UPM Annual Report 2024

WE ARE UPM

GOVERNANCE

ACCOUNTS AND PERFORMANCE

Report of the Board of Directors

Sustainability Statement

Financial Statements

Auditor's Report

Sustainability Assurance Reports

Financial information 2015–2024 EURm, OR AS INDICATED

2024 2023 2022 2021 2020 2019 2018 2017 2016 2015

Income statement Sales Comparable EBITDA

10,339 10,460 11,720

9,814 1,821

8,580 10,238 10,483 10,010

9,812 10,138

1,734

1,573

2,536

1,442

1,851

1,868 1,677

1,560

1,350

% of sales

16.8 604

15.0 608

21.6

18.6

16.8 761

18.1

17.8

16.8

15.9

13.3

Operating profit

1,974

1,562

1,344

1,895 1,259

1,135

1,142

% of sales

5.8

5.8

16.8

15.9

8.9

13.1

18.1

12.6

11.6

11.3 916

Comparable EBIT

1,224

1,013

2,096

1,471

948 11.1 737 924 10.8 568 8.6

1,404

1,513 1,292

1,143

% of sales

11.8 500

9.7

17.9

15.0

13.7

14.4

12.9

11.6

9.0

Profit before tax

464

1,944

1,548

1,307

1,839 1,186

1,080

1,075

% of sales

4.8

4.4

16.6

15.8

12.8

17.5

11.9

11.0

10.6 849

Comparable profit before tax

1,123

934

2,066

1,457

1,367

1,457 1,218

1,089

% of sales

10.9 463

8.9

17.6

14.8

13.4

13.9

12.2 974

11.1 880

8.4

Profit for the period

394

1,556

1,307

1,073

1,496

916

% of sales

4.5

3.8

13.3

13.3

6.6

10.5

14.3

9.7

9.0

9.0

Comparable profit for the period

953

755

1,679

1,204

737

1,119

1,194 1,004

879

734

% of sales

9.2

7.2

14.3

12.3

8.6

10.9

11.4

10.0

9.0

7.2

Balance sheet Non-current assets

14,062 13,913 14,977 12,420 10,149 10,140

9,501 9,144 1,642 1,311 2,853 2,612 9,797 8,663 2,194 2,254 2,005 2,150

9,715 10,259

Inventories

2,104 2,930

1,948 2,612

2,289 4,941

1,594 3,662

1,285 3,424

1,367 3,215

1,346 2,850

1,376 2,558

Other current assets

Total assets Total equity

19,096 18,473 22,207 17,676 14,858 14,722 13,996 13,067 13,911 14,193

11,540 11,531 12,879 11,106

9,513 10,175

8,237 3,364 2,309

7,944 4,328 1,921

Non-current liabilities

5,162 2,395

4,501 2,441

5,807 3,522

4,102 2,468

3,606 1,740

2,730 1,818

Current liabilities

Total equity and liabilities Capital employed at year end

19,096 18,473 22,207 17,676 14,858 14,722 13,996 13,067 13,911 14,193 15,452 14,916 17,913 13,759 11,555 11,474 10,575 9,777 10,657 11,010

Capital expenditure

550

1,122

1,555

1,483

903 10.5 902 10.5

378

303

329

325

520

% of sales

5.3

10.7

13.3

15.1

3.7

2.9

3.3

3.3

5.1

Capital expenditure excluding acquisitions and shares

527

1,094

1,399

1,477

378

303

303

325

486

% of sales

5.1

10.5

11.9

15.1

3.7

2.9

3.0

3.3

4.8

Cash flow and net debt Operating cash flow

1,352

2,269

508

1,250

1,005

1,847 1,432

1,330 1,460 1,131 1,336

1,686 1,424 1,131

1,185

Free cash flow

766

1,193 -1,077

-74

126

750

Net debt

2,869

2,432

2,374

647

56

-453

-311

174

2,100

Key figures Return on capital employed (ROCE), %

4.1 8.2 4.0 8.3

3.5 6.4 3.2 6.2

12.8 13.6 13.0 14.0

12.4 11.7 12.7 11.7

6.7 8.3 5.8 7.5

12.3 12.8 10.7 11.2

18.4 14.6 16.2 12.9

12.5 12.8 11.5 11.9

10.5 10.6 10.9 10.9

10.3

Comparable ROCE, % Return on equity (ROE), % Comparable ROE, % Gearing ratio, % Net debt to EBITDA Equity to assets ratio, % Personnel Personnel at year end

8.3

11.9

9.5

25

21

18

6

1

-4

-3

2

14

26

1.66 60.5

1.55 62.5

0.94 58.1

0.35 62.9

0.04 64.1

-0.24 69.2

-0.17 70.1

0.10 66.6

0.73 59.4

1.56 56.1

15,827 16,573 17,236 16,966 18,014 18,742 18,978 19,111 19,310 19,578

Deliveries Pulp (1,000 t)

4,945

4,139

2,761 9,442 6,135

3,724 9,300 7,486

3,664 9,168 7,062

3,715 8,619 8,326

3,468 3,595 8,608 8,127 8,996 9,430

3,419 8,782 9,613

3,224 8,966 9,771

Electricity (GWh)

11,328 12,059

Papers, total (1,000 t) Plywood (1,000 m3) Sawn timber (1,000 m3)

4,692

4,935

482

429

616

738

683

739

791

811

764

740

1,202

1,524

1,538

1,610

1,604

1,741

1,719 1,728

1,751

1,731

UPM FINANCIAL REPORT 2024 352

352

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UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024