025 | 2024 |
Exchange rate gains and losses | ||
Derivatives | 12 | -31 |
Exchange gains and losses on financial liabilities measured at amortized costs | 48 | -11 |
Exchange gains and losses on financial assets measured at amortized costs | -57 | 37 |
Other exchange rate gains and losses 1) | 41 | 0 |
44 | -6 | |
Fair value changes | ||
Fair value gains and losses on derivatives designated as fair value hedges | -20 | 16 |
Fair value adjustment of debt attributable to interest rate risk | 18 | -17 |
-1 | -1 | |
Total | 43 | -7 |
Interest and other finance income and costs, net | ||
Interest expense on lease liabilities | -26 | -24 |
Interest expense on other financial liabilities measured at amortized cost | -57 | -47 |
Interest income (expense) on derivatives | -21 | -40 |
Interest income on loans, receivables and cash | 19 | 31 |
Dividend income from financial assets at FVOCI | 5 | 2 |
Impairment charges of associates and joint ventures | \u2014 | -2 |
Other financial income and expenses, net | -23 | -17 |
-102 | -97 | |
Total | -59 | -104 |
\u20ac million | 2025 | 2024 |
Cash flow hedges reclassified from hedging reserve | 85 | -7 |
Non-qualifying hedges | 18 | -25 |
Total | 102 | -33 |
\u20ac million | 2025 | 2024 |
Sales | 34 | -5 |
Other operating income | -37 | -9 |
Total | -4 | -14 |
\u20ac million | 2025 | 2024 |
Exchange rate gains and losses | ||
Derivatives | 12 | -31 |
Exchange gains and losses on financial liabilities measured at amortized costs | 48 | -11 |
Exchange gains and losses on financial assets measured at amortized costs | -57 | 37 |
Other exchange rate gains and losses 1) | 41 | 0 |
44 | -6 | |
Fair value changes | ||
Fair value gains and losses on derivatives designated as fair value hedges | -20 | 16 |
Fair value adjustment of debt attributable to interest rate risk | 18 | -17 |
-1 | -1 | |
Total | 43 | -7 |
Interest and other finance income and costs, net | ||
Interest expense on lease liabilities | -26 | -24 |
Interest expense on other financial liabilities measured at amortized cost | -57 | -47 |
Interest income (expense) on derivatives | -21 | -40 |
Interest income on loans, receivables and cash | 19 | 31 |
Dividend income from financial assets at FVOCI | 5 | 2 |
Impairment charges of associates and joint ventures | \u2014 | -2 |
Other financial income and expenses, net | -23 | -17 |
-102 | -97 | |
Total | -59 | -104 |
\u20ac million | 2025 | 2024 |
Cash flow hedges reclassified from hedging reserve | 85 | -7 |
Non-qualifying hedges | 18 | -25 |
Total | 102 | -33 |
\u20ac million | 2025 | 2024 |
Sales | 34 | -5 |
Other operating income | -37 | -9 |
Total | -4 | -14 |
\u20ac million | 2025 | 2024 |
Number of shares (1,000) | 527,736 | 533,736 |
Share capital, \u20ac million | 890 | 890 |
\u20ac million | 2025 | 2024 |
Fair value reserve | 1,574 | 1,661 |
Hedging reserve | 28 | -10 |
Share-based payments reserve | 19 | 26 |
Total other reserves | 1,622 | 1,678 |
Reserve for invested non-restricted equity | 1,273 | 1,273 |
Translation reserve | 15 | 657 |
Total reserves | 2,909 | 3,608 |
Accounting policies |
\u20ac million | Currency cash flow hedges | Electricity purchase and sales hedges | Cost of hedging | Tax | Total |
