UPM Half-Year Report 2024

Massimo Reynaudo, President and CEO, comments on the results: 

“In Q2, our comparable EBIT increased by 60% on last year, in line with our expectations. The continued improvement was sustained by a moderate recovery in our product markets as well as a greater contribution from the UPM Paso de los Toros pulp mill in Uruguay. Our Q2 performance was held back by an exceptional amount of maintenance at our pulp mills and nuclear power plant units. The shutdowns were successful, and our assets are now in an excellent position to serve our customers in the second half of the year, operating at full capacity.

 

Our Q2 sales were EUR 2,546 million and our comparable EBIT was EUR 182 million. Our operating cash flow was EUR 204 million and our net debt increased slightly to EUR 2,763 million. During the quarter we paid out the first instalment of dividends for the previous financial year, totalling EUR 400 million.

Highlights

• Sales decreased by 3% to EUR 5,186 million (5,345 million in H1 2023)
• Comparable EBIT increased by 10% to EUR 515 million (470 million), and was 9.9% (8.8%) of sales
• Operating cash flow was EUR 539 million (1,173 million)
• Net debt increased to EUR 2,763 million (2,557 million) and the net debt to EBITDA ratio was 1.64 (1.07)
• Cash funds and unused committed credit facilities totalled EUR 3.3 billion at the end of Q2 2024
• Sale of the Steyrermühl site, Austria in January
• CDP recognised UPM with double ‘A’ score for transparency on climate change and forest