Upm Kymmene Corp (UPMKF) Q4 2025 Earnings Call

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WEBVTT 00:00:01.094 -- 00:00:07.101 Hello, everyone. Welcome to UPM's quarter four results webcast. 00:00:07.101 -- 00:00:10.606 I am Massimo Reinaudo. I'm the CEO of UPM. 00:00:10.606 -- 00:00:16.110 Here with me is Tapio Corpenen, the CFO of UPM. 00:00:17.234 -- 00:00:18.976 The year 2025 00:00:18.976 -- 00:00:24.542 has been characterized by escalating geopolitical and trade tensions 00:00:24.542 -- 00:00:29.377 with multiple impacts and also on our business environment. 00:00:29.377 -- 00:00:34.384 During the year and in response to the situation, we intensified our 00:00:34.384 -- 00:00:38.290 actions to both sharpen our competitiveness 00:00:38.290 -- 00:00:42.136 and to execute our portfolio strategy. 00:00:42.136 -- 00:00:48.325 This resulted in the fourth quarter in a visible improvement of our performance 00:00:48.325 -- 00:00:53.192 in most of our businesses compared to the previous quarter. 00:00:53.192 -- 00:00:57.288 Our cash flow resulted very strong too. 00:00:57.288 -- 00:01:01.917 Our Q4 EBIT was €355 00:01:01.917 -- 00:01:03.500 million 00:01:03.500 -- 00:01:06.165 compared to €418 00:01:06.165 -- 00:01:10.049 million one year earlier. 00:01:10.874 -- 00:01:15.884 The Q4 EBIT margin was nearly unchanged at 15.3 00:01:15.884 -- 00:01:17.307 versus 00:01:17.307 -- 00:01:21.301 15.9 in the previous year. 00:01:21.301 -- 00:01:26.951 The operating cash flow in quarter four, I said, was strong at 720 00:01:26.951 -- 00:01:32.000 million euros, and our net debt decreased while we also paid 00:01:32.000 -- 00:01:36.524 out the second installment of the dividends. 00:01:37.770 -- 00:01:43.160 During 2025, we launched significant strategic initiatives 00:01:43.160 -- 00:01:46.681 that continue to transform the company. 00:01:46.681 -- 00:01:53.488 In Februa...