UPM Interim Report Q1 2023

UPM’s comparable EBIT is expected to increase in H1 2023 from H1 2022. … Sales prices increased in all business areas. UPM will continue to manage margins with product pricing, by optimising its product and market mix and by taking measures to improve variable and fixed cost efficiency. Q1 2023 compared with Q1 2022 Q1 2023 sales were EUR 2,787 million, 11% higher than the EUR 2,507 million in Q1 2022. Sales increased in UPM Fibres, UPM Communication Papers, UPM Specialty Papers, UPM Energy business areas and Other operations, driven mainly by higher sales prices. Sales decreased in UPM Raflatac and UPM Plywood. Comparable EBIT increased by 29% to EUR 356 million, which was 12.8% of sales (277 million, 11.0%). Sales prices increased in all business areas, with the largest impact in UPM Communication Papers. Variable costs increased in all business areas, especially in UPM Communication Papers. At Group level, the positive impact of higher sales prices was larger than the negative impact of higher variable costs.