UPM Full-Year Report 2023

Highlights

• Sales decreased by 22% to EUR 2,531 million (3,231 million in Q4 2022)
• Comparable EBIT decreased by 51% to EUR 323 million, 12.8% of sales (653 million, 20.2%)
• Operating cash flow was EUR 456 million (1,576 million), supported by cash inflow from working capital
• Net debt was EUR 2,432 million (2,374 million) and the net debt to EBITDA ratio was 1.55 (0.94)
• Pulp and electricity sales prices significantly lower than in the previous year, impacting UPM Fibres and UPM Energy. Successful margin management in other business areas
• Demand for many of UPM’s products continued to gradually recover from previous quarters
• UPM Paso de los Toros pulp mill and the OL3 nuclear power plant unit contributed significantly to UPM’s deliveries
• Permanent closure of UPM Plattling paper mill, Germany in November and the sale of the Steyrermühl site, Austria in January 2024
• In December, UPM was listed as the only forest and paper industry company in the Dow Jones Global and European Sustainability Indices (DJSI) for the years 2023–2024