Ence reported attributable net profit of over €10 million in the third quarter of 2026, marking its second consecutive profitable quarter. The improvement in results was supported by a favourable pricing environment in the pulp and renewable energy businesses, progress under the Efficiency and Competitiveness Plan, and the sale of additional energy savings certificates (CAEs).
The company’s consolidated EBITDA reached €46 million between July and September, up nearly 70% compared with the second quarter of 2026.
The average gross benchmark price for bleached hardwood kraft pulp (BHKP) stood at €1,195 per tonne in the third quarter, 35% higher than in the same period last year. Since late September, leading producers have been announcing price increases, and favourable market conditions are expected to continue over the coming months, supported by current inventory levels and rising wood prices in China.
A strategic commitment to speciality pulps
Speciality pulps that substitute for softwood pulp accounted for 32% of Ence’s pulp sales volume in the first nine months of 2026. The company remains firmly on track towards its target of exceeding 62% by 2028.
Pulp production cash cost stood at €463 per tonne in the third quarter and €476 per tonne for the first nine months of the year, a reduction of €8 per tonne compared with the same period last year.
The Efficiency and Competitiveness Plan continues to progress, with savings already secured or being implemented amounting to €14.7 million on an annualised basis as at September, against a target of €15 million for 2026.
The third quarter also saw the sale of energy savings certificates (CAEs) worth €17 million.
Growth in renewable energy
The renewable energy business almost tripled its EBITDA in the third quarter compared with the previous quarter, reaching €12.7 million between July and September. This also represents growth of 51% compared with the same period in 2025.
Production from the biomass power generation business reached 311 GWh during that period, in line with the third quarter of 2025 and 22 per cent higher than in the second quarter of 2026, when maintenance shutdowns were concentrated.
In renewable industrial heat, Ence continues to develop its project portfolio. Two projects began production at an industrial scale during the third quarter, and a further two are expected to enter operation in the fourth quarter. The company therefore expects to end the year with five operational projects.
In the biofertiliser and biomethane business, the company has a portfolio of 41 projects, of which 28 are at the engineering and administrative permitting stages. Ence expects to obtain its first Integrated Environmental Authorisation (AAI) in the final quarter of 2026. A favourable environmental impact statement was obtained during the third quarter, a key step towards securing the corresponding AAI.
