Technology
OPENLANE, Inc. Reports Second Quarter 2024 Financial Results
Published
2 years agoon
By
CARMEL, Ind., Aug. 7, 2024 /PRNewswire/ — OPENLANE, Inc. (NYSE: KAR), today reported its second quarter financial results for the period ended June 30, 2024.
“OPENLANE’s second quarter and year-to-date results clearly demonstrate the power of our differentiated platform and the strong scalability characteristics of our company,” said Peter Kelly, CEO of OPENLANE. “During the quarter, we grew marketplace and finance volumes, increased revenue and delivered strong adjusted EBITDA and operating cash flows. I am confident in OPENLANE’s strategy, we are investing in technology and people to further accelerate innovation and profitable growth.”
“OPENLANE’s continued focus on execution and profitable growth delivered solid financial results in the second quarter,” said Brad Lakhia, EVP and CFO of OPENLANE. “Consolidated revenue was $432 million, marketplace segment grew volumes by 7% and increased Gross Merchandise Value to nearly $7 billion. AFC was again a strong adjusted EBITDA contributor, and we improved our provision for loan losses versus the first quarter. Our year-to-date generation of $138 million of cash flow from operating activities clearly demonstrates the value — and potential — of our asset-light, digitally focused business.”
Second Quarter 2024 Financial Highlights
Marketplace volumes increased 7% YoYTotal revenue of $432 million in Q2 2024, representing 4% YoY growthMarketplace revenue of $336 million in Q2 2024, representing 5% YoY growthGross Merchandise Value (GMV) of approximately $7 billion, representing 6% YoY growthIncome from continuing operations of $11 millionAdjusted EBITDA of $71 million (with Marketplace contributing 46%), including the $2 million year-to-date impact for the newly enacted Canadian Digital Services Tax$138 million of cash flow from operating activities on a year-to-date basis
2024 Guidance
As a result of Canada’s abrupt implementation of a retroactive Digital Services Tax (DST), which was enacted on June 28, 2024 retroactive to January 1, 2022, the company has updated its 2024 annual guidance. During the second quarter of 2024, the company recorded $12 million of Canadian DST, of which $10 million related to 2022 and 2023. Assuming no changes to this legislation, including the scope of application, the company estimates this will result in approximately $5 million in incremental cost of services in 2024. The company anticipates taking steps to mitigate this incremental annual cost and therefore does not anticipate a material impact on future periods earnings and cash flows.
Annual
Guidance
Income from continuing operations (in millions)
$65 – $80
Adjusted EBITDA (in millions)
$285 – $305
Income from continuing operations per share – diluted *
$0.14 – $0.24
Operating adjusted net income from continuing operations per share – diluted
$0.77 – $0.87
* The company uses the two-class method of calculating income from continuing operations per diluted share. Under the two-class method, income from continuing operations is adjusted for dividends and undistributed earnings (losses) to the holders of the Series A Preferred Stock, and the weighted average diluted shares do not assume conversion of the preferred shares to common shares.
Earnings guidance does not contemplate future items such as business development activities, strategic developments (such as restructurings, spin-offs or dispositions of assets or investments), contingent purchase price adjustments, significant expenses related to litigation, tax adjustments and changes in applicable laws and regulations (including significant accounting and tax matters) and intangible impairments. The timing and amounts of these items are highly variable, difficult to predict, and of a potential size that could have a substantial impact on the company’s reported results for any given period. Prospective quantification of these items is generally not practicable. Operating adjusted net income from continuing operations per share excludes amortization expense associated with acquired intangible assets, as well as one-time charges, net of taxes. See reconciliations of the company’s guidance included below.
Earnings Conference Call Information
OPENLANE will be hosting an earnings conference call and webcast on Wednesday, August 7, 2024 at 5:00 p.m. ET. The call will be hosted by OPENLANE Chief Executive Officer Peter Kelly and Chief Financial Officer Brad Lakhia. The conference call may be accessed by calling 1-833-634-2155 and asking to join the OPENLANE call. A live webcast will be available at the investor relations section of corporate.openlane.com. Supplemental financial information for OPENLANE’s second quarter 2024 results is available at the investor relations section of corporate.openlane.com.
The archive of the webcast will be available following the call at the investor relations section of corporate.openlane.com for a limited time.
About OPENLANE
OPENLANE, Inc. (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. The company’s unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated marketplaces reduce risk, improve transparency and streamline transactions for customers around the globe. Headquartered in Carmel, Indiana, the company has employees across the United States, Canada, Europe, Uruguay and the Philippines. For more information and the latest company news, visit corporate.openlane.com.
Forward-Looking Statements
Certain statements contained in this release include, and the company may make related oral, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “would,” “anticipate,” “expect,” “project,” “intend,” “contemplate,” “plan,” “believe,” “seek,” “estimate,” “assume,” “can,” “could,” “continue,” “of the opinion,” “confident,” “is set,” “is on track,” “outlook,” “target,” “positioned,” “predict,” “initiative,” “goal,” “opportunity” and similar expressions identify forward-looking statements. Such statements are based on management’s current assumptions, expectations and/or beliefs, are not guarantees of future performance and are subject to substantial risks, uncertainties and changes that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled “Risk Factors” in the company’s Form 10-K for the year ended December 31, 2023 and in the company’s other filings and reports filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release. The company undertakes no obligation to update any forward-looking statements.
OPENLANE, Inc.
