After a subtle start to 2015, UPM-Kymmene reported a good Q2 performance – broadly ahead of consensus estimates. Sales came in at €2.5bn (+4.4% yoy; +2.5% qoq) driven by higher euro-denominated prices in Biorefining (pulp) and Raflatac (labels), and solid label volumes. These benefits more than offset declining European paper demand (2.5% lower deliveries) and prices, and lower energy prices (-17%; due to a mild winter and improved hydrology in the Nordic region). Even though weakn ....