UPM Kymmene Corporation

What UPM Kymmene Corporation does

UPM Kymmene Corporation is a Helsinki-headquartered, publicly listed Finnish forest products company (Nasdaq Helsinki: UPM) operating an integrated value chain from forest ownership through pulp, paper, specialty materials, biofuels, biochemicals, and energy generation. The company operates through multiple business divisions: UPM Adhesive Materials (premium brand UPM Raflatac plus cost-efficient UPM Intercoat) supplies self-adhesive label stock across paper, film, and adhesive chemistries to converters and brand owners in food, pharmaceutical, wine/spirits, logistics, durables, and industrial chemicals; UPM Specialty Papers produces packaging and barrier substrates; UPM Energy generates hydropower and grid-balancing services in Finland; the Leuna biorefinery in Germany is Europe's largest industrial-scale biochemical facility producing 220,000 tonnes/year of renewable sugars and biochemicals from wood-based feedstocks; and UPM Plywood (WISA) is being demerged into WISA Group Plc by October 2026.

Revenue is generated predominantly through B2B direct sales with multi-year contracts to industrial enterprise customers, supplemented by a global terminal network and the MyRaflatac online portal for label stock ordering, and merchant/reseller channels for graphic self-adhesive sheets and sticky notes. FY2025 sales reached EUR 9,656 million (a 6.6% decline from EUR 10,339 million in 2024), with comparable EBIT of EUR 921 million and operating cash flow of EUR 1,405 million; Q1 2026 sales of EUR 2,505 million produced EUR 274 million comparable EBIT at a 10.9% margin. The company is undergoing material portfolio restructuring: a 50/50 European graphic paper JV with Sappi is in EU merger review (EUR 1,420M enterprise value, EUR 100M expected annual synergies), the Plywood business is being demerged as WISA Group Plc, and the Ettringen paper mill was permanently closed in December 2025 — all aimed at concentrating capital on bio-based growth platforms and shedding structurally challenged graphic paper capacity.

Name

UPM Kymmene Corporation

Legal name

UPM-Kymmene Corporation

Website

https://upm.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

UPM Kymmene is a Finnish forest products company integrating forest ownership, pulp, paper, specialty label materials, biochemicals, and hydropower to serve industrial B2B customers in packaging, pharmaceuticals, energy, and bio-based materials globally.

Ownership category

akta.pro rank

Product category

Forest Products and Bio-based Materials

NAICS

Plastics and Rubber Products Manufacturing (326)

SIC

Converted Paper & Paperboard Prods (No Contaners/Boxes) (2670), Lumber & Wood Products (No Furniture) (2400), Forestry (800)

akta.pro primary industry

Compostable & Bio-Based Packaging (PLA/PHA, Starch Blends, Cellulose Films) (IMALAMAB)

Keywords

• Self-adhesive label materials
• Bio-based biochemicals
• Specialty paper products
• Plywood manufacturing
• Renewable biofuels

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Offices10 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Pulp and Paper Products: Traditional pulp and paper manufacturing including graphic papers, specialty papers, and pulp products. The company has initiated strategic portfolio restructuring including paper mill closures and joint venture plans with Sappi for European graphic paper business amid declining demand.
2. Specialty Materials and Label Products: UPM Raflatac label materials, UPM Intercoat cost-efficient labels, graphic films, sticky notes, and industrial removables sold to label printers and converters globally.
3. Biofuels and Biochemicals: Renewable fuels and biochemicals from biorefineries including the Leuna biorefinery producing industrial sugars and biochemicals for industrial decarbonization.
4. UPM Energy: Hydropower and energy generation in Finland with record Q1 2026 results. Grid-balancing ultracapacitor investments and renewable energy support services.
5. Plywood and Wood Products: WISA plywood products including specialty products like LNG Spruce plywood for LNG transportation. Business being demerged into WISA Group Plc.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels8 records

Core offering

UPM is a Finnish forest products company that manufactures and sells bio-based materials including self-adhesive label materials (UPM Raflatac), graphic and specialty papers, plywood (WISA), biofuels, biochemicals from its Leuna biorefinery in Germany, and renewable hydropower electricity. Its products are sold to industrial converters, label printers, packaging manufacturers, and energy markets globally.

