UPM substantiates its positive outlook for 2022 following the record strong Q3 2022 results. UPM’s Q3 2022 sales grew by 36% to Euro 3,420 million (2,523 million), and comparable EBIT grew by 84% to Euro 779 million (424 million). UPM’s financial performance is expected to continue above last year’s level and comparable EBIT is expected to increase in 2022 from 2021.
Exceptionally high uncertainty continues in the business environment, as highlighted in UPM’s previous outlook. However, during Q3 2022 no major downside risks materialised and UPM reached record quarterly earnings.
In Q3 2022 good demand continued in most of UPM businesses, and sales prices offset the impact of continued increase in variable costs. Production and delivery volumes were back to normal and operational efficiency was on a good level.
The quarter was successful in all businesses. UPM Energy, UPM Specialty Papers, UPM Raflatac, UPM Communication Papers and UPM Biofuels all made new record quarterly results. In addition, UPM Fibres and UPM Plywood achieved strong results.
