UPM Investor Presentation — July 2018

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24 July 2018UPM Half Year

Financial Report 2018

| © UPM –The Biofore Company

2Q2 2018: Commercial success drives growth in

sales and earnings –strong outlook for H2 2018

•Sales grew by 5% to EUR 2,589m

•Comparable EBIT increased by 24% to

•Sales margins improved, as prices increased

in all business areas, outweighing the impact

of higher input costs

•Q2 performance was held back by several

significant scheduled maintenance shutdowns

•Operating cash flow was EUR 329m (269m)

050100150200250300350400EURmComparable EBIT

270| © UPM –The Biofore Company

3Q2 2018: Sales prices increased in all business areas,

outweighing the impact of higher input costs

•Good demand, deliveries -4%

•Price increases more than offset the variable

costs increasesUPM COMMUNICATION PAPERS

•Tight market, deliveries -3%

•Price increases more than offset the

variable costs increasesUPM RAFLATAC

•Good demand, deliveries -2%

•Price increases more than offset input

•Electricity deliveries +15%

•Higher electricity market prices

•Power generation impacted by maintenance

shutdown at the Olkiluoto power plantUPM BIOREFINING

•Good market demand. Pulp deliveries -8%,

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