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