Massimo Reynaudo
President & CEO

Hello, everyone. Welcome to UPM Quarter 1 2026 Results Webcast. I'm Massimo Reynaudo, I'm the CEO of UPM. Here with me is Tapio Korpeinen, the CFO.

Well, we had a good start of the year. Despite the fact that geopolitics continued to introduce new uncertainties, we delivered the solid results during the quarter. The quarter 1 comparable EBIT was EUR 274 million with an EBIT margin of 10.8% in line with last year.

Our decarbonization solutions achieved an excellent performance. And our Advanced Materials businesses continue to show steady and resilient performance. Fibres improved its performance compared to the previous quarter. Our diversified business portfolio and the global spread of our activities, served us well in this volatile environment.

As an example of the strength of our business model and strategy, the recent Middle East crisis brought challenges and opportunities in equal number.

Looking ahead, our work continues with a disciplined focus on improving competitiveness and performance while executing transformative portfolio projects. Today, we announced a demerger plan concerning the separation of UPM Plywood into a new independent listed company.

Besides that, the preparation for the planned graphic paper Joint Venture with Sappi continued and continues, and we expect the definitive agreement to be signed during the first half of this year and to conclude the process by the end of the year, subject to merger control approvals.

I will share some