In addition to retaining the highest distinction, Ence has improved its overall score, reaching 90 out of 100, compared to 86 points in the previous assessment. This progress reinforces the strength and consistency of the company’s sustainable management model.

The improvement in the rating has been achieved across several of the areas assessed by EcoVadis, with notable progress in environmental performance, labour and human rights practices, and sustainable procurement.

The highest-rated area once again was environmental performance, where Ence achieved a score of 98 out of 100, reflecting the company’s structural commitment to decarbonisation, responsible management of natural resources, and continuous improvement of its environmental performance.

The EcoVadis methodology assesses more than 150,000 companies worldwide across four key areas: environment, labour and human rights, ethics, and sustainable procurement. The Platinum Medal is awarded only to organisations that demonstrate the highest ESG standards.

This latest assessment consolidates Ence’s position as an international benchmark for sustainability within the pulp and renewable energy sectors, and reaffirms its commitment to a responsible, transparent business model aligned with global best practices.

La entrada Ence retains EcoVadis Platinum Medal and remains, for the third consecutive assessment, at the top of its sector se publicó primero en Ence.

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

La entrada Ence highlights at its Annual General Meeting its position as a driver of energy independence se publicó primero en Ence.

This initiative is part of the company’s financial strategy and reinforces its commitment to sustainable financing and the integration of ESG (environmental, social, and governance) criteria into its business model.

The bonds are linked to sustainability targets and are structured in accordance with the Sustainability-Linked Bond Principles published by the International Capital Markets Association (ICMA). Through this programme, Ence gains access to qualified investors, continues to diversify its medium- and long-term funding sources, and advances in the execution of its strategic growth objectives, with the support of the financial community.

The company was advised by Kenta Capital. Banca March, Sabadell, Renta 4, Kutxabank Investing, and Andbank acted as placement agents. Uría served as legal advisor, and G advisory acted as independent verifier of the sustainability criteria.

La entrada Ence places €85 million in four-year sustainable bonds under its new MARF programme se publicó primero en Ence.

Ence’s recycled fiber bioplant project in As Pontes (A Coruña) has been provisionally selected to receive €24.7 million under Line 4 of the Industrial Decarbonization PERTE, led by Spain’s Ministry of Industry and Tourism.

Specifically, the initiative has been awarded a grant of €24,691,726 within the call for “Aid for Highly Efficient and Decarbonized Manufacturing Facilities,” included in the 2025 Industrial Decarbonization PERTE, according to the provisional list of approved applications published by the Ministry.

Commitment to the circular economy and environmental care

Last August, the regional government of Galicia granted the plant its Integrated Environmental Authorization (IEA), a highly significant milestone for both the project and the company.

As Pontes will be a world pioneer in producing bleached recycled fiber from recovered paper and cardboard, giving these materials a new life and fully aligning with circular economy principles.

In designing this project—the first in Europe to manufacture bleached recycled fiber from recovered paper and cardboard—Ence prioritized its commitment to energy independence. The plant will be self‑sufficient in renewable energy generated from by‑products of the local forestry industry and will not use fossil fuels.

In line with Ence’s circular economy goals, As Pontes will be the first facility in the sector in Europe to apply TCF (totally chlorine‑free) bleaching technology to recycled fibers.

Just transition

The project is located on the industrial grounds of the former As Pontes coal‑fired power plant, serving as a tangible example of a just transition and contributing to the sustainable development of the local community.

Additionally, Ence is advancing Regatex, a pilot textile recycling plant aimed at developing an innovative system for recovering value from textile waste. In collaboration with the Swedish startup Sharetex, the company has succeeded in producing recycled cellulose from polycotton—a material that is notoriously difficult to recycle—opening new pathways for circular management of clothing and textiles.

La entrada Ence’s bleached recycled fiber bioplant project in As Pontes receives €24.7 million from the Industrial Decarbonization PERTE se publicó primero en Ence.

In terms of pulp sales, speciality pulps reached nearly 290,000 tonnes in 2025, compared to nearly 220,000 tonnes in 2024, representing an increase of nearly 70,000 tonnes in speciality pulp sales in 2025.

The company plans to continue increasing the weight of these solutions in its commercial mix. Looking ahead to 2026, the goal is for speciality pulp to account for around 40% of sales in the Pulp business unit, consolidating Ence’s presence in segments with higher margins and growth.