Condensed Consolidated Statements of Income
(In millions) (Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Operating revenues
Auction fees
$ 108.7
$ 103.3
$ 218.6
$ 203.2
Service revenue
147.1
155.7
297.3
321.3
Purchased vehicle sales
80.2
60.4
138.4
115.9
Finance-related revenue
95.8
97.5
193.8
197.1
Total operating revenues
431.8
416.9
848.1
837.5
Operating expenses
Cost of services (exclusive of depreciation and amortization)
245.9
222.6
459.8
446.8
Selling, general and administrative
106.0
111.2
214.7
219.2
Depreciation and amortization
24.1
26.8
48.4
49.8
Goodwill and other intangibles impairment
—
250.8
—
250.8
Total operating expenses
376.0
611.4
722.9
966.6
Operating profit (loss)
55.8
(194.5)
125.2
(129.1)
Interest expense
37.4
38.8
77.1
77.1
Other (income) expense, net
0.2
(21.3)
0.7
(14.2)
Loss on extinguishment of debt
—
1.1
—
1.1
Income (loss) from continuing operations before income taxes
18.2
(213.1)
47.4
(193.1)
Income taxes
7.5
(19.3)
18.2
(12.0)
Income (loss) from continuing operations
10.7
(193.8)
29.2
(181.1)
Income from discontinued operations, net of income taxes
—
—
—
—
Net income (loss)
$ 10.7
$ (193.8)
$ 29.2
$ (181.1)
Net income (loss) per share – basic
Income (loss) from continuing operations
$ —
$ (1.87)
$ 0.05
$ (1.86)
Income from discontinued operations
—
—
—
—
Net income (loss) per share – basic
$ —
$ (1.87)
$ 0.05
$ (1.86)
Net income (loss) per share – diluted
Income (loss) from continuing operations
$ —
$ (1.87)
$ 0.05
$ (1.86)
Income from discontinued operations
—
—
—
—
Net income (loss) per share – diluted
$ —
$ (1.87)
$ 0.05
$ (1.86)
OPENLANE, Inc.
Condensed Consolidated Balance Sheets
(In millions) (Unaudited)
June 30,
2024
December 31,
2023
Cash and cash equivalents
$ 60.9
$ 93.5
Restricted cash
67.7
65.4
Trade receivables, net of allowances
292.1
291.8
Finance receivables, net of allowances
2,220.1
2,282.0
Other current assets
133.3
109.2
Total current assets
2,774.1
2,841.9
Goodwill
1,264.0
1,271.2
Customer relationships, net of accumulated amortization
126.8
136.1
Operating lease right-of-use assets
71.5
75.9
Property and equipment, net of accumulated depreciation
160.2
169.8
Intangible and other assets
221.2
231.4
Total assets
$ 4,617.8
$ 4,726.3
Current liabilities, excluding obligations collateralized by
finance receivables and current maturities of debt
$ 730.5
$ 692.3
Obligations collateralized by finance receivables
1,573.6
1,631.9
Current maturities of debt
272.0
154.6
Total current liabilities
2,576.1
2,478.8
Long-term debt
—
202.4
Operating lease liabilities
65.5
70.4
Other non-current liabilities
35.5
35.2
Temporary equity
612.5
612.5
Stockholders’ equity
1,328.2
1,327.0
Total liabilities, temporary equity and stockholders’ equity
$ 4,617.8
$ 4,726.3
OPENLANE, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions) (Unaudited)
Six Months Ended
June 30,
2024
2023
Operating activities
Net income (loss)
$ 29.2
$ (181.1)
Net income from discontinued operations
—
—
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
48.4
49.8
Provision for credit losses
29.1
28.4
Deferred income taxes
0.4
(29.1)
Amortization of debt issuance costs
4.7
4.4
Stock-based compensation
10.1
8.9
Contingent consideration adjustment
—
1.3
Net change in unrealized (gain) loss on investment securities
—
(0.1)
Investment and note receivable impairment
—
11.0
Goodwill and other intangibles impairment
—
250.8
Loss on extinguishment of debt
—
1.1
Other non-cash, net
0.1
0.8
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables and other assets
(23.7)
(76.2)
Accounts payable and accrued expenses
39.4
75.2
Payments of contingent consideration in excess of acquisition-date fair value
—
(2.6)
Net cash provided by operating activities – continuing operations
137.7
142.6
Net cash used by operating activities – discontinued operations
(0.1)
(0.1)
Investing activities
Net decrease (increase) in finance receivables held for investment
33.1
(24.4)
Purchases of property, equipment and computer software
(25.9)
(26.9)
Investments in securities
(1.6)
(0.6)
Proceeds from the sale of property and equipment
0.3
0.3
Net cash provided by (used by) investing activities – continuing operations
5.9
(51.6)
Net cash provided by investing activities – discontinued operations
—
7.0
Financing activities
Net decrease in book overdrafts
(1.6)
(2.2)
Net (repayments of) borrowings from lines of credit
(81.2)
39.2
Net (decrease) increase in obligations collateralized by finance receivables
(56.1)
33.1
Payments for debt issuance costs/amendments
(2.2)
(5.3)
Payment for early extinguishment of debt
—
(140.1)
Payments on finance leases
(0.6)
(1.1)
Payments of contingent consideration and deferred acquisition costs
—
(12.4)
Issuance of common stock under stock plans
0.8
1.6
Tax withholding payments for vested RSUs
(3.4)
(2.5)
Dividends paid on Series A Preferred Stock
(22.2)
(22.2)
Net cash used by financing activities – continuing operations
(166.5)
(111.9)
Net cash provided by financing activities – discontinued operations
—
—
Net change in cash balances of discontinued operations
—
—
Effect of exchange rate changes on cash
(7.3)
8.8
Net decrease in cash, cash equivalents and restricted cash
(30.3)
(5.2)
Cash, cash equivalents and restricted cash at beginning of period
158.9
277.7
Cash, cash equivalents and restricted cash at end of period
$ 128.6
$ 272.5
Cash paid for interest
$ 74.6
$ 72.8
Cash paid for taxes, net of refunds – continuing operations
$ 29.4
$ 21.4
Cash paid for taxes, net of refunds – discontinued operations
$ —
$ —
OPENLANE, Inc.