Product overview

UPM Kymmene Corporation is a Finnish forest products company operating through distinct business divisions. UPM Adhesive Materials is one of the world's leading self-adhesive materials suppliers, offering a comprehensive portfolio organized around premium brand UPM Raflatac and cost-efficient alternative UPM Intercoat. The product portfolio spans paper labels (coated, uncoated, direct thermal), film labels (PP, PE, PET, PVC), and specialty adhesives (permanent, removable, wash-off). Specialty offerings include pharmaceutical labels (PharmaSure), industrial chemical labels (Endurance), wine/spirits labels (Vetro), food packaging labels, logistics labels, and durable goods labels. Sustainable solutions include RAFNXT+, Vanish PCR, Forest Film, Ocean Action, Wash-off labels, New Wave papers, and Carbon Action products. Graphics Solutions operates Grafityp, Metamark, and Intercoat brands for signage, vehicle wrapping, and digital printing. Specialty Tapes includes sticky notes (UPM Notes, inFO, UPM Protect) and industrial removables (DecorEase, micro-tac). Supporting services include RafCycle liner recycling, Label Life LCA assessment, and MyRaflatac customer portal. The company also operates in plywood (WISA brand), energy (UPM Energy), biochemicals (Leuna biorefinery), and biofuels businesses.

Differentiator

Problem solved

Functional benefit

Brands

• UPM Raflatac: Premium self-adhesive label materials for various industries including food packaging, pharmaceuticals, wine and spirits
• UPM Intercoat
• WISA
• UPM Forest Film
• UPM Rafnxt+
• UPM Vetro
• UPM PharmaSure
• UPM Endurance
• UPM ProCycle
• RafCycle
• Label Life
• UPM Notes
• inFO
• UPM DecorEase
• micro-tac
• WISA BioBond

