Upm Kymmene Corp (UPMKF) Q2 2026 Earnings Call

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WEBVTT 00:00:00.051 -- 00:00:05.076 Hi, everyone. Welcome to UPM Quarter 2, 2026 00:00:05.076 -- 00:00:10.080 Results Webcast. I'm Massimo Reynaudo. I'm the CEO of UPM. 00:00:10.080 -- 00:00:14.603 Here with me is Tapio Corpeinen, the CFO. 00:00:15.185 -- 00:00:20.430 Well, in the second quarter this year, we reached two important milestones 00:00:20.430 -- 00:00:22.760 in our transformation. 00:00:22.760 -- 00:00:27.844 First, we sign the definitive agreement with SAPI to create the 00:00:27.844 -- 00:00:33.588 graphic paper joint venture and we secure financing for it. 00:00:33.588 -- 00:00:39.532 Second, we advance the separation of the plywood business into the future 00:00:39.532 -- 00:00:41.735 visa group. 00:00:41.735 -- 00:00:46.759 Following these steps, UPM is becoming an increasingly focused advanced 00:00:46.759 -- 00:00:52.242 materials and decarbonization solution company with stronger growth prospects 00:00:52.242 -- 00:00:56.004 and improved earnings quality. 00:00:56.265 -- 00:01:01.969 Next, looking at the quarter to business performance, all our businesses 00:01:01.969 -- 00:01:08.657 improved their results from last year. Most also outperformed the previous quarter. 00:01:08.657 -- 00:01:14.658 Increased volumes, disciplined margin management, and continued efficiency 00:01:14.658 -- 00:01:18.139 improvements supported our profitability 00:01:18.139 -- 00:01:21.879 in a business environment that turned inflationary. 00:01:22.100 -- 00:01:27.141 Our quarter to sales grew slightly, and our comparable EBIT 00:01:27.141 -- 00:01:32.962 from continuing operations increased 71% year-on-year, reaching $212 million, or 9% 00:01:32.962 -- 00:01:35.062 of sales. 00:01:38.512 -- 00:01:43.556 I am here referring to continued operations because the UPM plywood...