Altri (ALTR) Q3 2025 earnings summary

Executive summary

• Global hardwood pulp demand increased, led by China and Asia, but price recovery was limited by new capacity, raw material access in China, and U.S. dollar devaluation.

• EBITDA for 3Q25 was €11.6M, down 79% year over year, with a margin of 7.1%, mainly due to lower pulp prices and currency headwinds.

• Strategic projects include Biotek's conversion to dissolving pulp by end-2026, Caima's acetic acid and furfural project for 1H26, and the acquisition of a majority stake in AeoniQ™ for sustainable fibers.

• Net profit in 3Q25 was -€1.7M, compared to €27.6M in 3Q24.

• The group continues to invest in diversification and renewable-based chemicals.

Financial highlights

• 3Q25 revenues were €164.7M, down 20% year over year; EBITDA was €11.6M, down 79%; net profit was -€1.7M.

• 9M25 revenues declined 20% YoY to €537.7M; EBITDA down 62% to €69.3M; net profit fell 86% to €12.4M.

• EBITDA margin was 7.1% for the quarter and 12.9% for the first nine months.

• Net debt increased to €346.5M at end-3Q25, mainly due to CapEx and tax prepayments.

• Total net investment in 9M25 was €39.2M, with 44% classified as ESG investments.

Outlook and guidance

• Moderate optimism for pulp price improvement in coming quarters as demand recovers, especially in Asia and China.

• Ongoing cost optimization and operational excellence targeted for 2025, with further efficiency gains expected in 2026.

• Strategic diversification projects on track, including Biotek's conversion and Caima's new product lines.

• 2026 expected to be less volatile, with a more balanced supply-demand and higher returns.