Finnish forestry giant UPM-Kymmene reported first-quarter revenue in line with expectations, while adjusted operating profit came in ahead of forecasts.

Net sales fell 5.3 percent to EUR 2,505 million (2,646), compared with the Bloomberg analyst consensus of EUR 2,492 million.

Adjusted EBITDA amounted to EUR 395 million (421), representing an adjusted EBITDA margin of 15.8 percent (15.9).

Operating profit reached EUR 255 million (198), with an operating margin of 10.2 percent (7.5).

Adjusted operating profit was EUR 274 million (287), beating the expected EUR 263 million, with an adjusted operating margin of 10.9 percent (10.8).

Profit after tax was EUR 200 million (143), and earnings per share stood at EUR 0.37 (0.26).

Adjusted earnings per share were EUR 0.39 (0.41).

'We had a good start to the year, even as geopolitical events continued to create new uncertainties. Our businesses maintained their focus on performance, and thanks to our well-balanced portfolio, we were able to deliver solid results. In particular, our decarbonization solutions demonstrated their strength', commented CEO Massimo Reynaudo.

UPM expects adjusted operating profit for the first half of 2026 to be in the range of EUR 325-525 million, compared with EUR 413 million in the same period last year, and EUR 508 million in the second half of 2025.