Despite legacy paper – continuing to witness structural headwinds – accounting for one-third of group sales, UPM reported ‘record’ Q3 results. They were largely driven by exceptional pulp results and well-complemented by energy and labels. While there’s a brewing industry-wide challenge in the form of normalising wood and forest earnings, UPM is fortunate enough to have limited exposure to these areas. Instead, its growth focus supports our expectation of a medium-term healthy margin progression ....
27 Oct 2021
Exceptional Q3 results, despite sizeable legacy paper exposure
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Exceptional Q3 results, despite sizeable legacy paper exposure
Despite legacy paper – continuing to witness structural headwinds – accounting for one-third of group sales, UPM reported ‘record’ Q3 results. They were largely driven by exceptional pulp results and well-complemented by energy and labels. While there’s a brewing industry-wide challenge in the form of normalising wood and forest earnings, UPM is fortunate enough to have limited exposure to these areas. Instead, its growth focus supports our expectation of a medium-term healthy margin progression ....