UPM financial statements release 2023: 
UPM’s earnings recovery continued in Q4, growth projects set to deliver

Q4 2023 highlights 

  • Sales decreased by 22% to EUR 2,531 million (3,231 million in Q4 2022)
  • Comparable EBIT decreased by 51% to EUR 323 million, 12.8% of sales (653 million, 20.2%)
  • Operating cash flow was EUR 456 million (1,576 million), supported by cash inflow from working capital
  • Net debt was EUR 2,432 million (2,374 million) and the net debt to EBITDA ratio was 1.55 (0.94)
  • Pulp and electricity sales prices significantly lower than in the previous year, impacting UPM Fibres and UPM Energy. Successful margin management in other business areas
  • Demand for many of UPM's products continued to gradually recover from previous quarters
  • UPM Paso de los Toros pulp mill and the OL3 nuclear power plant unit contributed significantly to UPM's deliveries
  • Permanent closure of UPM Plattling paper mill, Germany in November and the sale of the Steyrermühl site, Austria in January 2024
  • In December, UPM was listed as the only forest and paper industry company in the Dow Jones Global and European Sustainability Indices (DJSI) for the years 2023–2024

2023 highlights

  • Sales decreased by 11% to EUR 10,460 million (11,720 million in 2022)
  • Comparable EBIT decreased by 52% to EUR 1,013 million (2,096 million), and was 9.7% (17.9%) of sales
  • Operating cash flow was record strong at EUR 2,269 million (508 million), supported by cash inflow from energy hedges
  • Cash funds and unused committed credit facilities totalled EUR 3.6 billion at the end of 2023
  • The Board proposes a dividend of EUR 1.50 (1.50) per share for 2023
  • UPM Paso de los Toros pulp mill in Uruguay started production in Q2 2023
  • The OL3 nuclear power plant unit began regular commercial electricity production in Q2 2023
  • UPM Leuna biochemicals refinery project is progressing at full speed
  • Permanent closures of PM6 at UPM Schongau, Germany, PM4 at UPM Steyrermühl, Austria and UPM Plattling paper mill, Germany
  • UPM received platinum in the EcoVadis responsibility assessment with a high industry score
  • UPM joined the UN Global Compact Forward Faster Initiative


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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