Helsinki (News release) -- UPM lowers its outlook for 2024 and releases its preliminary Q3 2024 results. During the second half of the year, UPM's earnings have improved, however less than earlier expected. Comparable EBIT in Q3 2024 increased by 32% to EUR 291 million from Q3 2023, and 17% for the first nine months compared to last year. Comparable EBIT in Q4 2024 is expected to be on similar level or increase from Q4 2023 (EUR 323 million). Therefore, UPM's comparable EBIT in full-year 2024 is expected to be on similar level or increase from 2023.

During the second half of the year, market demand for UPM's products has been weaker than expected, leading to lower delivery volumes in most businesses.

On the positive side, the new UPM Paso de los Toros pulp mill has operated in full production since its first maintenance shutdown in June. However, the weakened pulp market and the high wood cost in Finland had a negative impact on the UPM Fibres business.

Earlier, UPM expected its full-year 2024 comparable EBIT to increase from 2023, and its H2 2024 comparable EBIT to be higher than in H1 2024. See the full previous outlook text below for reference.

UPM releases its preliminary results for Q3 2024. Sales decreased by 2% to EUR 2,521 million (2,584 million in Q3 2023). Comparable EBIT in Q3 2024 increased by 32% to EUR 291 million, 11,5% of sales (220 million, 8,5%).

UPM will release its Interim Report Q3 2024 on 29 October 2024.