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UPM Q1 2021Interim Report was published on 27 April

You’re welcome to listen to UPM’s recorded webcast via the link below.

UPM Interim Report Q1 2021:
Market turn and efficiency improvement boost UPM’s earnings – growth projects progress as planned

Q1 2021 highlights

  • Sales decreased by 2% to EUR 2,234 million (2,287 million in Q1 2020) mainly due to lower prices of graphic papers and unfavourable changes in currencies
  • Comparable EBIT was EUR 279 million, 12.5% of sales (279 million, 12.2%), in line with last year
  • Pulp demand continued to be good and pulp prices increased rapidly. Strong markets continued for labelling materials, specialty papers and energy
  • Following the timely actions taken in H2 2020 costs were competitive and asset utilisation good
  • Operating cash flow increased to EUR 217 million (137 million)
  • Strong financial position continues. Net debt was EUR 83 million (-405) and cash funds and unused committed credit facilities totalled EUR 3.2 billion at the end of Q1 2021
  • UPM issued a EUR 500 million Green Bond under the EMTN programme in March
  • Transformative growth projects proceed on budget and on schedule
  • UPM started the basic engineering phase of a next-generation biofuels refinery in January
  • UPM joined The Climate Pledge in February, committed to reach the targets of the Paris Agreement 10 years in advance


UPM Investor Presentation 2021


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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