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UPM as an investment

We create value from our broad portfolio of attractive businesses and our recent large investments. We aim to grow our earnings and valuation in the coming years, while providing our shareholders with an attractive dividend.

Generating shareholder value

An attractive business portfolio drives profitability and valuation

Increasing the share of higher-margin growth businesses improves our long-term profitability and increases the value of our shares. On average, our growth businesses have EBIT margins more than twice as high as the mature communication paper business.

Strong balance sheet

Our strong balance sheet mitigates risks and enables us to implement our strategy, even in uncertain times.

Attractive dividends

We aim to pay attractive dividends, targeting at least half the comparable earnings per share over time.

Top performance enables investments in growth, innovation and sustainability

We make good use of commercial strategies, tight cost control, material and energy efficiency, effective capital allocation, and efficient use of assets and capital to continuously improve our financial performance. We seize opportunities through our agile operating model, while capitalizing on corporate synergies.

Value-creating growth

Consumer megatrends are driving growth in demand for most of our material solutions. This is further supported by the increasing need for sustainable alternatives to fossil-based materials and energy. We grow businesses with strong long-term demand fundamentals, where we have a clear competitive advantage. Thus, we seek growth in renewable fibres, advanced materials and decarbonization solutions and strive to capture opportunities in higher growth geographies. This underpins attractive returns on invested capital.

Sustainability at the core

We see sustainability as a key driver of growth and competitiveness. We are seizing the opportunities presented by responsible consumer choices and stricter regulations to mitigate climate change and address the plastics challenge, for example. Responsible operations and value chains help mitigate risks.

Innovating for the everyday

We drive innovation to create high-value business opportunities – for example, in biochemicals, biofuels and specialty packaging materials. Successful commercialization and scaling up to a significant size are important. We protect our intellectual property.

Agile operating model

Our businesses in various parts of the bio and forest industry value chain operate as separate market-facing entities, both in terms of customers and suppliers. This enables agility in a fast-changing business environment, higher efficiency, differentiated commercial strategies, optimal sourcing, the right incentives, wider product development opportunities and effective capital allocation.

At the business area level, we are targeting top performance in their respective markets. We have also set long-term return targets (ROCE %) for the six business areas. The return targets apply over business and investment cycles.

Capturing corporate synergies

We build on corporate synergies, adding value to our businesses and stakeholders with:

Competitive and sustainable wood sourcing, forestry and plantation operations
Efficient and responsible global functions
Technology development and intellectual property rights
Global business platform
Disciplined and effective capital allocation
Compliance, UPM Code of Conduct and strong UPM brand

UPM today

production plants in 11 countries

15,800

employees in 43 countries

10,000

b2b customers

190

million end-users worldwide