Ence Energia Y Celulosa Sa · BME:ENC
Ence Energia Y Celulosa Sa — Q1 2026 Earnings Presentation
28 slides from Ence Energia Y Celulosa Sa's earnings presentation, Apr 30, 2026
Slide 1: 1Q26 Results
1Q26 Results 18 30th April 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 2026 Outlook 1Q26 Operating Highlights 1Q2026 Financial Results Strategic goals ▪ Europe gross BHKP prices stood at ▪ In pulp, the quarter was impacted by the ▪ Quarter impacted by one-off events that ▪ 2028 Ence’s Special Pulp Centered Business to 1,286$/t at the end of 1Q26 (vs. 1,
Slide 5: 1Q26 Highlights
1. 1Q26 Highlights 5
Slide 6: Iranian conflict may offer opportunities for European pulp players and alternative local energy sources
Iranian conflict may offer opportunities for European pulp players and alternative local energy sources. Limited impact expected on the back of strategic mitigants. Pulp business Renewable Biomass based Energy Platform ✓ Positive pricing momentum for European players focused on the local market ✓ Po
Slide 7: On track to meet full-year cash costs guidance of 468€/tn
On track to meet full-year cash costs guidance of 468€/tn Total annualized savings captured or in process of €6m ▪ Competitiveness & Efficiency Plan mainstays: €/tn o Costs savings of €30m (30€/tn): (i) 22€/tn from headcount reduction, process reengineering and (ii) 8 €/tn from Navia cost reduction
Slide 8: European BHKP prices consolidate the positive path with further room for growth
European BHKP prices consolidate the positive path with further room for growth Fiber to fiber substitution and logistics disruption favor European BHKP pulp producers serving the local market Gross Pulp Prices in Europe Pulp prices in Europe - 2.200 (USD/t) Experts consensus (USD/t) 2.000 1.800 2.2
Slide 9: Ence's special pulp substituting softwood pulp products
Ence’s special pulp substituting softwood pulp products Ence’s special pulp Expected % of total pulp sales volume in 2028 Ence Advanced Ence Fluff Standard Speciality ✓ Solid broad range of BSKP pulp substitute with ✓ Ence is the sole European BHKP products different attributes (high strength, unble
Slide 10: Special pulp positions Ence as the lowest cash cost producer in the BSKP cost curve
Special pulp positions Ence as the lowest cash cost producer in the BSKP cash cost curve Market pulp production costs by region USD/t 800 Coastal BC 753$/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 11: 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 c.€30m 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 12: Solid advancements in the implementation of our biomethane platform in Spain
Solid advancements in the implementation of our 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 valo
Slide 13: Biomethane Pipeline is Highly Mature, with 25 projects in Advanced Stage
Biomethane Pipeline is Highly Mature, with 25 projects in Advanced Stage Operational Advanced Stage Mid Stage Early Stage Total Documentation ready to be Preliminary site analysis Documentation submitted Documentation submitted submitted to the Public Preliminary discussions to the Public Administra
Slide 14: 1Q26 Financial Results
2. 1Q26 Financial Results 14
Slide 15: 1Q26 impacted by one-off events that do not change our full-year guidance
1Q26 impacted by one-off events that do not change our full-year guidance €1m EBITDA and €18m of net losses in 1Q26 Group Revenues (€m) Group EBITDA (€m) Attributable Net Income (€m) €187m(1) €2m(1) €154m(1) €35m 52 6 6 (4) 41 135 29 (13) 114 (5) €1m 3 -€18m (1) (1) 1Q2025 1Q2026 1Q2025 1Q2026 1Q202
Slide 16: Cash out of €76m in the quarter
Cash out of €76m in the quarter Significant concentration of Capex in 1Q26 as projects COD is expected by mid-year Cash Flow Statement 1Q2026 (€m) ▪ Increase in pulp’s trade and other ▪ Full-year capex guidance of €120m maintained. High receivables concentration in 1Q26 due to significant carry-over
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 €462m consolidated net debt at the end of 1Q 2026. Pulp business net debt as of March 31, 2026 (€ m) (1) Pulp business debt maturity schedule (€ m) €250m of bilateral loans(3) €130m RCF – Fully available MARF Bonds 85 M€ 49
Slide 18: ENCE: industry leader in sustainability
ENCE: industry leader in sustainability Highlights Q1 2026 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 Protecting Health and Safety of em
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) fiber to fiber substitution, (ii) rising production costs in the context of the Iranian conflict, (iii) offer scarcity due to logistics disruptions for Asian LatAm and Middle East imports to Europe
Slide 21: Appendix
Appendix 21
Slide 22: Group Financial Review P&L
Group Financial Review P&L 3M26 3M25 Figures in € m Pulp Renewables Adjustments Consolidated Pulp Renewables Adjustments Consolidated Total revenue 113,8 40,7 (0,7) 153,8 135,3 52,4 (0,8) 186,9 Foreign exchange hedging operations results 0,3 3,0 0,0 3,3 (1,3) (1,5) - (2,8) Other income 11,0 1,3 (0,4
Slide 23: Group Financial Review Cash Flow Statement
Group Financial Review Cash Flow Statement 3M26 3M25 Mn€ Pulp Renewables Adjustments Consolidated Pulp Renewables Adjustments Consolidated Consolidated profit/(loss) for the period before tax (16,6) (9,2) 0,2 (25,7) 8,2 (6,7) 0,4 1,8 Depreciation and amortisation 13,2 7,9 (0,2) 21,0 14,7 8,5 (0,4) 2
Slide 24: Group Financial Review Balance Sheet
Group Financial Review Balance Sheet 3M26 3M25 Figures in € m Pulp Renewables Adjustments Consolidated Pulp Renewables Adjustments Consolidated Intangible assets 21,1 55,9 (10,8) 66,1 19,6 56,9 (11,4) 65,0 Property, plant and equipment 660,8 372,6 (5,1) 1.028,3 615,9 370,8 (6,2) 980,6 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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