Strategic advance in the fluff market
A significant milestone in this strategy was the launch, in the fourth quarter of 2025, of the first fluff pulp production line at the Navia biofactory, with an annual capacity of 125,000 tonnes.
With this investment, Ence becomes the only producer in Europe of fluff pulp from eucalyptus fibre, enabling it to compete in the European market with higher-cost producers of long fibre.
This new product, currently undergoing customer approval, is mainly aimed at the European market for absorbent hygiene products, such as nappies and personal hygiene items, which are on the rise due to the ageing population. Its development will make it possible to replace imports and offer a more cost-competitive alternative to the long fibre traditionally used in these applications.

Target: exceed 62% in 2028
Increasing the weight of speciality pulp is one of Ence’s strategic priorities. In this context, the company has a clear roadmap for continuing to increase the weight of these grades in the coming years. The strategic objective is for speciality cellulose to exceed 62% of cellulose sales in 2028, which will contribute to consolidating a business profile with greater added value and structurally higher margins.

La entrada Ence drives growth in speciality pulp and expects it to account for around 40% of pulp sales by 2026 se publicó primero en Ence.

Ence’s biofactory in Navia has begun its annual technical shutdown, a strategic process that will run until 20 March and will involve an investment of €11 million.

Beyond the maintenance of facilities and equipment, the investments to be carried out will focus on projects designed to make the biofactory more competitive and resilient. Key initiatives include improvements in digitalisation and cybersecurity, enhanced thermal efficiency in processes, and a reduction in the use of fossil fuels.

In addition, the necessary works will be undertaken to implement the new decarbonisation project and the new line in the wood yard. This initiative will improve the plant’s competitiveness and increase its flexibility in the production of specialty pulps.

During this shutdown, advanced sensors will also be installed to enable real-time measurement of pulp quality parameters, ensuring the production excellence of the Asturian biofactory.

Certified excellence

Through this shutdown, the Ence Navia biofactory will further strengthen its efficiency and operational excellence, already accredited by some of the most demanding environmental certifications, such as the Nordic Swan label and the Zero Waste certificate, which confirm that virtually all waste generated is reintegrated into the value chain, avoiding landfill.

These recognitions are complemented by the recent Quality Innovation Award (QIA) 2024, a prestigious international prize that acknowledges the Navia biofactory for its excellence in environmental management and its ability to integrate continuous improvement across all its production processes.

La entrada Ence will allocate €11 million to the shutdown of the Navia biofactory to carry out maintenance, digitalisation and energy efficiency improvements se publicó primero en Ence.

Ence Terra, Ence’s initiative that brings together all of its forestry activities, closed 2025 after reaching significant milestones. The chainsaw operators’ training center in Vilalba (Lugo), inaugurated in December 2024, held more than 20 training sessions with the participation of 80 professionals from Galicia, Asturias and Cantabria. These eight-hour sessions have helped strengthen prevention and professional standards in forestry operations linked to Ence Terra.

In addition, during 2025 nearly 30 forest machine operators took part in specific programmes aimed at improving safety awareness and sharing best practices in occupational safety, while also deepening their knowledge of equipment maintenance and operation.

These advances reinforce the company’s commitment to professionalizing the sector through specialized training, infrastructure investment, the expansion of advisory services for forest landowners, and the promotion of new technological solutions.

Improvements in wood yards at biofactories and new services

At the same time, the company has made progress in its investment and improvement plan for the wood yards at the Pontevedra and Navia biofactories. Ence Terra has also launched an innovative mobile workshop service, in collaboration with specialized repair workshops, to address machinery breakdowns directly in the forest. Supported by a mobile application and a web platform, this service reduces repair times and ensures the continuity of forestry work.

It is complemented by a replacement machinery service, which allows operations to continue when repairs require more time.

Boost to advisory services

The commitment to forest landowners—another of Ence Terra’s strategic pillars—has also been strengthened. Since the launch of the programme in 2023, more than 2,350 free and personalized advisory services have been provided, nearly 1,000 of them in 2025 alone.

These technical recommendations have had an impact on more than 4,500 hectares, including fertilization recommendations tailored to each plot, based on a network of more than 1,500 soil samplings and analyses. This network will enable optimized nutrient management and improved productivity of forest stands.

