Ence Energia Y Celulosa Sa · BME:ENC
Ence Energia Y Celulosa Sa — Q2 2026 Earnings Presentation
27 slides from Ence Energia Y Celulosa Sa's earnings presentation, Jul 22, 2026
Slide 1: Results presentation 2Q2026
Results presentation 2Q2026 Global ESG score: 93/100
Slide 2: Legal disclaimer
Legal 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,
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 2Q26 Operating Highlights 2Q26 Financial Results Strategic goals Pulp: Pulp: Pulp: ▪ Positive price momentum expected to ▪ Cash cost of 455€/tn, incl. 4€/tn impact ▪ Consolidated EBITDA of €27m (+16% YoY ▪ 2028 Ence’s Special Pulp Centered Business continue until year-en
Slide 5: 2Q26 Highlights and strategic goals progress
2Q26 Highlights and strategic goals progress 5
Slide 6: On track to meet full-year cash costs guidance of 468€/tn
On track to meet full-year cash costs guidance of 468€/tn Efficiency & Competitiveness Plan delivering: €8m in annualized savings captured or in process in 1H2026, driving a - 24€/tn cash cost reduction vs. 1Q2026 normalized cash costs(1) Quarterly focus – Cash cost evolution (€/tn) Long term view –
Slide 7: Positive price momentum consolidated throughout the quarter
Positive price momentum consolidated throughout the quarter In Europe, gross BHKP prices have increased +10% in 2Q26 (+28% YTD) to reach 1,409 $/tn by the end of June Gross Pulp prices in Europe (USD/tn) 2.500 2.500 2.000 2.000 1.500 1.500 1.000 1.000 500 500 0 0 Jul-26 Jun-27 Nov-26 Apr-27 May-27 D
Slide 8: Special pulp substituting BSKP continues to gain share in our mix
Special pulp substituting BSKP continues to gain share in our mix Special pulp accounted for 34% volumes in 1H26. We target to increase its weight towards c. 40% in 2H2026 and to more than 62% in 2028 Ence’s special pulp Expected % of pulp sales volumes in 2028 Ence Advanced Fluff pulp ✓ Broad range
Slide 9: Repositioning in the global cash cost curve
Repositioning in the global cash cost curve In 2028, more than 62% of Ence’s sales will come from BSKP substitute products, with Ence being the lowest cost player in the BSKP segment Global cash cost curve (USD/tn) USD/t 900 Other Europe Int. West Canada 800 676$/t 776$/t BSKP BHKP Sweden US Finland
Slide 10: Progressive steps in our renewable industrial heating platform
Progressive steps in our renewable industrial heating platform Target: 2TWh thermal energy supply by 2030 and c.€30m contribution to EBITDA Pipeline expected deployment Renewable Thermal Energy business Project Pipeline (Operating plants) Integrated renewable thermal energy solutions from 11 project
Slide 11: Sizeable biomethane platform with a distinctive business model
Sizeable biomethane platform with a distinctive business model Target: >1 TWh of biomethane production by 2030 and over €60m contribution to EBITDA leveraged on a 4TWh pipeline Pipeline expected deployment Biomethane business Project Pipeline (Operating plants) Biomethane production from the valoris
Slide 12: Highly mature biomethane pipeline with 28 projects in Advanced Stage
Highly mature biomethane pipeline with 28 projects in Advanced Stage Operational Advanced Stage Early Stage Total Preliminary site analysis Documentation submitted to Documentation submitted to Preliminary discussions with Definition In operations the Public Administration the Public Administration
Slide 13: 2Q26 Financial Results
2Q26 Financial Results
Slide 14: 2Q26 P&L Review
2Q26 P&L Review Positive ramp-up to be accelerated in the coming quarters Group Revenues (€m) Group EBITDA (€m) Attributable Net Income (€m) (1) 201 (1) 192 27 47 46 24 5 4 0,5 (1) 2 (5) (2) 146 156 20 23 (5) (1) (9) 2Q2025 2Q2026 2Q2025 2Q2026 2Q2025 2Q2026 ▪ Positive top-line performance (+5% YoY,
Slide 15: 2Q26 Cash Flow evolution
2Q26 Cash Flow evolution Cash consumption due to a temporary peak in working capital and growth capex (including Navia’s Efficiency and Decarbonization project) Cash Flow Bridge (€m) 27 (6) 11 (10) (0) (11) (27) (2) (29) Maintenance Net Tax payments WC variation Financial Capex investments, EBITDA N
Slide 16: Net Debt position as of Jun.'26
Net Debt position as of Jun.’26 Strong liquidity, long term maturities and no covenants in the Pulp Business Pulp business net debt as of June 30, 2026 (€m)(1) Pulp business maturity schedule (€m) €239m of bilateral loans €130m RCF – Fully available MARF Bonds €85m 507 (2) Lease contracts €25m of pu
Slide 17: ENCE: leadership in sustainability
ENCE: leadership in sustainability Safe and Bioproducts & ecosystem Eco-efficient operations services Responsible supply chain Positive social impact To become preferred supplier To grant business sustainability To reduce operational costs To strenghthen top-line Protecting Health and Safety Special
Slide 18: 2Q26 Outlook and Closing Remarks
2Q26 Outlook and Closing Remarks 18
Slide 19: Closing Remarks and 2026 Outlook
Closing Remarks and 2026 Outlook Focus on execution. First results of priority initiatives are showing and paving the way to the accomplishment of 2028 goals in pulp and 2030 targets in renewables Positive Pulp market momentum in Europe should continue in the coming quarters Solid progress on the Ef
Slide 20: Appendix
Appendix 20
Slide 21: Group Financial Review - P&L
Group Financial Review P&L 6M26 6M25 Figures in € m Pulp Renewables Adjustments Consolidated Pulp Renewables Adjustments Consolidated Total revenue 270,1 86,7 (2,0) 354,8 281,7 99,1 (1,6) 379,2 Foreign exchange hedging operations results 0,2 0,5 (0,0) 0,7 1,0 0,5 - 1,5 Other income 17,8 3,2 (0,8) 20
Slide 22: Group Financial Review - Cash Flow Statement
Group Financial Review Cash Flow Statement 6M26 6M25 Figures in Mn€ Celulosa Renovables Ajustes Consolidado Celulosa Renovables Ajustes Consolidado Consolidated profit/(loss) for the period before tax (14,0) (14,0) 0,3 (27,7) 1,8 (15,9) 0,8 (13,3) Depreciation and amortisation 28,6 15,6 (0,3) 43,9 3
Slide 23: Group Financial Review - Balance Sheet
Group Financial Review Balance Sheet Jun-2026 Dec-2025 Figures in € m Pulp Renewables Adjustments Consolidated Pulp Renewables Adjustments Consolidated Intangible assets 21,9 55,6 (10,7) 66,8 20,9 56,3 (11,0) 66,2 Property, plant and equipment 662,2 373,6 (5,1) 1.030,7 648,2 371,0 (5,1) 1.014,0 Biol
Slide 24: Alternative performance measures
Alternative performance measures 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 management to t
Slide 25: Alternative performance measures
Alternative performance measures 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 impairment losses on
Slide 26: Alternative performance measures
Alternative performance measures 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 collection of proce
Slide 27: Thank you
Thank you 27
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