​​​​​​​UPM as an investment

UPM aims to increase profitability, growth outlook and value of its business portfolio. The target is to develop the business portfolio to uncover and increase its value.


With good performance in the businesses, strong cash flow, and leading balance sheet in the industry, UPM can simultaneously distribute an attractive dividend, implement focused growth projects and act on strategic opportunities.

Strengths of UPM's model   ​

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 UPM aims to increase shareholder value

Drive top performance

At the business area level, UPM targets top performance in their respective markets. In 2015, out of our six business areas, UPM Biorefining, UPM Plywood and UPM Energy exceeded their long-term return targets, and UPM Raflatac showed good improvement, getting very close to its target. UPM is committed to continuous improvement in its financial, social and environmental performance.

Capture growth opportunities

To expand the well-performing businesses with promising long term fundamentals, UPM is implementing focused growth projects. In 2016, several growth projects are ramping up and focus turns to reaping the benefits from the investments.

Develop business portfolio

UPM is seeking to develop its business portfolio in order to uncover and increase its value. Increasing the share of highly profitable businesses with good fundamentals for growth improves the company’s long-term profitability and boosts the value of the shares.


UPM's expertise in renewable and recyclable materials, low-emission energy and resource efficiency is the key to developing new, sustainable business opportunities with high added value.

Generating strong cash flow

Strong operating cash flow is important for UPM as it enables the realisation of organic growth projects and new business development, as well as paying attractive distribution to UPM shareholders.

Industry leading balance sheet

The company aims to maintain a strong balance sheet to enable portfolio changes that increase UPM's shareholder value.

Dividend policy 

UPM aims to pay an attractive dividend, 30-40% of the company’s annual operating cash flow per share. The Board proposes a dividend of  EUR 0.95 per share, representing 30% of operating cash flow per share.​

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​Responsibility is an integral part of UPM’s Biofore strategy

Good governance, industry-leading environmental performance, responsible sourcing practices and a safe working environment are important sources of competitive advantage. Proactive corporate responsibility work also enables business impacts and risks to be efficiently identified and mitigated. UPM’s consistent efforts in this area continued to gain external recognition in 2016.​​​

Share tools

Here you find an interactive tool for share price performance comparisons

Financial targets

Profitability improved in 2015

Results centre

Here you find a summary of UPM’s latest results and a wide selection of UPM's financial figures
Investor Relations: +358 (0)204 15 0033, ir@upm.com