La entrada Ence Terra strengthens the forestry sector with nearly 30 trained machine operators and close to 1,000 landowners advised in Galicia, Asturias and Cantabria se publicó primero en Ence.

Ence is moving forward decisively in its transformation into a specialty pulp producer competing with higher-cost long fibre. At year-end 2025, this product category accounted for 30% of Pulp sales, seven percentage points more than in 2024, with an additional margin of €37/t compared to standard fibre. The company’s target is for this figure to exceed 62% of sales by 2028.

A key milestone in this strategy was the start-up, in the fourth quarter of 2025, of the first fluff pulp line at the Navia biofactory, with an annual capacity of 125,000 tonnes. Ence thus becomes the only European producer of eucalyptus-based fluff pulp, competing in the local market with higher-cost long-fibre producers.

This new product, currently undergoing customer qualification processes, targets the European absorbent hygiene products market and enables the substitution of imports, offering a more cost-competitive alternative to the long fibre it replaces.

Commitment to cost reduction

The company remains focused on cost reduction. The measures being implemented have begun to bear fruit, and the 2025 cash cost was the lowest since 2022. It closed at €483/t, representing savings of €70/t compared to 2022 and €10/t compared to 2024.

Additionally, two initiatives are underway to reduce production costs by €30/t between 2026 and 2027. The first is the Efficiency and Competitiveness Plan for the Pulp business, aimed at delivering €22/t of the projected €30/t savings. The second is the cost reduction and decarbonisation plan at the Navia biofactory, designed to generate additional savings of €8/t.

Progress in the renewable energy platform

With regard to the renewable energy platform, in 2025 biomass electricity generation reached annual output of more than 1,240 GWh, 6% higher than in 2024. Fourth-quarter generation amounted to 346 GWh (+10% vs. Q4 2024).

Meanwhile, the industrial heat business, focused on decarbonisation projects for industry, signed three contracts in 2025. A fourth initiative is currently in the start-up phase.

In the biofertilisers and biomethane business, the company continues to develop its portfolio, with 25 projects at an advanced stage of engineering and administrative processing.

Financial results

At year-end 2025, pulp production stood at approximately 950,000 tonnes. Pulp sales increased by 4% in the fourth quarter, reaching nearly 245,000 tonnes.

The company closed financial year 2025 with losses of €55 million, a figure that includes a €24 million provision related to the impact of the collective redundancy procedures under the Efficiency and Competitiveness Plan.

Notably, EBITDA from biomass electricity generation in the second half of 2025 amounted to €20 million, implying an annualised EBITDA of €40 million.

Net financial debt at year-end totalled €378 million, compared with €321 million in December 2024.

La entrada After posting losses of €55 million in 2025, Ence accelerates its focus on specialty pulp and sees positive prospects for 2026 driven by the rise in pulp prices, which have climbed to $1,330/t se publicó primero en Ence.

Magnon, Ence’s renewable energy subsidiary and Spain’s largest manager of agroforestry biomass, is launching this week the Ecodiálogos programme, an outreach initiative created with the aim of promoting knowledge about the role of renewable energy and new green fuels in the economic and industrial future of the province of Huelva.

Magnon is launching this programme at a key moment for the province, when projects linked to the circular economy and renewable fuels are set to play a relevant role in the decarbonisation of industrial sectors that are difficult to electrify, such as maritime transport, aviation and the chemical industry. In this context, Magnon’s energy complex in Huelva —a national benchmark in the production of renewable energy from biomass— stands out as a key infrastructure for the transition towards new energy vectors based on the use of biogenic CO₂.

Through short radio segments and editorial articles, the aim of Ecodiálogos is to provide citizens with information on how Huelva is becoming internationally established as a strategic territory within the new European energy model.

Huelva, a benchmark in the European energy model

Ecodiálogos will begin this week with Manuel Larrasa, Secretary General for Energy of the Regional Government of Andalusia, who will discuss how projects involving biogenic CO₂ capture and renewable fuel production fit into Andalusia’s and Europe’s energy strategy. He will highlight environmental safeguards, the priority given to already developed industrial land, and Huelva’s leading role in the transition from fossil fuels to a renewable energy model.

