UPM Half-Year Financial Report 2022: UPM delivers record Q2 earnings with successful margin management in exceptional business environment
Q2 2022 highlights *Sales increased by 7% to EUR 2,562 million (2,384 million in Q2 2021) *Comparable EBIT grew by 26% to EUR 387 million, 15.1% of sales (307 million, 12.9%) *Operating cash flow was EUR -879 million (308 million), impacted by cash flows from energy hedges. Other operating cash flows were largely as expected *Sales prices increased in all business areas and more than offset the negative impact of higher variable costs *Transformative growth projects in Uruguay and in Germany proceed well *In May, UPM announced the acquisition of AMC AG to accelerate growth and enter new product segments in UPM Raflatac *In June, UPM announced the sale of the Steyrermühl site in Austria to secure competitiveness and adapt newsprint production to the long-term market development. H1 2022 highlights *Sales increased by 10% to EUR 5,069 million (4,618 million in H1 2021) *Operating cash flow was EUR -867 million (526 million), impacted by cash flows from energy hedges in the highly exceptional energy markets