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UPM Q1 2022 interim report was published on 26 April

You are welcome to listen to UPM's recorded webcast via a link below.

UPM Interim Report Q1 2022:
Strong performance supported by tight markets

Q1 2022 highlights

  • Sales increased by 12% to EUR 2,507 million (2,234 million in Q1 2021)
  • Comparable EBIT was in line with last year at EUR 277 million, 11.0% of sales (279 million, 12.5%)
  • Operating cash flow was EUR 12 million (217 million) 
  • Net debt increased to EUR 837 million (83 million) and net debt to EBITDA ratio was 0.46 (0.06)
  • Sales prices increased in all business areas and more than offset the negative impact of higher variable costs
  • The strike in Finland affected production and delivery volumes especially in the pulp, paper and biofuels businesses
  • Cash funds and unused committed credit facilities totalled EUR 2.9 billion at the end of Q1 2022
  • Transformative growth projects in Uruguay and in Germany proceed well, investment estimate updated for the Leuna biorefinery
  • UPM decided to suspend its deliveries to Russia, purchasing of wood in Russia and the UPM Chudovo plywood mill operations
  • 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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