UPM-Kymmene Oyj

UPM-Kymmene Corporation's interim report for Q3 2024 shows a 32% increase in comparable EBIT compared to the previous year, despite challenging market conditions. Sales for the quarter were EUR 2,521 million, with a net debt of EUR 2,804 million. The company highlighted the full ramp-up of the UPM Paso de los Toros pulp mill as a key contributor to earnings improvement. While market demand slowed, UPM took measures to safeguard profitability and remains focused on competitiveness and growth ambitions. The report outlines performance across various segments, noting challenges in pulp and paper markets, but also potential for growth in renewable fibres and advanced materials. UPM continues to prioritize sustainability and has received a Platinum rating from EcoVadis for its environmental and ethical practices. Looking ahead, UPM expects comparable EBIT for Q4 2024 to be similar to or higher than Q4 2023. A webcast for analysts and investors will discuss the interim report further.

UPM will release its interim report on Tuesday, October 29, 2024, between 09:30 and 10:00 EET. The report will be accessible on their website. A webcast and conference call for analysts and investors will begin at 13:15 EET, presented in English by President and CEO Massimo Reynaudo and CFO Tapio Korpeinen. To ask questions during the conference call, participants must register and will receive access details upon registration. The webcast will be available on the UPM website for 12 months. UPM, a leader in renewable solutions, operates across six business areas and is committed to climate change mitigation. The company employs 16,600 people globally, with annual sales of approximately EUR 10.5 billion, and is listed on Nasdaq Helsinki Ltd. More information can be found on their website and social media platforms.

UPM-Kymmene Corporation has issued a profit warning, lowering its 2024 outlook due to reduced deliveries across most businesses and declining pulp prices. Although earnings improved in the second half of the year, they did not meet earlier expectations. In Q3 2024, UPM's comparable EBIT rose by 32% to EUR 291 million compared to Q3 2023. Full-year comparable EBIT for 2024 is expected to be similar to or better than 2023. Despite full production at its new pulp mill, UPM faced challenges from a weakened pulp market and high wood costs in Finland. Sales in Q3 2024 decreased by 2% to EUR 2,521 million. UPM will release its full Q3 2024 report on October 29, 2024. The company employs 16,600 people globally, with annual sales around EUR 10.5 billion, and is listed on Nasdaq Helsinki Ltd.

UPM-Kymmene Corporation announced on October 4, 2024, that it received a notification from BlackRock, Inc. regarding a group restructure following its acquisition of Global Infrastructure Management LLC. As a result, BlackRock's total position in UPM-Kymmene stands at 6.43% of shares and voting rights, up from a previous 5.36%. This includes 6.20% direct shares and voting rights and an additional 0.23% through financial instruments. UPM-Kymmene is a company focused on renewable solutions across six business areas, with annual sales of approximately EUR 10.5 billion, employing 16,600 people globally. Its shares are listed on Nasdaq Helsinki Ltd.

Harald Dialer has been appointed Executive Vice President, Technology and UPM Biorefining at UPM, effective January 1, 2025. He will join UPM’s Group Executive Team and report to President and CEO Massimo Reynaudo. Dialer, who holds a Ph.D. in chemistry, has over 25 years of experience in specialty chemicals and renewables technologies, previously working at HCS Group, BASF, Süd-Chemie, Scientific Design Co., and Clariant. He will be based in Augsburg, Germany. Dialer succeeds Winfried Schaur, who is leaving the company for private reasons after a 23-year career at UPM. Schaur will remain in his current position until the end of 2024. UPM is committed to renewable and responsible solutions, employing 16,600 people worldwide with annual sales of approximately EUR 10.5 billion.