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.

In UPM Fibres, profitability improved. Market demand for pulp was good and prices increased from Q4. We were able to serve our customers with 71% higher deliveries compared to last year. UPM Paso de los Toros ramp-up is progressing well, Q1 production reached 83% of capacity and EBIT was positive. An important step was taken right after the end of the quarter, when the railway from the mill to the port of Montevideo was put into use.

Profitability and volumes for UPM Specialty Papers and UPM Raflatac, our two businesses in the packaging value chain, continued to recover well from last year’s sharp fall. At the same time, the businesses have taken good care of margins, as reflected in their good results.
details at: https://www.upm.com/about-us/for-media/releases/2024/04/upm-interim-report-q1-2024-a-positive-start-to-the-year-growth-investments-contributed-to-earnings/

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