Ence Energia Y Celulosa Sa · BME:ENC
Ence Energia Y Celulosa Sa — Q4 2025 Earnings Presentation
28 slides from Ence Energia Y Celulosa Sa's earnings presentation, Feb 25, 2026
Slide 1: 4Q25 Results
4Q25 Results 18 25 February 2026
Slide 2: Disclaimer
Disclaimer The information contained in this presentation has been prepared by Ence Energía y Celulosa, S.A. (hereinafter, "Ence"). This presentation includes data relating to future forecasts. Any data included in this presentation which differ from other data based on historical information, inclu
Slide 3: Today’s presenters
Today’s presenters Ignacio de Colmenares Alfredo Avello Chairman & CEO Chief Financial Officer Ence Energía y Celulosa Ence Energía y Celulosa 3
Slide 4: Results Summary
Results Summary Growth, Efficiency and 2026 Outlook 2025 Operating Highlights 2025 Financial Results Diversification Projects ▪ Europe gross BHKP prices average stood ▪ Cash cost of 483€/tn in 2025 (478€/tn ▪ Pulp EBITDA of €56m in 2025, including ▪ 2028 Ence’s Special Pulp Centered Business at 1,08
Slide 5: 4Q25 Highlights
1. 4Q25 Highlights 5
Slide 6: European BHKP price turns to a positive path in 4Q25
European BHKP price turns to a positive path in 4Q25 Gross BHKP prices have increased by 10% in 4Q25 to reach 1,100$/t in December. Price increase announced by major producers up to 1,330$/t in March. Gross Pulp Prices in Europe Pulp prices in Europe - 2.200 (USD/t) Experts consensus (USD/t) 2.000 1
Slide 7: Ence’s special pulp substituting softwood pulp products
Ence’s special pulp substituting softwood pulp products Ence’s special pulp Expected % of total pulp sales volume in 2028 Ence Advanced Ence Fluff Standard Speciality ✓ Broad range of BSKP substitute products with ✓ Ence is the sole European BHKP products different attributes (high strength, unbleac
Slide 8: Efforts on cash cost reductions are showing
Efforts on cash cost reductions are showing Ongoing measures should allow to additionally reduce cash costs by 30€/tn between 2026 and 2027 ▪ Cash cost of 483€/tn in 2025, reflecting a -70€/tn improvement vs. 2022. Major gains achieved through wood procurement, on the back €/tn of Ence’s local sourc
Slide 9: Special pulp positions Ence as the lowest cash cost producer in the BSKP cash cost curve
Special pulp positions Ence as the lowest cash cost producer in the BSKP cash cost curve Market pulp production costs by region USD/t 800 Coastal BC 753$/t Other Asia/Africa Japan Finland 700 BSKP 542$/t 566$/t Chile 571$/t Other Europe Sweden 673$/t US 674$/t 685$/t 663$/t Int. West Canada Other Wo
Slide 10: Sale of Energy Saving Certificates for a net amount of €40m
Sale of Energy Saving Certificates for a net amount of €40m Fully cashed in €40m in 2025 Energy efficiency projects undertaken An Energy Saving Certificate (CAE) These Energy Saving Certificate Ence sold Energy Saving imply annual energy savings is an electronic document which (CAE) may be acquired
Slide 11: Biomass to regulated electricity benefitting from new regulatory parameters
Biomass to regulated electricity benefitting from new regulatory parameters Biomass to regulated electricity run-rate EBITDA (€M) 1,4 TWh ▪ The Spanish Ministry for the Ecological Transition and Demographic Challenge (MITECO) released updated remuneration parameters applicable to biomass and €50m co
Slide 12: Progressive steps in our renewable industrial heating platform in Spain
Progressive steps in our renewable industrial heating platform in Spain Target: 2TWh thermal energy supply by 2030 and over €40m contribution to EBITDA RENEWABLE THERMAL ENERGY PIPELINE EXPECTED DEPLOYMENT PROJECT PIPELINE BUSINESS (Operating Plants) Development and supply of biomass, and the O&M of
Slide 13: First step in the creation of biomethane platform in Spain
First step in the creation of biomethane platform in Spain Target: >1 TWh of biomethane production by 2030 and over €60m contribution to EBITDA BIOMETHANE BUSINESS PIPELINE EXPECTED DEPLOYMENT PROJECT PIPELINE (Operating Plants) Biofertilizer and biomethane production from the valorisation of local
Slide 14: 4Q25 Financial Results
2. 4Q25 Financial Results 14
Slide 15: €83m consolidated EBITDA in 2025