The initiative will also feature the participation of representatives from public administrations, business and trade union organisations, as well as entities linked to research, industrial development and the economic growth of the province.

La entrada Magnon launches Ecodiálogos, an outreach platform to promote knowledge of green fuels in the province of Huelva se publicó primero en Ence.

Magnon, Ence’s renewable energy subsidiary and Spain’s largest manager of agroforestry biomass, closed the 2025 financial year with more than 1,240 GWh of renewable electricity generation, a volume equivalent to the annual electricity consumption of almost one million people.

By region, renewable energy generation in Andalusia approached 805 GWh; in Castilla-La Mancha, it exceeded 310 GWh; and in Extremadura, more than 125 GWh of green energy were generated.

A driver of local development

In 2025, Magnon managed over 1.5 million tonnes of sustainable agroforestry biomass. The sourcing and purchase of biomass—mainly agricultural residues and forest management by-products—reinforce the company’s role as a socio-economic driver in rural areas, with a significant positive impact on local employment and the associated value chain.

Biomass has a strong multiplier effect. Through the responsible management of this resource, the company helps to boost local development and the circular economy. It also contributes to reducing the risk of forest fires and the diffuse emissions associated with the uncontrolled burning of agricultural residues. At the same time, Magnon strengthens its contribution to the transition towards a more sustainable energy model and to energy independence.

Biogenic CO₂ platform

Magnon continues to focus on technological innovation and the further development of the circular economy, advancing projects aimed at valorising biogenic CO₂ generated in its processes as a feedstock for new energy vectors.

From its renewable energy sites in Huelva, Puertollano and Mérida, the company is working to convert the biogenic CO₂ produced at these facilities into renewable fuels through its combination with green hydrogen. Within this framework, Magnon is developing an energy hub at these three locations for the production of e-methanol, strengthening Spain’s competitiveness in the deployment of renewable fuels.

In this context, it is worth noting that the Ence Group produces more than four million tonnes of biogenic CO₂ per year, a key feedstock for the development of the renewable fuels of the future.

La entrada Magnon exceeds 1,240 GWh of renewable energy generation in 2025, supplying clean energy to almost one million people se publicó primero en Ence.

Ence has been confirmed for the sixth consecutive time as a great place to work, according to the international consulting firm Great Place To Work® (GPTW). In addition to this distinction, it has also had its certification from the Top Employers Institute revalidated, placing it among the best employers in the country for the second consecutive year.

Active in 131 countries and regions, the Top Employers Institute is the global authority on certification, benchmarking, and human resources consulting. Its program certifies organizations based on the results of its HR Best Practices Survey, which covers six areas: people strategy, work environment, talent attraction, learning, diversity, equity, and inclusion, and well-being.

Personal and professional growth

The results achieved highlight the work that Ence has been doing, guided by a specific strategic plan focused on people and by corporate values that define its business culture.

Also noteworthy are the team’s achievements linked to the organizational business strategy and the company’s commitment to ensuring inclusive and diverse environments. Ence also works continuously to improve its leadership in order to promote the personal and professional growth of its employees.

La entrada Ence ranks among the best employers according to Great Place To Work and Top Employer se publicó primero en Ence.

The seal accredits those organizations that, in addition to calculating their carbon footprint, effectively reduce their greenhouse gas emissions. Ence has once again demonstrated its commitment to climate action, recording a decrease of around 15% in average emission intensity for scopes 1 and 2 in the period 2022-2024 compared to 2021-2023.

Decarbonization Plan
This progress is in line with the Ence Group’s Decarbonization Plan, which sets particularly ambitious targets: to reduce absolute emissions from scopes 1 and 2 by 55% by 2030 and to achieve a 75% reduction by 2035, both compared to the base year 2018.

The renewal of the “Calculo y Reduzco” seal reaffirms the company’s consistency with its Climate Change Policy, in which Ence establishes its commitment to achieving climate neutrality by 2050.

With this new milestone, Ence consolidates its leadership and commitment to sustainability, moving decisively towards a decarbonized production model aligned with global challenges in the face of climate change.

La entrada Ence obtains the “Calculo y Reduzco” seal from the Spanish Office for Climate Change for the fourth consecutive year se publicó primero en Ence.