UPM Interim Report Q1 2024: 
A positive start to the year, growth investments contributed to earnings

Q1 2024 highlights 

  • Sales decreased by 5% to EUR 2,640 million (2,787 million in Q1 2023)

  • Comparable EBIT decreased by 6% to EUR 333 million, 12.6% of sales (356 million, 12.8%)

  • Operating cash flow was solid at EUR 335 million (714 million), including seasonal increase in working capital

  • Net debt was EUR 2,312 million (2,167 million) and the net debt to EBITDA ratio was 1.46 (0.82)

  • Successful margin management and recovering market demand continued in most businesses

  • UPM Paso de los Toros pulp mill reached positive Q1 EBIT, production at 83% of capacity

  • Sale of the Steyrermühl site, Austria in January

  • CDP recognised UPM with double ‘A’ score for transparency on climate change and forests




UPM Investor Presentation 2024


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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