2025 | |||||
Hedging reserve, at January 1 | -40 | 29 | 0 | 2 | -10 |
Amounts reclassified to profit and loss | -37 | -51 | 3 | 17 | -68 |
Change in fair value of hedging instruments recognized in OCI | 99 | 39 | -6 | -26 | 106 |
Hedging reserve, at December 31 | 22 | 16 | -2 | -8 | 28 |
\u20ac million | Currency cash flow hedges | Electricity purchase and sales hedges | Cost of hedging | Tax | Total |
2024 | |||||
Hedging reserve, at January 1 | 13 | -120 | -3 | 21 | -88 |
Amounts reclassified to profit and loss | 2 | 2 | 3 | -1 | 6 |
Change in fair value of hedging instruments recognized in OCI | -55 | 146 | -1 | -18 | 72 |
Hedging reserve, at December 31 | -40 | 29 | 0 | 2 | -10 |
\u20ac million | 2025 | 2024 |
Number of shares (1,000) | 527,736 | 533,736 |
Share capital, \u20ac million | 890 | 890 |
\u20ac million | 2025 | 2024 |
Fair value reserve | 1,574 | 1,661 |
Hedging reserve | 28 | -10 |
Share-based payments reserve | 19 | 26 |
Total other reserves | 1,622 | 1,678 |
Reserve for invested non-restricted equity | 1,273 | 1,273 |
Translation reserve | 15 | 657 |
Total reserves | 2,909 | 3,608 |
Accounting policies |
\u20ac million | Currency cash flow hedges | Electricity purchase and sales hedges | Cost of hedging | Tax | Total |
2025 | |||||
Hedging reserve, at January 1 | -40 | 29 | 0 | 2 | -10 |
Amounts reclassified to profit and loss | -37 | -51 | 3 | 17 | -68 |
Change in fair value of hedging instruments recognized in OCI | 99 | 39 | -6 | -26 | 106 |
Hedging reserve, at December 31 | 22 | 16 | -2 | -8 | 28 |
\u20ac million | Currency cash flow hedges | Electricity purchase and sales hedges | Cost of hedging | Tax | Total |
2024 | |||||
Hedging reserve, at January 1 | 13 | -120 | -3 | 21 | -88 |
Amounts reclassified to profit and loss | 2 | 2 | 3 | -1 | 6 |
Change in fair value of hedging instruments recognized in OCI | -55 | 146 | -1 | -18 | 72 |
Hedging reserve, at December 31 | -40 | 29 | 0 | 2 | -10 |
Foreign exchange risk |
Profit before tax | Equity | |||
\u20ac million | 2025 | 2024 | 2025 | 2024 |
EUR strengthens by 10% | ||||
USD | -3 | 1 | 94 | 102 |
UYU | \u2014 | \u2014 | -15 | -14 |
CNY | 1 | 1 | 11 | 13 |
GBP | \u2014 | \u2014 | 6 | 12 |
EUR weakens by 10% | ||||
USD | 3 | -1 | -94 | -102 |
UYU | \u2014 | \u2014 | 15 | 14 |
CNY | -1 | -1 | -11 | -13 |
GBP | \u2014 | \u2014 | -6 | -12 |
Interest rate risk |
\u20ac billion | 2025 | 2024 |
EUR | 2.0 | 1.7 |
USD | 0.5 | 0.8 |
CNY | -0.2 | -0.3 |
Others | -0.1 | -0.2 |
Total | 2.2 | 2.1 |
Profit before tax | ||
\u20ac million | 2025 | 2024 |
Interest rate of net debt 100 basis points higher | -11 | -12 |
Interest rate of net debt 100 basis points lower | 11 | 12 |
Electricity price risk |
\u20ac million | Effect | 2025 | 2024 |
+/\u2013EUR 5/MWh in electricity forward quotations | |||
Effect on profit before tax | +/- | \u2014 | \u2014 |
Effect on equity | +/- | 27.3 | 31.0 |
Foreign exchange risk |
Profit before tax | Equity | |||
\u20ac million | 2025 | 2024 | 2025 | 2024 |
EUR strengthens by 10% | ||||
USD | -3 | 1 | 94 | 102 |
UYU | \u2014 | \u2014 | -15 | -14 |
