UPM Interim Report Q1 2024:
A positive start to the year, growth investments contributed to earnings
Q1 2024 highlights
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Sales decreased by 5% to EUR 2,640 million (2,787 million in Q1 2023)
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Comparable EBIT decreased by 6% to EUR 333 million, 12.6% of sales (356 million, 12.8%)
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Operating cash flow was solid at EUR 335 million (714 million), including seasonal increase in working capital
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Net debt was EUR 2,312 million (2,167 million) and the net debt to EBITDA ratio was 1.46 (0.82)
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Successful margin management and recovering market demand continued in most businesses
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UPM Paso de los Toros pulp mill reached positive Q1 EBIT, production at 83% of capacity
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Sale of the Steyrermühl site, Austria in January
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CDP recognised UPM with double ‘A’ score for transparency on climate change and forests