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ENCE Energía y Celulosa
ENCE Energía y Celulosa (ENC) investor relations material
ENCE Energía y Celulosa Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 EBITDA was €46.0m and net income €10.2m, versus €12.7m EBITDA and a €15.1m net loss in Q3 2025.
Net debt fell €25m QoQ to €467.3m; priorities include pulp specialization, renewable-energy growth, efficiency and deleveraging.
Financial highlights
Q3 revenue was €215.9m, up 19.3% YoY; 9M revenue was €570.7m, up 1.9%.
Q3 EBIT was €23.6m versus a €11.1m loss YoY; 9M EBIT was €9.2m versus a €1.0m loss.
Q3 free cash flow was positive at €10.4m; 9M free cash flow was negative €94.8m amid elevated investment outflows.
Normalized free cash flow was ~€50m, including a €16m working-capital release.
9M EBITDA was €74.4m versus €70.7m, while attributable net loss narrowed to €6.9m from €22.0m.
Outlook and guidance
FY26 pulp cash-cost forecast rose to €475/t from €468/t; FY26 CapEx guidance is ~€120m.
Efficiency and Competitiveness Plan savings reached €14.7m annualized by September, against a €15m FY26 target; initiatives target up to €30/t savings across 2026–27.
Pulp-price momentum is expected to remain positive through year-end; the €453/t 2027 cash-cost target was reiterated, with further guidance dependent on energy, freight and diesel costs.
2028 targets include >62% of pulp sales from special products and 125,000 tonnes of Fluff; renewable-heating and biomethane targets for 2030 are 2 TWh and 1 TWh, respectively.
Renewable industrial heating is expected to reach five operating projects and ~240 GWht annual output by year-end 2026; an integral biomethane authorisation was expected before year-end.
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Latest events from ENCE Energía y Celulosa
- Profitability returned in Q2 2026 as pulp prices rose and efficiency gains drove EBITDA growth.ENC
Q2 2026 - Q1 2026 saw a net loss and lower earnings from disruptions, but strategic growth plans remain intact.ENCQ1 2026
- Lower pulp prices drove 2025 losses, but special pulp and renewables support future growth.ENCQ4 2025
- Revenue and EBITDA fell on weak pulp prices, but efficiency and diversification initiatives continue.ENCQ3 2025
- Higher volumes but lower prices led to a net loss; growth projects and cost focus continue.ENCQ2 2025
- Strong profit and cash flow growth in Q3, with robust margins and dividend payouts.ENCQ3 2024
- Q2 2024 EBITDA surged fivefold, net income rebounded, and cash flow strengthened.ENCQ2 2024
- EBITDA rose to €34m as pulp prices and renewables drove margin and future growth.ENCQ1 2025
- EBITDA nearly tripled in 2024, with record pulp margins and robust bioenergy growth.ENCQ4 2024
Next ENCE Energía y Celulosa earnings date
Q4 202625 Feb, 2027
ENCE Energía y Celulosa
Next ENCE Energía y Celulosa earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
ENCE Energía y Celulosa S.A. produces eucalyptus pulp and generates renewable energy from biomass. The company operates pulp mills and energy plants in Spain, serving customers in the paper and energy sectors. It is headquartered in Madrid, Spain, and its shares are listed on the BME.