Here is the company report from Antti following UPM’s Q1 results 
The overall picture of UPM’s Q1 report was, in our view, fairly neutral. We did not make any material forecast changes after the report. The stock is not cheap in the short term (2026e: P/E 16x), even though earnings should turn to growth this year from a low level despite risks related to the operating environment. Thus, we reiterate our EUR 24.00 target price and Reduce recommendation for UPM.