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We are committed to concrete actions to mitigate climate change.

UPM Half-Year Financial Report 2021:
Earnings improved rapidly, UPM is fit for future growth

Q2 2021 highlights

  • Sales increased by 15% to EUR 2,384 million (2,077 million in Q2 2020)
  • Comparable EBIT increased by 51% to EUR 307 million, 12.9% of sales (203 million, 9.8%)
  • Operating cash flow increased to EUR 308 million (156 million)
  • Demand for UPM’s products was strong, and overall, price increases more than offset rising input costs
  • Following the timely actions taken in H2 2020 costs were competitive and asset utilisation good
  • UPM signed an agreement to sell the UPM Shotton newsprint mill in the UK

H1 2021 highlights

  • Sales increased by 6% to EUR 4,618 million (4,364 million in H1 2020)
  • Comparable EBIT increased by 22% to EUR 586 million (482 million), and was 12.7% (11.0%) of sales
  • Operating cash flow was EUR 526 million (293 million)
  • UPM's transformative growth projects proceed on budget and on schedule
  • Net debt increased to EUR 750 million (301 million) and net debt to EBITDA ratio was 0.49 (0.19)
  • Cash funds and unused committed credit facilities totalled EUR 2.5 billion at the end of June
  • UPM started the basic engineering phase of a next-generation biofuels refinery in January
  • UPM joined The Climate Pledge in February, committed to reach the targets of the Paris Agreement 10 years in advance


UPM Investor Presentation 2021


Value from Responsibility


Each of our six business areas has a clearly defined strategic role in UPM. Our businesses are varied but they all are united by our Biofore vision, and a single sense of purpose: to create value to our customers in a responsible and sustainable manner.


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