CNY | 1 | 1 | 11 | 13 |
GBP | \u2014 | \u2014 | 6 | 12 |
EUR weakens by 10% | ||||
USD | 3 | -1 | -94 | -102 |
UYU | \u2014 | \u2014 | 15 | 14 |
CNY | -1 | -1 | -11 | -13 |
GBP | \u2014 | \u2014 | -6 | -12 |
Interest rate risk |
\u20ac billion | 2025 | 2024 |
EUR | 2.0 | 1.7 |
USD | 0.5 | 0.8 |
CNY | -0.2 | -0.3 |
Others | -0.1 | -0.2 |
Total | 2.2 | 2.1 |
Profit before tax | ||
\u20ac million | 2025 | 2024 |
Interest rate of net debt 100 basis points higher | -11 | -12 |
Interest rate of net debt 100 basis points lower | 11 | 12 |
Electricity price risk |
\u20ac million | Effect | 2025 | 2024 |
+/\u2013EUR 5/MWh in electricity forward quotations | |||
Effect on profit before tax | +/- | \u2014 | \u2014 |
Effect on equity | +/- | 27.3 | 31.0 |
Financial counterparty risk |
Accounting policies |
Accounting policies |
\u20ac million | 2025 | 2024 |
Current tax expense | 108 | 122 |
Change in deferred taxes | 92 | -85 |
Total | 200 | 37 |
\u20ac million | 2025 | 2024 |
Profit before tax | 690 | 500 |
Computed tax at Finnish statutory rate of 20% | 138 | 100 |
Difference between Finnish and foreign rates | 10 | -6 |
Tax-exempt income | -41 | -91 |
Non-deductible expenses | 15 | 37 |
Withholding taxes | 3 | 2 |
Tax loss with no tax benefit | 18 | 8 |
Results of associates | 0 | 0 |
Change in tax legislation | 65 | \u2014 |
Change in recoverability of deferred tax assets | -6 | \u2014 |
Utilization of previously unrecognized tax losses | -1 | -1 |
Other items | 0 | -13 |
Total income taxes | 200 | 37 |
Effective tax rate, % | 28.9% | 7.4% |
Accounting policies |
Key estimates and judgments |
\u20ac million | 2025 | 2024 | 2023 |
Deferred tax assets | |||
119 | 134 | 66 | |
Inventories | 61 | 72 | 77 |
Retirement benefit liabilities and provisions | 75 | 95 | 94 |
Other temporary differences | 154 | 192 | 175 |
Tax losses and tax credits carried forward | 224 | 276 | 242 |
Offset against liabilities | -221 | -243 | -224 |
Total | 413 | 526 | 431 |
Deferred tax liabilities | |||
-291 | -330 | -265 | |
Forest assets | -461 | -440 | -412 |
Retirement benefit assets | -1 | \u2014 | \u2014 |
Other temporary differences | -160 | -145 | -163 |
Offset against assets | 221 | 243 | 224 |
Total | -692 | -673 | -616 |
Net deferred tax assets (liabilities) | -279 | -146 | -185 |
\u20ac million | 2025 | 2024 |
Carrying value, at January 1 | -146 | -185 |
Charged to income statement | -92 | 85 |
Charged to other comprehensive income | -41 | -36 |
Companies acquired | -15 | -4 |
Exchange rate adjustments | 15 | -6 |
Net deferred tax assets (liabilities) | -279 | -146 |
Before tax | Tax | After tax | Before tax | Tax | After tax | |
\u20ac million | 2025 | 2024 | ||||
Actuarial gains and losses on defined benefit plans | 50 | -18 | 31 | 7 | -2 | 4 |
Financial assets at FVOCI | -83 | -4 | -87 | -31 | -16 | -47 |
Translation differences | -724 | \u2014 | -724 | 346 | \u2014 | 346 |
Cash flow hedges | 48 | -9 | 38 | 98 | -20 | 78 |
Net investment hedges | 46 | -9 | 37 | -16 | 3 | -13 |
Total | -664 | -41 | -705 | 403 | -35 | 368 |
Key estimates and judgments |
Accounting policies |
\u20ac million | 2025 | 2024 | 2023 |
