UPM Q1 Report 2024

UPM Interim Report Q1 2024:

A positive start to the year, growth investments contributed to earnings

“In Q1, recovering demand and continued successful margin management resulted in improved earnings compared to previous quarters. The destocking that characterised last year was over for all our businesses and most of them improved their performance from Q4. In addition, our transformative growth investments, UPM Paso de los Toros and OL3, delivered good contribution to earnings.

 highlights 

    

  • Sales decreased by 5% to EUR 2,640 million (2,787 million in Q1 2023)
  • Comparable EBIT decreased by 6% to EUR 333 million, 12.6% of sales (356 million, 12.8%)
  • Operating cash flow was solid at EUR 335 million (714 million), including seasonal increase in working capital
  • Net debt was EUR 2,312 million (2,167 million) and the net debt to EBITDA ratio was 1.46 (0.82)
  • Successful margin management and recovering market demand continued in most businesses
  • UPM Paso de los Toros pulp mill reached positive Q1 EBIT, production at 83% of capacity
  • Sale of the Steyrermühl site, Austria in January
  • CDP recognised UPM with double ‘A’ score for transparency on climate change and forests

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