UPM reported weaker third-quarter results for 2025 as subdued global demand and lower pulp and paper prices continued to weigh on performance.
Sales totaled €2.3 billion, down 9 percent from the same quarter last year, while comparable EBIT fell 47 percent to €153 million, or 6.7 percent of sales. Operating cash flow remained stable at €218 million, supported by ongoing cost discipline.
President and CEO Massimo Reynaudo said the quarter brought “temporary clarity in global trade,” yet consumer demand remained muted. “We continue to take decisive actions to strengthen competitiveness and improve performance,” he noted.
For the first nine months of 2025, UPM’s sales reached €7.3 billion (down 5 percent year-over-year) and comparable EBIT €566 million. The company ended the quarter with net debt of €3.2 billion, following share buy-backs totaling €160 million.
UPM expects comparable EBIT for the second half of 2025 to range between €425 million and €650 million, citing benefits from lower variable costs and stable performance in advanced materials.
Despite economic headwinds, the company emphasized its strong balance sheet and resilience across business lines, positioning itself for recovery once market conditions improve.
UPM is a global material solutions company that renews products and value chains with a diverse portfolio of renewable fibres, advanced materials, decarbonization solutions, and communication papers. Headquartered in Helsinki, Finland, UPM operates in over 40 countries and employs around 15,800 people worldwide. The company’s shares are listed on Nasdaq Helsinki Ltd.