Reconciliation of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share as presented herein are supplemental measures of our performance that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). They are not measurements of our financial performance under GAAP and should not be considered as substitutes for net income (loss) or any other performance measures derived in accordance with GAAP. Management believes that these measures provide investors additional meaningful methods to evaluate certain aspects of the company’s results period over period and for the other reasons set forth below.
EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as described in our senior secured credit agreement covenant calculations. Management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about one of the principal measures of performance used by our creditors. In addition, management uses EBITDA and Adjusted EBITDA to evaluate our performance.
Depreciation expense for property and equipment and amortization expense of capitalized internally developed software costs relate to ongoing capital expenditures; however, amortization expense associated with acquired intangible assets, such as customer relationships, software, tradenames and noncompete agreements are not representative of ongoing capital expenditures, but have a continuing effect on our reported results. Non-GAAP financial measures of operating adjusted net income (loss) and operating adjusted net income (loss) per share, in the opinion of the company, provide comparability of the company’s performance to other companies that may not have incurred these types of non-cash expenses or that report a similar measure. In addition, operating adjusted net income (loss) and operating adjusted net income (loss) per share may include adjustments for certain other charges.
EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of the results as reported under GAAP. These measures may not be comparable to similarly titled measures reported by other companies.
The following tables reconcile EBITDA and Adjusted EBITDA to income (loss) from continuing operations for the periods presented:
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions), (Unaudited)
2024
2023
2024
2023
Income (loss) from continuing operations
$ 10.7
$ (193.8)
$ 29.2
$ (181.1)
Add back:
Income taxes
7.5
(19.3)
18.2
(12.0)
Interest expense, net of interest income
37.1
37.5
76.4
74.9
Depreciation and amortization
24.1
26.8
48.4
49.8
EBITDA
79.4
(148.8)
172.2
(68.4)
Non-cash stock-based compensation
3.7
5.5
10.7
9.3
Loss on extinguishment of debt
—
1.1
—
1.1
Acquisition related costs
0.2
0.3
0.5
0.6
Securitization interest
(29.2)
(29.6)
(59.1)
(57.4)
Severance
6.0
1.0
7.7
1.5
Foreign currency (gains)/losses
0.5
0.3
2.5
0.4
Goodwill and other intangibles impairment
—
250.8
—
250.8
Contingent consideration adjustment
—
1.3
—
1.3
Net change in unrealized (gains) losses on investment securities
—
(0.2)
—
(0.1)
Professional fees related to business improvement efforts
0.7
2.1
1.5
2.8
Impact for newly enacted Canadian DST related to prior years
10.0
—
10.0
—
Other
0.1
—
0.2
0.8
Total addbacks/(deductions)
(8.0)
232.6
(26.0)
211.1
Adjusted EBITDA
$ 71.4
$ 83.8
$ 146.2
$ 142.7
Three Months Ended June 30, 2024
(Dollars in millions), (Unaudited)
Marketplace
Finance
Consolidated
Income (loss) from continuing operations
$ (16.1)
$ 26.8
$ 10.7
Add back:
Income taxes
(1.2)
8.7
7.5
Interest expense, net of interest income
5.2
31.9
37.1
Depreciation and amortization
21.1
3.0
24.1
Intercompany interest
3.4
(3.4)
—
EBITDA
12.4
67.0
79.4
Non-cash stock-based compensation
3.6
0.1
3.7
Acquisition related costs
0.2
—
0.2
Securitization interest
—
(29.2)
(29.2)
Severance
5.4
0.6
6.0
Foreign currency (gains)/losses
0.5
—
0.5
Professional fees related to business improvement efforts
0.6
0.1
0.7
Impact for newly enacted Canadian DST related to prior years
10.0
—
10.0
Other
—
0.1
0.1
Total addbacks/(deductions)
20.3
(28.3)
(8.0)
Adjusted EBITDA
$ 32.7
$ 38.7
$ 71.4
Three Months Ended June 30, 2023
(Dollars in millions), (Unaudited)
Marketplace
Finance
Consolidated
Income (loss) from continuing operations
$ (219.4)
$ 25.6
$ (193.8)
Add back:
Income taxes
(36.0)
16.7
(19.3)
Interest expense, net of interest income
5.4
32.1
37.5
Depreciation and amortization
24.5
2.3
26.8
Intercompany interest
8.1
(8.1)
—
EBITDA
(217.4)
68.6
(148.8)
Non-cash stock-based compensation
4.3
1.2
5.5
Loss on extinguishment of debt
1.1
—
1.1
Acquisition related costs
0.3
—
0.3
Securitization interest
—
(29.6)
(29.6)
Severance
0.9
0.1
1.0
Foreign currency (gains)/losses
0.5
(0.2)
0.3
Goodwill and other intangibles impairment
250.8
—
250.8
Contingent consideration adjustment
1.3
—
1.3
Net change in unrealized (gains) losses on investment securities
—
(0.2)
(0.2)
Professional fees related to business improvement efforts
1.7
0.4
2.1
Total addbacks/(deductions)
260.9
(28.3)
232.6
Adjusted EBITDA
$ 43.5
$ 40.3
$ 83.8
The following table reconciles operating adjusted net income and operating adjusted net income per diluted share to net income (loss) from continuing operations for the periods presented:
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions, except per share amounts), (Unaudited)
2024
2023
2024
2023
Net income (loss) from continuing operations (1)
$ 10.7
$ (193.8)
$ 29.2
$ (181.1)
Acquired amortization expense
9.1
9.8
18.4
17.2
Impact for newly enacted Canadian DST related to prior years
10.0
—
10.0
—
Loss on extinguishment of debt
—
1.1
—
1.1
Contingent consideration adjustment
—
1.3
—
1.3
Goodwill and other intangibles impairment
—
250.8
—
250.8
Income taxes (2)
(2.1)
(32.4)
(2.5)
(34.2)
Operating adjusted net income from continuing operations
$ 27.7
$ 36.8
$ 55.1
$ 55.1
Operating adjusted net income from discontinued operations
$ —
$ —
$ —
$ —
Operating adjusted net income
$ 27.7
$ 36.8
$ 55.1
$ 55.1
Operating adjusted net income from continuing operations per
share – diluted
$ 0.19
$ 0.25
$ 0.38
$ 0.38
Operating adjusted net income from discontinued operations per
share – diluted
—
—
—
—
Operating adjusted net income per share – diluted
$ 0.19
$ 0.25
$ 0.38
$ 0.38
Weighted average diluted shares – including assumed conversion
of preferred shares
144.4
145.3
145.1
145.2
(1)
The Series A Preferred Stock dividends and undistributed earnings allocated to participating securities have not been included in the calculation of operating adjusted net income and operating adjusted net income per diluted share.
