UPM Interim Report Q3 2023: 
UPM delivers improved results from previous quarter and continues to build long-term growth

Q3 2023 highlights 

  • Sales decreased by 24% to EUR 2,584 million (3,420 million in Q3 2022)
  • Comparable EBIT decreased by 72% to EUR 220 million, 8.5% of sales (779 million, 22.8%)
  • Operating cash flow was EUR 641 million (-201 million), supported by cash inflow from working capital and energy hedges
  • Net debt decreased to EUR 2,363 million (3,133 million) and the net debt to EBITDA ratio was 1.27 (1.39)
  • Pulp and electricity sales prices significantly lower than last year, impacting UPM Fibres and UPM Energy. Successful margin management in other business areas
  • Demand for many of UPM's products started to gradually recover
  • UPM Paso de los Toros pulp mill and the OL3 nuclear power plant unit contributed significantly to UPM's deliveries
  • UPM Communication Papers to permanently close its Plattling mill in Germany
  • UPM received platinum in the EcoVadis responsibility assessment with a high industry score
  • UPM joined the UN Global Compact Forward Faster Initiative

Q1-Q3 2023 highlights

  • Sales decreased by 7% to EUR 7,929 million (8,489 million in Q1–Q3 2022)
  • Comparable EBIT decreased by 52% to EUR 689 million (1,443 million), and was 8.7% (17.0%) of sales
  • Operating cash flow was EUR 1,814 million (-1,068 million), supported by cash inflow from energy hedges
  • Cash funds and unused committed credit facilities totalled EUR 6.5 billion at the end of Q3 2023
  • UPM Paso de los Toros pulp mill in Uruguay started production in Q2 2023 and is ramping up according to the plan
  • The OL3 nuclear power plant unit began regular commercial electricity production in Q2 2023
  • UPM Leuna biochemicals refinery project is progressing well according to the updated schedule
  • Permanent closures of PM6 at UPM Schongau, Germany and PM4 at UPM Steyrermühl, Austria
  • UPM pays the dividend of EUR 1.50 per share for 2022 in two instalments. The first instalment of EUR 0.75 per share was paid on 21 April 2023 and the second instalment of EUR 0.75 per share will be paid on 2 November 2023
 
 

 
 

UPM Investor Presentation 2023

 

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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