UPM (HEL: UPM) financial statements
The consolidated income statement, balance sheet and cash flow statement of UPM for its last 6 fiscal years, as filed with the regulator, in millions of euros. At the end of fiscal 2025 it had €17,532m in total assets and €10,001m in equity.
Income statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Revenue | €9,656m | €10,339m | €10,460m | €11,720m | €9,814m | €8,580m |
| Operating profit | €749.0m | €604.0m | €608.0m | €1,974m | €1,562m | €761.0m |
| Finance costs | — | — | €70.0m | €55.0m | €12.0m | €26.0m |
| Profit before tax | €690.0m | €500.0m | €464.0m | €1,944m | €1,548m | €737.0m |
| Income tax | €200.0m | €37.0m | €71.0m | €388.0m | €240.0m | €169.0m |
| Net profit | €480.0m | €436.0m | €388.0m | €1,526m | €1,286m | €560.0m |
| Earnings per share | €0.91 | €0.82 | €0.73 | €2.86 | €2.41 | €1.05 |
| Diluted earnings per share | €0.91 | €0.82 | €0.73 | €2.86 | €2.41 | €1.05 |
Balance sheet
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Total assets | €17,532m | €19,096m | €18,473m | €22,207m | €17,676m | €14,858m |
| Current assets | — | — | — | €7,230m | €5,257m | €4,709m |
| Inventories | €1,886m | €2,104m | €1,948m | €2,289m | €1,594m | €1,285m |
| Property, plant and equipment | €6,459m | €7,085m | €7,053m | €6,733m | €5,569m | €4,316m |
| Goodwill | €264.0m | €174.0m | €283.0m | €282.0m | €237.0m | €229.0m |
| Cash | €715.0m | €892.0m | €632.0m | €2,067m | €1,460m | €1,720m |
| Total liabilities | €7,197m | €7,556m | €6,942m | €9,329m | €6,570m | €5,345m |
| Current liabilities | — | — | — | €3,452m | €2,468m | €1,740m |
| Equity | €10,001m | €11,139m | €11,161m | €12,502m | €10,846m | €9,351m |
| Equity including minorities | €10,335m | €11,540m | €11,531m | €12,879m | €11,106m | €9,513m |
| Minority interests | €333.0m | €401.0m | €370.0m | €376.0m | €261.0m | €162.0m |
Cash flow statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | €1,405m | €1,352m | €2,269m | €508.0m | €1,250m | €1,005m |
| Investing cash flow | −€428.0m | −€586.0m | −€1,076m | −€1,585m | −€1,323m | −€879.0m |
| Financing cash flow | −€1,135m | −€544.0m | −€2,573m | €1,687m | −€194.0m | €71.0m |
Where each figure comes from
From the annual report UPM files every year in the European single electronic format (ESEF). The filing for each fiscal year: 2025 · 2024 · 2023 · 2022 · 2021. If an item is not tagged in the filing, it is not in the table. The summary of the last fiscal year is on the UPM page.
Information prepared from the accounts the company files with the regulator, for information purposes only. It is not financial advice or a recommendation to buy or sell. Updated on 12 November 2026.