​​​​​​​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

UPM is committed to continuous improvement in its financial, social and environmental performance. At the business area level, UPM aims for top performance in its respective markets compared with peers.

Capture growth opportunities

UPM invests to expand its businesses with strong long-term fundamentals and sustaibnable competitive advantage. The company has clear long-term return targets for its businesses. Earnings growth is prioritised over top-line growth.


UPM’s expertise in renewable and recyclable materials, low-emission energy and resource efficiency is the key to developing new, sustainable businesses with high added value and unique competitive advantage.

Responsibility is good business

Develop business portfolio

Increasing the share of sustainable growth businesses improves the company’s long-term profitability and boosts the value of the shares.

Generating strong cash flow

Strong cash flow enables focused growth investments, focused M&A, new business development as well as attractive dividends to UPM shareholders.

Industry leading balance sheet

An industry-leading balance sheet mitigates risks and enables UPM to accelerate its business portfolio transformation, when the opportunity and timing are right.

Dividend policy 

Attractive dividend UPM aims to pay an attractive dividend, 30-40% of the company’s annual operating cash flow per share. The dividend for 2017 was EUR 1.15 per share, representing 39% of operating cash flow per share.

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Share tools

Here you find an interactive tool for share price performance comparisons

Financial targets

UPM aims higher with renewed long-term financial targets

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