Upm Kymmene Corp (UPMKF) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.118 My name is Massimo Reinaudo. I'm the CEO of UPM, and I am here 00:00:05.118 -- 00:00:08.602 today with Tapio Corpain and the CFO. 00:00:08.602 -- 00:00:14.390 Over the next half an hour or so, we will share the main facts of the second quarter 00:00:14.390 -- 00:00:18.012 and then open up for your questions. 00:00:18.054 -- 00:00:21.559 Three months ago, we reported a good start 00:00:21.559 -- 00:00:26.605 of the year, but the promising start took a negative turn during the second 00:00:26.605 -- 00:00:28.313 quarter. 00:00:28.313 -- 00:00:33.320 In quarter two, in fact, our sales decreased by 6% from last year to 00:00:33.320 -- 00:00:38.407 2.4 billion euros, mainly due to lower sales prices 00:00:38.407 -- 00:00:42.793 and unfavorable changes in currency exchange rates. 00:00:42.793 -- 00:00:47.257 Our comparable EBIT decreased by 31% to 126 00:00:47.980 -- 00:00:53.648 million euros. The EBIT margin was 5.2%. The 00:00:53.648 -- 00:00:58.267 tariff announcements caused uncertainty in the global trade. 00:00:58.267 -- 00:01:01.572 which weakened the demand for our products and weakened the U.S. 00:01:01.572 -- 00:01:03.195 dollar. 00:01:03.195 -- 00:01:08.243 These had negative impact, particularly on our fibers and communication 00:01:08.243 -- 00:01:10.624 paper businesses. 00:01:10.868 -- 00:01:16.717 On the other hand, our advanced materials businesses showed more resilience. 00:01:16.717 -- 00:01:21.866 To secure performance, we took a number of decisive actions to safeguard the 00:01:21.866 -- 00:01:25.809 competitiveness across all our businesses. 00:01:26.043 -- 00:01:31.073 In parallel, we also made good progress in the refinery in Loina, 00:01:31.073 -- 00:01:37.245 successfully starting up the first of the refinery's...