Products and services

• UPM Raflatac Self-Adhesive Label Materials Premium self-adhesive label stock including paper face materials (coated, uncoated, direct thermal), film face materials (PP, PE, PET, PVC), and specialty pressure-sensitive adhesives (permanent, removable, wash-off). Serves label printers and converters in food packaging, pharmaceuticals, wine and spirits, industrial chemicals, and durables applications globally.
• UPM Intercoat Label Materials Cost-efficient label materials providing dependable bulk solutions for high-volume and price-sensitive segments including FMCG, household goods, logistics, and general packaging applications.
• UPM PharmaSure Pharmaceutical Labels Label materials and adhesives specifically designed for pharmaceutical and healthcare packaging, featuring low migration properties, cryogenic resistance, and compliance with EMA, FDA, and IPAC-RS guidelines for vials, syringes, ampoules, IV bags, and vaccines.
• UPM Endurance Industrial Chemical Labels Label solutions for industrial chemical packaging designed to resist heat, oxidation, water, and UV light. Includes BS5609 marine certified materials and solutions for drums, IBCs, and pails.
• UPM Vetro Wine and Spirits Labels Premium label materials for wine, liquor, and craft beer packaging featuring UPM Vetro adhesives for reliable glass adhesion, wet strength, and ice bucket resistance, with sustainable options including Forest Film and Vanish PCR.
• UPM Durable Labels Labels for durable goods requiring long-term adhesion through heat, chemicals, solvents, water, and outdoor conditions. Includes UL-recognized materials and solutions for automotive, electronics, home appliances, and industrial applications.
• Sticky Notes and Self-Adhesive Office Products Sticky notes and self-adhesive products including UPM Notes (high-performing pads and cubes), inFO (Z-notes, roll notes, page markers), and UPM Protect (self-adhesive surface protection paper).
• Industrial Removables (DecorEase, micro-tac) Self-adhesive materials for industrial and non-industrial applications including DecorEase (removable wallpaper), micro-tac Washi (washi tape material), micro-tac Protect (masking paper), onserts, and contract coating services.
• Graphics Solutions (Grafityp, Metamark) Graphics films and solutions including Grafityp (cast films for car wrapping, PVC-free films, solvent-based adhesives) and Metamark (recyclable films, road traffic markings). Covers outdoor advertising, automotive wrapping, wall graphics, and digital printing.
• WISA-LNG Spruce Plywood Specialty plywood product for LNG transportation developed in collaboration with GTT (Gaztransport & Technigaz). Uses sustainable adhesives and improves capacity and flexibility in LNG carrier construction.
• WISA Plywood Products WISA plywood products for construction, transportation, and industrial applications including specialty products like WISA BioBond with improved Environmental Product Declaration results.
• Pulp Products Market pulp products from UPM pulp mills in Finland sold to industrial paper and board manufacturers globally. Production subject to temporary curtailments at Kaukas (6 weeks from August 3, 2026) and potential Pietarsaari shutdown in October 2026.
• Graphic Papers Graphic paper products from UPM Communication Papers division. Ettringen paper mill in Germany permanently closed December 31, 2025, reducing capacity by 270,000 tonnes annually. Business planned to be combined with Sappi's European graphic paper business in a 50/50 joint venture.
• Specialty Papers Specialty papers including UPM Solide Lucent packaging paper used as the basis for recyclable barrier solutions for flexible food packaging.
• Leuna Biorefinery Biochemicals Renewable biochemicals from the Leuna biorefinery in Germany, Europe's largest industrial-scale biorefinery with EUR 1.3 billion investment. Production capacity of 220,000 tonnes per year of biochemicals including industrial sugars for industrial decarbonization.
• Renewable Biofuels Renewable fuels produced from wood-based feedstocks for transportation and industrial use, supporting industrial decarbonization. Rotterdam Biofuels Refinery project discontinued in 2025 to focus on other growth areas.
• UPM Energy Hydropower Electricity Hydropower electricity generation and grid balancing services in Finland. Six-megawatt ultracapacitor commissioned at Kuusankoski hydropower plant in November 2025 tripled grid-balancing capacity. Record Q1 2026 results with EUR 100 million contribution.
• ForestGuard Label System Labeling solution combining FSC-certified label materials with cloud-based forest data for product traceability and climate impact communication. Links physical labels with verified forest information including region, certification, species mix, and carbon metrics accessible via QR code or data matrix.
• UPM Circular Renewable Black Bio-based, NIR-detectable, carbon-negative pigment derived from renewable lignin for premium packaging, addressing recycling challenges associated with traditional carbon black pigments.
• Recyclable Barrier Solution for Flexible Food Packaging Customizable recyclable barrier solution for flexible food packaging built on UPM Solide Lucent packaging paper, offering adjustable levels of barrier protection against oxygen, moisture, and grease for compliance with EU Packaging and Packaging Waste Regulation.
• Bio-based Paper Food Packaging Solution Bio-based and paper-based food packaging concept combining UPM's barrier base papers with Paramelt's water-based Aquavate Bio SB 2383 coating, validated as home compostable and compatible with existing packaging production lines. Targets bakery, fast food, and convenience applications.
• RafCycle Label Release Liner Recycling Service Label release liner recycling service partnership that turns label waste into a resource, helping converters save costs, cut emissions, and support circularity in the labeling process.
• Label Life LCA Assessment Service Life cycle assessment service that evaluates the environmental impact of labeling processes based on standardized LCA methodology, helping identify means for improvement in sustainable packaging design.

Quantifiable outcome

• EUR 1,405 million operating cash flow in 2025
• +4 more outcomes

Named customers14 records

Segments8 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered flagship, core and minor.

