UPM Interim Report Q3 2024:
Comparable EBIT +32% from last year in a challenging market
Q3 2024 highlights
- Sales decreased by 2% to EUR 2,521 million (2,584 million in Q3 2023)
- Comparable EBIT increased by 32% to EUR 291 million, 11.5% of sales (220 million, 8.5%)
- Operating cash flow was EUR 242 million (641 million)
- Demand recovery for UPM's products slowed down
- UPM Paso de los Toros pulp mill was in full production
- UPM acquired Grafityp in Belgium to accelerate growth in UPM Raflatac
- UPM closed the Hürth newsprint mill and decided on the shutdown of one fine paper machine at the Nordland mill, Germany
- EcoVadis awarded UPM a platinum score based on the company’s sustainability performance
Q1 - Q3 2024 highlights
- Sales decreased by 3% to EUR 7,707 million (7,929 million in Q1–Q3 2023)
- Comparable EBIT increased by 17% to EUR 806 million (689 million), and was 10.5% (8.7%) of sales
- Operating cash flow was EUR 782 million (1,814 million)
- Net debt increased to EUR 2,804 million (2,363 million) and the net debt to EBITDA ratio was 1.59 (1.27)
- Cash funds and unused committed credit facilities totalled EUR 3.7 billion at the end of Q3 2024
- Sale of the Steyrermühl site, Austria in January
- CDP recognised UPM with double ‘A’ score for transparency on climate change and forests