(2)
For the three and six months ended June 30, 2024 and 2023, each tax deductible item was booked to the applicable statutory rate. The deferred tax benefits of $52.5 million and $6.5 million associated with the goodwill and tradename impairments in the second quarter of 2023, respectively, resulted in the U.S. being in a net deferred tax asset position. Due to the three-year cumulative loss related to U.S. operations, we currently have a $41.1 million valuation allowance against the U.S. net deferred tax asset.
The following table reconciles EBITDA and Adjusted EBITDA to income from continuing operations for the 2024 guidance presented:
2024 Guidance
(In millions), (Unaudited)
Low
High
Income from continuing operations
$ 65
$ 80
Add back:
Income taxes
38
47
Interest expense, net of interest income
147
145
Depreciation and amortization
100
98
EBITDA
350
370
Total addbacks/(deductions), net
(65)
(65)
Adjusted EBITDA
$ 285
$ 305
The following table reconciles operating adjusted net income from continuing operations and operating adjusted net income from continuing operations per diluted share to income from continuing operations for the 2024 guidance presented:
2024 Guidance
(In millions, except per share amounts), (Unaudited)
Low
High
Income from continuing operations
$ 65
$ 80
Total adjustments, net
46
46
Operating adjusted net income from continuing operations
$ 111
$ 126
Operating adjusted net income from continuing operations per share – diluted
$ 0.77
$ 0.87
Weighted average diluted shares – including assumed conversion of preferred
shares
145
145
Analyst Inquiries:
Media Inquiries:
Itunu Orelaru
Laurie Dippold
(317) 249-4559
(317) 468-3900
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SOURCE OPENLANE, Inc.
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UPM Half Year Financial Report 2026:
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Q2 2026 highlights, continuing operations
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H1 2026 highlights, continuing operations
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1) Operating cash, net debt and net debt to EBITDA ratio include continuing and discontinued operations.
UPM Plywood is presented as discontinued operations due to the proposed demerger
On April 29, 2026, the Board of Directors of UPM approved a demerger plan for the separation of the Plywood business into an independent listed company. As a result of the proposed demerger, the Plywood business is presented as a discontinued operation in accordance with IFRS 5. Unless otherwise stated, the commentary in this report relates to UPM’s continuing operations. More information in Financial statement information Note 10 assets and liabilities classified as held for distribution to owners and discontinued operations.
Key figures, continuing operations
Q2/2026
Q2/2025
Q1/2026
Q1-Q2/2026
Q1-Q2/2025
Q1-Q4/2025
Sales, € million
2,355
2,341
2,425
4,781
4,914
9,392
Comparable EBITDA, € million
356
250
375
732
659
1,254
% of sales
15.1
10.7
15.5
15.3
13.4
13.4
Operating profit (loss), € million
208
105
245
453
296
719
Comparable EBIT, € million
212
124
259
471
404
883
% of sales
9.0
5.3
10.7
9.8
8.2
9.4
Profit (loss) before tax, € million
182
83
226
409
249
660
Comparable profit before tax, € million
186
103
240
426
359
825
Profit (loss) for the period, € million
163
70
195
358
208
466
Comparable profit for the period, € million
163
87
203
366
305
684
Earnings per share (EPS), €
0.29
0.13
0.36
0.65
0.38
0.86
Comparable EPS, €
0.29
0.16
0.38
0.67
0.56
1.27
Return on capital employed (ROCE), %
5.9
3.2
7.2
6.6
4.2
5.4
Comparable ROCE, %
6.0
3.7
7.6
6.9
5.7
6.5
Capital employed at the end of period, € million
13,954
14,213
14,186
13,954
14,213
13,948
Personnel at the end of period
13,665
14,764
13,347
13,665
14,764
13,676
UPM presents certain measures of performance, financial position and cash flows, which are alternative performance measures in accordance with the guidance issued by the European Securities and Markets Authority (ESMA). The definitions of alternative performance measures are presented in UPM’s » Annual Report 2025
Key figures, discontinued operations
The financial information presented for the discontinued operations is not representative of the historical or future profitability of the UPM Plywood business area as a standalone business. Information on UPM Plywood’s performance is presented in the segment information.
