UPM Results Q2 2026: Revenue, Profit and Margins

Name: UPM quarterly results
Creator: Finpendium
License: https://creativecommons.org/licenses/by/4.0/

Latest report: UPM half-year report Jan–Jun 2026, published July 23, 2026

In Q2 2026, UPM’s revenue was €2,355.0 million, up 0.6% from Q2 2025. Operating profit was €208.0 million, an operating margin of 8.8% (Q2 2025: 4.5%). Net income for the period was €166.0 million and earnings per share €0.30.

UPM: Where the revenue went, Q2 '26, EUR million. Source: UPM half-year report Jan–Jun 2026. — UPM: Where the revenue went · Q2 '26, EUR million

Key figures for Q2 2026

UPM key figures, Q2 2026 vs Q2 2025
	Q2 2026	Q2 2025	Change
Revenue, €M	2,355.0	2,341.0	+0.6%
Operating profit, €M	208.0	105.0	+98.1%
Operating margin	8.8%	4.5%	+4.3 pp
Adjusted operating profit, €M	212.0	124.0	+71.0%
Net income, €M	166.0	71.0	+133.8%
Net margin	7.0%	3.0%	+4.0 pp
Earnings per share	€0.30	€0.13	+130.8%

UPM in charts

UPM: From revenue to net income, Q2 '26, EUR million. Source: UPM half-year report Jan–Jun 2026. — UPM: From revenue to net income · Q2 '26, EUR million

UPM: What drove the change in operating profit, Q2 '25 → Q2 '26, EUR million. Source: UPM half-year report Jan–Jun 2026. — UPM: What drove the change in operating profit · Q2 '25 → Q2 '26, EUR million

UPM: Revenue by business area, Quarterly, EUR million. Source: UPM half-year report Jan–Jun 2026. — UPM: Revenue by business area · Quarterly, EUR million

UPM: Profitability, Quarterly, % of revenue. Source: UPM half-year report Jan–Jun 2026. — UPM: Profitability · Quarterly, % of revenue

UPM: Revenue trend, Quarterly, EUR million. Source: UPM half-year report Jan–Jun 2026. — UPM: Revenue trend · Quarterly, EUR million

UPM: Operating profit trend, Quarterly, EUR million. Source: UPM half-year report Jan–Jun 2026. — UPM: Operating profit trend · Quarterly, EUR million

UPM: Revenue and earnings, last twelve months, Rolling four-quarter sum, EUR million. Source: UPM half-year report Jan–Jun 2026. — UPM: Revenue and earnings, last twelve months · Rolling four-quarter sum, EUR million

UPM: Earnings per share · Quarterly, EUR

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<figure><a href="https://finpendium.com/companies/upm/"><img src="https://finpendium.com/charts/upm/2026-q2/eps.svg" alt="UPM: Earnings per share, Quarterly, EUR. Source: UPM half-year report Jan–Jun 2026." width="800" height="366" style="max-width:100%;height:auto"></a><figcaption>Chart: <a href="https://finpendium.com/companies/upm/">UPM results on Finpendium</a></figcaption></figure>

Quarterly results

UPM quarterly results (€M unless stated)
Quarter	Revenue	Change y/y	Operating profit	Operating margin	Net income	EPS
Q2 2026	2,355.0	+0.6%	208.0	8.8%	166.0	€0.30
Q1 2026	2,425.0	−5.8%	245.0	10.1%	200.0	€0.37
Q4 2025	2,252.0	—	376.0	16.7%	258.0	€0.49
Q3 2025	2,226.0	—	47.0	2.1%	18.0	€0.03
Q2 2025	2,341.0	—	105.0	4.5%	71.0	€0.13
Q1 2025	2,573.0	—	191.0	7.4%	143.0	€0.26

Annual results

UPM annual results (€M unless stated)
Year	Revenue	Operating profit	Operating margin	Net income	EPS
2025	9,392.0	719.0	7.7%	491.0	€0.91
2024	10,339.0	604.0	5.8%	463.0	€0.82
2023	10,460.0	608.0	5.8%	394.0	€0.73

Revenue by business area

UPM revenue by business area, Q2 2026 vs Q2 2025 (€M)
Business area	Q2 2026	Q2 2025	Change
Energy	141.0	118.0	+19.5%
Fibres	885.0	870.0	+1.7%
Plywood	121.0	89.0	+36.0%
Adhesive Materials	448.0	425.0	+5.4%
Specialty Materials	341.0	328.0	+4.0%
Communication Papers	594.0	630.0	−5.7%
Other	208.0	192.0	+8.3%
Eliminations	−382.0	−311.0	—

Dividends

UPM dividend per share by financial year
Financial year	Dividend per share	EPS	Payout ratio	Status	Source
2025	€1.50	—	—	Board proposal	Release
2024	€1.50	€0.82	182.9%	Board proposal	Release

“Board proposal” is the dividend the board proposed in the financial statements release. The annual general meeting usually approves it, but check the company’s AGM release for the final decision. Payout ratio is dividend per share divided by basic earnings per share (payout ratio calculator); N/M means not meaningful (loss).

Calculate it yourself

Operating margin calculatorUPM in Q2 2026: 8.8%
Net margin calculatorUPM in Q2 2026: 7.0%
Earnings per share calculatorUPM in Q2 2026: €0.30

About UPM

UPM is a Finnish forest industry company producing pulp, energy, adhesive materials, specialty and communication papers, and wood products.

Sources

UPM half-year report Jan–Jun 2026, published Jul 23, 2026
UPM interim report Jan–Mar 2026, published Apr 29, 2026
UPM financial statements release 2025, published Feb 4, 2026
UPM interim report Jan–Sep 2025, published Oct 29, 2025
UPM half-year report Jan–Jun 2025, published Jul 24, 2025
UPM interim report Jan–Mar 2025, published Apr 24, 2025
UPM financial statements release 2024, published Feb 5, 2025
UPM interim report Jan–Sep 2024, published Oct 29, 2024
UPM half-year report Jan–Jun 2024, published Jul 23, 2024

About these figures. All figures come from UPM’s published interim reports and financial statements releases, linked above, and are checked against them before publication. Errors are still possible, so confirm any figure in the original report before relying on it. Amounts are in millions of the reporting currency. Quarters reported only cumulatively (for example the fourth quarter) are derived by subtraction, and when a company restates earlier figures, older quarters on the previous basis are left out of comparisons. Margins and changes are calculated by Finpendium. This page is for information only and is not investment advice or a recommendation to buy or sell any security. See how the figures are checked and our Disclaimer. Spotted an error? Let us know.