€83m consolidated EBITDA in 2025 €13m EBITDA in 4Q2025 Group Revenues (€m) Group EBITDA (€m) Attributable Net Income (€m) €876m(1) €164m €32m(1) €747m(1) 197 26 44 206 138 683 €83m (14) 544 27 (42) 56 (15) -€55m (1) 2024 2025 2024 2025 2024 2025 Pulp Renewables • 2025 Group revenues mainly driven by
Slide 16: +€12m FCF before WC variation and expansion and efficiency capex in 2025
+€12m FCF before WC variation and expansion and efficiency capex in 2025 €59m Growth and Efficiency Capex Cash Flow Statement 2025 (€m) ▪ Fluff project ▪ Navia cash cost reduction and decarbonization project ▪ Sustainable packaging project development ▪ Pontevedra Avanza project engineering ▪ Biofer
Slide 17: Strong liquidity, long term maturities and no covenants in the Pulp Business
Strong liquidity, long term maturities and no covenants in the Pulp Business €378m consolidated net debt at the end of 2025. Pulp business net debt as of 31 Dec. 2025 (€ m) (1) Pulp business debt maturity schedule (€ m) €287m of bilateral loans €130m RCF – Fully available 449 (2) Lease contracts €25
Slide 18: ENCE: industry leader in sustainability as a tool to be more competitive
ENCE: industry leader in sustainability as a tool to be more competitive Highlights 4Q 2025 Safe and Eco- Bioproducts & Responsible Positive social efficient operations ecosystem services supply chain impact Potential for topline To become preferred To grant business For operational cost reduction P
Slide 19: 2026 Outlook and Closing Remarks
3. 2026 Outlook and Closing Remarks 19
Slide 20: Closing Remarks and 2026 Outlook
Closing Remarks and 2026 Outlook ▪ Positive outlook for gross BHKP prices in Europe on the back of (i) demand fundamentals (incl. emerging economies growth and fiber to fiber substitution), (ii) capacity shifts to dissolving and (iii) production constraints in Indonesia. Price increases up to 1,330
Slide 21: Appendix
Appendix 21
Slide 22: Group Financial Review P&L
Group Financial Review P&L 2025 2024 Figures in € m Pulp Renewables Adjustments Consolidated Pulp Renewables Adjustments Consolidated Total revenue 543,6 206,0 (2,4) 747,3 683,2 196,7 (3,7) 876,2 Foreign exchange hedging operations results 8,7 2,6 - 11,3 (0,6) (2,8) - (3,4) Other income 81,0 7,9 (1,
Slide 23: Group Financial Review Cash Flow Statement
Group Financial Review Cash Flow Statement 2025 2024 Figures in € m Pulp Renewables Adjustments Consolidated Pulp Renewables Adjustments Consolidated Consolidated profit/(loss) for the period before tax (57,5) (26,3) 1,9 (81,9) 55,2 (24,5) 1,6 32,3 Depreciation and amortisation 59,9 32,1 (1,9) 90,1
Slide 24: Group Financial Review Balance Sheet
Group Financial Review Balance Sheet 2025 2024 Figures in € m Pulp Renewables Adjustments Consolidated Pulp Renewables Adjustments Consolidated Intangible assets 20,9 56,3 (11,0) 66,2 19,2 57,2 (11,6) 64,9 Property, plant and equipment 648,2 371,0 (5,1) 1.014,0 608,6 372,4 (6,4) 974,6 Biological ass
Slide 25: Alternative Performance Measures (APMs) Pg.1
Alternative Performance Measures (APMs) Pg.1 Ence presents its results in accordance with generally accepted accounting principles, specifically IFRS. In addition, its quarterly earnings report provides certain other complementary metrics that are not defined or specified in IFRS and are used by man
Slide 26: Alternative Performance Measures (APMs) Pg.2
Alternative Performance Measures (APMs) Pg.2 NET FINANCE COST AND OTHER FINANCIAL ITEMS Net finance cost encompasses the various items of finance income and finance costs, while other financial items encompasses exchange differences, the change in the fair value of financial instruments and impairme
Slide 27: Alternative Performance Measures (APMs) Pg.3
Alternative Performance Measures (APMs) Pg.3 NORMALISED FREE CASH FLOW Normalised FCF is the sum of EBITDA, the change in working capital, maintenance capex, net interest payments and income tax payments. It provides a proxy for the cash generated by the Company's operating activities before collect
Slide 28: Delivering value Delivering commitments
Delivering value Delivering commitments
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