• Felix SchoellerflagshipStrategic or Co-development Partner · 17 April 2026Joint development of customizable recyclable barrier solution for flexible food packaging based on UPM Solide Lucent packaging paper. Provides adjustable barrier protection against oxygen, moisture, and grease for EU Packaging and Packaging Waste Regulation compliance.
• ParameltcoreStrategic or Co-development Partner · 13 April 2026Joint development of bio-based paper food packaging concept combining UPM's barrier base papers with Paramelt's water-based Aquavate Bio SB 2383 coating. Both validated as home compostable, compatible with existing packaging production lines. Targets bakery, fast food, and convenience applications.
• Mark AndyflagshipTechnology or Integration · 9 April 2026Strategic partnership renewed for seventh consecutive year, combining UPM's sustainable labeling materials with Mark Andy's printing technologies. Partnership serves label printing markets in Americas and Europe across conventional, hybrid, and digital printing presses. UPM materials featured at Mark Andy demo centers.
• VersowoodcoreStrategic or Co-development Partner · 31 December 2025Strategic partnership finalized with regulatory approval. Versowood supplies high-quality pulpwood and sawmill by-products to UPM's pulp mills in Finland. UPM supplies logs to Versowood's sawmills. UPM's Korkeakoski sawmill transferred to Versowood with UPM receiving minority shareholding.
• Sappi LimitedcoreStrategic or Co-development Partner · 4 December 2025Non-binding letter of intent to form 50/50 joint venture combining UPM's Communication Papers business with Sappi's European graphic paper business. Expected enterprise value of EUR 1,420 million with annual synergies of EUR 100 million. Deal expected to close end of 2026, currently in EU merger control Phase II.
• GTT (Gaztransport & Technigaz)coreTechnology or Integration · 19 November 2025Collaboration to develop WISA-LNG Spruce plywood using sustainable adhesives for improved capacity and flexibility in LNG carrier construction.
• Nova ComplexminorOthers · 11 November 2025Singapore-based company signed conditional purchase agreement with UPM for land in Kouvola, Finland to develop data center project involving retrofitting existing buildings and new construction.
• Cefic (European Chemical Industry Council)minorOthers · 6 November 2025UPM joined Cefic to strengthen the role of renewable chemistry in Europe and support Europe's industrial decarbonization through bio-based solutions and biorefinery operations.
• MetamarkcoreOEM/ Whitelabel/ Licensing Partner · 5 February 2025Acquisition of UK-based graphics sector manufacturer Metamark to accelerate growth in graphics solutions segment.
• GrafitypcoreOEM/ Whitelabel/ Licensing Partner · 23 July 2024Acquisition to accelerate growth in graphics solutions, adding cast films for car wrapping, PVC-free films, and solvent-based adhesives to UPM's portfolio.

Scale indicators17 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Mondi Group: UK-listed European paper and packaging group with containerboard, kraft paper, and flexible packaging operations — directly comparable in sustainable fiber-based packaging solutions.
• Billerud: Swedish paper and packaging materials producer with kraft paper and dissolving pulp operations; comparable in sustainable fiber-based materials serving packaging converters and industrial customers.
• Stora Enso: Finnish-Swedish forest products peer with overlapping pulp, paper, packaging, and biomaterials businesses; direct Nordic competitor to UPM in graphic papers and bio-based materials.
• Sappi Limited: South African-headquartered global forest products company and UPM's planned 50/50 joint venture partner in European graphic papers; directly comparable in coated woodfree papers, dissolving pulp, and specialty papers.
• Avery Dennison: Global leader in pressure-sensitive label materials with overlapping specialty adhesives, sustainable label substrates, and RFID solutions; closest direct competitor to UPM Raflatac in label stock.
• CCL Industries: World's largest specialty label company serving healthcare, consumer durables, and premium segments; competes directly with UPM Raflatac in healthcare labels (CCL Healthcare) and premium label applications.
• Sylvamo: US-based uncoated freesheet paper company spun out of International Paper; comparable in graphic paper exposure and faces similar structural decline headwinds.
• LINTEC Corporation: Japanese specialty paper and label materials manufacturer with pressure-sensitive adhesive labels and specialty papers; comparable to UPM Raflatac in adhesive label technology and Asian market presence.

Broad incumbents

• Smurfit Westrock: Global paper-based packaging giant formed from Smurfit Kappa–WestRock merger; broad incumbent with containerboard, corrugated, and consumer packaging overlapping UPM's specialty paper and packaging exposure.
• International Paper: World's largest pulp and paper producer with diversified industrial and consumer packaging; broad incumbent offering overlapping paper and pulp capabilities at much larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/upm
• Xx.com/upm_news
• Facebookfacebook.com/upmglobal

Compliance12 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries9 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about UPM Kymmene Corporation