• Investors

UPM's Forest and Energy webcast

The webcast was held on 12 September 2022. Please find a recording and presentations via links below.

UPM Half Year Financial Report 2022:
UPM delivers record Q2 earnings with successful margin management in exceptional business environment

Q2 2022 highlights 

  • Sales increased by 7% to EUR 2,562 million (2,384 million in Q2 2021)
  • Comparable EBIT grew by 26% to EUR 387 million, 15.1% of sales (307 million, 12.9%)
  • Operating cash flow was EUR -879 million (308 million), impacted by cash flows from energy hedges. Other operating cash flows were largely as expected
  • The rise in energy futures prices was unprecedented, as was the related short-term cash flow impact from energy hedges. Respectively, it indicates strong earnings potential of UPM Energy
  • Sales prices increased in all business areas and more than offset the negative impact of higher variable costs
  • Cash funds and unused committed credit facilities totalled EUR 1.5 billion at the end of Q2 2022
  • Transformative growth projects in Uruguay and in Germany proceed well
  • In May, UPM announced the acquisition of AMC AG to accelerate growth and enter new product segments in UPM Raflatac
  • In June, UPM announced the sale of the Steyrermühl site in Austria to secure competitiveness and adapt newsprint production to the long-term market development

H1 2022 highlights 

  • Sales increased by 10% to EUR 5,069 million (4,618 million in H1 2021)
  • Comparable EBIT increased by 13% to EUR 664 million (586 million), and was 13.1% (12.7%) of sales
  • Operating cash flow was EUR -867 million (526 million), impacted by cash flows from energy hedges in the highly exceptional energy markets
  • Net debt increased to EUR 2,688 million (750 million) and net debt to EBITDA ratio was 1.42 (0.49). A significant part of the increase in net debt is temporary, due to the cash flow impacts of energy hedges and future energy generation
  • UPM decided to suspend its deliveries to Russia, purchasing of wood in Russia and the UPM Chudovo plywood mill operations
  • The strike in Finland affected production and delivery volumes especially in the pulp, paper and biofuels businesses. Estimated full-year earnings impact is not material
  • In April, UPM and Paperworkers’ Union agreed on first-ever business-specific collective labour agreements and the strike ended at UPM mills in Finland


UPM Investor Presentation 2022


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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