Q2 2022 UPM-Kymmene Oyj Earnings Call Transcript
Dear all, welcome to UPM's Second Quarter 2022 Result Webcast. My name is Jussi Pesonen, I am the CEO of UPM. Today, I'm here with -- in a sunny Helsinki with our CFO, Tapio Korpeinen.
Good afternoon, everybody.
And we will now focus on 3 main topics. First, we will discuss, of course, our Q2 results and the full year outlook. We today, reported our best ever second quarter earnings, which is a great achievement taking in consideration that during the first half of the year, we were only having a 1 month of normal full production.
But also for the full year 2022, we expect to reach a new record of annual earnings. Markets are tight and volumes will increase.
Secondly, as many of you have noted, our operating cash flow was highly unusually moving in Q2. This is related to unprecedented rise in electricity futures
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