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ENCE Energía y Celulosa
ENCE Energía y Celulosa (ENC) investor relations material
ENCE Energía y Celulosa Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
2025 was marked by lower pulp prices and challenging market conditions, but saw strong growth in renewables and special pulp, with special pulp reaching 30% of volumes and a ramp-up of a 125,000-ton fluff line.
Major cost reduction initiatives included a 15% headcount reduction, efficiency plans, and cash cost improvements to the lowest levels since 2022.
Renewables platform expanded, with biomass electricity generation up 6% YoY, three new industrial heating contracts, and significant progress in biomethane.
Net loss attributable to shareholders was €55m in 2025, compared to a profit of €32m in 2024, with EPS at -€0.22.
Free cash flow before growth capex was €8m, but after investments, it was negative; net debt increased to €378m.
Financial highlights
Group revenues declined to €747m in 2025 from €876m in 2024, mainly due to weaker pulp prices.
Consolidated EBITDA dropped to €83m in 2025 from €164m in 2024; group EBITDA margin declined to 11% from 19%.
Pulp EBITDA was €56m (vs. €138m in 2024); Renewables EBITDA rose to €27m (+4% YoY).
Pulp sales revenue dropped 22% to €486m, with average sales price down 22% YoY to €503/t.
Free cash flow before growth investments was €8m, but after capex and investments, it was negative.
Outlook and guidance
Cash cost guidance for 2026 is €468/t, with further reductions targeted through efficiency and decarbonization initiatives.
Special pulp share targeted to reach 40% in 2026 and over 62% by 2028, with incremental EBITDA margin benefits.
Renewables and biomethane platforms expected to nearly triple EBITDA by 2030; four industrial heating projects to start in 2026.
Updated regulatory parameters to increase regulated electricity EBITDA run rate by €10m annually.
BHKP prices in Europe expected to rise to $1,330/t in March 2026, supported by strong demand and supply constraints.
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Next ENCE Energía y Celulosa earnings date
Q2 202621 Jul, 2026
ENCE Energía y Celulosa
Next ENCE Energía y Celulosa earnings date
Q2 202621 Jul, 2026
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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.
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