UPM Half-Year Financial Report 2021: Earnings improved rapidly, UPM is fit for future growth

UPM-Kymmene Corporation        Stock Exchange Release (Half-Year Financial Report)        22 July 2021 at 9:30 EEST

UPM Half-Year Financial Report 2021:
Earnings improved rapidly, UPM is fit for future growth

Q2 2021 highlights

• Sales increased by 15% to EUR 2,384 million (2,077 million in Q2 2020)
• Comparable EBIT increased by 51% to EUR 307 million, 12.9% of sales (203 million, 9.8%)
• Operating cash flow increased to EUR 308 million (156 million)
• Demand for UPM’s products was strong, and overall, price increases more than offset rising input costs
• Following the timely actions taken in H2 2020 costs were competitive and asset utilisation good
• UPM signed an agreement to sell the UPM Shotton newsprint mill in the UK

H1 2021 highlights

• Sales increased by 6% to EUR 4,618 million (4,364 million in H1 2020)
• Comparable EBIT increased by 22% to EUR 586 million (482 million), and was 12.7% (11.0%) of sales
• Operating cash flow was EUR 526 million (293 million)
• UPM's transformative growth projects proceed on budget and on schedule
• Net debt increased to EUR 750 million (301 million) and net debt to EBITDA ratio was 0.49 (0.19)
• Cash funds and unused committed credit facilities totalled EUR 2.5 billion at the end of June
• UPM started the basic engineering phase of a next-generation biofuels refinery in January
• UPM joined The Climate Pledge in February, committed to reach the targets of the Paris Agreement 10 years in advance

Key figures