• Investors

UPM results 2021 will be published on 27 January

You are welcome to listen to UPM's live webcast on 27 January at 13:15 EET. Please register below.

UPM Interim Report Q3 2021:
UPM delivers a record quarter in an exceptionally volatile global environment

Q3 2021 highlights

  • Sales increased by 24% to EUR 2,523 million (2,028 million in Q3 2020)
  • Comparable EBIT increased by 98% to EUR 424 million, 16.8% of sales (215 million, 10.6%)
  • Operating cash flow was EUR 318 million (365 million)
  • Demand for UPM’s products was good, and overall, price increases more than offset the rapid rise in input costs
  • UPM completed the sale of the UPM Shotton newsprint mill in the UK
  • The global sustainability ratings provider EcoVadis recognised UPM on the highest possible Platinum level for its responsible performance in 2021
  • UPM was recognised as one of the world’s 37 most sustainable companies by the UN Global Compact

Q1 - Q3 2021 highlights

  • Sales increased by 12% to EUR 7,141 million (6,392 million in Q1–Q3 2020)
  • Comparable EBIT increased by 45% to EUR 1,010 million (697 million), and was 14.1% (10.9%) of sales
  • Operating cash flow was EUR 844 million (659 million)
  • UPM's transformative growth projects made good progress
  • Net debt increased to EUR 667 million (89 million) and net debt to EBITDA ratio was 0.38 (0.06)
  • Cash funds and unused committed credit facilities totalled EUR 2.5 billion at the end of September
  • 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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