- Commitment to cost reduction: in 2025, €10 million in savings were achieved in the Pulp business. In 2026 and 2027, further initiatives will be implemented, delivering an additional €15 million in savings each year.
- Strategic focus on speciality pulp, which delivers higher margins and is expected to account for 62% of Pulp sales by 2028.
- Growth in renewable products and diversification in renewable energy, with the aim of tripling EBITDA by 2030.
Ence held its Annual General Meeting, at which all proposed resolutions on the agenda were approved. During his address, the Chairman, Ignacio Colmenares, highlighted that the company is a driver of energy independence, particularly in an international context marked by increasing geopolitical tensions.
In this environment, he stressed the importance of moving towards an energy model based on domestic and renewable resources that reduces dependence on imported fossil fuels, highlighting the key role of technologies such as biomass.
Cost reduction and speciality pulp as key drivers of competitiveness
The company’s strategic positioning is built around its two business units: Pulp and Energy. In the Pulp business, Ence is advancing along two main lines: improving competitiveness through cost reduction and increasing the share of speciality pulp.
In terms of cost efficiency, in 2025 the company achieved total savings of €10 million. In this regard, further initiatives will be implemented in 2026 and 2027, delivering additional annual savings of €15 million.
At the same time, Ence is progressing in its transformation into a speciality pulp producer, with the aim of reaching 62% of sales by 2028. In this context, the start-up of the first fluff pulp line at the Navia biofactory stands out, with a capacity of 125,000 tonnes per year. With this milestone, Ence becomes the only producer of this type of eucalyptus-based pulp in Europe, offering a competitive alternative to higher-cost long fibre.
The company also continues to make progress on the Pontevedra Avanza plan and the As Pontes project, which has recently been awarded €25 million in PERTE funding.
Renewables: tripling EBITDA by 2030
In the renewable energy business, Ence continues to develop the largest diversified platform based on the transformation of biomass into industrial heat, regulated electricity, biomethane and renewable fuels.
In 2025, through its renewable energy subsidiary Magnon, the company signed three contracts to supply industrial heat from biomass to companies in the food sector, replacing facilities that used fossil fuels. In addition, in the field of electricity generation, it processes nearly two million tonnes of forestry residues, providing dispatchable energy to the grid and contributing to system stability.
In the renewable gases business, Ence produces biomethane that is injected directly into the natural gas grid, replacing imported gas through the use of agricultural and forestry biomass.
This growth in renewable products and diversification in renewable energy will enable Ence to triple its operating result (EBITDA) by 2030.
Outlook for 2026
Within the framework of the Annual General Meeting, the Chairman reviewed the main milestones of 2025, a year that closed with losses, and reaffirmed the company’s commitment to returning to profitability.
Looking ahead to 2026, in the Pulp business, the company’s key levers will focus on cost reduction, increasing the share of speciality pulp and the favourable evolution of pulp prices, among other factors.
In Renewable Energy, an increase in electricity generation is expected, along with further progress in industrial heat and biomethane. In addition, Ence is strengthening its role in the development of renewable fuels, leveraging its capacity to generate more than four million tonnes of biogenic CO₂ per year, approximately 50% of the total produced in Spain