Deferred tax assets | |||
119 | 134 | 66 | |
Inventories | 61 | 72 | 77 |
Retirement benefit liabilities and provisions | 75 | 95 | 94 |
Other temporary differences | 154 | 192 | 175 |
Tax losses and tax credits carried forward | 224 | 276 | 242 |
Offset against liabilities | -221 | -243 | -224 |
Total | 413 | 526 | 431 |
Deferred tax liabilities | |||
-291 | -330 | -265 | |
Forest assets | -461 | -440 | -412 |
Retirement benefit assets | -1 | \u2014 | \u2014 |
Other temporary differences | -160 | -145 | -163 |
Offset against assets | 221 | 243 | 224 |
Total | -692 | -673 | -616 |
Net deferred tax assets (liabilities) | -279 | -146 | -185 |
\u20ac million | 2025 | 2024 |
Carrying value, at January 1 | -146 | -185 |
Charged to income statement | -92 | 85 |
Charged to other comprehensive income | -41 | -36 |
Companies acquired | -15 | -4 |
Exchange rate adjustments | 15 | -6 |
Net deferred tax assets (liabilities) | -279 | -146 |
Before tax | Tax | After tax | Before tax | Tax | After tax | |
\u20ac million | 2025 | 2024 | ||||
Actuarial gains and losses on defined benefit plans | 50 | -18 | 31 | 7 | -2 | 4 |
Financial assets at FVOCI | -83 | -4 | -87 | -31 | -16 | -47 |
Translation differences | -724 | \u2014 | -724 | 346 | \u2014 | 346 |
Cash flow hedges | 48 | -9 | 38 | 98 | -20 | 78 |
Net investment hedges | 46 | -9 | 37 | -16 | 3 | -13 |
Total | -664 | -41 | -705 | 403 | -35 | 368 |
Key estimates and judgments |
Accounting policies |
\u20ac million | |
Cash paid | 130 |
Deferred consideration | 0 |
Total purchase consideration | 130 |
\u20ac million | |
Other intangible assets | 60 |
Property, plant and equipment | 3 |
Leased assets | 4 |
Inventories | 16 |
Trade and other receivables | 15 |
Cash and cash equivalents | 9 |
Total assets | 107 |
Deferred tax liabilities | 15 |
Non-current debt | 4 |
Current debt | 51 |
Trade and other payables | 14 |
Income tax payables | 0 |
Total liabilities | 85 |
Net identifiable assets acquired | 22 |
Goodwill arising from acquisition | 107 |
Accounting policies |
Subsidiaries | Country of incorporation | Holding % \u00a0 \u00a0 2025 | Holding % \u00a0 \u00a0 \u00a0 2024 |
Blandin Paper Company | US | 100.00 | 100.00 |
Blanvira S.A. | UY | 91.00 | 91.00 |
Cuecar S.A. | UY | 91.00 | 91.00 |
Forestal Oriental S.A. | UY | 100.00 | 100.00 |
Gebr. Lang GmbH Papierfabrik | DE | 100.00 | 100.00 |
Grafityp (UK) Limited | GB | 100.00 | 100.00 |
Grafityp Selfadhesive Products NV | BE | 100.00 | 100.00 |
LLC UPM Ukraine | UA | 100.00 | 100.00 |
Magenta Prime Limited1) | GB | 100.00 | \u2014 |
Metamark (UK) Limited1) | GB | 100.00 | \u2014 |
Metamark Group Holdings Limited1) | GB | 100.00 | \u2014 |
Myllykoski Oyj | FI | 100.00 | 100.00 |
Nordland Papier GmbH | DE | 100.00 | 100.00 |
NorService GmbH | DE | 100.00 | 100.00 |
Nortrans Speditionsgesellschaft mbH | DE | 100.00 | 100.00 |
Print Inform Japan K.K. | JP | 80.00 | 80.00 |
PT UPM Raflatac Indonesia | ID | 100.00 | 100.00 |
Rhein Papier GmbH | DE | 100.00 | 100.00 |
Tebetur S.A. | UY | 91.00 | 91.00 |
Tile Forestal S.A. | UY | 91.00 | 91.00 |
Trimwel Limited1) | IE | 100.00 | \u2014 |
UPM (China) Co. Ltd | CN | 100.00 | 100.00 |
