UPM delays Leuna biorefinery start-up to Q2 2027 as Q3 comparable EBIT falls 8%

UPM has deferred the start-up of its Leuna integrated biorefinery to the second quarter of 2027, with nominal capacity now expected in early 2028, after modifications were needed in the sugars-to-glycols process. Third-quarter comparable EBIT from continuing operations fell 8% to EUR 131m on sales of EUR 2.202bn as customer destocking reduced deliveries. The separation of the plywood business is scheduled to create the listed WISA Group in November 2026, and net debt fell to EUR 2.993bn.

Why this mattersA further Leuna delay alongside the plywood carve-out and weaker quarterly margins shows UPM reshaping its portfolio while its flagship biochemicals project continues to slip.

• Leuna biorefinery start-up deferred to Q2 2027 after technological readiness in Q1 2027; nominal capacity expected early 2028
• Q3 continuing-operations sales EUR 2.202bn, comparable EBIT EUR 131m, down 8%, margin 5.9%
• Plywood separation scheduled to create listed WISA Group in November 2026
• Second-half 2026 comparable EBIT guidance for continuing operations EUR 375–575m
• Net debt EUR 2.993bn, net debt/EBITDA 2.09; operating cash flow incl. discontinued operations EUR 420m vs EUR 218m
• Kaukas pulp production curtailed for eight weeks; five-week Pietarsaari curtailment planned for Q4

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