Q2/2026
Q2/2025
Q1/2026
Q1-Q2/2026
Q1-Q2/2025
Q1-Q4/2025
Sales, € million
84
59
80
164
132
264
Comparable EBITDA, € million
20
7
20
39
19
57
% of sales
23.3
11.9
24.8
24.0
14.8
21.5
Operating profit (loss), € million
9
2
10
20
9
30
Comparable EBIT, € million
18
2
15
33
9
38
% of sales
21.4
3.2
19.0
20.2
6.9
14.4
Profit (loss) before tax, € million
4
2
10
14
9
30
Comparable profit before tax, € million
18
2
15
33
9
38
Profit (loss) for the period, € million
3
1
5
9
7
24
Comparable profit for the period, € million
14
1
9
24
7
31
Return on capital employed (ROCE), %
21.7
3.9
22.0
21.9
9.8
16.4
Comparable ROCE, %
37.4
4.3
32.7
35.1
10.0
20.8
Capital employed at the end of period, € million
196
181
189
196
181
181
Personnel at the end of period
1,519
1,543
1,454
1,519
1,543
1,451
Key figures, UPM total
UPM total
Q2/2026
Q2/2025
Q1/2026
Q1-Q2/2026
Q1-Q2/2025
Q1-Q4/2025
Sales, € million
2,440
2,400
2,505
4,945
5,046
9,656
Comparable EBITDA, € million
376
257
395
771
678
1,311
% of sales
15.4
10.7
15.8
15.6
13.4
13.6
Operating profit (loss), € million
217
107
255
472
305
749
Comparable EBIT, € million
230
126
274
504
413
921
% of sales
9.4
5.2
10.9
10.2
8.2
9.5
Profit (loss) before tax, € million
186
85
236
422
258
690
Comparable profit before tax, € million
204
105
255
459
367
863
Profit (loss) for the period, € million
166
71
200
366
215
491
Comparable profit for the period, € million
177
89
213
390
312
714
Earnings per share (EPS), €
0.30
0.13
0.37
0.67
0.39
0.91
Comparable EPS, €
0.32
0.17
0.39
0.71
0.57
1.33
Return on equity (ROE), %
6.4
2.7
7.6
7.1
3.9
4.5
Comparable ROE, %
6.8
3.4
8.1
7.6
5.7
6.5
Return on capital employed (ROCE), %
6.1
3.2
7.4
6.8
4.3
5.5
Comparable ROCE, %
6.5
3.7
7.9
7.2
5.8
6.7
Operating cash flow, € million
136
179
89
225
468
1,405
Operating cash flow per share, €
0.26
0.34
0.17
0.43
0.88
2.66
Equity per share at the end of period, €
18.86
18.96
19.48
18.86
18.96
18.97
Capital employed at the end of period, € million
14,149
14,394
14,375
14,149
14,394
14,129
Net debt at the end of period, € million
3,313
3,310
2,962
3,313
3,310
3,004
Net debt to EBITDA (last 12 months)
2.36
2.12
2.30
2.36
2.12
2.29
Personnel at the end of period
15,184
16,307
14,801
15,184
16,307
15,127
Massimo Reynaudo, President and CEO, comments on the results:
“In the second quarter, we reached two important milestones in the transformation of UPM. We signed the definitive agreement to create the graphic paper joint venture with Sappi, and advanced the separation of the plywood business into the future WISA Group. Following these steps, UPM is positioned with stronger growth prospects and improved earnings quality.
During the quarter, all our businesses improved their results compared to the same period last year, with most also outperforming the previous quarter. Increased volumes, margin management and sustained efficiency measures supported our profitability in a business environment that turned inflationary.
In Q2, sales from our continuing operations were slightly up at €2,355 million, and comparable EBIT increased to €212 million, 71 percent higher than in the same period last year. Net debt at the end of the reporting period was €3,313 million, including both continuing and discontinued operations, and net debt to EBITDA ratio was 2.36.
In decarbonization solutions, UPM Biofuels recorded a strong quarter with good demand and healthy bio-premiums for advanced renewable fuels. Prices were further supported by higher fossil fuel reference prices. The ramp-up of our biorefinery in Leuna, Germany, continued. Customer deliveries of industrial sugars reached substantial volumes, and deliveries of renewable functional fillers and other lignin derivatives are expected to start during Q3. UPM Energy improved its results from last year, although the second quarter saw normal seasonality. Structurally, electricity consumption continued to grow year-on-year, and we are well positioned to create value by serving new large-scale consumers.
The markets for our advanced materials businesses, UPM Adhesive Materials and UPM Specialty Materials, showed robust growth in Europe and Asia. Both businesses succeeded in the markets, thanks to a focus on commercial excellence and product portfolio development, and sharpened competitiveness.
Our world-class pulp platform in Uruguay, UPM Fibres South, has consistently improved efficiency for several quarters in a row. In the second quarter, this helped us to fully offset the increases in logistics and other costs. Profitability was further improved by a moderate increase in pulp prices.
For the Fibres North platform in Finland, the business environment is challenging. Even though pulpwood prices have decreased, profitability remains low. The second quarter earnings were also impacted by the maintenance shutdown at the UPM Pietarsaari mill. We are planning temporary shutdowns of the UPM Kaukas pulp mill and potentially the UPM Pietarsaari pulp mill, to optimize production and wood sourcing, and ensure profitability.
UPM Communication Papers’ business performance was broadly stable, with slightly improved margins. Preparations for the planned graphic paper Joint Venture continued. In late May we signed the definitive agreement with Sappi, and secured financing arrangements for the Joint Venture. The EU merger control process moved to Phase II, with final resolutions expected by the end of 2026.
UPM Plywood continued to perform well as the business prepared for separation into an independent listed company, WISA Group. In April, the Board of Directors approved the demerger plan. Subject to the decision of the Extraordinary General Meeting, trading in the shares of WISA Group on Nasdaq Helsinki is currently expected to commence in early November. By separating the plywood business onto its own growth path, we are strengthening its future prospects and streamlining UPM’s business portfolio.
