UPM Half Year Financial Report 2023: 
Strong downturn in markets pushed Q2 results to exceptional lows - transformation continues

Q2 2023 highlights 

  • Sales were EUR 2,558 million (2,562 million in Q2 2022)
  • Comparable EBIT decreased by 71% to EUR 114 million, 4.5% of sales (387 million, 15.1%)
  • Delivery volumes were impacted by destocking in various product value chains
  • Pulp and energy prices decreased to cyclical bottom levels
  • Operating cash flow was EUR 459 million (-879 million), supported by cash inflow from energy hedges
  • UPM Paso de los Toros pulp mill in Uruguay ramping up production according to the plan
  • The OL3 nuclear power plant unit began regular commercial electricity production
  • Permanent closures of PM6 at UPM Schongau, Germany and PM4 at UPM Steyrermühl, Austria

H1 2023 highlights

  • Sales increased by 5% to EUR 5,345 million (5,069 million in H1 2022)
  • Comparable EBIT decreased by 29% to EUR 470 million (664 million), and was 8.8% (13.1%) of sales
  • Operating cash flow was EUR 1,173 million (-867 million), supported by cash inflow from energy hedges
  • Net debt decreased to EUR 2,557 million (2,688 million) and the net debt to EBITDA ratio was 1.07 (1.42)
  • Cash funds and unused committed credit facilities totalled EUR 6.4 billion at the end of Q2 2023
  • UPM finalised its full exit from Russia
  • UPM Leuna biochemicals refinery project schedule updated, start-up expected by the end of 2024 and investment estimate is EUR 1,180 million


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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