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ENCE Energía y Celulosa (ENC) investor relations material
ENCE Energía y Celulosa Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue reached €192m in 2Q25, up sequentially, driven by higher pulp and energy volumes despite lower prices.
Pulp cash cost reduced by €22 to €488/ton, with advanced pulp at 32% of sales and a target of over 62% by 2028.
Major growth in biomethane, renewable heating, and packaging underway, with significant EBITDA contributions targeted by 2030.
Fluff pulp line to be commissioned in Q4 2025, expected to boost margins by €60/ton.
Disciplined investment and sustainability focus, with platinum ESG ratings and strong safety performance.
Financial highlights
Group revenues rose to €192m in 2Q25, up 3% sequentially but down year-over-year.
EBITDA declined to €24m from €34m in Q1, mainly due to lower energy certificate sales and pulp price pressure.
Net loss of €9m in 2Q25, compared to €2m profit in Q1 and €23m profit in 2Q24.
Free cash flow before growth CapEx was minus €3m, impacted by working capital outflow.
€40m revenue from energy efficiency certificates in 1H25.
Outlook and guidance
Pulp prices expected to recover by year-end if trade tensions ease; current prices near marginal cost for some producers.
Cash cost target below €485/ton for full year; advanced and fluff pulp to exceed 62% of sales by 2028.
CapEx for 2025 guided at €75m for pulp and €50m for renewables, with investments tied to cash flow.
Fluff pulp line commissioning in Q4 2025 to drive margin uplift.
Renewable packaging, biomethane, and heating projects to contribute over €100m to EBITDA by 2030.
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