Following the planned graphic paper joint venture and plywood separation, UPM operates in structurally growing markets. The ongoing reshaping of UPM’s portfolio highlights our position in businesses with stronger growth characteristics, and our direction going forward is towards higher value-added products and lower cyclicality.”
Profit guidance, continuing operations
UPM’s comparable EBIT in H2 2026 from continuing operations is expected to be approximately in the range of €375-575 million (€479 million in H2 2025, and €471 million in H1 2026). These figures exclude UPM Plywood, which is classified as discontinued operations.
Outlook
There continue to be significant uncertainties in geopolitics and trade.
In H2 2026, compared with H1 2026, UPM’s performance is expected to be supported by moderately higher sales prices. Variable costs are expected to increase moderately. Energy refunds are expected to support UPM Communication Papers’ result in Q4. Maintenance activity is expected to increase from the comparison period. The production ramp-up at UPM Leuna is expected to increase costs.
In H2 2026, compared with H2 2025, UPM’s performance is expected to benefit from higher sales prices. Variable costs are expected to increase moderately. Fair value change of forest assets is expected to have a significantly smaller impact on comparable EBIT in H2 2026 than in H2 2025 (€131 million). The energy refunds to be booked in UPM Communication Papers in Q4 are anticipated to have a somewhat smaller positive impact than in 2025. Maintenance activity is expected to increase from the comparison period. The production ramp-up at UPM Leuna is expected to increase costs.
Sensitivity to pulp and electricity prices
UPM’s comparable EBIT is sensitive to pulp and electricity prices. The figures below represent group earnings sensitivities on annual level.
UPM is a large producer and consumer of chemical pulp. A €50/tonne change in average pulp price would impact annual comparable EBIT by approximately €180 million (net impact: assuming no correlation between pulp and paper prices) to approximately €270 million (gross impact: assuming paper pricing would match changes in pulp costs).
UPM is a large producer and consumer of electricity in Finland and separately hedges part of its electricity sales and purchases. Based on UPM’s estimated unhedged net electricity sales position in Finland in 2026, a €10/MWh change in average electricity market price in Finland would impact annual comparable EBIT by approximately €40 million.
Foreign exchange exposure
Fluctuations in monetary policies and economic conditions can significantly impact the value of various currencies, which in turn may affect UPM. Additionally, the escalation of global trade tensions could influence currency exchange rates. These currency fluctuations could impact UPM’s cash flow, earnings, or balance sheet, and may also affect the relative competitiveness between different currency regions.
The Group’s policy is to hedge an average of 50% of its estimated net currency cash flows on a rolling basis over the next 12-month period. At the end of Q2 2026, UPM’s estimated net currency cash flows for the next 12 months totaled approximately €1.5 billion. USD was the largest exposure at approximately €1.4 billion, followed by UYU, GBP, CNY and JPY. In addition, the earnings of UPM’s foreign subsidiaries are translated to euros in reporting. UPM has significant foreign subsidiaries in Uruguay, the U.S. and China. Foreign exchange risks are discussed in UPM’s Annual Report 2025 on pages 313-314.
Invitation to UPM’s webcast on the half-year financial report 2026
A webcast and a conference call for analysts and investors will start at 13:15 EEST. The 2026 half-year financial report will be presented in English by President and CEO Massimo Reynaudo and CFO Tapio Korpeinen. Participants can follow the webcast online via this link.
Participants wishing to ask questions after the presentation must register for the conference call. To participate in the conference call, please register here. After registering, you will be provided with telephone numbers, a user ID and a conference ID to access the conference. To ask a question, press *5 on your telephone keypad to join the queue.
The webcast will be available on the company website for 12 months after the call.
*
It should be noted that certain statements herein, which are not historical facts, including, without limitation, those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties which may cause actual results to materially differ from those expressed in such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing activities and the achievement of efficiencies therein including the availability and cost of production inputs, continued success of product development, acceptance of new products or services by the Group’s targeted customers, success of the existing and future collaboration arrangements, changes in business strategy or development plans or targets, changes in the degree of protection created by the Group’s patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for the Group’s products and the pricing pressures thereto, financial condition of the customers and the competitors of the Group, the potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in the Group’s principal geographic markets or fluctuations in exchange and interest rates. The main earnings sensitivities and the group’s cost structure are presented on page 276 of the Annual Report 2025. Risks and opportunities are discussed on pages 31-33, and risks and risk management are presented on pages 128-132.
UPM, Media relations
Mon-Fri 9:00-16:00 EEST
tel. +358 40 588 3284
media@upm.com
UPM
UPM is a material solutions company, renewing products and entire value chains with an extensive portfolio of renewable fibres, advanced materials, decarbonization solutions, and communication papers. Our performance in sustainability has been recognized by third parties, including EcoVadis and the Dow Jones Sustainability Indices. We operate globally and employ approximately 15,100 people worldwide, with annual sales of approximately €9.7 billion. Our shares are listed on Nasdaq Helsinki Ltd.
UPM – we renew the everyday
Read more: upm.com
Follow us on LinkedIn | YouTube | Instagram | #UPM #materialsolutions #WeRenewTheEveryday
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Technology
Acrab Unveils GΞLIX 1 SoC and Agent Box, Bringing State-of-the-Art AI to the Edge
Published
9 minutes agoon
July 23, 2026By
Built on a 5-nanometer process, the new SoC is designed to support models in the 100 billion parameter class, with full-stack software for private and responsive AI agents at the edge
SINGAPORE, July 23, 2026 /PRNewswire/ — Acrab, a technology company building agentic AI compute infrastructure for the next generation of intelligent systems, today unveiled GΞLIX 1, its first-generation edge AI system-on-chip (SoC), together with Agent Box, a personal edge AI system powered by the company’s full-stack computing platform.
