UPM Interim Report Q1 2024
Massimo Reynaudo, President and CEO, comments on the results: “In Q1, recovering demand and continued successful margin management resulted in improved earnings compared to previous quarters. The destocking that characterised last year was over for all our businesses and most of them improved their performance from Q4. In addition, our transformative growth investments, UPM Paso de los Toros and OL3, delivered good contribution to earnings. Our sales were EUR 2,640 million and our comparable EBIT was EUR 333 million, broadly at similar levels as in the comparison quarters. Our operating cash flow was solid at EUR 335 million and our net debt decreased to EUR 2,312 million during the quarter.