UPM Interim Report Q1 2022: Strong performance supported by tight markets
Q1 highlights • Sales increased by 12% to EUR 2,507 million (2,234 million in Q1 2021) • Comparable EBIT was in line with last year at EUR 277 million, 11.0% of sales (279 million, 12.5%) • Operating cash flow was EUR 12 million (217 million) • Net debt increased to EUR 837 million (83 million) and net debt to EBITDA ratio was 0.46 (0.06) • 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, investment estimate updated for the Leuna biorefinery