UPM-Kymmene opens EUR 1.37 billion biorefinery: October 28 results test UPM-Kymmene stock

Published on 10/18/2026 at 12:52 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

UPM's Leuna plant has annual capacity of 220,000 tonnes. UPM-Kymmene stock goes into October 28 results after Q2 EBIT rose 71.00 percent.

Operations and timing

UPM-Kymmene brought its EUR 1.37 billion Leuna biorefinery into operation on October 17, 2026.
Comparable EBIT rose 71.00 percent to EUR 212.00 million in the second quarter of 2026.
UPM-Kymmene stock was last quoted at EUR 25.19 in Frankfurt on October 16, 2026.

Extreme Nahaufnahme von verflochtenen Holz- und Papierfasern mit feiner Textur — Makroaufnahme von Papierfasern illustriert die Rohstoffbasis von UPM-Kymmene Oyj, ISIN FI0009005987, in feiner Detailschärfe, Illustration mit AI erstellt.

UPM-Kymmene (ISIN FI0009005987) brought its EUR 1.37 billion Leuna biorefinery in Germany into operation on October 17, 2026. Simply Wall St reported that the plant converts wood-based biomass into renewable chemicals and has annual capacity of 220,000 tonnes.

Three events reshape the story

Packaging News Daily reported three dated developments: on September 9, 2026, UPM and Sappi named two senior executives for their planned joint venture; on October 5, 2026, the European Commission reiterated concerns over the EUR 1.42 billion transaction; and on October 17, 2026, UPM started operations at the Leuna biorefinery.

What does the plant change?

The investment gives UPM a new industrial platform beyond pulp and paper. Packaging News Daily said second-quarter 2026 comparable EBIT from continuing operations rose 71.00 percent year over year to EUR 212.00 million, while revenue reached EUR 2.355 billion. The comparable EBITDA margin improved to 15.10 percent from 10.70 percent in the second quarter of 2025, showing why the ramp-up matters for the group's earnings mix.

Results and targets set the next test

UPM's next scheduled reporting date is October 28, 2026, followed by the planned WISA plywood demerger on October 31, 2026, according to Affarsvarlden. WISA shares are scheduled to begin trading on November 2, 2026. Analyst views remain divided: Placera reported on October 16, 2026, that JP Morgan raised its target from EUR 19.90 to EUR 20.10 while retaining an Underweight rating.

Stock context before the dates

The scheduled demerger and the Leuna ramp-up give investors two separate valuation questions: how much cash the new biorefinery absorbs and how clearly the remaining businesses can be valued after plywood leaves the group. First-half 2026 operating cash flow was EUR 225 million and net debt was EUR 3.313 billion, according to Packaging News Daily.

Last available quote

UPM-Kymmene was last quoted at EUR 25.19 in Frankfurt on October 16, 2026. The dated quote provides the market context while the October 28 results and October 31 demerger provide the next company-specific dates. The further course of trading is shown by the continuously updated real-time quote of UPM-Kymmene stock.