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Profit warning: Uponor withdraws its guidance for 2022 following the cyber attack

Uponor Corporation
Uponor Corporation

Uponor Corporation, Stock Exchange Release, 21 November 2022 at 09:00 am EET

Profit warning: Uponor withdraws its guidance for 2022 following the cyber attack

As Uponor announced in its press release on 18 November 2022, the company’s operations are still affected by the ransomware attack that occurred on 5 November. After the attack, the company took immediate actions to investigate and remediate the situation. One of these actions was to shut down all systems and production as a precautionary measure. After one week of production shutdown, operating levels have started to recover, and customer deliveries have restarted in all divisions during the past week. Uponor’s current focus lies on accelerating operational performance back to the operating levels before the attack while protecting the company’s systems.

As the attack happened close to the end of the year, the ability to cover lost sales during 2022 remains uncertain. Therefore, Uponor is withdrawing its guidance for 2022 until there is better visibility on operational ramp up and sales coverage.

Previous guidance (as stated in the Q3 2022 interim report on 4 November 2022):
Excluding the impacts of currencies, Uponor expects its net sales and comparable operating profit to increase from 2021. (Increase indicates a growth of 2.5% or more.)

Uponor will publish a new guidance for 2022 once there is more precise visibility on the expected impact of the attack on Uponor’s Q4 2022 development.

Uponor considers the ransomware attack and the data breach serious criminal acts. The company has reported the incident to the police and the data protection authorities. As the case is under police investigation, Uponor does not comment on the matter any further.

Further information:

Franciska Janzon
Senior Vice President, Corporate Communications & IR
Uponor Corporation
Tel. +358 (0)20 129 2821

DISTRIBUTION:
Nasdaq Helsinki
Major media

Uponor in brief
Uponor is one of the leading international providers of solutions that move water for buildings and infrastructure. The company is rethinking water for future generations with its safe drinking water delivery systems, energy-efficient radiant heating and cooling systems, and reliable infrastructure solutions. With a commitment to sustainability and a passion for innovation, Uponor is developing new technologies and systems that enrich people’s lives. We help our customers in residential and commercial construction, municipalities and utilities, as well as different industries to work faster and smarter. Uponor employs about 3,900 professionals in 26 countries in Europe and North America and Uponor’s products are sold in more than 80 countries. In 2021, Uponor's net sales totalled approximately €1.3 billion. Uponor Corporation is based in Finland and listed on Nasdaq Helsinki. www.uponorgroup.com