UPM financial statements release 2024: Decisive actions to improve performance, accelerate growth and deliver value
Q4 2024 highlights
- Sales increased by 4% to EUR 2,632 million (2,531 million in Q4 2023)
- Comparable EBIT increased by 29% to EUR 418 million, 15.9% of sales (323 million, 12.8%)
- Operating cash flow was EUR 570 million (456 million)
- UPM Biochemicals initiated the commissioning and start-up of the biorefinery, integrated commercial production to start in H2 2025
- UPM Fibres established a streamlined operating model in Finland to protect profitability of the Finnish platform
- UPM Raflatac simplified its organisation and decided to consolidate production from the Kaltenkirchen site to other units
- UPM Communication Papers closed the fine paper machine 3 at Nordland Papier, Germany
- UPM was listed as the only forest and paper industry company in the Dow Jones Global and European Sustainability Indices (DJSI) for the years 2024–2025
2024 highlights
- Sales decreased by 1% to EUR 10,339 million (10,460 million in 2023)
- Comparable EBIT increased by 21% to EUR 1,224 million (1,013 million), and was 11.8% (9.7%) of sales
- Operating cash flow was EUR 1,352 million (2,269 million)
- Net debt increased to EUR 2,869 million (2,432 million) and the net debt to EBITDA ratio was 1.66 (1.55)
- Cash funds and unused committed credit facilities totalled EUR 3.2 billion at the end of Q4 2024
- The Board proposes a dividend of EUR 1.50 (1.50) per share for 2024, and commences UPM's first share buy-back program of approximately 1.1% of total number of shares
- UPM Paso de los Toros pulp mill reached full production
- UPM Raflatac acquired Grafityp in Belgium to accelerate growth in graphics solutions
- Shutdown of the Hürth paper mill, Germany and the sale of the Steyrermühl site, Austria
- CDP recognised UPM with double ‘A’ score for transparency on climate change and forests
- EcoVadis awarded UPM a platinum score for sustainability performance