As AI moves from generating answers to completing tasks, agents increasingly need to understand context, remember preferences and coordinate tools and devices in real time. Running these capabilities locally can produce faster responses, keep sensitive information under the user’s control and maintain core functions when cloud connectivity is limited.
For years, models in the 100 billion parameter class have required cloud infrastructure. GΞLIX 1 is designed to bring state-of-the-art AI models at this scale into locally operated edge systems. Powered by GΞLIX, Acrab’s Agent Box is a high-performance personal edge AI center designed to put AI agents into action in a more personal and customized way, with local large model inference, persistent memory, multimodal interactions and agent orchestration capabilities.
By replacing cloud AI’s recurring token-fees per use, Agent Box is a one-time investment with long-term value, hence relieving users’ token anxiety, and allowing AI to move from an occasional tool into an always-available assistant woven into everyday work and life.
“Generative AI helped people find answers. Agentic AI will help them get things done,” said Dr. Ken Phua, CEO of Acrab. “Running models in the 100 billion parameter class on a system small enough to sit on a desk presents a significant computing challenge. GΞLIX 1 is designed to deliver the performance, memory bandwidth and responsive local inference required, while Agent Box shows how that capability can become a complete user experience.”
A private AI center built for everyday life
Agent Box is designed as a private, always-on AI center for personal workspaces and homes. It keeps intelligence close to the people, information and physical environments it serves, while showing how device makers can turn Acrab’s computing platform into complete agentic AI experiences.
For decades, personal computing advanced in predictable steps: faster processors, larger screens, more storage. Agent Box represents something else entirely—the first system designed not to run programs, but to host intelligence.
Agent Box brings together local language and vision model inference, multimodal interaction, persistent memory and an orchestration layer that can understand goals, break tasks into steps and coordinate action across agents, systems and connected devices. Users’ data and memories remain private and stored locally on the device, while the system grows more capable and customized as the context deepens and memories accumulate. Acrab designed the compute architecture from the ground up to achieve optimal local AI performance, usability, cost efficiency, and power efficiency within one device.
A purpose-designed SoC for large model inference at the edge
GΞLIX 1 is built on a 5-nanometer process and is Acrab’s first SoC designed specifically for edge AI. Rather than relying on separate compute components, it integrates CPU, GPU and NPU resources with a unified memory architecture engineered for large AI models and agentic workloads.
The SoC features a 20-core Arm CPU, multicore NPU acceleration and 273 GB/s of unified memory bandwidth. It is designed to support local deployment of open-source models in up to the 100 billion parameter class, with coordinated execution across CPU, GPU and NPU resources. Supporting models at this scale locally places substantial demands on computing performance, memory bandwidth and power efficiency.
GΞLIX 1 is engineered for rapid responses at power levels suitable for systems that remain active throughout the day. A central design goal was reducing the delay before a model begins to respond, particularly with long prompts and large context windows.
In company testing, GΞLIX 1 achieved a prefill rate of 1416.8 tokens per second under a Gemma 26B A4B configuration with a 40K KV cache and a 10K token input, compared with 188.9 tokens per second on Mac Mini M4 Pro, representing up to 7.5X faster prefill performance. These capabilities turn a single chip into a versatile supercomputing platform for a wide range of applications.
A full-stack platform, from silicon to applications
Beyond the SoC, Acrab has built the software and system layers needed to turn local model inference into working agentic products. These include an optimized runtime and developer toolchain, agent operating system capabilities, reference designs and applications that help devices understand context, retain memory and coordinate real-world action.
Agent Box is the first expression of Acrab’s broader ambition to provide a horizontal computing foundation for agentic AI across a wide range of edge devices and intelligent systems.
Processing a substantial share of AI workloads locally can reduce dependence on metered cloud inference, lower recurring processing and data transfer costs, and avoid the delay involved in sending every interaction to a remote service. Cloud resources can still be used when a task requires them, allowing developers to choose the right balance between local and cloud execution.
Building a broader edge AI device ecosystem
Acrab plans to work with device manufacturers and developers to bring its computing platform into products including AI NAS systems, AI PCs, smart vehicles, and industrial and service robots.
Agent Box demonstrates how Acrab’s silicon and software can be integrated into a complete product experience. The company aims to provide a complete set of compute platform and agent-native infrastructure for the next generation of AI transformation across industries. By combining custom AI silicon, full-stack software, and reference designs of agents for use scenarios, Acrab enables industry partners and developers to bring intelligent AI products to market faster.
“Our goal is to give device makers and developers the foundation to bring agentic intelligence into many different products and environments,” Dr. Phua said. “Agent Box demonstrates what the technology can do today, while GΞLIX 1 and our full-stack platform are designed to support a much broader ecosystem of devices and applications.”
Product Launch Event Video Replay:
https://www.acrab.ai/https://www.youtube.com/watch?v=WdojjwucdTQhttps://www.linkedin.com/events/7484797078045401088/
About Acrab
Acrab is a technology company building agentic AI compute infrastructure for the next generation of intelligent systems. Founded in 2024, the company develops high-performance AI compute architecture and integrated software platforms designed to bring AI agents into action, providing personalized assistance and real-time execution across a range of edge environments.
By combining purpose-designed silicon, advanced edge AI models, full-stack software and system orchestration, Acrab provides the computing foundation for AI agent systems across everyday life, bringing assistance, creativity, utility and value.
In June 2026, Acrab announced that it had received over US$350 million in cumulative financing from global venture capital firms and strategic industry investors, including early backers Vertex Ventures Southeast Asia & India, Vertex Growth, and K3.
