UPM Half Year Financial Report 2024: 
Comparable EBIT increased by 60% in Q2,
UPM Paso de los Toros reached full capacity

Q2 2024 highlights

• Sales totalled EUR 2,546 million (2,558 million in Q2 2023)
• Comparable EBIT increased by 60% to EUR 182 million, 7.2% of sales (114 million, 4.5%)
• Operating cash flow was EUR 204 million (459 million)
• Moderate recovery in many product markets
• UPM Paso de los Toros pulp mill reached nominal capacity before its first maintenance shutdown in June
• Unusually high maintenance activity with three pulp mills and all nuclear power plant units having scheduled maintenance

H1 2024 highlights

• Sales decreased by 3% to EUR 5,186 million (5,345 million in H1 2023)
• Comparable EBIT increased by 10% to EUR 515 million (470 million), and was 9.9% (8.8%) of sales
• Operating cash flow was EUR 539 million (1,173 million)
• Net debt increased to EUR 2,763 million (2,557 million) and the net debt to EBITDA ratio was 1.64 (1.07)
• Cash funds and unused committed credit facilities totalled EUR 3.3 billion at the end of Q2 2024
• Sale of the Steyrermühl site, Austria in January
• CDP recognised UPM with double ‘A’ score for transparency on climate change and forest