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
Capital expenditure excluding acquisitions and shares
Free cash flow
Operating cash flow
Comparable EBITDA
Comparable EBIT
Sales and personnel
%
EURm
EURm
1,500 EURm
1,500 EURm
5 EUR
EURm
employees
EURm
%
2,000
2,500
25,000
20
25
2,500
12,000
4
1,200
2,000
1,200
20
2,000
1,500
20,000
15
10,000
3
900
1,500
900
15
1,500
1,000
15,000
10
8,000
2
600
1,000
600
10
1,000
500
10,000
5
6,000
1
300
500
300
5
500
0
0
0
0
0
5,000
0
0
0
4,000
23 24 15 16 17 18 19 20 21 22
23 24 15 16 17 18 19 20 21 22
23 24 15 16 17 18 19 20 21 22
23 24 15 16 17 18 19 20 21 22
23 24 15 16 17 18 19 20 21 22
23 24 15 16 17 18 19 20 21 22
Operating cash flow Per share
Sales Personnel
Comparable EBITDA % of sales
Comparable EBIT Items affecting comparability % of sales
Dividend per share
Comparable earnings per share
Comparable profit before tax
Equity and comparable ROE
Capital employed and comparable ROCE
Net debt and net debt to EBITDA
%
3.0 EUR
EUR
EURm
EURm
18,000 EURm
EURm
%
%
%
1.6
150
2,000
4,000
13,000
15
15
4
20
1.2 1.4
12,000
2.5
120
16,000
12
12
1,500
3,000
3
15
11,000
2.0
0.2 0.4 0.6 0.8 1.0
90
14,000
9
9
10,000
1,000
2,000
2
1.5
10
9,000
60
12,000
6
6
1.0
8,000
500
1,000
1
5
10,000
30
3
3
0.5
7,000
0
6,000
8,000
0
0
0
0
0.0
0
0.0
23 24 19 20 21 22 17 18 15 16 Dividend per share (2024: proposal) Dividend to operating cash flow 0
23 24 15 16 17 18 19 20 21 22
23 24 15 16 17 18 19 20 21 22
15 16 17
20
21 22
23 24
23 24 15 16 17 18 19 20 21 22
23 24 15 16 17 18 19 20 21 22
18 19
Net debt Net debt to EBITDA
Comparable EPS Effect of items affecting comparability
Comparable profit before tax Items affecting comparability % of sales
Equity Comparable ROE
Capital employed Comparable ROCE
354
355
UPM ANNUAL REPORT 2024
UPM ANNUAL REPORT 2024
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