For more information about Acrab, please visit https://www.acrab.ai/.
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SOURCE Acrab
Technology
IDnow Appoints Philippe Morel as Chief Executive Officer
Published
9 minutes agoon
July 23, 2026By
Philippe Morel brings over 30 years of financial services and technology leadership experience, with a track record of scaling regulated platform businesses in partnership with private equity.
MUNICH, July 23, 2026 /PRNewswire/ — IDnow, Europe’s leader in digital identity and fraud prevention, today announces the appointment of Philippe Morel as Chief Executive Officer, effective today. Philippe succeeds Andreas Bodczek, who steps down after more than seven years of leadership that transformed IDnow into a leading European provider of digital identity and fraud prevention.
The IDnow Trust Platform: From KYC to Continuous Trust
In June 2026, IDnow launched the IDnow Trust Platform, marking the company’s expansion beyond traditional identity verification. Designed to help regulated organisations move from Know Your Customer (KYC) to Trust Your Customer (TYC), the platform orchestrates identity verification, fraud prevention, biometric authentication and qualified digital trust services across the full customer lifecycle. Through four modular services — Identify, Authenticate, Protect and Trust — and its Orchestrate, Observe and Decide capabilities, customers can configure workflows, monitor risk signals in real time and automate decisions through a single integration. The platform is built to help organisations adapt to the evolving European regulatory landscape, including AMLR, eIDAS 2.0 and the emergence of EU Digital Identity Wallets, while addressing increasingly sophisticated AI-driven fraud.
A New Chapter for IDnow
Philippe Morel brings more than 30 years of leadership experience spanning financial services, technology platforms and regulated environments, with a consistent track record of strategic transformation and value creation in partnership with private equity.
Most recently, Philippe served as Chief Executive Officer of Railsr, a payments and embedded finance platform, where he led strategic repositioning and commercial rebuilding before the merger with Equals Money.
Prior to that, Philippe served as CEO of SETL, a blockchain-based financial market infrastructure provider, where he repositioned the business into payments and digital settlement networks, launched the Regulated Liability Network (RLN) tested with the New York Federal Reserve, and delivered tokenisation projects for tier-one financial institutions.
Before his executive career, Philippe worked at Boston Consulting Group, rising to Senior Partner and Managing Director. He led BCG’s Global Capital Markets practice and its Private Equity EMEA business, advising boards and CEOs of major financial institutions on strategy, transformation, M&A and growth across Europe, the US and Asia. He also served for nine years as Chair of BCG’s Global Audit and Risk Committee.
Philippe holds an MBA from Harvard Business School and a degree in Finance from HEC Paris.
Board Statement
Martin McCourt, Chair of IDnow, said: “We are delighted to welcome Philippe to IDnow at a pivotal moment. IDnow has recently launched its Trust Platform, expanding beyond traditional identity verification to help regulated organisations orchestrate identity, fraud prevention and compliance across the full customer lifecycle. Philippe’s background — combining deep strategic expertise with hands-on leadership of regulated technology and financial services platforms — is ideally suited to the opportunity ahead. We are confident that he will lead IDnow into its next phase of growth.”
Philippe Morel Statement
“IDnow is a genuinely exceptional business — a European-born leader in digital identity and fraud prevention at a moment when regulation, digital identity wallets and increasingly sophisticated fraud are reshaping the market. The newly launched IDnow Trust Platform is designed to help customers move beyond one-time verification towards continuous trust across the full customer lifecycle. I am energised by what this team has achieved and by the opportunity ahead. My first priority is to listen: to our customers, our colleagues and our partners. From there, we will define and execute IDnow’s next phase of growth together.”
A Tribute to Andreas Bodczek
The Board also takes this opportunity to express its deep gratitude to Andreas Bodczek, who has led IDnow with extraordinary vision and commitment since 2018. A seasoned technology entrepreneur with a Diplom Kaufmann from LMU München, Andreas brought to IDnow the experience of building and scaling digital businesses: as co-founder and CEO of Fyber, which he grew into a globally recognised mobile technology platform, a board partner at Point Nine Capital, and chairman at JTL Software.
At IDnow, his impact was transformative. He led the company through a pivotal transition from founder-led to PE-backed under Corsair’s ownership, providing the foundation for sustained growth. He drove the acquisitions of identity Trust Management AG and ARIADNEXT — the French market leader in remote identity verification — which significantly expanded IDnow’s capabilities, brought the Rennes engineering hub into the group, and established IDnow’s presence across Europe. Most recently, he oversaw the launch of the IDnow Trust Platform, marking the company’s expansion beyond traditional identity verification and creating a unified platform for identity, fraud prevention, authentication and qualified digital trust services across the customer lifecycle. His leadership has positioned IDnow well for its next chapter, and we wish him every success in what comes next.
About IDnow
IDnow is Europe’s leader in digital identity and fraud prevention, with a mission to transform trust into a powerful asset in the digital world. Through its broad portfolio of AI-driven, SaaS-based identity and fraud prevention solutions, IDnow establishes, maintains and enriches trust throughout the customer journey, enabling businesses to operate securely while driving growth and scalability. The IDnow Trust Platform provides unified access to identity verification, fraud prevention, biometric authentication and qualified digital trust services. IDnow has offices in Germany, the United Kingdom, Romania and France and is backed by Corsair Capital.
For more information, visit idnow.io.
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SOURCE IDnow
UPM Half Year Financial Report 2026: Improved second quarter results in all businesses and portfolio change progressing
Acrab Unveils GΞLIX 1 SoC and Agent Box, Bringing State-of-the-Art AI to the Edge
IDnow Appoints Philippe Morel as Chief Executive Officer
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