- Specialty pulp. Sales of Ence Advanced products accounted for 23% of total pulp sales in 2024. They are expected to reach 30% in 2025.
- New business lines in 2025. Ence will strengthen its activity with the launch of fluff pulp to produce up to 125,000 tonnes of absorbent hygiene products in Europe. This will be joined by the moulded cellulose line to replace plastic food packaging.
- Diversification in renewables. The company has promoted the renewable thermal energy business, with two active contracts, and the creation of a platform for the production of renewable fuels with biogenic CO2 at its industrial complexes in Mérida, Huelva and Puertollano.
- Commitment to the biofertiliser business. At the end of the year, the company announced the purchase of a biomethane plant in Tarragona. The company will convert its business towards biofertilisers.
Ence has closed the 2024 financial year with a net profit of 31.6 million compared to a loss of 24.7 million in the same period of the previous year.
This net attributable profit reflects the improvement in the price of pulp and cost reduction in the whole year, despite the fact that in the fourth quarter of the year there has been a correction in the price of this raw material and a temporary upturn in cash cost.
As regards the price of cellulose, it reached a low of 1,000 dollars gross per tonne in December 2024. The main producers announced additional increases in January and February, up to USD 1,220 gross per tonne, starting in March.
Ebitda on the rise
In relation to the company’s main parameters, ebitda ended the year at 164.5 million euros, almost doubling the 88.8 million euros of 2023. Celulosa’s gross operating profit, for the year as a whole, increased threefold to 138.2 million, slowing down in the fourth quarter of the year. EBITDA generated from energy sales improved 50% year-on-year in 2024 to EUR 32 million, driven by higher generation volumes and lower operating costs.
Meanwhile, net sales amounted to 876.2 million euros, up 5.6% year-on-year in 2023.
Cash flow
Cash flow generated before changes in working capital and investments in growth and sustainability enhancement amounted to 101 million in 2024, compared to 26 million in 2023.
The Group’s net financial debt at the end of the year, including lease liabilities, stood at 321 million euros, of which 242 million euros corresponded to the Pulp business and 79 million euros to the Renewables business. The strength of the Group’s balance sheet and the expected cash generation provide a solid basis for achieving the diversification targets set for both businesses.
Energy saving certificates
Ence has implemented an advanced technology project to increase the energy efficiency of its boilers, as part of its commitment to innovation in its production centres. The initiative has enabled the company to obtain energy savings of nearly 191,000 MWh under the new system of Energy Saving Certificates promoted by the Ministry for Ecological Transition and the Demographic Challenge.
As a result of this initiative, and as an event after the close of the 2024 financial year, Ence plans to record throughout the first quarter of 2025, a total of 30 million euros net from the sale of Energy Saving Certificates. With this initiative, Ence reaffirms its participation and commitment to the energy transition towards a circular and decarbonised economy model.