UPM (Vietnam) Limited | VN | 100.00 | 100.00 |
UPM Asia Pacific Pte. Ltd. | SG | 100.00 | 100.00 |
UPM Biochemicals GmbH | DE | 100.00 | 100.00 |
UPM Biochemicals Sales GmbH | DE | 100.00 | 100.00 |
UPM Communication Papers Oy | FI | 100.00 | 100.00 |
UPM Energy Oy | FI | 100.00 | 100.00 |
UPM GmbH | DE | 100.00 | 100.00 |
UPM O\u00dc | EE | 100.00 | 100.00 |
UPM Plywood Oy | FI | 100.00 | 100.00 |
UPM Pulp Sales Oy | FI | 100.00 | 100.00 |
Subsidiaries | Country of incorporation | Holding % \u00a0 \u00a0 2025 | Holding % \u00a0 \u00a0 \u00a0 2024 |
UPM Pulp, Inc. | US | 100.00 | 100.00 |
UPM Raflatac (China) Co., Ltd. | CN | 100.00 | 100.00 |
UPM Raflatac (S) Pte Ltd | SG | 100.00 | 100.00 |
UPM Raflatac (UK) Ltd. | GB | 100.00 | 100.00 |
UPM Raflatac Canada Holdings Inc. | CA | 100.00 | 100.00 |
UPM Raflatac Chile SpA | CL | 100.00 | 100.00 |
UPM Raflatac Co. Ltd. | TH | 100.00 | 100.00 |
UPM Raflatac GmbH | DE | 100.00 | 100.00 |
UPM Raflatac Iberica S.A. | ES | 100.00 | 100.00 |
UPM Raflatac Inc. | US | 100.00 | 100.00 |
UPM Raflatac Mexico S.A. de C.V. | MX | 100.00 | 100.00 |
UPM Raflatac NZ Limited | NZ | 100.00 | 100.00 |
UPM Raflatac Oy | FI | 100.00 | 100.00 |
UPM Raflatac Pty Ltd | AU | 100.00 | 100.00 |
UPM Raflatac S.r.l. | AR | 100.00 | 100.00 |
UPM Raflatac SAS | FR | 100.00 | 100.00 |
UPM Raflatac Sdn.Bhd. | MY | 100.00 | 100.00 |
UPM Raflatac South Africa (Pty) Ltd | ZA | 100.00 | 100.00 |
UPM Raflatac Sp. z o .o. | PL | 100.00 | 100.00 |
UPM S.A. | UY | 91.00 | 91.00 |
UPM S\u00e4hk\u00f6nsiirto Oy | FI | 100.00 | 100.00 |
UPM Sales GmbH | DE | 100.00 | 100.00 |
UPM Sales Oy | FI | 100.00 | 100.00 |
UPM Specialty Papers Oy | FI | 100.00 | 100.00 |
UPM Trading (Shanghai) Co | CN | 100.00 | 100.00 |
UPM-Kymmene (Korea) Ltd | KO | 100.00 | 100.00 |
UPM-Kymmene (UK) Ltd | GB | 100.00 | 100.00 |
UPM-Kymmene Inc. | US | 100.00 | 100.00 |
UPM-Kymmene India Private Limited | IN | 100.00 | 100.00 |
UPM-Kymmene Japan K.K. | JP | 100.00 | 100.00 |
UPM-Kymmene Kagit Urunleri Sanayi ve Ticared Ltd. Sti. | TR | 100.00 | 100.00 |
UPM-Kymmene Otep\u00e4\u00e4 O\u00dc | EE | 100.00 | 100.00 |
UPM-Kymmene S.r.l. | IT | 100.00 | 100.00 |
UPM-Kymmene Seven Seas Oy | FI | 100.00 | 100.00 |
UPM-Kymmene Sp.z o.o. | PL | 100.00 | 100.00 |
Uruwood S.A.2) | UY | \u2014 | 93.55 |
Werla Insurance Company Ltd | MT | 100.00 | 100.00 |
Joint operations | COUNTRY OF INCORPORATION | HOLDING % \u00a0 \u00a0 2025 | HOLDING % \u00a0 \u00a0 \u00a0 2024 |
Oy Alholmens Kraft Ab (Pohjolan Voima Oy, G series and direct ownership) | FI | 50.00 | 50.00 |
J\u00e4rvi-Suomen Voima Oy | FI | 50.00 | 50.00 |
Kaukaan Voima Oy (Pohjolan Voima Oy, G9 series) | FI | 54.00 | 54.00 |
Kymin Voima Oy (Pohjolan Voima Oy, G2 series) | FI | 76.00 | 76.00 |
Rauman Biovoima Oy (Pohjolan Voima Oy, G4 series) | FI | 71.95 | 71.95 |
Phyla UPM JVCO Limited | GB | 50.00 | 50.00 |
\u20ac million | 2025 | 2024 |
Dividends received | 2 | 2 |
Purchases of raw materials and services | 36 | 28 |
Loan receivables | 3 | 13 |
Trade and other receivables | 0 | 1 |
Trade and other payables | 5 | 4 |
Accounting policies |
Accounting policies |