UPM's net sales in July-September decreased by two percent from the corresponding quarter of last year to 2.52 billion euros. Comparable operating profit, on the other hand, rose by 32 percent to EUR 291 million, or 11.5 percent of turnover.

The company's January-September net sales decreased by three percent from last year to 7.71 billion euros. Comparable operating profit rose by 17 percent to EUR 806 million, which was 10.5 percent of turnover.

"The UPM Paso de los Toros pulp mill, which was in full production, had a significant impact on the profit improvement. Although the result clearly increased, it was lower than expected, as the market demand for our products slowed down after an encouraging start to the year", CEO Massimo Reynaudo commented in the press release.

UPM expects the comparable operating profit for the last quarter of the current year to be at the same level or to increase from last year. The company's comparable operating profit for the whole year is expected to be at the same level or to rise from 2023.