UPM-Kymmene Oyj (UPMKF,RPL.F), a Finnish material solutions company, reported Wednesday higher profit in its first quarter, despite weak sales.
In the first quarter, profit climbed to 200 million euros from last year's 143 million euros. Earnings per share were 0.37 euro, compared to 0.26 euro a year ago.
Comparable profit for the period was 213 million euros or 0.39 euro per share, compared to prior year's 223 million euros or 0.41 euro per share.
Comparable profit before tax dropped to 255 million euros from 262 million euros last year. Comparable EBIT decreased 5 percent year-over-year to 274 million euros, while comparable EBIT margin improved to 10.9 percent from 10.8 percent a year ago.
Comparable EBITDA declined to 395 million euros from 421 million euros last year, and margin dropped to 15.8 percent from 15.9 percent a year ago.
Sales totaled 2.51 billion euros, lower than prior year's 2.65 billion euros. The company noted that UPM Energy achieved record results in the quarter, supported by the cold winter and record electricity consumption in Finland.
Looking ahead for the first half of fiscal 2026, UPM's comparable EBIT is expected to be approximately in the range of 325 million euros to 525 million euros, compared to 413 million euros last year.
In the first half, compared to second half of fiscal 2025, UPM's performance is expected to benefit from moderately higher sales prices and delivery volumes and moderately lower fixed costs.
Massimo Reynaudo, President and CEO, stated, "Overall, while geopolitics continue to impact the business environment, the strength of our portfolio and geographic presence provides us with resilience. We are heading towards a period of higher inflation and margin protection will be a priority for us. We will keep our focus on competitiveness, performance, cash flow and successfully completing the strategic portfolio initiatives during this year."
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