UPM Interim Report Q3 2024:Comparable EBIT +32% from last year in a challenging market
Massimo Reynaudo, President and CEO, comments on the results: "Our Q3 results improved both year-on-year and quarter-on-quarter, with a significant contribution from the fully ramped-up UPM Paso de los Toros pulp mill. The earnings improvement, albeit good, was lower than earlier expected as the market demand of our products slowed down after the encouraging start of the year. We took measures in several of our businesses to safeguard profitability and we continue to take decisive actions to ensure the competitiveness of our businesses and support our growth ambitions. Our Q3 sales were EUR 2,521 million and our comparable EBIT increased by 32% to EUR 291 million. Our net debt was EUR 2,804 million, 1.59 times EBITDA. Cash funds and unused committed credit facilities totalled at EUR 3.7 billion at the end of the quarter, following the successful issuance of our fourth Green Bond, for EUR 600 million, in August."